Morningstar

Goldman Sachs Dynamic Municipal Income Fund Class P GAJPX

Morningstar Medalist Rating
Medalist Rating as of | See Goldman Sachs Investment Hub
  • NAV / 1-Day Return 15.28  /  −0.07 %
  • Total Assets 12.2B
  • Adj. Expense Ratio
    0.380%
  • Expense Ratio 0.380%
  • Distribution Fee Level Low
  • Share Class Type No Load
  • Category Muni National Interm
  • Credit Quality / Interest Rate Sensitivity —
  • Min. Initial Investment 0
  • Status Open
  • TTM Yield 3.83%
  • Effective Duration 5.55 years

USD | NAV as of Jun 11, 2026 | 1-Day Return as of Jun 11, 2026, 12:19 AM GMT+0

Morningstar’s Analysis GAJPX

Will GAJPX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable GAJPX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the GAJPX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of GAJPX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A veteran team and a flexible, albeit aggressive, strategy.

Associate Director Tom Murphy

Tom Murphy

Associate Director

Summary

Goldman Sachs Dynamic Municipal Income’s experienced managers and a strong supporting analyst group stand out from its peers, but the strategy’s willingness to take credit risk warrants caution.

by Tom Murphy
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Portfolio Holdings GAJPX

More GAJPX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 2.4
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.329%

1.10 126M
municipal

Goldman Sachs FS Treasury Intms Instl

0.76 87M
Cash and Equivalents

MASSACHUSETTS ST 5%

0.59 67M
municipal

ARIZONA HEALTH FACS AUTH REV 4.08%

0.55 62M
municipal

SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV 5%

0.52 59M
municipal

SOUTHEAST ALA GAS SUPPLY DIST GAS SUPPLY REV 5%

0.46 53M
municipal

CHICAGO ILL BRD ED DEDICATED CAP IMPT 6%

0.43 49M
municipal

TEXAS MUN GAS ACQUISITION & SUPPLY CORP II GAS SUPPLY REV 3.288%

0.39 45M
municipal

NEW YORK ST DORM AUTH ST PERS INCOME TAX REV 5%

0.36 41M
municipal

PUERTO RICO SALES TAX FING CORP SALES TAX REV 5%

0.35 39M
municipal

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