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

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated -10.34%, -10.99%, -10.02%, -10.09%, -10.05% and -10.05%, respectively. These returns compare to the -7.00% and -10.90% average annual total returns of the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Value Index”) and the ICE BofAML BB to B US High Yield Constrained Index (the “ICE BofA Index”), respectively, during the same period.

The Fund is a dynamically managed multi-asset class portfolio with a baseline allocation of 60% to fixed income securities and 40% to equity securities. In seeking to meet its investment objective, the Fund has the flexibility to opportunistically tilt the allocation to fixed income and equity securities up to 15% above or below that baseline allocation. The Fund seeks to provide a high and stable income stream plus capital appreciation, with lower volatility than the equity market. The percentage of the portfolio invested in equity and fixed income securities will vary from time to time as the Income Builder Team evaluates such securities’ relative attractiveness based on, among other factors, income opportunities, market valuations, economic growth and inflation prospects.

Because of these stated goals of the Fund, the Income Builder Team believes the returns of the Russell Value Index and the ICE BofA Index should be considered for reference only.

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6 and Class P Shares provided 12-month distribution rates of 7.95%, 7.28%, 8.09%, 8.03%, 8.10% and 8.10%, respectively. (The 12-month distribution rate is calculated by taking the sum of all cash distributions to shareholders over the past 12 months and dividing this sum by the Fund’s month-end net asset value (“NAV”) for

In the first quarter of 2022, dramatic repricing of the Fed’s interest rate hike path and expectations for a more aggressive balance sheet run-off phase were accelerated due to concerns about elevated and persistent inflation pressures. Tensions arising from geopolitical conflict also raised concern, as commodity prices became volatile, the global supply chain came into question again, and Russia invaded Ukraine. During March, Fed officials raised short-term interest rates by 25 basis points, the first rate hike since the end of 2018. (A basis point is 1/100th of a percentage point.) Policymakers also continued tapering the Fed’s asset purchase program and ended the program entirely during March. Signs that corporate earnings momentum might be weakening further weighed on investor sentiment. Against this backdrop, U.S. equities declined during the first calendar quarter overall. In fixed income, credit spreads (or yield differentials between corporate bonds and U.S. Treasury securities of similar maturity) widened as bond yields rose in response to inflationary pressures and Fed policy action.

During the second quarter of 2022, bond yields continued to rise and U.S. equities sold off. Inflation, the Fed’s policy response and recession worries were at the core of the narrative during the quarter. In the U.S., consumer inflation reached its highest level in nearly four decades during May 2022 and then hit a new high in June, as rising energy and food costs pushed up prices. Supply-chain disruptions, high energy prices and uncertainty related to the Russia/Ukraine war appeared to increase the risk of recession. The Fed accelerated its pace of tightening. In May, Fed policymakers raised short-term interest rates by 50 basis points and then hiked rates by another 75 basis points in June. In July, the U.S. Treasury yield curve, or spectrum of maturities, inverted between two-year and 10-year maturities, meaning two-year yields were higher than 10-year yields. (Historically, an inverted U.S. Treasury yield curve often precedes an economic recession.) Rising short-term yields and expectations for continued Fed tightening hurt duration-sensitive securities, while concerns about the U.S. economic outlook led to credit spread widening. (Duration is a measure of a security’s sensitivity to changes in interest rates.)

In the third quarter of 2022, U.S. equities and fixed income assets continued to struggle. Noticeable tightening of financial conditions, guided by investor expectations for a more aggressive Fed interest rate hiking cycle, was the major

Derivatives positions are mostly supported by cash held in the Fund specifically to cover its exposure and any potential margin calls or future losses experienced.

The Fund’s duration positioning, which started the Reporting Period between 3.1 and 3.2 years, reached a low of about 2.6 years in August 2022, before increasing to approximately 3.0 years by the end of the Reporting Period. For the Reporting Period overall, the Fund’s duration positioning strategy had a negative impact on its performance. In September 2022, the Income Builder Team slightly increased the Fund’s holdings of interest rate swaps to help manage duration.

The Fund’s fixed income allocation remained rather consistent throughout the Reporting Period, with the Income Builder Team actively managing allocations at the security level and in terms of credit quality. During the Reporting Period, the fixed income allocation detracted from the Fund’s returns.

The Fund’s equity allocation also remained rather consistent during the Reporting Period, though the Income Builder Team adjusted the Fund’s positioning to reflect its dynamic views as the U.S. economy continued to recover from the COVID-19 shock. When the Reporting Period started, we held a pro-cyclical relative value view, expressing it using a basket of large-cap, high-beta stocks and diversified sector exposure that we believed would provide the Fund with attractive risk/return characteristics. (High beta stocks are those that tend to be more volatile than the broad equity market.) We moderated this dynamic view in February 2022 and eliminated it in early April, reallocating the assets to S&P 500^® Index futures. In addition, near the end of March, we increased the Fund’s exposure to energy master limited partnerships (“MLPs”) and energy infrastructure companies by increasing its investment in the Goldman Sachs MLP Energy Infrastructure Fund. In June, we started to moderate this view and reduced the size of the Fund’s position in the Goldman Sachs MLP Energy Infrastructure Fund, using some of the proceeds to increase the Fund’s position in S&P 500^® Index futures. In August, we trimmed the Fund’s exposure to European banks stocks by reducing its allocation to EURO STOXX^® Banks futures. Overall, during the Reporting Period, the Fund’s investment in a basket of high-beta stocks and its investment in the Goldman Sachs MLP Energy Infrastructure Fund added to performance. These positive results were slightly offset by the Fund’s position in S&P 500^® Index futures, which detracted from returns as the broad U.S. equity market retreated.

At the end of the Reporting Period, the Fund was invested 51.7% in fixed income and 41.9% in equities, with the balance in cash and cash equivalents.

The Fund also exited its position in the high yield corporate bonds of Norwegian Cruise Line Holdings (“Norwegian”). We are vigilant about the Fund’s exposure to the cruise industry following earnings guidance cuts from several of Norwegian’s peers, including Carnival.

As mentioned previously, the Fund’s fixed income allocation remained rather consistent during the Reporting Period, with the Income Builder Team actively managing allocations at the security level and in terms of credit quality. Specifically, we increased the overall credit quality of the fixed income allocation by adding moderately to its exposure to investment grade corporate bonds and by reducing its exposures to high yield corporate bonds, bank loans and emerging markets debt. In addition, in the middle of 2022, we increased the fixed income allocation’s exposure to preferred securities, mainly those issued by large financial companies.

In terms of market segments, we increased the Fund’s exposure to banks during the Reporting Period, as we became more cautious on the outlook for the global economy. We have a positive view of banks overall given their strong capital standing, higher net interest income and the improvement in supply and demand conditions after significant new issuance in the first half of 2022. Additionally, we increased the Fund’s exposure to insurance brokers, as we maintained a high conviction for certain types of financial issuers. In our view, insurance brokers, as well as specialty finance companies, tend to post strong growth in inflationary and recessionary environments. On the other hand, we reduced the Fund’s exposure to the consumer cyclicals and telecommunications market segments. Within consumer cyclicals, retail and apparel continued its shift from brick and mortar to e-commerce. Telecommunications faced a secular decline, as these companies have, for all intents and purposes, ceded broadband share to cable companies due to years of underinvestment.

During the Reporting Period, the Fund’s equity allocation produced negative absolute returns, with stock selection in the utilities, real estate and energy sectors detracting most from performance. Investments in the telecommunications services, health care and information technology sectors added to results.

The major detractors from Fund performance during the Reporting Period were a relative underweight in ExxonMobil and investments in Enel and Schneider Electric, neither of which are represented in the Russell Value Index.

During the Reporting Period, the Fund benefited from its positions in Devon Energy, Eli Lilly and Company (“Eli Lilly”) and Shell.

Devon Energy is an oil and gas exploration and production company. Its fourth quarter 2021 earnings featured strong results with earnings and dividend amounts higher than consensus expectations. Its management’s focus remained on 2022 production and the company’s variable dividend with which Devon Energy continued to lead the industry.

Subsequent earnings reports featured results above consensus expectations, largely due to strong production and execution metrics. The company also benefited from rising crude oil prices. At the end of the Reporting Period, our investment thesis for Devon Energy continued to revolve around a better than market expected variable dividend, increased stock buybacks and our continued line of sight to significant capital returns.

In the first quarter of 2022, pharmaceutical maker Eli Lilly beat consensus earnings expectations by $0.03, with adjusted quarterly earnings of $2.49 per share, and also exceeded revenue forecasts. Results were boosted by a jump in sales of Eli Lilly’s Trulicity diabetes drug and its COVID-19 therapies, though the stock declined slightly following the announcement. The company was also able to achieve 10% growth in its non-COVID-19-related work and saw more than 60% of its fourth quarter 2021 revenues coming from its “growth brand” of pharmaceutical products. In addition, five new medicines were set to launch in 2022 and 2023. In August 2022, Eli Lilly’s earnings slightly missed consensus expectations, but the company maintained its full year guidance, and all drug launches remained on track. At the end of the Reporting Period, we continued to view Eli Lilly as one of the fastest-growing pharmaceutical firms, with no major patent concerns until 2030 and a robust new product pipeline with multi-billion dollar opportunities ahead.

The stock price of Shell, a British oil and gas producer, surged during the Reporting Period due to impressive financial performance amid disrupted oil supply from geopolitical tensions and heightened global demand. Shell ended 2021 with a steep rise in profit, and in response, the company raised its dividend and increased its stock buybacks. Its strong performance continued through the first three quarters of 2022, highlighted by cash flow generation that exceeded consensus expectations each quarter and growing dividends and buybacks within the company’s capital allocation framework. Furthermore, Shell significantly benefited from rising crude oil prices. At the end of the Reporting Period, the company continued to have an attractive free cash flow profile, in our view, and we liked its commitment to return cash to shareholders.

Effective January 3, 2022, Alexandra Wilson-Elizondo became a portfolio manager for the Fund. As of August 3, 2022, Collin Bell no longer served as a portfolio manager of the Fund and Kevin Martens became a portfolio manager of the Fund. At the end of the Reporting Period, Ashish Shah, Ron Arons, Charles “Brook” Dane, Neill Nuttall, Alexandra Wilson-Elizondo and Kevin Martens served as portfolio managers of the Fund. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund.

At the end of the Reporting Period, the Income Builder Team noted that the U.S. economy had downshifted sharply in 2022 and that higher inflation had had a negative effect on consumer purchasing power and sentiment. Given this economic backdrop, along with higher interest rates and tightening financial conditions, we believed the threat of a recession may have intensified. Taming inflation without a recession would require U.S. economic growth to slow to below its potential in order to rebalance the labor market and reduce wage growth to a pace consistent with the Fed’s 2% inflation target. At the end of the Reporting Period, the negative demand shock from tighter Fed monetary policy had already increased the U.S. unemployment rate and decreased job openings, illustrating how companies had become more cautious about hiring amid higher costs and slowing demand. Overall, we expected U.S. inflation to remain elevated in the near term, though we thought it should moderate in 2023. As for monetary policy, we expected the Fed to tighten further despite higher macroeconomic uncertainty. At the end of the Reporting Period, we believed investor uncertainty about the path of U.S. interest rates would drive volatility in the financial markets.

Regarding equities, a majority of U.S. companies had reported better than expected third quarter earnings during October 2022 but many of them had also issued negative guidance, suggesting there might be pain to come. We intended to remain cautious given that earnings per share growth/net margins were contracting globally, and we believed the risk of downward revisions may continue into 2023. At the end of Reporting Period, investor sentiment remained negative overall, but we believed market participants may have already accounted for headline risks, while some technical indicators were suggesting the equity market was oversold. (Oversold refers to a condition where an asset has traded lower in price and has the potential for a

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of -4.99%, -5.65%, -4.62%, -4.70%, -4.62%, -5.10% and -4.62%, respectively. These returns compare to the -14.61% average annual total return of the Fund’s benchmark, the Standard & Poor’s^® 500 Index (with dividends reinvested) (the “S&P 500 Index”), during the same time period.

The S&P 500 Index returned -0.69% in November 2021. Retail earnings upside surprises and hints of easing supply-chain constraints supported the U.S. equity markets upward trajectory early in the month. Congress passed a $1 trillion infrastructure bill, and President Biden signed the bill into law. U.S. Federal Reserve (“Fed”) Chair Powell was appointed for a second term days before the Thanksgiving holiday, bringing clarity to the central bank’s path forward. However, renewed concerns over COVID-19 developments brought U.S. equities under pressure late in the month, as the emergence of the highly contagious Omicron variant triggered a sell-off among global risk assets, as investors fled to relative safety. Persistently high inflation weighed on market sentiment as well.

The S&P 500 Index gained 4.48% in December 2021. Despite record COVID-19 cases in many areas of the U.S., studies showed the variant was accompanied by milder symptoms than previous variants, propelling U.S. equities higher. Supply-chain issues and high inflation continued to put pressure on corporate earnings, though investors seemed to believe the impact had reached its peak. Positively seasonality and the so-called “Santa Rally” also lifted the S&P 500 Index toward the end of the month.

In the first quarter of 2022, the S&P 500 Index returned -4.95%, marking the Index’s first quarterly decline since the first quarter of 2020. The dramatic repricing of the Fed

sentiment and positioning, and solid third quarter earnings. Despite the September CPI data coming in higher than consensus expected, Fed officials began to contend that inflation would likely decline in the upcoming months should demand weaken and supply-chain issues soften as policymakers anticipated. Also, with more than half of S&P 500 Index companies having reported third quarter earnings results through the end of the month, those results exceeded market expectations in the vast majority of cases.

For the Reporting Period overall, energy was by far the best performing sector in the S&P 500 Index, followed at some distance by consumer staples, utilities and health care, the only sectors to post positive absolute returns. The weakest performing sectors in the S&P 500 Index during the Reporting Period were communication services, consumer discretionary, real estate and information technology.

Within the U.S. equity market, all capitalization segments posted double-digit negative absolute returns for the Reporting Period overall. Large-cap stocks, as measured by the Russell 1000^® Index, were least weak, followed closely behind by mid-cap stocks, as measured by the Russell Midcap^® Index, and then small-cap stocks, as measured by the Russell 2000^® Index. From a style perspective, value-oriented stocks notably outpaced growth-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

Energy-related equities generally posted strong performance during the Reporting Period, as crude oil and natural gas prices remained elevated despite bouts of volatility. The price of Brent crude oil rose 13.27% during the Reporting Period, while natural gas prices averaged more than $6.23 per MMBtu, which was 15% higher than prices at the beginning of the Reporting Period. (MMBtu is million British thermal units, the standard measurement for natural gas.)

As the Reporting Period began in the last two months of 2021, commodities and energy-related equities experienced a brief but sharp sell-off. The sell-off was driven by worries around the spread of the COVID-19 Omicron variant, which had raised concerns about how the variant might impact near-term demand for commodities. However, data suggesting Omicron was less severe symptomatically than previous variants helped to ease market fears and supported a rebound in crude oil prices and energy-related equities through year-end 2021.

During the first quarter of 2022, commodities and energy-related equities advanced overall, as underlying fundamentals strengthened. U.S. oil demand ticked higher, while supply struggled to keep pace with production discipline from both OPEC+ and U.S. producers, which were largely focused on maximizing free cash flow. (OPEC+ is The Organization of the Petroleum Exporting Countries

ongoing war in Ukraine further intensified the effects of the energy crisis, with the curtailment of Russian gas exports to Europe resulting in historically low inventories and high prices, with European power prices up 93% year to date through October 31, 2022.²

Despite the volatility in crude oil and natural gas prices during the Reporting Period, as well as record high inflation levels and a recession narrative, midstream³ energy markets ultimately moved higher. The Alerian MLP Index⁴, which measures energy infrastructure master limited partnerships (“MLPs”), and the Alerian Midstream Energy Index⁵, which measures the broader midstream sector inclusive of both energy MLPs and “C” corporations, generated total returns of 30.19% and 16.94%, respectively, during the Reporting Period. The midstream markets, as represented by the Alerian MLP Index and the Alerian Midstream Energy Index, outperformed the S&P 500 Index significantly.

Higher oil and natural gas prices and growing volumes supported strong earnings growth for midstream companies, and management teams continued to focus on capital discipline, balance sheet strength and, above all, generating free cash flow and returning it back to investors via dividends and buybacks—all of which we believe was generally well received by the market. The strong quarterly earnings announcements during the Reporting Period and upward earnings revisions reaffirmed the fundamental stability and defensive nature of the sector, which helped to support equity price performance during a volatile market environment. In addition, the sector may have benefited from the broad rotation from growth to value as well as from an uptick in MLP merger and acquisition activity.

Toward the end of the Reporting Period, the U.S. Inflation Reduction Act (“IRA”) of 2022 was passed, which aims to make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by

commodity price environment. These companies also experienced steep inflections in free cash flow during the Reporting Period, which led to distribution growth.

Also, the MLP & Energy Infrastructure Sleeve’s higher exposure to midstream companies with an LNG focus, compared to the Alerian MLP Index, contributed positively to its relative performance. The global natural gas supply/demand imbalance that has existed for some time was exacerbated by the Russian invasion of Ukraine in February 2022, as it led to a surge in key commodity prices, including LNG. Also, during June 2022, Russia’s Gazprom announced a reduction in the amount of gas it can pump through the Nord Stream 1 pipeline to Germany, further exacerbating supply tightness. As a result of tightening market dynamics, the spread, or differential, between global LNG prices and U.S. natural gas prices significantly widened during the Reporting Period, benefiting the profit outlook for North American midstream companies with significant LNG exposure.

The dividend-paying growers portion of the Fund does not take explicit sector bets relative to the S&P 500 ex-Energy Index but rather allocations are the result of stock selection.

That said, the sectors that contributed most positively on a relative basis to the S&P 500 ex-Energy Index during the Reporting Period were information technology, communication services and health care. Only partially offsetting these positive contributors were consumer staples, utilities and financials, which detracted from this portion of the Fund’s relative results.

The top individual contributors to the Fund’s relative performance during the Reporting Period were each underweight positions—most notably in Facebook parent company Meta Platforms, e-commerce retailing leader Amazon.com, Google parent company Alphabet, software behemoth Microsoft and electric vehicle maker Tesla. Each of these companies underperformed the S&P 500 ex-Energy Index during the Reporting Period.

Detracting most from the Fund’s results relative to the S&P 500 ex-Energy Index during the Reporting Period were underweight positions in information technology giant Apple and pharmaceuticals company Eli Lilly & Co. and overweight positions in communication services company Comcast, apparel and footwear company VF Corp. and investment management firm T. Rowe Price Group. Apple

contributed positively given its underperformance of the Alerian MLP Index during the Reporting Period. While HESM is a high quality midstream company with strong contractual support, it underperformed relative to its peers during the Reporting Period as it has less commodity price exposure. In addition, HESM has light liquidity.

The MLP & Energy Infrastructure Sleeve of the Fund did not hold a position in NGL Energy Partners (NGL) during the Reporting Period, which contributed positively to its relative results given NGL’s weak performance. NGL, a diversified midstream MLP with operations focused on crude oil logistics, water treatment services, NGL logistics and retail propane, is a small company with what the E&I Team sees as low quality assets and a significant amount of leverage. In addition, the company’s execution has been poor, in the E&I Team’s view, with NGL missing consensus earnings expectations seven of the last eight quarters.

Among those MLPs and energy infrastructure companies detracting most from the Fund’s results relative to the Alerian MLP Index were EnLink Midstream LLC, TC Energy Corp. and ONEOK, Inc.

EnLink Midstream LLC (ENLC) is a U.S. midstream energy company that transports, stores and sells natural gas, NGLs, crude oil and condensates to industrial end-users, utilities, marketers and other pipelines. A relative underweight position in ENLC detracted from the MLP & Energy Infrastructure Sleeve’s performance, as ENLC outperformed the Alerian MLP Index during the Reporting Period. As crude oil and natural gas prices rose, the production outlook for ENLC’s assets improved materially during the Reporting Period, bettering its short- and long-term profit outlooks. Additionally, ENLC has leveraged its preeminent Louisiana gas pipeline asset base to be a first mover in the burgeoning carbon capture and storage business.

A relative overweight position in TC Energy Corp. (TRP), a major North American energy company with extensive natural gas and liquids pipelines throughout the region, detracted from the MLP & Energy Infrastructure Sleeve’s results given its weak performance during the Reporting Period. The E&I Team considers TRP to be a low beta, or low volatility, stock in a rising market. However, during the Reporting Period, an equity issuance was a headwind to TRP’s equity price performance. During the summer of 2022, TRP announced a reinstatement of its dividend reinvestment plan and then a $1.8 billion bought deal offering of common shares. (A bought deal is a securities offering in which an investment bank commits to buy the entire offering from the client company. A bought deal eliminates the issuing company’s financing risk, ensuring that it will raise the intended amount.) Further, cost overruns at the Coastal Gaslink Pipeline, in which TRP has an

during the Reporting Period, the valuation of the company, in our opinion, was disconnected from its fundamentals and we believed offered compelling upside potential.

Conversely, we sold the Fund’s position in NextEra Energy Partners LP during the Reporting Period. NextEra Energy Partners LP owns, operates and acquires contracted clean energy projects, including wind and solar. We exited the position because we believed the company’s valuation was looking expensive relative to traditional energy companies and because rising interest rates had the potential, in our view, to negatively affect the company’s ability to finance new projects and earn what we considered to be an appropriate rate of return.

We eliminated the Fund’s position in Enviva Inc, which manufactures processed biomass fuel and offers wood chips and wood pellets to power generation and industrial customers in the U.S. and Europe. We sold the position due to what we considered to be better opportunities elsewhere with more potential upside exposure to the strong commodity environment. Additionally, there was some debate around the sustainability of the company’s wood sourcing, which drew some negative attention from the market.

As mentioned earlier, under the QES team’s investment approach, the dividend-paying growers portion of the Fund does not take sector bets by design. Therefore, the dividend-paying investments portion of the Fund, using a quantitative process, strove to be similar to the S&P 500 ex-Energy Index in terms of sector allocation. We seek to provide exposure to high quality, dividend-paying growers within each sector.

There were no notable changes in the Fund’s MLP and energy infrastructure company weightings during the Reporting Period. At the end of the Reporting Period, the MLP & Energy Infrastructure Sleeve had its largest allocations in the gathering & processing, natural gas pipeline transportation, petroleum pipeline transportation, and liquefication segments of the Alerian MLP Index.

As mentioned earlier, it is not part of the dividend-paying investments portion of the Fund’s approach to take sector bets. Thus, at the end of October 2022, the dividend-paying investments portion of the Fund had rather neutral positions

Regarding midstream energy companies, we believed at the end of the Reporting Period that fundamentals were some of the most attractive on record, with midstream cash flow inflecting higher alongside strong oil and natural gas prices and management teams demonstrating capital and cost discipline. The sector was generating significant amounts of free cash flow at the end of the Reporting Period, which, in our opinion, not only adequately supported then-current distributions and dividends but also left plenty of excess cash to further de-lever, buy back stock and/or grow distributions and dividends. In addition, while high inflation and recessionary indicators were not positive headlines, midstream businesses have benefited from having contracted cash flows with embedded inflationary escalators, which historically have proven to support earnings resiliency during economic downturns. The market dynamics seen at the end of the Reporting Period also appeared to be driving a rotation from growth to value stocks, and midstream equities—along with other value-oriented stocks—may be the beneficiaries of increased fund flows. Overall, we believed at the end of the Reporting Period the midstream sector presented a compelling investment opportunity alongside a strong commodity price backdrop, healthy fundamentals and inexpensive valuations. Additionally, the sector was well positioned, in our view, to benefit from the growing need for North American energy.

While there are certainly still risks, such as continued COVID-19 lockdowns in China and growing recession concerns, we believed the risk/reward profile for the midstream sector at the end of the Reporting Period remained meaningfully positive.

In managing the MLP & Energy Infrastructure Sleeve, we intend to remain focused on high quality companies with strong dividend/distribution coverage, cash flow growth potential and what we see as a robust outlook for free cash flow generation and healthy balance sheets. As always, we continue to monitor domestic and global economies, geopolitical factors, interest rates and equity market fundamentals as we actively manage the Fund.