Summary

• Goldman Sachs Inflation Protected Securities Fund's I-shares returned 0.12% net over the first quarter and underperformed the benchmark by -14bps.
• Over the quarter, our govt / swap target strategies were the largest detractor of performance, predominantly in February and March.
• Fixed income markets delivered negative returns in March as the war in Iran yielded a sharp increase in volatility as global interest rates surged higher, erasing all year-to-date gains.

CLASS A: GSAPX | CLASS I: GSIPX | CLASS C: GSCFX | CLASS R6: GSRUX | CLASS INV: GSTPX | CLASS R: GSRPX

Market Overview

Multiple factors may impact economic conditions and financial markets in