GSAAX Performance — Goldman Sachs Municipal Income Completion Fund, Institutional Shares
Data updated: 2026-08-26
GSAAX returned +3.94% year to date and +8.37% over one year to Jun 2026. Annualised returns are +5.94% over 3 years and +1.87% over 5 years. The fund beat its Intermediate Municipal Bond category average: $100 invested three years ago grew to $119, against $111 for the category, and to $108 over one year, against $106. Volatility over the past three years was 6.16% a year. In the 12 months to Jun 2026 the fund took in a net $77.1M, and assets reached $348.55M.
GSAAX Growth of $100
What $100 invested in Goldman Sachs Municipal Income Completion Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Municipal Bond category average over the same months.
| Period | GSAAX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $108 | $106 |
| 3 years (Jul 2023 – Jun 2026) | $119 | $111 |
| 5 years (Jul 2021 – Jun 2026) | $110 | $105 |
| Since data start (Jul 2019 – Jun 2026) | $126 | $112 |
GSAAX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +3.94% |
| 1 year | +8.37% |
| 3 years (annualised) | +5.94% |
| 5 years (annualised) | +1.87% |
GSAAX Annual Returns
Calendar-year total returns of Goldman Sachs Municipal Income Completion Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +3.94% |
| 2025 | +3.61% |
| 2024 | +5.81% |
| 2023 | +8.69% |
| 2022 | −12.18% |
| 2021 | +5.44% |
| 2020 | +5.90% |
| 2019 (Jul–Dec) | +3.61% |
GSAAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.9% | +1.6% | −2.0% | +1.3% | +0.7% | +1.4% | — | — | — | — | — | — |
| 2025 | +0.6% | +1.3% | −1.7% | −1.2% | −0.3% | +0.8% | −1.2% | +0.7% | +3.1% | +1.2% | +0.3% | +0.1% |
| 2024 | +0.7% | +0.6% | +0.6% | −0.9% | +0.4% | +2.1% | +1.0% | +0.8% | +1.3% | −1.2% | +1.7% | −1.2% |
| 2023 | +4.0% | −2.5% | +1.5% | +0.6% | −0.4% | +1.0% | +0.4% | −0.9% | −3.1% | −1.9% | +6.9% | +3.3% |
| 2022 | −2.9% | −0.8% | −3.6% | −3.6% | +1.2% | −3.0% | +3.7% | −2.3% | −4.9% | −1.2% | +5.3% | −0.1% |
| 2021 | +1.9% | −1.6% | +0.9% | +1.6% | +0.9% | +0.8% | +0.8% | −0.4% | −0.9% | −0.4% | +1.3% | +0.4% |
| 2020 | +1.8% | +1.9% | −9.4% | −2.0% | +4.3% | +3.5% | +2.6% | −0.1% | −0.4% | +0.1% | +2.7% | +1.8% |
| 2019 | — | — | — | — | — | — | +0.4% | +0.8% | +0.2% | +0.2% | +0.6% | +1.3% |
GSAAX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 6.16%
- 3-year Sharpe ratio: 0.23 (vs 4.5% risk-free rate)
- Best month: +6.86% (Nov 2023)
- Worst month: −3.06% (Sep 2023)
GSAAX Fund Flows
Monthly money in and out of Goldman Sachs Municipal Income Completion Fund, from SEC Form N-PORT.
- 12-month net flow: $77.1M
- 12-month gross sales (incl. reinvestments): $161.1M
- Sales ÷ redemptions: 1.92×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $8.0M | $5.6M | $2.4M |
| May 2026 | $10.2M | $8.6M | $1.6M |
| Apr 2026 | $18.1M | $7.6M | $10.5M |
| Mar 2026 | $12.5M | $18.0M | −$5.6M |
| Feb 2026 | $14.4M | $3.2M | $11.1M |
| Jan 2026 | $12.9M | $6.1M | $6.8M |
| Dec 2025 | $12.9M | $3.5M | $9.4M |
| Nov 2025 | $20.5M | $11.6M | $8.8M |
| Oct 2025 | $14.1M | $5.7M | $8.4M |
| Sep 2025 | $13.8M | $3.8M | $10.0M |
| Aug 2025 | $12.0M | $4.7M | $7.3M |
| Jul 2025 | $11.9M | $5.5M | $6.3M |
GSAAX Assets Under Management
Net assets of Goldman Sachs Municipal Income Completion Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $348.55M |
| 2026-03-31 | $326.38M |
| 2025-12-31 | $316.94M |
| 2025-09-30 | $288.95M |
| 2025-06-30 | $261.29M |
| 2025-03-31 | $241.75M |
| 2024-12-31 | $231.27M |
| 2024-09-30 | $222.80M |
| 2024-06-30 | $201.24M |
| 2024-03-31 | $189.96M |
| 2023-12-31 | $166.39M |
| 2023-09-29 | $163.34M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.