GOLDMAN

SACHS

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2024

(Unaudited)

ADDITIONAL

INVESTMENT

INFORMATION

Shares

Dividend

Rate

Value

aa

Investment

Company

–

60.2%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

163,927,176

5.211%

$

163,927,176

(Cost

$163,927,176)

TOTAL

INVESTMENTS

–

63.3%

(Cost

$171,415,292)

$

164,947,332

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

36.7%

107,283,466

NET

ASSETS

–

100.0%

$

272,230,798

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

Represents

an

affiliated

issuer.

FUTURES

CONTRACTS

—

At

March

31,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

100

oz

Gold

26

06/26/24

$

5,830,500

$

97,048

Australian

10

year

Bond

134

06/17/24

10,163,854

24,181

Brent

Crude

Oil

27

04/30/24

2,344,680

132,236

CAC

40

10

Euro

Index

70

04/19/24

6,210,349

(20,983)

Cocoa

4

05/15/24

389,640

(3,003)

Coffee

"C"

102

05/20/24

7,223,513

94,932

Corn

14

05/14/24

309,575

2,669

Cotton

No.

2

78

05/08/24

3,563,820

(69,466)

E-Mini

Dow

36

06/21/24

7,231,680

164,105

EURO

STOXX

50

Index

222

06/21/24

12,083,018

392,242

Euro-BTP

112

06/06/24

14,355,961

153,620

Euro-OAT

47

06/06/24

6,491,886

(35,829)

Feeder

Cattle

24

05/23/24

2,987,100

(105,923)

FTSE

100

Index

265

06/21/24

26,717,472

771,375

FTSE

China

A50

Index

159

04/29/24

1,927,080

(5,900)

FTSE

Taiwan

Index

Equity

Index

106

04/29/24

7,314,000

(19,330)

KOSPI

200

Index

103

06/13/24

7,186,091

275,605

Lean

Hogs

91

06/14/24

3,690,960

50,230

Live

Cattle

33

06/28/24

2,383,260

17,279

LME

Copper

Base

Metal

18

05/13/24

3,971,943

72,938

LME

Copper

Base

Metal

59

04/15/24

12,962,064

589,345

LME

Lead

Base

Metal

81

05/13/24

4,142,320

(51,030)

LME

Lead

Base

Metal

143

04/15/24

7,264,114

(188,939)

LME

Nickel

Base

Metal

31

05/13/24

3,099,160

(162,158)

LME

Nickel

Base

Metal

74

04/15/24

7,369,077

(345,915)

LME

Primary

Aluminium

63

05/13/24

3,655,544

68,049

LME

Primary

Aluminium

103

04/15/24

5,940,319

243,589

LME

Zinc

Base

Metal

39

05/13/24

2,360,173

(135,197)

LME

Zinc

Base

Metal

97

04/15/24

5,828,924

(89,000)

Low

Sulphur

Gasoil

30

05/10/24

2,428,500

73,674

Mini

VSTOXX®Index

2,567

04/17/24

3,918,714

(252,062)

NASDAQ

100

E-Mini

Index

17

06/21/24

6,281,500

(31,231)

Nikkei

225

Index

23

06/13/24

6,112,366

(21,415)

NY

Harbor

USLD

24

04/30/24

2,635,819

9,569

OMXS30

Index

939

04/19/24

22,145,978

(51,245)

GOLDMAN

SACHS

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

(continued)

March

31,

2024

(Unaudited)

FUTURES

CONTRACTS

(continued)

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

(continued)

RBOB

Gasoline

11

04/30/24

$

1,255,624

$

83,568

S&P

400

E-Mini

MidCap

Index

11

06/21/24

3,385,140

78,189

S&P

500

E-Mini

Index

397

06/21/24

105,373,725

1,255,500

S&P/TSX

60

Index

145

06/20/24

28,718,467

80,753

Silver

40

05/29/24

4,999,000

(63,109)

SPI

200

Index

82

06/20/24

10,621,606

20,486

TOPIX

Index

21

06/13/24

3,814,209

(21,196)

TurkDEX

ISE

30

2,869

04/30/24

8,962,491

(365,390)

U.S.

Treasury

10

Year

Note

153

06/18/24

16,939,969

10,588

U.S.

Treasury

Long

Bond

78

06/18/24

9,381,938

23,831

WTI

Crude

Oil

20

04/22/24

1,659,400

96,471

Total

$

2,843,751

Short

position

contracts:

CBOE

Volatality

Index

315

04/17/24

(4,526,140)

225,928

FTSE/JSE

Top

40

Index

361

06/20/24

(13,137,617)

(267,766)

FTSE/MIB

Index

71

06/21/24

(13,102,537)

(125,486)

German

Stock

Index

12

06/21/24

(6,076,949)

(4,041)

Hang

Seng

Index

12

04/29/24

(1,270,235)

5,016

Hard

Red

Winter

Wheat

65

05/14/24

(1,907,750)

(28,550)

HSCEI

59

04/29/24

(2,191,327)

(14,683)

IBEX

35

Index

77

04/19/24

(9,193,605)

(163,504)

LME

Copper

Base

Metal

59

04/15/24

(12,962,064)

(827,408)

LME

Lead

Base

Metal

143

04/15/24

(7,264,114)

(82,317)

LME

Lead

Base

Metal

131

05/13/24

(6,699,307)

(36,673)

LME

Nickel

Base

Metal

74

04/15/24

(7,369,077)

(203,721)

LME

Nickel

Base

Metal

46

05/13/24

(4,598,753)

279,357

LME

Primary

Aluminium

103

04/15/24

(5,940,319)

(248,955)

LME

Primary

Aluminium

108

05/13/24

(6,266,646)

(258,316)

LME

Zinc

Base

Metal

124

05/13/24

(7,504,139)

98,779

LME

Zinc

Base

Metal

97

04/15/24

(5,828,924)

(18,848)

Milling

Wheat

105

05/10/24

(1,152,617)

27,357

MSCI

EAFE

E-Mini

Index

417

06/21/24

(21,871,650)

64,985

MSCI

EAFE

E-Mini

Index

146

06/21/24

(17,206,830)

58,831

Natural

Gas

179

04/26/24

(3,116,390)

339,915

Palladium

5

06/26/24

(511,250)

(43,144)

Platinum

33

07/29/24

(1,521,300)

(401)

Russell

2000

E-Mini

Index

152

06/21/24

(16,308,840)

(262,876)

SET50

Index

2,862

06/27/24

(13,072,447)

173,374

Soybean

11

05/14/24

(655,600)

(6,591)

Soybean

Meal

43

05/14/24

(1,451,250)

15,213

Soybean

Oil

26

05/14/24

(751,296)

(38,392)

Sugar

No.

11

47

04/30/24

(1,185,453)

(60,783)

U.S.

Treasury

10

Year

Ultra

Note

236

06/18/24

(27,025,688)

(38,479)

Wheat

33

05/14/24

(926,475)

(26,451)

Total

$

(1,468,630)

Total

Futures

Contracts

$

1,375,121

FORWARD

FOREIGN

CURRENCY

EXCHANGE

CONTRACTS

—

At

March

31,

2024,

the

Fund

had

the

following

forward

foreign

currency

exchange

contracts:

FORWARD

FOREIGN

CURRENCY

EXCHANGE

CONTRACTS

WITH

UNREALIZED

GAIN

Counterparty

Currency

Purchased

Currency

Sold

Settlement

Date

Unrealized

Gain

Morgan

Stanley

Co.,

Inc.

USD

12,368,127

BRL

61,580,000

4/2/2024

$

89,943

CAD

7,169,000

USD

5,283,614

6/20/2024

15,021

ADDITIONAL

INVESTMENT

INFORMATION

(

continued

)

GOLDMAN

SACHS

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

(continued)

March

31,

2024

(Unaudited)

**End

swaps

header**

FORWARD

FOREIGN

CURRENCY

EXCHANGE

CONTRACTS

WITH

UNREALIZED

GAIN

(continued)

Counterparty

Currency

Purchased

Currency

Sold

Settlement

Date

Unrealized

Gain

Morgan

Stanley

Co.,

Inc.

(continued)

COP

37,554,000,000

USD

9,369,270

6/20/2024

$

218,829

GBP

79,000

USD

99,695

6/20/2024

57

MXN

225,894,000

USD

13,189,761

6/20/2024

227,830

USD

53,319,729

AUD

81,091,000

6/20/2024

358,100

USD

34,128,155

CAD

45,954,000

6/20/2024

163,379

USD

1,672,919

CHF

1,466,000

6/20/2024

32,889

USD

17,111,135

CZK

398,735,000

6/20/2024

108,780

USD

25,175,461

EUR

23,143,000

6/20/2024

126,627

USD

2,554,365

GBP

2,008,000

6/20/2024

18,897

USD

3,396,713

HUF

1,232,230,000

6/20/2024

36,107

USD

20,832,253

IDR

328,680,000,000

6/20/2024

170,442

USD

82,651,390

JPY

11,992,949,000

6/20/2024

2,448,688

USD

22,260,980

KRW

29,540,000,000

6/20/2024

278,819

USD

14,639,241

NOK

156,200,000

6/20/2024

224,095

USD

66,403,940

NZD

109,680,000

6/20/2024

872,224

USD

284,404

PLN

1,122,000

6/20/2024

3,743

USD

51,388,286

SEK

526,932,600

6/20/2024

1,997,355

USD

12,797,699

ZAR

242,927,000

6/20/2024

55,986

ZAR

37,240,000

USD

1,953,205

6/20/2024

63

USD

8,544,207

CLP

8,340,000,000

6/21/2024

49,491

TOTAL

$

7,497,365

FORWARD

FOREIGN

CURRENCY

EXCHANGE

CONTRACTS

WITH

UNREALIZED

LOSS

Counterparty

Currency

Purchased

Currency

Sold

Settlement

Date

Unrealized

Loss

Morgan

Stanley

Co.,

Inc.

BRL

61,580,000

USD

12,395,164

4/2/2024

(116,981)

BRL

41,860,000

USD

8,378,183

5/3/2024

(57,842)

AUD

42,270,000

USD

27,927,846

6/20/2024

(320,738)

CAD

72,510,000

USD

53,712,417

6/20/2024

(119,999)

CHF

207,000

USD

233,799

6/20/2024

(2,225)

CZK

14,510,000

USD

628,946

6/20/2024

(10,229)

EUR

34,854,000

USD

38,190,827

6/20/2024

(466,587)

GBP

27,170,750

USD

34,770,995

6/20/2024

(462,941)

HUF

1,320,864,000

USD

3,634,922

6/20/2024

(32,590)

IDR

21,960,000,000

USD

1,407,512

6/20/2024

(27,040)

INR

1,607,000,000

USD

19,309,334

6/20/2024

(85,002)

JPY

3,464,276,000

USD

23,333,846

6/20/2024

(166,542)

KRW

2,020,000,000

USD

1,546,885

6/20/2024

(43,704)

NOK

276,400,000

USD

26,330,846

6/20/2024

(822,866)

NZD

32,180,000

USD

19,685,472

6/20/2024

(458,533)

PLN

58,081,000

USD

14,687,211

6/20/2024

(158,589)

SEK

716,464,000

USD

68,537,327

6/20/2024

(1,381,066)

USD

22,158,762

GBP

17,554,000

6/20/2024

(6,380)

USD

2,884,718

HUF

1,058,266,000

6/20/2024

(1,443)

USD

159,002

MXN

2,693,000

6/20/2024

(956)

USD

86,400

ZAR

1,651,000

6/20/2024

(197)

ZAR

366,120,000

USD

19,416,355

6/20/2024

(213,071)

TOTAL

$

(4,955,521)

ADDITIONAL

INVESTMENT

INFORMATION

(

continued

)

GOLDMAN

SACHS

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

(continued)

March

31,

2024

(Unaudited)

SWAP

CONTRACTS

—

At

March

31,

2024

,

the

Portfolio

had

the

following

swap

contracts:

CENTRALLY

CLEARED

INTEREST

RATE

SWAP

CONTRACTS

Payments

Made

by

the

Fund

(a)

Payments

Received

by

the

Fund

Termination

Date

Notional

Amounts

(000's)

Value

Upfront

Premium

(Received)

Paid

Unrealized

Appreciation/

(Depreciation)

3

Month

BBSW

(b)

4.250

%

6/20/2025

AUD

81,180

$

(96,237)

$

(80,903)

$

(15,334)

1

Day

CORRA

(c)

4.500

6/20/2025

CAD

312,570

(123,247)

(20,007)

(103,240)

1.250

%

(c)

1

Day

SOFR

6/20/2025

CHF

321,760

686,797

322,539

364,258

1

Day

ESTRON

(c)

3.250

6/20/2025

EUR

475,080

(576,608)

(343,094)

(233,514)

1

Day

SONIO

(c)

4.750

6/20/2025

GBP

225,980

(351,193)

(130,466)

(220,727)

3

Month

STIBOR

(c)

3.500

6/20/2025

SEK

1,525,880

(135,197)

(116,815)

(18,382)

1

Day

SOFR

(c)

4.750

6/20/2025

USD

882,140

478,385

–

478,385

1

Day

ESTRON

(c)

3.000

6/20/2026

EUR

126,610

(695,697)

(458,383)

(237,314)

1

Day

SONIO

(c)

4.500

6/20/2026

GBP

97,740

(677,027)

(270,339)

(406,688)

1

Day

SOFR

(c)

4.500

6/20/2026

USD

64,190

(172,305)

(125,829)

(46,476)

3.250

(c)

6

Month

PRIBOR

9/18/2029

CZK

426,350

(175,880)

–

(175,880)

5.750

(c)

BUBORON

9/18/2029

HUF

1,912,760

(111,878)

–

(111,878)

1

Month

TIIE

(d)

8.500

9/18/2029

MXN

396,070

27,741

–

27,741

6

Month

WIBOR

(c)

4.750

9/18/2029

PLN

101,490

46,102

(341,913)

388,015

8.500

(b)

3

Month

JIBAR

9/18/2029

ZAR

30,350

(16,717)

–

(16,717)

1

Day

CORRA

(e)

3.500

6/20/2034

CAD

9,090

(40,558)

(31,593)

(8,965)

1.250

(c)

1

Day

SOFR

6/20/2034

CHF

21,180

234,792

71,886

162,906

2.500

(c)

1

Day

ESTRON

6/20/2034

EUR

45,560

470,040

–

470,040

3.750

(c)

1

Day

SONIO

6/20/2034

GBP

62,070

842,871

234,524

608,347

2.750

(c)

3

Month

STIBOR

6/20/2034

SEK

185,180

202,416

155,702

46,714

1

Day

SOFR

(c)

4.000

6/20/2034

USD

63,490

(1,053,947)

(1,018,005)

(35,942)

1

Day

ESTRON

(c)

2.500

6/20/2054

EUR

1,160

(48,232)

(22,662)

(25,570)

1

Day

SONIO

(c)

3.750

6/20/2054

GBP

15,140

(296,374)

(99,424)

(196,950)

3.750

(c)

1

Day

SOFR

6/20/2054

USD

25,440

708,288

404,792

303,496

TOTAL

$

(873,665)

$

(1,869,990)

$

996,325

(a)

Represents

forward

starting

interest

rate

swaps

whose

effective

dates

of

commencement

of

accruals

and

cash

flows

occur

subsequent

to

March

31,

2024.

(b)

Payments

made

quarterly.

(c)

Payments

made

annually.

(d)

Payments

made

monthly.

(e)

Payments

made

semi-annually.

Investment

Abbreviations:

BBSW

—

Bank

Bill

Swap

Rate

BUBORON

—

Budapest

Interbank

Offered

Rate

CORRA

—

Canadian

Overnight

Repo

Rate

Average

ESTRON

—

Euro

Short-Term

Rate

JIBAR

—

Johannesburg

Interbank

Agreed

Rate

PRIBOR

—

Prague

Interbank

Offered

Rate

SOFR

—

Secured

Overnight

Financing

Rate

SONIO

—

Sterling

Overnight

Index

Average

STIBOR

—

Stockholm

Interbank

Offered

Rate

TIIE

—

Interbank

Equilibrium

Interest

Rate

WIBOR

—

Warsaw

Interbank

Offered

Rate

Currency

Abbreviations:

AUD

—

Australian

Dollar

BRL

—

Brazilian

Real

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

CLP

—

Chilean

Peso

COP

—

Colombian

Peso

CZK

—

Czech

Koruna

EUR

—

Euro

GBP

—

British

Pound

HUF

—

Hungarian

Forint

IDR

—

Indonesian

Rupiah

INR

—

Indian

Rupee

JPY

—

Japanese

Yen

KRW

—

South

Korean

Won

MXN

—

Mexican

Peso

NOK

—

Norwegian

Krone

NZD

—

New

Zealand

Dollar

PLN

—

Polish

Zloty

SEK

—

Swedish

Krona

USD

—

United

States

Dollar

ZAR

—

South

African

Rand

ADDITIONAL

INVESTMENT

INFORMATION

(

continued

)

**End

swaps

header**

(continued)

Goldman

Sachs

Alternative

Funds

I

Consolidated

Schedule

of

Investments

March

31,

2024

(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

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

the

Fund’s

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

the

Adviser

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

rule

2a-5

under

the

Investment

Company

Action

of

1940

(“Valuation

Designee”)

GSAM

has

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.

A.

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:

Money

Market

Funds

—

Investments

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Underlying

Money

Market

Fund”)

are

valued

at

the

NAV

per

share

of

the

Institutional

Share

class

on

the

day

of

valuation.

These

investments

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

For

information

regarding

the

Underlying

Money

Market

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Money

Market

Fund’s

shareholder

report.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statement

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivative

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

midpoint

of

the

bid

and

ask

prices

on

the

exchange

where

they

are

principally

traded

(or,

in

the

absence

of

two-way

trading,

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions).

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

Goldman

Sachs

Alternative

Funds

I

Consolidated

Schedule

of

Investments

(continued)

March

31,

2024

(Unaudited)

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified,

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Forward

Contracts

—

A

forward

contract

is

a

contract

between

two

parties

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

A

forward

contract

settlement

can

occur

on

a

cash

or

delivery

basis.

Forward

contracts

are

marked-to-market

daily

using

independent

vendor

prices,

and

the

change

in

value,

if

any,

is

recorded

as

an

unrealized

gain

or

loss.

Cash

and

certain

investments

may

be

used

to

collateralize

forward

contracts.

A

forward

foreign

currency

exchange

contract

is

a

contract

in

which

the

Fund

agrees

to

receive

or

deliver

a

fixed

quantity

of

one

currency

for

another,

at

a

pre-determined

price

at

a

future

date.

All

forward

foreign

currency

exchange

contracts

are

marked

to

market

daily

by

using

the

outright

forward

rates

or

interpolating

based

upon

maturity

dates,

where

available.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

ii.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

the

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

iii.

Swap

Contracts

—

Bilateral

swap

contracts

are

agreements

in

which

the

Fund

and

a

counterparty

agree

to

exchange

periodic

payments

on

a

specified

notional

amount

or

make

a

net

payment

upon

termination.

Bilateral

swap

transactions

are

privately

negotiated

in

the

OTC

market

and

payments

are

settled

through

direct

payments

between

the

Fund

and

the

counterparty.

By

contrast,

certain

swap

transactions

are

subject

to

mandatory

central

clearing.

These

swaps

are

executed

through

a

derivatives

clearing

member

(“DCM”),

acting

in

an

agency

capacity,

and

submitted

to

a

central

counterparty

(“CCP”)

(“centrally

cleared

swaps”),

in

which

case

all

payments

are

settled

with

the

CCP

through

the

DCM.

Swaps

are

marked-to-market

daily

using

pricing

vendor

quotations,

counterparty

or

clearinghouse

prices

or

model

prices,

and

the

change

in

value,

if

any,

is

recorded

as

an

unrealized

gain

or

loss.

Upon

entering

into

a

swap

contract,

a

Fund

is

required

to

satisfy

an

initial

margin

requirement

by

delivering

cash

or

securities

to

the

counterparty

(or

in

some

cases,

segregated

in

a

triparty

account

on

behalf

of

the

counterparty),

which

can

be

adjusted

by

any

mark-to-market

gains

or

losses

pursuant

to

bilateral

or

centrally

cleared

arrangements.

For

centrally

cleared

swaps

the

daily

change

in

valuation,

if

any,

is

recorded

as

a

receivable

or

payable

for

variation

margin.

An

interest

rate

swap

is

an

agreement

that

obligates

two

parties

to

exchange

a

series

of

cash

flows

at

specified

intervals,

based

upon

or

calculated

by

reference

to

changes

in

interest

rates

on

a

specified

notional

principal

amount.

The

payment

flows

are

usually

netted

against

each

other,

with

the

difference

being

paid

by

one

party

to

the

other.

B.

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

Fund’s

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

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Alternative

Funds

I

Consolidated

Schedule

of

Investments

(continued)

March

31,

2024

(Unaudited)

C.

Fair

Value

Hierarchy—

The

following

is

a

summary

of

the

Fund’s

investments

and

derivatives

classified

in

the

fair

value

hierarchy

as

of

March

31,

2024:

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

The

Fund’s

risks

include,

but

are

not

limited

to,

the

following:

Derivatives

Risk

—

The

Fund’s

use

of

derivatives

and

other

similar

instruments

(collectively

referred

to

in

this

paragraph

as

“derivatives”)

may

result

in

loss,

including

due

to

adverse

market

movements.

Derivatives,

which

may

pose

risks

in

addition

to

and

greater

than

those

associated

with

investing

directly

in

securities,

currencies

or

other

assets

and

instruments,

may

increase

market

exposure

and

be

illiquid

or

less

liquid,

volatile,

difficult

to

price

and

leveraged

so

that

small

changes

in

the

value

of

the

underlying

assets

or

instruments

may

produce

disproportionate

losses

to

the

Fund.

Certain

derivatives

are

also

subject

to

counterparty

risk,

which

is

the

risk

that

the

other

party

in

the

transaction

will

not,

or

lacks

the

capacity

or

authority

to,

fulfill

its

contractual

obligations,

liquidity

risk,

which

includes

the

risk

that

the

Fund

will

not

be

able

to

exit

the

derivative

when

it

is

advantageous

to

do

so,

and

risks

arising

from

margin

requirements,

which

include

the

risk

that

the

Fund

will

be

required

to

pay

additional

margin

or

set

aside

additional

collateral

to

maintain

open

derivative

positions.

The

use

of

derivatives

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

investments

in

more

traditional

securities

and

instruments.

Losses

from

derivatives

can

also

result

from

a

lack

of

correlation

between

changes

in

the

value

of

derivative

instruments

and

the

portfolio

assets

(if

any)

being

hedged.

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

the

Fund

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

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

MANAGED

FUTURES

STRATEGY

FUND

Investment

Type

Level

1

Level

2

Level

3

Assets

Investment

Companies

$

163,927,176

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

(a)

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

7,497,365

$

—

Futures

Contracts

1,614,809

—

—

Interest

Rate

Swap

Contracts

—

2,849,902

—

Total

$

1,614,809

$

10,

347,267

$

—

€

1.00

€

1.00

€

1.00

Liabilities

(a)

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

(

4,955,521

)

$

—

Futures

Contracts

(

239,688

)

—

—

Interest

Rate

Swap

Contracts

—

(

1,853,577

)

—

Total

$

(

239,688

)

$

(

6,809,098

)

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

(a)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Alternative

Funds

I

Consolidated

Schedule

of

Investments

(continued)

March

31,

2024

(Unaudited)

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

the

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

the

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

the

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.

Interest

Rate

Risk

—

When

interest

rates

increase,

fixed

income

securities

or

instruments

held

by

the

Fund

will

generally

decline

in

value.

Long-term

fixed

income

securities

or

instruments

will

normally

have

more

price

volatility

because

of

this

risk

than

short-term

fixed

income

securities

or

instruments.

A

wide

variety

of

market

factors

can

cause

interest

rates

to

rise,

including

central

bank

monetary

policy,

rising

inflation

and

changes

in

the

general

economic

conditions.

Changing

interest

rates

may

have

unpredictable

effects

on

the

markets,

may

result

in

heightened

market

volatility

and

may

detract

from

the

Fund’s

performance.

In

addition,

changes

in

monetary

policy

may

exacerbate

the

risks

associated

with

changing

interest

rates.

Funds

with

longer

average

portfolio

durations

will

generally

be

more

sensitive

to

changes

in

interest

rates

than

funds

with

a

shorter

average

portfolio

duration.

Fluctuations

in

interest

rates

may

also

affect

the

liquidity

of

the

Fund’s

investments.

A

sudden

or

unpredictable

increase

in

interest

rates

may

cause

volatility

in

the

market

and

may

decrease

the

liquidity

of

the

Fund’s

investments,

which

would

make

it

harder

for

the

Fund

to

sell

its

investments

at

an

advantageous

time.

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,

declining

prices

of

the

securities

sold,

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

the

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.

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

Fund’s

investments

in

securities

of

issuers

located

in

emerging

market

countries.

Redemptions

by

large

shareholders

may

have

a

negative

impact

on

the

Fund’s

liquidity.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Alternative

Funds

I

Consolidated

Schedule

of

Investments

(continued)

March

31,

2024

(Unaudited)

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

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,

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

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.

Subsidiary

Risk

—

The

Subsidiary

is

not

registered

under

the

Act

and

is

not

subject

to

all

the

investor

protections

of

the

Investment

Company

Act.

Changes

in

the

laws

of

the

United

States

and/or

the

Cayman

Islands

could

result

in

the

inability

of

the

Fund

and/or

the

Subsidiary

to

operate

as

described

in

the

Prospectus

and

the

SAI

and

could

adversely

affect

the

Fund.

Tax

Risk

—

The

Fund

seeks

to

gain

exposure

to

the

commodity

markets

primarily

through

investments

in

the

Subsidiary.

The

tax

treatment

of

the

Fund’s

investments

in

the

Subsidiary

could

affect

whether

income

derived

from

such

investments

is

“qualifying

income”

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”),

or

otherwise

affect

the

character,

timing

and/or

amount

of

the

Fund’s

taxable

income

or

any

gains

and

distributions

made

by

the

Fund.

If

the

IRS

were

to

successfully

assert

that

a

Fund’s

income

from

such

investments

was

not

“qualifying

income,”

the

Fund

may

fail

to

qualify

as

a

regulated

investment

company

(“RIC”)

under

Subchapter

M

of

the

Code

if

over

10%

of

its

gross

income

was

derived

from

these

investments.

If

the

Fund

failed

to

qualify

as

a

RIC,

it

would

be

subject

to

federal

and

state

income

tax

on

all

of

its

taxable

income

at

regular

corporate

tax

rates

with

no

deduction

for

any

distributions

paid

to

shareholders,

which

would

significantly

adversely

affect

the

returns

to,

and

could

cause

substantial

losses

for,

Fund

shareholders.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)