The expansion of central bank balance sheets around the globe has prompted concerns about inflation. For investors, inflation has historically been a complex issue to manage. This risk is meaningful because even a modest increase in inflation can erode portfolio value. With the launch of the Goldman Sachs Multi-Asset Real Return Fund (Class A Shares: GHRAX) (the “Fund”), Goldman Sachs Asset Management, L.P. (“GSAM”) provides investors access to a dynamic, multi-asset class solution that seeks to help individuals achieve real return over inflation. The Fund provides exposure to inflation-sensitive asset classes, including opportunistic fixed income, commodities, and select equity sectors. This diversified strategy seeks to perform well across most market environments, and specifically, seeks to provide real return during periods of rising and high inflation. “Protecting personal wealth through investing in strategies that deliver consistent, real returns is central to many individual clients’ investment objectives, and GSAM has nearly two decades of experience managing multi-asset portfolios with this focus,” said Samantha Davidson, the Fund’s co-portfolio manager. “The GS Multi-Asset Real Return Fund seeks to build upon this experience and deliver an inflation-sensitive solution in a mutual fund format to help investors position themselves for the medium- to long-term environment.” Samantha Davidson, Raymond Chan, and Chris Lvoff from GSAM’s Global Portfolio Solutions (“GPS”) team are the Fund’s co-portfolio managers. As of June 30, 2013, GPS, GSAM’s multi-asset class team, currently manages over $20 billion for a diverse set of clients globally. “We continue to focus on meeting the needs of our clients, and outcome-oriented solutions are a critical part of every individual’s portfolio strategy,” said James McNamara, Managing Director and President of Goldman Sachs Mutual Funds. “Unexpected inflation may pose a significant risk to investors’ wealth, and the GS Multi-Asset Real Return Fund seeks to address this threat.” The Fund is offered in Class A and Class C Shares, both with $1,000 minimum initial investments. It also offers Institutional, Class R and Class IR Shares.