Goldman Sachs High Yield Instl (GSHIX) N-CSRCertified annual shareholder report (management investment company)

REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Snap is a social media and camera company that develops and provides applications and products for communication. A broader impact of supply-chain shortages and Apple’s IDFA erosion weighed on advertiser demand, ultimately driving Snap’s quarterly earnings results lower. (The Identifier for Advertisers (“IDFA”) is a random device identifier assigned by Apple to a user’s device. Advertisers use this to track data so they can deliver customized advertising. The IDFA is used for tracking and identifying a user without revealing personal information.) Then, after issuing guidance that contradicted previous revenue and profit targets in May 2022, the company’s stock suffered a substantial pullback, as investors were uneasy about macroeconomic pressures facing the company. The company announced a disappointing quarter, as it saw increased competition for advertising dollars and macroeconomic headwinds. The company illustrated a slowdown in the advertising market and did not provide a guide for the third calendar quarter. However, the company had strong engagement trends and daily active user growth, and the longer-term goal of artificial reality and maps monetization remained intact. At the end of the Reporting Period, we continued to believe user growth and engagement were still positive, and we expected new products to drive higher revenue. Longer term, we believed Snap remained well situated to take incremental share of digital ad dollars, as it

Shares of digital payment technology company PayPal Holdings initially declined during the Reporting Period amid rumors the company was looking to acquire Pinterest, though PayPal Holdings ultimately decided the move would be too difficult to accomplish. Further, the company’s earnings report in November 2021 exceeded consensus expectations on earnings per share, but revenue fell below consensus expectations. The lesser volumes were caused by lower than consensus expected back-to-school spending along with a travel slowdown due to the COVID-19 variants. Its shares then depreciated following the company’s fourth quarter 2021 earnings announcement, wherein they issued disappointing forward guidance amid supply-chain issues, inflation, labor shortages and weaker consumer sentiment. The company’s stock depreciated further in the second quarter of 2022, as there were longer-term market share concerns with lowered revenue growth and operating margins adjusted downward, and the concerns of the prior quarter remained overhangs. At the end of the Reporting Period, we maintained our conviction in the company, as, in our view, it has the resources and capability to continue to grow its core customer base as it focuses on user engagement. As a scaled player in the payment industry, we believed PayPal Holdings was well positioned to leverage its existing customer base to implement any new payment technology. Also, we believed its strong balance sheet should allow it to either develop new technology, such as “buy now, pay later,” in house or to acquire an existing player within the industry.

Financial technology company Affirm Holdings originally suffered during the Reporting Period from the widespread reversal away from high growth companies as interest rate hikes waned on valuations. Then, its shares declined following its fourth quarter 2021 earnings release in February 2022, which featured better than consensus revenue and gross merchandise value (“GMV”) results, but its forward guidance concerned investors with its management pointing out a potential step down in GMV results and elevated transaction costs. Regarding transaction costs, the company’s long-term target on revenue excluding these costs as a percentage of GMV had not changed, which we viewed as a favorable sign. However, the company struggled amid macroeconomic headwinds, such as record level inflation, rising interest rates and decreased consumer spending, which together raised concerns about subprime credit lending and profitability. We had established a Fund position in Affirm Holdings earlier in the Reporting Period and despite the firm’s strong earnings and exclusive partnership to grow its GMV, we ultimately sold the position in favor a what we saw as a better risk/reward opportunity.

Eli Lilly and Company develops and manufactures pharmaceutical products. Its earnings results in the first quarter of 2022 beat consensus estimates by three cents with adjusted quarterly earnings of $2.49 per share, while its revenue beat consensus forecasts as well. These results were boosted by a jump in sales of the company’s Trulicity diabetes drug and COVID-19 therapies. Eli Lilly and Company was able to achieve 10% growth outside of its COVID-19 work and saw more than 60% of its revenues in the fourth quarter of 2021 coming from its “growth brand” of pharmaceutical products. Also, five new medicines were on deck to launch during the next two years. In August 2022, its earnings report featured a slight miss compared to consensus expectations, but the company maintained its full-year guidance and announced that all of its drug launches remained on track. At the end of the Reporting Period, we continued to view Eli Lilly and Company as one of the fastest growing pharmaceuticals companies with no major patent concerns until 2030 and a robust new product pipeline with multi-billion dollar opportunities ahead.

Fast-food restaurant giant McDonald’s successfully navigated a difficult operating environment amidst being forced to close its 850 locations in Russia and being faced with rising costs during the Reporting Period. Its Russian segment was a lower margin business, so this was not viewed by investors as a material negative. Consumers trading down in a higher cost environment also benefitted its sales. At the end of the Reporting Period, we continued to believe McDonald’s was well positioned to gain share and perform well in the near term given what we see as its leadership in value, strong operations and ongoing digital efforts.

Shares of commercial stage biopharmaceutical company Sarepta Therapeutics depreciated in January 2022 after trading was halted before the announcement of preliminary earnings results that were not well received. Poor results also came from drug trials, though we did not view the announcements to be as material as the market did. However, good news came in July 2022 as accelerated approval was filed for its Duchenne muscular dystrophy gene therapy drug, SRP-9001, and the company’s stock ended up generating robust double-digit gains for the Reporting Period overall. At the end of the Reporting Period, gene therapy remained the main driver of our investment thesis for Sarepta Therapeutics, and our conviction in the company’s operating capabilities as well as in the prospects of its drug pipeline coming to market remained intact.

We established a Fund position in paint and coatings manufacturer Sherwin-Williams in July 2022. Despite supply-chain headwinds from China, the company has taken on a series of price initiatives. Its management also stated it feels good about its margin expansion story for early 2023 should cost pressures ease as it anticipates given that it does not anticipate rolling back its prices, so profitability should resume in the near term.

Conversely, we exited the Fund’s position in media content provider Netflix during the Reporting Period. While we continued to like the company, we saw some near-term headwinds facing the business, such as increased competition and macroeconomic pressures. We sold the position in favor what we considered to be better risk/reward profiles elsewhere, but we intend to keep monitoring the company for a longer-term opportunity.

We sold the Fund’s position in financial technology services provider Fidelity National Information Services in November 2021. We believed its near-term growth could be inhibited by implied risks in its merchant solution business. We eliminated the position for this reason and due to concerns about its long-term growth based on what we saw as the disruptive competitive landscape for the firm.

Devon Energy, an exploration and production oil and gas company, posted fourth quarter 2021 earnings that featured strong results, with both earnings and dividend amounts higher than market expectations. Investor focus remained on 2022 production and a variable dividend wherein Devon Energy leads the industry. Each subsequent earnings report during the Reporting Period similarly featured results above market expectations, largely due to strong production and execution metrics. At the end of the Reporting Period, our investment thesis continued to revolve around a better than consensus expected variable dividend, increased buybacks and what we saw as a line of sight to significant capital returns.

Meta Platforms engages in the development of social media applications. The company, formerly known as Facebook, was a top contributor to relative results because the Fund held an underweighted position in this weakly-performing stock during the Reporting Period. In February 2022, the company announced materially lowered forward guidance. Issues of concerns included social media competition/engagement, introduction of Reels to compete with TikTok with limited traction, and IDFA concerns as it related to pending regulations being imposed. (The Identifier for Advertisers (“IDFA”) is a random device identifier assigned by Apple to a user’s device. Advertisers use this to track data so they can deliver customized advertising. The IDFA is used for tracking and identifying a user without revealing personal information.) At the end of the Reporting Period, the Fund maintained a position in Meta Platforms because we believed the company has an attractive valuation and is focusing its efforts on different new devices to diversify and enter new markets. We were also optimistic the company will continue what we view as its attractive operating margins and that the

The strong performance of oil and gas exploration and production company Pioneer Natural Resources was supported by subdued oil production, high and improving demand, and new geopolitical tensions fueled by the war in Ukraine. Another point of optimism supporting its stock was that the company is committed to return 75% of its free cash flow in the form of distributions. We believed the company’s healthy balance sheet and efficient production would likely continue to drive performance and keep its earnings in line with market expectations. In our view, the company’s cash yield of approximately 15% also remained attractive. However, given a more scrutinized operating environment for exploration and production companies along with potential political intervention, in the context of the entirety of the Fund’s portfolio, we opted to sell the position, taking profits.

Oil and gas integrated energy company Exxon Mobil, a new purchase for the Fund during the Reporting Period, was a top detractor from relative results because the Fund held an underweight position in its strongly performing stock. Its shares benefited primarily from an increase in crude oil prices and favorable supply/demand dynamics. Also, in February 2022, it was announced that sweeping restructuring would be taking place across its global operations. Examples of changes included cost cutting and a new headquarters location in Houston. Further, earnings releases in the summer of 2022 featured significant outperformance of market expectations on both net income and earnings per share. Results from its liquid natural gas segment also proved favorable. At the end of the Reporting Period, we continued to see what we viewed as attractive trends in the operations of its business, and we looked to see further capital distributions put in place.

We initiated a Fund position in software product development and digital platform services company EPAM Systems in September 2021 but ultimately exited the position in March 2022. It performed poorly, as the company had significant business operations in Ukraine, and its management cited concerns around revenue and costs being adversely affected by the ongoing war there. We had viewed the company as one of our favorites within the mid-cap information technology services industry, but the geopolitical conflict concerns invalidated our investment thesis, and we sold the position.

Shares of digital marketing and media solutions company Adobe fell in December 2021 after poor earnings and forward guidance was given by its management. Then, in March 2022, price hikes were announced for enterprise-level customers. Fortunately, the products offered by Adobe are highly integrated into most clients’ business operations, so we believe most will accept the higher prices. At the end of the Reporting Period, we continued to believe Adobe had industry-leading operating margins, and if the macroenvironment weakens, that its management would be able to adjust expenses accordingly.

Conversely, in addition to those sales mentioned earlier, we exited the Fund’s position in Intuit, which offers financial management and compliance products and services, in September 2021. Despite what we see as the strength of the business and clear levers of growth, on a relative basis, Intuit looked less attractive to us than other large-cap technology companies. We ultimately decided to sell the position in favor of what we considered to be more attractive investment opportunities elsewhere.

We eliminated the Fund’s position in semiconductor company Texas Instruments during the Reporting Period. Concerns were observed regarding peak gross margins and compressing cash flows as a result of capital expenditure investments planned by the company for the next few years.

Snap is a social media and camera company that develops and provides applications and products for communication. A broader impact of supply-chain shortages and Apple’s IDFA erosion weighed on advertiser demand, ultimately driving Snap’s quarterly earnings results lower. (The Identifier for Advertisers (“IDFA”) is a random device identifier assigned by Apple to a user’s device. Advertisers use this to track data so they can deliver customized advertising. The IDFA is used for tracking and identifying a user without revealing personal information.) Then, after

Oil and gas integrated energy company Exxon Mobil, a new purchase for the Fund during the Reporting Period, was a top detractor from relative results because the Fund held an underweight position in its strongly performing stock. Its shares benefited primarily from an increase in crude oil prices and favorable supply/demand dynamics. Also, in February 2022, it was announced that sweeping restructuring would be taking place across its global operations. Examples of changes included cost cutting and a new headquarters location in Houston. Further, earnings releases in the summer of 2022 featured significant outperformance of market expectations on both net income and earnings per share. Results from its liquid natural gas segment also proved favorable. At the end of the Reporting Period, we continued to see what we viewed as attractive trends in the operations of its business, and we looked to see further capital distributions put in place.

Shares of digital payment technology company PayPal Holdings initially declined during the Reporting Period amid rumors the company was looking to acquire Pinterest, though PayPal Holdings ultimately decided the move would be too difficult to accomplish. Further, the company’s earnings report in November 2021 exceeded consensus expectations on earnings per share, but revenue fell below consensus expectations. The lesser volumes were caused by lower than consensus expected back-to-school spending along with a travel slowdown due to the COVID-19 variants. Its shares then depreciated following the company’s fourth quarter 2021 earnings announcement, wherein the company issued disappointing forward guidance amid supply-chain issues, inflation, labor shortages and weaker consumer sentiment. The company’s stock depreciated further in the second quarter of 2022, as there were longer-term market share concerns with lowered revenue growth and operating margins adjusted downward, and the concerns of the prior quarter remained overhangs. At the end of the Reporting Period, we maintained our conviction in the company, as, in our view, it has the resources and capability to continue to grow its core customer base as it focuses on user engagement. As a scaled player in the payment industry, we believed PayPal Holdings was well positioned to leverage its existing customer base to implement any new payment technology. Also, we believed its strong balance sheet should allow it to either develop new technology, such as “buy now, pay later,” in house or to acquire an existing player within the industry.

Chevron is a global integrated energy, chemical and petroleum company. Its stock price, similar to the energy sector more broadly, benefited from an increase in crude oil prices in the first quarter of 2022, driven by slow oil supply growth as the Organization of the Petroleum Exporting Countries (“OPEC”) struggled to produce oil in line with its production goals, while demand proved to be resilient and on track to reach pre-pandemic levels. Furthermore, fuel prices appreciated as tensions between Ukraine and Russia heightened, causing countries to threaten sanctions on Russia, which supplies more than a third of the European Union’s natural gas. At the end of the Reporting Period, we continued to believe Chevron’s management had solid capital allocation discipline with a shareholder friendly team. We were optimistic at the end of the Reporting Period given our view that the company has a strong balance sheet, a Permian Basin portfolio that enables balanced growth and free cash flow, and an ability to generate free cash flow from its core asset base.

Similarly, the strong performance of oil and gas exploration and production company Pioneer Natural Resources was

Healthcare services provider CVS Health provided updated earnings guidance in January 2022 that was meaningfully higher than its prior guidance and consensus expectations. The raised guidance came before its fourth quarter 2021 earnings announcement and followed the strong momentum of its third quarter 2021 results. Its earnings in the spring of 2022 reflected strength in the health care insurance business, though cost pressures and operating margins became a potential concern. It reaffirmed our investment thesis on the company, wherein we believe CVS Health will likely benefit from its transition to a healthcare enterprise, potentially driving faster growth. Despite the challenging operating environment and the roll-off of some COVID-19-driven business, success, in our view, can been seen in the company’s foundational business, accelerated by the strategy of its management.

Conversely, we trimmed the Fund’s position in media content provider Netflix during the Reporting Period. While we continued to like this company, we saw some near-term headwinds facing the business, such as increased competition and macroeconomic pressures. We also trimmed the Fund’s position in e-commerce behemoth Amazon.com during the Reporting Period. We remained constructive on its long-term growth prospects and its top-line revenue growth, but we also saw valuation concerns. In our view, there may be a trough in Amazon.com’s profitability in the remaining months of 2022, including the holiday season.

ON Semiconductor engages in the design, manufacture and marketing of a portfolio of semiconductor components. The year 2021 was an impressive one for many semiconductor firms, and ON Semiconductor was a beneficiary. Its performance in the fourth quarter of 2021 was driven by a strong beat of consensus expectations and raised guidance on

A largely positive earnings report drove the stock of network security solutions provider Palo Alto Networks higher in late August 2021, just before the start of the Reporting Period. Accelerated billings growth and total revenue both saw better than consensus expected results unfold. Then, another largely positive earnings report drove the stock higher in late February 2022. Billing growth continued to accelerate on the back of its next generation security business, while its other business segments and customer expansion surprised on the upside as well. Further, in August 2022, the company posted its fiscal fourth quarter 2022 earnings, reporting billings growth ahead of guidance and consensus estimates. The strong results were driven by continued strength of its next generation security business. It had become evident to us that companies are increasing their demand for firewalls, as they scramble to protect their businesses and data from digital threats. At the end of the Reporting Period, we continued to believe Palo Alto Network’s strong pipeline will feed the business, and its recent management changes reflected the company’s focus on securing larger customers going forward while adding accretive incremental operating margin.

The strong performance of oil and gas exploration and production company Pioneer Natural Resources was supported by subdued oil production, high and improving demand, and new geopolitical tensions fueled by the war in Ukraine. Another point of optimism supporting its stock was that the company is committed to return 75% of its free cash flow in the form of distributions. We believed the company’s healthy balance sheet and efficient production would likely continue to drive performance and keep its earnings in line with market expectations. In our view, the company’s cash yield of approximately 15% also remained attractive. However, given a more scrutinized operating environment for exploration and production companies along with potential political intervention, in the context of the entirety of the Fund’s portfolio, we opted to sell the position, taking profits.

Cloud-based electronic signature solutions provider DocuSign reported strong third quarter 2021 earnings in November 2021, yet they were not as exceptional as investors had expected. Even though its billings had increased 28% year over year, the company missed its own estimates while also issuing fourth quarter 2021 guidance that was lower than consensus estimates. Further, the company reported earnings in line with estimates for the fourth quarter of 2021 but provided guidance that missed consensus estimates. It seemed DocuSign’s exceptional COVID-19 pandemic-fueled earnings may be slowing, so, ultimately, we exited the Fund’s position for what we saw as better risk/reward opportunities.

Financial technology company Affirm Holdings, a new purchase for the Fund during the Reporting Period, originally suffered during the Reporting Period from the widespread reversal away from high growth companies as interest rate hikes waned on valuations. Then, its shares declined following its fourth quarter 2021 earnings release in February 2022, which featured better than consensus revenue and gross merchandise value (“GMV”) results, but its forward guidance concerned investors with its management pointing out a potential step down in GMV results and elevated transaction costs. Regarding transaction costs, the company’s long-term target on revenue excluding these costs as a percentage of GMV had not changed, which we viewed as a favorable sign. However, the company struggled amid macroeconomic headwinds, such as record level inflation, rising interest rates and decreased consumer spending, which together raised concerns about subprime credit lending and profitability. We had established a Fund position in Affirm Holdings earlier in the Reporting Period and despite the firm’s strong earnings and exclusive partnership to grow its GMV, we ultimately sold the position in favor a what we saw as a better risk/reward opportunity.

Shares of Guardant Health, a precision oncology treatment company, depreciated during the fourth quarter of 2021 due to no particular fundamental driver. We continued to like the company, as it reported a solid quarterly result and provided positive updates on its research and development progress. However, in May 2022, a poor earnings report caused the stock to face significant pressures. Our investment thesis

We re-established a Fund position in analytical laboratory instrument manufacturing company Mettler-Toledo International during the Reporting Period. The company had targeted toward increasing its growth in China for 2022, as it had a very limited COVID-19 revenue benefit, leading to no overhang of a revenue cliff. (A revenue, or patent, cliff is a colloquialism to denote the potential sharp decline in revenues upon patent expiration of one or more leading products of a firm. A patent cliff is when a firm’s revenues could “fall off a cliff” when one or more established products go off-patent, since these products can be replicated and sold at much cheaper prices by competitors.) We re-initiated the Fund’s position in the company on the pullback and intend to continue to look for opportunities to further rebuild the position.

Conversely, in addition to those sales mentioned earlier, we exited the Fund’s position in software solutions provider Splunk during the Reporting Period. While we still liked the company, we decided to allocate resources to what we considered to be more attractive risk/reward opportunities elsewhere.

Domo operates a cloud-based business intelligence platform in the U.S., Japan and internationally. Its platform digitally connects from the chief executive officer to the frontline employee with the people, data and systems in an organization, giving them access to real-time data and insights and allowing them to manage business from smartphones. Domo reported third quarter 2021 earnings that included higher than consensus expected revenues and year over year billing growth, but the company guided revenue and earnings lower than consensus expected for the quarter and for the full year ahead. The company’s second quarter 2022 results also drove its stock lower. For the second time in about three years, the company had a major sales hiccup, with the issue this time being its inability to get traction in

Quanterix is a biotechnology company that develops ultrasensitive biomarker detection for health care. The market reacted negatively to the company’s lower margins in the first quarter of 2022. Also, its second quarter 2022 earnings disappointed. The company announced it had assay quality issues in its consumables and consequently lower shipments to a large customer. Its consumables declined significantly due to manufacturing quality issues, which, in turn, hit gross margins dramatically. We exited the Fund’s position in Quanterix by the end of the Reporting Period.

Despite largely in-line with consensus estimates earnings announcements and having been a top performer for the Fund in the prior annual period, shares of Pacific Biosciences of California, a company developing a platform for genetic analysis, traded down during the Reporting Period due primarily to what appeared to be a competitive threat from Illumina. Investors were concerned Illumina might start impeding on what is known as the “long-read sequencing” portion of business even though, in fact, Illumina’s offering is not directly competitive to Pacific Biosciences of California.

Dutch Bros., an operator and franchisor of drive-through coffee and beverage shops, had its Initial Public Offering in October 2021. Initially performing well, its stock was hurt in May 2022, as its management guided same-store sales lower due to macroeconomic headwinds affecting discretionary income and, notably for the drive-through chain, higher gas prices. However, its stock rebounded through the end of August 2022, when the company released strong second quarter 2022 earnings, including a higher than consensus expected top line and raised guidance. We sold the Fund’s position in Dutch Bros. by the end of the Reporting Period, taking profits.

Axcelis Technologies designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips. Its shares rose in November 2021 after reporting its third quarter 2021 earnings, showing revenue that beat consensus expectations and guidance higher on revenues and margins. Following some subsequent volatility in the months that followed, its stock rallied again on the announcement toward the end of the Reporting Period on second quarter 2022 earnings in which revenues beat consensus expectations and margins expanded.

iRhythm Technologies, a new purchase for the Fund during the Reporting Period, is a digital healthcare company that develops biosensing technology built on cloud-based data analytics and machine learning. Early in the Reporting Period, its shares rose upon the announcement of third quarter 2021 results, including better than consensus expected revenue and earnings before interest, taxes, depreciation and amortization. Then, in April 2022, the market reacted positively to the results of three clinical research studies iRhythm presented at the American College of Cardiology’s Scientific Session & Expo. These studies further validated its Zio service as a viable solution for the early detection of atrial fibrillation, helping undiagnosed populations effectively seek treatment before more serious problems arise.

We established a Fund position during the Reporting Period in Shoals Technologies Group, which provides electrical balance of system solutions for solar energy projects. We like the company given its exposure to the secularly growing area of solar power as well as for what we see as its strong revenue growth and durable margins. We added the position

Conversely, in addition to those sales mentioned earlier, we exited the Fund’s position in FIGS, a direct to consumer health care apparel and lifestyle brand, during the Reporting Period. We sold the position given our concerns related to the demand outlook amid macroeconomic headwinds and a potential trade down from its customer base.

We sold the Fund’s position in Nautilus Biotechnology, which operates as a life sciences company. The firm develops proteomics platforms for analyzing and quantifying the human proteome. We eliminated the position and reallocated the capital to what we considered better risk/reward opportunities elsewhere.

Snap is a social media and camera company that develops and provides applications and products for communication. A broader impact of supply-chain shortages and Apple’s IDFA erosion weighed on advertiser demand, ultimately

Snap is a social media and camera company that develops and provides applications and products for communication. A broader impact of supply-chain shortages and Apple’s IDFA erosion weighed on advertiser demand, ultimately driving Snap’s quarterly earnings results lower. (The Identifier for Advertisers (“IDFA”) is a random device identifier assigned by Apple to a user’s device. Advertisers

Meta Platforms engages in the development of social media applications. The company, formerly known as Facebook, was a top contributor to relative results because the Fund held an underweighted position in this weakly-performing stock during the Reporting Period. In February 2022, the company announced materially lowered forward guidance. Issues of concerns included social media competition/engagement, introduction of Reels to compete with TikTok with limited traction, and IDFA concerns as it related to pending regulations being imposed. (The Identifier for Advertisers (“IDFA”) is a random device identifier assigned by Apple to a user’s device. Advertisers use this to track data so they can deliver customized advertising. The IDFA is used for tracking and identifying a user without revealing personal