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      "text": "Allocation-related decisions for Advisory Accounts are made by reference to one or more factors and suitability considerations.",
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      "text": "Date of inception of the Advisory Account; Advisory Account investment horizons and objectives; Different levels of exposure to certain strategies; Risk profile of the investment; Client-specific investment guidelines; Whether Advisory Accounts give GSAM discretion; Whether the timing of the Advisory Account's execution of the transaction has an adverse effect on other Advisory Accounts; Current and expected future capacity; Limits on GSAM's brokerage discretion; Tax sensitivity and objectives; Cash and liquidity needs; Relative sizes and expected future sizes; Anticipated magnitude of the overall investment program; Expected future capacity of the applicable Adviser; Availability of other appropriate or substantially similar investment opportunities; Whether an opportunity exists to invest in different layers in the capital structure of a company;",
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      "text": "result in the pro rata allocation (on a basis determined by GSAM) of limited opportunities across eligible Advisory Accounts managed by a particular portfolio management team, but in other cases such allocation may not be pro rata. Furthermore, certain investment opportunities sourced by GSAM, or Goldman Sachs businesses or divisions outside of GSAM, may be allocated to Goldman Sachs for its own account or investment vehicles organized to facilitate investment by its current or former directors, partners, trustees, managers, members, officers, employees, and their families and related entities, including employee benefit plans in which they participate, and current consultants (\"GSAM Employee Funds\"), and not to client accounts. See Item 11, Code of Ethics, Participation or Interest in Client Transactions and Personal Trading, Participation or Interest in Client Transactions—Certain Effects of the Activities of Goldman Sachs and Advisory Accounts.",
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