Summary

• Over the first quarter of 2026, the Fund returned 0.63% (I-Shares, net) while the benchmark (S&P 500) returned -4.33%, resulting in a positive excess return of 4.96%.
• For the quarter, Intuit Inc and Accenture PLC were the largest detractors from the performance, while Microsoft Corp and Applied Materials Inc were the largest contributors.
• In Q1 2026, midstream energy infrastructure outperformed broader equity markets amid investor fear around AI disruption, which weighed on the S&P 500 and technology stocks.
• The Goldman Sachs Asset Management managed MLP & Energy Infrastructure sleeve delivered a gross total return of 19.73% in Q1 2026, outperforming its benchmark, the Alerian MLP Index.
• Goldman Sachs Asset Management believes energy equities will continue to perform well, particularly those tied to the growth in natural gas markets, driven by LNG exports and AI power consumption.

Market Overview

Global equity markets experienced a period of volatility during the first quarter of 2026, as the onset of the U.S.-Iran conflict in early March prompted a reassessment of risk and energy pricing. While the year began with