Form NPORT-P GOLDMAN SACHS TRUST For: Aug 31

October 28, 2020 3:51 PM

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000058984
        C000193459
        C000193460
        C000193455
        C000201753
        C000193456
        C000193457
        C000193458
      
      
      
    
  
  
    
      GOLDMAN SACHS TRUST
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71  SOUTH WACKER DRIVE
      C/O GOLDMAN SACHS & CO
      CHICAGO
      
      60606
      312-655-4400
      GS Energy & Infrastructure Fund
      S000058984
      5493004HQKOKO2ODA746
      2020-11-30
      2020-08-31
      N
    
    
      204426230.82
      320039.75
      204106191.07
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      1155068.91000000
      N
      
        
          
          
          
          
          
          
          
        
        
        
        
      
      
      
      
      
    
    
      
        NextEra Energy Partners LP
        5493008F4ZOQFNG3WN54
        NextEra Energy Partners LP
        65341B106
        
          
        
        42976.00000000
        NS
        USD
        2592312.32000000
        1.270080200120
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Emera Inc
        NQZVQT2P5IUF2PGA1Q48
        Emera Inc
        000000000
        
          
        
        40074.00000000
        NS
        
        1636018.32000000
        0.801552520981
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Dominion Energy Inc
        ILUL7B6Z54MRYCF6H308
        Dominion Energy Inc
        25746U109
        
          
        
        27285.00000000
        NS
        USD
        2140235.40000000
        1.048589162719
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cheniere Energy Inc
        MIHC87W9WTYSYZWV1J40
        Cheniere Energy Inc
        16411R208
        
          
        
        240866.00000000
        NS
        USD
        12537075.30000000
        6.142427740322
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund
        38141W273
        
          
        
        332751.00000000
        NS
        USD
        332751.00000000
        0.163028371778
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Plains GP Holdings LP
        549300O56BSKRD8FAM12
        Plains GP Holdings LP
        72651A207
        
          
        
        1066385.00000000
        NS
        USD
        7795274.35000000
        3.819224840331
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Holly Energy Partners LP
        529900NVV7ODCT0QCG29
        Holly Energy Partners LP
        435763107
        
          
        
        105874.00000000
        NS
        USD
        1512939.46000000
        0.741251136023
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BP Midstream Partners LP
        529900PIOYVTOPLH5962
        BP Midstream Partners LP
        0556EL109
        
          
        
        136555.00000000
        NS
        USD
        1609983.45000000
        0.788796969636
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Global Partners LP/MA
        549300PCHWTW9P4DU444
        Global Partners LP/MA
        37946R109
        
          
        
        50701.00000000
        NS
        USD
        643902.70000000
        0.315474360000
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NextEra Energy Inc
        N/A
        NextEra Energy Inc
        65339F101
        
          
        
        15265.00000000
        NS
        USD
        4261530.05000000
        2.087898474641
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enbridge Inc
        98TPTUM4IVMFCZBCUR27
        Enbridge Inc
        000000000
        
          
        
        554005.00000000
        NS
        
        17724252.42000000
        8.683838705275
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        TC Energy Corp
        549300UGKOFV2IWJJG27
        TC Energy Corp
        000000000
        
          
        
        372983.00000000
        NS
        
        17440283.03000000
        8.544710446347
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Midstream Partners LP
        N/A
        Western Midstream Partners LP
        958669103
        
          
        
        48306.00000000
        NS
        USD
        438135.42000000
        0.214660524358
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Inter Pipeline Ltd
        QQTTPMZD0WKQL0H5S472
        Inter Pipeline Ltd
        000000000
        
          
        
        346211.00000000
        NS
        
        3654943.44000000
        1.790706798671
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        MPLX LP
        5493000CZJ19CK4P3G36
        MPLX LP
        55336V100
        
          
        
        429504.00000000
        NS
        USD
        7847038.08000000
        3.844586016162
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Phillips 66 Partners LP
        549300TL5L4IG0H4FX64
        Phillips 66 Partners LP
        718549207
        
          
        
        100005.00000000
        NS
        USD
        2692134.60000000
        1.318987232031
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gibson Energy Inc
        549300WYW5D9I3FR0643
        Gibson Energy Inc
        000000000
        
          
        
        288885.00000000
        NS
        
        5260105.61000000
        2.577141625359
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameren Corp
        XRZQ5S7HYJFPHJ78L959
        Ameren Corp
        023608102
        
          
        
        32827.00000000
        NS
        USD
        2596943.97000000
        1.272349435549
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ONEOK Inc
        2T3D6M0JSY48PSZI1Q41
        ONEOK Inc
        682680103
        
          
        
        291102.00000000
        NS
        USD
        7999482.96000000
        3.919275019568
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Magellan Midstream Partners LP
        MZF5TI8NFVZZNUSKDL39
        Magellan Midstream Partners LP
        559080106
        
          
        
        190126.00000000
        NS
        USD
        7226689.26000000
        3.540651668680
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enterprise Products Partners LP
        K4CDIF4M54DJZ6TB4Q48
        Enterprise Products Partners LP
        293792107
        
          
        
        920700.00000000
        NS
        USD
        16167492.00000000
        7.921117882433
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Antero Midstream Corp
        N/A
        Antero Midstream Corp
        03676B102
        
          
        
        424908.00000000
        NS
        USD
        2876627.16000000
        1.409377709181
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Williams Cos Inc/The
        D71FAKCBLFS2O0RBPG08
        Williams Cos Inc/The
        969457100
        
          
        
        693489.00000000
        NS
        USD
        14396831.64000000
        7.053598700032
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eversource Energy
        SJ7XXD41SQU3ZNWUJ746
        Eversource Energy
        30040W108
        
          
        
        30626.00000000
        NS
        USD
        2624954.46000000
        1.286072924216
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crestwood Equity Partners LP
        549300CUY0F1TYDLDL45
        Crestwood Equity Partners LP
        226344208
        
          
        
        71069.00000000
        NS
        USD
        965117.02000000
        0.472850438754
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Targa Resources Corp
        5493003QENHHS261UR94
        Targa Resources Corp
        87612G101
        
          
        
        671547.00000000
        NS
        USD
        11423014.47000000
        5.596603616047
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sempra Energy
        PBBKGKLRK5S5C0Y4T545
        Sempra Energy
        816851109
        
          
        
        8065.00000000
        NS
        USD
        997237.25000000
        0.488587457720
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DCP Midstream LP
        52990024YYS3MLGW0E91
        DCP Midstream LP
        23311P100
        
          
        
        40172.00000000
        NS
        USD
        508979.24000000
        0.249369819372
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Keyera Corp
        N/A
        Keyera Corp
        000000000
        
          
        
        420269.00000000
        NS
        
        7674939.69000000
        3.760267951582
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Equitrans Midstream Corp
        549300RH0NLJNZ5SXU64
        Equitrans Midstream Corp
        294600101
        
          
        
        613330.00000000
        NS
        USD
        6305032.40000000
        3.089094146016
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Energy Transfer LP
        MTLVN9N7JE8MIBIJ1H73
        Energy Transfer LP
        29273V100
        
          
        
        1174139.00000000
        NS
        USD
        7537972.38000000
        3.693162044954
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kinder Morgan Inc
        549300WR7IX8XE0TBO16
        Kinder Morgan Inc
        49456B101
        
          
        
        718771.00000000
        NS
        USD
        9933415.22000000
        4.866787806839
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pembina Pipeline Corp
        5493002W3L9YICM6FU21
        Pembina Pipeline Corp
        000000000
        
          
        
        385601.00000000
        NS
        
        9548750.18000000
        4.678324616192
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Shell Midstream Partners LP
        529900YZVDXMTV4XGE96
        Shell Midstream Partners LP
        822634101
        
          
        
        89261.00000000
        NS
        USD
        927421.79000000
        0.454381998477
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Water Works Co Inc
        549300DXHIJQMD5WFW18
        American Water Works Co Inc
        030420103
        
          
        
        18379.00000000
        NS
        USD
        2597687.86000000
        1.272713897791
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
      
    
    
      2020-09-29
      GOLDMAN SACHS TRUST
      Peter Fortner
      Peter Fortner
      Vice President
    
  
  XXXX



GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

 

Schedule of Investments

August 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 99.6%
 

Chemicals – 1.3%

  32,827      Ameren Corp.   $    2,596,944

 

 

 

Gathering + Processing – 22.9%

  424,908      Antero Midstream Corp.   2,876,627
  71,069      Crestwood Equity Partners LP   965,117
  40,172      DCP Midstream LP   508,979
  429,504      MPLX LP   7,847,038
  291,102      ONEOK, Inc.   7,999,483
  671,547      Targa Resources Corp.   11,423,015
  693,489      The Williams Cos., Inc.   14,396,832
  48,306      Western Midstream Partners LP   438,135
    

 

     46,455,226

 

 

 

Marketing | Wholesale – 2.9%

  288,885      Gibson Energy, Inc.   5,260,105
  50,701      Global Partners LP   643,903
    

 

     5,904,008

 

 

 

Other – 1.3%

  18,379      American Water Works Co., Inc.   2,597,688

 

 

 

Other | Liquefaction* – 6.4%

  250,898      Cheniere Energy, Inc.   13,059,241

 

 

 

Pipeline Transportation | Natural Gas – 33.2%

  1,174,139      Energy Transfer LP   7,537,972
  920,700      Enterprise Products Partners LP   16,167,492
  613,330      Equitrans Midstream Corp.   6,305,033
  292,453      Inter Pipeline Ltd.   3,087,421
  420,269      Keyera Corp.   7,674,940
  620,299      Kinder Morgan, Inc.   8,572,532
  384,006      TC Energy Corp.   17,955,707
    

 

     67,301,097

 

 

 

Pipeline Transportation | Petroleum – 24.6%

  136,555      BP Midstream Partners LP   1,609,984
  569,746      Enbridge, Inc.   18,227,853
  105,874      Holly Energy Partners LP   1,512,940
  190,126      Magellan Midstream Partners LP   7,226,689
  385,601      Pembina Pipeline Corp.   9,548,750
  117,059      Phillips 66 Partners LP   3,151,228
  1,066,385      Plains GP Holdings LP Class A   7,795,274
  89,261      Shell Midstream Partners LP   927,422
    

 

     50,000,140

 

 

 

Power Generation – 7.0%

  27,285      Dominion Energy, Inc.   2,140,236
  40,074      Emera, Inc.   1,636,018
  30,626      Eversource Energy   2,624,955
  42,976      NextEra Energy Partners LP   2,592,312
  15,265      NextEra Energy, Inc.   4,261,530
  8,065      Sempra Energy   997,237
    

 

     14,252,288

 

 

 
TOTAL COMMON STOCKS
(Cost $165,654,502)
  $202,166,632

 

 

Shares    Dividend
Rate
  Value
Investment Company(a) – 0.1%

Goldman Sachs Financial Square Government Fund — Institutional Shares

332,751    0.027%   $       332,751
(Cost $332,751)  

 

TOTAL INVESTMENTS – 99.7%
(Cost $165,987,253)
  $202,499,383

 

OTHER ASSETS IN EXCESS OF
    LIABILITIES – 0.3%
  533,917

 

NET ASSETS – 100.0%   $203,033,300

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*   Non-income producing security.
(a)   Represents an Affiliated fund.

 

 

Investment Abbreviations:
GP  

— General Partnership

LP  

— Limited Partnership

 

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.
 


GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

 

Schedule of Investments (continued)

August 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

Investments and Fair Value Measurements — U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The Level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest Level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

Level 1 and Level 2 Fair Value Investments The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the closing bid price for long positions and at the valid closing ask price for short positions. (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies. Investments in the Underlying Funds are valued at the NAV per share on the day of valuation. Because the Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.


GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

 

Schedule of Investments (continued)

August 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of August 31, 2020:

 

                                                                    
ENERGY INFRASTRUCTURE               
Investment Type      Level 1        Level 2        Level 3  
Assets               

Common Stock and/or Other Equity Investments(a)

              

North America

     $ 202,166,632        $         —        $         —  

Investment Company

       332,751                    
Total      $ 202,499,383        $        $  

 

(a)   Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

For further information regarding security characteristics, see the Schedule of Investments.

The Fund’s risks include, but are not limited to, the following:

Geographic and Sector Risk The Fund focuses its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

Investments in Other Investment Companies Risk As a shareholder of another investment company, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

Market and Credit Risks In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Master Limited Partnership Risk Investments in securities of MLPs involve risks that differ from investments in common stocks, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

Non-Diversification Risk The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

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