GSMUX Performance — Goldman Sachs Dynamic Municipal Income Fund, Class C
Data updated: 2026-08-26
GSMUX returned +1.90% year to date and +5.26% over one year to Jun 2026. Annualised returns are +3.30% over 3 years and +0.33% over 5 years. The fund trailed its Intermediate Municipal Bond category average: $100 invested three years ago grew to $110, against $111 for the category, and to $105 over one year, against $106. Volatility over the past three years was 4.89% a year. In the 12 months to Jun 2026 the fund took in a net $937.5M, and assets reached $12.28B.
GSMUX Growth of $100
What $100 invested in Goldman Sachs Dynamic Municipal Income 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 | GSMUX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $105 | $106 |
| 3 years (Jul 2023 – Jun 2026) | $110 | $111 |
| 5 years (Jul 2021 – Jun 2026) | $102 | $105 |
| Since data start (Jul 2019 – Jun 2026) | $109 | $112 |
GSMUX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.90% |
| 1 year | +5.26% |
| 3 years (annualised) | +3.30% |
| 5 years (annualised) | +0.33% |
GSMUX Annual Returns
Calendar-year total returns of Goldman Sachs Dynamic Municipal Income Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +1.90% |
| 2025 | +2.44% |
| 2024 | +2.31% |
| 2023 | +5.81% |
| 2022 | −9.87% |
| 2021 | +2.02% |
| 2020 | +2.87% |
| 2019 (Jul–Dec) | +1.82% |
GSMUX 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 | +0.7% | +1.1% | −1.8% | +0.8% | +0.5% | +0.7% | — | — | — | — | — | — |
| 2025 | +0.3% | +0.9% | −1.7% | −0.8% | −0.2% | +0.6% | −0.6% | +0.7% | +2.1% | +0.8% | +0.2% | +0.1% |
| 2024 | +0.2% | +0.2% | +0.2% | −0.9% | 0.0% | +1.5% | +0.7% | +0.5% | +0.9% | −1.2% | +1.3% | −1.1% |
| 2023 | +2.9% | −2.1% | +1.3% | +0.1% | −0.5% | +0.8% | +0.3% | −1.0% | −2.5% | −1.4% | +5.6% | +2.3% |
| 2022 | −2.5% | −0.8% | −2.9% | −2.7% | +1.1% | −2.3% | +2.6% | −1.9% | −3.8% | −1.0% | +4.2% | −0.1% |
| 2021 | +1.2% | −1.5% | +0.6% | +1.0% | +0.5% | +0.4% | +0.6% | −0.4% | −0.8% | −0.4% | +0.7% | +0.1% |
| 2020 | +1.6% | +1.2% | −7.3% | −2.1% | +3.0% | +2.4% | +1.9% | −0.1% | −0.2% | −0.2% | +1.9% | +1.2% |
| 2019 | — | — | — | — | — | — | +0.5% | +0.8% | −0.4% | +0.2% | +0.2% | +0.6% |
GSMUX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 4.89%
- 3-year Sharpe ratio: -0.24 (vs 4.5% risk-free rate)
- Best month: +5.62% (Nov 2023)
- Worst month: −2.48% (Sep 2023)
GSMUX Fund Flows
Monthly money in and out of Goldman Sachs Dynamic Municipal Income Fund, from SEC Form N-PORT.
- 12-month net flow: $937.5M
- 12-month gross sales (incl. reinvestments): $4.3B
- Sales ÷ redemptions: 1.28×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $348.6M | $220.8M | $127.8M |
| May 2026 | $313.6M | $174.6M | $139.0M |
| Apr 2026 | $305.0M | $221.9M | $83.0M |
| Mar 2026 | $350.9M | $233.8M | $117.1M |
| Feb 2026 | $341.2M | $351.7M | −$10.5M |
| Jan 2026 | $425.4M | $233.2M | $192.2M |
| Dec 2025 | $383.0M | $381.9M | $1.1M |
| Nov 2025 | $279.0M | $191.9M | $87.1M |
| Oct 2025 | $417.4M | $219.0M | $198.3M |
| Sep 2025 | $389.7M | $423.8M | −$34.1M |
| Aug 2025 | $368.9M | $303.9M | $65.0M |
| Jul 2025 | $405.5M | $434.0M | −$28.5M |
GSMUX Assets Under Management
Net assets of Goldman Sachs Dynamic Municipal Income Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $12.28B |
| 2026-03-31 | $11.76B |
| 2025-12-31 | $11.56B |
| 2025-09-30 | $11.23B |
| 2025-06-30 | $11.07B |
| 2025-03-31 | $11.18B |
| 2024-12-31 | $10.64B |
| 2024-09-30 | $10.47B |
| 2024-06-30 | $9.73B |
| 2024-03-31 | $9.32B |
| 2023-12-31 | $8.70B |
| 2023-09-30 | $8.14B |
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.