How did the Fund perform and what affected its performance?

The performance of the emerging debt markets was shaped by a significant shift in U.S. Federal Reserve (Fed) monetary policy, uncertainty in trade relations, a shifting macroeconomic backdrop and geopolitical events. The Fed, which cut interest rates three times in late 2025, paused its easing cycle in 2026 as inflation reaccelerated, fueled by tariff-related price pressures and energy supply shocks resulting from the U.S.-Iran war. The start of the conflict in the Middle East weighed broadly on emerging markets debt, as the potential impact on inflation and economic growth from constraints on crude oil and liquid natural gas pushed up bond yields. Despite this challenging backdrop, emerging markets debt remained relatively resilient, with weakness mainly concentrated in oil-importing countries, credits exposed to heightened geopolitical risk, and countries facing local political or supply pressures. The asset class was supported overall by robust stand-alone fundamentals, low net leverage, positive credit ratings momentum and the ongoing growth of most emerging markets economies. For the Period overall, emerging markets debt significantly outperformed developed markets debt.

Top Contributors to Performance:

• The FTSE Goldman Sachs Emerging Markets USD Bond Index (Index) generated positive returns, supported by the accommodative monetary policies of emerging markets central banks, attractive yields and the faster economic growth rates of emerging markets countries compared to developed markets countries.

• Following notable volatility in the first half of the Period, particularly during a war-related oil shock in early 2026, the Index posted gains in the spring and summer amid steady investment flows into emerging markets debt and periods of U.S. dollar weakness driven by concerns about the U.S. budget deficit, ongoing U.S. political gridlock and global trade uncertainty.

• The Index benefited from its regional exposures, with exposure to South America, Central America and Eastern Europe adding most to returns. Exposure to Central Asia and Asia Pacific also bolstered the Index’s performance, though to a smaller extent.

• Among countries, the Index’s top contributors were Argentina, Colombia and Turkey.

• The Index was helped by its exposure to five- to seven-year maturities.

• The top performing Index constituent was the sovereign debt of Argentina (4.63% of Fund net assets as of August 31, 2026).

Top Detractors from Performance:

• There were no significant detractors from the Index’s performance.

Key Fund Statistics

Material Fund Changes

This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the Period as a result of a reduction in unitary fees, and the elimination of the associated fee waiver, that took effect during the previous fiscal year.

How did the Fund perform and what affected its performance?

The performance of the U.S. fixed income markets was shaped by a significant shift in Federal Reserve (Fed) monetary policy and a volatile macroeconomic backdrop. After cutting interest rates three times in late 2025, the Fed paused its easing cycle in 2026 as inflation reaccelerated, driven by tariff-related price pressures and energy supply shocks resulting from the U.S.-Iran war. Bond yields, which had fallen earlier in the Period in response to Fed easing, rose along the curve, with longer-term yields increasing significantly as investors demanded greater compensation for the risks associated with higher inflation and fiscal challenges, such as the U.S. national debt. As for U.S. high yield corporate bonds, when the Period began in September 2025, their performance was broadly positive, supported by Fed rate cuts, active primary markets, robust corporate earnings and better than market expected macroeconomic data. However, in March 2026, the high yield corporate bond market suffered its weakest monthly performance since October 2023, reflecting an increase in risk aversion as investors faced heightened geopolitical tensions in the Middle East and worried about the rapid transformation of industries and market dynamics driven by artificial intelligence. Performance rebounded in April and then fluctuated thereafter amid shifting market sentiment about the U.S.-Iran war, inflation, Fed monetary policy and ongoing strength in corporate earnings.

Top Contributors to Performance:

• The FTSE Goldman Sachs High Yield Corporate Bond Index (Index) produced positive returns, as the fundamental backdrop for high yield corporate bond issuers remained remarkably healthy. Companies across multiple sectors provided optimistic corporate guidance overall, suggesting that default risks remained low.

• All sectors contributed positively to the Index’s returns, led by consumer cyclical, energy and consumer non-cyclical. The transportation and other industrial sectors also added to Index performance, albeit to a lesser extent.

• From a credit quality perspective, the Index benefited from its exposure to BB- and B-rated credits.

• Regarding individual securities, Index returns were aided by the high yield debt of Community Health Systems, an operator of general acute care hospitals and outpatient facilities; Bausch Health, a specialty pharmaceutical and medical device maker; and Michaels Stores, an arts and crafts retail chain (0.96%, 0.95% and 0.16% of Fund net assets as of August 31, 2026, respectively).

Top Detractors from Performance:

• The Index was held back by its exposure to CC-rated credits, which produced marginally negative returns.

• The Index’s performance was hurt by the high yield debt of telecommunications company CSC Holdings; packaging label manufacturer LABL; and luxury retail and related commerce services provider SGUS (0.45%, 0.00%¹ and 0.00%¹ of Fund net assets as of August 31, 2026, respectively).

¹Some weights are 0.00% at August 31, 2026 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Period as they did not meet the Fund’s investment criteria.

Key Fund Statistics

Material Fund Changes

This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the Period as a result of a reduction in unitary fees that took effect during the previous fiscal year. 

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Sector Allocation (%)

How did the Fund perform and what affected its performance?

The performance of the U.S. fixed income markets was shaped by a significant shift in Federal Reserve (Fed) monetary policy and a volatile macroeconomic backdrop. After cutting interest rates three times in late 2025, the Fed paused its easing cycle in 2026 as inflation reaccelerated, driven by tariff-related price pressures and energy supply shocks resulting from the U.S.-Iran war. Bond yields, which had fallen earlier in the Period in response to Fed easing, rose along the curve, with longer-term yields increasing significantly as investors demanded greater compensation for the risks associated with higher inflation and fiscal challenges, such as the U.S. national debt. In this environment, the performance of investment grade corporate bonds was volatile, with strong gains following the Fed’s 2025 rate cuts and subsequent weakness as inflation concerns pushed yields higher.

Top Contributors to Performance:

• The FTSE Goldman Sachs Investment Grade Corporate Bond Index (Index) generated positive returns, as investment grade corporate bonds benefited from favorable risk sentiment and supportive supply/demand dynamics.

• The Index’s lower credit quality bias added to returns, as investors took on additional credit risk in exchange for higher yields. BBB-rated credits generally outperformed those of higher quality.

• The Index was helped by its yield curve positioning in one- to three-year maturities, as these investment grade corporate bonds significantly outperformed their longer-term counterparts.

• Positions in the banking and consumer non-cyclical sectors contributed positively to Index performance.

• Among individual issues, the Index’s top contributors were large financial companies, including Bank of America, Citigroup and Morgan Stanley (2.25%, 1.45% and 1.49% of Fund net assets as of August 31, 2026, respectively).

Top Detractors from Performance:

• The Index was hampered by positions in major technology companies, including Oracle, Meta Platforms and Google (1.45%, 1.13% and 0.89% of Fund net assets as of August 31, 2026, respectively).

Key Fund Statistics

Material Fund Changes

This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the Period as a result of a reduction in unitary fees that took effect during the previous fiscal year. 

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Sector Allocation (%)

How did the Fund perform and what affected its performance?

The performance of the U.S. fixed income markets was shaped by a significant shift in Federal Reserve (Fed) monetary policy and a volatile macroeconomic backdrop. After cutting interest rates three times in late 2025, the Fed paused its easing cycle in 2026 as inflation reaccelerated, driven by tariff-related price pressures and energy supply shocks resulting from the U.S.-Iran war. Bond yields, which had fallen earlier in the Period in response to Fed easing, rose along the curve, with longer-term yields increasing significantly as investors demanded greater compensation for the risks associated with higher inflation and fiscal challenges, such as the U.S. national debt. In this environment, the performance of investment grade corporate bonds was volatile, with strong gains following the Fed’s 2025 rate cuts and subsequent weakness as inflation concerns pushed yields higher.

Top Contributors to Performance:

• The FTSE Goldman Sachs U.S. Broad Bond Market Index (Index) generated a positive return, as the income component of the Index offset negative price performance.

• From a yield curve perspective, the Index benefited from its positioning overall. The Index was helped most by its positions in shorter-term maturities of one to three years.

• Securitized bonds contributed positively to the Index’s return, followed closely by U.S. Treasury securities and corporate bonds. Key contributors were agency fixed-rate mortgage-backed securities and banking corporate bonds.

Top Detractors from Performance:

• The Index’s performance was hurt by positions in technology and communications corporate bonds.

Key Fund Statistics

Material Fund Changes

This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the Period as a result of a reduction in unitary fees that took effect during the previous fiscal year. 

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Sector Allocation (%)

How did the Fund perform and what affected its performance?

The broad emerging markets equity market experienced volatility but performed robustly, driven by reduced currency pressures, appealing valuations, generally favorable trade agreements, accelerated foreign institutional investor inflows, resilient domestic demand in several economies, targeted policy support from governments and central banks, rising commodity prices and ongoing investor enthusiasm for semiconductor and other artificial intelligence (AI)-related stocks. Still, performance across sectors and individual country markets was diverse, with some showing resilience supported by domestic demand and foreign investment inflows, while others were affected by global trade policies, including tariffs, and slowed economic activity. Geopolitical tensions, including the conflict in the Middle East, impacted the emerging markets equity markets as well, creating both opportunities and challenges.

Top Contributors to Performance:

• Goldman Sachs ActiveBeta^® Emerging Markets Equity Index (Index) constituents in the consumer discretionary, financials and communication services sectors contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index (EM Index).

• Index constituents in India, Saudi Arabia and Indonesia contributed most positively.

• The Fund’s Value Underlying Factor contributed positively.

• Underweight positions in South Korea-based semiconductor company SK Hynix, Chinese consumer electronics and smart manufacturing company Xiaomi and Chinese producer of energy vehicles, handset components and assembly services, rechargeable batteries, and photovoltaics BYD contributed most positively (4.73%, 0.29% and 0.01% of Fund net assets as of August 31, 2026, respectively).

Top Detractors from Performance:

• Index constituents in the materials, information technology and industrials sectors detracted most from the Index’s results relative to the EM Index.

• Index constituents in Taiwan, China and South Africa detracted most.

• The Fund’s Quality, Low Volatility and Momentum Underlying Factors detracted.

• Underweight positions in SK Square, a South Korean investment holding company focused on semiconductors, information and communication technologies and digital platforms, and Unimicron Technology, a Taiwan-based printed circuit board manufacturer, and an overweight position in Pop Mart International Group, a Chinese toy company, detracted most (0.30%, 0.16% and 0.17% of Fund net assets as of August 31, 2026, respectively).

Sector Allocation (%)

How did the Fund perform and what affected its performance?

The broad European equity markets performed strongly, driven by a combination of resilient corporate earnings, a marked pick-up in foreign investment inflow, a highly concentrated rally in its hardware and semiconductor supply chain fueled by global data center expansion, a surge in bank profitability amid an end to a low-to-negative interest rate era, easing economic anxiety, large fiscal stimulus packages, a broad shift toward regional strategic autonomy, and attractive valuations compared to U.S. equities. Still, the European equity markets experienced volatility amid geopolitical tensions, global tariff concerns, energy transitions and sticky inflation. For the Period overall, the U.K. equity market outperformed the equity markets of continental Europe, though both the MSCI Europe ex UK Index and MSCI UK Index generated double-digit positive returns.

Top Contributors to Performance:

• Goldman Sachs ActiveBeta^® Europe Equity Index (Index) constituents in the consumer discretionary, health care and industrials sectors contributed most positively to the Index’s results relative to the MSCI Europe Index (Europe Index).

• Index constituents in France, Denmark and Italy contributed most positively.

• The Fund’s Value and Momentum Underlying Factors contributed positively.

• Overweight positions in Denmark-based integrated logistics and container shipping company AP Moller-Maersk and Germany-based life science company Bayer and an underweight position in France-based health care company EssilorLuxottica contributed most positively (0.39%, 0.69% and 0.10% of Fund net assets as of August 31, 2026, respectively).

Top Detractors from Performance:

• Index constituents in the information technology, utilities and materials sectors detracted most from the Index’s results relative to the Europe Index.

• Index constituents in the U.K., the Netherlands and Switzerland detracted most.

• The Fund’s Quality and Low Volatility Underlying Factors detracted.

• An underweight position in Netherlands-based information technology company ASML Holding and overweight positions in U.K.-based digital automotive marketplace Auto Trader Group and Germany-based software provider for the architecture, engineering, construction and operations industries as well as for the media and entertainment industries Nemetschek Group detracted most (4.21%, 0.00%¹ and 0.25% of Fund net assets as of August 31, 2026, respectively).

¹ Some weights are 0.00% at August 31, 2026 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the Period. 

Sector Allocation (%)

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Key Fund Statistics

How did the Fund perform and what affected its performance?

Even as volatility remained elevated amid geopolitical and macroeconomic uncertainty, the Japanese equity market posted strong double-digit positive returns for the Period, driven by improved political stability, proactive fiscal stimulus, aggressive corporate governance reforms, an exit from the Bank of Japan’s loose monetary policy era, a historic shift out of deflation into sustainable inflation, and robust corporate earnings supported by global demand for technology and semiconductors. Further, ongoing structural interest from international investors, coupled with active domestic allocation into equities, provided a foundation for the market despite currency fluctuations and global interest rate jitters.

Top Contributors to Performance:

• Goldman Sachs ActiveBeta^® Japan Equity Index (Index) constituents in the communication services, health care and energy sectors contributed most positively to the Index’s results relative to the MSCI Japan Index (Japan Index).

• The Fund’s Value Underlying Factor contributed positively.

• An underweight position in Nintendo, a video game and gaming systems creator, and overweight positions in Sumitomo Electric Industries, a wire, cable and materials manufacturer, and Advantest, a manufacturer of semiconductor and component test system products and mechatronics-related products, contributed most positively (0.43%, 1.04% and 3.56% of Fund net assets as of August 31, 2026, respectively).

Top Detractors from Performance:

• Index constituents in the information technology, financials and industrials sectors detracted most from the Index’s results relative to the Japan Index.

• The Fund’s Momentum, Quality and Low Volatility Underlying Factors detracted.

• An underweight position in Kioxia Holdings, a semiconductor manufacturer, and overweight positions in Aisin, an automotive components supplier, and Subaru, an auto and aerospace products manufacturer, detracted most (1.33%, 0.65% and 0.27% of Fund net assets as of August 31, 2026, respectively).

Sector Allocation (%)

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Key Fund Statistics

How did the Fund perform and what affected its performance?

The broad U.S. equity market delivered strong gains overall, driven by resilient corporate earnings, solid labor data and expanding artificial intelligence (AI) infrastructure. Monetary policy also played a crucial role, with the Federal Reserve implementing interest rate cuts in the last months of 2025 and then holding steady, as it weighed inflation that remained above target. Still, U.S. equities faced periodic volatility around AI monetization, returns on investment and debt issuance. Concurrently, geopolitical tensions, including maritime shipping disruptions and trade tariffs, drove commodity and energy market volatility. Corporate fundamentals cushioned pullbacks, with profit margins and earnings rather consistently beating consensus expectations across the information technology, industrials and health care sectors. Small-cap equities outperformed their larger counterparts during the Period as a whole, but the third quarter of 2025 was especially challenging, as the market then favored lower quality, unprofitable and highly volatile stocks, creating headwinds for our quality-focused, lower volatility strategy.

Top Contributors to Performance:

• Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index (Index) constituents in the financials, industrials and real estate sectors contributed most positively to the Index’s results relative to the Russell 2000^® Index (Russell Index).

• The Fund’s Value Underlying Factor contributed positively.

• Overweight positions in precision medicine diagnostics company CareDx, biotechnology company 10X Genomics and designer and installer of integrated electrical and technology systems IES Holdings contributed most positively (0.41%, 0.50% and 0.00%¹ of Fund net assets as of August 31, 2026, respectively).

Top Detractors from Performance:

• Index constituents in the health care, information technology and communication services sectors detracted most from the Index’s results relative to the Russell Index.

• The Fund’s Quality, Low Volatility and Momentum Underlying Factors detracted.

• Underweight positions in solid-oxide fuel cell systems manufacturer Bloom Energy, provider of test and measurement technologies for the semiconductor industry FormFactor and commercial-stage biopharmaceutical company Arrowhead Pharmaceuticals detracted most (0.00%¹, 0.00%¹ and 0.00%¹ of Fund net assets as of August 31, 2026, respectively).

¹ Some weights are 0.00% at August 31, 2026 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the Period. 

Sector Allocation (%)

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Key Fund Statistics

How did the Fund perform and what affected its performance?

The broad U.S. equity market delivered strong gains overall, driven by resilient corporate earnings, solid labor data and expanding artificial intelligence (AI) infrastructure. Monetary policy also played a crucial role, with the Federal Reserve implementing interest rate cuts in the last months of 2025 and then holding steady, as it weighed inflation that remained above target. Still, U.S. equities faced periodic volatility around AI monetization, returns on investment and debt issuance. Concurrently, geopolitical tensions, including maritime shipping disruptions and trade tariffs, drove commodity and energy market volatility. Corporate fundamentals cushioned pullbacks, with profit margins and earnings rather consistently beating consensus expectations across the information technology, industrials and health care sectors.

Top Contributors to Performance:

• Relative to the S&P 500^® Index, the information technology and health care sectors were the only two sectors to contribute positively to the Goldman Sachs Hedge Fund VIP Index^TM TR (Index) results during the Period.

• Relative to the S&P 500^® Index, positions in information technology companies Sandisk, Western Digital and Micron Technology contributed most positively to the Index’s results during the Period (2.00%, 0.00%¹ and 2.06% of Fund net assets as of August 31, 2026, respectively).

Top Detractors from Performance:

• Relative to the S&P 500^® Index, the consumer discretionary, industrials and financials sectors detracted most from the Index’s results.

• Relative to the S&P 500^® Index, positions in information technology products giant Apple and semiconductor companies NVIDIA and Intel contributed least to the Index’s results during the Period (2.16%, 2.05% and 1.83% of Fund net assets as of August 31, 2026, respectively).

¹Some weights are 0.00% at August 31, 2026 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Period as they did not meet the Fund’s investment criteria. 

Sector Allocation (%)

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Key Fund Statistics

How did the Fund perform and what affected its performance?

The broad global equity market produced positive returns in a dynamic and often volatile environment, shaped by a combination of geopolitical developments, shifting trade and fiscal policy expectations, and ongoing macroeconomic uncertainty. These factors led to sharp swings in investor sentiment and increased performance dispersion across regions, sectors and individual companies, as investors reassessed the implications of policy changes, supply chain considerations and global economic growth prospects. Global equities were generally resilient despite periodic bouts of volatility, supported by constructive economic fundamentals and corporate adaptability. Many businesses delivered solid financial results, reinforcing market confidence in underlying corporate fundamentals. Investors appeared to differentiate between companies based on their ability to execute, sustain growth and navigate an evolving geopolitical and economic landscape.

Top Contributors to Performance:

• The Solactive Innovative Global Equity Index (Index) generated positive returns, with all five Key Themes—Data-Driven World, Finance Reimagined, Human Evolution, Manufacturing Revolution and New Age Consumer—adding to performance.

• The Data-Driven World Key Theme was the largest positive contributor, as ongoing investment in artificial intelligence (AI), cloud infrastructure and digital transformation supported strong corporate earnings growth. Market leadership was concentrated in companies with durable competitive advantages and clear monetization opportunities tied to the expanding data economy.

• The Manufacturing Revolution Key Theme was the second largest contributor to Index returns amid a growing focus on supply chain resiliency, domestic production capabilities and strategic industrial investment. Companies also benefited from increasing demand for advanced manufacturing technologies and automation solutions.

• The Index was helped during the Period by its positions in Intel, a semiconductor company that designs and manufactures processors, data center chips and other computing technologies; Alphabet, the parent company of Google and operator of businesses in search, digital advertising, cloud computing, AI and autonomous driving; and Micron Technology, a producer of memory and storage semiconductors (1.12%, 1.90% and 0.49% of Fund net assets as of August 31, 2026, respectively).

Top Detractors from Performance:

• During the Period, the Index was hurt by its positions in U.S.-based Meta Platforms, China-based Tencent Holdings and Singapore-based Sea—all technology conglomerates (1.52%, 1.16% and 0.59% of Fund net assets as of August 31, 2026, respectively).

Sector Allocation (%)

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.

Key Fund Statistics

How did the Fund perform and what affected its performance?

The broad U.S. equity market delivered strong gains overall, driven by resilient corporate earnings, solid labor data and expanding artificial intelligence (AI) infrastructure. Monetary policy also played a crucial role, with the Federal Reserve implementing interest rate cuts in the last months of 2025 and then holding steady, as it weighed inflation that remained above target. Still, U.S. equities faced periodic volatility around AI monetization, returns on investment and debt issuance. Concurrently, geopolitical tensions, including maritime shipping disruptions and trade tariffs, drove commodity and energy market volatility. Corporate fundamentals cushioned pullbacks, with profit margins and earnings rather consistently beating consensus expectations across the information technology, industrials and health care sectors. Small-cap equities outperformed their larger counterparts during the Period as a whole, but the third quarter of 2025 was especially challenging, as the market then favored lower quality, unprofitable and highly volatile stocks, creating headwinds for our quality-focused, lower volatility strategy.

Top Contributors to Performance:

• The information technology and industrials sectors contributed most positively, driven by stock selection in the semiconductors & semiconductor equipment and aerospace & defense industries, respectively.

• Relative to the Russell 2000^® Index, an out-of-benchmark position in clinical-stage precision oncology company Revolution Medicines proved beneficial on the back of historic results from its Phase 3 clinical trial for its pancreatic cancer drug, daraxonrasib. Strong early data from another pancreatic cancer drug candidate, zoldonrasib, further contributed to its stock’s appreciation.

• An overweight in cloud service provider DigitalOcean Holdings added to results. The company benefited from record annual run-rate revenues, an upsized $800 million capital raise to expand AI data center infrastructure, heightened AI infrastructure demand and multiple analyst upgrades.

• An out-of-benchmark position in Onto Innovation, which develops process control, advanced metrology, defect inspection, lithography and enterprise software for the microelectronics and semiconductor industries, contributed positively. Its stock rallied sharply following upward revisions to its revenue guidance and a surge in AI-driven advanced packaging demand.

• These three positions accounted for 0.00%¹, 1.2% and 1.2% of Fund net assets as of August 31, 2026, respectively.

Top Detractors from Performance:

• Stock selection overall detracted most from the Fund’s relative results. To a lesser degree, sector allocation decisions as a whole also dampened relative results.

• The health care and financials sectors detracted most, driven by stock selection in the health care providers & services and capital markets industries, respectively.

• Relative to the Russell 2000^® Index, an overweight to genomics and biotechnology company GeneDx Holdings detracted due to a conservative guidance release, which reignited investors’ growth concerns.

• An out-of-benchmark position in value retailer Ollie’s Bargain Outlet Holdings detracted. The company’s stock pulled back consequent to lower than consensus expected comparisons, which caused investors to recalibrate expectations.

• An overweight in Waystar Holding, a cloud-based software company focused on health care payments and revenue cycle management for health care providers, hurt. Its stock fell due to decelerating growth metrics and broader market worries around software and health care information technology spending. 

• These three positions accounted for 0.00%¹, 0.00%¹ and 0.00%¹ of Fund net assets as of August 31, 2026, respectively.

¹Some weights are 0.00% at August 31, 2026 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Period as they did not meet the Fund’s investment criteria. 

Sector Allocation (%)

What were the Fund costs for the Period?

Based on a hypothetical $10,000 investment.