GOLDMAN SACHS CLEAN ENERGY INCOME FUND

Schedule of Investments

February 29, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks† – 97.0%
	Bioenergy* – 2.6%
	29,149	Darling Ingredients, Inc.	$ 1,233,294
	29,690	Green Plains, Inc.	632,397
			1,865,691
	Clean power – 90.5%
	273,354	AES Corp.	4,154,981
	88,472	Atlantica Sustainable Infrastructure PLC	1,588,957
	18,180	Avangrid, Inc.	565,943
	146,824	Boralex, Inc. Class A	3,227,175
	23,325	Brookfield Renewable Corp. Class A	553,269
	171,342	Brookfield Renewable Partners LP	3,843,091
	134,714	Centrais Eletricas Brasileiras SA	1,178,748
	106,576	Clearway Energy, Inc. Class A	2,159,230
	8,225	CMS Energy Corp.	471,868
	18,716	Dominion Energy, Inc.	895,186
	224,615	Drax Group PLC	1,320,406
	54,572	Edison International	3,711,987
	397,139	EDP - Energias de Portugal SA	1,581,579
	62,857	EDP Renovaveis SA	857,426
	228,165	Enel SpA	1,451,825
	65,381	Engie SA	1,049,128
	28,800	Eversource Energy	1,690,560
	117,174	Hydro One Ltd.(a)	3,492,384
	153,875	Iberdrola SA	1,767,277
	10,478	IDACORP, Inc.	923,217
	128,868	Innergex Renewable Energy, Inc.	802,369
	45,913	National Grid PLC	600,772
	53,384	NextEra Energy Partners LP	1,466,458
	92,176	NextEra Energy, Inc.	5,087,193
	297,539	Northland Power, Inc.	5,042,477
	27,014	Ormat Technologies, Inc.	1,759,962
	40,085	Orsted AS(a)	2,244,829
	28,754	PNM Resources, Inc.	1,049,809
	29,181	Portland General Electric Co.	1,172,201
	65,961	RWE AG	2,209,518
	97,556	SSE PLC	2,005,009
	103,391	Sunnova Energy International, Inc.*(b)	752,686
	217,430	TransAlta Corp.	1,491,562
	16,513	Verbund AG	1,195,374
	19,021	Xcel Energy, Inc.	1,002,216
			64,366,672
	Solar Tech – 3.3%
	66,525	Hannon Armstrong Sustainable Infrastructure Capital, Inc.	1,674,434
	26,598	Shoals Technologies Group, Inc. Class A*	341,253

Shares		Description	Value
	Common Stocks† – (continued)
	Solar Tech – (continued)
	24,277	Sunrun, Inc.*	$   292,295
			2,307,982
	Wind Tech* – 0.6%
	15,686	Vestas Wind Systems AS	437,138
	TOTAL COMMON STOCKS (Cost $83,402,820)		$68,977,483

Shares		Description	Value
	Exchange Traded Funds – 1.4%
	47,416	KraneShares MSCI China Clean Technology Index ETF	$   997,158
	(Cost $1,418,407)

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle(c) – 0.4%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	268,279	5.219%	$   268,279
	(Cost $268,279)
	TOTAL INVESTMENTS – 98.8% (Cost $85,089,506)		$70,242,920
	OTHER ASSETS IN EXCESS OF  LIABILITIES – 1.2%		887,349
	NET ASSETS – 100.0%		$71,130,269

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.
†	Sector and subsector categorizations are determined by GSAM and may differ from sector categorizations used by the RENEWNA Index.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Represents an affiliated fund.

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

ADDITIONAL INFORMATION (UNAUDITED)

Investment Abbreviations:
ETF	— Exchange Traded Fund
LP	— Limited Partnership
MSCI	— Morgan Stanley Capital International
PLC	— Public Limited Company

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Schedule of Investments

February 29, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks† – 97.0%
	Gathering + Processing – 37.4%
	403,900	Antero Midstream Corp.	$  5,412,260
	145,063	Cheniere Energy, Inc.	22,513,778
	472,011	EnLink Midstream LLC*	5,819,896
	245,219	Hess Midstream LP Class A	8,359,516
	74,019	Kinetik Holdings, Inc. Class A	2,614,351
	101,359	Kodiak Gas Services, Inc.	2,584,655
	415,282	MPLX LP	15,963,440
	81,685	NextDecade Corp.*	374,934
	210,200	ONEOK, Inc.	15,790,224
	248,156	Targa Resources Corp.	24,378,845
	220,774	Western Midstream Partners LP	7,384,890
	375,883	Williams Cos., Inc.	13,509,235
			124,706,024
	Marketing | Wholesale – 1.6%
	316,205	Gibson Energy, Inc.	5,230,669
	Other | Liquefaction – 1.0%
	99,676	Archrock, Inc.	1,821,080
	55,900	Genesis Energy LP	643,968
	5,497	Hess Corp.	801,188
			3,266,236
	Pipeline Transportation | Natural Gas – 34.2%
	92,907	Atlas Energy Solutions, Inc.	1,752,226
	308,655	DT Midstream, Inc.	17,787,788
	1,734,411	Energy Transfer LP	25,391,777
	739,220	Enterprise Products Partners LP	20,291,589
	1,494,596	Equitrans Midstream Corp.	15,977,231
	516,981	Keyera Corp.	12,719,298
	337,009	Kinder Morgan, Inc.	5,860,586
	362,586	TC Energy Corp.	14,341,537
			114,122,032
	Pipeline Transportation | Petroleum – 22.2%
	769,097	Enbridge, Inc.	26,436,558
	452,912	NuStar Energy LP	10,697,782
	453,531	Pembina Pipeline Corp.	15,783,273
	1,240,539	Plains GP Holdings LP Class A*	21,337,271
			74,254,884

Shares		Description	Value
	Common Stocks† – (continued)
	Production + Mining | Hydrocarbon – 0.6%
	7,093	ConocoPhillips	$    798,246
	35,510	Marathon Oil Corp.	861,118
	52,063	Tidewater Renewables Ltd.*	232,090
			1,891,454
	TOTAL COMMON STOCKS (Cost $162,978,612)		$323,471,299
Shares		Dividend Rate	Value
	Investment Companies – 2.3%
	First Trust Energy Income & Growth Fund
	166,941	0.300%	$  2,468,890
	First Trust Energy Infrastructure Fund
	53,487	0.100	890,024
	First Trust MLP & Energy Income Fund
	282,195	0.050	2,452,275
	First Trust New Opportunities MLP & Energy Fund
	278,981	0.038	1,958,223
	TOTAL INVESTMENT COMPANIES (Cost $7,675,381)		$  7,769,412
	TOTAL INVESTMENTS – 99.3% (Cost $170,653,993)		$331,240,711
	OTHER LIABILITIES IN EXCESS OF  OTHER ASSETS – 0.7%		2,330,109
	NET ASSETS – 100.0%		$333,570,820

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.
†	Sector and subsector categorizations are determined by GSAM and may differ from sector categorizations used by the AMEI Index.

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

ADDITIONAL INFORMATION (UNAUDITED)

Investment Abbreviations:
GP	— General Partnership
LLC	— Limited Liability Company
LP	— Limited Partnership
MLP	— Master Limited Partnership

GOLDMAN SACHS ENERGY FUNDS

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — The Funds’ 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’ 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 Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ 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 valid 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 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 the valuation procedures 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.

GOLDMAN SACHS ENERGY FUNDS

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include exchange-traded funds (“ETFs”) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs 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 a investments may be determined under the valuation procedures. 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 a 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.

Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 29, 2024:

CLEAN ENERGY INCOME FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	2,909,363	$	15,399,875	$	—
North America		49,489,497		—		—
South America		1,178,748		—		—
Securities Lending Reinvestment Vehicle		268,279		—		—
Exchange Traded Funds		997,158		—		—
Total	$	54,843,045	$	15,399,875	$	—

(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. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

ENERGY INFRASTRUCTURE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	323,471,299	$	—	$	—
Investment Companies		7,769,412		—		—
Total	$	331,240,711	$	—	$	—

(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. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

GOLDMAN SACHS ENERGY FUNDS

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Clean Energy Sector Risk — The Clean Energy Income Fund concentrates its investments in the clean energy group of industries, and will therefore be susceptible to adverse economic, business, social, political, environmental, regulatory or other developments affecting that group of industries. Clean energy companies may be more volatile than companies operating in more established industries. Certain valuation methods used to value clean energy companies have not been in widespread use for a significant period of time and may further increase the volatility of certain clean energy company share prices. Clean energy companies and other companies operating in the clean energy group of industries are subject to specific risks, including, among others: fluctuations in commodity prices and/or interest rates; changes in governmental or environmental regulation; reduced availability of clean energy sources or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; seasonal weather conditions, extreme weather or other natural disasters; and threats of attack by terrorists on certain clean energy assets. Clean energy companies can be significantly affected by the supply of, and demand for, particular energy products, which may result in overproduction or underproduction. Additionally, changes in the regulatory environment for clean energy companies may adversely impact their profitability. Obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants and general economic conditions can significantly affect companies in the clean energy group of industries. Certain investments may be dependent on U.S. and foreign government policies, including tax incentives and subsidies. Adhering to the clean energy company criteria and applying the Investment Adviser’s supplemental clean energy analysis may also affect the Fund’s performance relative to other energy sector-focused funds that do not adhere to such criteria or apply such analysis.

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

Energy Sector Risk — The Energy Infrastructure Fund concentrates its investments in the energy sector, and will therefore be susceptible to adverse economic, business, social, political, environmental, regulatory or other developments affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs, energy infrastructure companies and other companies operating in the energy sector are subject to specific risks, including, among others: fluctuations in commodity prices and/or interest rates; increased governmental or environmental regulation; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; declines in domestic or foreign production; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Energy companies can be significantly affected by the supply of, and demand for, particular energy products (such as oil and natural gas), which may result in overproduction or underproduction. 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.

During periods of heightened volatility, energy producers that are burdened with debt may seek bankruptcy relief. Bankruptcy laws may permit the revocation or renegotiation of contracts between energy producers and MLPs/energy infrastructure companies, which could have a dramatic impact on the ability of MLPs/energy infrastructure companies to pay distributions to its investors, including the Energy Infrastructure Fund, which in turn could impact the ability of the Fund to pay dividends and dramatically impact the value of the Fund’s investments.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund

GOLDMAN SACHS ENERGY FUNDS

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Infrastructure Company Risk — Infrastructure companies are susceptible to various factors that may negatively impact their businesses or operations, including costs associated with compliance with and changes in environmental, governmental and other regulations, rising interest costs in connection with capital construction and improvement programs, government budgetary constraints that impact publicly funded projects, the effects of general economic conditions throughout the world, surplus capacity and depletion concerns, increased competition from other providers of services, uncertainties regarding the availability of fuel and other natural resources at reasonable prices, the effects of energy conservation policies, unfavorable tax laws or accounting policies and high leverage. Infrastructure companies will also be affected by innovations in technology that could render the way in which a company delivers a product or service obsolete and natural or man-made disasters.

Investments in ETFs Risk — The Fund’s may invest directly in ETFs, including affiliated ETFs. The Fund’s investments in ETFs will be subject to the restrictions applicable to investments by an investment company in other investment companies, unless relief is otherwise provided under the terms of an SEC exemptive order or SEC exemptive rule.

Large Shareholder Transactions Risk — A 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 a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a 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 a 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 a 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 — A 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 a 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, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a 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 a Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

GOLDMAN SACHS ENERGY FUNDS

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Market and Credit Risks — In the normal course of business, a 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 a 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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a 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 a Fund has unsettled or open transactions defaults.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, 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 — Each Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or fewer issuers than diversified mutual funds. Thus, each 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.

Private Investment Risk — The Funds may invest in PIPE securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the company’s common stock. In a PIPE transaction, the Fund may bear the price risk from the time of pricing until the time of closing. Equity issued in this manner is often subject to transfer restrictions and is therefore less liquid than equity issued through a registered public offering. The Funds may be subject to lock-up agreements that prohibit transfers for a fixed period of time. In addition, because the sale of the securities in a PIPE transaction is not registered under the Securities Act of 1933, as amended, the securities are “restricted” and cannot be immediately resold into the public markets. The ability of the Funds to freely transfer restricted shares is conditioned upon, among other things, the SEC’s preparedness to declare the resale registration statement effective and the issuer’s right to suspend the Funds’ use of the resale registration statement if the issuer is pursuing a transaction or some other material non-public event is occurring. Accordingly, PIPE securities may be subject to risks associated with illiquid securities.

Tax Risks — Tax risks associated with investments in the Funds include but are not limited to the following:

MLP Tax Risk — MLPs are generally treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP and could result in a reduction in the value of a Fund’s investment in the MLP and lower income to the Fund.

To the extent a distribution received by a Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP will be reduced, which may increase the Fund’s tax liability upon the sale of the interests in the MLP or upon subsequent distributions in respect of such interests.