GS North America E.&E.In.Eq.Pf.E EUR/  LU1046545502  /

The Portfolio seeks to generate income with capital appreciation. The Portfolio will mostly hold shares or similar instruments and MLP related securities of North American midstream energy companies (MLP related securities are entities treated as a corporation for US tax purposes rather than a partnership). Such companies are either based in or earn most of their profits or revenues from North America. The Portfolio may also invest in companies which are based anywhere in the world. The Portfolio will primarily seek exposure to Midstream companies but may also invest in Upstream and Downstream companies. Midstream energy companies are engaged in energy infrastructure activities including, but not limited to, transportation (pipelines), storage and processing. Midstream companies sit in between energy producer companies (for example exploration or drilling companies) (Upstream) and energy user companies (for example refiners or utilities companies) (Downstream). The Portfolio will not invest more than 33% of its assets in bonds issued by corporate or government entities, convertibles (securities that can be converted into other types of securities), money market instruments and non-share related instruments.

The Portfolio seeks to generate income with capital appreciation.