Goldman Sachs Dynamic Municipal Income Fund Institutional Class GSMTX

Medalist Rating as of Oct 19, 2026 See Goldman Sachs Investment Hub

NAV / 1-Day Return$14.96 / −0.27%
Fund Size$11.8B
Adjusted Expense Ratio0.390%
Net Expense Ratio0.390%
Fee Level: DistributionLow
Share Class TypeInstitutional
Morningstar CategoryMuni National Intermediate
Fixed-Income Style Box (Funds)—
Minimum Initial Investment$1M
Investment StatusOpen
TTM Yield3.93%
Average Effective Duration5.66 yrs

NAV and 1-Day Return as of Nov 11, 2026, 1:11:05 AM

Will GSMTX outperform in the future?

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Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable GSMTX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the GSMTX 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 GSMTX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A steady team but a flexible strategy.

Tom Murphy

Associate Director

Summary

Goldman Sachs Dynamic Municipal Income’s experienced managers and a strong supporting analyst group help this strategy stand out, but the managers’ willingness to take above-average credit risk warrants caution.

by Tom Murphy

Rated on Oct 19, 2026 Published on Oct 19, 2026

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Portfolio Holdings GSMTX

More GSMTX Holdings

Current Portfolio DateSep 30, 2026
Equity Holdings—
Bond Holdings—
Other Holdings—
% Assets in Top 10 Holdings1.7

Top 10 Holdings	% Portfolio Weight	Market Value USD	Sector
PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.329%	1.18	134M	municipal
Goldman Sachs FS Treasury Intms Instl	0.75	84M	Cash and Equivalents
SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV 5%	0.52	59M	municipal
MASSACHUSETTS ST 5%	0.49	55M	municipal
SOUTHEAST ALA GAS SUPPLY DIST GAS SUPPLY REV 5%	0.44	50M	municipal
CHICAGO ILL BRD ED DEDICATED CAP IMPT 6%	0.43	49M	municipal
ST JOHN BAPTIST PARISH LA REV 3%	0.37	42M	municipal
DETROIT MICH 4%	0.35	40M	municipal
NEW YORK ST DORM AUTH ST PERS INCOME TAX REV 5%	0.34	38M	municipal
PUERTO RICO SALES TAX FING CORP SALES TAX REV 5%	0.33	37M	municipal

Goldman Sachs Dynamic Municipal Income Fund Institutional Class GSMTX

Morningstar’s Analysis GSMTX

Will GSMTX outperform in the future?

Process Pillar

People Pillar

Parent Pillar

A steady team but a flexible strategy.

Summary

Portfolio Holdings GSMTX

PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.329%

Goldman Sachs FS Treasury Intms Instl

SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV 5%

MASSACHUSETTS ST 5%

SOUTHEAST ALA GAS SUPPLY DIST GAS SUPPLY REV 5%

CHICAGO ILL BRD ED DEDICATED CAP IMPT 6%

ST JOHN BAPTIST PARISH LA REV 3%

DETROIT MICH 4%

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

PUERTO RICO SALES TAX FING CORP SALES TAX REV 5%

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