Goldman Sachs T. Rowe Price Dynamic Portfolios

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^* Whilst the name of the team responsible for fiduciary management at Goldman Sachs Asset Management has changed over the course of the past several years, any historical references to this group of investment professionals who offer this service at Goldman Sachs Asset Management is presented under the name of Multi-Asset Solutions.

¹ Goldman Sachs Asset Management, May 15, 2025.

² Data as of 12/31/25. Source: © 2026 Morningstar. Analysis by T. Rowe Price. 116 of 131 T. Rowe Price active, non-money market funds had expense ratios below the average of all active funds in their Morningstar category. Oldest share class used. Active funds are those funds classified as non-index funds in the Morningstar Direct database. The expense ratios used in this analysis are the gross prospectus expense ratios as reported by Morningstar. Some funds have expense limitations in place, so actual fees experienced may have been lower. 

³ Past performance is no guarantee of future results. To learn more about T. Rowe Price funds, view Standardized Returns (PDF). For additional insights and disclosures, read Analysis Details and Disclosures. Results are net of fees. Ten-year periods, rolling monthly, over 20 years ended 12/31/25. The performance data shown is past performance and is no guarantee or reliable indicator of future results. All investments are subject to risk, including the possible loss of principal. Results from other time periods may differ. Active investing may have higher costs than passive investing and may underperform the broad market or passive peers with similar objectives. Passive investing may lag the performance of actively managed peers as holdings are not reallocated based on changes in market conditions or outlooks on specific securities. Analysis by T. Rowe Price. Comparable passive funds are (1) mutual funds and exchange-traded funds (ETFs) classified as an "index fund" in the Morningstar Direct database and (2) in the same Morningstar category as the active funds being analyzed. All Active Managers represents the actively managed (non-"index fund") mutual funds and ETFs in the Morningstar Direct database, excluding those managed by T. Rowe Price. The performance of the T. Rowe Price active funds and the All Active Managers funds were compared against the comparable passive funds using 10-year rolling monthly periods from 1/1/06 to 12/31/25. The analysis was conducted at the Morningstar category level analyzing all open-end funds and ETFs within U.S. Morningstar categories where passive funds are present. Oldest share class returns are used for analysis. Money market funds are excluded from the analysis. Analysis includes 116 funds covering 9,844 rolling 10-year periods. This is not an offer to buy or sell any investment product. For Illustrative Use Only.

⁴ Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this webpage concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer.  Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind.  Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction.

⁵ This model portfolio has not yet been launched, but is expected to launch during 2026.

⁶ The number of asset allocation profiles will vary depending on platform and suite.

⁷ The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

⁸ The model portfolios use a combination of active and indexed products.

⁹ The asset classes shown are for illustrative purposes only and represent a selection of investment opportunities that may be utilized within the models. The models may not be invested in all asset classes shown at any given time and may invest in additional asset classes not depicted.

Additional Information

Description of Model Provider

Goldman Sachs Asset Management, L.P. (“GSAM” or “Model Provider”) is part of a worldwide, full-service investment banking, broker-dealer, asset management and financial services organization.  The Multi-Asset Solutions (“MAS”) team within GSAM is responsible for managing and maintaining these model portfolios (“Models”) and selecting the underlying investments, such as exchange-traded funds, mutual funds, and other investment products (“Portfolio Funds”), comprising the Models. Model Provider will monitor the composition and performance of the Models on an ongoing basis and adjust Portfolio Fund weights back to target in light of changes in market conditions or other factors. Model Provider makes non-discretionary recommendations for the purchase, sale and retention of Portfolio Funds consistent with the management of the Models. Model Provider gives advice, makes recommendations, and takes action in the performance of their duties to clients, or for their own accounts, that may differ from decisions or actions regarding the Models or their Portfolio Funds.

Model Provider distributes Models through Model platforms offered by sponsors and providers (each, a “Platform”) and to persons subscribing to receive the Models from a Platform (“Advisor”) and to Advisors directly. Unless explicitly agreed to in writing, Model Provider is not a fiduciary to and there is no actual or implied investment advisory relationship with any Platform or Advisor. Model Provider will not act as a fiduciary to and has not entered into any advisory or other relationship with any client or client account of any Platform or Advisor. Model Provider has no duty to supervise or monitor the services provided by any Platform or Advisor. Model Provider gives no representation or warranty as to the performance or profitability of any Model, any part thereof, or the Portfolio Funds.

Additional information about the Model Provider, including conflicts of interest, is set forth in the Model Provider's Form ADV, which should be reviewed prior to using a Model. A copy of Part 1A and Part 2A of the Model Provider's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov) (“Form ADV”).

Required Expertise and Responsibility of Advisors

No Model is personalized or in any way tailored to reflect the personal financial circumstances or investment objectives of any client of the Advisor. By accessing a Model, Advisors agree to the limited use of the Model to assist the Advisor in developing its own investment recommendations and discretionary management of eligible accounts of its clients. Advisor is responsible for conducting its own diligence and monitoring of, and determining that it has sufficient information about, the Models and Portfolio Funds to determine the appropriateness of and select such investments for their clients. Access to Models is available to the Advisor on the condition that it (i) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (ii) will exercise independent judgment in evaluating any information, recommendations or advice provided in the Models; (iii) will interpose its own best judgment in making investment decisions or investment recommendations to its clients and will not rely on any Model as the sole or primary basis for any Advisors investment decisions or investment recommendations; and (iv) is registered as an investment advisor or legally advised of exemption from such registration. To the extent the Advisor makes an investment decision or recommendation involving a Model to a client or prospective client, the Advisor must not state, imply or attribute any such investment decision or recommendation to GSAM or that GSAM has made or endorsed any such investment decision or recommendation by the Advisor or otherwise has any relationship or obligations to any of the Advisor's clients. No information provided through the Models will supplant the obligation of the Advisor to interpose its’ own best judgment in making investment decisions or investment recommendations to its’ clients. As between GSAM and the Advisor, before making an investment decision or recommendation regarding a security or investment, the Advisor must have a reasonable basis for any such decision or recommendation without having relied on information from the Model and Advisor must take into account their client's circumstances, objectives and risk tolerance to ensure the Model or Portfolio Funds are suitable for the client.

The Models are subject to additional terms, conditions and disclosures that are printed on or accompany the Models and their related information.

Compilation of Models

When selecting Portfolio Funds for inclusion in a Model, Model Provider generally expects to select Portfolio Funds sponsored and managed by Model Provider or its affiliates (“Model Provider Fund”) without considering or canvassing the universe of external Portfolio Funds (“Third Party Funds”), even though there may (or may not) be Third Party Funds that may be more appropriate for inclusion in such Model (including available Third Party Funds in the applicable asset classes / sub-asset classes that have lower fees and expenses or other favorable terms relative to a Portfolio Fund). Model Provider, in its sole discretion, may also consider Third Party Funds for inclusion, without canvassing the broader universe of such Third Party Funds. The use of Model Provider Funds and the underlying investments in such funds will affect how the Models are constructed, and may cause a Model to differ from other Models developed by Model Provider that use Third Party Funds (or use Third Party Funds in different percentages from those used in the other Models). For models that include Model Provider Funds and Third-Party Funds, GSAM generally will recommend an allocation to Model Provider Funds designed to meet a certain revenue range target for GSAM. The actual revenue from Model Provider Funds may be higher or lower than the target at any given time. Revenue range targets are available upon request.

Model Provider, in its sole discretion, may refrain from selecting certain Portfolio Funds due to: (i) regulatory requirements; (ii) Model Provider's internal policies and procedures; (iii) actual, potential, or perceived conflicts of interest; or (iv) any other reason.

Model performance has important inherent limitations, particularly that the results do not represent actual trading of investor accounts and may not reflect the impact that material economic and market factors might have had on the Model Provider’s decision-making if the Model Provider were actually managing investors' money. Investors following the Model may experience different performance than reported.

Compensation

Model Provider will benefit from the Advisor’s clients investing into Model Provider Funds included in the Models. Model Provider or its affiliates will generally receive compensation in connection with the management of Model Provider Funds included in a Model. As Model Provider is compensated for the compilation of Models if the assets are invested in Model Provider Funds, Model Provider is incentivized to include Model Provider Funds in Models. Additionally, Model Provider will be disincentivized to remove any Model Provider Funds from a Model. Such incentives could have an adverse effect on the performance of the Models. A Platform may limit or restrict an Advisor's ability to substitute Model Provider Funds with Third Party Funds in a Model. Model Provider will not be required to share any fees, allocations, compensation, remuneration or other benefits received in connection with any assets invested in the Model Provider Funds with a Platform, Advisor, or the clients thereof.

Delay in updating Models

There may be timing differences in the updates to the Models through a Platform and the receipt of such updates by other persons. Model Provider may delay updating information regarding Models or any updates thereto through a Platform until after Model Provider has commenced or completed trading in securities included in the Models or Portfolio Funds for its’ clients or for its’ own accounts. In addition, there may be circumstances outside of Model Provider's control which result in timing differences in the updates to Models through a Platform and/ or the availability of such updates to clients of Model Provider. Because of any such timing differences, Model Provider may have taken action or advised other clients of Model Provider with respect to changes in the Models before updating this information through a Platform. In this circumstance, trades ultimately placed by the Advisors for their clients may be subject to price movements, particularly with orders that are large in relation to the given security's trading volume. As a result, the accounts of the Advisors' clients may not track the Models and may receive prices that are less favorable than the prices obtained by Model Provider for its’ clients or for its’ own accounts. Furthermore, any delay in updates of Models may in certain instances reduce or eliminate the Model's usefulness or suitability for a Platform, Advisors and their clients.

Other Important Disclosures; Certain Risk Considerations:

Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

Investments made pursuant to the Model allocations in Portfolio Funds involve substantial risks and conflicts of interest and could result in the loss of all or a substantial portion of the assets invested pursuant to the Model allocations. Model portfolios are constructed using Portfolio Funds across different asset classes, each carrying its own set of inherent risks that can impact the overall portfolio performance. Advisors and their clients should review the offering documents, such as prospectuses or product disclosure statements, for each Portfolio Fund for a comprehensive understanding of specific risks, fees, and expenses.

Diversification does not protect an investor from market risk and does not ensure a profit.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While the Model Provider seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark. Indices are unmanaged. The figures for the index reflect the reinvestment of all income or dividends, as applicable, but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

Model Provider is not providing investment, tax, legal, accounting or financial advice to any Platform, Advisor, or any clients thereof, and has no obligation to, and will not, take into account the tax status, investment goals or other characteristics of any Advisor or their client when compiling the Models. Investors should obtain their own independent tax and other advice based on their particular circumstances.

Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation to buy, sell, or hold any security. Views and opinions are current as of the date of this document and may be subject to change, they should not be construed as investment advice.

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

This material is not intended to be used as a general guide to investing, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

United States: In the United States, this material is offered by and has been approved by Goldman Sachs Asset Management, L.P. and Goldman Sachs & Co. LLC, which are registered investment advisers with the Securities and Exchange Commission.

No part of this material may, without GSAM's prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.



T. ROWE PRICE, INVEST WITH CONFIDENCE, the Bighorn Sheep design, and related indicators (see troweprice.com/ip) are trademarks of T. Rowe Price Group, Inc. TRP LRN 5847082.

Goldman Sachs and T. Rowe Price are not affiliated companies. T. Rowe Price funds are distributed by T. Rowe Price Investment Services, Inc.