Goldman Sachs Dynamic Municipal Income Fund is an actively managed mutual fund focused on U.S. municipal bonds with the objective of delivering a high level of current income exempt from regular federal income tax. It invests primarily across state and local government issuers and related agencies, spanning essential-service revenue bonds, general obligation debt, and specialty sectors such as healthcare, utilities, transportation, and dedicated tax revenue. The strategy employs a flexible approach to interest-rate exposure—typically targeting an intermediate profile—while allocating opportunistically across credit tiers, including a meaningful sleeve in lower-rated municipals to enhance income. The portfolio is broadly diversified, holding several thousand bonds, with a modest concentration in its top positions, and maintains an effective duration generally around the intermediate range. Within the municipal bond market, the fund serves as a core, tax-efficient fixed income holding for investors seeking federally tax-exempt income and diversified exposure to national muni markets, benchmarked against broad municipal indices and the Muni National Intermediate category. The fund is offered in multiple share classes tailored to different distribution channels and fee structures.
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