Goldman Sachs Asset Management ("GSAM"), investment adviser for the Goldman Sachs MLP Income Opportunities Fund (GMZ) and Goldman Sachs MLP and Energy Renaissance Fund (GER) (together, the "Funds"), announced the results from the Funds’ joint annual shareholder meeting held today.
KlaymanToskes ("KT"), http://www.klaymantoskes.com, announces an investigation on behalf of investors who sustained losses from the purchase of Goldman Sachs MLP Income Opportunities Fund (NYSE:GMZ) ("GMZ") a Master Limited Partnership ("MLP"). GMZ closed at 5.51 on February 21, 2020, prior to the significant market event that was precipitated by COVID-19. Today, GMZ trades at 1.20, or more than 78% lower than its market value on February 21, 2020. This product may have been marketed and sold to customers who were risk averse, such as retirees or other conservative investors, that were seeking income and capital preservation and were not explained the potential risks.
Given unprecedented commodity price volatility, the portfolio management team of the Goldman Sachs MLP Income Opportunities Fund (the "Fund") (NYSE: GMZ) has decided to effectively eliminate the net leverage of the Fund. By terminating its fixed rate borrowings, the Fund incurred significant interest rate breakage costs. The recent market volatility coupled with the effective elimination of leverage has resulted in a material impact to the Fund’s net asset value. The portfolio management team will continue to evaluate the distribution level of the Fund in the coming quarters.
Goldman Sachs MLP Income Opportunities Fund (the "Fund") (NYSE:GMZ) is announcing its quarterly distribution of $0.205 per common share.1 The distribution is payable on the date noted below.
Goldman Sachs Asset Management ("GSAM"), investment adviser for the Goldman Sachs MLP Income Opportunities Fund (GMZ) and Goldman Sachs MLP and Energy Renaissance Fund (GER) (together, the "Funds"), announced today that GMZ effected a 7-for-1 reverse share split and GER effected a 9-for-1 reverse share split for each Fund’s issued and outstanding common shares effective after the market close on April 13, 2020. The Funds’ common shares will begin trading on a split-adjusted basis when the market opens on April 14, 2020.
Goldman Sachs Asset Management ("GSAM") announces that the NAVs for the Goldman Sachs MLP Income Opportunities Fund (NYSE: GMZ) and the Goldman Sachs MLP & Energy Renaissance Fund (NYSE: GER) (together, the "Funds") were incorrect due to an administrative error. Each Fund’s NAV was impacted on March 9, 2020. Below are the originally reported and corrected NAVs for each Fund:
Goldman Sachs Asset Management ("GSAM"), investment adviser for the Goldman Sachs MLP Income Opportunities Fund (GMZ) and Goldman Sachs MLP and Energy Renaissance Fund (GER) (together, the "Funds"), announced today that the Funds’ Board of Trustees has approved a 7-for-1 reverse share split for GMZ and a 9-for-1 reverse share split for GER, effective after the market closes on April 13, 2020. The Funds’ common shares will begin trading on a split-adjusted basis when the market opens on April 14, 2020.