Blackstone Alternative Multi-Strategy Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22743

Blackstone Alternative Investment Funds

(Exact Name of Registrant as Specified in Charter)

345 Park Avenue

28^th Floor

New York, NY 10154

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (212) 583-5000

Peter Koffler, Esq.

c/o Blackstone Alternative Investment Advisors LLC

345 Park Avenue

28^th Floor

New York, NY 10154

(Name and Address of Agent for Service)

With a copy to:

James E. Thomas, Esq.

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199-3600

Date of fiscal year end: March 31

Date of reporting period: September 30, 2021

Item 1.

Reports to Stockholders.

(a)

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”):

(b)

Not applicable.

Blackstone

Blackstone Alternative Multi-Strategy Fund

a series of Blackstone Alternative Investment Funds

Semi-Annual Report (Unaudited)

For the Period Ended September 30, 2021

TABLE OF CONTENTS


Portfolio Information				1
Consolidated Schedule of Investments				5
Consolidated Statement of Assets and Liabilities				286
Consolidated Statement of Operations				288
Consolidated Statement of Changes in Net Assets				289
Consolidated Statement of Cash Flows				291
Consolidated Financial Highlights				293
Notes to Consolidated Financial Statements				296
Shareholder Fee Example				325
Supplemental Information				326

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information

September 30, 2021


Geographic Breakdown	Percentage of Total Net Assets
North America		50.0	%
Europe		1.3
Asia		0.8
South America		0.8
Africa		0.3
Middle East		0.1
Oceania		0.0	¹
Other^2,³		14.1
Securities Sold Short		(8.1	)
Other Assets and Liabilities⁴		40.7

Total		100.0	%

¹	Represents less than 0.1%.

²	Includes Sovereign Debt, Exchange-Traded Funds, Warrants, Rights, Commodities and Purchased Options.

³	See the below table for a geographic breakdown of Sovereign Debt.

⁴	Assets, other than investments in securities, net of other liabilities. See Consolidated Statement of Assets and Liabilities. A significant portion of the balance represents cash collateral for derivatives.


Sovereign Debt Geographic Breakdown	Percentage of Total Net Assets
Africa		0.9	%
Middle East		0.8
Asia		0.6
Europe		0.6
South America		0.2
North America		0.1

Total		3.2	%

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

September 30, 2021


Portfolio Composition	Percentage of Total Net Assets
Common Stock		18.6	%
Investments in Investee Funds		14.7
Corporate Bonds & Notes		6.7
Mortgage-Backed Securities		5.0
Bank Debt		3.3
Sovereign Debt		3.2
U.S. Treasury Notes		2.8
Asset-Backed Securities		1.3
Municipals		0.5
U.S. Government Sponsored Agency Securities		0.2
Convertible Bonds		0.1
Exchange-Traded Funds		0.1
Preferred Stock		0.1
Warrants		0.1
Convertible Preferred Stocks		0.0	²
Other¹		10.7
Securities Sold Short		(8.1	)
Other Assets and Liabilities³		40.7

Total		100.0	%

¹	Includes Commodities and Purchased Options.

²	Represents less than 0.1%.

³	Assets, other than investments in securities, net of other liabilities. See Consolidated Statement of Assets and Liabilities. A significant portion of the balance represents cash collateral for derivatives.


Credit Quality Allocation¹	Percentage of Total Investments in Securities
AAA/Aaa²		4.4	%
AA/Aa		0.1
A		0.2
BBB/Baa		1.8
BB/Ba		4.6
B		9.0
CCC/Caa		2.7
CC/Ca		0.3
C		0.0	³
D		0.0	³
Not Rated		23.1
Other⁴		53.8

Total Investments in Securities		100.0	%

¹	Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investor Service (“Moody’s”) ratings.

²	Includes U.S. Government Sponsored Agency Securities that are deemed AAA/Aaa by the Investment Adviser.

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

September 30, 2021

³	Represents less than 0.1%.

⁴	Includes Common Stock, Exchange-Traded Funds and Purchased Options.


Industry	Percentage of Total Net Assets
Financial Services		9.6	%
Health Care		3.3
Software & Technology Services		1.7
Media		0.9
Industrial Other		0.8
Integrated Oils		0.7
Tech Hardware & Semiconductors		0.7
Health Care Facilities & Services		0.6
Travel & Lodging		0.6
Utilities		0.6
Consumer Discretionary Services		0.5
Banking		0.4
Banks		0.4
Entertainment Resources		0.4
Industrial Services		0.4
Machinery Manufacturing		0.4
Oil, Gas & Coal		0.4
Pipeline		0.4
Real Estate		0.4
Refining & Marketing		0.4
Retail & Wholesale - Discretionary		0.4
Consumer Services		0.3
Containers & Packaging		0.3
Exploration & Production		0.3
Industrial Products		0.3
Pharmaceuticals		0.3
Restaurants		0.3
Airlines		0.2
Consumer Finance		0.2
Manufactured Goods		0.2
Materials		0.2
Oil & Gas Services & Equipment		0.2
Software & Services		0.2
Transportation & Logistics		0.2
Aerospace & Defense		0.1
Apparel & Textile Products		0.1
Automobiles Manufacturing		0.1
Casinos & Gaming		0.1
Coal Operations		0.1
Consumer Discretionary Products		0.1
Consumer Staple Products		0.1
Consumer Products		0.1

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

September 30, 2021


Industry	Percentage of Total Net Assets
Food & Beverage		0.1	%
Home Improvement		0.1
Internet Media		0.1
Iron & Steel		0.1
Metals & Mining		0.1
Insurance		0.1
Property & Casualty Insurance		0.1
Publishing & Broadcasting		0.1
Biotechnology & Pharmaceuticals		0.0	¹
Chemicals		0.0	¹
Medical Equipment & Devices Manufacturing		0.0	¹
Private Equity		0.0	¹
Renewable Energy		0.0	¹
Retail & Wholesale - Staples		0.0	¹
Specialty Finance		0.0	¹
Telecommunications		0.0	¹
Wireline Telecommunications Services		0.0	¹
Other²		38.6
Securities Sold Short		(8.1	)
Other Assets and Liabilities³		40.7

Total Investments		100.0	%

¹	Represents less than 0.1%.

²	Includes Asset-Backed Securities, Sovereign Debt, Mortgage-Backed Securities, U.S. Government Sponsored Agency Securities, Exchange-Traded Funds, Warrants, Rights, Investments in Investee Funds, Commodities and Purchased Options.

³	Assets, other than investments in securities, net of other liabilities. See Consolidated Statement of Assets and Liabilities. A significant portion of the balance represents cash collateral for derivatives.

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)


Security Description	Shares		Value

INVESTMENTS IN SECURITIES — 67.4%
COMMON STOCK — 18.6%
Africa — 0.0%
Materials — 0.0%
Platinum Group Metals Ltd. (a)		400	$	804

Total Africa				804

Asia — 0.5%
Consumer Discretionary Services — 0.0%
New Oriental Education & Technology Group, Inc., ADR (a)		424,200		869,610
TAL Education Group, ADR (a)		71,600		346,544

				1,216,154

Financial Services — 0.1%
360 DigiTech, Inc., ADR (a)		500		10,160
FinVolution Group, ADR		3,400		19,176
L Catterton Asia Acquisition Corp. (a),(b),(c)		310,000		3,078,300
Noah Holdings Ltd., ADR (a)		2,500		92,825
Oxus Acquisition Corp. (a),(b),(c)		221,100		2,250,798
Up Fintech Holding Ltd., ADR (a)		11,200		118,608

				5,569,867

Health Care — 0.0%
Sinovac Biotech Ltd. (a)		200		1,294
Zai Lab Ltd., ADR (a)		100		10,539

				11,833

Industrial Products — 0.0%
China Yuchai International Ltd.		345		4,688
Hollysys Automation Technologies Ltd.		2,500		51,725

				56,413

Industrial Services — 0.1%
DiDi Global, Inc., ADR (a),(b)		846,500		6,594,235
Textainer Group Holdings Ltd. (a)		900		31,419

				6,625,654

Materials — 0.0%
Tantech Holdings Ltd. (a)		200		132

Media — 0.2%
Autohome, Inc., ADR		9,500		445,835
Baidu, Inc., ADR (a),(b)		64,000		9,840,000

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
DouYu International Holdings Ltd., ADR (a)		14,000	$	46,060
Tencent Music Entertainment Group, ADR (a)		129,200		936,700

				11,268,595

Real Estate — 0.1%
KE Holdings, Inc., ADR (a)		168,400		3,074,984

Software & Technology Services — 0.0%
Agora, Inc., ADR (a)		2,800		81,200
WNS Holdings Ltd., ADR (a)		2,200		179,960

				261,160

Tech Hardware & Semiconductors — 0.0%
Himax Technologies, Inc., ADR		30,500		325,435
MagnaChip Semiconductor Corp. (a)		1,700		30,192
NXP Semiconductors NV		32		6,268
Silicon Motion Technology Corp., ADR		6,900		475,962
United Microelectronics Corp., ADR		1,200		13,716

				851,573

Telecommunications — 0.0%
VEON Ltd., ADR (a)		252,500		525,200

Total Asia				29,461,565

Europe — 0.5%
Banking — 0.0%
Barclays plc, ADR		19		196

Consumer Discretionary Products — 0.0%
Autoliv, Inc.		6,200		531,464
Veoneer, Inc. (a)		2,000		68,120

				599,584

Financial Services — 0.2%
AerCap Holdings NV (a)		5,000		289,050
ScION Tech Growth (a),(b),(c)		300,000		2,982,000
ScION Tech Growth I, Class A (a),(c)		465,000		4,524,450

				7,795,500

Health Care — 0.2%
Affimed NV (a)		18,000		111,240
Artelo Biosciences, Inc. (a)		1,300		1,028
AstraZeneca PLC, ADR		29		1,742
Bicycle Therapeutics plc, ADR (a)		500		20,795
Contra Aduro Biotech I (a)		1,040		0
Galecto, Inc. (a)		3,900		14,001
GlaxoSmithKline plc, ADR		46,500		1,776,765

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
ICON PLC (a)		8,531	$	2,235,292
Merus NV (a)		3,200		70,400
Novartis AG, ADR		31,300		2,559,714
Novo Nordisk A/S, ADR		9,000		864,090
Prothena Corp. plc (a)		7,300		519,979

				8,175,046

Industrial Products — 0.0%
Airbus SE (c)		6,160		816,667
Luxfer Holdings plc		200		3,926

				820,593

Industrial Services — 0.0%
Costamare, Inc.		11,600		179,684
Danaos Corp.		1,000		81,900
Diana Shipping, Inc. (a)		21,794		124,662
EuroDry Ltd. (a)		600		18,636
Euroseas Ltd. (a)		1,100		36,993
Global Ship Lease, Inc., Class A		6,600		156,486
Golden Ocean Group Ltd. (a)		220		2,369
Performance Shipping, Inc.		500		2,700
Safe Bulkers, Inc. (a)		29,800		154,066
SFL Corp. Ltd.		200		1,676
Star Bulk Carriers Corp.		14,000		336,560
Tsakos Energy Navigation Ltd.		200		2,140

				1,097,872

Materials — 0.0%
Mercer International, Inc.		3,500		40,565
Orion Engineered Carbons SA (a)		5,000		91,150

				131,715

Media — 0.0%
Trivago NV, ADR (a)		13,100		32,357

Oil, Gas & Coal — 0.1%
BP plc (c)		187,438		853,753
BP plc, ADR		2,900		79,257
Eni SpA (c)		43,235		576,547
Equinor ASA (c)		7,700		195,817
Royal Dutch Shell plc, Class A (c)		45,963		1,027,074
Royal Dutch Shell plc, Class A, ADR		3,400		151,538
TechnipFMC plc (a)		111,400		838,842
TotalEnergies SE (c)		32,412		1,549,227

				5,272,055

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Renewable Energy — 0.0%
Atlantica Sustainable Infrastructure PLC		300	$	10,353

Software & Technology Services — 0.0%
Endava plc, ADR (a)		1,700		230,945
Kaleyra, Inc. (a)		400		4,404
Materialise NV, ADR (a)		4,800		96,480
Micro Focus International plc, ADR		11,200		60,928

				392,757

Total Europe				24,328,028

Middle East — 0.1%
Consumer Discretionary Services — 0.0%
NEOGAMES SA (a)		200		7,344

Financial Services — 0.1%
ION Acquisition Corp. Ltd. (a),(b),(c)		145,845		1,461,367
ION Acquisition Corp., 3 Ltd., Class A (a),(b),(c)		209,600		2,047,792

				3,509,159

Health Care — 0.0%
Compugen Ltd. (a)		800		4,776
InspireMD, Inc. (a)		727		2,981
Teva Pharmaceutical Industries Ltd., ADR (a)		1,000		9,740

				17,497

Industrial Products — 0.0%
Ituran Location and Control Ltd.		300		7,617

Materials — 0.0%
Eldorado Gold Corp. (a)		40		309

Software & Technology Services — 0.0%
Check Point Software Technologies Ltd. (a)		16,100		1,819,944
JFrog Ltd. (a)		9,500		318,250
Perion Network Ltd. (a)		3,500		60,655
Radware Ltd. (a)		5,700		192,204
Sapiens International Corp. NV		100		2,878
Tufin Software Technologies Ltd. (a)		400		3,932

				2,397,863

Tech Hardware & Semiconductors — 0.0%
Silicom Ltd. (a)		100		4,325
Tower Semiconductor Ltd. (a)		1,500		44,850

				49,175

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Telecommunications — 0.0%
Allot Ltd. (a)		400	$	5,944

Total Middle East				5,994,908

North America — 17.5%
Banking — 0.4%
1st Constitution Bancorp		100		2,367
Altabancorp		800		35,328
Ames National Corp.		100		2,326
Arrow Financial Corp.		299		10,274
Atlantic Capital Bancshares, Inc. (a)		1,500		39,735
Banc of California, Inc.		3,000		55,470
BancFirst Corp.		1,700		102,204
Bank of Hawaii Corp.		200		16,434
Bank of Marin Bancorp		700		26,425
Bank of NT Butterfield & Son Ltd.		900		31,959
BankFinancial Corp.		1,055		12,111
Bankwell Financial Group, Inc.		200		5,886
BayCom Corp. (a)		300		5,580
Blue Foundry Bancorp (a)		6,800		93,772
Bridgewater Bancshares, Inc. (a)		400		7,004
Business First Bancshares, Inc.		300		7,017
Byline Bancorp, Inc.		2,500		61,400
Cadence BanCorp		10,240		224,871
California BanCorp (a)		100		1,725
Capital City Bank Group, Inc.		400		9,896
Capstar Financial Holdings, Inc.		500		10,620
Carter Bankshares, Inc. (a)		1,200		17,064
CBTX, Inc.		200		5,276
Central Pacific Financial Corp.		1,300		33,384
Central Valley Community Bancorp		500		10,750
Century Bancorp, Inc., Class A		100		11,524
ChoiceOne Financial Services, Inc.		100		2,459
Citigroup, Inc.		7,900		554,422
Civista Bancshares, Inc.		400		9,292
CNB Financial Corp.		500		12,170
Codorus Valley Bancorp, Inc.		400		9,016
Colony Bankcorp, Inc.		500		9,365
Columbia Banking System, Inc.		1,300		49,387
Community Bankers Trust Corp.		1,800		20,466
Community Trust Bancorp, Inc.		500		21,050
ConnectOne Bancorp, Inc.		300		9,003
CrossFirst Bankshares, Inc. (a)		300		3,900
CVB Financial Corp.		300		6,111
Enterprise Financial Services Corp.		164		7,426
Farmers National Banc Corp.		900		14,139

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Financial Institutions, Inc.		500	$	15,325
First BanCorp		2,000		35,258
First Busey Corp.		1,700		41,871
First Commonwealth Financial Corp.		4,200		57,246
First Community Bankshares, Inc.		400		12,688
First Community Corp.		100		1,995
First Financial Corp.		600		25,230
First Financial Northwest, Inc.		100		1,637
First Foundation, Inc.		400		10,520
First Internet Bancorp		200		6,236
First Merchants Corp.		500		20,920
First Midwest Bancorp, Inc.		5,800		110,258
First of Long Island Corp. (The)		100		2,060
Flushing Financial Corp.		200		4,520
FNB Corp.		1,500		17,430
FS Bancorp, Inc.		200		6,922
FVCBankcorp, Inc. (a)		100		1,999
German American Bancorp, Inc.		200		7,726
Great Southern Bancorp, Inc.		100		5,481
Hanmi Financial Corp.		200		4,012
HBT Financial, Inc.		400		6,220
Heritage Commerce Corp.		3,000		34,890
Heritage Financial Corp.		800		20,400
Home Bancorp, Inc.		200		7,736
Home BancShares, Inc.		1,900		44,707
HomeStreet, Inc.		800		32,920
HomeTrust Bancshares, Inc.		400		11,192
Hope Bancorp, Inc.		1,700		24,548
Horizon Bancorp, Inc.		1,200		21,804
Independent Bank Corp.		1,500		48,621
Investar Holding Corp.		300		6,606
Lakeland Bancorp, Inc.		2,600		45,838
LCNB Corp.		400		7,056
Luther Burbank Corp.		400		5,364
Macatawa Bank Corp.		1,300		10,439
Mercantile Bank Corp.		500		16,015
Merchants Bancorp		100		3,947
Meridian Bancorp, Inc.		200		4,152
Metrocity Bankshares, Inc.		100		2,097
Metropolitan Bank Holding Corp. (a)		800		67,440
Midland States Bancorp, Inc.		800		19,784
MidWestOne Financial Group, Inc.		300		9,048
National Bank Holdings Corp., Class A		1,100		44,528
National Bankshares, Inc.		100		3,631
NBT Bancorp, Inc.		800		28,896
Nicolet Bankshares, Inc. (a)		100		7,418

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Northrim BanCorp, Inc.		100	$	4,251
Northwest Bancshares, Inc.		7,500		99,600
OceanFirst Financial Corp. (b),(c)		687,883		14,727,575
Old Second Bancorp, Inc.		2,700		35,262
OP Bancorp		400		4,104
Origin Bancorp, Inc.		100		4,235
Pacific Mercantile Bancorp (a)		600		5,526
PCB Bancorp		1,424		28,352
PCSB Financial Corp.		300		5,532
Peapack Gladstone Financial Corp.		600		20,016
People’s United Financial, Inc.		15,800		276,026
Peoples Bancorp, Inc.		1,300		41,093
Preferred Bank		100		6,668
Premier Financial Corp.		548		17,448
Primis Financial Corp.		1,000		14,460
Professional Holding Corp., Class A (a)		500		9,400
Provident Bancorp, Inc.		400		6,408
QCR Holdings, Inc.		100		5,144
Republic First Bancorp, Inc. (a)		1,900		5,852
Richmond Mutual BanCorp, Inc.		200		3,178
Riverview Bancorp, Inc.		600		4,362
S&T Bancorp, Inc.		100		2,947
Select Bancorp, Inc. (a)		400		6,900
Shore Bancshares, Inc.		300		5,319
Sierra Bancorp		400		9,712
Silvergate Capital Corp., Class A (a)		5,200		600,600
SmartFinancial, Inc.		400		10,340
Spirit of Texas Bancshares, Inc.		600		14,520
Stock Yards Bancorp, Inc.		300		17,595
Territorial Bancorp, Inc.		300		7,614
Texas Capital Bancshares, Inc. (a)		4,000		240,080
Timberland Bancorp, Inc.		100		2,895
Trico Bancshares		800		34,720
TriState Capital Holdings, Inc. (a)		1,200		25,380
TrustCo Bank Corp.		1,120		35,806
United Community Banks, Inc.		200		6,564
Washington Trust Bancorp, Inc.		300		15,894
Waterstone Financial, Inc.		1,100		22,539
WesBanco, Inc.		200		6,816
Western New England Bancorp, Inc.		700		5,971
William Penn Bancorp, Inc.		600		7,326

				18,897,269

Biotechnology & Pharmaceuticals — 0.0%
Omthera Pharmaceutical, Inc. (a)		700		0

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Consumer Discretionary Products — 0.1%
ACCO Brands Corp.		5,200	$	44,668
Acushnet Holdings Corp.		1,500		70,050
Aeva Technologies, Inc. (a)		100		794
American Outdoor Brands, Inc. (a)		1,000		24,560
Armstrong Flooring, Inc. (a)		3,800		11,894
Beazer Homes USA, Inc. (a)		5,100		87,975
Caesarstone Ltd.		1,300		16,146
Callaway Golf Co. (a)		6,800		187,884
Charles & Colvard Ltd. (a)		2,900		8,642
Clarus Corp.		9		231
Cooper-Standard Holding, Inc. (a)		1,900		41,629
Crocs, Inc. (a)		15,500		2,223,940
Culp, Inc.		400		5,152
Dana, Inc.		700		15,568
Flexsteel Industries, Inc.		300		9,264
Funko, Inc., Class A (a)		9,800		178,458
Hanesbrands, Inc.		36,600		628,056
Harley-Davidson, Inc.		1,000		36,610
Herman Miller, Inc.		900		33,894
JAKKS Pacific, Inc. (a)		1,900		22,572
Kimball International, Inc., Class B		1,800		20,160
Kontoor Brands, Inc.		5,900		294,705
Levi Strauss & Co., Class A		16,800		411,768
Lovesac Co. (The) (a)		400		26,436
MasterCraft Boat Holdings, Inc. (a)		2,000		50,160
Modine Manufacturing Co. (a)		2,900		32,857
Movado Group, Inc.		400		12,596
Nautilus, Inc. (a)		1,600		14,896
Nova Lifestyle, Inc. (a)		200		454
OneWater Marine, Inc., Class A		200		8,042
Ralph Lauren Corp.		6,500		721,760
Steven Madden Ltd.		4,200		168,672
Superior Industries International, Inc. (a)		3,200		22,560
Tapestry, Inc.		18,500		684,870
Tenneco, Inc., Class A (a)		20,200		288,254
Tesla, Inc. (a)		3		2,326
Toll Brothers, Inc.		300		16,587
TRI Pointe Homes, Inc. (a)		9,100		191,282
Under Armour, Inc., Class A (a)		26,800		540,824
Unifi, Inc. (a)		1,100		24,123
VF Corp.		1		67
Westport Fuel Systems, Inc. (a)		38,700		127,323

				7,308,709

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Consumer Discretionary Services — 0.2%
2U, Inc. (a)		9,400	$	315,558
Aaron’s Co., Inc. (The)		800		22,032
BJ’s Restaurants, Inc. (a)		1,000		41,760
Bluegreen Vacations Holding Corp. (a)		400		10,320
Brinker International, Inc. (a)		300		14,715
Carriage Services, Inc.		1,400		62,426
Carrols Restaurant Group, Inc.		200		732
Century Casinos, Inc. (a)		2,800		37,716
Cinemark Holdings, Inc. (a)		18,800		361,148
Dave & Buster’s Entertainment, Inc. (a)		10,600		406,298
Del Taco Restaurants, Inc.		300		2,619
Denny’s Corp. (a)		1,000		16,340
DineEquity, Inc. (a)		1,900		154,299
DraftKings, Inc., Class A (a)		64,300		3,096,688
Drive Shack, Inc. (a)		8,133		22,854
Everi Holdings, Inc. (a)		17,700		427,986
Full House Resorts, Inc. (a)		2,400		25,464
Golden Entertainment, Inc. (a)		2,200		107,998
International Game Technology PLC (a)		36,400		958,048
Laureate Education, Inc., Class A (a)		900		15,291
Lincoln Educational Services Corp. (a)		1,200		8,028
Lindblad Expeditions Holdings, Inc. (a)		2,300		33,557
Marcus Corp. (a)		300		5,235
Monarch Casino & Resort, Inc. (a)		800		53,592
Noodles & Co. (a)		2,700		31,860
ONE Group Hospitality, Inc. (The) (a)		900		9,621
Papa John’s International, Inc.		200		25,398
Planet Fitness, Inc., Class A (a)		11,300		887,615
Playa Hotels & Resorts NV (a)		900		7,461
Rave Restaurant Group, Inc. (a)		100		131
Red Robin Gourmet Burgers, Inc. (a)		3,200		73,792
Red Rock Resorts, Inc., Class A (a)		4,400		225,368
Rush Street Interactive, Inc. (a)		600		11,526
Ruth’s Hospitality Group, Inc. (a)		6,100		126,331
Scientific Games Corp., Class A (a)		3,500		290,745
SeaWorld Entertainment, Inc. (a)		19,100		1,056,612
Select Interior Concepts, Inc., Class A (a)		2,900		41,818
Service Corp. International/US		100		6,026
Six Flags Entertainment Corp. (a)		13,700		582,250
Target Hospitality Corp. (a)		1,900		7,087
Texas Roadhouse, Inc.		200		18,266
Universal Technical Institute, Inc. (a)		1,200		8,112
Virgin Galactic Holdings, Inc. (a)		19,100		483,230
Wendy’s Co.		38,000		823,840

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Xponential Fitness, Inc., Class A (a)		500	$	6,345
XpresSpa Group, Inc. (a)		800		1,176

				10,925,314

Consumer Products — 0.0%
Contra Restorbio, Inc. (a)		1,142		0

Consumer Staple Products — 0.1%
Alico, Inc.		176		6,026
Altria Group, Inc.		19,700		896,744
AppHarvest, Inc. (a)		300		1,956
AquaBounty Technologies, Inc. (a)		7,200		29,304
BellRing Brands, Inc., Class A (a)		4,000		123,000
Calyxt, Inc. (a)		2,300		7,751
Canopy Growth Corp. (a)		13,700		189,882
Clorox Co. (The)		5,900		977,099
Coca-Cola Co. (The)		3,200		167,904
Coty, Inc., Class A (a)		15		118
Cronos Group, Inc. (a)		4,900		27,734
elf Beauty, Inc. (a)		5,800		168,490
Farmer Brothers Co. (a)		1,400		11,774
Hostess Brands, Inc. (a)		14,500		251,865
Mondelez International, Inc., Class A		53,200		3,095,176
National Beverage Corp.		1,700		89,233
Nature’s Sunshine Products, Inc.		800		11,720
Philip Morris International, Inc.		6,100		578,219
Quanex Building Products Corp.		200		4,282
RiceBran Technologies (a)		2,900		1,711
SunOpta, Inc. (a)		4,200		37,506
Tejon Ranch Co. (a)		1,400		24,864
Tootsie Roll Industries, Inc.		300		9,129
USANA Health Sciences, Inc. (a)		700		64,540
Vital Farms, Inc. (a)		1,200		21,084

				6,797,111

Financial Services — 8.9%
26 Capital Acquisition Corp., Class A (a),(b),(c)		527,700		5,129,244
7GC & Co. Holdings, Inc., Class A (a),(b),(c)		436,938		4,247,037
ABG Acquisition Corp. (a),(b),(c)		300,000		2,922,000
ACRES Commercial Realty Corp. (a)		833		13,470
Acropolis Infrastructure Acquisition Corp. (a),(b),(c)		500,000		4,990,000
Adit EdTech Acquisition Corp. (a),(b),(c)		214,900		2,144,702
AG Mortgage Investment Trust, Inc.		4,033		46,097
Air Lease Corp.		1,500		59,010
Alliance Data Systems Corp.		1,129		113,905
Alpha Capital Acquisition Co., Class A (a),(b),(c)		417,952		4,062,493

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Alpha Partners Technology Merger Corp. (a),(b),(c)		500,000	$	4,945,000
AltC Acquisition Corp., Class A (a),(c)		375,000		3,686,250
Altus Midstream Co., Class A		490		33,825
Amerant Bancorp, Inc. (a)		400		9,896
Apollo Investment Corp.		6,800		88,196
Apollo Strategic Growth Capital, Class A (a),(b),(c)		438,999		4,284,630
Apollo Strategic Growth Capital II (a),(c)		450,000		4,477,500
ArcLight Clean Transition Corp. (a),(b),(c)		310,000		3,078,300
Ares Acquisition Corp. (a),(b),(c)		323,581		3,203,517
Ares Capital Corp.		14,900		302,917
Ares Commercial Real Estate Corp.		11,400		171,912
Argus Capital Corp. (a),(b),(c)		261,500		2,641,150
Arlington Asset Investment Corp., Class A (a)		4,200		15,540
ARMOUR Residential REIT, Inc.		20,700		223,146
ARYA Sciences Acquisition Corp., Class A (a),(b),(c)		147,703		1,459,306
AssetMark Financial Holdings, Inc. (a)		1,700		42,279
Athlon Acquisition Corp. (a),(b),(c)		465,000		4,547,700
Atlas Crest Investment Corp. II (a),(c)		421,140		4,207,189
Austerlitz Acquisition Corp. II, Class A (a),(c)		465,000		4,533,750
Authentic Equity Acquisition Corp., Class A (a),(b),(c)		550,000		5,335,000
Avista Public Acquisition Corp. (a),(b),(c)		458,200		4,646,148
B Riley Principal 250 Merger Corp. (a),(c)		250,000		2,475,000
Bain Capital Specialty Finance, Inc.		2,400		35,616
Barings BDC, Inc.		4,400		48,488
BGC Partners, Inc., Class A		48,700		253,727
Bilander Acquisition Corp. (a),(b),(c)		365,048		3,643,179
Biotech Acquisition Co. (a),(c)		465,000		4,529,100
BlackRock Capital Investment Corp.		9,181		35,347
BlackRock TCP Capital Corp.		5,000		67,850
Blucora, Inc. (a)		2,900		45,211
BlueRiver Acquisition Corp. (a),(b),(c)		142,900		1,421,855
Bridge Investment Group Holdings, Inc., Class A (a)		2,000		35,340
BrightSpire Capital, Inc.		3,800		35,682
Broadmark Realty Capital, Inc.		10,300		101,558
Broadscale Acquisition Corp. (a),(c)		465,000		4,598,850
Capital Southwest Corp.		3,100		78,058
Capstead Mortgage Corp.		13,600		90,984
Catalyst Partners Acquisition Corp. (a),(b),(c)		250,000		2,462,500
CC Neuberger Principal Holdings II, Class A (a),(b),(c)		465,000		4,566,300
CC Neuberger Principal Holdings III (a),(b),(c)		405,677		4,036,486
CF Acquisition Corp. (a),(b),(c)		731,999		7,233,440
Cherry Hill Mortgage Investment Corp.		4,200		37,296
Churchill Capital Corp. VI (a),(b),(c)		296,862		2,980,494
Churchill Capital Corp. VII (a),(b),(c)		164,831		1,628,530
CIIG Capital Partners II, Inc. (a),(b),(c)		235,000		2,368,800
CIM Commercial Trust Corp.		1,600		14,496

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Climate Real Impact Solutions II Acquisition Corp. (a),(b),(c)		407,004	$	4,049,690
CME Group, Inc.		1,200		232,056
Colicity, Inc. (a),(c)		465,000		4,612,800
Colonnade Acquisition Corp. II (a),(b),(c)		310,000		3,007,000
Compass Diversified Holdings		600		16,902
Compute Health Acquisition Corp., Class A (a),(c)		465,000		4,543,050
Concord Acquisition Corp. (a),(b),(c)		500,000		4,985,000
Consumer Portfolio Services, Inc. (a)		100		585
Corner Growth Acquisition Corp. (a),(b),(c)		375,000		3,746,250
Corner Growth Acquisition Corp. 2 (a),(c)		375,000		3,776,250
Corsair Partnering Corp. (a),(c)		375,000		3,641,250
COVA Acquisition Corp. (a),(b),(c)		186,700		1,855,798
Cowen, Inc., Class A		6,500		223,015
Curo Group Holdings Corp.		800		13,864
Decarbonization Plus Acquisition Corp. (a),(c)		334,400		3,387,472
Direct Selling Acquisition Corp. (a),(c)		233,300		2,351,664
Dragoneer Growth Opportunities Corp., Class A (a),(b),(c)		270,531		2,651,204
DTRT Health Acquisition Corp. (a),(b),(c)		316,200		3,190,458
Elevate Credit, Inc. (a)		7,100		29,323
Ellington Residential Mortgage REIT		3,100		34,596
Elliott Opportunity II Corp. (a),(c)		375,000		3,795,000
Enova International, Inc. (a)		339		11,712
Entasis Therapeutics Holdings, Inc. (a)		3,800		12,692
Epiphany Technology Acquisition Corp. (a),(b),(c)		291,000		2,918,730
Executive Network Partnering Corp., Class A (a),(c)		465,000		4,566,300
EZCORP, Inc., Class A (a)		3,600		27,252
Federated Investors, Inc.		100		3,250
Fidelity National Financial, Inc.		17		771
Fidus Investment Corp.		2,000		34,880
Fifth Wall Acquisition Corp. III, Class A (a),(b),(c)		299,136		2,937,515
Figure Acquisition Corp. (a),(b),(c)		355,047		3,412,002
FinServ Acquisition Corp. (a),(b),(c)		313,923		3,095,281
Fintech Evolution Acquisition Group (a),(b),(c)		310,000		3,062,800
Forest Road Acquisition Corp. II (a),(b),(c)		310,000		3,065,063
Fortistar Sustainable Solutions Corp. (a),(b),(c)		208,700		2,099,522
Forum Merger IV Corp. (a),(b),(c)		310,000		3,075,200
Franklin Resources, Inc.		3,400		101,048
Frontier Acquisition Corp. (a),(b),(c)		310,000		3,059,700
FS Development Corp., Class A (a),(b),(c)		379,005		3,771,100
FS KKR Capital Corp.		1,200		26,448
FTAC Hera Acquisition Corp. (a),(b),(c)		310,000		3,087,600
FTAC Parnassus Acquisition Corp. (a),(b),(c)		310,000		3,106,200
G Squared Ascend II, Inc. (a),(b),(c)		276,529		2,779,116
GATX Corp.		100		8,956

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
GCM Grosvenor, Inc., Class A		4,500	$	51,840
Gladstone Capital Corp.		2,500		28,250
Gladstone Investment Corp.		1,600		22,192
Global Synergy Acquisition Corp., Class A (a),(b),(c)		509,300		4,991,140
GO Acquisition Corp., Class A (a),(c)		348,700		3,420,747
Golub Capital BDC, Inc.		7,900		124,899
Gores Technology Partners II, Inc. (a),(b),(c)		230,709		2,297,862
Gores Technology Partners, Inc. (a),(b),(c)		211,498		2,112,865
Granite Point Mortgage Trust, Inc.		5,600		73,752
Great Ajax Corp.		1,400		18,886
Great Elm Capital Corp.		3,123		10,899
Greenhill & Co., Inc.		1,400		20,468
HealthCor Catalio Acquisition Corp., Class A (a),(c)		324,324		3,210,808
Hercules Capital, Inc.		12,100		200,981
HIG Acquisition Corp., Class A (a),(c)		465,000		4,543,050
Horizon Technology Finance Corp.		2,400		39,024
Hudson Executive Investment Corp. II (a),(b),(c)		504,448		4,918,368
International Money Express, Inc. (a)		1,800		30,060
InterPrivate II Acquisition Corp. (a),(b),(c)		238,909		2,384,312
Invesco Ltd.		18,500		446,035
Invesco Mortgage Capital, Inc.		72,400		228,060
Jaws Hurricane Acquisition Corp. (a),(b),(c)		262,600		2,623,374
Jaws Juggernaut Acquisition Corp. (a),(b),(c)		328,200		3,324,666
Jaws Mustang Acquisition Corp., Class A (a),(c)		380,700		3,715,632
Kensington Capital Acquisition Corp. (a),(c)		320,900		3,273,180
Khosla Ventures Acquisition Co., Class A (a),(b),(c)		310,000		3,038,000
KKR Acquisition Holdings I Corp. (a),(b),(c)		465,000		4,640,700
KKR Real Estate Finance Trust, Inc.		400		8,440
Ladder Capital Corp.		5,700		62,985
Landcadia Holdings IV, Inc. (a),(b),(c)		465,000		4,668,600
Lazard Growth Acquisition Corp. (a),(c)		450,000		4,464,000
LDH Growth Corp. (a),(b),(c)		310,000		3,053,500
Lead Edge Growth Opportunities Ltd. (a),(c)		434,621		4,341,864
LendingClub Corp. (a)		24,600		694,704
LendingTree, Inc. (a)		1,600		223,728
Live Oak Mobility Acquisition Corp. (a),(b),(c)		99,813		989,147
Logan Ridge Financial Corp. (a)		383		9,843
Logistics Innovation Technologies Corp. (a),(b),(c)		305,914		3,028,549
Main Street Capital Corp.		2,300		94,530
Marlin Business Services Corp.		1,200		26,676
Marlin Technology Corp., Class A (a),(b),(c)		619,998		6,051,180
Mason Industrial Technology, Inc. (a),(c)		465,000		4,626,750
Medallion Financial Corp. (a)		600		4,704
MFA Financial, Inc.		78,500		358,745
Monroe Capital Corp.		1,400		14,546
Moringa Acquisition Corp., Class A (a),(b),(c)		300,000		2,910,000

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
MSD Acquisition Corp. (a),(b),(c)		324,154	$	3,244,782
New Mountain Finance Corp.		6,300		83,853
New York Mortgage Trust, Inc.		44,300		188,718
Newtek Business Services Corp.		2,100		58,233
Nexpoint Real Estate Finance, Inc.		1,300		25,324
NightDragon Acquisition Corp., Class A (a),(b),(c)		465,000		4,543,050
Noble Rock Acquisition Corp., Class A (a),(b),(c)		600,000		5,826,000
North Mountain Merger Corp., Class A (a),(c)		465,000		4,552,350
Northern Genesis Acquisition Corp. III, Class A (a),(b),(c)		465,000		4,510,500
Northern Star Investment Corp. III (a),(b),(c)		310,000		3,056,600
Northern Star Investment Corp. IV (a),(b),(c)		310,000		3,056,600
Oaktree Specialty Lending Corp.		14,900		105,194
OCA Acquisition Corp., Class A (a),(b),(c)		467,500		4,628,250
Ocwen Financial Corp. (a)		694		19,522
Omega Alpha SPAC, Class A (a),(b),(c)		136,000		1,323,280
One Equity Partners Open Water I Corp. (a),(b),(c)		430,200		4,267,584
OneMain Holdings, Inc.		700		38,731
Oppenheimer Holdings, Inc., Class A		300		13,587
Orion Acquisition Corp. (a),(b),(c)		249,194		2,462,037
Osiris Acquisition Corp. (a),(b),(c)		243,900		2,424,366
Oxford Square Capital Corp.		5,000		20,250
Panacea Acquisition Corp. II, Class A (a),(b),(c)		310,000		3,022,500
Parabellum Acquisition Corp. (a),(c)		390,000		3,888,300
Pathfinder Acquisition Corp., Class A (a),(b),(c)		101,191		999,767
Paysign, Inc. (a)		1,300		3,510
PennantPark Floating Rate Capital Ltd.		4,600		58,834
PennantPark Investment Corp.		6,800		44,132
Periphas Capital Partnering Corp. (a),(b),(c)		186,025		4,591,097
Pivotal Investment Corp. III (a),(b),(c)		300,000		2,964,000
PJT Partners, Inc., Class A		500		39,555
Plum Acquisition Corp. I (a),(b),(c)		310,000		3,041,100
Pontem Corp. (a),(b),(c)		465,000		4,626,750
Portage Fintech Acquisition Corp. (a),(b),(c)		500,000		4,950,000
Post Holdings Partnering Corp. (a),(c)		92,463		934,801
Powered Brands, Class A (a),(c)		465,000		4,575,600
PropTech Investment Corp. (a),(b),(c)		126,993		1,263,580
Prospect Capital Corp.		28,100		216,370
Ready Capital Corp.		6,726		97,056
RedBall Acquisition Corp. (a),(b),(c)		465,000		4,575,600
Regional Management Corp.		100		5,818
Revolution Healthcare Acquisition Corp. (a),(c)		465,000		4,580,250
Sachem Capital Corp.		5,600		30,576
Safeguard Scientifics, Inc. (a)		1,700		15,096
Saratoga Investment Corp.		500		14,370
Science Strategic Acquisition Corp. Alpha (a),(b),(c)		465,000		4,631,400

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Sculptor Capital Management, Inc.		2,500	$	69,725
Senior Connect Acquisition Corp. I, Class A (a),(c)		310,000		3,028,700
Shelter Acquisition Corp. I (a),(c)		375,000		3,731,250
Silver Spike Acquisition Corp. (a),(b),(c)		310,000		3,084,500
Silvercrest Asset Management Group, Inc., Class A		500		7,790
Sixth Street Specialty Lending, Inc.		6,200		137,702
Skydeck Acquisition Corp. (a),(b),(c)		243,900		2,426,805
Slam Corp. (a),(c)		449,298		4,452,543
SLM Corp.		300		5,280
SLR Investment Corp.		3,500		66,955
SLR Senior Investment Corp.		900		13,923
Software Acquisition Group, Inc. (a),(b),(c)		398,400		4,023,840
Sprott, Inc.		800		29,352
Stellus Capital Investment Corp.		1,000		13,060
StepStone Group, Inc., Class A		400		17,056
Stewart Information Services Corp.		300		18,978
Supernova Partners Acquisition Co. II Ltd. (a),(b),(c)		437,293		4,351,065
SuRo Capital Corp.		6,616		85,413
SVF Investment Corp. 2 (a),(b),(c)		310,000		3,044,200
SVF Investment Corp. 3 (a),(b),(c)		310,000		3,047,300
Tailwind International Acquisition Corp. (a),(b),(c)		300,000		2,973,000
TCG BDC, Inc.		4,100		54,981
TCV Acquisition Corp., Class A (a),(b),(c)		326,088		3,195,662
Tekkorp Digital Acquisition Corp., Class A (a),(c)		423,000		4,153,860
Thunder Bridge Capital Partners III, Inc. (a),(b),(c)		198,200		1,962,180
TPG Pace Beneficial II Corp., Class A (a),(b),(c)		228,473		2,248,174
TPG RE Finance Trust, Inc.		4,200		51,996
Trepont Acquisition Corp. I, Class A (a),(c)		338,000		3,369,860
Trinity Capital, Inc.		1,400		22,526
TriplePoint Venture Growth BDC Corp.		1,300		20,592
Turmeric Acquisition Corp. (a),(b),(c)		202,705		2,014,888
Two Harbors Investment Corp.		73,700		467,258
TZP Strategies Acquisition Corp. (a),(c)		447,500		4,439,200
Upstart Holdings, Inc. (a)		14,600		4,620,024
Vector Acquisition Corp. II, Class A (a),(b),(c)		515,579		5,026,895
Virgin Group Acquisition Corp. II (a),(b),(c)		310,000		3,069,000
Vy Global Growth, Class A (a),(b),(c)		474,373		4,653,599
Warburg Pincus Capital Corp. (a),(b),(c)		620,000		6,175,200
Waverley Capital Acquisition Corp. 1 (a),(c)		375,000		3,697,500
Western Asset Mortgage Capital Corp.		12,400		32,364
WhiteHorse Finance, Inc.		1,200		18,264
WisdomTree Investments, Inc.		12,700		72,009

				475,927,544

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Health Care — 3.1%
89bio, Inc. (a)		1,800	$	35,262
Abbott Laboratories		9,800		1,157,674
ABIOMED, Inc. (a)		1,000		325,520
Accelerate Diagnostics, Inc. (a)		900		5,247
Accolade, Inc. (a)		600		25,302
Accuray, Inc. (a)		15,000		59,250
Achieve Life Sciences, Inc. (a)		200		1,700
Acutus Medical, Inc. (a)		1,100		9,724
Adamas Pharmaceuticals, Inc. (a)		5,500		27,005
Adicet Bio, Inc. (a)		1,542		12,089
Adverum Biotechnologies, Inc. (a)		24,500		53,165
Aerie Pharmaceuticals, Inc. (a)		4,100		46,740
Agenus, Inc. (a)		8,800		46,200
Agilent Technologies, Inc.		19,500		3,071,835
Akero Therapeutics, Inc. (a)		1,300		29,055
Albireo Pharma, Inc. (a)		1,500		46,800
Aldeyra Therapeutics, Inc. (a)		11,800		103,604
Alector, Inc. (a)		2,100		47,922
Align Technology, Inc. (a)		300		199,629
Alkermes plc (a)		5,600		172,704
Alphatec Holdings, Inc. (a)		8,600		104,834
Alpine Immune Sciences, Inc. (a)		800		8,536
Amedisys, Inc. (a)		400		59,640
American Shared Hospital Services (a)		200		552
Amgen, Inc. (b)		28,200		5,996,730
Amicus Therapeutics, Inc. (a)		200		1,910
Amneal Pharmaceuticals, Inc. (a)		1,100		5,874
AnaptysBio, Inc. (a)		2,200		59,664
ANI Pharmaceuticals, Inc. (a)		700		22,974
Anika Therapeutics, Inc. (a)		900		38,304
Anixa Biosciences, Inc. (a)		238		1,135
Annovis Bio, Inc. (a)		200		6,350
Antares Pharma, Inc. (a)		17,400		63,336
Anthem, Inc.		1,700		633,760
Apellis Pharmaceuticals, Inc. (a)		9,600		316,416
Applied Genetic Technologies Corp. (a)		6,100		18,361
Applied Molecular Transport, Inc. (a)		1,600		41,392
Aptinyx, Inc. (a)		5,200		12,168
Aravive, Inc. (a)		2,800		10,416
Arbutus Biopharma Corp. (a)		400		1,716
Arcus Biosciences, Inc. (a)		6,500		226,655
Arcutis Biotherapeutics, Inc. (a)		400		9,556
Arvinas, Inc. (a)		6,200		509,516
Aspira Women’s Health, Inc. (a)		300		975
Assembly Biosciences, Inc. (a)		1,500		5,220

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Astria Therapeutics, Inc. (a)		16	$	141
Atara Biotherapeutics, Inc. (a)		7,900		141,410
Athira Pharma, Inc. (a)		300		2,814
AtriCure, Inc. (a)		600		41,730
aTyr Pharma, Inc. (a)		6,700		60,836
Avalo Therapeutics, Inc. (a)		11,800		25,724
Avanos Medical, Inc. (a)		5,000		156,000
Avantor, Inc. (a)		24,300		993,870
Avid Bioservices, Inc. (a)		3,800		81,966
Avrobio, Inc. (a)		5,300		29,574
Axogen, Inc. (a)		900		14,220
Baxter International, Inc. (b)		55,600		4,471,908
Beam Therapeutics, Inc. (a)		700		60,907
Berkeley Lights, Inc. (a)		16,700		326,652
Beyond Air, Inc. (a)		5,900		65,608
BioCryst Pharmaceuticals, Inc. (a)		32,200		462,714
BioDelivery Sciences International, Inc. (a)		13,900		50,179
Biogen, Inc. (a),(b),(c)		98,860		27,976,391
Biohaven Pharmaceutical Holding Co. Ltd. (a)		500		69,455
Biolase, Inc. (a)		7,300		4,667
Black Diamond Therapeutics, Inc. (a)		2,900		24,534
Boston Scientific Corp. (a),(b)		118,700		5,150,393
Brickell Biotech, Inc. (a)		3,000		2,160
Bristol-Myers Squibb Co. (c)		575,570		34,056,477
Brookdale Senior Living, Inc. (a)		16,409		103,377
Bruker Corp.		9,200		718,520
Cabaletta Bio, Inc. (a)		200		2,432
Cardiff Oncology, Inc. (a)		9,800		65,268
Cardiovascular Systems, Inc. (a)		200		6,566
CareDx, Inc. (a)		4,500		285,165
Castle Biosciences, Inc. (a)		1,600		106,400
Catalyst Biosciences, Inc. (a)		1,600		6,576
Catalyst Pharmaceuticals, Inc. (a)		3,200		16,960
CEL-SCI Corp. (a)		400		4,396
Cellectar Biosciences, Inc. (a)		300		278
Celsion Corp. (a)		900		832
Cerus Corp. (a)		6,000		36,540
Checkpoint Therapeutics, Inc. (a)		8,000		26,400
Chimerix, Inc. (a)		15,100		93,469
Chinook Therapeutics, Inc. (a)		6,020		76,815
Cidara Therapeutics, Inc. (a)		6,600		14,784
Clearside Biomedical, Inc. (a)		14,800		88,800
Cohbar, Inc. (a)		16,100		15,456
Community Health Systems, Inc. (a)		24,700		288,990
Concert Pharmaceuticals, Inc. (a)		1,500		4,905
Conformis, Inc. (a)		46,400		61,712

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Cooper Cos., Inc. (The)		2,100	$	867,951
CorMedix, Inc. (a)		1,900		8,835
Cortexyme, Inc. (a)		300		27,498
Crinetics Pharmaceuticals, Inc. (a)		1,400		29,470
CTI BioPharma Corp. (a)		17,600		51,920
Cue Biopharma, Inc. (a)		3,400		49,538
Cutera, Inc. (a)		2,800		130,480
Cyclacel Pharmaceuticals, Inc. (a)		2,000		10,540
Cyclerion Therapeutics, Inc. (a)		9,800		30,086
Cymabay Therapeutics, Inc. (a)		2,700		9,855
Cytokinetics, Inc. (a)		15,200		543,248
CytoSorbents Corp. (a)		3,300		26,796
Danaher Corp.		13,700		4,170,828
Delcath Systems, Inc. (a)		600		6,264
Denali Therapeutics, Inc. (a)		7,100		358,195
Dentsply Sirona, Inc.		11,200		650,160
DermTech, Inc. (a)		1,700		54,587
DiaMedica Therapeutics, Inc. (a)		800		3,208
Dicerna Pharmaceuticals, Inc. (a)		11,100		223,776
Durect Corp. (a)		8,400		10,752
Dynavax Technologies Corp. (a)		28,600		549,406
Eargo, Inc. (a)		4,900		32,977
Editas Medicine, Inc. (a)		9,000		369,720
Edwards Lifesciences Corp. (a)		22,400		2,535,904
Eiger BioPharmaceuticals, Inc. (a)		1,500		10,020
ElectroCore, Inc. (a)		16,800		18,984
Electromed, Inc. (a)		500		5,410
Eledon Pharmaceuticals, Inc. (a)		1,800		11,124
Eli Lilly & Co. (b)		34,500		7,971,225
Eloxx Pharmaceuticals, Inc. (a)		12,500		20,375
Enanta Pharmaceuticals, Inc. (a)		1,600		90,896
Endo International plc (a)		33,600		108,864
Envista Holdings Corp. (a)		1,700		71,077
Enzo Biochem, Inc. (a)		3,200		11,328
Essa Pharma, Inc. (a)		9,200		73,600
Establishment Labs Holdings, Inc. (a)		1,200		85,896
Evelo Biosciences, Inc. (a)		2,400		16,896
Evolus, Inc. (a)		300		2,286
Exelixis, Inc. (a)		31,000		655,340
Eyenovia, Inc. (a)		1,700		8,330
Fate Therapeutics, Inc. (a)		6,400		379,328
FibroGen, Inc. (a)		15,100		154,322
Five Star Senior Living, Inc. (a)		1,100		4,818
Flexion Therapeutics, Inc. (a)		7,700		46,970
Fluidigm Corp. (a)		1,700		11,203
FONAR Corp. (a)		500		7,730

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Fortress Biotech, Inc. (a)		4,600	$	14,812
Frequency Therapeutics, Inc. (a)		3,000		21,180
Fulcrum Therapeutics, Inc. (a)		2,100		59,241
G1 Therapeutics, Inc. (a)		4,900		65,758
Genocea Biosciences, Inc. (a)		3,300		6,336
Gilead Sciences, Inc.		42,900		2,996,565
GlycoMimetics, Inc. (a)		9,500		20,805
Gossamer Bio, Inc. (a)		3,900		49,023
Gritstone Oncology, Inc. (a)		4,400		47,520
GT Biopharma, Inc. (a)		300		2,022
Haemonetics Corp. (a)		4,300		303,537
Hanger, Inc. (a)		1,200		26,352
Harpoon Therapeutics, Inc. (a)		6,000		47,400
Harrow Health, Inc. (a)		3,600		32,724
Harvard Bioscience, Inc. (a)		4,300		30,014
Hill-Rom Holdings, Inc.		3,200		480,000
Homology Medicines, Inc. (a)		100		787
Hookipa Pharma, Inc. (a)		700		4,123
iCAD, Inc. (a)		2,600		27,950
Ideaya Biosciences, Inc. (a)		1,100		28,039
Idera Pharmaceuticals, Inc. (a)		13,000		13,390
Illumina, Inc. (a)		8,900		3,609,929
IMARA, Inc. (a)		4,300		17,544
Immunic, Inc. (a)		2,600		23,010
ImmunoGen, Inc. (a)		30,900		175,203
Immunovant, Inc. (a)		16,200		140,778
Infinity Pharmaceuticals, Inc. (a)		22,100		75,582
InfuSystem Holdings, Inc. (a)		1,500		19,545
Inmode Ltd. (a)		9,500		1,514,775
Innoviva, Inc. (a)		800		13,368
Inogen, Inc. (a)		700		30,163
Inotiv, Inc. (a)		1,000		29,240
Insmed, Inc. (a)		4,800		132,192
Intellia Therapeutics, Inc. (a)		5,500		737,825
Intercept Pharmaceuticals, Inc. (a)		7,500		111,375
Intersect ENT, Inc. (a)		6,100		165,920
Intuitive Surgical, Inc. (a)		4,200		4,175,430
Invacare Corp. (a)		3,600		17,136
Ionis Pharmaceuticals, Inc. (a)		1,700		57,018
Iqvia Holdings, Inc. (a)		6,400		1,533,056
iRadimed Corp. (a)		100		3,359
iRhythm Technologies, Inc. (a)		800		46,848
Ironwood Pharmaceuticals, Inc. (a)		1,800		23,508
iTeos Therapeutics, Inc. (a)		1,400		37,800
IVERIC bio, Inc. (a)		16,300		264,712
Johnson & Johnson (b)		59,500		9,609,250

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Joint Corp. (The) (a)		2,700	$	264,654
Jounce Therapeutics, Inc. (a)		7,700		57,211
Kadmon Holdings, Inc. (a)		900		7,839
KalVista Pharmaceuticals, Inc. (a)		2,100		36,645
Karyopharm Therapeutics, Inc. (a)		17,500		101,850
Keros Therapeutics, Inc. (a)		100		3,956
Kezar Life Sciences, Inc. (a)		4,100		35,424
Kodiak Sciences, Inc. (a)		1,600		153,568
Kura Oncology, Inc. (a)		10,200		191,046
La Jolla Pharmaceutical Co. (a)		823		3,284
Lannett Co., Inc. (a)		100		300
Larimar Therapeutics, Inc. (a)		433		4,992
Leap Therapeutics, Inc. (a)		5,000		20,050
LeMaitre Vascular, Inc.		1,400		74,326
Lineage Cell Therapeutics, Inc. (a)		16,700		42,084
LivaNova PLC (a)		5,800		459,302
Lyra Therapeutics, Inc. (a)		700		6,398
MacroGenics, Inc. (a)		1,100		23,034
Madrigal Pharmaceuticals, Inc. (a)		800		63,832
Magenta Therapeutics, Inc. (a)		3,600		26,208
Marinus Pharmaceuticals, Inc. (a)		25		285
Marker Therapeutics, Inc. (a)		13,100		22,139
Masimo Corp. (a)		600		162,426
Medtronic plc (b)		40,100		5,026,535
MEI Pharma, Inc. (a)		6,600		18,216
Merck & Co., Inc. (b)		117,800		8,847,958
Merrimack Pharmaceuticals, Inc. (a)		400		1,932
Mersana Therapeutics, Inc. (a)		10,100		95,243
Metacrine, Inc. (a)		2,200		7,546
Mirum Pharmaceuticals, Inc. (a)		1,000		19,920
Moderna, Inc. (a)		9,950		3,829,357
Molecular Templates, Inc. (a)		5,528		37,093
Mustang Bio, Inc. (a)		19,200		51,648
NanoString Technologies, Inc. (a)		6,000		288,060
Natera, Inc. (a)		3,100		345,464
Natus Medical, Inc. (a)		500		12,540
Navidea Biopharmaceuticals, Inc. (a)		1,300		2,275
Nektar Therapeutics (a)		100		1,796
Neoleukin Therapeutics, Inc. (a)		2,000		14,460
Neubase Therapeutics, Inc. (a)		3,500		12,635
Neuronetics, Inc. (a)		6,500		42,640
NextCure, Inc. (a)		3,100		20,894
NGM Biopharmaceuticals, Inc. (a)		2,100		44,142
Novocure Ltd. (a)		5,500		638,935
Ocular Therapeutix, Inc. (a)		16,500		165,000
Ocuphire Pharma, Inc. (a)		500		2,575

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Odonate Therapeutics, Inc. (a)		2,200	$	6,402
Omeros Corp. (a)		2,200		30,338
Oncocyte Corp. (a)		12,400		44,144
OncoSec Medical, Inc. (a)		6,700		14,271
Oncternal Therapeutics, Inc. (a)		2,200		9,174
Ontrak, Inc. (a)		2,900		29,116
Opiant Pharmaceuticals, Inc. (a)		1,000		25,740
Organogenesis Holdings, Inc. (a)		15,300		217,872
Orthofix Medical, Inc. (a)		800		30,496
Otonomy, Inc. (a)		5,900		11,328
Outlook Therapeutics, Inc. (a)		5,000		10,850
Ovid therapeutics, Inc. (a)		900		3,024
Pacific Biosciences of California, Inc. (a)		4,600		117,530
Pacira BioSciences, Inc. (a)		2,000		112,000
Palatin Technologies, Inc. (a)		2,800		1,240
Paratek Pharmaceuticals, Inc. (a)		6,500		31,590
Passage Bio, Inc. (a)		2,400		23,904
PDS Biotechnology Corp. (a)		7,100		105,790
Pennant Group, Inc. (The) (a)		100		2,809
Personalis, Inc. (a)		7,300		140,452
PetVivo Holdings, Inc. (a)		100		272
Phathom Pharmaceuticals, Inc. (a)		100		3,210
Phibro Animal Health Corp., Class A		300		6,462
Phio Pharmaceuticals Corp. (a)		2,400		4,848
Pieris Pharmaceuticals, Inc. (a)		16,600		85,822
Plus Therapeutics, Inc. (a)		300		573
PLx Pharma, Inc. (a)		6,700		129,310
PPD, Inc. (a)		17,000		795,430
Precigen, Inc. (a)		4,700		23,453
Precision BioSciences, Inc. (a)		200		2,308
Prestige Consumer Healthcare, Inc. (a)		300		16,833
Protagonist Therapeutics, Inc. (a)		2,400		42,528
Protara Therapeutics, Inc. (a)		2,800		19,376
Pulse Biosciences, Inc. (a)		551		11,902
Puma Biotechnology, Inc. (a)		3,400		23,834
Quanterix Corp. (a)		1,300		64,727
Quotient Ltd. (a)		7,500		17,550
R1 RCM, Inc. (a)		1,100		24,211
Radius Health, Inc. (a)		2,900		35,989
RadNet, Inc. (a)		2,600		76,206
RAPT Therapeutics, Inc. (a)		4,400		136,620
Recro Pharma, Inc. (a)		200		412
REGENXBIO, Inc. (a)		500		20,960
Replimune Group, Inc. (a)		4,100		121,524
ResMed, Inc.		4,300		1,133,265
Rigel Pharmaceuticals, Inc. (a)		31,000		112,530

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Rocket Pharmaceuticals, Inc. (a)		3,600	$	107,604
Rubius Therapeutics, Inc. (a)		1,500		26,820
Salarius Pharmaceuticals, Inc. (a)		1,700		1,734
Sangamo BioSciences, Inc. (a)		19,000		171,190
Satsuma Pharmaceuticals, Inc. (a)		2,100		9,786
Savara, Inc. (a)		12,200		16,836
SCYNEXIS, Inc. (a)		3,300		17,490
SeaSpine Holdings Corp. (a)		2,400		37,752
Seelos Therapeutics, Inc. (a)		25,100		60,491
Selecta Biosciences, Inc. (a)		22,700		94,432
Seres Therapeutics, Inc. (a)		9,100		63,336
Sesen Bio, Inc. (a)		39,632		31,436
SI-BONE, Inc. (a)		2,300		49,266
Sientra, Inc. (a)		14,300		81,939
Sierra Oncology, Inc. (a)		600		13,152
Silverback Therapeutics, Inc. (a)		400		3,992
Sio Gene Therapies, Inc. (a)		700		1,519
Soleno Therapeutics, Inc. (a)		11,700		10,817
Solid Biosciences, Inc. (a)		8,300		19,837
Spectrum Pharmaceuticals, Inc. (a)		7,800		17,004
STAAR Surgical Co. (a)		2,800		359,884
Stereotaxis, Inc. (a)		6,200		33,356
Stoke Therapeutics, Inc. (a)		1,300		33,072
Strongbridge Biopharma plc (a)		5,000		10,200
Surgalign Holdings, Inc. (a)		3,500		3,815
Surmodics, Inc. (a)		300		16,680
Sutro Biopharma, Inc. (a)		2,200		41,558
Syndax Pharmaceuticals, Inc. (a)		6,400		122,304
Synlogic, Inc. (a)		5,400		16,470
Synthetic Biologics, Inc. (a)		2,400		1,103
Syros Pharmaceuticals, Inc. (a)		5,900		26,373
Talaris Therapeutics, Inc. (a)		100		1,356
TCR2 Therapeutics, Inc. (a)		3,800		32,338
Tela Bio, Inc. (a)		330		4,508
Tempest Therapeutics, Inc. (a)		24		347
TFF Pharmaceuticals, Inc. (a)		100		772
Tivity Health, Inc. (a)		800		18,448
Tonix Pharmaceuticals Holding Corp. (a)		200		120
Tracon Pharmaceuticals, Inc. (a)		4,800		18,576
Tricida, Inc. (a)		1,300		6,032
Triple-S Management Corp., Class B (a)		750		26,527
United Therapeutics Corp. (a)		3,500		646,030
UNITY Biotechnology, Inc. (a)		1,900		5,700
Vanda Pharmaceuticals, Inc. (a)		5,700		97,698
Vapotherm, Inc. (a)		1,400		31,178
Varex Imaging Corp. (a)		100		2,820

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Venus Concept, Inc. (a)		6,400	$	16,064
Verastem, Inc. (a)		33,000		101,640
Vericel Corp. (a)		3,000		146,400
Vertex Pharmaceuticals, Inc. (a)		5,100		925,089
Veru, Inc. (a)		3,400		29,002
ViewRay, Inc. (a)		23,500		169,435
Viking Therapeutics, Inc. (a)		16,100		101,108
Virios Therapeutics, Inc. (a)		300		1,587
VistaGen Therapeutics, Inc. (a)		18,100		49,594
Voyager Therapeutics, Inc. (a)		600		1,578
Xenetic Biosciences, Inc. (a)		2,400		4,920
Xenon Pharmaceuticals, Inc. (a)		2,100		32,088
Y-mAbs Therapeutics, Inc. (a)		400		11,416
Zentalis Pharmaceuticals, Inc. (a)		1,500		99,960
ZIOPHARM Oncology, Inc. (a)		15,400		28,028
Zoetis, Inc.		400		77,656
Zymeworks, Inc. (a)		1,400		40,656
Zynerba Pharmaceuticals, Inc. (a)		2,100		8,904

				166,692,313

Health Care Facilities & Services — 0.0%
DaVita, Inc. (a)		200		23,252
Medpace Holdings, Inc. (a)		100		18,928
Patterson Cos., Inc.		14,100		424,974

				467,154

Industrial Products — 0.3%
AAR Corp. (a)		4,800		155,664
Acuity Brands, Inc.		200		34,674
Advanced Emissions Solutions, Inc. (a)		3,600		23,004
Aerojet Rocketdyne Holdings, Inc.		200		8,710
Allegion PLC		6,000		793,080
Allied Motion Technologies, Inc.		300		9,384
AMETEK, Inc.		300		37,203
Astronics Corp. (a)		2,900		40,774
Babcock & Wilcox Enterprises, Inc. (a)		11,000		70,510
Barnes Group, Inc.		300		12,519
Bel Fuse, Inc., Class B		900		11,187
Blue Bird Corp. (a)		500		10,430
Capstone Green Energy Corp. (a)		852		4,098
Caterpillar, Inc. (b)		30,000		5,759,100
CECO Environmental Corp. (a)		1,400		9,856
Cognex Corp.		3,800		304,836
Columbus McKinnon Corp.		700		33,845
Commercial Vehicle Group, Inc. (a)		3,700		35,002
Core Molding Technologies, Inc. (a)		200		2,302

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Crane Co.		1,300	$	123,253
CVD Equipment Corp. (a)		400		1,832
CyberOptics Corp. (a)		600		21,348
Donaldson Co., Inc.		100		5,741
Douglas Dynamics, Inc.		700		25,410
Ducommun, Inc. (a)		200		10,070
Emerson Electric Co.		6,600		621,720
Flowserve Corp.		6,900		239,223
Graco, Inc.		200		13,994
GrafTech International Ltd.		32,500		335,400
Graham Corp.		200		2,480
Hexcel Corp. (a)		1,599		94,965
Hillenbrand, Inc.		16		682
Honeywell International, Inc.		1,200		254,736
Hurco Cos., Inc.		300		9,678
Ichor Holdings Ltd. (a)		3,600		147,924
Insteel Industries, Inc.		500		19,025
Intevac, Inc. (a)		1,000		4,780
Kaman Corp.		1,200		42,804
Kimball Electronics, Inc. (a)		400		10,308
LB Foster Co., Class A (a)		600		9,294
LSI Industries, Inc.		1,500		11,625
Manitowoc Co., Inc. (The) (a)		200		4,284
National Instruments Corp.		4,900		192,227
NN, Inc. (a)		3,900		20,475
nVent Electric plc		5,800		187,514
Orion Energy Systems, Inc. (a)		4,800		18,672
Oshkosh Corp.		700		71,659
Otis Worldwide Corp.		3,800		312,664
Park Aerospace Corp.		400		5,472
Powell Industries, Inc.		500		12,285
Proto Labs, Inc. (a)		4,600		306,360
Ranpak Holdings Corp. (a)		5,300		142,146
REV Group, Inc.		2,600		44,616
Rockwell Automation, Inc.		200		58,808
SmartRent, Inc. (a)		400,000		5,208,000
Spirit AeroSystems Holdings, Inc., Class A		19,600		866,124
Standex International Corp.		100		9,891
TE Connectivity Ltd.		200		27,444
Tennant Co.		200		14,790
Thermon Group Holdings, Inc. (a)		1,300		22,503
Titan International, Inc. (a)		6,300		45,108
Triumph Group, Inc. (a)		6,000		111,780

				17,045,292

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Industrial Services — 0.2%
Acacia Research Corp. (a)		1,500	$	10,185
Alarm.com Holdings, Inc. (a)		600		46,914
Alta Equipment Group, Inc. (a)		900		12,357
American Airlines Group, Inc. (a)		104,600		2,146,392
Aqua Metals, Inc. (a)		1,100		2,277
ARC Document Solutions, Inc.		2,000		5,900
Avalon Holdings Corp., Class A (a)		700		2,723
Barrett Business Services, Inc.		200		15,252
BGSF, Inc.		900		11,511
Brady Corp., Class A		1,500		76,050
Canadian National Railway Co.		6,600		763,290
Canadian Pacific Railway Ltd.		28,070		1,826,515
Charah Solutions, Inc. (a)		1,300		5,980
Civeo Corp. (a)		625		14,056
Concrete Pumping Holdings, Inc. (a)		2,100		17,934
CoreCivic, Inc. (a)		4,600		40,940
CorVel Corp. (a)		300		55,866
Covenant Transportation Group, Inc., Class A (a)		1,200		33,180
CRA International, Inc.		300		29,802
CSX Corp.		76,000		2,260,240
Custom Truck One Source, Inc. (a)		900		8,397
Daseke, Inc. (a)		9,600		88,416
DXP Enterprises, Inc. (a)		300		8,871
Eagle Bulk Shipping, Inc. (a)		3,297		166,235
Echo Global Logistics, Inc. (a)		600		28,626
Emerald Holding, Inc. (a)		2,300		9,982
Fluor Corp. (a)		22,400		357,728
Franklin Covey Co. (a)		500		20,395
Genco Shipping & Trading Ltd.		10,400		209,352
Great Lakes Dredge & Dock Corp. (a)		100		1,509
H&E Equipment Services, Inc.		3,100		107,601
Hackett Group, Inc.		1,400		27,468
Heartland Express, Inc.		4,200		67,284
Heidrick & Struggles International, Inc.		100		4,463
Heritage-Crystal Clean, Inc. (a)		500		14,490
Hudson Technologies, Inc. (a)		400		1,412
Information Services Group, Inc.		4,600		33,028
Infrastructure and Energy Alternatives, Inc. (a)		7,300		83,439
Insperity, Inc.		300		33,222
Iteris, Inc. (a)		900		4,752
Kforce, Inc.		200		11,928
Limbach Holdings, Inc. (a)		1,200		7,944
Manpowergroup, Inc.		1,000		108,280
Marten Transport Ltd.		4,299		67,451
Mesa Air Group, Inc. (a)		8,900		68,174

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Mistras Group, Inc. (a)		1,200	$	12,192
MSC Industrial Direct Co., Inc.		1,500		120,285
Norfolk Southern Corp.		700		167,475
Orion Group Holdings, Inc. (a)		600		3,264
Overseas Shipholding Group, Inc., Class A (a)		1,300		2,704
Primoris Services Corp.		1,500		36,735
PureCycle Technologies, Inc. (a)		1,600		21,248
Quad/Graphics, Inc. (a)		6,000		25,500
Radiant Logistics, Inc. (a)		3,100		19,809
Republic Services, Inc.		100		12,006
Resideo Technologies, Inc. (a)		8,600		213,194
Resources Connection, Inc.		1,600		25,248
RR Donnelley & Sons Co. (a)		16,366		84,121
Schneider National, Inc., Class B		900		20,466
Seanergy Maritime Holdings Corp. (a)		2,257		3,273
Sharps Compliance Corp. (a)		4,100		33,907
ShotSpotter, Inc. (a)		500		18,185
Spirit Airlines, Inc. (a)		10,900		282,746
Sterling Construction Co., Inc. (a)		1,500		34,005
Teekay Corp. (a)		600		2,196
Teekay LNG Partners LP		300		4,665
Titan Machinery, Inc. (a)		2,400		62,184
Transcat, Inc. (a)		200		12,896
TriNet Group, Inc. (a)		3,300		312,114
Triton International Ltd.		2,800		145,712
Tutor Perini Corp. (a)		5,200		67,496
Universal Logistics Holdings, Inc.		100		2,008
USA Truck, Inc. (a)		900		13,752
Viad Corp. (a)		1,500		68,115
Volt Information Sciences, Inc. (a)		4,800		17,040
Wilhelmina International, Inc. (a)		100		538

				10,762,890

Insurance — 0.1%
American Equity Investment Life Holding Co.		5,000		147,850
AMERISAFE, Inc.		300		16,848
Argo Group International Holdings Ltd.		100		5,222
Brighthouse Financial, Inc. (a)		6,900		312,087
Citizens, Inc. (a)		500		3,105
Donegal Group, Inc., Class A		600		8,694
Genworth Financial, Inc., Class A (a)		6,500		24,375
GoHealth, Inc., Class A (a)		100		503
Greenlight Capital Re Ltd., A Shares (a)		1,800		13,302
Hallmark Financial Services, Inc. (a)		2,900		10,585
Heritage Insurance Holdings, Inc.		3,100		21,111
Kingstone Cos., Inc.		200		1,324

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Lemonade, Inc. (a)		10,000	$	670,100
Lincoln National Corp.		6,500		446,875
Maiden Holdings Ltd. (a)		2,200		6,952
MetroMile, Inc. (a)		100		355
Radian Group, Inc.		300		6,816
Reinsurance Group of America, Inc.		600		66,756
Ryan Specialty Group Holdings, Inc., Class A (a)		100		3,387
Trean Insurance Group, Inc. (a)		300		3,105
United Insurance Holdings Corp.		1,300		4,719
Universal Insurance Holdings, Inc.		2,600		33,904
Unum Group		27,900		699,174
Willis Towers Watson plc		600		139,476

				2,646,625

Materials — 0.2%
A-Mark Precious Metals, Inc.		100		6,002
AdvanSix, Inc. (a)		1,600		63,600
Alcoa Corp. (a)		42,501		2,079,999
Allegheny Technologies, Inc. (a)		11,000		182,930
Alpha Metallurgical Resources, Inc. (a)		4,600		229,034
American Vanguard Corp.		600		9,030
Amyris, Inc. (a)		800		10,984
Arch Resources, Inc. (a)		3,800		352,450
Cameco Corp.		17,600		382,448
Carpenter Technology Corp.		3,000		98,220
Century Aluminum Co. (a)		100		1,345
Chemours Co.		6,200		180,172
Codexis, Inc. (a)		5,300		123,278
Coeur Mining, Inc. (a)		936		5,775
CONSOL Energy, Inc. (a)		1,700		44,234
Ecolab, Inc.		4,900		1,022,238
Ecovyst, Inc.		100		1,166
Endeavour Silver Corp. (a)		100		409
Ferroglobe plc (a)		13,500		117,450
Forterra, Inc. (a)		2,300		54,188
Freeport-McMoRan, Inc.		120,500		3,919,865
Gatos Silver, Inc. (a)		1,600		18,608
Gold Resource Corp.		14,300		22,451
Haynes International, Inc.		100		3,725
Hecla Mining Co.		5,500		30,250
Ingevity Corp. (a)		1,500		107,055
Innospec, Inc.		800		67,376
Intrepid Potash, Inc. (a)		800		24,720
Kraton Corp (a)		1,500		68,460
Livent Corp. (a)		3,600		83,196
McEwen Mining, Inc. (a)		52,300		54,392

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Myers Industries, Inc.		600	$	11,742
NACCO Industries, Inc., Class A		100		2,984
New Gold, Inc. (a)		38,800		41,128
Newmont Mining Corp.		2,600		141,180
Nexa Resources SA		1,700		12,920
Peabody Energy Corp. (a)		28,500		421,515
Pretium Resources, Inc. (a)		3,700		35,668
Ramaco Resources, Inc. (a)		3,500		43,085
Rayonier Advanced Materials, Inc. (a)		6,900		51,750
Resolute Forest Products, Inc.		11,600		138,040
Ryerson Holding Corp.		600		13,362
Sierra Metals, Inc. (a)		3,200		5,760
Southern Copper Corp.		10,500		589,470
SunCoke Energy, Inc.		15,200		95,456
Taseko Mines Ltd. (a)		12,700		24,003
Ternium SA, ADR		500		21,150
TimkenSteel Corp. (a)		10,600		138,648
Tronox Holdings plc, Class A		3,100		76,415
United States Steel Corp.		19,200		421,824
Venator Materials plc (a)		9,200		26,220
Verso Corp., Class A		3,800		78,850
Warrior Met Coal, Inc.		7,600		176,852
Yield10 Bioscience, Inc. (a)		100		607

				11,933,679

Media — 0.7%
Alphabet, Inc., Class A (a),(b)		3,800		10,159,376
Altice USA, Inc., Class A (a)		22,500		466,200
Angi, Inc., Class A (a)		18,300		225,822
Cargurus, Inc. (a)		17,800		559,098
Cars.com, Inc. (a)		7,800		98,670
Charter Communications, Inc., Class A (a),(b)		7,340		5,340,290
Clear Channel Outdoor Holdings, Inc. (a)		4,000		10,840
Comcast Corp., Class A		500		27,965
Cumulus Media, Inc., Class A (a)		600		7,350
DHI Group, Inc. (a)		2,100		9,996
Discovery, Inc., Class A (a)		42,200		1,071,036
Dolphin Entertainment, Inc. (a)		20		243
Entercom Communications Corp. (a)		12,000		44,160
Eventbrite, Inc., Class A (a)		16,700		315,797
EverQuote, Inc., Class A (a)		5,600		104,328
Facebook, Inc., Class A (a)		5,500		1,866,645
Fluent, Inc. (a)		2,900		6,583
HealthStream, Inc. (a)		1,000		28,580
HyreCar, Inc. (a)		300		2,550
iHeartMedia, Inc., Class A (a)		1,400		35,028

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
IMAX Corp. (a)		11,000	$	208,780
Liberty Media Corp-Liberty SiriusXM, Class A (a),(b),(c)		20,505		967,221
Liberty Media Corp-Liberty SiriusXM, Class C (a),(b),(c)		21,740		1,031,998
Liberty Media Group, Class A (a)		8		376
Liberty TripAdvisor Holdings, Inc., Class A (a)		12,600		38,934
LifeMD, Inc. (a)		6,800		42,228
Lions Gate Entertainment Corp., Class A (a)		5,500		78,045
LiveXLive Media, Inc. (a)		1,000		2,990
Magnite, Inc. (a)		4,400		123,200
Marchex, Inc., Class B (a)		1,100		3,284
Meredith Corp. (a)		100		5,570
National CineMedia, Inc.		5,800		20,648
Omnicom Group, Inc.		8,800		637,648
QuinStreet, Inc. (a)		1,600		28,096
Quotient Technology, Inc. (a)		20,800		121,056
Salem Media Group, Inc. (a)		700		2,597
Sciplay Corp., Class A (a)		6,100		126,209
Shutterstock, Inc.		100		11,332
Snap, Inc., Class A (a),(b)		141,700		10,467,379
Spotify Technology SA (a)		1,400		315,476
TechTarget, Inc. (a)		100		8,242
Thryv Holdings, Inc. (a)		100		3,004
Townsquare Media, Inc., Class A (a)		600		7,842
Travelzoo (a)		1,700		19,720
TripAdvisor, Inc. (a)		20,200		683,770
TrueCar, Inc. (a)		11,900		49,504
Twitter, Inc. (a)		17,900		1,080,981
Urban One, Inc. (a)		5,200		35,412
ViacomCBS, Inc., Class B		37,071		1,464,675
Warner Music Group Corp., Class A		2,100		89,754
WideOpenWest, Inc. (a)		4,000		78,600
Yelp, Inc. (a)		4,600		171,304

				38,306,432

Oil, Gas & Coal — 0.3%
Amplify Energy Corp. (a)		9,466		50,359
Antero Midstream Corp.		200		2,084
Antero Resources Corp. (a)		78,400		1,474,704
Berry Corp.		3,400		24,514
Bonanza Creek Energy, Inc.		400		19,160
Cabot Oil & Gas Corp.		1,900		41,344
Centennial Resource Development, Inc., Class A (a)		69,800		467,660
Comstock Resources, Inc. (a)		1,100		11,385
Continental Resources, Inc.		8,700		401,505

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Crescent Point Energy Corp.		46,400	$	213,904
CVR Energy, Inc.		7,200		119,952
Enerplus Corp.		31,600		252,800
EnLink Midstream LLC		27,300		186,186
Evolution Petroleum Corp.		1,400		7,952
Exterran Corp. (a)		1,000		4,440
Exxon Mobil Corp.		300		17,646
Falcon Minerals Corp.		6,600		31,020
Flotek Industries, Inc. (a)		2,700		3,402
Forum Energy Technologies, Inc. (a)		300		6,762
Helmerich & Payne, Inc.		15,800		433,078
HollyFrontier Corp.		39,300		1,302,009
Independence Contract Drilling, Inc. (a)		1,300		3,900
Kosmos Energy Ltd. (a)		30,500		90,280
Laredo Petroleum, Inc. (a)		1,450		117,552
Magnolia Oil & Gas Corp., Class A		34,500		613,755
Mammoth Energy Services, Inc. (a)		1,400		4,074
Marathon Oil Corp.		40,800		557,736
Marathon Petroleum Corp. (b),(c)		58,977		3,645,368
Matador Resources Co.		7,300		277,692
MRC Global, Inc. (a)		10,194		74,824
Murphy Oil Corp.		300		7,491
Natural Gas Services Group, Inc. (a)		600		6,228
Newpark Resources, Inc. (a)		15,700		51,810
NexTier Oilfield Solutions, Inc. (a)		3,246		14,932
Northern Oil and Gas, Inc.		6,210		132,894
NOW, Inc. (a)		11,600		88,740
Oceaneering International, Inc. (a)		3,000		39,960
Oil States International, Inc. (a)		12,100		77,319
Ovintiv, Inc.		44,318		1,457,176
Patterson-UTI Energy, Inc.		28,900		260,100
PBF Energy, Inc., Class A (a)		29,900		387,803
Penn Virginia Corp. (a)		3,100		82,677
PHX Minerals, Inc.		5,400		16,524
Plains GP Holdings LP, Class A (a)		39,900		429,922
Ring Energy, Inc. (a)		24,800		73,160
SandRidge Energy, Inc. (a)		7,100		92,371
Select Energy Services, Inc., Class A (a)		700		3,633
SilverBow Resources, Inc. (a)		2,900		71,050
SM Energy Co.		30,000		791,400
Solaris Oilfield Infrastructure, Inc., Class A		100		834
Talos Energy, Inc. (a)		200		2,754
TETRA Technologies, Inc. (a)		4,400		13,728
Tidewater, Inc. (a)		800		9,648
Transocean Ltd. (a)		162,733		616,758
TravelCenters of America, Inc. (a)		1,540		76,677

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
VAALCO Energy, Inc. (a)		2,700	$	7,938
Valero Energy Corp.		200		14,114
Vermilion Energy, Inc. (a)		39,400		390,060
W&T Offshore, Inc. (a)		8,600		31,992
Weatherford International plc (a)		700		13,769
Whiting Petroleum Corp. (a)		1,200		70,092

				15,790,601

Private Equity — 0.0%
Millennium Equity Private Equity (a),(c),(d)		60,879		1,126,262

Real Estate — 0.1%
Agree Realty Corp.		2,200		145,706
Alpine Income Property Trust, Inc.		1,400		25,718
American Finance Trust, Inc.		4,400		35,376
Apartment Investment and Management Co., Class A		27,700		189,745
Ashford Hospitality Trust, Inc. (a)		7,520		110,695
Bluerock Residential Growth REIT, Inc.		4,100		52,234
Braemar Hotels & Resorts, Inc. (a)		8,700		42,195
BRT Apartments Corp.		300		5,784
Cedar Realty Trust, Inc.		1,184		25,681
Chatham Lodging Trust (a)		1,000		12,250
Colliers International Group, Inc.		100		12,771
CorEnergy Infrastructure Trust, Inc.		2,100		9,303
CorePoint Lodging, Inc. (a)		2,500		38,750
CTO Realty Growth, Inc.		600		32,256
CubeSmart		2,400		116,280
DigitalBridge Group, Inc. (a)		61,879		373,130
Diversified Healthcare Trust		5,100		17,289
EPR Properties		1,700		83,946
Equity LifeStyle Properties, Inc.		3,000		234,300
Farmland Partners, Inc.		1,200		14,388
First Industrial Realty Trust, Inc.		3,800		197,904
Four Corners Property Trust, Inc.		1,500		40,290
Franklin Street Properties Corp.		400		1,856
Geo Group, Inc. (The)		30,600		228,582
Gladstone Land Corp.		1,600		36,432
Global Medical REIT, Inc.		5,600		82,320
Global Net Lease, Inc.		1,400		22,428
Hersha Hospitality Trust (a)		4,600		42,918
Independence Realty Trust, Inc.		500		10,175
Macerich Co. (The)		51,000		852,210
Marcus & Millichap, Inc. (a)		300		12,186
McGrath RentCorp		1,000		71,950
Medalist Diversified REIT, Inc.		1,100		1,375
National Storage Affiliates Trust		6,100		322,019
NETSTREIT Corp.		4,500		106,425

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Park Hotels & Resorts, Inc. (a)		6,712	$	128,468
Plymouth Industrial REIT, Inc.		4,700		106,925
Postal Realty Trust, Inc.		1,100		20,504
Preferred Apartment Communities, Inc., Class A		5,900		72,157
RE/MAX Holdings, Inc., Class A		1,800		56,088
Realogy Holdings Corp. (a)		21,700		380,618
Retail Opportunity Investments Corp.		100		1,742
Retail Value, Inc.		1,725		45,419
Seritage Growth Properties, Class A (a)		200		2,966
Service Properties Trust		400		4,484
SITE Centers Corp.		5,400		83,376
Spirit Realty Capital, Inc.		1,700		78,268
Tanger Factory Outlet Centers, Inc.		12,900		210,270
Universal Health Realty Income Trust		700		38,689
Washington Prime Group, Inc. (a)		800		645
Wheeler Real Estate Investment Trust, Inc. (a)		2,400		7,080
Whitestone REIT		7,500		73,350

				4,917,916

Renewable Energy — 0.0%
American Superconductor Corp. (a)		400		5,832
Eneti, Inc.		190		3,173
FutureFuel Corp.		1,300		9,269
SunPower Corp. (a)		6,000		136,080
TPI Composites, Inc. (a)		2,800		94,500

				248,854

Retail & Wholesale - Discretionary — 0.3%
1847 Goedeker, Inc. (a)		7,300		22,922
Avis Budget Group, Inc. (a)		13,400		1,561,234
Barnes & Noble Education, Inc. (a)		3,400		33,966
Bassett Furniture Industries, Inc.		1,200		21,732
BlueLinx Holdings, Inc. (a)		2,400		117,312
Boot Barn Holdings, Inc. (a)		4,100		364,367
Buckle, Inc. (The)		4,700		186,073
Build-A-Bear Workshop, Inc. (a)		4,000		67,760
Caleres, Inc.		1,500		33,330
Chewy, Inc., Class A (a)		11,200		762,832
Chico’s FAS, Inc. (a)		5,200		23,348
Children’s Place, Inc. (a)		800		60,208
Conn’s, Inc. (a)		5,000		114,150
Container Store Group, Inc. (The) (a)		10,500		99,960
Designer Brands, Inc., Class A (a)		16,300		227,059
Destination XL Group, Inc. (a)		1,700		10,404
Dick’s Sporting Goods, Inc.		3,300		395,241
Duluth Holdings, Inc., Class B (a)		700		9,541

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Etsy, Inc. (a)		13,000	$	2,703,480
Express, Inc. (a)		16,700		78,824
FlexShopper, Inc. (a)		1,300		4,043
Foot Locker, Inc.		11,100		506,826
Gaia, Inc. (a)		1,700		16,116
GMS, Inc. (a)		100		4,380
Group 1 Automotive, Inc.		200		37,576
Guess?, Inc.		9,500		199,595
IAA, Inc. (a)		400		21,828
iMedia Brands, Inc. (a)		1,170		6,728
KAR Auction Services, Inc. (a)		14,500		237,655
Kohl’s Corp.		29,200		1,375,028
La-Z-Boy, Inc.		1,100		35,453
Lands’ End, Inc. (a)		800		18,832
Liquidity Services, Inc. (a)		1,000		21,610
Lumber Liquidators Holdings, Inc. (a)		500		9,340
Macy’s, Inc.		77,400		1,749,240
Nordstrom, Inc. (a)		39,700		1,050,065
Party City Holdco, Inc. (a)		27,900		198,090
Poshmark, Inc., Class A (a)		300		7,128
Qurate Retail, Inc., Class A		34		346
RealReal, Inc. (The) (a)		1,300		17,134
Revolve Group, Inc. (a)		7,800		481,806
ScanSource, Inc. (a)		100		3,479
Shift Technologies, Inc. (a)		6,400		44,416
Shoe Carnival, Inc.		4,600		149,132
Signet Jewelers Ltd.		7,200		568,512
Sonic Automotive, Inc., Class A		600		31,524
Tilly’s, Inc., Class A		5,700		79,857
Vera Bradley, Inc. (a)		3,600		33,876
Veritiv Corp. (a)		900		80,604

				13,883,962

Retail & Wholesale—Staples — 0.0%
Chefs’ Warehouse, Inc. (a)		2,700		87,939
OptimizeRx Corp. (a)		2,400		205,320
Rite Aid Corp. (a)		13,700		194,540
SpartanNash Co.		500		10,950
Walgreens Boots Alliance, Inc.		5,000		235,250

				733,999

Software & Technology Services — 1.7%
1Life Healthcare, Inc. (a)		19,400		392,850
8x8, Inc. (a)		5,000		116,950
Absolute Software Corp.		1,300		14,287
Agilysys, Inc. (a)		300		15,708

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Akamai Technologies, Inc. (a)		200	$	20,918
Alteryx, Inc., Class A (a)		1,500		109,650
Amdocs Ltd.		100		7,571
American Software, Inc., Class A		100		2,375
Appian Corp. (a)		1,500		138,765
Asana, Inc., Class A (a)		6,900		716,496
Asure Software, Inc. (a)		900		8,109
Atlassian Corp. PLC, Class A (a)		4,800		1,878,816
AudioEye, Inc. (a)		100		1,103
Automatic Data Processing, Inc.		4,900		979,608
Avid Technology, Inc. (a)		8,900		257,388
Benefitfocus, Inc. (a)		5,100		56,610
Blackline, Inc. (a)		1,400		165,284
Bottomline Technologies, Inc. (a)		1,700		66,776
Box, Inc., Class A (a)		13,500		319,545
Brightcove, Inc. (a)		5,500		63,470
C3.ai, Inc., Class A (a)		2,300		106,582
Cadence Design Systems, Inc. (a)		300		45,432
Calix, Inc. (a)		1,300		64,259
Cass Information Systems, Inc.		600		25,110
Castlight Health, Inc., Class B (a)		3,700		5,809
Cerner Corp.		36,000		2,538,720
ChannelAdvisor Corp. (a)		2,800		70,644
Citrix Systems, Inc.		300		32,211
CommVault Systems, Inc. (a)		900		67,779
Computer Programs & Systems, Inc.		100		3,546
comScore, Inc. (a)		9,800		38,220
Conduent, Inc. (a)		24,000		158,160
Crowdstrike Holdings, Inc. (a),(b)		40,000		9,831,200
CSG Systems International, Inc.		1,800		86,760
CyberArk Software Ltd. (a)		2,600		410,332
Datadog, Inc., Class A (a)		14,500		2,049,575
Descartes Systems Group, Inc. (a)		100		8,126
Digi International, Inc. (a)		600		12,612
Digimarc Corp. (a)		1,500		51,660
Domo, Inc., Class B (a)		4,100		346,204
Dropbox, Inc., Class A (a)		54,600		1,595,412
DXC Technology Co. (a)		1		34
Dynatrace, Inc. (a)		17,400		1,234,878
Ebix, Inc.		2,500		67,325
eGain Corp. (a)		2,200		22,440
EPAM Systems, Inc. (a)		200		114,096
Euronet Worldwide, Inc. (a)		1,200		152,736
ExlService Holdings, Inc. (a)		400		49,248
FactSet Research Systems, Inc.		1,300		513,214
Fastly, Inc., Class A (a)		3,900		157,716

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
FireEye, Inc. (a)		28,600	$	509,080
FleetCor Technologies, Inc. (a)		4,800		1,254,096
Forrester Research, Inc. (a)		500		24,630
Fortinet, Inc. (a)		10,400		3,037,216
Genpact Ltd.		2,900		137,779
Green Dot Corp., Class A (a)		5,800		291,914
GreenSky, Inc., Class A (a)		20,200		225,836
Grid Dynamics Holdings, Inc. (a)		100		2,922
Guidewire Software, Inc. (a)		800		95,096
IHS Markit Ltd. (b),(c)		15,700		1,830,934
Immersion Corp. (a)		8,100		55,404
Inseego Corp. (a)		1,400		9,324
Jack Henry & Associates, Inc.		1,600		262,496
Kubient, Inc. (a)		400		1,292
Limelight Networks, Inc. (a)		30,300		72,114
LivePerson, Inc. (a)		2,600		153,270
Manhattan Associates, Inc. (a)		500		76,515
MasterCard, Inc., Class A		3,600		1,251,648
McAfee Corp., Class A		3,300		72,963
Microsoft Corp. (b)		28,400		8,006,528
MicroStrategy, Inc., Class A (a)		700		404,880
Mimecast Ltd. (a)		12,500		795,000
Mitek Systems, Inc. (a)		2,600		48,100
Model N, Inc. (a)		3,400		113,900
Momentive Global, Inc. (a)		9,200		180,320
MoneyGram International, Inc. (a)		4,600		36,892
NetSol Technologies, Inc. (a)		200		916
New Relic, Inc. (a)		8,000		574,160
NextGen Healthcare, Inc. (a)		4,400		62,040
Nuance Communications, Inc. (a),(b),(c)		32,000		1,761,280
Nutanix, Inc., Class A (a)		30,000		1,131,000
ON24, Inc. (a)		8,900		177,466
OneSpan, Inc. (a)		200		3,756
Open Lending Corp., Class A (a)		7,000		252,490
Open Text Corp.		5,100		248,574
Oracle Corp.		29,000		2,526,770
PagerDuty, Inc. (a)		19,000		786,980
Palo Alto Networks, Inc. (a),(b)		12,900		6,179,100
Paychex, Inc.		3,900		438,555
Paycom Software, Inc. (a)		600		297,450
Paylocity Holding Corp. (a)		3,000		841,200
PayPal Holdings, Inc. (a)		200		52,042
PDF Solutions, Inc. (a)		1,500		34,560
PFSweb, Inc. (a)		1,000		12,900
Phreesia, Inc. (a)		700		43,190
Ping Identity Holding Corp. (a)		7,400		181,818

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Progress Software Corp.		2,700	$	132,813
PROS Holdings, Inc. (a)		2,300		81,604
PTC, Inc. (a)		4,600		551,034
PubMatic, Inc., Class A (a)		400		10,540
Qualys, Inc. (a)		3,900		434,031
Qumu Corp. (a)		3,700		9,176
Rapid7, Inc. (a)		800		90,416
RealNetworks, Inc. (a)		1,000		1,590
Rimini Street, Inc. (a)		2,000		19,300
S&P Global, Inc.		6,200		2,634,318
Sabre Corp. (a)		35,000		414,400
Sailpoint Technologies Holdings, Inc. (a)		7,900		338,752
SeaChange International, Inc. (a)		11,600		12,296
SecureWorks Corp., Class A (a)		1,100		21,868
ServiceSource International, Inc. (a)		4,400		5,940
SilverSun Technologies, Inc.		600		3,642
Simulations Plus, Inc.		100		3,950
Smith Micro Software, Inc. (a)		3,900		18,876
Sprout Social, Inc., Class A (a)		4,400		536,580
SPS Commerce, Inc. (a)		900		145,179
Synchronoss Technologies, Inc. (a)		200		480
Synopsys, Inc. (a)		700		209,587
Tenable Holdings, Inc. (a)		5,500		253,770
Teradata Corp. (a)		13,700		785,695
Toast, Inc., Class A (a),(c)		13,929		695,754
Varonis Systems, Inc. (a)		3,400		206,890
Verint Systems, Inc. (a)		300		13,437
Veritone, Inc. (a)		5,200		124,228
Verra Mobility Corp. (a)		11,400		171,798
Visa, Inc., Class A(b)		47,300		10,536,075
Vislink Technologies, Inc. (a)		34		61
VMware, Inc., Class A (a)		18,100		2,691,470
Western Union Co. (The)		6,900		139,518
Workday, Inc., Class A (a)		6,000		1,499,340
Workiva, Inc. (a)		3,200		451,072
Zendesk, Inc. (a)		5,300		616,867
ZoomInfo Technologies, Inc., Class A (a)		7,900		483,401
Zovio, Inc. (a)		1,900		4,541
Zscaler, Inc. (a)		14,400		3,775,968
Zuora, Inc., Class A (a)		13,500		223,830

				88,098,802

Specialty Finance — 0.0%
NewStar Financial, Inc. (a)		100		0

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Tech Hardware & Semiconductors — 0.7%
A10 Networks, Inc. (a)		11,100	$	149,628
Airgain, Inc. (a)		700		8,827
Alpha & Omega Semiconductor Ltd. (a)		4,500		141,165
Ambarella, Inc. (a)		4,700		731,978
Amkor Technology, Inc.		1,900		47,405
Amtech Systems, Inc. (a)		1,500		17,145
Analog Devices, Inc.		14,183		2,375,369
Anterix, Inc. (a)		1,400		84,980
Applied Materials, Inc.		1,500		193,095
Applied Optoelectronics, Inc. (a)		6,700		48,106
Arista Networks, Inc. (a)		100		34,364
Arlo Technologies, Inc. (a)		13,100		83,971
Autoscope Technologies Corp.		1,300		9,633
Avnet, Inc.		7,600		280,972
Axcelis Technologies, Inc. (a)		2,750		129,333
AXT, Inc. (a)		4,900		40,817
Benchmark Electronics, Inc.		2,700		72,117
CalAmp Corp. (a)		2,400		23,880
Cambium Networks Corp. (a)		2,000		72,380
Casa Systems, Inc. (a)		5,600		37,968
Celestica, Inc. (a)		1,300		11,544
CEVA, Inc. (a)		100		4,267
Cisco Systems, Inc.		1,500		81,645
Clearfield, Inc. (a)		100		4,415
Cohu, Inc. (a)		100		3,194
Comtech Telecommunications Corp.		1,200		30,732
Dell Technologies Inc., Class C (a)		30		3,121
DSP Group, Inc. (a)		1,800		39,438
DZS, Inc. (a)		1,800		22,068
EMCORE Corp. (a)		7,600		56,848
Everspin Technologies, Inc. (a)		400		2,592
ExOne Co. (The) (a)		1,900		44,422
Extreme Networks, Inc. (a)		19,700		194,045
FormFactor, Inc. (a)		300		11,199
Garmin Ltd.		2,500		388,650
Genasys, Inc. (a)		100		518
Harmonic, Inc. (a)		7,100		62,125
Hewlett Packard Enterprise Co.		400		5,700
Impinj, Inc. (a)		2,900		165,677
Intel Corp. (b)		201,200		10,719,936
InterDigital, Inc.		500		33,910
inTEST Corp. (a)		2,100		24,108
IPG Photonics Corp. (a)		200		31,680
Juniper Networks, Inc.		20,000		550,400
Knowles Corp. (a)		4,400		82,456

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Kopin Corp. (a)		16,296	$	83,598
Lam Research Corp.		2,000		1,138,300
MaxLinear, Inc., Class A (a)		1,800		88,650
Microchip Technology, Inc.		21,200		3,253,988
NeoPhotonics Corp. (a)		9,300		81,003
NetApp, Inc.		7,300		655,248
NetScout Systems, Inc. (a)		3,900		105,105
O2Micro International Ltd., ADR (a)		200		1,208
ON Semiconductor Corp. (a)		9,200		421,084
One Stop Systems, Inc. (a)		900		4,527
Ouster, Inc. (a)		100		732
PAR Technology Corp. (a)		1,700		104,567
Photronics, Inc. (a)		7,100		96,773
Pitney Bowes, Inc.		20,600		148,526
Pixelworks, Inc. (a)		13,100		62,618
PlayAGS, Inc. (a)		5,000		39,400
Power Integrations, Inc.		2,000		197,980
Powerfleet, Inc. (a)		1,500		10,050
Pure Storage, Inc., Class A (a)		70,800		1,781,328
QUALCOMM, Inc. (b)		73,600		9,492,928
Quantum Corp. (a)		1,800		9,324
QuickLogic Corp. (a)		400		2,144
Rambus, Inc. (a)		9,300		206,460
Rekor Systems, Inc. (a)		1,300		14,937
Resonant, Inc. (a)		7,700		18,634
Seagate Technology Holdings plc		400		33,008
Semtech Corp. (a)		600		46,782
SMART Global Holdings, Inc. (a)		1,700		75,650
Stratasys Ltd. (a)		16,300		350,776
Super Micro Computer, Inc. (a)		1,100		40,227
Teradyne, Inc.		500		54,585
Turtle Beach Corp. (a)		300		8,346
Veeco Instruments, Inc. (a)		3,130		69,517
Vishay Intertechnology, Inc.		7,900		158,711
Vishay Precision Group, Inc. (a)		800		27,816
Vocera Communications, Inc. (a)		4,829		220,975
VOXX International Corp. (a)		3,000		34,350
Vuzix Corp. (a)		1,700		17,782
Xerox Holdings Corp.		36,300		732,171
Xilinx, Inc. (b),(c)		8,300		1,253,217

				38,300,848

Telecommunications — 0.0%
BCE, Inc.		6,000		300,360
Cogent Communications Holdings, Inc.		500		35,420
Consolidated Communications Holdings, Inc. (a)		24		220
EchoStar Corp., Class A (a)		7,600		193,876

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
ESC NII Holdings, Inc. (a),(d)		50,677	$	109,969
Gogo, Inc. (a)		21,000		363,300
INNOVATE Corp. (a)		6,558		26,888
Ooma, Inc. (a)		1,900		35,359
Spok Holdings, Inc.		2,300		23,506
Switch, Inc., Class A		900		22,851
Zix Corp. (a)		6,700		47,369

				1,159,118

Utilities — 0.1%
Ameren Corp. (b),(c)		1,857		150,417
American Water Works Co., Inc. (b),(c)		491		82,999
CMS Energy Corp. (b),(c)		2,077		124,059
Consolidated Water Co. Ltd.		700		7,980
Duke Energy Corp. (b),(c)		2,515		245,439
Eversource Energy (b),(c)		1,306		106,778
NextEra Energy, Inc. (b),(c)		2,480		194,730
PG&E Corp. (a),(b),(c)		198,336		1,904,026
Unitil Corp.		1,100		47,058
Via Renewables, Inc.		1,200		12,228
WEC Energy Group, Inc. (b),(c)		1,985		175,077

				3,050,791

Total North America				935,021,485

Oceania — 0.0%
Materials — 0.0%
BHP Group plc, ADR		600		30,414

Total Oceania				30,414

South America — 0.0%
Banking — 0.0%
Grupo Aval Acciones y Valores SA, ADR		400		2,312

Materials — 0.0%
Cia Siderurgica Nacional SA, ADR		2,300		12,098

Oil, Gas & Coal — 0.0%
Geopark Ltd.		1,000		12,760
Gran Tierra Energy, Inc. (a)		14,000		10,345

				23,105

Software & Technology Services — 0.0%
Atento SA (a)		219		6,178

Total South America				43,693

TOTAL COMMON STOCK (COST $993,836,340)				994,880,897

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
CONVERTIBLE PREFERRED STOCKS — 0.0%
North America — 0.0%
EPR Properties (b),(c)		36,675	$	973,637

Total North America				973,637

TOTAL CONVERTIBLE PREFERRED STOCKS (COST $832,044)				973,637


PREFERRED STOCK — 0.1%
North America — 0.1%
Real Estate — 0.0%
EPR Properties (b),(c)		91,225		2,364,552

Retail & Wholesale—Discretionary — 0.1%
Guitar Center, Inc. (a),(c),(d)		38,645		4,862,828

Total North America				7,227,380

TOTAL PREFERRED STOCK (COST $6,204,186)				7,227,380


Security Description	Principal Amount		Value

ASSET-BACKED SECURITIES — 1.3%
North America — 1.3%
AIG CLO Ltd., Series 2019-2A, Class E, 3 mo. USD LIBOR + 7.25%, 7.38%, 10/25/32 (b),(c),(e),(f)	$	250,000		250,559
Ajax Mortgage Loan Trust,
Series 2021-E, Class B1, 3.73%, 12/25/60 (b),(c),(e),(f)		972,000		970,970
Series 2021-E, Class B2, 3.80%, 12/25/60 (b),(c),(e),(f)		762,000		733,043
Arbor Realty Collateralized Loan Obligation Ltd., Series 2020-FL1, Class C, Update Replacements.xls: SOFR30A + 2.16%, 2.21%, 02/15/35 (b),(c),(e),(f)		1,792,000		1,793,122
Ares LIV CLO Ltd., Series 2019-54A, Class E, 3 mo. USD LIBOR + 7.34%, 7.47%, 10/15/32 (b),(c),(e),(f)		250,000		249,688
Ares LXI CLO Ltd., Series 2021-61A, Class E, 3 mo. USD LIBOR + 6.25%, 6.38%, 10/20/34 (c),(e),(f)		1,000,000		997,500
Ares XLIII CLO Ltd., Series 2017-43A, Class ER, 3 mo. USD LIBOR + 6.86%, 6.99%, 07/15/34 (b),(c),(e),(f)		1,500,000		1,483,260
Balboa Bay Loan Funding Ltd., Series 2021-1A, Class E, 3 mo. USD LIBOR + 6.16%, 6.31%, 07/20/34 (b),(c),(e),(f)		1,000,000		988,310

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Barings CLO Ltd.,
Series 2019-2A, Class DR, 3 mo. USD LIBOR + 6.78%, 6.91%, 04/15/36 (b),(c),(e),(f)	$	500,000	$	496,592
Series 2019-3A, Class ER, 3 mo. USD LIBOR + 6.70%, 6.83%, 04/20/31 (b),(c),(e),(f)		1,000,000		997,456
Barings CLO Ltd., Series 2020-2A, Class E2, 3 mo. USD LIBOR + 7.90%, 8.03%, 10/15/33 (b),(c),(e),(f)		1,000,000		998,472
Barings CLO Ltd., Series 2021-2A, Class E, 3 mo. USD LIBOR + 6.25%, 6.35%, 07/15/34 (c),(e),(f)		1,000,000		1,000,084
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class DRR, 3 mo. USD LIBOR + 7.20%, 7.33%, 01/20/32 (b),(c),(e),(f)		1,000,000		996,378
Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class ER, 3 mo. USD LIBOR + 6.75%, 6.89%, 07/15/34 (b),(c),(e),(f)		1,000,000		999,845
Benefit Street Partners CLO XXI Ltd., Series 2020-21A, Class ER, 3 mo. USD LIBOR + 6.70%, 6.78%, 10/15/34 (c),(e),(f)		1,000,000		997,425
BlueMountain CLO XXVIII Ltd., Series 2021-28A, Class E, 3 mo. USD LIBOR + 6.40%, 6.53%, 04/15/34 (b),(c),(e),(f)		250,000		249,368
Broad River Bsl Funding CLO Ltd., Series 2020-1A, Class ER, 3 mo. USD LIBOR + 6.50%, 6.63%, 07/20/34 (b),(c),(e),(f)		1,000,000		997,459
CARLYLE US CLO Ltd., Series 2020-1A, Class DR, 3 mo. USD LIBOR + 6.25%, 6.38%, 07/20/34 (c),(e),(f)		1,000,000		997,462
CarVal CLO I Ltd., Series 2018-1A, Class E, 3 mo. USD LIBOR + 5.77%, 5.90%, 07/16/31 (b),(c),(e),(f)		2,000,000		1,966,190
CarVal CLO II Ltd., Series 2019-1A, Class ER, 3 mo. USD LIBOR + 6.57%, 6.70%, 04/20/32 (b),(c),(e),(f)		2,500,000		2,469,577
CarVal CLO IV Ltd., Series 2021-1A, Class E, 3 mo. USD LIBOR + 6.60%, 1.00%, 07/20/34 (c),(e),(f)		1,000,000		987,806
Cedar Funding IV CLO Ltd., Series 2014-4A, Class ERR, 3 mo. USD LIBOR + 6.61%, 6.75%, 07/23/34 (b),(c),(e),(f)		1,500,000		1,483,126
Cedar Funding VI CLO Ltd., Series 2016-6A, Class ERR, 3 mo. USD LIBOR + 6.72%, 6.85%, 04/20/34 (c),(e),(f)		1,250,000		1,246,820
CIFC Funding Ltd., Series 2019-3A, Class DR, 3 mo. USD LIBOR + 6.80%, 6.90%, 10/16/34 (c),(e),(f)		1,000,000		997,480

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Citigroup Mortgage Loan Trust, Series 2019-E, Class A2, 4.88%, 11/25/70 (b),(c),(e)	$	1,000,000	$	1,014,369
CoreVest American Finance Trust,
Series 2019-1, Class E, 5.49%, 03/15/52 (b),(c),(e)		196,000		216,882
Series 2019-2, Class XA, 2.53%, 06/15/52 (b),(c),(e),(f),(g)		14,432,447		1,249,850
Series 2019-2, Class E, 5.36%, 06/15/52 (b),(c),(e),(f)		707,000		764,748
Series 2019-3, Class XA, 2.20%, 10/15/52 (b),(c),(e),(f),(g)		12,232,735		824,829
Series 2019-3, Class E, 4.91%, 10/15/52 (b),(c),(e),(f)		124,000		136,186
Series 2020-1, Class E, 4.83%, 03/15/50 (b),(c),(e),(f)		100,000		108,912
Series 2020-4, Class XB, 2.83%, 12/15/52 (b),(c),(e),(f),(g)		1,000,000		147,183
Series 2020-4, Class XA, 3.87%, 12/15/52 (b),(c),(e),(f),(g)		950,842		143,914
Series 2021-1, Class XA, 3.12%, 04/15/53 (b),(c),(e),(f),(g)		908,179		108,086
Series 2021-2, Class XA, 3.16%, 07/15/54 (b),(c),(e),(f),(g)		997,381		141,883
Countrywide Asset-Backed Certificates, Series 2007-3, Class 2A4, 1 mo. USD LIBOR + .32%, 0.41%, 05/25/47 (c),(f)		318,197		246,161
Dryden 95 CLO Ltd., Series 2021-95A, Class E, 3 mo. USD LIBOR + 6.15%, 6.27%, 08/20/34 (b),(c),(e),(f)		1,000,000		999,967
FBR Securitization Trust, Series 2005-5, Class M4, 1 mo. USD LIBOR + .98%, 1.06%, 11/25/35 (b),(c),(f)		512,000		381,936
Fort Washington CLO, Series 2019-1A, Class E, 3 mo. USD LIBOR + 7.25%, 7.38%, 10/20/32 (b),(c),(e),(f)		500,000		497,865
Fort Washington CLO Ltd., Series 2021-2A, Class E, 3 mo. USD LIBOR + 6.61%, 6.73%, 10/20/34 (b),(c),(e),(f)		1,500,000		1,499,808
Galaxy XXII CLO Ltd., Series 2016-22A, Class ERR, 3 mo. USD LIBOR + 6.50%, 6.63%, 04/16/34 (b),(c),(e),(f)		500,000		494,089
Galaxy XXVII CLO Ltd., Series 2018-27A, Class E, 3 mo. USD LIBOR + 5.78%, 5.90%, 05/16/31 (b),(c),(e),(f)		1,000,000		984,102
Goldentree Loan Management US CLO 8 Ltd., Series 2020-8A, Class ER, 3 mo. USD LIBOR + 6.15%, 6.24%, 10/20/34 (b),(c),(e),(f)		1,000,000		998,587

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Greywolf CLO II Ltd., Series 2013-1A, Class C1RR, 3 mo. USD LIBOR + 3.35%, 3.48%, 04/15/34 (b),(c),(e),(f)	$	1,000,000	$	998,492
GSAA Home Equity Trust, Series 2004-5, Class M2, 4.36%, 06/25/34 (b),(c)		299,694		249,967
Gulf Stream Meridian 5 Ltd., Series 2021-5A, Class D, 3 mo. USD LIBOR + 6.33%, 6.43%, 07/15/34 (b),(c),(e),(f)		1,500,000		1,495,189
HalseyPoint CLO 4 Ltd., Series 2021-4A, Class E, 3 mo. USD LIBOR + 6.71%, 1.00%, 04/20/34 (b),(c),(e),(f)		1,500,000		1,496,188
Jamestown CLO XIV Ltd., Series 2019-14A, Class DR, 3 mo. USD LIBOR + 7.20%, 1.00%, 10/20/34 (c),(e)		1,000,000		977,500
Kayne CLO II Ltd., Series 2018-2A, Class ER, 3 mo. USD LIBOR + 6.00%, 6.13%, 10/15/31 (b),(c),(e),(f)		416,667		411,115
Kayne CLO III Ltd., Series 2019-3A, Class ER, 3 mo. USD LIBOR + 6.50%, 6.63%, 04/15/32 (b),(c),(e),(f)		1,000,000		1,002,393
Long Beach Mortgage Loan Trust,
Series 2006-10, Class 2A3, 1 mo. USD LIBOR + .16%, 0.25%, 11/25/36 (c),(f),(h)		2,542,480		1,103,723
Series 2006-4, Class 2A4, 1 mo. USD LIBOR + .52%, 0.61%, 05/25/36 (c),(f),(h)		7,274,775		3,098,952
Mastr Asset Backed Securities Trust,
Series 2006-WMC3, Class A4, 1 mo. USD LIBOR + .16%, 0.25%, 08/25/36 (b),(c),(f)		511,246		232,868
Series 2006-WMC4, Class A5, 1 mo. USD LIBOR + .15%, 0.24%, 10/25/36 (b),(c),(f)		542,818		233,558
Morgan Stanley ABS Capital I, Inc.,
Series 2007-HE3, Class A2C, 1 mo. USD LIBOR + .15%, 0.24%, 12/25/36 (c),(f),(h)		527,374		336,472
Series 2007-HE3, Class A2D, 1 mo. USD LIBOR + .25%, 0.34%, 12/25/36 (c),(f),(h)		640,873		417,123
Neuberger Berman Loan Advisers CLO 38 Ltd., Series 2020-38A, Class ER, 3 mo. USD LIBOR + 6.25%, 1.00%, 10/20/35 (c),(e),(f)		1,000,000		997,500
New Mountain CLO 2 Ltd., Series CLO-2A, Class E, 3 mo. USD LIBOR + 6.36%, 6.56%, 04/15/34 (c),(e),(f)		1,000,000		997,433
Nomura CRE CDO Ltd., Series 2007-2A, Class D, 3 mo. USD LIBOR + .45%, 0.58%, 05/21/42 (b),(c),(e),(f)		226,257		84,847
Parallel Ltd., Series 2019-1A, Class E, 3 mo. USD LIBOR + 6.72%, 6.85%, 07/20/32 (b),(c),(e),(f)		666,500		649,922

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Pikes Peak CLO 6, Series 2020-6A, Class ER2, 3 mo. USD LIBOR + 6.43%, 6.55%, 05/18/34 (b),(c),(e),(f)	$	500,000	$	498,715
Post CLO 2021-1 Ltd., Series 2021-1A, Class E, 3 mo. USD LIBOR + 6.45%, 6.58%, 10/15/34 (b),(c),(e),(f)		1,000,000		999,851
PPM CLO 2 Ltd., Series 2019-2A, Class E, 3 mo. USD LIBOR + 6.55%, 6.68%, 04/16/32 (b),(c),(e),(f)		1,750,000		1,754,287
PPM CLO 3 Ltd., Series 2019-3A, Class ER, 3 mo. USD LIBOR + 6.61%, 6.74%, 04/17/34 (b),(c),(e),(f)		500,000		494,429
PRET 2021-NPL3 LLC, Series 2021-NPL3, Class A2, 3.72%, 07/25/51 (c),(e)		101,000		100,938
Romark CLO IV Ltd., Series 2021-4A, Class D, 3 mo. USD LIBOR + 6.95%, 7.10%, 07/10/34 (b),(c),(e),(f)		500,000		499,008
RR 17 Ltd., Series 2021-17A, Class D, 3 mo. USD LIBOR + 6.50%, 6.64%, 07/15/34 (b),(c),(e),(f)		1,000,000		997,137
RR 2 Ltd., Series 2017-2A, Class DR, 3 mo. USD LIBOR + 5.80%, 5.93%, 04/15/36 (b),(c),(e),(f)		1,000,000		987,952
Shackleton XIV CLO Ltd., Series 2019-14A, Class ER, 3 mo. USD LIBOR + 7.32%, 7.45%, 07/20/34 (b),(c),(e),(f)		500,000		492,881
Sound Point CLO XXIII, Series 2019-2A, Class ER, 3 mo. USD LIBOR + 6.47%, 6.62%, 07/15/34 (c),(e),(f)		2,400,000		2,331,490
TCI-Flatiron CLO Ltd., Series 2017-1A, Class E, 3 mo. USD LIBOR + 6.35%, 6.47%, 11/18/30 (b),(c),(e),(f)		750,000		749,974
Trestles CLO IV Ltd., Series 2021-4A, Class E, 3 mo. USD LIBOR + 6.25%, 6.38%, 07/21/34 (c),(e),(f)		1,000,000		997,326
Trinitas CLO VI Ltd., Series 2017-6A, Class ER, 3 mo. USD LIBOR + 6.82%, 6.94%, 01/25/34 (b),(c),(e),(f)		1,000,000		976,112
Trinitas CLO VIII Ltd., Series 2018-8A, Class E, 3 mo. USD LIBOR + 5.90%, 6.03%, 07/20/31 (b),(c),(e),(f)		500,000		473,242
Vericrest Opportunity Loan Transferee, Series 2021-NP11, Class A2, 4.21%, 08/25/51 (c),(e)		100,000		99,811
Vibrant CLO XIII Ltd., Series 2021-13A, Class D, 3 mo. USD LIBOR + 7.06%, 7.16%, 07/15/34 (b),(c),(e),(f)		1,500,000		1,481,407
VOLT CIII LLC, Series 2021-CF1, Class A2, 3.97%, 08/25/51 (b),(c),(e)		124,000		123,933
Voya CLO Ltd., Series 2018-3A, Class E, 3 mo. USD LIBOR + 5.75%, 5.88%, 10/15/31 (b),(c),(e),(f)		1,500,000		1,434,564

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Security Description

Principal
Amount

Value

Washington Mutual Asset-Backed Certificates WMABS Trust, Series 2006-HE2, Class A3, 1 mo. USD LIBOR + .30%, 0.39%, 05/25/36 (b),(c),(f)

412,135

368,259

Total North America

66,951,907

TOTAL ASSET-BACKED SECURITIES
(COST $67,198,093)

66,951,907

CONVERTIBLE BONDS — 0.1%

Asia — 0.0%

Internet Media — 0.0%

iQIYI, Inc.,

2.00%, 04/01/25 (c)

3,466,000

3,046,688

4.00%, 12/15/26 (c)

151,000

128,727

3,175,415

Total Asia

3,175,415

North America — 0.1%

Financial Services — 0.1%

RWT Holdings, Inc., 5.75%, 10/01/25 (b),(c)

3,418,000

3,485,830

Medical Equipment & Devices Manufacturing — 0.0%

Haemonetics Corp., 0.00%, 03/01/26 (b),(c),(e),(i)

1,396,000

1,203,833

Total North America

4,689,663

TOTAL CONVERTIBLE BONDS
(COST $7,702,933)

7,865,078

BANK DEBT — 3.3%

Asia — 0.0%

Software & Services — 0.0%

Grab Holdings Inc Term Loan B,
5.50%, 01/29/26 (c),(f)

1,298,480

1,309,296

Total Asia

1,309,296

Europe — 0.0%

Consumer Discretionary Services — 0.0%

McLaren Racing Limited, GBP Term Loan, PIK, 0.00%, 12/31/35 (c),(d),(j)

1,807,064

GBP

2,531,697

North America — 3.1%

Apparel & Textile Products — 0.1%

Mad Engine Global, LLC Term Loan,
8.00%, 07/16/27 (c),(d),(f)

1,188,094

1,161,362

S&S Holdings LLC Term Loan,
5.50%, 03/11/28 (c),(f)

6,155,209

6,103,936

7,265,298

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Casinos & Gaming — 0.1%
Gateway Casinos & Entertainment Limited, 2018 Term Loan B, 3 mo. LIBOR + 3.50%, 4.50%, 03/13/25 (c),(f)	$	6,645,340	$	6,614,904

Consumer Discretionary Services — 0.3%
Hornblower Sub, LLC 2021 Incremental Term Loan, 9.13%, 11/10/25 (c),(d)		1,110,886		1,160,875
Infinity Bidco US LLC,
2021 Incremental Fixed Term Loan, 9.50%, 04/01/28 (c),(d)		2,449,167		2,424,675
Fixed Term Loan, 9.50%, 12/23/22 (c),(d)		5,715,387		5,658,235
Montreign Resort Casino 2021 2nd Lien Term Loan, 10.59%, 03/19/22 (c),(d)		6,118,009		6,118,009

				15,361,794

Consumer Services — 0.1%
KNS Acquisition Corp. Term Loan, 7.00%, 04/21/27 (c),(d),(f)		4,200,372		4,176,766

Containers & Packaging — 0.2%
Charter NEX US, Inc., 2021 Term Loan, 1 mo. LIBOR + 4.50%, 4.50%, 12/01/27 (c),(f)		2,478		2,482
Fort Dearborn Company,
2016 1st Lien Term Loan, 5.00%, 10/19/23 (c),(f)		5,047,810		5,043,620
2016 2nd Lien Term Loan, 9.50%, 10/21/24 (c),(f)		2,510,495		2,504,220

				7,550,322

Entertainment Resources — 0.4%
Alterra Mountain Company, 2021 Series B-2 Consenting Term Loan, 1 mo. LIBOR + 4.00%, 4.00%, 08/17/28 (c),(f)		110,000		109,587
Bulldog Purchaser, Inc., 2018 Term Loan, 3 mo. LIBOR + 3.87%, 3.87%, 09/05/25 (c),(d),(f)		4,319,183		4,173,410
Equinox Holdings, Inc.,
2017 1st Lien Term Loan, 4.00%, 03/08/24 (c),(f)		13,014,333		12,029,408
2017 2nd Lien Term Loan, 8.00%, 03/08/25 (c),(f)		3,225,786		2,803,756
Life Time Fitness Inc 2021 Term Loan B, 5.750%, 12/15/24 (c),(f)		3,600,928		3,625,704

				22,741,865

Exploration & Production — 0.0%
Par Pacific Holdings, Inc. Term Loan B, 6.87%, 01/12/26 (c),(f)		1,739,555		1,723,603

Financial Services — 0.0%
Syncapay Inc Term Loan B, 7.50%, 12/10/27 (c),(f)		1,195,346		1,198,335

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Health Care — 0.0%
Azurity Pharmaceuticals, Inc., 2021 Term Loan B, 0.00%, 09/09/28 (c),(d),(j)	$	1,506,944	$	1,473,038

Health Care Facilities & Services — 0.2%
New Millennium HoldCo, Inc. 2020 Term Loan, 5.58%, 05/01/25 (c),(d)		2,292,842		2,258,449
Quorum Health Corporation 2020 Term Loan, 8.00%, 04/29/25 (c),(f)		8,793,512		8,799,052

				11,057,501

Health Care Facilities & Services — 0.1%
Gordian Medical, Inc. Term Loan B, 7.00%, 04/01/27 (c)		1,179,562		1,176,119
Team Health Holdings, Inc. 1st Lien Term Loan, 3.75%, 02/06/24 (c),(f)		2,066,342		2,009,517

				3,185,636

Home Improvement — 0.0%
Stitch Acquisition Corporation Term Loan B, 7.50%, 08/01/28 (c),(f)		1,570,021		1,469,273

Industrial Other — 0.2%
Infinite Bidco LLC 2nd Lien Term Loan, 7.50%, 03/02/29 (c),(d),(f)		1,544,345		1,552,067
QualTek USA, LLC 2018 1st Lien Term Loan, 7.25%, 07/18/25 (c),(f)		10,135,299		9,983,269

				11,535,336

Machinery Manufacturing — 0.3%
Arcline FM Holdings, LLC 2021 2nd Lien Term Loan, 9.00%, 06/23/29 (c),(d),(f)		2,174,679		2,174,679
Engineered Machinery Holdings, Inc.,
2021 USD 2nd Lien Incremental Term Loan, 3 mo. LIBOR + 7.25%, 7.25%, 05/21/29 (c),(d),(f)		190,451		191,879
2021 USD 2nd Lien Term Loan, 6.75%, 05/21/29 (c),(d),(f)		11,545,028		11,631,616

				13,998,174

Manufactured Goods — 0.1%
WireCo WorldGroup, Inc. 1st Lien Term Loan, 6.00%, 09/30/23 (c),(f)		6,681,912		6,679,105

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Pharmaceuticals — 0.2%
Mallinckrodt International Finance S.A.,
2018 Term Loan B, 1 mo. LIBOR + 6.25%, 3.75%, 02/24/25 (c),(f)	$	933,379	$	878,935
2018 Term Loan B, 1 mo. LIBOR + 6.25%, 6.25%, 02/24/25 (c),(f)		867,067		816,491
Revolver, 0.00%, 02/28/22 (c),(f),(j)		—		0
USD Term Loan B, 6 mo. LIBOR + 6.00%, 3.50%, 09/24/24 (c),(f)		4,266,326		4,024,553
USD Term Loan B, 6 mo. LIBOR + 6.00%, 6.00%, 09/24/24 (c),(f)		3,760,044		3,546,962

				9,266,941

Publishing & Broadcasting — 0.1%
A-L Parent LLC 2016 1st Lien Term Loan, 4.25%, 12/01/23 (c),(f)		2,833,121		2,714,866
LBI Media, Inc., Exit Term Loan, 3 mo. LIBOR + 8.50%, 8.50%, 10/15/24 (c),(d)		334,049		103,889

				2,818,755

Real Estate — 0.0%
Geo Group, Inc. (The) 2018 Term Loan B, 2.75%, 03/23/24 (c),(f)		2,135,104		1,969,868

Refining & Marketing — 0.2%
CITGO Holding Inc. 2019 Term Loan B, 8.00%, 08/01/23 (c),(f)		3,980,263		3,924,539
Citgo Petroleum Corporation 2019 Term Loan B, 7.25%, 03/28/24 (c),(f)		5,369,541		5,365,084

				9,289,623

Software & Services — 0.2%
Blackboard, Inc. 2019 Term Loan B5, 7.00%, 06/30/24 (c),(f)		4,262,930		4,282,114
Constant Contact Inc,
Second Lien Term Loan, 3 mo. LIBOR + 8.25%, 7.58%, 02/10/29 (c),(d),(f)		1,486,672		1,464,372
Second Lien Term Loan, 3 mo. LIBOR + 8.25%, 8.25%, 02/10/29 (c),(d),(f)		1,343,870		1,323,712
DMT Solutions Global Corporation 2020 Incremental Term Loan, 8.00%, 07/02/24 (c),(d),(f)		3,189,257		3,183,293
Project Ruby Ultimate Parent Corp., 2021 Term Loan, 1 mo. LIBOR + 4.00%, 4.00%, 03/10/28 (c),(f)		308,783		308,301

				10,561,792

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Travel & Lodging — 0.3%
Casablanca US Holdings, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 4.08%, 4.08%, 03/29/24 (c),(f)	$	1,962,916	$	1,957,401
Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 1 mo. LIBOR + 3.50%, 3.50%, 08/02/28 (c),(f)		1,114,000		1,116,506
Hornblower Sub, LLC,
2020 Repriced Term Loan B, 5.75%, 04/27/25 (c),(f)		10,582,670		9,990,040
2020 Term Loan, 6 mo. LIBOR + 9.13%, 9.13%, 11/10/25 (c),(d),(f)		55,013		57,488
2020 Term Loan, 6 mo. LIBOR + 9.13%, 9.13%, 11/10/25 (c),(d),(f)		53,035		55,422

				13,176,857

Utilities — 0.0%
Brazos Electric Power Cooperative Inc, Revolver, 0.00%, 09/28/23 (c),(f),(j)		0		0

Total North America				163,114,786

South America — 0.2%
Industrial Services — 0.1%
Latam Airlines Group S.A.,
PIK DIP Delayed Draw Term Loan A, 3 mo. LIBOR, 0.15%, 04/08/22 (c),(d)		2,186,159		2,197,090
PIK DIP Delayed Draw Term Loan C, 3 mo. LIBOR, 0.15%, 04/08/22 (c),(d)		1,401,155		1,471,212

				3,668,302

Iron & Steel — 0.1%
Samarco Mineracao S.A., Fixed Rate Term Loan, 0.00%, 08/31/21 (c),(d),(j)		11,623,127		6,755,943

Total South America				10,424,245

TOTAL BANK DEBT (COST $179,360,671)				177,380,024


CORPORATE BONDS & NOTES — 6.7%
Africa — 0.3%
Banks — 0.1%
Access Bank PLC, 9.13%, 12/31/99 (c),(f)		3,296,000		3,296,000

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount			Value
Utilities — 0.2%
Eskom Holdings SOC Ltd.,
6.75%, 08/06/23 (c),(e)	$	6,668,000		$	6,874,321
8.45%, 08/10/28 (k)		3,660,000			4,044,300

					10,918,621

Total Africa					14,214,621

Asia — 0.3%
Banks — 0.1%
Bangkok Bank PCL, 5 year CMT + 2.15%, 3.47%, 09/23/36 (c),(e),(f)		6,000,000			5,932,639
Tinkoff Bank JSC Via TCS Finance Ltd., 5 year CMT + 5.15%, 6.00%, 12/31/49 (c),(e),(f)		2,884,000			2,882,270

					8,814,909

Coal Operations — 0.1%
Suek Securities DAC, 3.38%, 09/15/26 (c),(e)		4,120,000			4,107,063

Financial Services — 0.1%
Huarong Finance 2017 Co., Ltd., MTN, 5 year CMT + 6.98%, 4.00%, 12/31/99 (c),(f),(k)		1,236,000			1,137,120
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (k)		3,232,000			3,376,897

					4,514,017

Real Estate — 0.0%
China Evergrande Group,
8.75%, 06/28/25 (c),(k)		853,000			200,455
9.50%, 04/11/22 (c),(k)		434,000			105,245

					305,700

Total Asia					17,741,689

Europe — 0.8%
Aerospace & Defense — 0.1%
Rolls-Royce plc,
4.63%, 02/16/26 (c),(k)		1,161,000	EUR		1,489,442
5.75%, 10/15/27 (b),(c),(e)	$	1,848,000			2,042,040
MTN, 1.63%, 05/09/28 (c),(k)		1,422,000	EUR		1,585,405

					5,116,887

Automobiles Manufacturing — 0.1%
Aston Martin Capital Holdings Ltd., 10.500%, 11/30/25 (b),(c),(e),(k)	$	5,404,000			6,018,705
Mclaren Finance plc, 7.50%, 08/01/26 (b),(c),(e)		2,023,000			2,047,782

					8,066,487

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount			Value
Banks — 0.1%
HSBC Bank plc,
0.00%, 02/10/22 (e),(i)		43,600,000	EGP	$	2,652,333
MTN, 0.00%, 12/23/21 (e),(i)		28,750,000	EGP		1,778,952

					4,431,285

Food & Beverage — 0.1%
Forno d’Asolo SpA, 3 mo. EURIBOR + 5.50%, 5.50%, 04/30/27 (c),(e),(f)		3,404,000	EUR		3,821,578

Real Estate — 0.0%
Unique Pub Finance Co. plc (The), 7.40%, 03/28/24 (c),(k)		78,864	GBP		112,320

Restaurants — 0.2%
Stonegate Pub Co. Financing 2019 plc, 8.250%, 07/31/25 (c),(e),(k)		9,577,000	GBP		13,562,158

Transportation & Logistics — 0.2%
Heathrow Finance plc,
4.38%, 03/01/27 (c),(k)		4,573,000	GBP		6,257,660
4.63%, 09/01/29 (c),(k)		1,483,000	GBP		2,030,245

					8,287,905


Total Europe					43,398,620

Middle East — 0.0%
Integrated Oils — 0.0%
OQ SAOC, 5.13%, 05/06/28 (e)	$	725,000			733,323

Utilities — 0.0%
Oryx Funding Ltd., 5.80%, 02/03/31 (e)		917,000			969,574


Total Middle East					1,702,897

North America — 4.7%
Banks — 0.1%
JPMorgan Chase Bank N.A., MTN, 0.00%, 03/17/22 (e),(i)		48,555,000	EGP		2,919,169

Chemicals — 0.0%
LyondellBasell Industries NV,
0.00%, 08/15/49 (c),(l)	$	16,732,095			120,471
1.00%, 08/15/15 (c),(l)		980,468	EUR		10,222

					130,693

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount			Value
Consumer Finance — 0.2%
Curo Group Holdings Corp., 7.50%, 08/01/28 (b),(c),(e)	$	5,783,000		$	5,842,102
PHH Mortgage Corp., 7.88%, 03/15/26 (b),(c),(e)		2,705,000			2,752,338

					8,594,440

Consumer Products — 0.1%
Kronos Acquisition Holdings, Inc., 7.00%, 12/31/27 (b),(c),(e)		4,285,000			4,107,601

Consumer Services — 0.2%
TKC Holdings, Inc.,
6.88%, 05/15/28 (b),(c),(e)		6,519,000			6,730,868
10.50%, 05/15/29 (b),(c),(e)		5,613,000			6,153,251

					12,884,119

Containers & Packaging — 0.1%
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/25 (b),(c),(e)		8,445,000			8,393,528

Exploration & Production — 0.3%
Par Petroleum LLC/Par Petroleum Finance Corp., 12.88%, 01/15/26 (b),(c),(e)		340,000			379,950
Par Petroleum LLC/Petroleum Finance Corp., 7.75%, 12/15/25 (b),(c),(e)		14,235,000			14,230,730
Tullow Oil plc, 10.25%, 05/15/26 (e)		2,843,000			2,968,831

					17,579,511

Financial Services — 0.1%
Citigroup Global Markets Holdings, Inc.,
0.00%, 03/31/22 (e),(i)		64,631,628	EGP		3,874,033
MTN, 0.00%, 12/16/21 (b),(e),(i)		62,079,797	EGP		3,851,001
MF Global Holdings Ltd., 6.75%, 08/08/16 (c),(d),(l),(m)	$	436,000			119,900

					7,844,934

Food & Beverage — 0.0%
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 8.50%, 12/15/22 (b),(c),(e)		564,000			573,870

Health Care Facilities & Services — 0.3%
BCPE Cycle Merger Sub II, Inc., 10.63%, 07/15/27 (b),(c),(e)		3,694,000			3,924,875
CAN Community Health, Inc., 8.50%, 03/01/28 (b),(c),(e)		4,230,000			4,695,300
Team Health Holdings, Inc., 6.38%, 02/01/25 (b),(c),(e)		6,732,000			6,505,670

					15,125,845

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Home Improvement — 0.1%
Werner FinCo LP / Werner FinCo, Inc., 8.75%, 07/15/25 (b),(c),(e)	$	4,383,000	$	4,566,538

Industrial Other — 0.6%
Brand Industrial Services, Inc., 8.50%, 07/15/25 (b),(c),(e)		8,460,000		8,491,725
IEA Energy Services LLC, 6.63%, 08/15/29 (b),(c),(e)		3,561,000		3,527,883
Michael Baker International LLC, 8.75%, 03/01/23 (b),(c)		20,814,000		20,970,105

				32,989,713

Integrated Oils — 0.5%
Petroleos Mexicanos,
3.50%, 01/30/23		2,372,000		2,401,650
4.50%, 01/23/26		1,027,000		1,032,854
5.95%, 01/28/31		1,712,000		1,659,613
6.35%, 02/12/48		5,773,000		4,877,983
6.38%, 01/23/45		2,673,000		2,272,344
6.75%, 09/21/47 (c)		5,699,000		4,970,468
6.88%, 10/16/25 (c),(e)		9,182,000		10,054,290
6.95%, 01/28/60		1,976,000		1,726,826

				28,996,028

Internet Media — 0.1%
Getty Images, Inc., 9.75%, 03/01/27 (b),(c),(e)		3,162,000		3,367,530

Machinery Manufacturing — 0.1%
Husky III Holding Ltd., PIK, 13.00%, 02/15/25 (b),(c),(e)		4,110,000		4,366,875

Manufactured Goods — 0.1%
FXI Holdings, Inc., 12.25%, 11/15/26 (b),(c),(e)		4,730,000		5,368,550

Oil & Gas Services & Equipment — 0.2%
CSI Compressco LP / CSI Compressco Finance, Inc.,
7.25%, 08/15/22 (b),(c)		9,455,000		9,171,350
7.50%, 04/01/25 (b),(c),(e)		1,433,000		1,411,505

				10,582,855

Pharmaceuticals — 0.1%
Endo Luxembourg Finance Co. I Sarl / Endo US, Inc., 6.13%, 04/01/29 (b),(c),(e)		5,243,000		5,243,000

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Pipeline — 0.4%
Martin Midstream Partners LP / Martin Midstream Finance Corp.,
10.00%, 02/29/24 (b),(c),(e)	$	3,151,352	$	3,230,136
11.50%, 02/28/25 (b),(c),(e)		16,204,133		16,811,788

				20,041,924

Property & Casualty Insurance — 0.1%
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc., PIK, 7.63%, 10/15/25 (b),(c),(e)		3,145,044		3,339,643

Publishing & Broadcasting — 0.0%
Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/29 (b),(c),(e)		1,550,000		1,612,000

Real Estate — 0.2%
EPR Properties, 3.75%, 08/15/29 (b),(c)		2,523,000		2,600,527
Kennedy-Wilson, Inc., 4.75%, 03/01/29 (b),(c)		1,000,000		1,017,500
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 3.88%, 02/15/29 (c),(e)		1,000,000		1,065,000
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 4.88%, 05/15/29 (b),(c),(e)		112,000		115,273
Service Properties Trust,
3.95%, 01/15/28 (b),(c)		905,000		852,963
4.38%, 02/15/30 (b),(c)		5,605,000		5,325,927
4.95%, 10/01/29 (b),(c)		1,216,000		1,189,491
5.50%, 12/15/27 (b),(c)		134,000		142,805
XHR LP, 4.88%, 06/01/29 (b),(c),(e)		123,000		126,332

				12,435,818

Refining & Marketing — 0.1%
Citgo Holding, Inc., 9.25%, 08/01/24 (b),(c),(e)		3,727,000		3,754,952
CITGO Petroleum Corp., 6.38%, 06/15/26 (b),(c),(e)		567,000		578,340

				4,333,292

Restaurants — 0.1%
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 08/15/28 (c),(e)		2,771,000		2,750,217

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Travel & Lodging — 0.3%
Viking Cruises Ltd.,
5.88%, 09/15/27 (b),(c),(e)	$	7,967,000	$	7,708,072
6.25%, 05/15/25 (b),(c),(e)		5,384,000		5,397,460
7.00%, 02/15/29 (b),(c),(e)		1,477,000		1,493,616
13.00%, 05/15/25 (c),(e)		1,791,000		2,061,889

				16,661,037

Utilities — 0.3%
Ferrellgas LP / Ferrellgas Finance Corp.,
5.38%, 04/01/26 (b),(c),(e)		3,094,000		3,024,060
5.88%, 04/01/29 (b),(c),(e)		4,925,000		4,777,250
Pacific Gas and Electric Co., 3.15%, 01/01/26 (c)		1,076		1,112
Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/23 (b),(c),(e)		5,985,000		6,074,775

				13,877,197

Wireline Telecommunications Services — 0.0%
Switch Ltd., 3.75%, 09/15/28 (b),(c),(e)		790,000		801,850

Total North America				249,487,777

South America — 0.6%
Airlines — 0.2%
Azul Investments LLP,
5.88%, 10/26/24 (b),(c),(e),(k)		3,995,000		3,765,327
7.25%, 06/15/26 (b),(c),(k)		122,000		116,510
Latam Finance Ltd.,
6.88%, 04/11/24 (b),(c),(e),(k),(l)		3,202,000		2,901,845
7.00%, 03/01/26 (b),(c),(e),(k),(l)		3,517,000		3,187,316

				9,970,998

Integrated Oils — 0.2%
Petrobras Global Finance BV,
5.30%, 01/27/25 (c)		1,464,000		1,635,873
5.75%, 02/01/29 (c)		11,452,000		12,785,013

				14,420,886

Metals & Mining — 0.1%
CSN Inova Ventures, 6.75%, 01/28/28 (e)		1,972,000		2,102,941
Samarco Mineracao SA, 4.13%, 11/01/22 (c),(k),(l)		1,600,000		1,048,000

				3,150,941

Refining & Marketing — 0.1%
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31 (b),(e)		3,877,000		3,898,324

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount			Value
Utilities — 0.0%
Alfa Desarrollo SpA, 4.55%, 09/27/51 (c),(e)	$	2,472,000		$	2,411,436

Total South America					33,852,585


TOTAL CORPORATE BONDS & NOTES (COST $348,934,764)					360,398,189

SOVEREIGN DEBT — 3.2%
Angolan Government International Bond,
9.38%, 05/08/48 (k)		1,442,000			1,486,068
9.50%, 11/12/25 (c),(e)		5,300,000			5,830,212
MTN, 8.00%, 11/26/29 (k)		2,884,000			2,950,678
Argentine Republic Government International Bond, 1.13%, 07/09/35 (c)		12,228,000			3,999,290
Bahamas Government International Bond, 8.95%, 10/15/32 (b),(e)		2,049,000			1,926,060
Bahrain Government International Bond, 7.00%, 01/26/26 (k)		2,600,000			2,877,722
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25 (k)		2,882,000			2,436,454
Egypt Government International Bond,
5.88%, 02/16/31 (e)		1,584,000			1,455,332
7.50%, 01/31/27 (k)		4,424,000			4,673,337
8.75%, 09/30/51 (c),(e)		1,874,000			1,827,900
8.88%, 05/29/50 (k)		2,237,000			2,212,760
MTN, 7.60%, 03/01/29 (k)		2,517,000			2,606,681
French Republic Government Bond OAT, 0.10%, 03/01/29 (c),(k)		4,136,170	EUR		5,525,134
Gabon Government International Bond, 6.38%, 12/12/24 (c),(e)	$	6,500,000			6,907,290
Ghana Government International Bond, 0.00%, 04/07/25 (e),(i)		900,000			694,098
Indonesia Government International Bond,
1.30%, 03/23/34 (c)		4,120,000	EUR		4,657,864
2.15%, 07/28/31 (c)	$	4,944,000			4,825,945
Iraq International Bond, 5.80%, 01/15/28 (c),(e)		6,562,563			6,321,388
Kingdom of Jordan,
4.95%, 07/07/25 (e)		2,099,000			2,188,207
5.85%, 07/07/30 (e)		1,404,000			1,453,884
Lebanon Government International Bond, MTN, 6.38%, 03/09/20 (c),(l)		10,300,000			1,701,560
Nigeria Government International Bond,
6.38%, 07/12/23 (c),(e)		1,704,000			1,797,720
7.38%, 09/28/33 (c),(e)		4,024,000			4,056,192
7.63%, 11/21/25 (k)		6,135,000			6,786,905
8.25%, 09/28/51 (c),(e)		11,379,000			11,458,653

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount			Value
Oman Government International Bond,
6.25%, 01/25/31 (e)	$	1,367,000		$	1,461,148
6.75%, 01/17/48 (k)		1,360,000			1,344,768
7.00%, 01/25/51 (e)		911,000			924,007
Oman Sovereign Sukuk Co., 4.88%, 06/15/30 (b),(e)		718,000			755,273
Pakistan Government International Bond,
8.25%, 04/15/24 (c),(e)		1,667,000			1,779,116
8.88%, 04/08/51 (c),(e)		2,205,000			2,216,025
Paraguay Government International Bond, 4.63%, 01/25/23 (k)		7,644,000			7,949,760
Philippine Government International Bond, 9.50%, 02/02/30 (c)		1,236,000			1,914,243
Republic of Ghana, 7.75%, 04/07/29 (e)		1,203,000			1,145,497
Republic of Guatemala,
3.70%, 10/07/33 (c),(k)		2,472,000			2,413,389
4.65%, 10/07/41 (c),(k)		1,648,000			1,606,108
Republic of South Africa Government Bond,
8.00%, 01/31/30		43,585,155	ZAR		2,689,145
8.25%, 03/31/32		45,590,000	ZAR		2,706,823
8.88%, 02/28/35		45,293,552	ZAR		2,672,314
Russian Federal Bond - OFZ,
6.10%, 07/18/35		459,286,000	RUB		5,621,882
7.15%, 11/12/25		326,157,000	RUB		4,484,058
7.40%, 07/17/24		380,731,000	RUB		5,269,403
Saudi Government International Bond, 3.75%, 01/21/55 (e)	$	1,685,000			1,757,303
Turkey Government International Bond,
5.25%, 03/13/30 (c)		6,180,000			5,698,504
6.38%, 10/14/25		2,656,000			2,726,065
6.50%, 09/20/33		1,987,000			1,905,700
Ukraine Government International Bond,
1.26%, 05/31/40 (f),(k)		2,867,000			3,127,278
6.88%, 05/21/29 (e),(k)		5,492,000			5,565,757
7.38%, 09/25/32 (k)		3,015,000			3,086,636
7.75%, 09/01/23 - 09/01/26 (c),(e)		6,945,000			7,484,084

TOTAL SOVEREIGN DEBT (COST $172,044,104)					170,961,620


MORTGAGE-BACKED SECURITIES — 5.0%
Europe — 0.0%
Commercial Mortgage-Backed Securities — 0.0%
Magnolia Finance XI DAC,
Series 2018-2MGN, Class A, 3 mo. EURIBOR + 3.25%, 3.25%, 02/16/25 (c),(f),(k)		95,687	EUR		107,237

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount			Value
Series 2018-2MGN, Class B, 3 mo. EURIBOR + 4.75%, 4.75%, 02/16/25 (c),(f),(k)		95,727	EUR	$	106,750

					213,987


Total Europe					213,987

North America — 5.0%
Collateralized Mortgage Obligation (Residential) — 1.1%
Alternative Loan Trust,
Series 2004-2CB, Class M, 5.76%, 03/25/34 (b),(c),(f)	$	513,450			438,596
Series 2004-4CB, Class M, 5.70%, 04/25/34 (c),(f)		275,317			243,918
Series 2005-46CB, Class A9, 5.50%, 10/25/35 (b),(c)		2,078,216			1,908,950
Series 2006-H, Class 5A1, 1 mo. USD LIBOR + .36%, 0.45%, 10/20/36 (c),(f),(h)		4,440,553			2,148,837
Series 2006-OA17, Class 1A1D, 1 mo. USD LIBOR + .29%, 0.38%, 12/20/46 (b),(c),(f)		315,343			262,683
Series 2006-OA19, Class A1, 1 mo. USD LIBOR + .18%, 0.27%, 02/20/47 (b),(c),(f)		466,819			367,353
Series 2006-OA19, Class A4, 1 mo. USD LIBOR + .21%, 0.30%, 02/20/47 (b),(c),(f)		446,762			355,970
Series 2006-OA2, Class A1, 1 mo. USD LIBOR + .42%, 0.51%, 05/20/46 (b),(c),(f)		732,512			666,662
Series 2006-OA8, Class 2A4, 1 mo. USD LIBOR + .52%, 0.61%, 07/25/46 (b),(c),(f)		331,868			249,717
Series 2006-OA9, Class 2A1A, 1 mo. USD LIBOR + .21%, 0.30%, 07/20/46 (b),(c),(f)		290,701			218,574
American Home Mortgage Investment Trust, Series 2005-2, Class 5A4C, 5.91%, 09/25/35 (c),(h)		964,450			715,774
Banc of America Funding Trust, Series 2005-B, Class 3M2, 1 mo. USD LIBOR + 1.05%, 1.14%, 04/20/35 (c),(f),(h)		1,531,157			1,361,221
Chase Mortgage Finance Trust, Series 2007-A1, Class 1M, 2.47%, 02/25/37 (b),(c),(f)		269,504			232,233
CHL Mortgage Pass-Through Trust, Series 2005-3, Class 1A4, 1 mo. USD LIBOR + .72%, 0.81%, 04/25/35 (b),(c),(f)		714,257			599,358
COLT Mortgage Loan Trust, Series 2021-HX1, Class B3A, 4.19%, 10/25/66 (c),(e),(f)		100,000			100,014
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Class A2, 1 mo. USD LIBOR + .25%, 0.34%, 07/25/47 (b),(c),(f)		239,645			221,048

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Eagle RE Ltd.,
Series 2019-1, Class M2, 1 mo. USD LIBOR + 3.30%, 3.39%, 04/25/29 (b),(c),(e),(f)	$	8,674,000	$	8,761,252
Series 2020-1, Class M2, 1 mo. USD LIBOR + 2.00%, 2.09%, 01/25/30 (c),(e),(f),(h)		10,192,000		10,114,714
Federal Home Loan Mortgage Corp.,
Series 2017-DNA2, Class M2AI, 2.50%, 10/25/29 (b),(c),(g)		1,381,500		25,548
Series 2017-DNA3, Class M2AI, 1.75%, 03/25/30 (b),(c),(g)		1,935,200		23,085
Series 2017-HQA1, Class M2AI, 2.50%, 08/25/29 (b),(c),(g)		3,680,298		40,049
Series 2017-HQA2, Class M2AI, 2.00%, 12/25/29 (b),(c),(g)		6,984,890		76,477
Series 2018-DNA1, Class M2AI, 1.25%, 07/25/30 (b),(c),(g)		5,873,435		36,398
Series 2018-HQA1, Class M2AI, 1.50%, 09/25/30 (b),(c),(g)		2,007,015		13,341
Federal National Mortgage Association,
Series 2017-C01, Class 1X1, 2.30%, 07/25/29 (b),(c),(g)		7,695,486		102,104
Series 2017-C02, Class 2X3, 2.30%, 09/25/29 (b),(c),(g)		7,981,815		146,794
Series 2017-C02, Class 2X4, 2.80%, 09/25/29 (b),(c),(g)		2,595,821		59,566
Series 2017-C03, Class 1X2, 1.80%, 10/25/29 (b),(c),(g)		11,775,876		153,169
Series 2017-C04, Class 2X2, 1.75%, 11/25/29 (b),(c),(g)		21,150,670		350,170
Series 2017-C05, Class 1X3, 1.00%, 01/25/30 (b),(c),(g)		9,101,618		51,342
Series 2017-C06, Class 2X1, 1.80%, 02/25/30 (b),(c),(g)		6,247,605		83,930
Series 2017-C07, Class 1X3, 1.00%, 05/25/30 (b),(c),(g)		2,489,555		19,023
Series 2018-C01, Class 1X2, 1.40%, 07/25/30 (b),(c),(g)		27,612,503		267,013
Series 2018-C02, Class 2X2, 1.30%, 08/25/30 (b),(c),(g)		2,546,155		23,628
Series 2018-C03, Class 1X2, 1.30%, 10/25/30 (b),(c),(g)		11,392,535		115,053
Government National Mortgage Association, 4.50%, 10/20/49 (c),(h)		4,497,408		4,841,212
HarborView Mortgage Loan Trust,
Series 2004-10, Class B1, 1 mo. USD LIBOR + .90%, 0.99%, 01/19/35 (b),(c),(f)		298,377		231,611

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Series 2006-4, Class 1A1A, 1 mo. USD LIBOR + .36%, 0.45%, 05/19/46 (b),(c),(f)	$	636,550	$	360,055
Legacy Mortgage Asset Trust,
Series 2020-GS4, Class A2, 4.00%, 02/25/60 (b),(c),(e)		1,000,000		1,008,687
Series 2021-GS3, Class A2, 3.25%, 07/25/61 (b),(c),(e)		556,000		555,884
LHOME Mortgage Trust,
Series 2021-RTL1, Class M, 4.46%, 09/25/26 (b),(c),(e),(f)		1,884,000		1,884,912
Series 2021-RTL2, Class M, 4.61%, 06/25/26 (b),(c),(e)		684,000		683,615
Mortgage Insurance-Linked Notes,
Series 2019-1, Class M2, 1 mo. USD LIBOR + 2.90%, 2.99%, 11/26/29 (c),(e),(f),(h)		6,908,715		6,908,142
Series 2020-1, Class M2B, 1 mo. USD LIBOR + 2.25%, 2.34%, 01/25/30 (c),(e),(f),(h)		1,425,000		1,417,956
PMT Credit Risk Transfer Trust, Series 2019-2R, Class A, 1 mo. USD LIBOR + 2.75%, 2.84%, 05/27/23 (c),(e),(f),(h)		2,884,846		2,840,550
Point Securitization Trust, Series 2021-1, Class A2, 5.56%, 02/25/52 (c),(e),(f),(g)		1,000,000		999,943
PRPM 2021-6 LLC, Series 2021-6, Class A2, 3.47%, 07/25/26 (c),(e)		100,000		99,661
PRPM 2021-7 LLC, Series 2021-7, Class A2, 3.67%, 08/25/26 (c),(e)		207,000		206,859
PRPM 2021-8 LLC, Series 2021-8, Class A2, 3.60%, 09/25/26 (c),(e),(f)		129,000		128,917
STACR Trust,
Series 2018-DNA2, Class M2AI, 1.50%, 12/25/30 (b),(c),(e),(g)		7,780,200		79,249
Series 2018-DNA3, Class M2AI, 1.50%, 09/25/48 (b),(c),(e),(g)		7,351,600		68,620
Series 2018-HRP2, Class M3AI, 1.75%, 02/25/47 (b),(c),(e),(g)		1,358,000		27,599
Series 2018-HRP2, Class B1, 1 mo. USD LIBOR + 4.20%, 4.29%, 02/25/47 (b),(c),(e),(f)		1,198,000		1,269,880
UBS Commercial Mortgage Trust,
Series 2018-C11, Class D, 3.00%, 06/15/51 (b),(c),(e),(f)		168,000		145,693

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Series 2019-C17, Class D, 2.50%, 10/15/52 (c),(e)	$	103,000	$	90,480
WaMu Mortgage Pass-Through Certificates Series,
Series 2005-AR19, Class B1, 1 mo. USD LIBOR + 1.05%, 1.14%, 12/25/45 (c),(f),(h)		1,698,496		1,433,899
Series 2006-AR1, Class 2A1C, 12 mo. MTA + 1.07%, 1.16%, 01/25/46 (b),(c),(f)		318,416		301,298
WaMu Mortgage Pass-Through Certificates Series 2005-AR17 Trust, Series 2005-AR17, Class A1C4, 1 mo. USD LIBOR + .80%, 0.89%, 12/25/45 (c),(f)		282,614		244,218
WaMu Mortgage Pass-Through Certificates Series 2005-AR9 Trust, Series 2005-AR9, Class B1, 1 mo. USD LIBOR + .95%, 1.03%, 07/25/45 (c),(f)		254,325		238,577
WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR17, Class 1A, 12 mo. MTA + .82%, 0.92%, 12/25/46 (c),(f),(h)		1,924,291		1,772,585
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2007-OA3, Class 2A, 12 mo. MTA + .75%, 0.84%, 02/25/47 (b),(c),(f)		252,624		239,300

				58,632,966

Commercial Mortgage-Backed Securities — 3.2%
Arbor Multifamily Mortgage Securities Trust, Series 2021-MF3, Class E, 2.00%, 10/15/54 (c),(e)		100,000		80,603
Ashford Hospitality Trust, Series 2018-KEYS, Class D, 1 mo. USD LIBOR + 2.75%, 2.82%, 06/15/35 (b),(c),(e),(f)		90,000		89,681
BAMLL Commercial Mortgage Securities Trust,
Series 2019-BPR, Class EMP, 4.02%, 11/05/32 (b),(c),(e),(f)		8,817,000		8,392,858
Series 2019-BPR, Class FMP, 4.02%, 11/05/32 (b),(c),(e),(f)		4,408,000		4,046,443
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW18, Class B, 6.69%, 06/11/50 (b),(e),(f)		6,394,787		5,966,336
Benchmark Mortgage Trust, Series 2018-B7, Class D, 3.00%, 05/15/53 (c),(e)		290,000		259,618
BHMS Mortgage Trust, Series 2018-ATLS, Class E, 1 mo. USD LIBOR + 3.00%, 3.08%, 07/15/35 (c),(e),(f)		1,067,000		1,063,103

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
BX Commercial Mortgage Trust, Series 2020-VIVA, Class E, 3.67%, 03/11/44 (b),(c),(e),(f)	$	1,000,000	$	992,254
BX Trust, Series 2018-GW, Class F, 1 mo. USD LIBOR + 2.42%, 2.50%, 05/15/35 (b),(c),(e),(f)		106,000		105,602
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class E, 3.22%, 06/15/50 (b),(c),(e)		3,158,000		1,944,381
Citigroup Commercial Mortgage Trust,
Series 2012-GC8, Class C, 5.04%, 09/10/45 (b),(c),(e),(f)		112,000		111,658
Series 2014-GC25, Class D, 3.55%, 10/10/47 (b),(c),(e)		155,000		153,979
Series 2015-GC29, Class D, 3.11%, 04/10/48 (b),(c),(e)		1,000,000		970,825
Series 2015-GC33, Class D, 3.17%, 09/10/58 (b),(c)		100,000		90,918
Series 2016-C3, Class D, 3.00%, 11/15/49 (b),(c),(e)		1,826,000		1,425,023
Series 2016-GC37, Class D, 2.79%, 04/10/49 (b),(c),(e)		100,000		91,073
Series 2018-C6, Class D, 5.23%, 11/10/51 (c),(e),(f)		100,000		106,992
Series 2019-C7, Class E, 2.75%, 12/15/72 (b),(c),(e)		697,000		600,889
COMM Mortgage Trust,
Series 2014-CR14, Class D, 4.75%, 02/10/47 (b),(c),(e),(f)		591,000		589,322
Series 2014-CR18, Class D, 4.91%, 07/15/47 (b),(c),(e),(f)		2,161,000		2,171,850
Series 2014-CR21, Class E, 3.00%, 12/10/47 (b),(e)		1,686,000		849,407
Series 2015-CR27, Class E, 3.25%, 10/10/48 (b),(c),(e)		1,439,000		1,210,291
Series 2019-GC44, Class 180C, 3.51%, 08/15/57 (b),(c),(e),(f)		334,000		317,201
Series 2019-GC44, Class 180D, 3.51%, 08/15/57 (b),(c),(e),(f)		227,000		202,720
Commercial Mortgage Trust,
Series 2015-CR22, Class E, 3.00%, 03/10/48 (b),(c),(e)		239,000		200,173
Series 2015-CR23, Class E, 3.23%, 05/10/48 (b),(c),(e)		4,794,000		4,017,123
Series 2015-CR23, Class D, 4.43%, 05/10/48 (b),(c),(f)		502,000		510,106

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Series 2015-CR25, Class D, 3.93%, 08/10/48 (b),(c),(f)	$	479,000	$	442,126
Series 2015-CR27, Class D, 3.60%, 10/10/48 (b),(c),(e),(f)		2,955,000		2,884,701
Series 2015-LC21, Class D, 4.48%, 07/10/48 (b),(c),(f)		1,127,000		1,144,409
Series 2016-CD1, Class D, 2.93%, 08/10/49 (b),(c),(e),(f)		2,075,000		1,716,455
Crescent Capital Trust, Series 2021-MOON, Class E, 1 mo. USD LIBOR + 2.55%, 2.64%, 04/15/36 (b),(c),(e),(f)		1,000,000		1,000,417
CSAIL 2015-C4 Commercial Mortgage Trust, Series 2015-C4, Class E, 3.71%, 11/15/48 (c),(f)		100,000		98,453
CSAIL Commercial Mortgage Trust,
Series 2015-C2, Class D, 4.33%, 06/15/57 (b),(c),(f)		843,000		664,337
Series 2015-C3, Class D, 3.52%, 08/15/48 (b),(c),(f)		3,139,000		1,797,316
Series 2015-C4, Class F, 3.50%, 11/15/48 (b),(c),(e),(f)		5,568,000		4,932,201
Series 2018-C14, Class D, 5.05%, 11/15/51 (b),(c),(e),(f)		100,000		102,353
Series 2018-CX11, Class D, 2.75%, 04/15/51 (b),(c),(e),(f)		604,000		498,509
Series 2019-C16, Class D, 3.00%, 06/15/52 (b),(c),(e)		163,000		137,559
Series 2019-C17, Class D, 2.50%, 09/15/52 (b),(c),(e)		1,409,000		1,175,936
DBWF 2018-GLKS Mortgage Trust, Series 2018-GLKS, Class D, 1 mo. USD LIBOR + 2.40%, 2.49%, 12/19/30 (b),(c),(e),(f)		1,000,000		999,561
DBWF Mortgage Trust, Series 2018-GLKS, Class F, 1 mo. USD LIBOR + 3.49%, 3.58%, 12/19/30 (b),(c),(e),(f)		2,202,000		2,136,217
Federal Home Loan Mortgage Corp., Series K743, Class X3, 3.06%, 06/25/49 (c),(f),(g)		100,000		17,154
FHLMC, Series 2021-MN1, Class M2, SOFR30A + 3.75%, 3.80%, 01/25/51 (b),(c),(e),(f)		100,000		104,304
FREMF Mortgage Trust,
Series 2017-KGX1, Class CFX, 3.71%, 10/25/27 (b),(c),(e),(f)		1,000,000		962,780
Series 2017-KL1P, Class BP, 3.48%, 10/25/25 (b),(c),(e),(f)		1,000,000		1,023,465

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
GS Mortgage Securities Corp.,
Series 2013-GC10, Class E, 4.55%, 02/10/46 (b),(c),(e),(f)	$	3,900,000	$	3,247,425
Series 2018-GS10, Class E, 3.00%, 07/10/51 (b),(c),(e),(f)		1,393,000		1,255,837
GS Mortgage Securities Corp. Trust,
Series 2021-ROSS, Class F, 1 mo. USD LIBOR + 3.90%, 3.98%, 05/15/26 (b),(c),(e),(f)		1,000,000		1,002,566
Series 2021-ROSS, Class G, 1 mo. USD LIBOR + 4.65%, 4.73%, 05/15/26 (b),(c),(e),(f)		1,000,000		1,002,572
Series 2021-ROSS, Class H, 1 mo. USD LIBOR + 5.90%, 5.98%, 05/15/26 (b),(c),(e),(f)		1,000,000		1,002,452
GS Mortgage Securities Trust,
Series 2012-GCJ9, Class D, 4.90%, 11/10/45 (c),(e),(f)		215,000		214,953
Series 2014-GC20, Class D, 5.12%, 04/10/47 (b),(c),(e),(f)		1,199,911		703,201
Series 2014-GC20, Class C, 5.12%, 04/10/47 (b),(c),(f)		1,453,000		1,427,128
Series 2014-GC24, Class B, 4.65%, 09/10/47 (b),(c),(f)		100,000		103,888
Series 2014-GC24, Class C, 4.67%, 09/10/47 (b),(c),(f)		303,000		262,910
Series 2016-GS2, Class D, 2.75%, 05/10/49 (b),(c),(e)		1,415,000		1,305,371
Series 2016-GS4, Class D, 3.23%, 11/10/49 (b),(c),(e),(f)		200,000		167,290
Series 2017-GS8, Class D, 2.70%, 11/10/50 (b),(c),(e)		1,593,000		1,491,483
Hilton USA Trust,
Series 2016-HHV, Class E, 4.33%, 11/05/38 (b),(c),(e),(f)		1,003,000		1,042,488
Series 2016-HHV, Class F, 4.33%, 11/05/38 (b),(c),(e),(f)		20,139,000		20,232,546
IMT Trust, Series 2017-APTS, Class FFX, 3.61%, 06/15/34 (b),(c),(e),(f)		625,000		624,834
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2019-MARG, Class E, 1 mo. USD LIBOR + 2.50%, 2.58%, 05/15/34 (b),(c),(e),(f)		3,258,000		3,250,777
Series 2020-NNNZ SEQ, Class M, 8.54%, 01/16/37 (b),(e)		2,049,774		1,688,782

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class D, 3.60%, 08/15/49 (b),(c),(e),(f)	$	100,000	$	87,953
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C23, Class D, 4.13%, 09/15/47 (c),(e),(f)		100,000		100,279
Series 2015-C28, Class D, 3.79%, 10/15/48 (b),(c),(e),(f)		2,537,000		2,255,259
Series 2015-C29, Class D, 3.84%, 05/15/48 (b),(c),(f)		112,000		93,216
Series 2015-C30, Class D, 3.91%, 07/15/48 (b),(c),(f)		4,360,000		4,131,850
Series 2015-C31, Class E, 4.77%, 08/15/48 (b),(c),(e),(f)		1,093,000		741,941
Series 2016-C1, Class E, 4.89%, 03/15/49 (b),(c),(e),(f)		3,126,000		2,675,575
KKR Industrial Portfolio Trust,
Series 2020-AIP, Class F, 1 mo. USD LIBOR + 3.43%, 3.51%, 03/15/37 (b),(c),(e),(f)		4,828,742		4,830,234
Series 2021-KDIP, Class G, 1 mo. USD LIBOR + 3.75%, 3.83%, 12/15/37 (b),(c),(e),(f)		1,000,000		1,005,507
LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class C, 5.34%, 02/15/41 (b),(f)		5,200,821		2,805,843
LSTAR Commercial Mortgage Trust,
Series 2017-5, Class D, 4.87%, 03/10/50 (b),(c),(e),(f)		1,125,000		1,063,882
Series 2017-5, Class C, 4.87%, 03/10/50 (b),(c),(e),(f)		967,000		972,892
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C17, Class D, 4.88%, 08/15/47 (c),(e),(f)		100,000		99,207
Series 2015-C20, Class D, 3.07%, 02/15/48 (b),(c),(e)		176,000		171,198
Series 2015-C21, Class D, 4.28%, 03/15/48 (b),(c),(e),(f)		3,575,000		2,582,451
Series 2015-C22, Class D, 4.35%, 04/15/48 (b),(c),(e),(f)		870,000		720,792
Series 2016-C29, Class D, 3.00%, 05/15/49 (b),(c),(e)		2,517,000		1,867,873
Series 2016-C30, Class D, 3.00%, 09/15/49 (c),(e),(f)		1,323,000		1,008,582
Series 2016-C31, Class D, 3.00%, 11/15/49 (b),(c),(e),(f)		2,354,000		1,859,867

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Series 2016-C32, Class D, 3.40%, 12/15/49 (c),(e),(f),(h)	$	991,000	$	787,274
Morgan Stanley Capital I Trust,
Series 2016-UB11, Class E, 2.77%, 08/15/49 (b),(c),(e),(f)		3,200,500		1,793,989
Series 2016-UB12, Class D, 3.31%, 12/15/49 (c),(e)		1,761,000		1,009,354
Series 2018-SUN, Class F, 1 mo. USD LIBOR + 2.55%, 2.63%, 07/15/35 (b),(c),(e),(f)		1,000,000		994,368
Natixis Commercial Mortgage Securities Trust,
Series 2018-RIVA, Class D, 1 mo. USD LIBOR + 2.05%, 2.13%, 02/15/33 (b),(c),(e),(f)		250,000		238,531
Series 2019-MILE, Class D, 1 mo. USD LIBOR + 2.75%, 2.83%, 07/15/36 (b),(c),(e),(f)		102,000		101,976
Series 2019-MILE, Class E, 1 mo. USD LIBOR + 3.50%, 3.58%, 07/15/36 (b),(c),(e),(f)		105,000		104,489
New Orleans Hotel Trust, Series 2019-HNLA, Class E, 1 mo. USD LIBOR + 2.69%, 2.77%, 04/15/32 (b),(c),(e),(f)		1,301,000		1,263,224
Prima Capital CRE Securitization Ltd.,
Series 2019-1S, Class C, 5.50%, 10/01/33 (b),(c),(e)		1,000,000		1,065,715
Series 2019-RK1, Class BD, 3.50%, 04/15/38 (b),(c),(e)		100,000		100,565
Series 2019-RK1, Class DD, 3.50%, 04/15/38 (b),(c),(e)		1,648,000		1,641,677
Series 2019-RK1, Class CG, 4.00%, 04/15/38 (b),(c),(e)		339,000		325,853
Series 2019-RK1, Class BT, 4.45%, 04/15/38 (b),(c),(e)		1,173,000		1,151,188
Series 2019-RK1, Class CT, 4.45%, 04/15/38 (b),(c),(e)		121,000		115,864
ReadyCap Commercial Mortgage Trust,
Series 2019-6, Class C, 4.13%, 10/25/52 (b),(c),(e),(f)		1,691,000		1,708,015
Series 2019-6, Class D, 4.86%, 10/25/52 (b),(c),(e),(f)		227,000		228,248
SG Commercial Mortgage Securities Trust,
Series 2016-C5, Class D, 4.98%, 10/10/48 (b),(c),(e),(f)		295,000		252,576
Series 2019-PREZ, Class E, 3.59%, 09/15/39 (b),(c),(e),(f)		1,720,000		1,667,426

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
TPGI Trust 2021-DGWD,
Series 2021-DGWD, Class F, 1 mo. USD LIBOR + 3.00%, 3.08%, 06/15/26 (b),(c),(e),(f)	$	1,000,000	$	998,675
Series 2021-DGWD, Class G, 1 mo. USD LIBOR + 3.85%, 3.93%, 06/15/26 (b),(c),(e),(f)		1,000,000		999,987
UBS Commercial Mortgage Trust, Series 2018-C9, Class D, 5.04%, 03/15/51 (b),(c),(e),(f)		331,000		332,173
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC18, Class D, 3.96%, 12/15/47 (b),(c),(e),(f)		992,000		918,212
Series 2015-C26, Class D, 3.59%, 02/15/48 (b),(c),(e)		4,590,000		4,558,122
Series 2015-C27, Class D, 3.77%, 02/15/48 (b),(c),(e)		5,146,000		3,767,562
Series 2015-C31, Class D, 3.85%, 11/15/48 (b),(c)		2,058,000		1,892,778
Series 2015-NXS4, Class D, 3.85%, 12/15/48 (c),(f)		100,000		100,528
Series 2016-LC24, Class D, 3.21%, 10/15/49 (b),(c),(e)		4,253,000		3,918,191
Series 2019-JWDR, Class D, 3.44%, 09/15/31 (b),(c),(e),(f)		100,000		98,467
Series 2019-JWDR, Class E, 3.99%, 09/15/31 (b),(c),(e),(f)		1,983,000		1,944,026
Series 2019-JWDR, Class F, 4.71%, 09/15/31 (b),(c),(e),(f)		2,300,000		2,222,984
Series 2019-JWDR, Class G, 5.56%, 09/15/31 (b),(c),(e),(f)		2,074,000		1,990,281
WFRBS Commercial Mortgage Trust,
Series 2014-C19, Class D, 4.23%, 03/15/47 (b),(c),(e)		379,000		376,164
Series 2014-C22, Class D, 4.05%, 09/15/57 (b),(c),(e),(f)		4,703,000		4,449,565
Worldwide Plaza Trust, Series 2017-WWP, Class F, 3.72%, 11/10/36 (b),(c),(e),(f)		129,000		118,099

				170,735,732

Interest Only Commercial Mortgage-Backed Securities — 0.7%
CFK Trust, Series 2020-MF2, Class X, 0.89%, 03/15/39 (b),(c),(e),(f),(g)		19,612,000		777,165
Citigroup Commercial Mortgage Trust,
Series 2019-C7, Class XD, 1.33%, 12/15/72 (b),(c),(e),(f),(g)		5,347,000		465,574

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Series 2019-GC43, Class XD, 0.74%, 11/10/52 (b),(c),(e),(f),(g)	$	5,918,000	$	270,701
Commercial Mortgage Trust, Series 2014-UBS4, Class XA, 1.25%, 08/10/47 (b),(c),(f),(g)		16,007,590		392,874
CSAIL Commercial Mortgage Trust,
Series 2015-C2, Class XA, 0.88%, 06/15/57 (b),(c),(f),(g)		36,288,647		797,443
Series 2015-C3, Class XA, 0.84%, 08/15/48 (b),(c),(f),(g)		95,407,405		2,053,835
Series 2019-C18, Class XD, 1.58%, 12/15/52 (b),(c),(e),(f),(g)		4,452,333		453,132
DC Office Trust, Series 2019-MTC, Class X, 0.21%, 09/15/45 (b),(c),(e),(f),(g)		64,579,000		639,461
Federal Home Loan Mortgage Corp.,
Series K-1514, Class X3, 2.86%, 10/25/34 (b),(c),(f),(g)		13,043,739		3,516,422
Series K049, Class X3, 1.60%, 10/25/43 (b),(c),(f),(g)		2,177,000		111,247
Series K061, Class X1, 0.30%, 11/25/26 (b),(c),(f),(g)		17,427,073		150,762
Series K071, Class X1, 0.42%, 11/25/27 (b),(c),(f),(g)		88,746,801		1,388,532
Series K089, Class X3, 2.37%, 01/25/46 (b),(c),(f)		7,963,000		1,164,183
Series K095, Class X3, 2.17%, 08/25/47 (b),(c),(f),(g)		9,297,000		1,284,585
Series K102, Class X3, 1.96%, 12/25/46 (b),(c),(f)		20,880,337		2,634,639
Series K105, Class X3, 2.04%, 03/25/53 (b),(c),(f)		8,413,000		1,198,617
Series K154, Class X1, 0.44%, 11/25/32 (b),(c),(f),(g)		32,311,285		818,477
Series K725, Class X1, 0.83%, 01/25/24 (b),(c),(f),(g)		136,918,180		1,832,787
Series KG01, Class X3, 3.23%, 05/25/29 (b),(c),(f)		9,477,000		1,927,366
Series KLU1, Class X3, 4.10%, 01/25/31 (b),(c),(f),(g)		24,847,185		3,753,615
Series KLU2, Class X1, 1.17%, 08/25/29 (b),(c),(f),(g)		63,516,627		3,981,730
Series KLU2, Class X3, 4.11%, 08/25/29 (b),(c),(f),(g)		9,433,732		1,971,527
Series KS11, Class XFX, 1.76%, 06/25/29 (b),(c),(f),(g)		25,265,000		2,460,483
Series KW08, Class X3, 3.29%, 10/25/31 (b),(c),(f)		6,701,000		1,222,115
Series KW09, Class X3, 3.11%, 06/25/29 (b),(c),(f),(g)		6,749,000		1,267,314

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Principal Amount		Value
Series KW10, Class X3, 2.81%, 10/25/32 (b),(c),(f),(g)	$	5,935,000	$	1,020,642
GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class XCP, 0.93%, 12/15/36 (b),(c),(e),(f),(g)		15,243,000		152
GS Mortgage Securities Trust, Series 2019-GC40, Class XD, 1.30%, 07/10/52 (b),(c),(e),(f),(g)		2,219,000		187,576
JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6, Class XD, 1.56%, 11/13/52 (b),(c),(e),(f),(g)		4,231,000		419,588
MFT Trust, Series 2020-ABC, Class XA, 0.23%, 02/10/42 (b),(c),(e),(f),(g)		20,401,000		230,919
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class E, 5.15%, 01/15/59 (c),(e),(f)		100,000		101,253

				38,494,716

Total North America				267,863,414

TOTAL MORTGAGE-BACKED SECURITIES (COST $266,937,164)				268,077,401


U.S. GOVERNMENT SPONSORED AGENCY SECURITIES — 0.2%
North America — 0.2%
Inverse Interest Only Collateralized Mortgage Obligations — 0.2%
Government National Mortgage Association,
Series 2015-151, Class SC, 1 mo. USD LIBOR + 6.15%, 6.06%, 10/20/45 (c),(f),(g)		4,351,964		862,037
Series 2015-161, Class AS, 1 mo. USD LIBOR + 6.20%, 6.11%, 11/20/45 (c),(f),(g)		4,942,851		1,036,333
Series 2017-114, Class SP, 1 mo. USD LIBOR + 6.20%, 6.11%, 07/20/47 (c),(f),(g)		3,700,100		657,996
Series 2017-117, Class SA, 1 mo. USD LIBOR + 6.20%, 6.11%, 08/20/47 (c),(f),(g)		4,932,637		1,045,172
Series 2017-156, Class SB, 1 mo. USD LIBOR + 6.20%, 6.11%, 10/20/47 (c),(f),(g)		4,842,113		943,142
Series 2017-56, Class AS, 1 mo. USD LIBOR + 6.15%, 6.06%, 04/20/47 (c),(f),(g)		4,151,116		793,166
Series 2017-73, Class SM, 1 mo. USD LIBOR + 6.20%, 6.11%, 05/20/47 (c),(f),(g)		4,227,857		847,537
Series 2018-48, Class SA, 1 mo. USD LIBOR + 6.20%, 6.11%, 04/20/48 (c),(f),(g)		6,186,643		1,269,753
Series 2018-65, Class PS, 1 mo. USD LIBOR + 6.15%, 6.06%, 05/20/48 (c),(f),(g)		3,876,258		620,891

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Security Description

Principal
Amount

Value

Series 2018-93, Class SA, 1 mo. USD LIBOR + 6.20%, 6.11%, 07/20/48 (c),(f),(g)

3,176,100

494,871

8,570,898

Total North America

8,570,898

TOTAL U.S. GOVERNMENT SPONSORED AGENCY SECURITIES
(COST $8,572,096)

8,570,898

MUNICIPALS — 0.5%

North America — 0.5%

California Housing Finance, Rev., Series 2019 X, (SER X), 0.29%, 01/15/35 (b),(c),(f)

15,045,911

309,473

Puerto Rico,

GO, (REF-PUB IMPT-SER A-PSA),, 5.00%, 07/01/41 (b),(l)

5,505,000

4,816,875

GO, (REF-PUB IMPT-SER A-PSA),, 5.50%, 07/01/39 (b),(l)

3,740,000

3,431,450

GO, (REF-PUB IMPT-SER A-PSA),, 8.00%, 07/01/35 (b),(l)

24,010,000

20,708,625

Total North America

29,266,423

TOTAL MUNICIPALS
(COST $17,427,218)

29,266,423

U.S. TREASURY NOTES — 2.8%

North America — 2.8%

U.S. Treasury Notes,

0.25%, 05/15/24 - 06/15/24

100,000,000

99,482,422

0.38%, 04/15/24

50,000,000

49,943,359

Total North America

149,425,781

TOTAL U.S. TREASURY NOTES
(COST $149,394,605)

149,425,781

Security Description

Shares

Value

EXCHANGE-TRADED FUNDS — 0.1%

Invesco Emerging Markets Sovereign Debt ETF (c)

4,662

124,336

SPDR Dow Jones International Real Estate ETF (b),(c)

100,850

3,580,175

Vanguard Emerging Markets Government Bond ETF (c)

1,375

107,662

Vanguard Real Estate ETF (b),(c)

21,412

2,179,313

TOTAL EXCHANGE-TRADED FUNDS
(COST $5,835,526)

5,991,486

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)



Security Description	Shares		Value

WARRANTS — 0.1%
26 Capital Acquisition Corp., A Shares (a),(b),(c)		263,850	$	218,995
7GC & Co. Holdings, Inc., A Shares (a),(c)		218,469		120,158
Alpha Capital Acquisition Co., A Shares (a),(b),(c)		208,976		114,937
Apollo Strategic Growth Capital (a),(c)		146,333		119,261
Athlon Acquisition Corp. (a),(b),(c)		232,500		162,750
Austerlitz Acquisition Corp. II, A Shares (a),(b),(c)		116,250		122,063
Authentic Equity Acquisition Corp. (a),(c)		275,000		187,000
Biotech Acquisition Co., A Shares (a),(b),(c)		232,500		153,380
Capstar Special Purpose Acquisition Corp. (a),(b),(c)		268,650		233,725
Cartesian Growth Corp., A Shares (a),(c)		108,117		114,604
CC Neuberger Principal Holdings II, A Shares (a),(b),(c)		130,450		131,754
CHP Merger Corp., Class A (a),(b),(c)		291,000		160,050
Compute Health Acquisition Corp., A Shares (a),(b),(c)		116,250		112,216
E.Merge Technology Acquisition Corp. (a),(b),(c)		213,333		149,120
ECP Environmental Growth Opportunities Corp. (a),(c)		75,000		62,010
Executive Network Partnering Corp. (a),(b),(c)		116,250		94,163
Global Synergy Acquisition Corp. (a),(b),(c)		254,650		143,826
GO Acquisition Corp., A Shares (a),(b),(c)		188,000		138,255
HIG Acquisition Corp., A Shares (a),(b),(c)		155,000		106,392
Hudson Executive Investment Corp. II (a),(b),(c)		126,112		114,775
Isleworth Healthcare Acquisition (a),(b),(c)		114,434		62,939
Jaws Mustang Acquisition Corp., C Shares (a),(b),(c)		132,975		152,921
Marlin Technology Corp. (a),(b),(c)		206,666		165,333
McLaren Racing Ltd. (c),(d)		22,935		231,028
Moringa Acquisition Corp. (a),(b),(c)		150,000		90,000
NightDragon Acquisition Corp. (a),(b),(c)		93,000		79,162
Noble Rock Acquisition Corp., A Shares (a),(b),(c)		200,000		136,000
North Mountain Merger Corp. (a),(b),(c)		232,500		209,250
Northern Genesis Acquisition Corp. III (a),(b),(c)		116,250		106,950
OCA Acquisition Corp., A Shares (a),(b),(c)		233,750		123,607
Pathfinder Acquisition Corp., A Shares (a),(c)		71,467		67,879
Poema Global Holdings Corp., A Shares (a),(b),(c)		232,500		206,925
Powered Brands, A Shares (b),(c)		155,000		93,000
RedBall Acquisition Corp. (b),(c)		181,700		146,178
ScION Tech Growth I, A Shares (a),(b),(c)		155,000		119,459
SCVX Corp., Class A (a),(b),(c)		168,443		134,754
Senior Connect Acquisition Corp. I, A Shares (a),(c)		155,000		110,050
Spartan Acquisition Corp. III, A Shares (a),(c)		61,275		67,403
Tekkorp Digital Acquisition Corp. (c)		211,500		188,235
Trebia Acquisition Corp. (b),(c)		159,050		230,622
Trepont Acquisition Corp. I (a),(b),(c)		232,500		148,823
Vy Global Growth, A Shares (a),(c)		51,052		68,747
Yucaipa Acquisition Corp. (a),(b),(c)		115,630		122,568

TOTAL WARRANTS (COST $6,958,121)				5,821,267

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)



Security Description	Shares		Value

INVESTMENTS IN INVESTEE FUNDS — 14.7%
North America — 14.7%
Aeolus Property Catastrophe Keystone PF Fund LP (cost $140,273,301) (a),(n)		4	$	115,546,828
Asgard Fixed Income Risk Premia Fund (cost $ 250,000,000) (a),(n)		250,000		245,932,551
Atreides Co. (cost $ 3,000,000) (a),(n)		1		3,000,000
Atreides Foundation Fund Ltd. (cost $ 100,000,000) (a),(n)		1		97,226,633
Islet Offshore Fund Ltd. (cost $ 167,000,000) (a),(n)		1		173,186,425
Islet Onshore Fund LP (cost $ 23,000,000) (a),(n)		1		23,890,375
PIMCO ILS Fund SP II (cost $ 22,327,163) (a),(n)		1		19,628,572
Rokos Global Macro Fund Ltd., Class S (cost $77,000,000 ) (a),(n)		1		74,659,200
Saba Capital Carry Neutral Tail Hedge Offshore Fund Ltd. (cost $ 22,424,043) (a),(n)		1		19,992,807
Saba Capital Carry Neutral Tail Hedge Partners, L.P. (cost $ 12,068,353) (a),(n)		1		10,773,128

Total North America				783,836,519

TOTAL INVESTMENTS IN INVESTEE FUNDS (COST $817,092,860)				783,836,519

TOTAL LONG-TERM INVESTMENTS (COST $3,048,330,725)				3,037,628,507


Security Description	Certificates		Value

COMMODITIES — 7.9%
California Carbon Allowance Vintage Specific 2017 (a),(c)		1,640,876		44,828,732
California Carbon Allowance Vintage Specific 2020 (a),(c)		9,527,124		260,281,028
California Carbon Allowance Vintage Specific 2022 (a),(c)		1,161,000		31,706,910
California Carbon Allowance Vintage Specific 2023 (a),(c)		525,000		14,469,000
California Carbon Allowance Vintage Specific 2024 (a),(c)		2,482,000		69,049,240

TOTAL COMMODITIES (COST $337,895,239)				420,334,910

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)

PURCHASED OPTIONS — 2.8%
Exchange-Traded Call Options — 2.7%
CALL Russell 2000 INDEX 2335.03 EURO 12/31/2021	2,335.03 USD	12/31/21		16,600		16,600	$	1,318,040	$	772,019	$	(546,021	)
Cap Call	0.01 USD	03/31/22		800,000,000		800,000,000		1,700,000		323,488		(1,376,512	)
Cap Call	0.01 USD	04/05/22		800,000,000		800,000,000		1,680,000		447,720		(1,232,280	)
CRUDE OIL FUT OPT DEC21	70.00 USD	11/16/21		125		9,337,500		62,690		817,500		754,810
CRUDE OIL FUT OPT DEC21	75.00 USD	11/16/21		240		17,928,000		901,395		844,800		(56,595	)
CRUDE OIL FUT OPT DEC22	80.00 USD	11/16/22		300		20,310,000		435,456		1,410,000		974,544
CRUDE OIL FUT OPT DEC22	98.00 USD	11/16/22		13,499		913,882,300		7,025,128		23,353,270		16,328,142
CRUDE OIL FUT OPT NOV21	80.00 USD	10/15/21		300		22,509,000		57,456		165,000		107,544
NAT GAS CAL STRIP DEC21	4.00 USD	12/29/21		300		9,000,000		198,000		5,138,100		4,940,100
NAT GAS EURO OPT APR22	2.50 USD	03/28/22		307		12,267,720		977,175		4,724,423		3,747,248
NAT GAS EURO OPT APR22	3.00 USD	03/28/22		57		2,277,720		62,852		647,007		584,155
NAT GAS EURO OPT APR22	5.00 USD	03/28/22		183		7,312,680		147,779		607,194		459,415
NAT GAS EURO OPT APR23	4.00 USD	03/28/23		21		673,470		16,856		51,576		34,720
NAT GAS EURO OPT APR24	3.50 USD	03/25/24		225		2,250,000		276,226		694,125		417,899
NAT GAS EURO OPT AUG22	3.00 USD	07/26/22		75		2,927,250		82,700		769,725		687,025
NAT GAS EURO OPT AUG22	5.00 USD	07/26/22		183		1,830,000		147,779		369,477		221,698
NAT GAS EURO OPT AUG23	4.00 USD	07/26/23		21		679,980		16,856		47,229		30,373
NAT GAS EURO OPT AUG24	3.50 USD	07/26/24		225		2,250,000		276,226		603,900		327,674
NAT GAS EURO OPT DEC21	5.00 USD	11/24/21		22		1,318,020		45,159		314,666		269,507
NAT GAS EURO OPT DEC21	8.00 USD	11/24/21		794		7,940,000		1,035,610		3,715,920		2,680,310
NAT GAS EURO OPT DEC23	4.00 USD	11/27/23		21		752,430		16,856		102,774		85,918
NAT GAS EURO OPT FEB22	3.00 USD	01/26/22		43		2,558,930		175,985		1,290,774		1,114,789
NAT GAS EURO OPT FEB22	3.25 USD	01/26/22		354		21,066,540		1,386,195		9,867,042		8,480,847

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT FEB22	8.00 USD	01/26/22		301		3,010,000	$	250,634	$	3,121,671	$	2,871,037
NAT GAS EURO OPT FEB23	4.00 USD	01/26/23		21		868,770		16,856		181,041		164,185
NAT GAS EURO OPT JAN22	3.50 USD	12/28/21		696		42,268,080		2,637,621		18,422,424		15,784,803
NAT GAS EURO OPT JAN22	4.00 USD	12/28/21		150		9,109,500		472,840		3,395,550		2,922,710
NAT GAS EURO OPT JAN22	8.00 USD	12/28/21		301		3,010,000		250,634		2,499,203		2,248,569
NAT GAS EURO OPT JAN23	4.00 USD	12/27/22		21		887,040		16,856		181,734		164,878
NAT GAS EURO OPT JUL22	3.00 USD	06/27/22		75		2,922,000		82,700		762,750		680,050
NAT GAS EURO OPT JUL22	5.00 USD	06/27/22		183		7,129,680		147,779		359,229		211,450
NAT GAS EURO OPT JUL23	4.00 USD	06/27/23		21		677,250		16,856		45,360		28,504
NAT GAS EURO OPT JUL24	3.50 USD	06/25/24		225		2,250,000		276,226		594,675		318,449
NAT GAS EURO OPT JUN22	3.00 USD	05/25/22		75		2,891,250		82,700		731,625		648,925
NAT GAS EURO OPT JUN22	5.00 USD	05/25/22		183		7,054,650		147,779		316,956		169,177
NAT GAS EURO OPT JUN23	4.00 USD	05/25/23		21		666,750		16,856		42,105		25,249
NAT GAS EURO OPT JUN24	3.50 USD	05/28/24		225		2,250,000		276,226		573,525		297,299
NAT GAS EURO OPT MAR22	25.00 USD	02/23/22		493		4,930,000		423,491		936,700		513,209
NAT GAS EURO OPT MAR22	3.75 USD	02/23/22		129		7,116,930		316,394		2,771,565		2,455,171
NAT GAS EURO OPT MAR22	8.00 USD	02/23/22		301		11,748,030		250,634		3,037,692		2,787,058
NAT GAS EURO OPT MAR23	4.00 USD	02/23/23		21		802,830		16,856		154,938		138,082
NAT GAS EURO OPT MAY22	3.00 USD	04/26/22		75		2,868,000		82,700		723,450		640,750
NAT GAS EURO OPT MAY22	5.00 USD	04/26/22		183		6,997,920		147,779		391,071		243,292
NAT GAS EURO OPT MAY23	4.00 USD	04/25/23		21		657,510		16,856		41,118		24,262
NAT GAS EURO OPT MAY24	3.50 USD	04/25/24		225		2,250,000		276,226		582,075		305,849
NAT GAS EURO OPT NOV21	3.75 USD	10/26/21		257		15,078,190		251,261		5,458,680		5,207,419
NAT GAS EURO OPT NOV21	4.00 USD	10/26/21		536		31,447,120		1,115,531		10,083,768		8,968,237
NAT GAS EURO OPT NOV21	6.00 USD	10/26/21		343		3,430,000		629,476		1,866,949		1,237,473

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT NOV21	8.00 USD	10/26/21		301		17,659,670	$	250,634	$	428,022	$	177,388
NAT GAS EURO OPT NOV23	4.00 USD	10/26/23		21		709,590		16,856		71,841		54,985
NAT GAS EURO OPT OCT22	3.00 USD	09/27/22		75		2,934,750		82,700		798,825		716,125
NAT GAS EURO OPT OCT22	5.00 USD	09/27/22		183		1,830,000		147,779		453,108		305,329
NAT GAS EURO OPT OCT23	4.00 USD	09/26/23		21		686,700		16,856		55,062		38,206
NAT GAS EURO OPT OCT24	3.50 USD	09/25/24		225		2,250,000		276,226		651,600		375,374
NAT GAS EURO OPT SEP22	3.00 USD	08/26/22		75		2,913,000		82,700		768,525		685,825
NAT GAS EURO OPT SEP22	5.00 USD	08/26/22		183		1,830,000		147,779		396,195		248,416
NAT GAS EURO OPT SEP23	4.00 USD	08/28/23		21		679,140		16,856		48,951		32,095
NAT GAS EURO OPT SEP24	3.50 USD	08/27/24		225		2,250,000		276,226		607,275		331,049
NAT GAS STRIP DEC22	3.00 USD	12/22/22		410		12,300,000		1,350,375		8,911,350		7,560,975
NATURAL GAS FUTURE APR23	3.00 USD	03/28/23		139		4,457,730		272,349		777,149		504,800
NATURAL GAS FUTURE AUG23	3.00 USD	07/26/23		139		4,500,820		272,349		752,963		480,614
NATURAL GAS FUTURE DEC23	3.00 USD	11/27/23		139		4,980,370		272,349		1,251,278		978,929
NATURAL GAS FUTURE FEB23	3.00 USD	01/26/23		139		5,750,430		272,349		1,854,955		1,582,606
NATURAL GAS FUTURE JAN23	3.00 USD	12/27/22		139		5,871,360		272,349		1,919,034		1,646,685
NATURAL GAS FUTURE JUL23	3.00 USD	06/27/23		139		4,482,750		272,349		735,171		462,822
NATURAL GAS FUTURE JUN23	3.00 USD	05/25/23		139		4,413,250		272,349		692,498		420,149
NATURAL GAS FUTURE MAR23	3.00 USD	02/23/23		139		5,313,970		272,349		1,548,599		1,276,250
NATURAL GAS FUTURE MAY23	3.00 USD	04/25/23		139		4,352,090		272,349		669,702		397,353
NATURAL GAS FUTURE NOV23	3.00 USD	10/26/23		139		4,696,810		272,349		972,444		700,095
NATURAL GAS FUTURE OCT23	3.00 USD	09/26/23		139		4,545,300		272,349		818,710		546,361
NATURAL GAS FUTURE SEP23	3.00 USD	08/28/23		139		4,495,260		272,349		762,276		489,927
PHE Strike Price 5.5 OCT21 CALL	5.50 USD	10/26/21		857		2,142,500		156,420		1,651,868		1,495,448

							$	32,351,781	$	141,950,984	$	109,599,203

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)

Exchange-Traded Put Options — 0.1%
CRUDE OIL FUT OPT DEC21	40.00 USD	11/16/21		22		1,643,400	$	38,094	$	440	$	(37,654	)
CRUDE OIL FUT OPT DEC21	42.00 USD	11/16/21		60		60,000		1,891		1,800		(91	)
NAT GAS EURO OPT APR22	2.00 USD	03/28/22		387		15,464,520		149,893		35,604		(114,289	)
NAT GAS EURO OPT APR22	2.50 USD	03/28/22		482		19,260,720		288,077		208,706		(79,371	)
NAT GAS EURO OPT APR23	2.00 USD	03/28/23		21		673,470		25,309		8,358		(16,951	)
NAT GAS EURO OPT AUG22	2.00 USD	07/26/22		387		15,104,610		149,893		27,477		(122,416	)
NAT GAS EURO OPT AUG23	2.00 USD	07/26/23		21		679,980		25,309		5,628		(19,681	)
NAT GAS EURO OPT DEC21	3.00 USD	11/24/21		1		59,910		273		111		(162	)
NAT GAS EURO OPT DEC21	3.25 USD	11/24/21		300		17,973,000		210,801		60,300		(150,501	)
NAT GAS EURO OPT DEC21	4.50 USD	11/24/21		428		4,280,000		852,863		1,004,944		152,081
NAT GAS EURO OPT DEC23	2.00 USD	11/27/23		21		752,430		25,309		10,227		(15,082	)
NAT GAS EURO OPT FEB23	2.00 USD	01/26/23		21		868,770		25,309		4,599		(20,710	)
NAT GAS EURO OPT JAN22	2.00 USD	12/28/21		214		12,996,220		64,771		7,062		(57,709	)
NAT GAS EURO OPT JAN22	2.50 USD	12/28/21		214		12,996,220		279,306		13,268		(266,038	)
NAT GAS EURO OPT JAN23	2.00 USD	12/27/22		21		887,040		25,309		3,255		(22,054	)
NAT GAS EURO OPT JUL22	2.00 USD	06/27/22		387		15,077,520		149,893		25,542		(124,351	)
NAT GAS EURO OPT JUL23	2.00 USD	06/27/23		21		677,250		25,309		5,481		(19,828	)
NAT GAS EURO OPT JUN22	2.00 USD	05/25/22		387		15,464,520		149,893		23,607		(126,286	)
NAT GAS EURO OPT JUN23	2.00 USD	05/25/23		21		666,750		25,309		6,027		(19,282	)
NAT GAS EURO OPT MAR22	2.25 USD	02/23/22		407		22,454,190		217,257		96,052		(121,205	)
NAT GAS EURO OPT MAR22	2.75 USD	02/23/22		300		3,000,000		389,081		185,400		(203,681	)
NAT GAS EURO OPT MAR22	3.50 USD	02/23/22		643		35,474,310		1,930,717		1,743,173		(187,544	)
NAT GAS EURO OPT MAR23	2.00 USD	02/23/23		21		802,830		25,309		7,749		(17,560	)
NAT GAS EURO OPT MAY22	2.00 USD	04/26/22		387		14,798,880		149,893		38,700		(111,193	)
NAT GAS EURO OPT MAY23	2.00 USD	04/25/23		21		657,510		25,309		7,182		(18,127	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT NOV21	2.25 USD	10/26/21		643		37,724,810	$	265,237	$	643	$	(264,594	)
NAT GAS EURO OPT NOV21	3.50 USD	10/26/21		833		48,872,110		268,654		31,654		(237,000	)
NAT GAS EURO OPT NOV23	2.00 USD	10/26/23		21		709,590		25,309		8,547		(16,762	)
NAT GAS EURO OPT OCT22	2.00 USD	09/27/22		387		15,143,310		149,893		45,279		(104,614	)
NAT GAS EURO OPT OCT23	2.00 USD	09/26/23		21		686,700		25,309		6,930		(18,379	)
NAT GAS EURO OPT SEP22	2.00 USD	08/26/22		387		15,031,080		149,893		36,378		(113,515	)
NAT GAS EURO OPT SEP23	2.00 USD	08/28/23		21		679,140		25,309		6,216		(19,093	)
NATURAL GAS FUTURE APR23	1.50 USD	03/28/23		76		2,437,320		16,640		4,256		(12,384	)
NATURAL GAS FUTURE AUG23	1.50 USD	07/26/23		76		2,460,880		16,640		2,356		(14,284	)
NATURAL GAS FUTURE DEC23	1.50 USD	11/27/23		76		2,723,080		16,641		7,068		(9,573	)
NATURAL GAS FUTURE FEB23	1.50 USD	01/26/23		76		3,144,120		16,640		2,964		(13,676	)
NATURAL GAS FUTURE JAN23	1.50 USD	12/27/22		76		3,210,240		16,640		1,976		(14,664	)
NATURAL GAS FUTURE JUL23	1.50 USD	06/27/23		76		2,451,000		16,640		2,204		(14,436	)
NATURAL GAS FUTURE JUN23	1.50 USD	05/25/23		76		2,413,000		16,640		2,432		(14,208	)
NATURAL GAS FUTURE MAR23	1.50 USD	02/23/23		76		2,905,480		16,640		5,472		(11,168	)
NATURAL GAS FUTURE MAY23	1.50 USD	04/25/23		76		2,379,560		16,640		3,116		(13,524	)
NATURAL GAS FUTURE NOV23	1.50 USD	10/26/23		76		2,568,040		16,640		4,788		(11,852	)
NATURAL GAS FUTURE OCT23	1.50 USD	09/26/23		76		2,485,200		16,640		3,344		(13,296	)
NATURAL GAS FUTURE SEP23	1.50 USD	08/28/23		76		2,457,840		16,640		2,736		(13,904	)
PHE Future Strike Price 3.25 OCT21 PUT	3.25 USD	10/26/21		857		2,142,500		60,007		4,499		(55,508	)

								6,419,669		3,713,550		(2,706,119	)

Total Purchased Options Outstanding							$	38,771,450	$	145,664,534	$	106,893,084

TOTAL INVESTMENTS IN SECURITIES — 67.4%
(COST $3,424,997,414)

3,603,627,951

TOTAL SECURITIES SOLD SHORT — (8.1)%
(PROCEEDS $423,558,802)

(430,266,116

)

Other Assets (o) — 40.7%

2,170,665,208

Net Assets — 100.0%

5,344,027,043

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value

SECURITIES SOLD SHORT — (8.1)%
COMMON STOCK — (8.0)%
Africa — (0.0)%
Materials — (0.0)%
AngloGold Ashanti Ltd., ADR		23,900	$	(382,161	)
Caledonia Mining Corp. plc		500		(6,050	)
Gold Fields Ltd., ADR		72,100		(585,452	)

				(973,663	)

Software & Technology Services — (0.0)%
Karooooo Ltd. (a)		100		(2,952	)

Total Africa				(976,615	)

Asia — (1.0)%
Banking — (0.1)%
HDFC Bank Ltd., ADR		29,700		(2,170,773	)
ICICI Bank Ltd., ADR		32,900		(620,823	)
KB Financial Group, Inc., ADR		3,200		(148,512	)
Mitsubishi UFJ Financial Group, Inc., ADR		43,200		(256,176	)
Mizuho Financial Group, Inc., ADR		9,200		(26,128	)
Shinhan Financial Group Co. Ltd., ADR		1,900		(63,973	)
Sumitomo Mitsui Financial Group, Inc., ADR		32,800		(229,928	)

				(3,516,313	)

Consumer Discretionary Products — (0.0)%
China Automotive Systems, Inc. (a)		100		(327	)
Ezgo Technologies Ltd. (a)		200		(584	)
Honda Motor Co. Ltd., ADR		7,400		(226,958	)
KBS Fashion Group Ltd. (a)		1,300		(3,835	)
Tata Motors Ltd., ADR (a)		3,700		(82,917	)
Toyota Motor Corp., ADR		4,200		(746,550	)
XPeng, Inc., ADR (a)		3,000		(106,620	)
Zepp Health Corp., ADR (a)		3,200		(25,696	)

				(1,193,487	)

Consumer Discretionary Services — (0.0)%
Bright Scholar Education Holdings Ltd., ADR		100		(287	)
China Liberal Education Holdings Ltd. (a)		4,400		(9,372	)
Huazhu Group Ltd., ADR (a)		12,900		(591,594	)
iHuman, Inc., ADR (a)		800		(3,768	)
Melco Resorts & Entertainment Ltd., ADR (a)		34,500		(353,280	)
Meten Holding Group Ltd. (a)		46,900		(16,870	)
OneSmart International Education Group Ltd., ADR (a)		37,500		(18,375	)
Puxin Ltd., ADR (a)		25,600		(14,848	)
RISE Education Cayman Ltd., ADR (a)		99		(61	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
RYB Education, Inc., ADR (a)		900	$	(2,565	)
Skillful Craftsman Education Technology Ltd. (a)		4,300		(5,289	)
Tarena International, Inc., ADR (a)		17,600		(24,288	)
Yum China Holdings, Inc.		4,200		(244,062	)

				(1,284,659	)

Consumer Staple Products — (0.0)%
China Xiangtai Food Co. Ltd. (a)		6,126		(6,555	)
Farmmi, Inc. (a)		71,300		(32,976	)
TDH Holdings, Inc. (a)		200		(256	)
Viomi Technology Co. Ltd., ADR (a)		3,600		(16,416	)

				(56,203	)

Financial Services — (0.0)%
9F, Inc., ADR (a)		14,900		(25,330	)
ATIF Holdings Ltd. (a)		3,200		(14,400	)
Dunxin Financial Holdings Ltd., ADR (a)		2,013		(2,637	)
Hudson Capital, Inc. (a)		2,280		(5,677	)
Jianpu Technology, Inc., ADR (a)		2,400		(3,528	)
Jiayin Group, Inc., ADR (a)		1,100		(4,103	)
Lion Group Holding Ltd., ADR (a)		10,500		(13,230	)
MMTEC, Inc. (a)		800		(944	)
Nomura Holdings, Inc., ADR		2,100		(10,374	)
ORIX Corp., ADR		300		(28,356	)
Senmiao Technology Ltd. (a)		4,700		(2,761	)
SOS Ltd., ADR (a)		65,600		(139,728	)

				(251,068	)

Health Care — (0.0)%
111, Inc., ADR (a)		4,000		(24,680	)
Adagene, Inc., ADR (a)		500		(7,250	)
Aesthetic Medical International Holdings Group Ltd., ADR (a)		1,500		(6,015	)
Anpac Bio-Medical Science Co., Ltd. (a)		100		(324	)
Aslan Pharmaceuticals Ltd., ADR (a)		300		(534	)
BeiGene Ltd., ADR (a)		2,000		(726,000	)
Burning Rock Biotech Ltd., ADR (a)		600		(10,728	)
China SXT Pharmaceuticals, Inc. (a)		5,025		(5,176	)
Connect Biopharma Holdings Ltd., ADR (a)		200		(4,780	)
Gracell Biotechnologies, Inc., ADR (a)		1,400		(19,418	)
Happiness Biotech Group Ltd. (a)		2,600		(2,522	)
Hutchmed China Ltd., ADR (a)		1,100		(40,271	)
MEDIROM Healthcare Technologies, Inc., ADR (a)		1,700		(14,484	)
Qilian International Holding Group Ltd. (a)		700		(2,835	)
Shineco, Inc. (a)		400		(4,328	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Takeda Pharmaceutical Co. Ltd., ADR		47,291	$	(774,626	)

				(1,643,971	)

Industrial Products — (0.0)%
Asia Pacific Wire & Cable Corp. Ltd. (a)		500		(1,615	)
Greenland Technologies Holding Corp. (a)		700		(4,382	)

				(5,997	)

Industrial Services — (0.0)%
BEST, Inc., ADR (a)		90,200		(150,634	)
DiDi Global, Inc., ADR		21,100		(164,369	)
EHang Holdings Ltd., ADR (a)		11,800		(282,138	)
Euro Tech Holdings Co. Ltd.		1,639		(5,311	)
Full Truck Alliance Co. Ltd., ADR (a)		4,400		(67,452	)
MingZhu Logistics Holdings Ltd. (a)		1,500		(4,500	)
Pop Culture Group Co., Ltd., Class A (a)		2,100		(6,363	)

				(680,767	)

Insurance — (0.0)%
China Life Insurance Co. Ltd., ADR		17,200		(140,352	)
Fanhua, Inc., ADR		1,000		(12,040	)
Huize Holding Ltd., ADR (a)		300		(684	)
TIAN RUIXIANG Holdings Ltd., Class A (a)		400		(1,376	)

				(154,452	)

Materials — (0.0)%
Aluminum Corp. of China Ltd., ADR (a)		400		(7,476	)
Antelope Enterprise Holdings Ltd. (a)		1,700		(4,760	)
China Green Agriculture, Inc. (a)		200		(1,816	)
Origin Agritech Ltd. (a)		2,000		(16,580	)
ZK International Group Co. Ltd. (a)		200		(558	)

				(31,190	)

Media — (0.1)%
51job, Inc., ADR (a)		7,200		(500,616	)
Baosheng Media Group Holding Ltd. (a)		200		(350	)
Blue Hat Interactive Entertainment Technology (a)		8,700		(5,307	)
Dada Nexus Ltd., ADR (a)		11,500		(230,460	)
Dragon Victory International Ltd. (a)		2,100		(3,150	)
GigaMedia Ltd. (a)		1,700		(4,182	)
HUYA, Inc., ADR (a)		300		(2,502	)
iClick Interactive Asia Group Ltd., ADR (a)		1,400		(7,742	)
iQIYI, Inc., ADR (a)		136,200		(1,093,686	)
MakeMyTrip Ltd. (a)		2,100		(57,099	)
Phoenix New Media Ltd., ADR		3,200		(4,096	)
Pintec Technology Holdings Ltd., ADR (a)		6,300		(6,300	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Trip.com Group Ltd., ADR (a)		97,100	$	(2,985,825	)
Uxin Ltd., ADR (a)		69,400		(191,544	)
Weibo Corp., ADR (a)		3,200		(151,968	)
Zhihu, Inc., ADR (a)		23,800		(219,674	)
Zhongchao, Inc., Class A (a)		4,500		(7,380	)

				(5,471,881	)

Oil, Gas & Coal — (0.0)%
China Petroleum & Chemical Corp., ADR		700		(34,419	)
Recon Technology Ltd., Class A (a)		1,400		(3,962	)

				(38,381	)

Real Estate — (0.0)%
Nam Tai Property, Inc. (a)		1,000		(23,250	)

Renewable Energy — (0.0)%
Daqo New Energy Corp., ADR (a)		2,500		(142,500	)
JinkoSolar Holding Co. Ltd., ADR (a)		11,400		(522,234	)
ReneSola Ltd., ADR (a)		300		(1,971	)

				(666,705	)

Retail & Wholesale—Discretionary — (0.5)%
Alibaba Group Holding Ltd., ADR (a)		2,300		(340,515	)
Boqii Holding Ltd., ADR (a)		4,900		(11,319	)
Coupang, Inc. (a)		107,100		(2,982,735	)
DingDong Cayman Ltd., ADR (a)		400		(9,468	)
Future FinTech Group, Inc. (a)		25,200		(52,668	)
JD.com, Inc., ADR (a)		143,400		(10,359,216	)
Jiuzi Holdings, Inc. (a)		200		(478	)
LightInTheBox Holding Co. Ltd., ADR (a)		15,500		(21,390	)
MINISO Group Holding Ltd., ADR		3,000		(45,720	)
MOGU, Inc., ADR (a)		2,400		(2,328	)
Newegg Commerce, Inc. (a)		8,100		(115,587	)
Oriental Culture Holding Ltd. (a)		6,300		(24,822	)
Renren, Inc., ADR (a)		800		(11,128	)
Sea Ltd., ADR (a)		30,400		(9,689,392	)
TD Holdings, Inc. (a)		414		(284	)
Yatsen Holding Ltd., ADR (a)		19,500		(74,295	)
Yunji, Inc., ADR (a)		5,900		(4,218	)

				(23,745,563	)

Retail & Wholesale—Staples — (0.0)%
China Jo-Jo Drugstores Holdings, Inc. (a)		6,400		(4,072	)
Wunong Net Technology Co. Ltd. (a)		4,500		(18,540	)

				(22,612	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Software & Technology Services — (0.0)%
17 Education & Technology Group, Inc., ADR (a)		11,100	$	(9,991	)
Baozun, Inc., ADR (a)		17,200		(301,516	)
BlueCity Holdings Ltd., ADR (a)		3,600		(10,800	)
Cango, Inc., ADR		8,500		(34,170	)
Cloopen Group Holding Ltd., ADR (a)		6,287		(27,788	)
CLPS, Inc. (a)		900		(2,601	)
CooTek Cayman, Inc., ADR (a)		6,000		(7,320	)
Diginex Ltd. (a)		6,000		(19,440	)
Gaotu Techedu, Inc., ADR (a)		12,000		(36,840	)
Infosys Ltd., ADR		24,800		(551,800	)
Kingsoft Cloud Holdings Ltd., ADR (a)		4,000		(113,280	)
LAIX, Inc., ADR (a)		10,800		(9,720	)
Link Motion, Inc., ADR (a)		11,000		0
Lizhi, Inc., ADR (a)		13,800		(43,746	)
Luokung Technology Corp. (a)		137,600		(159,616	)
Molecular Data, Inc., ADR (a)		59,200		(20,815	)
Powerbridge Technologies Co. Ltd. (a)		17,300		(19,376	)
Qutoutiao, Inc., ADR (a)		29,500		(29,205	)
Scienjoy Holding Corp. (a)		1,800		(7,776	)
Taoping, Inc. (a)		4,900		(13,034	)
TELUS International CDA, Inc. (a)		4,300		(150,543	)
Triterras, Inc., Class A (a)		1,800		(10,530	)
Tuya, Inc., ADR (a)		11,600		(105,212	)
WiMi Hologram Cloud, Inc., ADR (a)		11,300		(46,556	)
Wipro Ltd., ADR		23,866		(210,737	)
Youdao, Inc., ADR (a)		9,300		(112,437	)

				(2,054,849	)

Tech Hardware & Semiconductors — (0.2)%
ASE Technology Holding Co. Ltd., ADR		5,200		(40,820	)
Canaan, Inc., ADR (a)		54,300		(331,773	)
Ebang International Holdings, Inc., A Shares (a)		50,100		(95,190	)
Sony Group Corp., ADR		12,600		(1,393,308	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		53,900		(6,017,935	)

				(7,879,026	)

Telecommunications — (0.1)%
21Vianet Group, Inc., ADR (a)		1,100		(19,041	)
Chindata Group Holdings Ltd., ADR (a)		2,900		(24,389	)
GDS Holdings Ltd., ADR (a)		33,500		(1,896,435	)
KT Corp., ADR		2,400		(32,688	)
PLDT, Inc., ADR		1,400		(45,598	)
SK Telecom Co. Ltd., ADR (a)		4,500		(135,450	)
Telkom Indonesia Persero Tbk PT, ADR		3,700		(93,980	)

				(2,247,581	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Utilities — (0.0)%
Azure Power Global Ltd. (a)		1,600	$	(35,200	)
Korea Electric Power Corp., ADR		3,300		(32,571	)
Smart Share Global Ltd., ADR (a)		800		(2,672	)

				(70,443	)

Total Asia				(51,038,398	)

Europe — (0.1)%
Banking — (0.0)%
HSBC Holdings plc, ADR		26		(680	)
ING Groep NV, ADR		11,100		(160,839	)

				(161,519	)

Consumer Discretionary Services — (0.0)%
Esports Entertainment Group, Inc. (a)		1,500		(10,065	)
InterContinental Hotels Group plc, ADR (a)		800		(51,432	)

				(61,497	)

Consumer Staple Products — (0.0)%
Anheuser-Busch InBev NV, ADR		18,200		(1,026,116	)
Nomad Foods Ltd. (a)		5,300		(146,068	)

				(1,172,184	)

Financial Services — (0.0)%
Credit Suisse Group AG, ADR		12,600		(124,236	)
UBS Group AG		6,600		(105,204	)

				(229,440	)

Health Care — (0.1)%
Achilles Therapeutics plc, ADR (a)		100		(779	)
ADC Therapeutics SA (a)		4,000		(108,640	)
Aprea Therapeutics, Inc. (a)		100		(511	)
Ascendis Pharma A/S, ADR (a)		2,600		(414,414	)
BioNTech SE, ADR (a)		2,000		(545,980	)
Calliditas Therapeutics AB, ADR (a)		100		(2,162	)
Cellectis SA, ADR (a)		700		(8,827	)
CureVac NV (a)		400		(21,848	)
Galapagos NV, ADR (a)		400		(21,044	)
Immunocore Holdings plc, ADR (a)		700		(25,949	)
Koninklijke Philips NV		8,338		(370,541	)
Mereo Biopharma Group plc, ADR (a)		22,300		(53,966	)
Molecular Partners AG, ADR (a)		300		(5,919	)
NuCana plc, ADR (a)		2,018		(5,206	)
ObsEva SA (a)		8,600		(26,746	)
Olink Holding AB, ADR (a)		4,900		(118,825	)
Orphazyme A/S, ADR (a)		300		(1,233	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
uniQure NV (a)		1,000	$	(32,010	)
Verona Pharma plc, ADR (a)		1,900		(10,412	)

				(1,775,012	)

Industrial Products — (0.0)%
Arrival SA (a)		10,400		(136,760	)

Industrial Services — (0.0)%
Ardmore Shipping Corp. (a)		2,200		(9,130	)
Frontline Ltd.		40		(375	)
Navios Maritime Acquisition Corp.		1,400		(5,740	)
Ryanair Holdings plc, ADR (a)		4,700		(517,282	)

				(532,527	)

Insurance — (0.0)%
Prudential plc, ADR		4,100		(160,638	)

Materials — (0.0)%
CRH plc, ADR		7,300		(341,202	)

Media — (0.0)%
Just Eat Takeaway.com NV, ADR (a)		29,500		(428,635	)
Liberty Global plc, Class A (a)		2,800		(83,440	)
Opera Ltd., ADR (a)		300		(2,655	)
WISeKey International Holding Ltd., ADR (a)		1,100		(6,875	)
WPP plc, ADR		1,500		(100,560	)

				(622,165	)

Metals & Mining — (0.0)%
Ferroglobe PLC		400		0

Oil, Gas & Coal — (0.0)%
Equinor ASA, ADR		26,900		(685,950	)

Retail & Wholesale—Discretionary — (0.0)%
MYT Netherlands Parent BV, ADR (a)		3,100		(83,390	)

Tech Hardware & Semiconductors — (0.0)%
Telefonaktiebolaget LM Ericsson, ADR		81,400		(911,680	)

Utilities — (0.0)%
Fusion Fuel Green plc, Class A (a)		300		(3,258	)
National Grid plc, ADR		300		(17,889	)

				(21,147	)

Total Europe				(6,895,111	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Middle East — (0.1)%
Consumer Discretionary Products — (0.0)%
Foresight Autonomous Holdings Ltd., ADR (a)		3,500	$	(10,955	)

				(10,955	)

Health Care — (0.0)%
Biondvax Pharmaceuticals Ltd., ADR (a)		4,000		(8,800	)
Cellect Biotechnology Ltd., ADR (a)		200		(3,692	)
Entera Bio Ltd. (a)		300		(1,413	)
Inspira Technologies Oxy BHN Ltd. (a)		400		(1,072	)
Kamada Ltd. (a)		100		(530	)
Nano-X Imaging Ltd. (a)		10,000		(225,000	)
ReWalk Robotics Ltd. (a)		22,400		(33,824	)

				(274,331	)

Industrial Products — (0.0)%
Elbit Systems Ltd.		100		(14,484	)
Kornit Digital Ltd. (a)		100		(14,474	)

				(28,958	)

Industrial Services — (0.0)%
Castor Maritime, Inc. (a)		32,360		(78,958	)
ZIM Integrated Shipping Services Ltd.		400		(20,280	)

				(99,238	)

Materials — (0.0)%
Evogene Ltd. (a)		5,100		(13,464	)

Media — (0.0)%
Eros STX Global Corp. (a)		96,900		(89,100	)

Oil, Gas & Coal — (0.0)%
Borr Drilling Ltd. (a)		10,100		(8,468	)

Renewable Energy — (0.0)%
Eco Wave Power Global AB, ADR (a)		200		(1,362	)

Software & Technology Services — (0.1)%
CYREN Ltd. (a)		27,200		(16,997	)
Global-e Online Ltd. (a)		11,600		(832,880	)
My Size, Inc. (a)		2,100		(2,877	)
Safe-T Group Ltd., ADR (a)		498		(543	)
Wix.com Ltd. (a)		1,000		(195,970	)

				(1,049,267	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Tech Hardware & Semiconductors — (0.0)%
Nano Dimension Ltd., ADR (a)		21,600	$	(121,824	)
SuperCom Ltd. (a)		2,500		(2,487	)

				(124,311	)

Total Middle East				(1,699,454	)

North America — (6.7)%
Banking — (0.3)%
Ameris Bancorp		4,399		(228,220	)
Axos Financial, Inc. (a)		100		(5,154	)
Bank of America Corp.		100		(4,245	)
Bank of Montreal		1,200		(119,676	)
BankUnited, Inc.		2,600		(108,732	)
BOK Financial Corp.		300		(26,865	)
Broadway Financial Corp. (a)		800		(2,656	)
Canadian Imperial Bank of Commerce		4,500		(500,850	)
Capitol Federal Financial, Inc.		4,100		(47,109	)
Credicorp Ltd.		1,600		(177,504	)
Customers Bancorp, Inc. (a)		1,700		(73,134	)
Fifth Third Bancorp		71,300		(3,025,972	)
First Horizon National Corp.		700		(11,403	)
First Republic Bank		9,600		(1,851,648	)
Hilltop Holdings, Inc.		1,700		(55,539	)
Huntington Bancshares, Inc.		39,900		(616,854	)
Independent Bank Group, Inc.		100		(7,104	)
JPMorgan Chase & Co.		7,400		(1,211,306	)
Pacific Premier Bancorp, Inc.		20		(829	)
Park National Corp.		100		(12,195	)
Pinnacle Financial Partners, Inc.		4,900		(460,992	)
PNC Financial Services Group, Inc.		21,000		(4,108,440	)
Popular, Inc.		10		(777	)
Royal Bank of Canada		1,000		(99,480	)
ServisFirst Bancshares, Inc.		200		(15,560	)
Signature Bank		1,100		(299,508	)
Sterling Bancorp		8		(199	)
Truist Financial Corp.		47,300		(2,774,145	)
Umpqua Holdings Corp.		1,900		(38,475	)
Wells Fargo & Co.		8,300		(385,203	)
Western Alliance Bancorp		400		(43,528	)

				(16,313,302	)

Biotechnology & Pharmaceuticals — (0.0)%
Neurobo Pharmaceuticals, Inc.		92		(29	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Consumer Discretionary Products — (0.3)%
American Woodmark Corp. (a)		500	$	(32,685	)
Aptiv plc (a)		7,300		(1,087,481	)
BorgWarner, Inc.		14,240		(615,310	)
Carter’s, Inc.		4,100		(398,684	)
Casper Sleep, Inc. (a)		7,800		(33,306	)
CBAK Energy Technology, Inc. (a)		17,000		(39,610	)
Comstock Holding Cos., Inc. (a)		800		(3,828	)
DR Horton, Inc.		29,700		(2,493,909	)
Dream Finders Homes, Inc., Class A(a)		1,200		(20,796	)
ElectraMeccanica Vehicles Corp. (a)		40,600		(144,536	)
Fisker, Inc. (a)		17,600		(257,840	)
Fox Factory Holding Corp. (a)		2,200		(317,988	)
Gildan Activewear, Inc.		3,600		(131,436	)
Green Brick Partners, Inc. (a)		100		(2,052	)
Hooker Furnishings Corp.		500		(13,495	)
Hovnanian Enterprises Inc., Class A (a)		116		(11,181	)
Lakeland Industries, Inc. (a)		300		(6,300	)
LCI Industries		1,200		(161,556	)
Lennar Corp., Class A		8,400		(786,912	)
LGI Homes, Inc. (a)		3,000		(425,730	)
Lordstown Motors Corp., Class A (a)		12,200		(97,356	)
Mattel, Inc. (a)		22,500		(417,600	)
Mohawk Industries, Inc. (a)		6,500		(1,153,100	)
Motorcar Parts of America, Inc. (a)		500		(9,750	)
Newell Brands, Inc.		18		(399	)
Peloton Interactive, Inc., Class A (a)		63,000		(5,484,150	)
Purple Innovation, Inc. (a)		3,700		(77,774	)
PVH Corp. (a)		7,500		(770,925	)
QuantumScape Corp. (a)		3,700		(90,798	)
Romeo Power, Inc. (a)		3,700		(18,315	)
Stellantis NV		45,800		(874,780	)
Tupperware Brands Corp. (a)		1,700		(35,904	)
Vista Outdoor, Inc. (a)		3,300		(133,023	)
Whirlpool Corp.		700		(142,702	)
Worksport Ltd. (a)		200		(1,252	)
YETI Holdings, Inc. (a)		800		(68,552	)

				(16,361,015	)

Consumer Discretionary Services — (0.2)%
Bright Horizons Family Solutions, Inc. (a)		700		(97,594	)
BurgerFi International, Inc. (a)		1,200		(10,392	)
Caesars Entertainment, Inc. (a)		41,476		(4,656,925	)
Cannae Holdings, Inc. (a)		5,600		(174,216	)
Coursera, Inc. (a)		10,200		(322,830	)
Dutch Bros, Inc., Class A (a)		1,800		(77,976	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Elite Education Group International Ltd. (a)		3,100	$	(12,741	)
Fiesta Restaurant Group, Inc. (a)		1,400		(15,344	)
Golden Nugget Online Gaming, Inc. (a)		6,700		(116,379	)
Grand Canyon Education, Inc. (a)		1,700		(149,532	)
Hall of Fame Resort & Entertainment Co. (a)		2,900		(7,685	)
Hilton Grand Vacations, Inc. (a)		5,300		(252,121	)
Kura Sushi USA, Inc., Class A(a)		400		(17,472	)
Las Vegas Sands Corp. (a)		40,000		(1,464,000	)
Liberty Media Corp-Liberty Braves, Class C(a)		1,300		(34,346	)
Luby’s, Inc. (a)		500		(2,090	)
Madison Square Garden Entertainment Corp. (a)		2,500		(181,675	)
Madison Square Garden Sports Corp. (a)		1,800		(334,710	)
Marriott International, Inc., Class A(a)		12,100		(1,791,889	)
Marriott Vacations Worldwide Corp.		3,400		(534,922	)
OneSpaWorld Holdings Ltd. (a)		900		(8,973	)
Potbelly Corp. (a)		1,300		(8,814	)
Regis Corp. (a)		12,900		(44,892	)
Restaurant Brands International, Inc.		14,700		(899,493	)
Royal Caribbean Cruises Ltd. (a)		3,700		(329,115	)
Strategic Education, Inc.		400		(28,200	)
Waitr Holdings, Inc. (a)		18,900		(16,734	)
Wingstop, Inc.		1,400		(229,502	)
Wynn Resorts Ltd. (a)		14,000		(1,186,500	)
Yum! Brands, Inc.		100		(12,231	)

				(13,019,293	)

Consumer Staple Products — (0.1)%
Alkaline Water Co., Inc. (The) (a)		34,000		(54,060	)
Aurora Cannabis, Inc. (a)		71,300		(493,396	)
Beyond Meat, Inc. (a)		18,500		(1,947,310	)
Cal-Maine Foods, Inc.		3,300		(119,328	)
Celsius Holdings, Inc. (a)		18,100		(1,630,629	)
Clearwater Paper Corp. (a)		400		(15,332	)
Clever Leaves Holdings, Inc. (a)		2,100		(16,296	)
Conagra Brands, Inc.		100		(3,387	)
DavidsTea, Inc. (a)		2,700		(6,777	)
Dole plc (a)		100		(1,696	)
Duckhorn Portfolio, Inc. (The) (a)		3,700		(84,693	)
Eastside Distilling, Inc. (a)		100		(260	)
Energizer Holdings, Inc.		100		(3,905	)
Flora Growth Corp. (a)		100		(565	)
Fresh Del Monte Produce, Inc.		600		(19,332	)
FSD Pharma, Inc., Class B(a)		8,100		(12,798	)
Helen of Troy Ltd. (a)		1,700		(381,956	)
Herbalife Nutrition Ltd. (a)		900		(38,142	)
Hershey Co.		900		(152,325	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
HEXO Corp. (a)		400	$	(736	)
Honest Co., Inc. (The) (a)		7,500		(77,850	)
NewAge, Inc. (a)		26,100		(36,279	)
Nu Skin Enterprises, Inc.		700		(28,329	)
Oatly Group AB, ADR (a)		3,800		(57,456	)
Ocean Bio-Chem, Inc.		300		(2,793	)
Organigram Holdings, Inc. (a)		1,200		(2,760	)
Pilgrim’s Pride Corp. (a)		1,200		(34,896	)
Post Holdings, Inc. (a)		2,500		(275,400	)
Primo Water Corp.		6,500		(102,180	)
Reed’s, Inc. (a)		9,975		(5,985	)
Revlon, Inc., Class A(a)		100		(1,011	)
Reynolds Consumer Products, Inc.		5,700		(155,838	)
Seneca Foods Corp., Class A(a)		100		(4,822	)
Simply Good Foods Co. (The) (a)		6,100		(210,389	)
Spectrum Brands Holdings, Inc.		4,800		(459,216	)
Splash Beverage Group, Inc. (a)		100		(200	)
Tilray, Inc., Class 2(a)		98,300		(1,109,807	)
TreeHouse Foods, Inc. (a)		1,500		(59,820	)
Utz Brands, Inc.		400		(6,852	)
Vector Group Ltd.		28		(357	)
Village Farms International, Inc. (a)		7,400		(61,716	)

				(7,676,879	)

Financial Services — (0.2)%
Altisource Portfolio Solutions SA (a)		300		(2,964	)
Annaly Capital Management, Inc.		2,900		(24,418	)
Ault Global Holdings, Inc. (a)		100		(243	)
Brookfield Asset Management, Inc., Class A		50,567		(2,705,840	)
Charles Schwab Corp.		25,497		(1,857,202	)
Cohen & Co., Inc.		400		(7,728	)
Coinbase Global, Inc., Class A(a)		8,300		(1,888,084	)
Columbia Financial, Inc. (a)		800		(14,800	)
Cuentas, Inc. (a)		3,300		(9,537	)
Encore Capital Group, Inc. (a)		900		(44,343	)
Federal Agricultural Mortgage Corp., Class C		100		(10,852	)
Goldman Sachs Group, Inc.		7,400		(2,797,422	)
Guild Holdings Co., Class A		100		(1,376	)
Home Point Capital, Inc.		3,300		(13,596	)
loanDepot, Inc., Class A		500		(3,385	)
Mogo, Inc. (a)		1,000		(4,320	)
Mr. Cooper Group, Inc. (a)		1,400		(57,638	)
Navient Corp.		24,800		(489,304	)
Nelnet, Inc., Class A		600		(47,544	)
Patria Investments Ltd., Class A		1,700		(27,761	)
PennyMac Mortgage Investment Trust		14,100		(277,629	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Performant Financial Corp. (a)		1,100	$	(4,356	)
Reliance Global Group, Inc. (a)		400		(1,044	)
Rocket Cos., Inc., Class A		14,700		(235,788	)
Santander Consumer USA Holdings, Inc.		15,500		(646,350	)
T Rowe Price Group, Inc.		7,600		(1,494,920	)
US Global Investors, Inc., Class A		1,700		(9,673	)
UWM Holdings Corp.		200		(1,390	)
Walker & Dunlop, Inc.		200		(22,700	)
World Acceptance Corp. (a)		200		(37,916	)

				(12,740,123	)

Health Care — (1.1)%
10X Genomics, Inc., Class A (a)		5,200		(757,016	)
4D Molecular Therapeutics, Inc. (a)		1,300		(35,061	)
Aadi Bioscience, Inc. (a)		20		(587	)
AbbVie, Inc.		40		(4,315	)
AbCellera Biologics, Inc. (a)		200		(4,008	)
Abeona Therapeutics, Inc. (a)		17,400		(19,488	)
ABVC BioPharma, Inc. (a)		7,400		(17,094	)
ACADIA Pharmaceuticals, Inc. (a)		100		(1,661	)
Acasti Pharma, Inc. (a)		15,925		(31,850	)
Acceleron Pharma, Inc. (a)		300		(51,630	)
AcelRx Pharmaceuticals, Inc. (a)		2,400		(2,448	)
Actinium Pharmaceuticals, Inc. (a)		2,186		(19,368	)
Acurx Pharmaceuticals, Inc. (a)		300		(1,542	)
Adamis Pharmaceuticals Corp. (a)		53,500		(51,895	)
AdaptHealth Corp. (a)		10,300		(239,887	)
Adaptive Biotechnologies Corp. (a)		400		(13,596	)
Adial Pharmaceuticals, Inc. (a)		4,400		(18,876	)
Aditxt, Inc. (a)		7,500		(12,675	)
ADMA Biologics, Inc. (a)		47,700		(53,901	)
Advaxis, Inc. (a)		41,500		(21,642	)
Aeglea BioTherapeutics, Inc. (a)		200		(1,590	)
Aeterna Zentaris, Inc. (a)		33,924		(25,443	)
Aethlon Medical, Inc. (a)		5,500		(21,230	)
AgeX Therapeutics, Inc. (a)		2,100		(1,974	)
Agile Therapeutics, Inc. (a)		3,800		(3,652	)
Agiliti, Inc. (a)		2,800		(53,312	)
agilon health, Inc. (a)		16,000		(419,360	)
Agios Pharmaceuticals, Inc. (a)		8,700		(401,505	)
AIkido Pharma, Inc. (a)		3,600		(2,966	)
Akebia Therapeutics, Inc. (a)		5		(14	)
Akouos, Inc. (a)		1,200		(13,932	)
Akoya Biosciences, Inc. (a)		900		(12,564	)
Allena Pharmaceuticals, Inc. (a)		17,800		(16,059	)
Allogene Therapeutics, Inc. (a)		5,400		(138,780	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Alpha Pro Tech Ltd. (a)		4,700	$	(31,631	)
Altimmune, Inc. (a)		6,000		(67,860	)
Ampio Pharmaceuticals, Inc. (a)		38,912		(64,594	)
Angion Biomedica Corp. (a)		400		(3,908	)
Apria, Inc. (a)		300		(11,145	)
Aquestive Therapeutics, Inc. (a)		800		(3,488	)
Asensus Surgical, Inc. (a)		230		(426	)
Assertio Holdings, Inc. (a)		13,450		(12,186	)
Atea Pharmaceuticals, Inc. (a)		13,000		(455,780	)
Athenex, Inc. (a)		8,922		(26,855	)
Athersys, Inc. (a)		19,200		(25,536	)
Atossa Therapeutics, Inc. (a)		25,300		(82,478	)
Aurinia Pharmaceuticals, Inc. (a)		46,200		(1,022,406	)
Avalon GloboCare Corp. (a)		5,101		(4,530	)
Aveanna Healthcare Holdings, Inc. (a)		2,000		(16,040	)
Avenue Therapeutics, Inc. (a)		100		(149	)
Avinger, Inc. (a)		15,848		(11,791	)
Aytu BioPharma, Inc. (a)		9,524		(27,429	)
Bellicum Pharmaceuticals, Inc. (a)		2,970		(8,672	)
Beyondspring, Inc. (a)		300		(4,728	)
BioAtla, Inc. (a)		600		(17,664	)
Biocept, Inc. (a)		4,110		(16,481	)
BioLife Solutions, Inc. (a)		700		(29,624	)
Biomerica, Inc. (a)		1,700		(7,650	)
BioNano Genomics, Inc. (a)		77,900		(428,450	)
BioSig Technologies, Inc. (a)		2,400		(7,152	)
BioVie, Inc. (a)		400		(2,692	)
Bluebird Bio, Inc. (a)		200		(3,822	)
Blueprint Medicines Corp. (a)		1,700		(174,777	)
Bolt Biotherapeutics, Inc. (a)		1,300		(16,445	)
BriaCell Therapeutics Corp. (a)		4,000		(32,400	)
Brooklyn ImmunoTherapeutics, Inc. (a)		50		(465	)
Butterfly Network, Inc. (a)		6,100		(63,684	)
Capital Senior Living Corp. (a)		146		(5,142	)
Capricor Therapeutics, Inc. (a)		7,100		(28,542	)
Cassava Sciences, Inc. (a)		14,400		(893,952	)
cbdMD, Inc. (a)		3,200		(6,656	)
Celldex Therapeutics, Inc. (a)		166		(8,962	)
Centene Corp. (a)		59,900		(3,732,369	)
Certara, Inc. (a)		4,500		(148,950	)
Check Cap Ltd. (a)		8,400		(7,361	)
Chembio Diagnostics, Inc. (a)		10,300		(25,750	)
ChemoCentryx, Inc. (a)		4,100		(70,110	)
China Pharma Holdings, Inc. (a)		8,300		(4,636	)
ChromaDex Corp. (a)		400		(2,508	)
Clene, Inc. (a)		1,900		(12,977	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Clover Health Investments Corp. (a)		22,800	$	(168,492	)
Clovis Oncology, Inc. (a)		5,000		(22,300	)
CNS Pharmaceuticals, Inc. (a)		3,300		(4,917	)
Co-Diagnostics, Inc. (a)		10,400		(101,192	)
Cogent Biosciences, Inc. (a)		3,300		(27,753	)
Coherus Biosciences, Inc. (a)		200		(3,214	)
Congent Biosciences, Inc.		1,000		0
Corbus Pharmaceuticals Holdings, Inc. (a)		300		(306	)
Corvus Pharmaceuticals, Inc. (a)		7,900		(38,236	)
Cullinan Oncology, Inc. (a)		3,200		(72,224	)
Cyteir Therapeutics, Inc. (a)		300		(5,265	)
Dare Bioscience, Inc. (a)		3,900		(6,513	)
Deciphera Pharmaceuticals, Inc. (a)		1,400		(47,572	)
Design Therapeutics, Inc. (a)		1,000		(14,690	)
Diffusion Pharmaceuticals, Inc. (a)		14,400		(7,340	)
Dyadic International, Inc. (a)		2,900		(16,124	)
Edesa Biotech, Inc. (a)		4,700		(34,686	)
Edgewise Therapeutics, Inc. (a)		1,100		(18,260	)
Ekso Bionics Holdings, Inc. (a)		1,100		(5,082	)
Elanco Animal Health, Inc. (a)		8,400		(267,876	)
ENDRA Life Sciences, Inc. (a)		5,100		(8,823	)
Enveric Biosciences, Inc. (a)		11,275		(23,339	)
Equillium, Inc. (a)		2,400		(16,368	)
Evofem Biosciences, Inc. (a)		55,800		(41,214	)
Evoke Pharma, Inc. (a)		9,034		(11,744	)
Exact Sciences Corp. (a)		2,100		(200,445	)
Exicure, Inc. (a)		700		(840	)
Fennec Pharmaceuticals, Inc. (a)		1,300		(12,246	)
Finch Therapeutics Group, Inc. (a)		300		(3,900	)
First Wave BioPharma, Inc. (a)		3,280		(9,217	)
Foghorn Therapeutics, Inc. (a)		500		(6,965	)
Forma Therapeutics Holdings, Inc. (a)		1,000		(23,190	)
Forte Biosciences, Inc. (a)		4,000		(11,840	)
Fulgent Genetics, Inc. (a)		7,500		(674,625	)
Galectin Therapeutics, Inc. (a)		1,200		(4,656	)
Galera Therapeutics, Inc. (a)		600		(4,860	)
GBS, Inc. (a)		5,000		(12,600	)
Genprex, Inc. (a)		11,600		(31,088	)
Geron Corp. (a)		27,300		(37,401	)
Global Blood Therapeutics, Inc. (a)		500		(12,740	)
GoodRx Holdings, Inc., Class A (a)		3,500		(143,570	)
Greenwich Lifesciences, Inc. (a)		500		(19,535	)
Heat Biologics, Inc. (a)		7,528		(44,792	)
Heron Therapeutics, Inc. (a)		23,300		(249,077	)
Histogen, Inc. (a)		100		(76	)
Hologic, Inc. (a)		11,100		(819,291	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Horizon Therapeutics plc (a)		100	$	(10,954	)
HTG Molecular Diagnostics, Inc. (a)		933		(5,327	)
Humanigen, Inc. (a)		18,900		(112,077	)
iBio, Inc. (a)		65,500		(69,430	)
IGM Biosciences, Inc. (a)		600		(39,456	)
Ikena Oncology, Inc. (a)		1,400		(17,668	)
ImmunityBio, Inc. (a)		14,900		(145,126	)
ImmunoPrecise Antibodies Ltd. (a)		4,400		(27,368	)
IMV, Inc. (a)		1,100		(1,826	)
Incyte Corp. (a)		3,300		(226,974	)
Indaptus Therapeutics, Inc. (a)		28		(219	)
Inhibikase Therapeutics, Inc. (a)		1,100		(2,090	)
Inhibrx, Inc. (a)		200		(6,662	)
Inmune Bio, Inc. (a)		6,400		(124,288	)
Innovage Holding Corp. (a)		3,200		(21,152	)
Inovio Pharmaceuticals, Inc. (a)		68,000		(486,880	)
Instil Bio, Inc. (a)		4,100		(73,288	)
Insulet Corp. (a)		3,300		(937,959	)
Intra-Cellular Therapies, Inc. (a)		100		(3,728	)
InVivo Therapeutics Holdings Corp. (a)		200		(140	)
INVO BioScience, Inc. (a)		700		(2,261	)
IsoRay, Inc. (a)		1,500		(946	)
Iterum Therapeutics plc (a)		2,700		(1,508	)
Jaguar Health, Inc. (a)		16,466		(37,378	)
JanOne, Inc. (a)		800		(5,472	)
Jazz Pharmaceuticals plc (a)		1,900		(247,399	)
Jupiter Wellness, Inc. (a)		2,900		(4,089	)
Kala Pharmaceuticals, Inc. (a)		14,800		(38,776	)
Lexaria Bioscience Corp. (a)		1,800		(11,268	)
Lexicon Pharmaceuticals, Inc. (a)		400		(1,924	)
LHC Group, Inc. (a)		2,483		(389,608	)
LifeStance Health Group, Inc. (a)		1,800		(26,100	)
Liminal BioSciences, Inc. (a)		6,300		(14,427	)
Lipocine, Inc. (a)		18,400		(20,056	)
Longboard Pharmaceuticals, Inc. (a)		600		(5,346	)
Lucira Health, Inc. (a)		8,700		(66,120	)
Lumos Pharma, Inc. (a)		22		(209	)
Lyell Immunopharma, Inc. (a)		600		(8,880	)
MannKind Corp. (a)		29		(126	)
Matinas BioPharma Holdings, Inc. (a)		500		(650	)
MediciNova, Inc. (a)		1,700		(6,443	)
Microbot Medical, Inc. (a)		1,315		(9,244	)
Milestone Scientific, Inc. (a)		4,900		(9,163	)
Minerva Neurosciences, Inc. (a)		100		(174	)
Mirati Therapeutics, Inc. (a)		1,400		(247,674	)
Moderna, Inc. (c)		76,670		(29,507,216	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
ModivCare, Inc. (a)		400	$	(72,648	)
Moleculin Biotech, Inc. (a)		4,400		(13,200	)
Monte Rosa Therapeutics, Inc. (a)		300		(6,684	)
Motus GI Holdings, Inc. (a)		14,900		(10,274	)
MyMD Pharmaceuticals, Inc. (a)		3,800		(27,360	)
Nabriva Therapeutics plc (a)		17,900		(21,301	)
NanoVibronix, Inc. (a)		400		(824	)
NanoViricides, Inc. (a)		4,100		(19,024	)
Nemaura Medical, Inc. (a)		100		(601	)
Neogen Corp. (a)		1,400		(60,802	)
NeoGenomics, Inc. (a)		5,700		(274,968	)
Neovasc, Inc. (a)		8,100		(5,873	)
Neptune Wellness Solutions, Inc. (a)		34,100		(20,617	)
NeuroPace, Inc. (a)		200		(3,170	)
Nkarta, Inc. (a)		1,100		(30,591	)
Novan, Inc. (a)		10		(81	)
Novavax, Inc. (a)		1,800		(373,158	)
Nuvation Bio, Inc. (a)		400		(3,976	)
Nuwellis, Inc. (a)		100		(220	)
Nymox Pharmaceutical Corp. (a)		2,400		(4,944	)
Oak Street Health, Inc. (a)		400		(17,012	)
Ocugen, Inc. (a)		71,500		(513,370	)
Oncolytics Biotech, Inc. (a)		1,900		(3,971	)
Onconova Therapeutics, Inc. (a)		7,467		(28,599	)
OPKO Health, Inc. (a)		19,399		(70,806	)
Optinose, Inc. (a)		1,600		(4,800	)
Oragenics, Inc. (a)		29,600		(18,787	)
Organovo Holdings, Inc. (a)		5		(34	)
Orgenesis, Inc. (a)		1,278		(6,326	)
ORIC Pharmaceuticals, Inc. (a)		300		(6,273	)
PDL BioPharma, Inc. (a)		4,500		(11,115	)
Penumbra, Inc. (a)		1,400		(373,100	)
PetIQ, Inc. (a)		1,800		(44,946	)
Petros Pharmaceuticals, Inc. (a)		300		(600	)
Pfizer, Inc.		1,000		(43,010	)
PharmaCyte Biotech, Inc. (a)		2,700		(8,559	)
PhaseBio Pharmaceuticals, Inc. (a)		900		(2,799	)
Pliant Therapeutics, Inc. (a)		200		(3,376	)
Pluristem Therapeutics, Inc. (a)		200		(530	)
Poseida Therapeutics, Inc. (a)		1,200		(8,748	)
Predictive Oncology, Inc. (a)		700		(931	)
Prelude Therapeutics, Inc. (a)		200		(6,250	)
Progenity, Inc. (a)		100		(152	)
Prometheus Biosciences, Inc. (a)		1,000		(23,710	)
Protalix BioTherapeutics, Inc. (a)		8,700		(11,571	)
PTC Therapeutics, Inc. (a)		500		(18,605	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Pulmatrix, Inc. (a)		6,400	$	(5,119	)
Qualigen Therapeutics, Inc. (a)		6,200		(8,060	)
Quidel Corp. (a)		8,900		(1,256,235	)
Reata Pharmaceuticals, Inc., Class A (a)		3,400		(342,074	)
Recursion Pharmaceuticals, Inc., Class A (a)		3,900		(89,739	)
Repare Therapeutics, Inc. (a)		300		(7,872	)
Repligen Corp. (a)		100		(28,899	)
Retractable Technologies, Inc. (a)		6,600		(72,798	)
Revance Therapeutics, Inc. (a)		1,900		(52,934	)
Reviva Pharmaceuticals Holdings, Inc. (a)		400		(1,628	)
Rockwell Medical, Inc. (a)		14,400		(8,582	)
Sage Therapeutics, Inc. (a)		2,400		(106,344	)
Sana Biotechnology, Inc. (a)		1,800		(40,536	)
Sanara Medtech, Inc. (a)		200		(6,808	)
Seagen, Inc. (a)		4,000		(679,200	)
Seer, Inc. (a)		3,300		(113,949	)
SELLAS Life Sciences Group, Inc. (a)		5,167		(47,330	)
Shattuck Labs, Inc. (a)		100		(2,038	)
Shockwave Medical, Inc. (a)		2,300		(473,524	)
SmileDirectClub, Inc. (a)		200		(1,064	)
Soligenix, Inc. (a)		14,400		(15,264	)
Sonoma Pharmaceuticals, Inc. (a)		900		(5,022	)
Sorrento Therapeutics, Inc. (a)		107,100		(817,173	)
Sotera Health Co. (a)		10,200		(266,730	)
Star Equity Holdings, Inc. (a)		1,700		(4,624	)
STERIS plc		700		(142,996	)
Surgery Partners, Inc. (a)		600		(25,404	)
Synaptogenix, Inc. (a)		2,200		(21,868	)
Taro Pharmaceutical Industries Ltd. (a)		200		(12,726	)
Teladoc Health, Inc. (a)		31,900		(4,045,239	)
Teligent, Inc. (a)		33,400		(13,327	)
Tenax Therapeutics, Inc. (a)		800		(1,416	)
Terns Pharmaceuticals, Inc. (a)		100		(1,042	)
TG Therapeutics, Inc. (a)		4,300		(143,104	)
Theravance Biopharma, Inc. (a)		4,600		(34,040	)
Thermo Fisher Scientific, Inc.		1,000		(571,330	)
ThermoGenesis Holdings, Inc. (a)		700		(1,379	)
Titan Medical, Inc. (a)		10,600		(16,112	)
Titan Pharmaceuticals, Inc. (a)		2,300		(4,301	)
Treace Medical Concepts, Inc., Class C (a)		1,600		(43,040	)
Trillium Therapeutics, Inc. (a)		28,800		(505,728	)
UroGen Pharma Ltd. (a)		1,600		(26,912	)
Vaccinex, Inc. (a)		3,300		(7,128	)
Vaxart, Inc. (a)		40,300		(320,385	)
Vaxcyte, Inc. (a)		400		(10,148	)
Veracyte, Inc. (a)		500		(23,225	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Verve Therapeutics, Inc. (a)		100	$	(4,700	)
Vir Biotechnology, Inc. (a)		10,800		(470,016	)
Viracta Therapeutics, Inc. (a)		2,682		(21,510	)
Viveve Medical, Inc. (a)		3,800		(8,664	)
VolitionRX Ltd. (a)		1,600		(4,960	)
Vor BioPharma, Inc. (a)		1,400		(21,952	)
vTv Therapeutics, Inc., Class A (a)		700		(1,071	)
Xeris Pharmaceuticals, Inc. (a)		23,900		(58,555	)
Xtant Medical Holdings, Inc. (a)		3,700		(4,107	)
Zimmer Biomet Holdings, Inc.		200		(29,272	)
Zivo Bioscience, Inc. (a)		3,300		(15,048	)
Zogenix, Inc. (a)		2,700		(41,013	)
Zomedica Corp. (a)		352,700		(184,638	)
Zosano Pharma Corp. (a)		29,596		(21,300	)
Zynex, Inc. (a)		5,900		(67,201	)

				(59,920,026	)

Health Care Facilities & Services — (0.0)%
Caladrius Biosciences, Inc. (a)		1,900		(2,318	)
Invitae Corp. (a)		300		(8,529	)
McKesson Corp.		100		(19,938	)
Owens & Minor, Inc.		3,800		(118,902	)
Viemed Healthcare, Inc. (a)		1,800		(9,990	)

				(159,677	)

Health Care Facilities & Services — (0.0)%
Elanco Animal Health, Inc.		6,500		0

Industrial Products — (0.2)%
Advanced Energy Industries, Inc.		1,900		(166,725	)
AeroVironment, Inc. (a)		300		(25,896	)
AgEagle Aerial Systems, Inc. (a)		21,800		(65,618	)
Agrify Corp. (a)		7,400		(137,196	)
Alamo Group, Inc.		200		(27,906	)
Altra Industrial Motion Corp.		2,400		(132,840	)
AMMO, Inc. (a)		7,200		(44,280	)
Astec Industries, Inc.		1,100		(59,191	)
Belden, Inc.		800		(46,608	)
Blink Charging Co. (a)		15,100		(432,011	)
BWX Technologies, Inc.		5,500		(296,230	)
Chart Industries, Inc. (a)		2,700		(515,997	)
Eastman Kodak Co. (a)		28,200		(192,042	)
Energous Corp. (a)		22,600		(47,008	)
Enerpac Tool Group Corp.		2,300		(47,679	)
FreightCar America, Inc. (a)		5,500		(24,915	)
Generac Holdings, Inc. (a)		1,000		(408,670	)
General Electric Co.		50		(5,151	)

See Notes to Consolidated Financial Statements.

100

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
GreenPower Motor Co., Inc. (a)		1,800	$	(26,784	)
Grom Social Enterprises, Inc. (a)		4,300		(17,200	)
Hayward Holdings, Inc. (a)		4,700		(104,528	)
Helios Technologies, Inc.		700		(57,477	)
Hydrofarm Holdings Group, Inc. (a)		8,700		(329,295	)
Ideal Power, Inc. (a)		1,200		(18,264	)
Ingersoll Rand, Inc. (a)		44,052		(2,220,661	)
IntriCon Corp. (a)		300		(5,448	)
John Bean Technologies Corp.		1,500		(210,825	)
Kelso Technologies, Inc. (a)		12,700		(8,001	)
Kratos Defense & Security Solutions, Inc. (a)		1,500		(33,465	)
L3Harris Technologies, Inc.		9,600		(2,114,304	)
Loop Industries, Inc. (a)		100		(1,143	)
Luna Innovations, Inc. (a)		300		(2,850	)
Mechanical Technology, Inc. (a)		200		(1,604	)
Middleby Corp. (a)		3,700		(630,887	)
Nikola Corp. (a)		7,800		(83,226	)
Novanta, Inc. (a)		900		(139,050	)
Raven Industries, Inc. (a)		2,100		(120,981	)
RBC Bearings, Inc. (a)		300		(63,660	)
Research Frontiers, Inc. (a)		1,900		(4,864	)
Shyft Group, Inc. (The)		200		(7,602	)
Sypris Solutions, Inc. (a)		1,700		(6,069	)
TAT Technologies Ltd. (a)		500		(2,920	)
Teledyne Technologies, Inc. (a)		7		(3,007	)
Textron, Inc.		800		(55,848	)
Toughbuilt Industries, Inc. (a)		46,500		(23,841	)
Vertiv Holdings Co.		1,100		(26,499	)
Westinghouse Air Brake Technologies Corp.		5,000		(431,050	)
WidePoint Corp. (a)		200		(1,050	)
Workhorse Group, Inc. (a)		44,600		(341,190	)
Wrap Technologies, Inc. (a)		1,000		(5,990	)
XL Fleet Corp. (a)		11,600		(71,456	)
Xometry, Inc., Class A(a)		2,700		(155,709	)

				(10,002,711	)

Industrial Services — (0.1)%
ADT, Inc.		8,500		(68,765	)
AECOM (a)		5,000		(315,750	)
Air Transport Services Group, Inc. (a)		1,300		(33,553	)
Alexco Resource Corp. (a)		7,800		(11,700	)
AMERCO		200		(129,206	)
API Group Corp. (a)		1,200		(24,420	)
ASGN, Inc. (a)		500		(56,570	)
Atlas Air Worldwide Holdings, Inc. (a)		4,100		(334,888	)
Brink’s Co.		500		(31,650	)

See Notes to Consolidated Financial Statements.

101

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Centrus Energy Corp., Class A (a)		1,000	$	(38,660	)
Comfort Systems USA, Inc.		300		(21,396	)
Construction Partners, Inc., Class A (a)		900		(30,033	)
Copa Holdings SA, Class A (a)		4,000		(325,520	)
CryoPort, Inc. (a)		900		(59,859	)
Deluxe Corp.		600		(21,534	)
Denison Mines Corp. (a)		135,300		(198,891	)
DHT Holdings, Inc.		1,000		(6,530	)
EMCOR Group, Inc.		300		(34,614	)
EVI Industries, Inc. (a)		100		(2,720	)
Expeditors International of Washington, Inc.		1,400		(166,782	)
FedEx Corp.		5,800		(1,271,882	)
Frontier Group Holdings, Inc. (a)		6,500		(102,635	)
GEE Group, Inc. (a)		200		(93	)
Harsco Corp. (a)		4,500		(76,275	)
Herc Holdings, Inc.		46		(7,519	)
Ideanomics, Inc. (a)		148,400		(292,348	)
Innodata, Inc. (a)		200		(1,906	)
International Seaways, Inc.		3,556		(64,790	)
Latham Group, Inc. (a)		3,700		(60,680	)
Lightbridge Corp. (a)		1,790		(8,717	)
Matson, Inc.		1,600		(129,136	)
Montrose Environmental Group, Inc. (a)		200		(12,348	)
Nordic American Tankers Ltd.		15,400		(39,424	)
NV5 Global, Inc. (a)		300		(29,571	)
Orbital Energy Group, Inc. (a)		23,400		(72,072	)
Quanta Services, Inc.		2,000		(227,640	)
Saia, Inc. (a)		100		(23,803	)
SEACOR Marine Holdings, Inc. (a)		800		(3,704	)
Southwest Airlines Co. (a)		200		(10,286	)
Stericycle, Inc. (a)		4,600		(312,662	)
Sun Country Airlines Holdings, Inc. (a)		3,100		(103,974	)
Team, Inc. (a)		3,300		(9,933	)
Teekay Tankers Ltd., Class A (a)		7,837		(113,872	)
Terminix Global Holdings, Inc. (a)		300		(12,501	)
Tetra Tech, Inc.		800		(119,472	)
TOMI Environmental Solutions, Inc. (a)		1,600		(2,184	)
TOP Ships, Inc. (a)		9,700		(14,356	)
TrueBlue, Inc. (a)		300		(8,124	)
United Rentals, Inc. (a)		1,800		(631,674	)
Vertex Energy, Inc. (a)		11,100		(58,164	)
Vivint Smart Home, Inc. (a)		7,600		(71,820	)
WESCO International, Inc. (a)		3,000		(345,960	)
Willdan Group, Inc. (a)		500		(17,795	)

				(6,170,361	)

See Notes to Consolidated Financial Statements.

102

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Insurance — (0.3)%
Aflac, Inc.		16,400	$	(854,932	)
American Financial Group, Inc.		500		(62,915	)
American International Group, Inc.		42,200		(2,316,358	)
American National Group, Inc.		100		(18,903	)
Arch Capital Group Ltd. (a)		1,000		(38,180	)
Assurant, Inc.		200		(31,550	)
Atlantic American Corp.		1,612		(6,754	)
Berkshire Hathaway, Inc., Class B (a)		37,700		(10,289,838	)
Cincinnati Financial Corp.		4,600		(525,412	)
CNA Financial Corp.		200		(8,392	)
eHealth, Inc. (a)		6,300		(255,150	)
Enstar Group Ltd. (a)		100		(23,473	)
Goosehead Insurance, Inc., Class A		1,800		(274,122	)
Kemper Corp.		200		(13,358	)
Mercury General Corp.		1,100		(61,237	)
Palomar Holdings, Inc. (a)		300		(24,249	)
RenaissanceRe Holdings Ltd.		900		(125,460	)
Selective Insurance Group, Inc.		800		(60,424	)
Selectquote, Inc. (a)		500		(6,465	)
Sun Life Financial, Inc.		600		(30,870	)

				(15,028,042	)

Materials — (0.2)%
Advanced Drainage Systems, Inc.		6,600		(713,922	)
Almaden Minerals Ltd., Class B (a)		13,200		(5,303	)
American Resources Corp. (a)		21,600		(41,040	)
Americas Gold & Silver Corp. (a)		27,600		(21,994	)
Apogee Enterprises, Inc.		200		(7,552	)
Arconic Corp. (a)		600		(18,924	)
Avient Corp.		4,100		(190,035	)
Avino Silver & Gold Mines Ltd. (a)		11,300		(9,323	)
Ball Corp.		4,500		(404,865	)
Barrick Gold Corp.		48		(866	)
Berry Global Group, Inc. (a)		10,300		(627,064	)
Carlisle Cos., Inc.		900		(178,911	)
Celanese Corp.		700		(105,448	)
Comstock Mining, Inc. (a)		16,300		(43,521	)
CPS Technologies Corp. (a)		4,500		(22,365	)
Danimer Scientific, Inc. (a)		400		(6,536	)
Diversey Holdings Ltd. (a)		7,700		(123,508	)
Domtar Corp. (a)		1,100		(59,994	)
Eagle Materials, Inc.		3,100		(406,596	)
Energy Fuels, Inc. (a)		4,100		(28,782	)
Equinox Gold Corp. (a)		37,700		(248,820	)
First Majestic Silver Corp.		100		(1,130	)

See Notes to Consolidated Financial Statements.

103

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
FMC Corp.		10,400	$	(952,224	)
Galiano Gold, Inc. (a)		12,500		(9,000	)
Gold Standard Ventures Corp. (a)		8,500		(3,857	)
Golden Minerals Co. (a)		14,400		(6,219	)
Golden Star Resources Ltd. (a)		8,300		(19,754	)
GoldMining, Inc. (a)		3,000		(3,510	)
Great Panther Mining Ltd. (a)		42,400		(19,504	)
Greif, Inc., Class A		2,000		(129,200	)
Ikonics Corp. (a)		100		(2,819	)
International Flavors & Fragrances, Inc.		7,500		(1,002,900	)
International Tower Hill Mines Ltd. (a)		1,900		(1,417	)
IT Tech Packaging, Inc. (a)		6,400		(2,474	)
Kaiser Aluminum Corp.		500		(54,480	)
Kirkland Lake Gold Ltd.		19,000		(790,210	)
Koppers Holdings, Inc. (a)		200		(6,252	)
Louisiana-Pacific Corp.		2,100		(128,877	)
MAG Silver Corp. (a)		200		(3,240	)
Meta Materials, Inc. (a)		102,250		(591,005	)
Metalla Royalty & Streaming Ltd. (a)		3, 500		(23,800	)
NexGen Energy Ltd. (a)		200		(946	)
North American Construction Group Ltd.		300		(4,416	)
Northern Dynasty Minerals Ltd. (a)		35,500		(16,309	)
Novagold Resources, Inc. (a)		20,800		(143,104	)
Nucor Corp.		5,800		(571,242	)
Orla Mining Ltd. (a)		2,300		(7,544	)
Pactiv Evergreen, Inc.		2,800		(35,056	)
PolyMet Mining Corp. (a)		2,100		(6,405	)
Quaker Chemical Corp.		500		(118,860	)
Reliance Steel & Aluminum Co.		1,300		(185,146	)
RPM International, Inc.		2,100		(163,065	)
Schweitzer-Mauduit International, Inc.		400		(13,864	)
SilverCrest Metals, Inc. (a)		6,300		(43,974	)
SiNtx Technologies, Inc. (a)		8,800		(11,264	)
Solitario Zinc Corp. (a)		9,100		(5,051	)
SSR Mining, Inc.		22,000		(320,100	)
Standard Lithium Ltd. (a)		100		(813	)
Steel Dynamics, Inc.		2,100		(122,808	)
Summit Materials, Inc., Class A (a)		4,500		(143,865	)
Tanzanian Gold Corp. (a)		2,600		(1,287	)
Teck Resources Ltd., Class B		400		(9,964	)
Trex Co., Inc. (a)		10,000		(1,019,300	)
Trilogy Metals, Inc. (a)		500		(925	)
Turquoise Hill Resources Ltd. (a)		6,870		(101,401	)
UFP Industries, Inc.		3,500		(237,930	)
United States Antimony Corp. (a)		38,100		(34,515	)
Ur-Energy, Inc. (a)		4,500		(7,740	)

See Notes to Consolidated Financial Statements.

104

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Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Uranium Energy Corp. (a)		500	$	(1,525	)
Valvoline, Inc.		1,100		(34,298	)
View, Inc. (a)		3,900		(21,138	)
WD-40 Co.		500		(115,740	)
Western Copper & Gold Corp. (a)		1,100		(1,639	)
Zymergen, Inc. (a)		16,100		(212,037	)

				(10,730,512	)

Media — (0.5)%
Advantage Solutions, Inc. (a)		4,000		(34,600	)
AppLovin Corp., Class A (a)		5,500		(398,035	)
AutoWeb, Inc. (a)		1,900		(5,301	)
Boston Omaha Corp., Class A (a)		1,400		(54,292	)
Bright Health Group, Inc. (a)		300		(2,448	)
Bumble, Inc., Class A (a)		23,300		(1,164,534	)
Cinedigm Corp. (a)		3,400		(8,534	)
DoorDash, Inc., Class A (a)		34,300		(7,065,114	)
Endeavor Group Holdings, Inc., Class A (a)		7,400		(212,158	)
Entravision Communications Corp., Class A		100		(710	)
EW Scripps Co., Class A		300		(5,418	)
Expedia Group Inc. (a)		16		(2,622	)
fuboTV, Inc. (a)		51,000		(1,221,960	)
Gray Television, Inc.		800		(18,256	)
Groupon, Inc. (a)		5,000		(114,050	)
Houghton Mifflin Harcourt Co. (a)		13,800		(185,334	)
IAC / Inter Active Corp. (a)		2,100		(273,609	)
Interpublic Group of Cos., Inc. (The)		30,300		(1,111,101	)
Inuvo, Inc. (a)		37,000		(25,896	)
IZEA Worldwide, Inc. (a)		13,500		(25,920	)
Liberty Broadband Corp., Class C (a)		10,900		(1,882,430	)
Liquid Media Group Ltd. (a)		5,100		(8,109	)
Lyft, Inc., Class A (a)		23		(1,233	)
Marin Software, Inc. (a)		5,500		(50,160	)
Match Group, Inc. (a)		14,400		(2,260,656	)
Media General, Inc.		12,100		0
MediaAlpha, Inc., Class A (a)		1,200		(22,416	)
Netflix, Inc. (a)		200		(122,068	)
Nexstar Media Group, Inc., Class A		2,811		(427,160	)
NextPlay Technologies, Inc. (a)		2,800		(3,752	)
Opendoor Technologies, Inc. (a)		4,100		(84,173	)
Playtika Holding Corp. (a)		2,600		(71,838	)
Remark Holdings, Inc. (a)		30,900		(32,445	)
ROBLOX Corp., Class A (a)		27,800		(2,100,290	)
Roku, Inc. (a)		200		(62,670	)
RumbleON, Inc., Class B (a)		100		(3,898	)
Score Media and Gaming, Inc. (a)		5,100		(174,573	)

See Notes to Consolidated Financial Statements.

105

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Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Sinclair Broadcast Group, Inc., Class A		3,200	$	(101,376	)
Uber Technologies, Inc. (a)		32,300		(1,447,040	)
Vimeo, Inc. (a)		1,400		(41,118	)
Walt Disney Co. (a)		48,600		(8,221,662	)
Zynga, Inc., Class A (a)		200		(1,506	)

				(29,050,465	)

Oil & Gas — (0.0)%
Golar LNG Ltd. (a)		13,600		(176,392	)

Oil, Gas & Coal — (0.2)%
California Resources Corp. (a)		1,200		(49,200	)
Camber Energy, Inc. (a)		37,500		(143,250	)
Chesapeake Energy Corp.		21,200		(1,305,708	)
Chevron Corp. (c)		9,910		(1,005,370	)
CNX Resources Corp. (a)		6,000		(75,720	)
ConocoPhillips		123		(8,336	)
Delek US Holdings, Inc.		643		(11,555	)
Denbury, Inc. (a)		6,700		(470,675	)
Devon Energy Corp.		54,983		(1,952,446	)
Dril-Quip, Inc. (a)		1,700		(42,806	)
Enbridge, Inc.		400		(15,920	)
Equitrans Midstream Corp.		62,300		(631,722	)
Extraction Oil & Gas, Inc. (a)		100		(5,645	)
EzFill Holdings, Inc. (a)		300		(1,227	)
Frank’s International NV (a)		10,200		(29,988	)
Geospace Technologies Corp. (a)		200		(1,910	)
Gulfport Energy Operating Corp. (a)		100		(8,221	)
Hess Corp.		15,200		(1,187,272	)
ION Geophysical Corp. (a)		10,600		(14,098	)
KLX Energy Services Holdings, Inc. (a)		3,100		(14,756	)
Liberty Oilfield Services, Inc., Class A (a)		6,600		(80,058	)
New Fortress Energy LLC		8,200		(227,550	)
ONEOK, Inc.		20,500		(1,188,795	)
Par Pacific Holdings, Inc. (a)		1,000		(15,720	)
PDC Energy, Inc.		1,916		(90,799	)
Pioneer Natural Resources Co.		56		(9,325	)
RPC, Inc. (a)		12,600		(61,236	)
Smart Sand, Inc. (a)		2,900		(7,105	)
Southwestern Energy Co. (a)		12		(66	)
Superior Drilling Products, Inc. (a)		2,700		(4,725	)
Targa Resources Corp.		300		(14,763	)
TC Energy Corp.		4,700		(226,023	)
Valero Energy Corp. (c)		9,171		(647,197	)
Vine Energy, Inc., Class A (a)		6,600		(108,702	)
Williams Cos., Inc.		118,600		(3,076,484	)

				(12,734,373	)

See Notes to Consolidated Financial Statements.

106

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Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Real Estate — (0.5)%
Alexandria Real Estate Equities, Inc.		8,400	$	(1,604,988	)
American Assets Trust, Inc.		200		(7,484	)
American Campus Communities, Inc.		8,000		(387,600	)
Americold Realty Trust		54,300		(1,577,415	)
Apartment Income REIT Corp.		1,400		(68,334	)
Boston Properties, Inc.		9,600		(1,040,160	)
CBRE Group, Inc., Class A (a)		2,500		(243,400	)
Compass, Inc., Class A (a)		7,600		(100,776	)
Cousins Properties, Inc.		13,498		(503,341	)
CyrusOne, Inc.		5,300		(410,273	)
DiamondRock Hospitality Co. (a)		7,900		(74,655	)
Digital Realty Trust, Inc.		13,200		(1,906,740	)
Douglas Emmett, Inc.		11,200		(354,032	)
Equinix, Inc.		4,000		(3,160,520	)
Equity Residential		4,900		(396,508	)
Essex Property Trust, Inc.		2,800		(895,272	)
Fathom Holdings, Inc. (a)		400		(10,680	)
Gaming and Leisure Properties, Inc.		100		(4,632	)
Gaucho Group Holdings, Inc. (a)		3,100		(9,517	)
Harbor Custom Development, Inc. (a)		5,300		(12,455	)
Highwoods Properties, Inc.		10,100		(442,986	)
Host Hotels & Resorts, Inc. (a)		141,400		(2,309,062	)
Iron Mountain, Inc.		28,200		(1,225,290	)
Kimco Realty Corp.		5,000		(103,750	)
Lamar Advertising Co., Class A		2,500		(283,625	)
New Concept Energy, Inc. (a)		600		(2,556	)
NexPoint Residential Trust, Inc.		1,100		(68,068	)
Office Properties Income Trust		2,373		(60,108	)
Pebblebrook Hotel Trust		10,700		(239,787	)
PotlatchDeltic Corp.		6,221		(320,879	)
Rayonier, Inc.		5,300		(189,104	)
Regency Centers Corp.		9,100		(612,703	)
Rexford Industrial Realty, Inc.		2,400		(136,200	)
Ryman Hospitality Properties, Inc. (a)		3,400		(284,580	)
SL Green Realty Corp.		3,000		(212,520	)
Sunstone Hotel Investors, Inc. (a)		12,200		(145,668	)
Urban Edge Properties		700		(12,817	)
Ventas, Inc.		16,038		(885,458	)
Vornado Realty Trust		17,800		(747,778	)
Welltower, Inc.		29,100		(2,397,840	)
Weyerhaeuser Co.		43,600		(1,550,852	)

				(25,000,413	)

See Notes to Consolidated Financial Statements.

107

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Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Renewable Energy — (0.2)%
Advent Technologies Holdings, Inc. (a)		1,400	$	(12,180	)
Alto Ingredients, Inc. (a)		21,200		(104,728	)
Ameresco, Inc., Class A (a)		3,700		(216,191	)
Array Technologies, Inc. (a)		19,700		(364,844	)
Ballard Power Systems, Inc. (a)		300		(4,215	)
Broadwind, Inc. (a)		3,700		(9,583	)
Cleanspark, Inc. (a)		12,800		(148,352	)
Enphase Energy, Inc. (a)		3,400		(509,898	)
First Solar, Inc. (a)		12,300		(1,174,158	)
Flux Power Holdings, Inc. (a)		2,200		(11,176	)
FuelCell Energy, Inc. (a)		29		(194	)
Gevo, Inc. (a)		200		(1,328	)
Green Plains, Inc. (a)		1,100		(35,915	)
Montauk Renewables, Inc. (a)		100		(1,123	)
Plug Power, Inc. (a)		30,000		(766,200	)
Renewable Energy Group, Inc. (a)		7,000		(351,400	)
Shoals Technologies Group, Inc., Class A (a)		23,600		(657,968	)
Sunrun, Inc. (a)		74,115		(3,261,060	)
Sunworks, Inc. (a)		9,700		(59,558	)

				(7,690,071	)

Retail & Wholesale—Discretionary — (0.6)%
Abercrombie & Fitch Co., Class A (a)		10,000		(376,300	)
ADDvantage Technologies Group, Inc. (a)		900		(2,124	)
Advance Auto Parts, Inc.		700		(146,223	)
Amazon.com, Inc. (a)		900		(2,956,536	)
Aspen Aerogels, Inc. (a)		500		(23,005	)
Bath & Body Works, Inc.		7,200		(453,816	)
Beacon Roofing Supply, Inc. (a)		4,400		(210,144	)
Big 5 Sporting Goods Corp.		17		(392	)
Builders FirstSource, Inc. (a)		37,600		(1,945,424	)
Burlington Stores, Inc. (a)		2,900		(822,353	)
CarLotz, Inc. (a)		19,200		(73,152	)
CarMax, Inc. (a)		2,700		(345,492	)
CarParts.com, Inc. (a)		11,900		(185,759	)
Carvana Co. (a)		18,000		(5,427,720	)
Copart, Inc. (a)		2,300		(319,056	)
Digital Brands Group, Inc. (a)		4,100		(12,464	)
Dillard’s, Inc., Class A		200		(34,504	)
Freshpet, Inc. (a)		3,600		(513,684	)
Gap, Inc.		100		(2,270	)
GrowGeneration Corp. (a)		3,100		(76,477	)
Hibbett, Inc.		1,400		(99,036	)
Home Depot, Inc. (The)		28,600		(9,388,236	)
iPower, Inc. (a)		3,300		(13,068	)

See Notes to Consolidated Financial Statements.

108

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
JOANN, Inc.		2,500	$	(27,850	)
Kirkland’s, Inc. (a)		1,400		(26,894	)
Lithia Motors, Inc., Class A		300		(95,112	)
LKQ Corp. (a)		19,300		(971,176	)
LMP Automotive Holdings, Inc. (a)		700		(10,773	)
MarineMax, Inc. (a)		6,000		(291,120	)
Monro, Inc.		500		(28,755	)
Net Element, Inc. (a)		1,900		(15,656	)
NovaBay Pharmaceuticals, Inc. (a)		16,100		(10,344	)
ODP Corp. (The) (a)		3,200		(128,512	)
Overstock.com, Inc. (a)		15,400		(1,199,968	)
Petco Health & Wellness Co., Inc. (a)		34,500		(727,950	)
Pool Corp.		800		(347,528	)
Sportsman’s Warehouse Holdings, Inc. (a)		10,900		(191,840	)
ThredUp, Inc., Class A (a)		800		(17,352	)
TJX Cos., Inc.		13,400		(884,132	)
Tuesday Morning Corp. (a)		700		(1,960	)
Vroom, Inc. (a)		29,700		(655,479	)
Wayfair, Inc., Class A (a)		2,800		(715,428	)

				(29,775,064	)

Retail & Wholesale—Staples — (0.2)%
Albertsons Cos., Inc., Class A		4,500		(140,085	)
Archer-Daniels-Midland Co.		17,100		(1,026,171	)
Big Lots, Inc.		3,200		(138,752	)
Blue Apron Holdings, Inc., Class A (a)		1,800		(13,230	)
Dollar General Corp.		22,900		(4,858,006	)
Dollar Tree, Inc. (a)		38,900		(3,723,508	)
Five Below, Inc. (a)		2		(354	)
HF Foods Group, Inc. (a)		2,100		(12,705	)
Kroger Co. (The)		3,100		(125,333	)
Laird Superfood, Inc. (a)		400		(7,632	)
Natural Grocers by Vitamin Cottage, Inc.		900		(10,098	)
Ollie’s Bargain Outlet Holdings, Inc. (a)		7,200		(434,016	)
PriceSmart, Inc.		1,100		(85,305	)
United Natural Foods, Inc. (a)		1,100		(53,262	)

				(10,628,457	)

Retail & Wholesale—Staples — (0.1)%
BJ’s Wholesale Club Holdings, Inc. (a)		7,000		(384,440	)
Bunge Ltd.		20,400		(1,658,928	)
Grocery Outlet Holding Corp. (a)		15,300		(330,021	)
MedAvail Holdings, Inc. (a)		400		(1,168	)
Mission Produce, Inc. (a)		1,400		(25,732	)
Performance Food Group Co. (a)		27,000		(1,254,420	)
Sprouts Farmers Market, Inc. (a)		7,900		(183,043	)

				(3,837,752	)

See Notes to Consolidated Financial Statements.

109

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Software & Technology Services — (0.8)%
Affirm Holdings, Inc. (a)		55,700	$	(6,635,541	)
Akerna Corp. (a)		8,800		(24,816	)
Alfi, Inc. (a)		5,800		(38,048	)
Alignment Healthcare, Inc. (a)		3,000		(47,940	)
Alithya Group, Inc., Class A (a)		1,000		(2,600	)
Alkami Technology, Inc. (a)		1,900		(46,892	)
Amesite, Inc. (a)		5,400		(9,693	)
Apollo Medical Holdings, Inc. (a)		2,400		(218,520	)
Appfolio, Inc., Class A (a)		200		(24,080	)
Auddia, Inc. (a)		889		(2,151	)
Bandwidth, Inc., Class A (a)		4,500		(406,260	)
Black Knight, Inc. (a)		100		(7,200	)
BlackBerry Ltd. (a)		33,200		(323,036	)
Blend Labs, Inc., Class A (a)		400		(5,392	)
Booz Allen Hamilton Holding Corp.		600		(47,610	)
Boxlight Corp., Class A (a)		21,500		(48,375	)
BSQUARE Corp. (a)		7,300		(17,593	)
CACI International, Inc., Class A (a)		100		(26,210	)
CareCloud, Inc. (a)		1,900		(14,478	)
Change Healthcare, Inc. (a)		700		(14,658	)
Clarivate plc (a)		6,400		(140,160	)
Confluent, Inc., Class A (a)		100		(5,965	)
ContextLogic, Inc., Class A (a)		99,900		(545,454	)
Coupa Software, Inc. (a)		9,800		(2,147,964	)
Data Storage Corp. (a)		2,300		(10,212	)
DatChat, Inc. (a)		500		(6,825	)
Digital Turbine, Inc. (a)		6,500		(446,875	)
DigitalOcean Holdings, Inc. (a)		3,400		(263,942	)
DoubleVerify Holdings, Inc. (a)		800		(27,328	)
Doximity, Inc., Class A (a)		2,000		(161,400	)
Duck Creek Technologies, Inc. (a)		1,000		(44,240	)
Dun & Bradstreet Holdings, Inc. (a)		30,800		(517,748	)
Elys Game Technology Corp. (a)		8,300		(40,919	)
Envestnet, Inc. (a)		100		(8,024	)
Everbridge, Inc. (a)		900		(135,936	)
Evolving Systems, Inc. (a)		300		(645	)
Exela Technologies, Inc. (a)		40,100		(77,794	)
Fidelity National Information Services, Inc.		200		(24,336	)
Fiserv, Inc. (a)		42,900		(4,654,650	)
Five9, Inc. (a)		1,300		(207,662	)
Genius Brands International, Inc. (a)		108,300		(147,288	)
Global Payments, Inc.		2,100		(330,918	)
Globant SA (a)		3,200		(899,232	)
GreenBox POS (a)		9,200		(76,268	)
Health Catalyst, Inc. (a)		900		(45,009	)

See Notes to Consolidated Financial Statements.

110

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
HealthEquity, Inc. (a)		3,900	$	(252,564	)
Hims & Hers Health, Inc. (a)		200		(1,508	)
Insight Enterprises, Inc. (a)		2,500		(225,200	)
KnowBe4, Inc., Class A (a)		600		(13,176	)
Leidos Holdings, Inc.		8,100		(778,653	)
Lightspeed Commerce, Inc. (a)		1,200		(115,716	)
LiveRamp Holdings, Inc. (a)		100		(4,723	)
Marathon Digital Holdings, Inc. (a)		35,800		(1,130,564	)
MarketAxess Holdings, Inc.		2,100		(883,449	)
Medallia, Inc. (a)		4,500		(152,415	)
MongoDB, Inc. (a)		1,300		(612,963	)
NantHealth, Inc. (a)		3,200		(5,152	)
Nielsen Holdings plc		2,100		(40,299	)
Oblong, Inc. (a)		300		(627	)
Okta, Inc. (a)		600		(142,404	)
PAE, Inc. (a)		9,300		(55,614	)
Pegasystems, Inc.		300		(38,130	)
Phunware, Inc. (a)		21,900		(20,341	)
Porch Group, Inc. (a)		100		(1,768	)
Q2 Holdings, Inc. (a)		4,200		(336,588	)
Rackspace Technology, Inc. (a)		1,400		(19,908	)
Repay Holdings Corp. (a)		4,900		(112,847	)
Riot Blockchain, Inc. (a)		34,500		(886,650	)
Root, Inc., Class A (a)		15,800		(83,266	)
S&P Global, Inc. (c)		4,087		(1,736,525	)
salesforce.com, Inc. (a)		5,800		(1,573,076	)
Science Applications International Corp.		1,500		(128,340	)
SentinelOne, Inc., Class A (a)		2,800		(149,996	)
Shift4 Payments, Inc., Class A (a)		1,700		(131,784	)
ShiftPixy, Inc. (a)		4,700		(5,217	)
Signify Health, Inc., Class A (a)		1,900		(33,953	)
Snowflake, Inc., Class A (a)		33,600		(10,161,648	)
SolarWinds Corp.		7,550		(126,312	)
Sphere 3D Corp. (a)		21,100		(125,334	)
Sprinklr, Inc., Class A (a)		100		(1,750	)
Square, Inc., Class A (a)		400		(95,936	)
Sumo Logic, Inc. (a)		1,600		(25,792	)
Tabula Rasa HealthCare, Inc. (a)		3,600		(94,356	)
Telos Corp. (a)		1,100		(31,262	)
Unity Software, Inc. (a)		8,100		(1,022,625	)
Verb Technology Co., Inc. (a)		17,200		(33,024	)
VerifyMe, Inc. (a)		800		(2,720	)
VirnetX Holding Corp. (a)		7,400		(29,008	)
Xperi Holding Corp.		2,800		(52,752	)

				(40,403,822	)

See Notes to Consolidated Financial Statements.

111

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Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Tech Hardware & Semiconductors — (0.2)%
ACM Research, Inc., Class A (a)		1,100	$	(121,000	)
ADTRAN, Inc.		1,700		(31,892	)
Advanced Micro Devices, Inc. (a),(c)		14,832		(1,526,213	)
Aehr Test Systems (a)		8,800		(120,120	)
Applied UV, Inc. (a)		1,100		(7,810	)
Arrow Electronics, Inc. (a)		1,000		(112,290	)
Atomera, Inc. (a)		400		(9,236	)
Ballantyne Strong, Inc. (a)		1,900		(5,833	)
Blonder Tongue Laboratories, Inc. (a)		300		(342	)
Ciena Corp. (a)		800		(41,080	)
Coherent, Inc. (a)		1,200		(300,108	)
ComSovereign Holding Corp. (a)		4,700		(7,567	)
Digital Ally, Inc. (a)		18,500		(22,385	)
eMagin Corp. (a)		100		(226	)
Forward Industries, Inc. (a)		1,900		(4,541	)
HP, Inc.		5,100		(139,536	)
II-VI, Inc. (a)		12,200		(724,192	)
Infinera Corp. (a)		100		(832	)
KULR Technology Group, Inc. (a)		8,500		(17,680	)
LightPath Technologies, Inc., Class A (a)		1,100		(2,343	)
Lumentum Holdings, Inc. (a)		100		(8,354	)
Marvell Technology, Inc.		120,570		(7,271,577	)
MicroVision, Inc. (a)		39,539		(436,906	)
MICT, Inc. (a)		43,700		(67,735	)
Minim, Inc. (a)		825		(1,543	)
NXT-ID, Inc. (a)		400		(166	)
Ondas Holdings, Inc. (a)		2,700		(24,732	)
Red Cat Holdings, Inc. (a)		19,300		(67,164	)
SkyWater Technology, Inc. (a)		2,000		(54,400	)
Socket Mobile, Inc. (a)		1,900		(11,970	)
Sonim Technologies, Inc. (a)		3,060		(8,262	)
SYNNEX Corp.		2,700		(281,070	)
Ubiquiti, Inc.		700		(209,069	)
Vizio Holding Corp., Class A (a)		7,800		(165,672	)

				(11,803,846	)

Telecommunications — (0.2)%
AST SpaceMobile, Inc. (a)		6,200		(67,084	)
ATN International, Inc.		100		(4,685	)
Frontier Communications Parent, Inc. (a)		13,594		(378,865	)
Globalstar, Inc. (a)		159,700		(266,699	)
IDT Corp., Class B (a)		1,700		(71,315	)
Lumen Technologies, Inc.		47,700		(591,003	)
Rogers Communications, Inc., Class B		100		(4,664	)
Shenandoah Telecommunications Co.		1,200		(37,896	)

See Notes to Consolidated Financial Statements.

112

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Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
T-Mobile US, Inc. (a)		51,232	$	(6,545,400	)
Telephone and Data Systems, Inc.		100		(1,950	)
United States Cellular Corp. (a)		200		(6,378	)

				(7,975,939	)

Utilities — (0.2)%
Algonquin Power & Utilities Corp.		700		(10,262	)
Atmos Energy Corp.		8,300		(732,060	)
Avangrid, Inc.		6,800		(330,480	)
Brookfield Renewable Corp., Class A		800		(31,048	)
California Water Service Group		2,100		(123,753	)
CenterPoint Energy, Inc.		35,700		(878,220	)
Clearway Energy, Inc., Class C		12,200		(369,294	)
Edison International		11,200		(621,264	)
Entergy Corp.		23,200		(2,303,992	)
Essential Utilities, Inc.		3,500		(161,280	)
Eversource Energy		600		(49,056	)
Exelon Corp.		1,000		(48,340	)
FTC Solar, Inc. (a)		3,200		(24,928	)
Genie Energy Ltd., Class B		1,100		(7,183	)
NextEra Energy Partners LP		5,700		(429,552	)
NRG Energy, Inc.		42,100		(1,718,943	)
PG&E Corp.		284,700		(2,733,120	)
PNM Resources, Inc.		8,400		(415,632	)
SJW Group		800		(52,848	)
UGI Corp.		9,100		(387,842	)

				(11,429,097	)

Total North America				(358,627,661	)

Oceania — (0.0)%
Banking — (0.0)%
Westpac Banking Corp., ADR		2,400		(44,472	)

Consumer Discretionary Products — (0.0)%
Naked Brand Group Ltd. (a)		326,300		(231,738	)

Health Care — (0.0)%
Benitec Biopharma, Inc. (a)		400		(1,428	)
Opthea Ltd., ADR (a)		300		(2,403	)

Total Health Care				(3,831	)

Tech Hardware & Semiconductors — (0.0)%
Integrated Media Technology Ltd. (a)		1,000		(4,700	)

Total Oceania				(284,741	)

See Notes to Consolidated Financial Statements.

113

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
South America — (0.1)%
Banking — (0.1)%
Banco de Chile, ADR		2,300	$	(42,527	)
Banco Santander Brasil SA, ADR (a)		19,800		(129,492	)
Banco Santander Chile, ADR		1,000		(19,770	)
Bancolombia SA, ADR		900		(31,158	)
Itau Unibanco Holding SA, ADR		403,200		(2,124,864	)

				(2,347,811	)

Consumer Discretionary Services — (0.0)%
Afya Ltd., Class A (a)		2,400		(47,376	)
Arcos Dorados Holdings, Inc., Class A (a)		14,437		(73,917	)

				(121,293	)

Consumer Staple Products — (0.0)%
Adecoagro SA (a)		4,000		(36,120	)
BRF SA, ADR (a)		37,700		(189,254	)
Natura & Co. Holding SA, ADR (a)		7,300		(121,545	)

				(346,919	)

Financial Services — (0.0)%
Vinci Partners Investments Ltd., Class A		2,200		(28,666	)
XP, Inc., Class A (a)		20,600		(827,502	)

				(856,168	)

Industrial Services — (0.0)%
Corporacion America Airports SA (a)		2,400		(13,512	)
Gol Linhas Aereas Inteligentes SA, ADR (a)		31,623		(241,284	)

				(254,796	)

Materials — (0.0)%
Bioceres Crop Solutions Corp. (a)		600		(8,100	)
Suzano SA, ADR (a)		800		(8,000	)
Vale SA, ADR		2,700		(37,665	)

				(53,765	)

Media — (0.0)%
Liberty Latin America Ltd., Class C (a)		8,200		(107,584	)

Oil, Gas & Coal — (0.0)%
Cosan SA, ADR		1,500		(25,125	)
Ecopetrol SA, ADR		5,700		(81,795	)
Transportadora de Gas del Sur SA, ADR (a)		2,000		(9,860	)
Ultrapar Participacoes SA, ADR		1,300		(3,510	)

				(120,290	)

See Notes to Consolidated Financial Statements.

114

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value
Software & Technology Services — (0.0)%
Arco Platform Ltd., Class A(a)		1,630	$	(35,371	)
Dlocal Ltd. (a)		5,200		(283,712	)
Pagseguro Digital Ltd., Class A(a)		13,100		(677,532	)
Vasta Platform Ltd. (a)		1,800		(8,208	)

				(1,004,823	)

Telecommunications — (0.0)%
Millicom International Cellular SA (a)		500		(18,075	)
Telefonica Brasil SA, ADR		23,400		(181,584	)
TIM SA, ADR(a)		1,200		(12,888	)

				(212,547	)

Utilities — (0.0)%
Central Puerto SA, ADR(a)		100		(310	)
Cia de Saneamento Basico do Estado de Sao Paulo, ADR(a)		27,500		(194,700	)
Cia Paranaense de Energia, ADR		6,100		(39,833	)
Enel Americas SA, ADR		21,000		(122,850	)
Pampa Energia SA, ADR(a)		1,800		(31,446	)

				(389,139	)

Total South America				(5,815,135	)

TOTAL COMMON STOCK (PROCEEDS $418,896,111)				(425,337,115	)


EXCHANGE-TRADED FUNDS — (0.1)%
Energy Select Sector SPDR Fund (c)		81,715		(4,256,534	)
iShares iBoxx $ Investment Grade Corporate Bond ETF (c)		5,055		(672,467	)

TOTAL EXCHANGE-TRADED FUNDS (PROCEEDS $4,662,691)				(4,929,001	)


RIGHTS — (0.0)%
North America — (0.0)%
Health Care — (0.0)%
Capital Senior Living Corp.		146		0

Total Health Care				0

Media — (0.0)%
Social Reality		200		0

				0

See Notes to Consolidated Financial Statements.

115

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Security Description	Shares		Value

WARRANTS — (0.0)%
North America — (0.0)%
FTS International, Inc.		199	$	0
FTS International, Inc.		499		0
Galectin Therapeutics, Inc.		1,340		0
Salarius Pharmaceuticals, Inc.		1,000		0

Total North America				0

TOTAL WARRANTS (PROCEEDS $0)				0

TOTAL SECURITIES SOLD SHORT — (8.1)% (PROCEEDS $423,558,802)			$	(430,266,116	)

Footnote Legend:

(a)

Non-income producing.

(b)

Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts and/or securities sold short.

(c)

Security is held by a consolidated wholly-owned subsidiary of Blackstone Alternative Multi-Strategy Fund.

(d)

Security is valued using significant unobservable inputs.

(e)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. Security may only be sold to qualified institutional buyers unless registered under the Securities Act of 1933, as amended, or otherwise exempt from registration.

(f)

Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and spread in their description above. Rate presented is as of September 30, 2021.

(g)

Security is an Interest Only (IO) bond, which represents the “interest only” portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.

(h)

All or a portion of this security is pledged as collateral in connection with reverse repurchase agreements.

(i)

Non-interest bearing bond.

(j)

All or a portion of the security represents an unsettled loan commitment at September 30, 2021 where the rate will be determined at time of settlement.

(k)

Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Security may only be offered or sold outside of the United States unless registered under the Securities Act of 1933, as amended, or otherwise exempt from registration.

(l)

Security is currently in default due to bankruptcy or failure to make payment of principal or interest.

(m)

Represents a step-up bond. Coupon rate increases in increments to maturity. Rate presented is as of September 30, 2021. Maturity date presented is the ultimate maturity.

(n)

Security is restricted per Rule 12-12.8 of Regulation S-X. First acquisition dates of Aeolus Property Catastrophe Keystone PF Fund LP, PIMCO ILS Fund SP II, Saba Capital Carry Neutral Tail Hedge Offshore Fund Ltd., Saba Capital Carry Neutral Tail Hedge Partners, L.P., Islet Offshore Fund Ltd., Islet Onshore Fund LP, Atreides Foundation Fund Ltd., Atreides Co., Asgard Fixed Income Risk Premia Fund and Rokos Global Macro Fund Ltd., Class S are 1/2/2019, 12/30/2019, 10/20/2020, 10/20/2020, 02/01/2021, 02/01/2021, 4/1/2021, 7/1/2021, 8/2/2021 and 9/1/2021.

See Notes to Consolidated Financial Statements.

116

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

(o)

Assets, other than investments in securities, less liabilities other than securities sold short.

Options Written Contracts Outstanding at September 30, 2021


	Strike	Expiration Date	Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)

Exchange-Traded Call Options Written
CRUDE OIL FUT OPT DEC21	80.00 USD	11/16/21		300		(22,410,000	)	$	(590,286	)	$	(492,000	)	$	98,286
CRUDE OIL FUT OPT DEC22	100.00 USD	11/16/22		13,799		(934,192,300	)		(6,276,385	)		(21,388,450	)		(15,112,065	)
CRUDE OIL FUT OPT NOV21	85.00 USD	10/15/21		300		(22,509,000	)		(60,456	)		(57,000	)		3,456
NAT GAS EURO OPT APR22	2.50 USD	03/28/22		332		(13,266,720	)		(967,929	)		(5,109,148	)		(4,141,219	)
NAT GAS EURO OPT APR22	4.00 USD	03/28/22		107		(4,275,720	)		(140,706	)		(633,333	)		(492,627	)
NAT GAS EURO OPT APR22	7.00 USD	03/28/22		76		(760,000	)		(36,683	)		(108,300	)		(71,617	)
NAT GAS EURO OPT APR23	3.00 USD	03/28/23		21		(673,470	)		(39,326	)		(117,411	)		(78,085	)
NAT GAS EURO OPT AUG22	2.50 USD	07/26/22		150		(5,854,500	)		(427,901	)		(2,159,100	)		(1,731,199	)
NAT GAS EURO OPT AUG22	4.00 USD	07/26/22		107		(4,176,210	)		(140,706	)		(495,945	)		(355,239	)
NAT GAS EURO OPT AUG22	7.00 USD	07/26/22		76		(760,000	)		(36,683	)		(44,232	)		(7,549	)
NAT GAS EURO OPT AUG23	3.00 USD	07/26/23		21		(679,980	)		(39,326	)		(113,757	)		(74,431	)
NAT GAS EURO OPT DEC21	3.25 USD	11/24/21		300		(17,973,000	)		(1,137,801	)		(8,282,700	)		(7,144,899	)
NAT GAS EURO OPT DEC21	4.00 USD	11/24/21		22		(1,318,020	)		(93,559	)		(460,438	)		(366,879	)
NAT GAS EURO OPT DEC21	6.00 USD	11/24/21		150		(1,500,000	)		(250,901	)		(1,485,450	)		(1,234,549	)
NAT GAS EURO OPT DEC21	7.00 USD	11/24/21		493		(4,930,000	)		(1,221,176	)		(3,356,344	)		(2,135,168	)
NAT GAS EURO OPT DEC23	3.00 USD	11/27/23		21		(752,430	)		(39,326	)		(189,042	)		(149,716	)
NAT GAS EURO OPT FEB22	6.00 USD	01/26/22		150		(8,926,500	)		(250,901	)		(2,222,550	)		(1,971,649	)
NAT GAS EURO OPT FEB23	3.00 USD	01/26/23		21		(868,770	)		(39,326	)		(280,245	)		(240,919	)
NAT GAS EURO OPT JAN22	6.00 USD	12/28/21		150		(1,500,000	)		(250,901	)		(1,998,450	)		(1,747,549	)
NAT GAS EURO OPT JAN23	3.00 USD	12/27/22		21		(887,040	)		(39,326	)		(289,926	)		(250,600	)
NAT GAS EURO OPT JUL22	2.50 USD	06/27/22		150		(5,844,000	)		(427,901	)		(2,146,800	)		(1,718,899	)

See Notes to Consolidated Financial Statements.

117

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT JUL22	4.00 USD	06/27/22		107		(4,168,720	)	$	(140,706	)	$	(485,352	)	$	(344,646	)
NAT GAS EURO OPT JUL22	7.00 USD	06/27/22		76		(760,000	)		(36,683	)		(42,408	)		(5,725	)
NAT GAS EURO OPT JUL23	3.00 USD	06/27/23		21		(677,250	)		(39,326	)		(111,069	)		(71,743	)
NAT GAS EURO OPT JUN22	2.50 USD	05/25/22		150		(5,782,500	)		(427,901	)		(2,083,800	)		(1,655,899	)
NAT GAS EURO OPT JUN22	4.00 USD	05/25/22		107		(4,124,850	)		(140,706	)		(449,935	)		(309,229	)
NAT GAS EURO OPT JUN22	7.00 USD	05/25/22		76		(760,000	)		(36,683	)		(36,100	)		583
NAT GAS EURO OPT JUN23	3.00 USD	05/25/23		21		(666,750	)		(39,326	)		(104,622	)		(65,296	)
NAT GAS EURO OPT MAR22	3.75 USD	02/23/22		75		(4,137,750	)		(195,950	)		(1,611,375	)		(1,415,425	)
NAT GAS EURO OPT MAR22	30.00 USD	02/23/22		493		(4,930,000	)		(263,266	)		(663,085	)		(399,819	)
NAT GAS EURO OPT MAR22	6.00 USD	02/23/22		128		(7,061,760	)		(462,422	)		(1,765,376	)		(1,302,954	)
NAT GAS EURO OPT MAR23	3.00 USD	02/23/23		21		(802,830	)		(39,326	)		(233,961	)		(194,635	)
NAT GAS EURO OPT MAY22	2.50 USD	04/26/22		150		(5,736,000	)		(427,901	)		(2,052,450	)		(1,624,549	)
NAT GAS EURO OPT MAY22	4.00 USD	04/26/22		107		(4,091,680	)		(140,706	)		(464,166	)		(323,460	)
NAT GAS EURO OPT MAY22	7.00 USD	04/26/22		76		(2,906,240	)		(36,683	)		(71,592	)		(34,909	)
NAT GAS EURO OPT MAY23	3.00 USD	04/25/23		21		(657,510	)		(39,326	)		(101,178	)		(61,852	)
NAT GAS EURO OPT NOV21	5.00 USD	10/26/21		86		(5,045,620	)		(36,350	)		(913,320	)		(876,970	)
NAT GAS EURO OPT NOV21	7.00 USD	10/26/21		493		(4,930,000	)		(392,076	)		(1,299,548	)		(907,472	)
NAT GAS EURO OPT NOV23	3.00 USD	10/26/23		21		(709,590	)		(39,326	)		(146,916	)		(107,590	)
NAT GAS EURO OPT OCT22	2.50 USD	09/27/22		150		(5,869,500	)		(427,901	)		(2,195,850	)		(1,767,949	)
NAT GAS EURO OPT OCT22	4.00 USD	09/27/22		107		(1,070,000	)		(140,706	)		(554,153	)		(413,447	)
NAT GAS EURO OPT OCT22	7.00 USD	09/27/22		76		(760,000	)		(36,683	)		(58,748	)		(22,065	)
NAT GAS EURO OPT OCT23	3.00 USD	09/26/23		21		(686,700	)		(39,326	)		(123,690	)		(84,364	)
NAT GAS EURO OPT SEP22	2.50 USD	08/26/22		150		(5,826,000	)		(427,901	)		(2,142,750	)		(1,714,849	)

See Notes to Consolidated Financial Statements.

118

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT SEP22	4.00 USD	08/26/22		107		(1,070,000	)	$	(140,706	)	$	(509,962	)	$	(369,256	)
NAT GAS EURO OPT SEP22	7.00 USD	08/26/22		76		(760,000	)		(36,683	)		(49,552	)		(12,869	)
NAT GAS EURO OPT SEP23	3.00 USD	08/28/23		21		(679,140	)		(39,326	)		(115,164	)		(75,838	)
NAT GAS STRIP DEC22	3.50 USD	12/22/22		410		(12,300,000	)		(378,000	)		(5,953,200	)		(5,575,200	)
NATURAL GAS FUTURE APR23	4.00 USD	03/28/23		76		(2,437,320	)		(61,841	)		(186,656	)		(124,815	)
NATURAL GAS FUTURE APR23	3.50 USD	03/28/23		63		(2,020,410	)		(79,946	)		(231,777	)		(151,831	)
NATURAL GAS FUTURE AUG23	4.00 USD	07/26/23		76		(2,460,880	)		(61,841	)		(170,925	)		(109,084	)
NATURAL GAS FUTURE AUG23	3.50 USD	07/26/23		63		(2,039,940	)		(79,946	)		(217,791	)		(137,845	)
NATURAL GAS FUTURE DEC23	4.00 USD	11/27/23		76		(2,723,080	)		(61,840	)		(371,944	)		(310,104	)
NATURAL GAS FUTURE DEC23	3.50 USD	11/27/23		63		(2,257,290	)		(79,946	)		(415,107	)		(335,161	)
NATURAL GAS FUTURE FEB23	3.50 USD	01/26/23		63		(2,606,310	)		(79,946	)		(664,146	)		(584,200	)
NATURAL GAS FUTURE FEB23	4.00 USD	01/26/23		76		(3,144,120	)		(61,840	)		(655,196	)		(593,356	)
NATURAL GAS FUTURE JAN23	4.00 USD	12/27/22		76		(3,210,240	)		(61,840	)		(657,704	)		(595,864	)
NATURAL GAS FUTURE JAN23	3.50 USD	12/27/22		63		(2,661,120	)		(79,946	)		(676,305	)		(596,359	)
NATURAL GAS FUTURE JUL23	4.00 USD	06/27/23		76		(2,451,000	)		(61,840	)		(164,160	)		(102,320	)
NATURAL GAS FUTURE JUL23	3.50 USD	06/27/23		63		(2,031,750	)		(79,946	)		(210,924	)		(130,978	)
NATURAL GAS FUTURE JUN23	4.00 USD	05/25/23		76		(2,413,000	)		(61,840	)		(152,380	)		(90,540	)
NATURAL GAS FUTURE JUN23	3.50 USD	05/25/23		63		(2,000,250	)		(79,946	)		(197,064	)		(117,118	)
NATURAL GAS FUTURE MAR23	3.50 USD	02/23/23		63		(2,408,490	)		(79,946	)		(559,377	)		(479,431	)
NATURAL GAS FUTURE MAR23	4.00 USD	02/23/23		76		(2,905,480	)		(61,840	)		(560,728	)		(498,888	)
NATURAL GAS FUTURE MAY23	4.00 USD	04/25/23		76		(2,379,560	)		(61,840	)		(148,808	)		(86,968	)
NATURAL GAS FUTURE MAY23	3.50 USD	04/25/23		63		(1,972,530	)		(79,946	)		(191,457	)		(111,511	)
NATURAL GAS FUTURE NOV23	4.00 USD	10/26/23		76		(2,568,040	)		(61,840	)		(259,996	)		(198,156	)

See Notes to Consolidated Financial Statements.

119

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
NATURAL GAS FUTURE NOV23	3.50 USD	10/26/23		63		(2,128,770	)	$	(79,946	)	$	(303,345	)	$	(223,399	)
NATURAL GAS FUTURE OCT23	3.50 USD	09/26/23		63		(2,060,100	)		(79,946	)		(245,448	)		(165,502	)
NATURAL GAS FUTURE OCT23	4.00 USD	09/26/23		76		(2,485,200	)		(61,840	)		(199,272	)		(137,432	)
NATURAL GAS FUTURE SEP23	4.00 USD	08/28/23		76		(2,457,840	)		(61,840	)		(177,156	)		(115,316	)
NATURAL GAS FUTURE SEP23	3.50 USD	08/28/23		63		(2,037,420	)		(79,946	)		(223,083	)		(143,137	)
PHE FUTURE APR22	2.50 USD	03/28/22		857		(2,142,500	)		(686,153	)		(3,297,093	)		(2,610,940	)
PHE Future Strike Price 5 OCT21 CALL	5.00 USD	10/26/21		857		(2,142,500	)		(261,402	)		(2,275,335	)		(2,013,933	)
CALL Russell 2000 INDEX 2437.55 EURO 12/31/2021	2,437.55 USD	12/31/21		16,600		(16,600	)		(658,356	)		(328,493	)		329,863

								$	(20,416,745	)	$	(89,511,613	)	$	(69,094,868	)


Exchange-Traded Put Options Written
CRUDE OIL FUT OPT DEC21	40.00 USD	11/16/21		90		(6,723,000	)	$	(441,847	)	$	(1,800	)	$	440,047
NAT GAS EURO OPT APR22	2.20 USD	03/28/22		75		(2,997,000	)		(29,450	)		(13,275	)		16,175
NAT GAS EURO OPT APR22	2.25 USD	03/28/22		204		(8,151,840	)		(269,825	)		(42,432	)		227,393
NAT GAS EURO OPT APR22	3.00 USD	03/28/22		300		(11,988,000	)		(642,801	)		(418,200	)		224,601
NAT GAS EURO OPT APR23	1.50 USD	03/28/23		21		(673,470	)		(4,256	)		(1,176	)		3,080
NAT GAS EURO OPT AUG22	2.20 USD	07/26/22		75		(2,927,250	)		(29,450	)		(10,950	)		18,500
NAT GAS EURO OPT AUG22	2.25 USD	07/26/22		204		(7,962,120	)		(269,825	)		(35,292	)		234,533
NAT GAS EURO OPT AUG22	2.50 USD	07/26/22		118		(4,605,540	)		(85,275	)		(43,778	)		41,497
NAT GAS EURO OPT AUG23	1.50 USD	07/26/23		21		(679,980	)		(4,256	)		(651	)		3,605
NAT GAS EURO OPT DEC21	2.25 USD	11/24/21		1		(59,910	)		(113	)		(25	)		88
NAT GAS EURO OPT DEC21	4.00 USD	11/24/21		997		(59,730,270	)		(1,096,722	)		(1,017,937	)		78,785
NAT GAS EURO OPT DEC22	2.20 USD	11/25/22		75		(2,687,250	)		(29,450	)		(14,550	)		14,900

See Notes to Consolidated Financial Statements.

120

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT DEC23	1.50 USD	11/27/23		21		(752,430	)	$	(4,256	)	$	(1,953	)	$	2,303
NAT GAS EURO OPT FEB22	2.20 USD	01/26/22		75		(4,137,750	)		(29,450	)		(8,775	)		20,675
NAT GAS EURO OPT FEB22	3.75 USD	01/26/22		514		(514,000	)		(1,851,772	)		(112,103	)		1,739,669
NAT GAS EURO OPT FEB23	1.50 USD	01/26/23		21		(868,770	)		(4,256	)		(819	)		3,437
NAT GAS EURO OPT JAN22	2.20 USD	12/28/21		75		(750,000	)		(29,450	)		(2,925	)		26,525
NAT GAS EURO OPT JAN22	2.25 USD	12/28/21		86		(5,222,780	)		(13,130	)		(3,612	)		9,518
NAT GAS EURO OPT JAN22	3.50 USD	12/28/21		450		(4,500,000	)		(598,202	)		(334,350	)		263,852
NAT GAS EURO OPT JAN23	1.50 USD	12/27/22		21		(887,040	)		(4,256	)		(546	)		3,710
NAT GAS EURO OPT JUL22	2.20 USD	06/27/22		75		(2,994,000	)		(29,450	)		(10,425	)		19,025
NAT GAS EURO OPT JUL22	2.25 USD	06/27/22		204		(7,947,840	)		(269,825	)		(33,660	)		236,165
NAT GAS EURO OPT JUL22	2.50 USD	06/27/22		118		(4,597,280	)		(85,275	)		(42,244	)		43,031
NAT GAS EURO OPT JUL23	1.50 USD	06/27/23		21		(677,250	)		(4,256	)		(609	)		3,647
NAT GAS EURO OPT JUN22	2.20 USD	05/25/22		75		(2,891,250	)		(29,450	)		(9,825	)		19,625
NAT GAS EURO OPT JUN22	2.25 USD	05/25/22		204		(7,864,200	)		(269,825	)		(32,028	)		237,797
NAT GAS EURO OPT JUN22	2.50 USD	05/25/22		118		(4,548,900	)		(85,275	)		(40,946	)		44,329
NAT GAS EURO OPT JUN23	1.50 USD	05/25/23		21		(666,750	)		(4,256	)		(672	)		3,584
NAT GAS EURO OPT MAR22	2.00 USD	02/23/22		214		(12,996,220	)		(177,656	)		(30,388	)		147,268
NAT GAS EURO OPT MAR22	2.20 USD	02/23/22		75		(4,137,750	)		(29,450	)		(15,975	)		13,475
NAT GAS EURO OPT MAR22	2.50 USD	02/23/22		492		(27,143,640	)		(863,641	)		(187,452	)		676,189
NAT GAS EURO OPT MAR22	3.25 USD	02/23/22		300		(16,551,000	)		(1,094,081	)		(532,800	)		561,281
NAT GAS EURO OPT MAR22	3.75 USD	02/23/22		43		(2,372,310	)		(168,675	)		(164,217	)		4,458
NAT GAS EURO OPT MAR22	4.00 USD	02/23/22		643		(24,581,890	)		(3,846,857	)		(2,035,738	)		1,811,119
NAT GAS EURO OPT MAR23	1.50 USD	02/23/23		21		(802,830	)		(4,256	)		(1,512	)		2,744

See Notes to Consolidated Financial Statements.

121

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT MAY22	2.20 USD	04/26/22		75		(4,137,750	)	$	(29,450	)	$	(14,400	)	$	15,050
NAT GAS EURO OPT MAY22	2.25 USD	04/26/22		204		(6,387,240	)		(269,825	)		(45,696	)		224,129
NAT GAS EURO OPT MAY22	2.50 USD	04/26/22		118		(4,512,320	)		(85,275	)		(52,864	)		32,411
NAT GAS EURO OPT MAY23	1.50 USD	04/25/23		21		(657,510	)		(4,256	)		(861	)		3,395
NAT GAS EURO OPT NOV21	2.25 USD	10/26/21		131		(7,685,770	)		(60,610	)		(131	)		60,479
NAT GAS EURO OPT NOV21	3.00 USD	10/26/21		858		(50,338,860	)		(259,691	)		(9,438	)		250,253
NAT GAS EURO OPT NOV21	3.25 USD	10/26/21		214		(2,140,000	)		(26,251	)		(4,494	)		21,757
NAT GAS EURO OPT NOV21	3.75 USD	10/26/21		258		(15,136,860	)		(303,409	)		(18,318	)		285,091
NAT GAS EURO OPT NOV21	4.00 USD	10/26/21		491		(4,910,000	)		(384,291	)		(70,213	)		314,078
NAT GAS EURO OPT NOV21	4.50 USD	10/26/21		729		(7,290,000	)		(1,699,057	)		(459,999	)		1,239,058
NAT GAS EURO OPT NOV22	2.20 USD	10/26/22		75		(2,994,000	)		(29,450	)		(18,675	)		10,775
NAT GAS EURO OPT NOV23	1.50 USD	10/26/23		21		(709,590	)		(4,256	)		(1,323	)		2,933
NAT GAS EURO OPT OCT22	2.20 USD	09/27/22		75		(4,137,750	)		(29,450	)		(16,875	)		12,575
NAT GAS EURO OPT OCT22	2.25 USD	09/27/22		204		(7,982,520	)		(269,825	)		(53,448	)		216,377
NAT GAS EURO OPT OCT22	2.50 USD	09/27/22		118		(4,512,320	)		(85,275	)		(61,360	)		23,915
NAT GAS EURO OPT OCT23	1.50 USD	09/26/23		21		(686,700	)		(4,256	)		(924	)		3,332
NAT GAS EURO OPT SEP22	2.20 USD	08/26/22		75		(2,913,000	)		(29,450	)		(14,025	)		15,425
NAT GAS EURO OPT SEP22	2.25 USD	08/26/22		204		(7,923,360	)		(269,825	)		(44,880	)		224,945
NAT GAS EURO OPT SEP22	2.50 USD	08/26/22		118		(4,512,320	)		(85,275	)		(53,454	)		31,821
NAT GAS EURO OPT SEP23	1.50 USD	08/28/23		21		(679,140	)		(4,256	)		(756	)		3,500
NATURAL GAS FUTURE APR23	2.00 USD	03/28/23		76		(2,437,320	)		(82,136	)		(30,248	)		51,888
NATURAL GAS FUTURE AUG23	2.00 USD	07/26/23		76		(2,460,880	)		(82,136	)		(20,368	)		61,768

See Notes to Consolidated Financial Statements.

122

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
NATURAL GAS FUTURE DEC23	2.00 USD	11/27/23		76		(2,723,080	)	$	(82,136	)	$	(37,013	)	$	45,123
NATURAL GAS FUTURE FEB23	2.00 USD	01/26/23		76		(3,144,120	)		(82,136	)		(16,644	)		65,492
NATURAL GAS FUTURE JAN23	2.00 USD	12/27/22		76		(3,210,240	)		(82,135	)		(11,779	)		70,356
NATURAL GAS FUTURE JUL23	2.00 USD	06/27/23		76		(2,451,000	)		(82,136	)		(19,836	)		62,300
NATURAL GAS FUTURE JUN23	2.00 USD	05/25/23		76		(2,413,000	)		(82,135	)		(21,812	)		60,323
NATURAL GAS FUTURE MAR23	2.00 USD	02/23/23		76		(2,905,480	)		(82,135	)		(28,044	)		54,091
NATURAL GAS FUTURE MAY23	2.00 USD	04/25/23		76		(2,379,560	)		(82,135	)		(25,992	)		56,143
NATURAL GAS FUTURE NOV23	2.00 USD	10/26/23		76		(2,568,040	)		(82,135	)		(30,932	)		51,203
NATURAL GAS FUTURE OCT23	2.00 USD	09/26/23		76		(2,485,200	)		(82,135	)		(25,079	)		57,056
NATURAL GAS FUTURE SEP23	2.00 USD	08/28/23		76		(2,457,840	)		(82,135	)		(22,496	)		59,639
S&P 500 Index, Dec21 PUT	4,040.00 USD	12/17/21		114		(11,400	)		(775,193	)		(924,540	)		(149,347	)

								$	(18,094,521	)	$	(7,360,557	)	$	10,733,964

OTC Put Options Written


	Counterparty	Strike		Expiration Date		Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
PUT Russell 2000 INDEX 2095.83 EURO 12/31/2021	Barclays Bank PLC		2,095.83 USD		12/31/21		16,600		(16,600	)	$	(986,040	)	$	(1,187,853	)	$	(201,813	)
PUT S+P 500 INDEX 4044.222 EUR 12/31/2021 KI 3594.864	Goldman Sachs International		4,044.22 USD		12/31/21		11,083		(11,083	)		(652,411	)		(1,086,635	)		(434,224	)

											$	(1,638,451	)	$	(2,274,488	)	$	(636,037	)

Total Options Written Outstanding											$	(40,149,717	)	$	(99,146,658	)	$	(58,996,941	)

See Notes to Consolidated Financial Statements.

123

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

At September 30, 2021, the Fund had the following unfunded loan commitment(s) for the loan agreement(s) noted, which could be extended at the option of the borrower:


Borrower	Unfunded Loan Commitment			Value			Unrealized Appreciation (Depreciation)
Latam Airlines Group S.A., PIK DIP Delayed Draw Term Loan A, 0.50%, 03/29/22		$	972,099		$	983,202		$	11,103
Latam Airlines Group S.A., PIK DIP Delayed Draw Term Loan C, 0.50%, 03/29/22			591,608			625,064			33,456
Brazos Electric Power Cooperative Inc., Revolver, 09/28/23			464,515			460,214			(4,301	)
Mallinckrodt International Finance S.A., Revolver, 02/28/22			6,237,013			6,287,964			50,951

Total Unfunded Loan Commitment		$	8,265,235		$	8,356,444		$	91,209

Reverse Repurchase Agreements Outstanding at September 30, 2021


Counterparty	Interest Rate	Trade Date	Maturity Date		Face Value		Face Value Including Accrued Interest
Goldman Sachs Bank USA	1.59%	09/20/21		10/19/21	$	2,246,000	$	2,247,092
Goldman Sachs Bank USA	1.64%	09/20/21		10/19/21		929,000		929,466
Goldman Sachs Bank USA	1.64%	09/20/21		10/19/21		1,501,000		1,501,753
Goldman Sachs Bank USA	1.64%	09/20/21		10/19/21		763,000		763,383
Goldman Sachs Bank USA	1.64%	09/20/21		10/19/21		1,252,000		1,252,628
Goldman Sachs Bank USA	1.74%	09/20/21		10/19/21		486,000		486,258
Goldman Sachs Bank USA	1.74%	09/20/21		10/19/21		261,000		261,138
Goldman Sachs Bank USA	1.74%	09/20/21		10/19/21		212,000		212,113
Goldman Sachs Bank USA	1.74%	09/20/21		10/19/21		6,499,000		6,502,451
Goldman Sachs Bank USA	1.74%	09/20/21		10/19/21		5,551,000		5,553,947
Goldman Sachs Bank USA	1.74%	09/20/21		10/19/21		921,000		921,490
Goldman Sachs Bank USA	1.94%	09/20/21		10/19/21		1,765,000		1,766,045
Goldman Sachs Bank USA	1.99%	09/20/21		10/19/21		688,000		688,418
Goldman Sachs Bank USA	2.09%	09/20/21		10/19/21		519,000		519,331
Royal Bank of Canada	0.10%	09/21/21		10/21/21		4,679,000		4,679,130

Total Reverse Repurchase Agreements Outstanding					$	28,272,000	$	28,284,643

See Notes to Consolidated Financial Statements.

124

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Futures Contracts Outstanding at September 30, 2021

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

Long Futures

3 Month Eurodollar

LME

981,537 USD

12/15/21

89,932

3 Month Eurodollar

596

ICE

149,774,205 EUR

03/14/22

(7,941

)

3 Month Eurodollar

NYMEX

4,411,687 USD

05/20/22

284,213

3 Month Eurodollar

751

ICE

188,684,258 EUR

06/13/22

(27,419

)

3 Month Eurodollar

1,016

ICE

255,189,604 EUR

09/19/22

(53,984

)

3 Month Eurodollar

LME

128,108 USD

12/19/22

9,405

3 Month Eurodollar

566

ICE

142,085,916 EUR

03/13/23

(55,851

)

90 Day Eurodollar

655

CME

163,499,272 USD

03/14/22

13,291

90 Day Eurodollar

1,527

CME

380,643,395 USD

09/19/22

(95,907

)

90 Day Eurodollar

1,683

CME

418,862,899 USD

12/19/22

(195,611

)

90 Day Eurodollar

178

CME

44,250,684 USD

03/13/23

(31,034

)

90 Day Eurodollar

CME

1,734,168 USD

09/18/23

(1,843

)

90 Day Sterling

401

ICE

28,650,671 USD

03/21/22

943,129

90 Day Sterling

629

ICE

78,255,551 GBP

06/15/22

(169,622

)

90 Day Sterling

230

ICE

28,565,371 GBP

12/21/22

(66,944

)

Amsterdam Index

Euronext

478,193 EUR

10/15/21

(18,528

)

Argus Eurobob Oxy FOB Rotterdam Barges

ICE

69,076 USD

09/30/21

170,870

Argus Eurobob Oxy FOB Rotterdam Barges

ICE

69,076 USD

10/29/21

113,624

Argus Eurobob Oxy FOB Rotterdam Barges

ICE

69,076 USD

11/30/21

63,161

Argus Eurobob Oxy FOB Rotterdam Barges

ICE

69,076 USD

12/31/21

41,426

Australian 10-Year Bond

340

SFE

48,969,749 AUD

12/15/21

(628,298

)

Brent 1st Line

ICE

9,529 USD

09/30/21

13,061

Brent 1st Line

ICE

9,529 USD

10/29/21

14,971

Brent 1st Line

ICE

9,529 USD

11/30/21

16,471

Brent 1st Line

ICE

9,529 USD

12/31/21

16,821

Brent Crude

ICE

200,001 USD

10/26/21

1,205,499

Brent Crude

640

ICE

2,728,675 USD

10/26/21

8,900,125

Brent Crude

ICE

2,135,103 USD

10/29/21

135,887

Brent Crude

730

ICE

55,501,132 USD

11/30/21

1,095,767

Brent Crude

120

ICE

295,232 USD

12/23/21

(138,032

)

Brent Crude

ICE

2,733,726 USD

01/31/22

80,494

Brent Crude

375

ICE

46,705,001 GBP

03/16/22

(80,424

)

Brent Crude

ICE

562,216 USD

10/26/22

55,184

British Pound Currency

CME

1,195,625 USD

12/13/21

(16,562

)

California Carbon Allowance Vintage Specific 2021

Euronext

528,865 EUR

10/15/21

(8,601

)

California Carbon Allowance Vintage Specific 2021

227

ICE

4,213,188 USD

12/27/21

2,006,612

California Carbon Allowance Vintage Specific 2023

575

ICE

10,702,673 USD

12/27/21

5,046,577

See Notes to Consolidated Financial Statements.

125

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciaton
(Depreciation)

CAN 10YR BOND FUT SEP21 XMOD 20210921

CDE

3,645,075 CAD

12/20/21

(52,364

)

Canadian Dollar Currency

CME

236,373 USD

12/14/21

597

Cocoa

ICE

2,406,827 USD

03/16/22

56,013

Coffee ‘C’

617

ICE

76,632,529 GBP

09/21/22

(110,635

)

Corn

198

CBOT

5,479,042 USD

03/14/22

(88,492

)

Cotton No.2

COMEX

4,908,532 USD

12/29/21

(103,957

)

Cotton No.2

1,526

ICE

73,338,069 USD

03/09/22

5,922,371

Crude Palm Oil

MYX

1,825,563 MYR

12/15/21

30,410

DAX Index

Eurex

1,176,198 EUR

12/17/21

(34,285

)

DJIA mini E-CBOT

CBOT

1,368,159 USD

12/17/21

(19,279

)

DSS 09292021

ICE

11,166 USD

09/30/21

747

DSS 09292021

ICE

11,166 USD

10/01/21

459

E-mini Russell 2000

CME

978,609 USD

12/17/21

11,751

Euro BTP

Eurex

2,308,887 EUR

12/08/21

(34,330

)

Euro OAT

Eurex

839,739 EUR

12/08/21

(11,571

)

Euro Stoxx 50

Eurex

1,503,654 EUR

12/17/21

(53,717

)

Euro Stoxx 50

COMEX

1,989,487 USD

12/29/21

(56,787

)

Euro-Bund

127

Eurex

17,173,806 EUR

12/08/21

(43,666

)

Euro-Bund

Eurex

9,764,165 EUR

12/08/21

(97,794

)

Euro-Schatz

476

Eurex

53,426,679 EUR

12/08/21

(19,807

)

FTSE 100 Index

ICE

350,879 GBP

12/17/21

3,768

FTSE Taiwan Index

SGX

3,491,678 USD

10/28/21

(60,398

)

FTSE/MIB Index

IDEM

383,932 EUR

12/17/21

(3,865

)

Gasoline RBOB

221

NYMEX

19,274,314 USD

10/29/21

1,090,394

Gasoline RBOB

158

NYMEX

13,591,825 USD

11/30/21

716,055

Globex Natural Gas

100

NYMEX

5,097,572 USD

11/24/21

893,428

Globex Natural Gas

NYMEX

1,279,877 USD

04/26/22

440,923

Globex Natural Gas

NYMEX

1,279,877 USD

05/25/22

454,873

Globex Natural Gas

NYMEX

1,279,877 USD

06/27/22

473,323

Globex Natural Gas

NYMEX

1,279,877 USD

07/26/22

476,473

Globex Natural Gas

NYMEX

1,279,877 USD

08/26/22

467,923

Globex Natural Gas

NYMEX

1,279,877 USD

09/27/22

480,973

Henry Hub

496

ICE

7,370 USD

10/04/21

5,030

Henry Hub

111

ICE

1,157,257 USD

10/26/21

470,835

Henry Hub

1,483

ICE

19,039,982 USD

10/27/21

2,711,920

Henry Hub

496

ICE

4,696 USD

11/02/21

60,280

Henry Hub

124

ICE

934,237 USD

11/26/21

922,973

Henry Hub

786

ICE

6,828,354 USD

12/29/21

5,105,091

Henry Hub

712

ICE

6,102,426 USD

01/27/22

4,490,354

Henry Hub

631

ICE

5,464,194 USD

02/24/22

3,238,874

Henry Hub

276

NYMEX

1,806,754 USD

03/28/22

950,486

Henry Hub

471

ICE

2,920,421 USD

03/28/22

1,784,869

Henry Hub

792

ICE

6,678,511 USD

03/29/22

1,233,569

Henry Hub

NYMEX

320,030 USD

04/26/22

62,370

Henry Hub

725

ICE

6,140,662 USD

04/27/22

790,338

Henry Hub

NYMEX

320,030 USD

05/25/22

65,470

See Notes to Consolidated Financial Statements.

126

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciaton
(Depreciation)

Henry Hub

732

ICE

6,187,067 USD

05/26/22

867,583

Henry Hub

NYMEX

320,030 USD

06/27/22

69,570

Henry Hub

1,097

ICE

8,668,742 USD

06/28/22

2,016,038

Henry Hub

NYMEX

320,030 USD

07/26/22

70,270

Henry Hub

1,097

ICE

8,668,742 USD

07/27/22

2,035,236

Henry Hub

NYMEX

320,030 USD

08/26/22

68,370

Henry Hub

1,092

ICE

8,636,758 USD

08/29/22

1,966,562

Henry Hub

NYMEX

320,030 USD

09/27/22

71,270

Henry Hub

568

ICE

4,980,005 USD

09/28/22

576,455

Henry Hub

540

ICE

4,795,000 USD

10/27/22

594,200

Henry Hub

569

ICE

5,044,261 USD

11/28/22

849,156

Henry Hub

250

ICE

1,908,971 USD

12/28/22

731,029

Henry Hub

ICE

218,960 USD

12/27/24

49,112

Henry Hub

ICE

197,771 USD

01/29/25

39,179

Henry Hub

ICE

218,960 USD

02/26/25

29,195

Henry Hub

ICE

211,897 USD

03/27/25

(397

)

Henry Hub

ICE

218,960 USD

04/28/25

(2,735

)

Henry Hub

ICE

211,897 USD

05/28/25

203

Henry Hub

ICE

218,960 USD

06/26/25

3,620

Henry Hub

ICE

218,960 USD

07/29/25

4,860

Henry Hub

ICE

211,897 USD

08/27/25

4,103

Henry Hub

ICE

218,960 USD

09/26/25

6,797

Henry Hub

ICE

211,897 USD

10/29/25

14,453

Henry Hub

ICE

218,960 USD

11/25/25

31,675

Henry Hub

403

ICE

2,676,218 USD

12/29/25

692,862

Henry Hub

364

ICE

2,417,229 USD

01/28/26

584,861

Henry Hub

403

ICE

2,676,218 USD

02/25/26

476,249

Henry Hub

390

ICE

2,589,889 USD

03/27/26

119,636

Henry Hub

403

ICE

2,676,218 USD

04/28/26

103,474

Henry Hub

390

ICE

2,589,889 USD

05/27/26

146,936

Henry Hub

403

ICE

2,676,218 USD

06/26/26

201,202

Henry Hub

403

ICE

2,676,218 USD

07/29/26

217,322

Henry Hub

390

ICE

2,589,889 USD

08/27/26

212,261

Henry Hub

403

ICE

2,676,218 USD

09/28/26

256,614

Henry Hub

390

ICE

2,589,889 USD

10/28/26

355,586

Henry Hub

403

ICE

2,676,218 USD

11/25/26

587,074

Lean Hogs

794

CME

26,938,938 USD

02/14/22

763,722

Live Cattle

669

CME

34,203,620 USD

12/31/21

(559,610

)

Low Sulphar Gasoil

ICE

107,604 USD

09/30/21

93,723

Low Sulphar Gasoil

ICE

107,604 USD

10/29/21

153,461

Low Sulphar Gasoil

ICE

107,604 USD

11/30/21

161,021

Low Sulphar Gasoil

913

ICE

56,018,062 USD

12/10/21

5,244,238

Low Sulphar Gasoil

ICE

107,604 USD

12/31/21

164,791

Low Sulphar Gasoil

ICE

2,764,101 USD

01/12/22

236,274

Low Sulphar Gasoil

173

ICE

10,892,150 USD

02/10/22

573,425

See Notes to Consolidated Financial Statements.

127

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciaton
(Depreciation)

Low Sulphar Gasoil

240

ICE

13,329,725 USD

12/12/22

1,808,275

MSCI Emerging Market

ICE

388,693 USD

12/17/21

(15,013

)

MSCI Singapore Index

SGX

2,011,991 SGD

10/28/21

(23,855

)

NASDAQ 100 E-Mini

CME

2,137,998 USD

12/17/21

(82,448

)

Natural Gas

NYMEX

3,691,278 USD

10/27/21

4,932

Natural Gas

430

NYMEX

24,846,433 USD

11/26/21

914,867

Natural Gas

167

NYMEX

6,900,206 USD

01/27/22

3,037,964

Natural Gas

238

NYMEX

6,160,011 USD

09/28/22

3,152,929

Natural Gas

NYMEX

2,025,226 USD

10/27/22

250,214

Natural Gas

182

NYMEX

5,114,513 USD

12/28/22

2,573,167

Natural Gas

NYMEX

286,718 USD

12/28/22

135,682

Natural Gas

NYMEX

162,611 USD

02/24/23

66,769

Natural Gas

NYMEX

380,301 USD

11/28/23

49,659

Natural Gas

NYMEX

755,546 USD

12/27/23

241,294

Natural Gas

NYMEX

642,042 USD

12/27/23

244,037

Natural Gas

NYMEX

755,546 USD

01/29/24

224,824

Natural Gas

NYMEX

588,539 USD

01/29/24

210,281

Natural Gas

NYMEX

755,546 USD

02/27/24

160,834

Natural Gas

NYMEX

642,042 USD

02/27/24

172,517

Natural Gas

NYMEX

755,546 USD

03/26/24

41,764

Natural Gas

NYMEX

615,291 USD

03/26/24

63,899

Natural Gas

NYMEX

755,546 USD

04/26/24

30,964

Natural Gas

NYMEX

642,042 USD

04/26/24

57,078

Natural Gas

NYMEX

755,546 USD

05/29/24

40,144

Natural Gas

NYMEX

615,291 USD

05/29/24

62,519

Natural Gas

NYMEX

755,546 USD

06/26/24

52,564

Natural Gas

NYMEX

642,042 USD

06/26/24

76,277

Natural Gas

NYMEX

755,546 USD

07/29/24

54,724

Natural Gas

NYMEX

642,042 USD

07/29/24

78,197

Natural Gas

NYMEX

755,546 USD

08/28/24

52,024

Natural Gas

NYMEX

615,291 USD

08/28/24

72,639

Natural Gas

NYMEX

755,546 USD

09/26/24

60,934

Natural Gas

NYMEX

642,042 USD

09/26/24

83,717

Natural Gas

NYMEX

755,546 USD

10/29/24

90,364

Natural Gas

NYMEX

615,291 USD

10/29/24

105,299

Natural Gas

NYMEX

755,546 USD

11/26/24

149,764

Natural Gas

NYMEX

642,042 USD

11/26/24

162,677

Natural Gas

NYMEX

170,710 USD

12/27/24

36,830

Natural Gas

NYMEX

170,710 USD

01/29/25

32,390

Natural Gas

NYMEX

170,710 USD

02/26/25

21,410

Natural Gas

NYMEX

170,710 USD

03/27/25

(1,510

)

Natural Gas

NYMEX

170,710 USD

04/28/25

(3,310

)

Natural Gas

NYMEX

170,710 USD

05/28/25

(1,030

)

Natural Gas

NYMEX

170,710 USD

06/26/25

1,610

See Notes to Consolidated Financial Statements.

128

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciaton
(Depreciation)

Natural Gas

NYMEX

170,710 USD

07/29/25

2,570

Natural Gas

NYMEX

170,710 USD

08/27/25

2,090

Natural Gas

NYMEX

170,710 USD

09/26/25

4,070

Natural Gas

NYMEX

170,710 USD

10/29/25

10,370

Natural Gas

NYMEX

170,710 USD

11/25/25

23,330

Natural Gas

NYMEX

119,107 USD

12/29/25

14,653

Natural Gas

NYMEX

119,107 USD

01/28/26

12,853

Natural Gas

NYMEX

119,107 USD

02/25/26

6,053

Natural Gas

NYMEX

119,107 USD

03/27/26

(7,947

)

Natural Gas

NYMEX

119,107 USD

04/28/26

(8,747

)

Natural Gas

NYMEX

119,107 USD

05/27/26

(6,827

)

Natural Gas

NYMEX

119,107 USD

06/26/26

(4,867

)

Natural Gas

NYMEX

119,107 USD

07/29/26

(4,227

)

Natural Gas

NYMEX

119,107 USD

08/27/26

(4,147

)

Natural Gas

NYMEX

119,107 USD

09/28/26

(2,667

)

Natural Gas

NYMEX

119,107 USD

10/28/26

1,733

Natural Gas

NYMEX

119,107 USD

11/25/26

10,453

New Zealand Dollar Currency

CME

3,243,639 USD

12/13/21

(67,569

)

Nickel

LME

1,063,456 USD

12/13/21

(94,885

)

NY Harbor ULSD

NYMEX

2,272,077 USD

10/29/21

183,348

NY Harbor ULSD

791

NYMEX

72,836,149 USD

11/30/21

4,634,232

NY Harbor ULSD

NYMEX

2,727,953 USD

01/31/22

176,725

OMXS30 Index

Nasdaq OMX

3,264,188 SEK

10/15/21

(12,524

)

Platinum

NYMEX

97,563 USD

01/27/22

(1,323

)

S&P 500 E-mini

103

CME

22,915,493 USD

12/17/21

(782,080

)

S&P/TSX 60 Index

CDE

2,206,330 CAD

12/16/21

(42,121

)

SGX Nifty 50

SGX

1,610,311 USD

10/28/21

(26,131

)

SGX Nifty 50

SGX

132,130 USD

12/31/21

(27,820

)

Silver

COMEX

590,402 USD

12/29/21

(39,227

)

Soyabean

CBOT

2,997,973 USD

12/14/21

(105,413

)

Soyabean

CBOT

6,639,018 USD

01/14/22

(374,793

)

Soyabean

230

CBOT

8,228,590 USD

01/14/22

(148,690

)

Soyabean Oil

ICE

2,104,069 USD

12/30/21

121,971

SPI 200

SFE

8,467,893 AUD

12/16/21

(58,518

)

Sugar 11

1,086

ICE

23,378,765 USD

04/29/22

655,718

Swiss Franc Currency

CME

2,435,764 USD

12/13/21

(18,814

)

Swiss Market Index

Eurex

1,322,221 CHF

12/17/21

(49,478

)

Topix

OSE

1,727,528,469 JPY

12/09/21

(196,850

)

U.S. Treasury 10-Year Note

858

CBOT

114,053,602 USD

12/21/21

(1,132,759

)

U.S. Treasury 2-Year Note

194

CBOT

42,724,529 USD

12/31/21

(33,920

)

U.S. Treasury 5-Year Note

158

CBOT

19,485,927 USD

12/31/21

(92,661

)

U.S. Treasury Long Bond

CBOT

5,062,221 USD

12/21/21

(126,440

)

See Notes to Consolidated Financial Statements.

129

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciaton
(Depreciation)

U.S. Treasury Ultra Bond

CBOT

991,628 USD

12/21/21

(36,316

)

Wheat

405

CBOT

15,156,056 USD

03/14/22

(241,931

)

WTI Crude

NYMEX

3,158,121 USD

10/20/21

218,229

WTI Crude

583

NYMEX

40,269,672 USD

11/19/21

3,280,428

WTI Crude

KRX FM

2,497,296,000 KRW

12/09/21

(74,574

)

WTI Crude

NYMEX

2,112,016 USD

12/20/21

113,684

WTI Crude

NYMEX

2,855,035 USD

01/20/22

162,155

WTI Crude

457

NYMEX

30,392,319 USD

11/21/22

546,581

XICE JNB

ICE

43,600 USD

09/30/21

19,552

XICE JNB

158

ICE

1,542,245 USD

10/29/21

156,255

XICE JNB

158

ICE

1,542,245 USD

11/30/21

266,855

XICE JNB

158

ICE

1,542,245 USD

12/31/21

355,651

YUWV21

310

ICE

8,021 USD

11/02/21

64,984

Zinc

LME

683,667 USD

12/13/21

(11,592

)

93,980,390

Short Futures

3 Month Eurodollar

ICE

12,552,457 EUR

12/19/22

(49

)

90 Day Eurodollar

CME

2,245,764 USD

12/13/21

(411

)

90 Day Eurodollar

CME

748,875 USD

03/14/22

(37

)

90 Day Eurodollar

447

CME

111,532,949 USD

06/13/22

12,036

90 Day Eurodollar

CME

498,445 USD

09/19/22

90 Day Eurodollar

CME

2,241,626 USD

12/19/22

2,764

90 Day Eurodollar

CME

744,380 USD

06/19/23

267

90 Day Eurodollar

CME

247,410 USD

12/18/23

272

90 Day Eurodollar

CME

1,234,337 USD

06/17/24

1,774

90 Day Eurodollar

CME

1,725,525 USD

09/16/24

1,863

90 Day Eurodollar

CME

738,930 USD

12/16/24

967

90 Day Eurodollar

CME

1,477,147 USD

03/17/25

2,347

90 Day Eurodollar

CME

1,721,469 USD

06/16/25

2,007

90 Day Eurodollar

CME

1,476,334 USD

09/15/25

3,409

90 Day Eurodollar

CME

737,292 USD

12/15/25

1,355

90 Day Eurodollar

CME

982,877 USD

03/16/26

2,127

90 Day Eurodollar

CME

491,520 USD

06/15/26

1,395

90 Day Sterling

214

CBOT

7,686,380 USD

12/14/21

150,584

90 Day Sterling

COMEX

346,976 USD

12/29/21

(4,424

)

90 Day Sterling

ICE

10,037,134 GBP

03/15/23

(383

)

Australian dollar Currency

CME

516,010 USD

12/13/21

9,630

Brent 1st Line

ICE

41,680 USD

09/30/21

(29,167

)

Brent 1st Line

ICE

41,680 USD

10/29/21

(29,640

)

Brent 1st Line

ICE

41,680 USD

11/30/21

(25,340

)

Brent 1st Line

ICE

41,680 USD

12/31/21

(25,340

)

Brent Crude

290

ICE

205,962 USD

10/26/21

(318,938

)

Brent Crude

400

ICE

107,892 USD

10/26/21

(124,108

)

See Notes to Consolidated Financial Statements.

130

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciaton
(Depreciation)

Brent Crude

1,047

ICE

78,803,010 USD

10/29/21

(3,187,560

)

Brent Crude

273

NYMEX

20,975,517 USD

10/29/21

(403,113

)

Brent Crude

180

ICE

251,951 USD

12/23/21

122,351

Brent Crude

NYMEX

4,601,403 USD

04/29/22

(301,737

)

Brent Crude

ICE

161,984 USD

10/26/22

(27,016

)

Brent Crude

210

NYMEX

14,158,618 USD

10/31/22

(816,482

)

Brent Crude

180

ICE

11,541,394 USD

10/31/22

(1,294,406

)

California Carbon Allowance Vintage Specific 2021

663

ICE

16,930,694 USD

10/26/21

(1,182,466

)

California Carbon Allowance Vintage Specific 2021

5,295

ICE

133,449,061 USD

12/27/21

(11,686,889

)

California Carbon Allowance Vintage Specific 2021

200

ICE

5,174,000 USD

12/23/22

(538,000

)

California Carbon Allowance Vintage Specific 2022

775

ICE

19,390,500 USD

03/28/22

(2,092,500

)

California Carbon Allowance Vintage Specific 2022

1,251

ICE

32,363,370 USD

12/23/22

(3,365,190

)

Canadian Dollar Currency

CME

553,607 USD

12/14/21

677

CBOE Volatility Index

CFE

167,685 USD

10/20/21

(15,257

)

CBOE Volatility Index

CFE

21,548 USD

11/17/21

(2,138

)

CBOE Volatility Index

CFE

552,525 USD

12/22/21

(23,437

)

Cocoa

ICE

1,785,474 USD

12/15/21

(44,406

)

Copper

540

NYMEX

27,106,604 USD

12/29/21

(5,687,596

)

Copper

COMEX

2,250,516 USD

03/29/22

10,641

Corn

188

CBOT

5,128,507 USD

12/14/21

83,057

Dominion SP

341

ICE

1,123,645 USD

09/30/21

32,445

Dominion SP

ICE

117,323 USD

11/02/21

2,573

Dominion SP

ICE

131,948 USD

04/04/22

37,073

Dominion SP

ICE

136,346 USD

05/03/22

11,958

Dominion SP

ICE

131,948 USD

06/02/22

5,948

Dominion SP

ICE

136,346 USD

07/05/22

12,733

Dominion SP

ICE

136,346 USD

08/02/22

(1,992

)

Dominion SP

ICE

131,948 USD

09/02/22

(58,178

)

Dominion SP

ICE

136,346 USD

10/04/22

(63,217

)

Dominion SP

ICE

111,053 USD

04/04/23

(21,427

)

Dominion SP

ICE

114,754 USD

05/02/23

(829

)

Dominion SP

ICE

111,053 USD

06/02/23

1,823

Dominion SP

ICE

114,754 USD

07/05/23

(6,642

)

Dominion SP

ICE

114,754 USD

08/02/23

9,246

See Notes to Consolidated Financial Statements.

131

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Description	Contracts		Exchange		Notional Amount		Expiration Date		Value/ Unrealized Appreciaton (Depreciation)
Dominion SP		60		ICE		111,053 USD		09/05/23	$	53,948
Dominion SP		62		ICE		114,754 USD		10/03/23		58,846
Euro FX Currency		390		ICE		27,469,557 USD		12/20/21		(902,943	)
Euro Stoxx 50		1,397		ICE		68,045,021 USD		12/08/21		(5,856,279	)
Euro Stoxx 50		62		Eurex		2,564,098 EUR		12/17/21		62,943
FTSE 100 Index		6		ICE		422,826 GBP		12/17/21		(2,134	)
Gasoline RBOB		148		NYMEX		12,988,653 USD		10/29/21		(649,251	)
Gasoline RBOB		135		NYMEX		11,311,436 USD		11/30/21		(913,651	)
Gasoline RBOB		7		NYMEX		541,867 USD		11/30/22		(34,079	)
Globex Natural Gas		616		NYMEX		29,601,240 USD		10/26/21		(6,539,480	)
Globex Natural Gas		234		NYMEX		8,386,998 USD		12/28/21		(5,823,822	)
Globex Natural Gas		303		NYMEX		11,750,279 USD		01/26/22		(6,281,251	)
Globex Natural Gas		118		NYMEX		3,491,897 USD		02/23/22		(3,018,163	)
Globex Natural Gas		105		NYMEX		2,993,914 USD		03/28/22		(1,201,886	)
Globex Natural Gas		8		NYMEX		200,398 USD		12/27/22		(137,522	)
Globex Natural Gas		8		NYMEX		200,398 USD		01/26/23		(130,562	)
Globex Natural Gas		8		NYMEX		200,398 USD		02/23/23		(105,442	)
Globex Natural Gas		8		NYMEX		200,398 USD		03/28/23		(56,162	)
Globex Natural Gas		8		NYMEX		200,398 USD		04/25/23		(50,082	)
Globex Natural Gas		8		NYMEX		200,398 USD		05/25/23		(53,602	)
Globex Natural Gas		8		NYMEX		200,398 USD		06/27/23		(57,602	)
Globex Natural Gas		8		NYMEX		200,398 USD		07/26/23		(58,642	)
Globex Natural Gas		8		NYMEX		200,398 USD		08/28/23		(58,322	)
Globex Natural Gas		8		NYMEX		200,398 USD		09/26/23		(61,202	)
Globex Natural Gas		8		NYMEX		200,398 USD		10/26/23		(69,922	)
Globex Natural Gas		8		NYMEX		200,398 USD		11/27/23		(86,242	)
Henry Hub		270		ICE		4,016 USD		10/04/21		(430,549	)
Henry Hub		138		NYMEX		1,328,573 USD		10/26/21		(695,542	)
Henry Hub		528		NYMEX		4,633,034 USD		11/24/21		(3,275,086	)
Henry Hub		435		NYMEX		3,634,073 USD		12/28/21		(2,970,315	)
Henry Hub		441		NYMEX		3,447,874 USD		01/26/22		(3,113,104	)
Henry Hub		22		NYMEX		174,084 USD		02/23/22		(129,351	)
Henry Hub		21		NYMEX		166,934 USD		10/26/22		(42,646	)
Henry Hub		21		NYMEX		166,934 USD		11/25/22		(50,573	)
Henry Hub		86		NYMEX		537,769 USD		12/27/22		(370,391	)
Henry Hub		86		NYMEX		537,769 USD		01/26/23		(351,686	)
Henry Hub		56		ICE		561,359 USD		01/27/23		(17,821	)
Henry Hub		86		NYMEX		537,769 USD		02/23/23		(284,176	)
Henry Hub		93		ICE		933,419 USD		02/24/23		44,571
Henry Hub		86		NYMEX		537,769 USD		03/28/23		(151,736	)
Henry Hub		60		ICE		457,906 USD		03/29/23		(23,144	)
Henry Hub		86		NYMEX		537,769 USD		04/25/23		(135,396	)
Henry Hub		62		ICE		473,169 USD		04/26/23		(12,136	)
Henry Hub		86		NYMEX		537,769 USD		05/25/23		(144,856	)

See Notes to Consolidated Financial Statements.

132

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Description	Contracts		Exchange		Notional Amount		Expiration Date		Value/ Unrealized Appreciaton (Depreciation)
Henry Hub		60		ICE		457,906 USD		05/26/23	$	(18,344	)
Henry Hub		86		NYMEX		537,769 USD		06/27/23		(155,606	)
Henry Hub		62		ICE		473,169 USD		06/28/23		(26,706	)
Henry Hub		86		NYMEX		537,769 USD		07/26/23		(158,401	)
Henry Hub		62		ICE		473,169 USD		07/27/23		(28,721	)
Henry Hub		86		NYMEX		537,769 USD		08/28/23		(157,541	)
Henry Hub		60		ICE		457,906 USD		08/29/23		(27,194	)
Henry Hub		86		NYMEX		537,769 USD		09/26/23		(165,281	)
Henry Hub		62		ICE		473,169 USD		09/27/23		(33,681	)
Henry Hub		86		NYMEX		537,769 USD		10/26/23		(188,716	)
Henry Hub		30		ICE		229,928 USD		10/27/23		(23,497	)
Henry Hub		86		NYMEX		537,769 USD		11/27/23		(232,576	)
Henry Hub		31		ICE		237,592 USD		11/28/23		(40,090	)
Henry Hub		310		ICE		2,041,121 USD		12/27/23		(820,179	)
Henry Hub		290		ICE		1,909,435 USD		01/29/24		(723,040	)
Henry Hub		310		ICE		2,041,121 USD		02/27/24		(589,229	)
Henry Hub		198		NYMEX		1,291,803 USD		03/25/24		(169,932	)
Henry Hub		300		ICE		1,975,278 USD		03/26/24		(239,472	)
Henry Hub		198		NYMEX		1,291,803 USD		04/25/24		(150,132	)
Henry Hub		310		ICE		2,041,121 USD		04/26/24		(216,454	)
Henry Hub		198		NYMEX		1,291,803 USD		05/28/24		(166,962	)
Henry Hub		300		ICE		1,975,278 USD		05/29/24		(234,972	)
Henry Hub		198		NYMEX		1,291,803 USD		06/25/24		(189,732	)
Henry Hub		310		ICE		2,041,121 USD		06/26/24		(278,454	)
Henry Hub		198		NYMEX		1,291,803 USD		07/26/24		(193,692	)
Henry Hub		310		ICE		2,041,121 USD		07/29/24		(284,654	)
Henry Hub		198		NYMEX		1,291,803 USD		08/27/24		(188,742	)
Henry Hub		300		ICE		1,975,278 USD		08/28/24		(267,972	)
Henry Hub		198		NYMEX		1,291,803 USD		09/25/24		(205,077	)
Henry Hub		310		ICE		2,041,121 USD		09/26/24		(302,479	)
Henry Hub		300		ICE		1,975,278 USD		10/29/24		(374,472	)
Henry Hub		310		ICE		2,041,121 USD		11/26/24		(557,454	)
Henry Hub		62		ICE		450,229 USD		12/29/26		(69,641	)
Henry Hub		56		ICE		406,659 USD		01/27/27		(56,601	)
Henry Hub		62		ICE		450,229 USD		02/24/27		(39,416	)
Henry Hub		60		ICE		435,706 USD		03/29/27		12,856
Henry Hub		62		ICE		450,229 USD		04/28/27		15,454
Henry Hub		60		ICE		435,706 USD		05/26/27		8,956
Henry Hub		62		ICE		450,229 USD		06/28/27		3,054
Henry Hub		62		ICE		450,229 USD		07/28/27		2,124
Henry Hub		60		ICE		435,706 USD		08/27/27		2,806
Henry Hub		62		ICE		450,229 USD		09/28/27		(1,751	)
Henry Hub		60		ICE		435,706 USD		10/27/27		(19,694	)
Henry Hub		62		ICE		450,229 USD		11/26/27		(56,001	)

See Notes to Consolidated Financial Statements.

133

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Description	Contracts		Exchange		Notional Amount		Expiration Date		Value/ Unrealized Appreciaton (Depreciation)
HHD 09292021		6		ICE		75,411 USD		10/04/21	$	(13,464	)
HHD 09302021		6		ICE		75,411 USD		10/01/21		(8,964	)
Japanese Yen Currency		51		CME		5,778,523 USD		12/13/21		53,135
Lean Hogs		712		CME		23,395,784 USD		12/14/21		(926,136	)
Live Cattle		747		CME		39,209,228 USD		02/28/22		171,008
Low Sulphar Gasoil		536		ICE		34,662,113 USD		11/11/21		(1,544,687	)
Natural Gas		941		NYMEX		47,841,840 USD		10/27/21		(7,366,630	)
Natural Gas		362		NYMEX		15,672,119 USD		11/26/21		(6,015,301	)
Natural Gas		150		NYMEX		5,255,742 USD		12/29/21		(3,853,758	)
Natural Gas		21		NYMEX		155,400 USD		12/29/21		(163,433	)
Natural Gas		84		ICE		6,288,598 USD		12/30/21		(159,242	)
Natural Gas		150		NYMEX		5,255,742 USD		01/27/22		(3,670,758	)
Natural Gas		21		NYMEX		155,400 USD		01/27/22		(157,028	)
Natural Gas		150		NYMEX		5,255,742 USD		02/24/22		(3,019,758	)
Natural Gas		117		NYMEX		5,807,503 USD		02/24/22		(647,387	)
Natural Gas		21		NYMEX		155,400 USD		02/24/22		(134,243	)
Natural Gas		51		NYMEX		1,832,342 USD		03/29/22		(205,618	)
Natural Gas		213		NYMEX		7,621,413 USD		03/29/22		(890,067	)
Natural Gas		21		NYMEX		155,400 USD		03/29/22		(54,390	)
Natural Gas		51		NYMEX		1,832,342 USD		04/27/22		(117,898	)
Natural Gas		314		NYMEX		8,739,744 USD		04/27/22		(3,267,616	)
Natural Gas		21		NYMEX		155,400 USD		04/27/22		(45,360	)
Natural Gas		51		NYMEX		1,832,342 USD		05/26/22		(133,708	)
Natural Gas		271		NYMEX		7,647,723 USD		05/26/22		(2,799,327	)
Natural Gas		21		NYMEX		155,400 USD		05/26/22		(46,988	)
Natural Gas		51		NYMEX		1,832,342 USD		06/28/22		(154,618	)
Natural Gas		197		NYMEX		5,800,721 USD		06/28/22		(1,874,399	)
Natural Gas		21		NYMEX		155,400 USD		06/28/22		(49,140	)
Natural Gas		51		NYMEX		1,832,342 USD		07/27/22		(158,188	)
Natural Gas		121		NYMEX		3,631,656 USD		07/27/22		(1,090,974	)
Natural Gas		21		NYMEX		155,400 USD		07/27/22		(49,508	)
Natural Gas		51		NYMEX		1,832,342 USD		08/29/22		(148,498	)
Natural Gas		214		NYMEX		6,261,041 USD		08/29/22		(2,050,719	)
Natural Gas		21		NYMEX		155,400 USD		08/29/22		(48,510	)
Natural Gas		265		NYMEX		8,269,444 USD		09/28/22		(2,100,006	)
Natural Gas		21		NYMEX		155,400 USD		09/28/22		(50,033	)
Natural Gas		150		NYMEX		5,255,742 USD		10/27/22		(732,258	)
Natural Gas		21		NYMEX		155,400 USD		10/27/22		(54,180	)
Natural Gas		150		NYMEX		5,255,742 USD		11/28/22		(958,758	)
Natural Gas		21		NYMEX		155,400 USD		11/28/22		(62,108	)
Natural Gas		1		NYMEX		6,769 USD		12/28/22		(3,791	)
Natural Gas		32		NYMEX		958,545 USD		01/27/23		(365,295	)
Natural Gas		4		NYMEX		27,101 USD		01/27/23		(14,269	)
Natural Gas		32		NYMEX		958,545 USD		02/24/23		(264,815	)

See Notes to Consolidated Financial Statements.

134

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciaton
(Depreciation)

Natural Gas

NYMEX

6,769 USD

02/24/23

(2,789

)

Natural Gas

NYMEX

390,828 USD

03/29/23

(26,082

)

Natural Gas

NYMEX

13,546 USD

03/29/23

(2,489

)

Natural Gas

NYMEX

390,828 USD

04/26/23

(16,202

)

Natural Gas

NYMEX

6,769 USD

04/26/23

(1,059

)

Natural Gas

NYMEX

390,828 USD

05/26/23

(21,922

)

Natural Gas

NYMEX

13,546 USD

05/26/23

(2,329

)

Natural Gas

NYMEX

390,828 USD

06/28/23

(28,422

)

Natural Gas

NYMEX

6,769 USD

06/28/23

(1,294

)

Natural Gas

NYMEX

390,828 USD

07/27/23

(30,112

)

Natural Gas

NYMEX

6,769 USD

07/27/23

(1,326

)

Natural Gas

NYMEX

390,828 USD

08/29/23

(29,592

)

Natural Gas

NYMEX

13,546 USD

08/29/23

(2,624

)

Natural Gas

NYMEX

390,828 USD

09/27/23

(34,272

)

Natural Gas

NYMEX

6,778 USD

09/27/23

(1,397

)

Natural Gas

NYMEX

958,545 USD

10/27/23

(122,735

)

Natural Gas

NYMEX

13,555 USD

10/27/23

(3,340

)

Natural Gas

NYMEX

958,545 USD

11/28/23

(188,015

)

Natural Gas

NYMEX

6,778 USD

11/28/23

(2,180

)

Natural Gas

NYMEX

175,190 USD

12/29/25

(25,450

)

Natural Gas

NYMEX

175,190 USD

01/28/26

(22,750

)

Natural Gas

NYMEX

175,190 USD

02/25/26

(12,550

)

Natural Gas

NYMEX

175,190 USD

03/27/26

8,450

Natural Gas

NYMEX

175,190 USD

04/28/26

9,650

Natural Gas

NYMEX

175,190 USD

05/27/26

6,770

Natural Gas

NYMEX

175,190 USD

06/26/26

3,830

Natural Gas

NYMEX

175,190 USD

07/29/26

2,870

Natural Gas

NYMEX

175,190 USD

08/27/26

2,750

Natural Gas

NYMEX

175,190 USD

09/28/26

530

Natural Gas

NYMEX

175,190 USD

10/28/26

(6,070

)

Natural Gas

NYMEX

175,190 USD

11/25/26

(19,150

)

NY Harbor ULSD

501

NYMEX

46,624,627 USD

10/29/21

(2,582,090

)

NY Harbor ULSD

NYMEX

2,565,937 USD

11/30/22

(210,473

)

S&P 500 E-mini

CME

9,190,377 USD

12/17/21

379,989

Soyabean

CBOT

6,272,810 USD

11/12/21

369,610

Soyabean

CBOT

3,324,441 USD

01/14/22

113,741

Sugar 11

918

ICE

20,243,746 USD

02/28/22

(669,029

)

Swiss Franc Currency

CME

1,211,416 USD

12/13/21

2,941

U.S. Treasury 10-Year Note

279

CBOT

37,158,275 USD

12/21/21

439,260

U.S. Treasury Long Bond

147

CBOT

23,852,728 USD

12/21/21

447,572

Waha Gas Basis

ICE

750 USD

11/02/21

(51,000

)

Waha Gas Basis

ICE

775 USD

12/02/21

(4,650

)

Waha Gas Basis

ICE

775 USD

01/04/22

(37,200

)

Waha Gas Basis

ICE

700 USD

02/02/22

(34,300

)

See Notes to Consolidated Financial Statements.

135

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Description	Contracts		Exchange		Notional Amount		Expiration Date		Value/ Unrealized Appreciaton (Depreciation)
Waha Gas Basis		62		ICE		775 USD		03/02/22	$	(46,887	)
Wheat		373		CBOT		13,762,343 USD		12/14/21		231,768
WTI Crude		708		NYMEX		50,871,835 USD		10/20/21		(2,249,405	)
WTI Crude		488		NYMEX		35,727,996 USD		11/19/21		(725,604	)
WTI Crude		183		CME		26,898,131 USD		12/13/21		363,131
WTI Crude		30		NYMEX		2,101,747 USD		01/20/22		(105,953	)

									$	(132,774,289	)

Total Futures Contracts Outstanding									$	(38,793,899	)

Forward Foreign Currency Exchange Contracts Outstanding at September 30, 2021


Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD		420,000	USD		310,414	State Street Bank and Trust Company		12/13/21	$	(6,684	)
CLP		164,000,000	USD		206,250	State Street Bank and Trust Company		12/13/21		(5,222	)
CNH		3,500,000	USD		538,876	State Street Bank and Trust Company		12/13/21		1,106
COP		16,475,339,935	USD		4,367,684	HSBC Bank plc		12/15/21		(61,448	)
CZK		93,878,396	USD		4,348,461	Deutsche Bank AG		12/15/21		(66,419	)
EUR		112,000	USD		132,634	State Street Bank and Trust Company		12/13/21		(2,716	)
EUR		1,641,895	USD		1,927,425	Morgan Stanley Capital Services, Inc.		10/20/21		(24,972	)
GBP		8,490,000	USD		11,660,591	Citibank N.A.		11/22/21		(220,800	)
HKD		7,150,000	USD		919,317	State Street Bank and Trust Company		12/13/21		(663	)
IDR		6,200,000,000	USD		431,109	State Street Bank and Trust Company		12/13/21		(768	)
MXN		118,973,197	USD		5,869,902	Deutsche Bank AG		12/15/21		(164,864	)
MXN		6,600,000	USD		327,186	State Street Bank and Trust Company		12/13/21		(10,617	)
NOK		27,866,666	USD		3,206,268	State Street Bank and Trust Company		12/13/21		(20,246	)
RUB		437,463,930	USD		5,879,733	JPMorgan Chase Bank, N.A.		12/15/21		62,894
SEK		290,727	USD		33,745	State Street Bank and Trust Company		12/13/21		(514	)

See Notes to Consolidated Financial Statements.

136

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
SGD		1,010,001	USD		751,409	State Street Bank and Trust Company		12/13/21	$	(7,664	)
ZAR		2,009,901	USD		138,933	JPMorgan Chase Bank, N.A.		12/15/21		(6,763	)
USD		554,310	AUD		750,000	State Street Bank and Trust Company		12/13/21		11,935
USD		3,859,992	CHF		3,535,000	State Street Bank and Trust Company		12/13/21		60,078
USD		446,497	CNH		2,900,000	State Street Bank and Trust Company		12/13/21		(916	)
USD		4,252,798	COP		16,475,339,935	Morgan Stanley Capital Services, Inc.		12/15/21		(53,437	)
USD		402,639	EUR		340,000	State Street Bank and Trust Company		12/13/21		8,245
USD		221,793	EUR		191,000	Citibank N.A.		02/16/22		(114	)
USD		6,721,558	EUR		5,719,871	Morgan Stanley Capital Services, Inc.		10/20/21		93,980
USD		7,423,473	EUR		6,289,000	State Street Bank and Trust Company		10/25/21		135,759
USD		379,666	GBP		273,954	State Street Bank and Trust Company		12/13/21		10,517
USD		25,497,100	GBP		18,490,000	State Street Bank and Trust Company		12/20/21		580,070
USD		12,021,288	GBP		8,490,000	Citibank N.A.		11/22/21		581,498
USD		456,372	HKD		3,549,000	State Street Bank and Trust Company		12/13/21		385
USD		270,834	IDR		3,895,000,000	State Street Bank and Trust Company		12/13/21		482
USD		11,016,029	IDR		158,939,265,966	JPMorgan Chase Bank, N.A.		12/15/21		(17,465	)
USD		744,232	KRW		870,900,000	State Street Bank and Trust Company		12/13/21		8,132
USD		188,380	MXN		3,800,000	State Street Bank and Trust Company		12/13/21		6,113
USD		816,942	NOK		7,000,000	State Street Bank and Trust Company		12/13/21		16,625
USD		15,760,447	RUB		1,172,608,797	JPMorgan Chase Bank, N.A.		12/15/21		(168,584	)
USD		472,711	SGD		634,501	State Street Bank and Trust Company		12/13/21		5,477
USD		3,911,409	ZAR		57,231,737	Deutsche Bank AG		12/15/21		147,881
USD		1,678,920	ZAR		24,000,000	State Street Bank and Trust Company		12/13/21		100,242

Total Forward Foreign Currency Exchange Contracts Outstanding									$	990,543

See Notes to Consolidated Financial Statements.

137

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection)—Outstanding at September 30, 2021


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Republic of South Africa		(1.00)%		3M	12/21/2024	Credit Suisse Securities (USA) LLC		14,543,000 USD	$	204,466		$	27,470	$	176,996
Republic of Turkey		(1.00)%		3M	12/21/2022	Credit Suisse Securities (USA) LLC		2,816,000 USD		79,777			87,706		(7,929	)
Republic of Turkey		(1.00)%		3M	6/21/2025	Credit Suisse Securities (USA) LLC		291,000 USD		30,514			66,010		(35,496	)
United Mexican States		(1.00)%		3M	6/21/2023	Credit Suisse Securities (USA) LLC		8,000,000 USD		(89,864	)		907		(90,771	)
United Mexican States		(1.00)%		3M	12/21/2023	Credit Suisse Securities (USA) LLC		12,069,000 USD		(156,942	)		1,676		(158,618	)

Total Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection)									$	67,951		$	183,769	$	(115,818	)

Centrally Cleared Credit Default Swaps on Index (Buy Protection)—Outstanding at September 30, 2021


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
iTraxx Asia Ex-Japan IG Series 35		0.00%		3M	6/20/2026	Morgan Stanley & Co. LLC		21,000,000 USD	$	(228,914	)	$	(316,020	)	$	87,106

Total Centrally Cleared Credit Default Swaps on Index (Buy Protection)									$	(228,914	)	$	(316,020	)	$	87,106

Centrally Cleared Credit Default Swaps on Index (Sell Protection)—Outstanding at September 30, 2021


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Rating⁽¹⁾		Notional Amount⁽²⁾			Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.EM.36		1.00%		3M	12/20/26	Merrill Lynch, Pierce, Fenner & Smith, Inc.				11,000,000	USD	$	(439,398	)	$	(391,600	)	$	(47,798	)
CDX.NA.HY.34		5.00%		3M	06/20/25	Merrill Lynch, Pierce, Fenner & Smith, Inc.		NR		368	USD		33			9			24
CDX.NA.HY.37		5.00%		3M	12/20/26	Merrill Lynch, Pierce, Fenner & Smith, Inc.				4,250,000	USD		398,312			411,471			(13,159	)

See Notes to Consolidated Financial Statements.

138

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Rating⁽¹⁾	Notional Amount⁽²⁾			Market Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
iTraxx Europe Crossover series 36		5.00%		3M	12/20/26	Merrill Lynch, Pierce, Fenner & Smith, Inc.			8,600,000	EUR	$	1,180,376	$	1,276,062	$	(95,686	)

Total Centrally Cleared Credit Default Swaps on Index (Sell Protection)											$	1,139,323	$	1,295,942	$	(156,619	)

OTC Credit Default Swaps on Index (Buy Protection)—Outstanding at September 30, 2021


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Notional Amount			Market Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CMBX.NA.BBB -.10		(3.00)%		1M	11/18/2059	J.P. Morgan Securities LLC		7,363,000	USD	$	644,330	$	71,578	$	572,752
CMBX.NA.BBB -.10		(3.00)%		1M	11/18/2059	Morgan Stanley Capital Services LLC		5,645,000	USD		493,990		453,500		40,490
CMBX.NA.BBB -.10		(3.00)%		1M	11/18/2059	Morgan Stanley Capital Services LLC		1,102,000	USD		96,435		374,805		(278,370	)
CMBX.NA.BBB -.8		(3.00)%		1M	10/18/2057	Morgan Stanley Capital Services LLC		69,000	USD		8,956		14,171		(5,215	)
CMBX.NA.BBB -.9		(3.00)%		1M	9/18/2058	Credit Suisse International		10,000	USD		773		594		179
CMBX.NA.BBB -.9		(3.00)%		1M	9/18/2058	Goldman Sachs International		177,000	USD		13,679		5,120		8,559

Total OTC Credit Default Swaps on Index (Buy Protection)										$	1,258,163	$	919,768	$	338,395

OTC Credit Default Swaps on Index (Sell Protection)—Outstanding at September 30, 2021


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Rating⁽¹⁾		Notional Amount⁽²⁾			Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.34		1.00%		3M	06/21/26	Goldman Sachs International		NR		21,000,000	USD	$	227,704		$	219,363		$	8,341
CMBX.NA.BBB -.10		3.00%		1M	11/18/59	Goldman Sachs Bank USA		BBB-		1,096,000	USD		(95,910	)		(30,005	)		(65,905	)
CMBX.NA.BBB -.10		3.00%		1M	11/18/59	Goldman Sachs International		BBB-		18,066,000	USD		(1,580,942	)		(682,643	)		(898,299	)
CMBX.NA.BBB -.11		3.00%		1M	11/19/54	J.P. Morgan Securities LLC		BBB-		7,500,000	USD		(332,898	)		(620,026	)		287,128
CMBX.NA.BBB -.8		3.00%		1M	10/18/57	Credit Suisse International		BBB-		286,000	USD		(37,120	)		(20,492	)		(16,628	)
CMBX.NA.BBB -.8		3.00%		1M	10/18/57	Goldman Sachs International		BBB-		1,294,000	USD		(167,948	)		(72,380	)		(95,568	)
CMBX.NA.BBB -.8		3.00%		1M	10/18/57	Goldman Sachs International		BBB-		232,000	USD		(30,111	)		(5,855	)		(24,256	)
CMBX.NA.BBB -.8		3.00%		1M	10/18/57	J.P. Morgan Securities LLC		BBB-		2,160,000	USD		(280,347	)		(114,150	)		(166,197	)
CMBX.NA.BBB -.8		2.00%		1M	10/18/57	Goldman Sachs Bank USA		BBB-		100,000	USD		(1,063	)		(1,537	)		474
CMBX.NA.BBB -.8		2.00%		1M	10/18/57	Goldman Sachs Bank USA		BBB-		132,000	USD		(1,404	)		(1,374	)		(30	)
CMBX.NA.BBB -.8		2.00%		1M	10/18/57	Goldman Sachs International		BBB-		398,000	USD		(4,232	)		(5,212	)		980
CMBX.NA.BBB -.9		3.00%		1M	09/18/58	J.P. Morgan Securities LLC		BBB-		187,000	USD		(14,452	)		(962	)		(13,490	)

Total OTC Credit Default Swaps on Index (Sell Protection)												$	(2,318,723	)	$	(1,335,273	)	$	(983,450	)

See Notes to Consolidated Financial Statements.

139

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

OTC Total Return Swaps Outstanding at September 30, 2021


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)

Buys
1Life Healthcare, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		37,112 USD	$	(3,598	)
2U, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		48,994 USD		(1,190	)
3D Systems Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		287,781 USD		(7,918	)
3M Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,490,256 USD		(27,253	)
5I5J Holdings Group Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		102,378 USD		(2,202	)
5I5J Holdings Group Ltd.		07/12/22		M		0.49	%	Credit Suisse International		131,652 USD		(197	)
A.O. Smith Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		10,661 USD		(463	)
Abbott Laboratories		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		13,297 USD		(775	)
AbCellera Biologics, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		49,250 USD		(72	)
Accenture PLC		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,928,453 USD		(450,393	)
Acuity Brands, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		84,829 USD		(572	)
ADAMA Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		59,606 USD		(7,253	)
ADAMA Ltd.		07/12/22		M		0.49	%	Credit Suisse International		41,381 USD		(5,310	)
Adobe, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,604,332 USD		(373,366	)
Advanced Fiber Resources Zhuhai Ltd.		09/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		50,740 USD		4,548
Advanced Fiber Resources Zhuhai Ltd.		07/12/22		M		0.49	%	Credit Suisse International		38,991 USD		3,462
Advanced Micro Devices		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		6,737,203 USD		5,114
AECC Aviation Power Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,405 USD		(113	)
AECC Aviation Power Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,966 USD		(27	)
AECOM		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		693,635 USD		(17,425	)
Aerojet Rocketdyne Holdings, Inc.		12/23/22		M		0.58	%	JPMorgan Chase Bank, N.A.		16,853,316 USD		626,129
Aerojet Rocketdyne Holdings, Inc.		01/25/23		M		0.00	%	Goldman Sachs International		600,331 USD		22,303
Affiliated Managers Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		48,145 USD		(854	)

See Notes to Consolidated Financial Statements.

140

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Affirm Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,434,620 USD	$	146,235
Aflac, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,138,478 USD		(10,062	)
Afterpay Ltd.		08/08/23		M		0.36	%	JPMorgan Chase Bank, N.A.		31,453,223 AUD		(967,278	)
AGCO Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		43,439 USD		(799	)
Agnico Eagle Mined Ltd.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		197,947 USD		7,794
Agree Realty Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		62,773 USD		(1,511	)
AIER Eye Hospital Group Co.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		40,929 USD		876
AIER Eye Hospital Group Co.		07/12/22		M		0.49	%	Credit Suisse International		26,835 USD		(20	)
Air Products & Chemicals, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,901,260 USD		(11,680	)
Akamai Technologies, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		5,884,897 USD		(121,465	)
Alaska Air Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		328,692 USD		14,586
Algonquin Power & Utilities Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		9,202 USD		(333	)
Alleghany Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,215,368 USD		(9,327	)
Allegheny Technologies, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		12,266 USD		256
Alliant Energy Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		967,813 USD		(24,550	)
Allison Transmission Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,279,969 USD		(8,061	)
Allscripts Healthcare Solutions, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		630,648 USD		(17,661	)
Allstate Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		826,539 USD		(7,681	)
Ally Financial, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,500,793 USD		(14,268	)
Alnylam Pharmaceuticals, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		137,389 USD		4,974
Alpha Group		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		21,053 USD		(381	)
Alpha Group		07/12/22		M		0.49	%	Credit Suisse International		14,365 USD		(229	)
Alteryx, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		78,348 USD		3,232

See Notes to Consolidated Financial Statements.

141

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Aluminium Corp of China Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		570,863 USD	$	(44,854	)
Aluminium Corp of China Ltd.		07/12/22		M		0.49	%	Credit Suisse International		393,164 USD		(30,858	)
Ambarella, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,789,735 USD		14,669
Amdocs Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		12,515 USD		(98	)
Amedisys, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		123,729 USD		(3,107	)
Ameren Corporation		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		85,480 USD		(1,807	)
American Electric Power Co., Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,391,726 USD		(136,807	)
American Homes 4 Rent		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,927,411 USD		(167,902	)
American National Group, Inc.		08/11/23		M		0.58	%	JPMorgan Chase Bank, N.A.		4,077,626 USD		(6,676	)
American Well Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		493,567 USD		(58,292	)
Americold Realty Trust		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,893,098 USD		(387,210	)
AmerisourceBergen Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,236,495 USD		(74,498	)
AMETEK, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,351,928 USD		(69,524	)
Amlogic Shanghai Co., Ltd.		04/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		712,597 USD		10,375
Amlogic Shanghai Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		571,591 USD		8,334
An Hui Wenergy Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		47,556 USD		2,135
An Hui Wenergy Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		32,478 USD		1,511
Analog Devices, Inc.		09/24/21		M		0.00	%	Goldman Sachs International		1,363,878 USD		(24,708	)
Anaplan, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		695,179 USD		(43,656	)
Angang Steel Co., Ltd.		06/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,194,164 USD		(132,088	)
Angang Steel Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		835,648 USD		(92,505	)
Angel Yeast Co. Ltd.		05/31/23		M		0.47	%	JPMorgan Chase Bank, N.A.		93 USD		8
Anhui Anke Biotechnology (Group) Co., Ltd.		04/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		154 USD		(6	)
Anhui Anke Biotechnology (Group) Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		158 USD		(10	)

See Notes to Consolidated Financial Statements.

142

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Anhui Guangxin Agrochemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		91,821 USD	$	(14,589	)
Anhui Guangxin Agrochemical Co., Ltd.		08/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		127,713 USD		(15,146	)
Anhui Gujing Distillery Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		149,478 USD		(1,837	)
Anhui Gujing Distillery Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		123,372 USD		(1,568	)
Anhui Guofeng Plastic Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		37,863 USD		(211	)
Anhui Guofeng Plastic Industry Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		55,249 USD		(349	)
Anhui Hengyuan Coal Industry and Electricity Power Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,036 USD		(377	)
Anhui Hengyuan Coal Industry and Electricity Power Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,084 USD		(282	)
Anhui Honglu Steel Construction(Group) Co., Ltd.		07/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		18,118 USD		(808	)
Anhui Honglu Steel Construction(Group) Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		9,330 USD		(499	)
Anhui Korrun Co., Ltd.		08/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		270,446 USD		9,312
Anhui Korrun Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		115,352 USD		5,574
Anhui Liuguo Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		14 USD		(4	)
Anhui Shenjian New Materials Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,553 USD		(313	)
Anhui Shenjian New Materials Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,824 USD		(224	)
Anhui Sierte Fertilizer Industry, Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,937 USD		(937	)
Anhui Sierte Fertilizer Industry, Ltd.		07/12/22		M		0.49	%	Credit Suisse International		19,420 USD		(3,783	)
Anhui Sinomag Technology Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		12,521 USD		(1,088	)
Anhui Sinomag Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,893 USD		(823	)

See Notes to Consolidated Financial Statements.

143

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Anhui Wanwei Updated High-Tech Material Industry Co., Ltd.		07/12/23		M		0.47	%	JPMorgan Chase Bank, N.A.		606,323 USD	$	(124,461	)
Anhui Wanwei Updated High-Tech Material Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		449,136 USD		(96,645	)
Anhui Yingjia Distillery Co. Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		104,950 USD		(2,103	)
Anhui Yingjia Distillery Co. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		75,501 USD		(1,773	)
Anhui Zhongding Sealing Parts Co. Ltd.		02/03/23		M		0.47	%	JPMorgan Chase Bank, N.A.		336,495 USD		(25,895	)
Anhui Zhongding Sealing Parts Co. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		232,631 USD		(18,315	)
Anhui Zhonghuan Environmental Protectional Technology		03/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		27 USD		—
Anhui Zhonghuan Environmental Protectional Technology		07/12/22		M		0.49	%	Credit Suisse International		27 USD		—
Anhui Zhongyuan New Materials Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		24,570 USD		(115	)
Anhui Zhongyuan New Materials Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		16,960 USD		(18	)
Anker Innovations Technologies Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		48,874 USD		2,489
Anker Innovations Technologies Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		39,671 USD		3,408
ANSYS, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		45,591 USD		(1,673	)
Antero Resources Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		33,172 USD		4,805
Anyang Iron & Steel, Inc.		07/17/23		M		0.47	%	JPMorgan Chase Bank, N.A.		597,422 USD		(79,780	)
Anyang Iron & Steel, Inc.		07/12/22		M		0.49	%	Credit Suisse International		498,573 USD		(73,179	)
Anyuan Coal Industry Group Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,511 USD		20

See Notes to Consolidated Financial Statements.

144

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Anyuan Coal Industry Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		58,323 USD	$	515
Aoshikang Technology Co., Ltd.		05/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		8,354 USD		(138	)
Aoshikang Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,615 USD		14
Apartment Income REIT Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,252,617 USD		(12,306	)
Apeloa Pharmaceutical Co. Ltd.		09/20/23		M		0.47	%	JPMorgan Chase Bank, N.A.		487,559 USD		(8,027	)
Apeloa Pharmaceutical Co. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		385,154 USD		(18,251	)
Apollo Medical Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		49,851 USD		3,504
Appian Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		58,245 USD		(4,497	)
Apple Hospitality REIT, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		52,321 USD		(1,592	)
Applied Materials, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		42,780 USD		(1,972	)
Appotronics Corporation Ltd.		07/12/22		M		0.49	%	Credit Suisse International		189,307 USD		(8,012	)
Appotronics Corporation Ltd.		05/17/23		M		0.47	%	JPMorgan Chase Bank, N.A.		244,488 USD		(10,020	)
Aptargroup, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,088,283 USD		(18,362	)
Arch Capital Group Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,208,515 USD		(36,340	)
Archer-Daniels-Midland Co.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		80,473 USD		(899	)
Arconic Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		128,634 USD		2,036
Arcvideo Tech		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		282,092 USD		(35,610	)
Arcvideo Tech		07/12/22		M		0.49	%	Credit Suisse International		219,381 USD		(28,274	)
Argus Shanghai Textile Chemicals Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,000 USD		(90	)
Argus Shanghai Textile Chemicals Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,093 USD		(49	)
Arista Networks, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,783,084 USD		(38,767	)
Armstrong World Industries, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		530,870 USD		(17,528	)

See Notes to Consolidated Financial Statements.

145

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Arrival SA		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		5,627 USD	$	264
Arrow Electronics, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		25,586 USD		578
Arvinas, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,110,585 USD		(129,931	)
Asbury Automotive Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		12,318 USD		1,061
Asia Pacific Wire & Cable Corp. Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,101 USD		(139	)
Asia Pacific Wire & Cable Corp. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,501 USD		(100	)
Associated Banc-Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		37,314 USD		3,320
Astro-Century Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		120 USD		(7	)
Astro-Century Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		120 USD		(7	)
Asymchem Laboratories Tianjin Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		164,664 USD		7,840
AT&T, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,047,521 USD		(6,636	)
Athene Holding Ltd.		06/05/23		M		0.00	%	Goldman Sachs International		23,608,667 USD		1,060,016
Atkore, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		310,222 USD		(14,868	)
Atmos Energy Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,072,729 USD		(7,008	)
Autobio Diagnostics Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		143,342 USD		998
Autobio Diagnostics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		120,438 USD		808
Autodesk, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		53,888 USD		(276	)
Automatic Data Processing, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,053,035 USD		15,337
Autonation, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,204,456 USD		(67,066	)
Autozone, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		789,683 USD		3,278
Avast PLC		08/15/23		M		0.00	%	JPMorgan Chase Bank, N.A.		901,009 GBP		(8,914	)
AVIC Electromechanical Systems Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		66,164 USD		(3,674	)

See Notes to Consolidated Financial Statements.

146

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

AVIC Electromechanical Systems Co., Ltd.

07/12/22

0.49

Credit Suisse International

45,564 USD

(2,538

)

Avnet, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

1,077,227 USD

9,210

Axis Capital Holdings Ltd.

05/23/23

0.28

Morgan Stanley Capital Services LLC

32,974 USD

128

Axonics, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

21,121 USD

(1,269

)

B-Soft Co., Ltd.

04/28/23

0.47

JPMorgan Chase Bank, N.A.

35 USD

—

B-Soft Co., Ltd.

07/12/22

0.49

Credit Suisse International

46 USD

—

Baiyin Nonferrou Group Co., Ltd.

10/11/23

0.47

JPMorgan Chase Bank, N.A.

49,022 USD

(85

)

Baiyin Nonferrou Group Co., Ltd.

07/12/22

0.49

Credit Suisse International

40,841 USD

Bandwidth, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

1,643,064 USD

(160,034

)

Bank of Changsha Co., Ltd.

07/12/22

0.49

Credit Suisse International

161,721 USD

(1,045

)

Bank of Changsha Co., Ltd.

09/05/23

0.47

JPMorgan Chase Bank, N.A.

271,553 USD

(1,454

)

Bank of Chengdu Co., Ltd.

01/18/23

0.47

JPMorgan Chase Bank, N.A.

144,670 USD

(3,168

)

Bank of Chengdu Co., Ltd.

07/12/22

0.49

Credit Suisse International

120,379 USD

(1,819

)

Bank of China, Ltd.

09/27/23

0.47

JPMorgan Chase Bank, N.A.

72,552 USD

(245

)

Bank of China, Ltd.

07/12/22

0.49

Credit Suisse International

60,745 USD

(238

)

Bank of Communications Co., Ltd

10/11/23

0.47

JPMorgan Chase Bank, N.A.

98,907 USD

185

Bank of Communications Co., Ltd

07/12/22

0.49

Credit Suisse International

74,608 USD

182

Bank of Hangzhou Co., Ltd.

08/14/23

0.47

JPMorgan Chase Bank, N.A.

367,402 USD

317

Bank of Hangzhou Co., Ltd.

07/12/22

0.49

Credit Suisse International

275,889 USD

(1,278

)

Bank of Montreal

05/23/23

0.28

Morgan Stanley Capital Services LLC

2,816,298 USD

28,101

Bank of Ningbo Co., Ltd

10/02/23

0.47

JPMorgan Chase Bank, N.A.

171,303 USD

3,844

Bank of Ningbo Co., Ltd

07/12/22

0.49

Credit Suisse International

117,066 USD

2,600

Bank Of Nova Sco.

05/23/23

0.28

Morgan Stanley Capital Services LLC

2,238,540 USD

57,083

Bank of Shanghai Co., Ltd.

10/11/23

0.47

JPMorgan Chase Bank, N.A.

113,451 USD

121

Bank of Shanghai Co., Ltd.

07/12/22

0.49

Credit Suisse International

94,933 USD

147

See Notes to Consolidated Financial Statements.

147

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
BankUnited, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		63,832 USD	$	5,004
Baoji Titanium Industry Co., Ltd.		07/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,184 USD		8
Baoji Titanium Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,456 USD		5
Baoshan Iron + Steel Co.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		204,843 USD		(32,113	)
Baoshan Iron + Steel Co.		07/12/22		M		0.49	%	Credit Suisse International		168,212 USD		(28,062	)
Baotou Dongbao Bio-Tech Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		29,628 USD		(1,337	)
Baotou Dongbao Bio-Tech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		20,166 USD		(846	)
Barrick Gold Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		63,422 USD		674
Beauty Health Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		527,260 USD		(20,274	)
Befar Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		10,192 USD		(2,630	)
Befar Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,373 USD		(1,647	)
Beh-Property Co., Ltd.		10/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,723 USD		127
Beh-Property Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,954 USD		82
Beijing Aosaikang Pharmaceutical Co., Ltd.		07/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6 USD		—
Beijing Aosaikang Pharmaceutical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		77 USD		(2	)
Beijing Bei Mo Gao Ke Friction Material Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		842 USD		(20	)
Beijing Capital Eco-Environment Protection Group Co., Ltd.		07/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		454,091 USD		(35,672	)
Beijing Capital Eco-Environment Protection Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		400,275 USD		(30,676	)
Beijing Easpring Material Technology Co., Ltd.		07/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		17,479 USD		(963	)
Beijing Easpring Material Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		17,520 USD		(1,004	)
Beijing Enlight Media Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		135,694 USD		4,153
Beijing Enlight Media Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		201,757 USD		2,563

See Notes to Consolidated Financial Statements.

148

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Beijing GeoEnviron Engineering & Technology, Inc.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		97,915 USD	$	(4,417	)
Beijing GeoEnviron Engineering & Technology, Inc.		07/12/22		M		0.49	%	Credit Suisse International		66,932 USD		(2,864	)
Beijing Hanjian Heshan Pipeline Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		35,746 USD		(1,350	)
Beijing Hanjian Heshan Pipeline Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		24,850 USD		(1,287	)
Beijing Haohua Energy Resource Co., Ltd.		09/15/23		M		0.47	%	JPMorgan Chase Bank, N.A.		487,703 USD		(40,868	)
Beijing Haohua Energy Resource Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		361,127 USD		(31,753	)
Beijing Jetsen Technology Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		34,264 USD		(338	)
Beijing Jetsen Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		25,624 USD		(1,001	)
Beijing Jingcheng Machinery Electric Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,828 USD		(230	)
Beijing Jingcheng Machinery Electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,082 USD		(184	)
Beijing Jingneng Power Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		238,813 USD		21,271
Beijing Kingsoft office Software Inc.		06/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,128 USD		432
Beijing Kingsoft office Software Inc.		07/12/22		M		0.49	%	Credit Suisse International		3,535 USD		674
Beijing LongRuan Technologies Inc.		08/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		35,966 USD		(4,075	)
Beijing LongRuan Technologies Inc.		07/12/22		M		0.49	%	Credit Suisse International		24,986 USD		(2,841	)
Beijing New Building Material Group Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		74,897 USD		(1,229	)
Beijing New Building Material Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		53,178 USD		(275	)
Beijing Oriental Yuhong Waterproof Technology Co., Ltd.		01/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		18,559 USD		1,330

See Notes to Consolidated Financial Statements.

149

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Beijing Oriental Yuhong Waterproof Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		16,990 USD	$	2,214
Beijing Philisense Technology Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,796 USD		(531	)
Beijing Philisense Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,803 USD		(378	)
Beijing Piesat Information Technology Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		46,742 USD		(282	)
Beijing Piesat Information Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		39,656 USD		(235	)
Beijing Sanyuan Foods Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		112,999 USD		(2,842	)
Beijing Sanyuan Foods Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		88,525 USD		(3,554	)
Beijing SDL Technology Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,462 USD		227
Beijing SDL Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,883 USD		173
Beijing Shougang Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		128,696 USD		(8,851	)
Beijing Shougang Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		98,440 USD		(7,702	)
Beijing Thunisoft Corp., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,608 USD		(62	)
Beijing Thunisoft Corp., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,702 USD		(64	)
Beijing Tianyishangjia New Material Corp. Ltd.		07/03/23		M		0.47	%	JPMorgan Chase Bank, N.A.		202,038 USD		(2,626	)
Beijing Tianyishangjia New Material Corp. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		162,415 USD		(2,332	)
Beijing Traffic Control Technology Co., Ltd.		03/03/23		M		0.47	%	JPMorgan Chase Bank, N.A.		462 USD		(24	)
Beijing Traffic Control Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		788 USD		(42	)

See Notes to Consolidated Financial Statements.

150

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Beijing United Information Technology Co., Ltd.

02/07/23

0.47

JPMorgan Chase Bank, N.A.

213,048 USD

6,304

Beijing United Information Technology Co., Ltd.

07/12/22

0.49

Credit Suisse International

163,294 USD

8,006

Beijing Urban Construction Group Co., Ltd.

10/11/23

0.47

JPMorgan Chase Bank, N.A.

14,743 USD

(176

)

Beijing Urban Construction Group Co., Ltd.

07/12/22

0.49

Credit Suisse International

10,046 USD

(95

)

Beijing Water Business Doctor Co., Ltd.

10/11/23

0.47

JPMorgan Chase Bank, N.A.

169,197 USD

(449

)

Beijing Water Business Doctor Co., Ltd.

07/12/22

0.49

Credit Suisse International

115,194 USD

244

Beijing WKW Automotive Parts Co., Ltd.

09/06/23

0.47

JPMorgan Chase Bank, N.A.

1,627 USD

(198

)

Beijing WKW Automotive Parts Co., Ltd.

07/12/22

0.49

Credit Suisse International

1,146 USD

(140

)

Beijing Worldia Diamond Tools Co., Ltd.

10/11/23

0.47

JPMorgan Chase Bank, N.A.

45,525 USD

(1,471

)

Beijing Worldia Diamond Tools Co., Ltd.

07/12/22

0.49

Credit Suisse International

31,751 USD

(453

)

Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd.

09/06/23

0.47

JPMorgan Chase Bank, N.A.

4,501 USD

172

Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd.

07/12/22

0.49

Credit Suisse International

4,214 USD

459

Beijing Zuojiang Technology Co., Ltd.

06/12/23

0.47

JPMorgan Chase Bank, N.A.

393 USD

(15

)

Beijing Huafeng Test & Control Technology Co., Ltd.

09/01/23

0.47

JPMorgan Chase Bank, N.A.

67,013 USD

1,912

See Notes to Consolidated Financial Statements.

151

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Beijing Huafeng Test & Control Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		52,921 USD	$	2,132
Bengang Steel Plates Co., Ltd.		07/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		214,228 USD		(30,262	)
Bengang Steel Plates Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		211,426 USD		(25,288	)
Bestsun Energy Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,886 USD		(309	)
Bestsun Energy Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,355 USD		(213	)
Betta Pharmaceuticals Co., Ltd.		03/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		26 USD		3
Betta Pharmaceuticals Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		29 USD		—
Better Life Commercial Chain Share Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,935 USD		(106	)
Better Life Commercial Chain Share Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,733 USD		(75	)
Beyondsoft Corp.		08/15/23		M		0.47	%	JPMorgan Chase Bank, N.A.		48 USD		(2	)
BigCommerce Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		138,777 USD		(8,126	)
Bill.com Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,140,971 USD		(29,925	)
Bio-Thera Solutions Ltd.		07/12/22		M		0.49	%	Credit Suisse International		246,417 USD		(10,779	)
Bio-Thera Solutions Ltd.		05/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		275,692 USD		(11,914	)
Black Knight, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		904,748 USD		20,884
BlackBerry Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		335,427 USD		12,887
Blackline, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		567,934 USD		(12,698	)
Blackrock, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		791,818 USD		(18,573	)
Bloomage Biotechnology Corp. Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,333 USD		418
Bloomage Biotechnology Corp. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,335 USD		416
Blue Sail Medical Co., Ltd.		02/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		168 USD		(23	)

See Notes to Consolidated Financial Statements.

152

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Blue Sail Medical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		130 USD	$	(8	)
Boe Technology Group Co., Ltd.		06/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		425,960 USD		(9,356	)
Boe Technology Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		211,844 USD		(9,286	)
Boeing Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		325,693 USD		17,854
Bohai Leasing Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		20,858 USD		(1,035	)
Bohai Leasing Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		14,288 USD		(726	)
Booz Allen Hamilton Holding Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		32,165 USD		527
Borgwarner, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		16,933 USD		(427	)
Boston Beer Co., Inc. (The)		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		415,915 USD		(4,547	)
Boston Scientific Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		658,657 USD		(4,119	)
Box, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		229,316 USD		141
Bridgebio Pharma, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		54,871 USD		(3,314	)
Brightgene Bio Medical Technology Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		37,203 USD		(962	)
Brightgene Bio Medical Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		31,723 USD		(786	)
Brixmor Property Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		22,819 USD		(886	)
Broadex Technologies Co., Ltd.		01/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		204 USD		(15	)
Brookfield Asset Management, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,719,624 USD		(140,891	)
Brooks Automation, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,922,101 USD		(37,633	)
Bros Eastern Co., Ltd.		04/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		291,093 USD		(24,475	)
Bros Eastern Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		262,267 USD		(23,217	)
Brown-Forman Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,466,821 USD		(36,292	)
Brunswick Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		588,704 USD		(14,512	)

See Notes to Consolidated Financial Statements.

153

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Btg Hotels Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		113,756 USD	$	(2,599	)
Bunge Ltd.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		180,540 USD		9,261
Bybon Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,273 USD		105
Bybon Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,147 USD		72
Cable One, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		470,594 USD		(13,685	)
Callaway Golf Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,421,087 USD		(99,323	)
Cambricon Technologies, Inc.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,982 USD		(53	)
Cambricon Technologies, Inc.		07/12/22		M		0.49	%	Credit Suisse International		2,484 USD		(20	)
Cameco Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,382,700 USD		42,635
Camel Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,360 USD		(468	)
Camel Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,290 USD		(338	)
Campbell Soup Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		52,456 USD		(193	)
Canadian Imperial Bank of Commerce		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		695,861 USD		(6,135	)
Canadian Pacific Railway Ltd.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		613,757 USD		4,083
Cano Health, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		40,207 USD		(3,980	)
Capital One Financial Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,140,077 USD		(62,650	)
Capri Holdings Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		778,307 USD		(42,621	)
Cardinal Health, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,795,467 USD		(57,047	)
CareDx, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		708,634 USD		(9,599	)
CarGurus, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		360,585 USD		(30	)
Carlyle Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		993,677 USD		(1,269	)
Carrier Global Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,790,536 USD		3,779
Cathay Biotech Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		113,521 USD		9,870
Cathay Biotech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		96,872 USD		6,223

See Notes to Consolidated Financial Statements.

154

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
CCCG Real Estate Corp, Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,786 USD	$	(89	)
CCCG Real Estate Corp, Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,941 USD		(52	)
CDK Global, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		264,355 USD		(2,120	)
CDW Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,984,450 USD		(88,876	)
CECEP Guozhen Environmental Protection Technology Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		19,659 USD		(393	)
CECEP Guozhen Environmental Protection Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		13,413 USD		(205	)
Celldex Therapeutics, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,355 USD		49
Cenovus Energy, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		9,641 USD		1,837
Central China Land Media Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		10,089 USD		(331	)
Central China Land Media Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		7,163 USD		(238	)
Century Communities, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		131,934 USD		(3,749	)
Cerence, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		341,904 USD		(17,629	)
Cerner Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,137,528 USD		(171,184	)
Chang Lan Electric Technology Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		8,283 USD		(809	)
Chang Lan Electric Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,652 USD		(260	)
Change Healthcare, Inc.		01/19/23		M		0.58	%	JPMorgan Chase Bank, N.A.		8,060,165 USD		(264,329	)
Change Healthcare, Inc.		01/10/23		M		0.00	%	Goldman Sachs International		11,266,335 USD		(369,473	)
Change Healthcare, Inc.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,534 USD		(24	)
Change Healthcare, Inc.		07/12/22		M		0.49	%	Credit Suisse International		3,876 USD		(43	)
Changzhou Xingyu Automotive		07/12/22		M		0.49	%	Credit Suisse International		242,172 USD		(4,093	)

See Notes to Consolidated Financial Statements.

155

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Changzhou Xingyu Automotive		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		322,191 USD	$	(2,886	)
Chaozhou Three Circle Group Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		216,798 USD		3,087
Chaozhou Three Circle Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		124,064 USD		1,667
Check Point Software Technologies, Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		42,349 USD		(864	)
Chegg, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,852,831 USD		(245,624	)
Chengdu ALD Aviation Manufacturing Corp.		05/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		208 USD		11
Chengdu ALD Aviation Manufacturing Corp.		07/12/22		M		0.49	%	Credit Suisse International		194 USD		25
Chengdu B-Ray Media Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,530 USD		(17	)
Chengdu B-Ray Media Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,079 USD		3
Chengdu CORPRO Technology Co., Ltd.		08/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		41,285 USD		(1,762	)
Chengdu CORPRO Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		30,852 USD		(1,015	)
Chengdu Fusen Noble House Industrial Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,247 USD		(53	)
Chengdu Fusen Noble House Industrial Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,293 USD		(163	)
Chengdu Haoneng Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		11,433 USD		(277	)
Chengdu Haoneng Technology Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		13,535 USD		(396	)
Chengdu Xingrong Environment Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		129,237 USD		565
Chengdu Xingrong Environment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		102,664 USD		541

See Notes to Consolidated Financial Statements.

156

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Chengtun Mining Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		202,065 USD	$	4,002
Chengtun Mining Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		214,622 USD		(2,001	)
Chengxin Lithium Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		199,477 USD		6,960
Chengzhi Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		125,857 USD		300
Chengzhi Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		46,397 USD		520
China Animal Husbandry Industry Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		78,459 USD		(1,334	)
China Animal Husbandry Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		65,515 USD		(1,100	)
China Baoan Group Co., Ltd.		08/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		163,128 USD		4,570
China Baoan Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		63,711 USD		399
China CAMC Engineering Co., Ltd.		09/15/23		M		0.47	%	JPMorgan Chase Bank, N.A.		26,525 USD		(2,533	)
China CAMC Engineering Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		17,867 USD		(1,484	)
China Coal Energy Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		349,497 USD		(10,034	)
China Coal Energy Co., Ltd.		04/13/23		M		0.47	%	JPMorgan Chase Bank, N.A.		483,240 USD		(20,789	)
China Coal Xinji Energy Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		227,055 USD		(14,604	)
China Coal Xinji Energy Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		394,461 USD		(30,406	)
China Construction Bank		07/12/22		M		0.49	%	Credit Suisse International		140,021 USD		218
China Construction Bank Corp.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		171,364 USD		(84	)
China CYTS Tours Holding Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		136,028 USD		(1,030	)
China CYTS Tours Holding Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		113,645 USD		(710	)
China Eastern Airlines Corp., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		61,540 USD		(243	)
China Eastern Airlines Corp., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		51,300 USD		11
China Enterprise Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		57,066 USD		82
China Enterprise Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		53,071 USD		72
China First Heavy Industries		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		26,340 USD		(929	)

See Notes to Consolidated Financial Statements.

157

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
China First Heavy Industries		07/12/22		M		0.49	%	Credit Suisse International		21,813 USD	$	(529	)
China Galaxy Securities Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		153,228 USD		(7,271	)
China Galaxy Securities Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		104,856 USD		(4,631	)
China Great Wall Securities Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		656,844 USD		(70,720	)
China Great Wall Securities Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		461,455 USD		(40,780	)
China Hainan Rubber Industry Group Co., Ltd.		10/11/23		M		0.00	%	JPMorgan Chase Bank, N.A.		187,759 USD		5,108
China Hainan Rubber Industry Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		157,097 USD		4,355
China Haisum Engineering Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,274 USD		(228	)
China Haisum Engineering Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,689 USD		(323	)
China International Marine Containers Group Co., Ltd.		05/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		485,684 USD		(45,048	)
China International Marine Containers Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		396,853 USD		(43,106	)
China Jo-Jo Drugstores, Inc.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		34,930 USD		(908	)
China Jushi Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		66,837 USD		(2,629	)
China Jushi Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		54,432 USD		(6,658	)
China Kings Resources Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		183 USD		(28	)
China Merchants Energy Shipping Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		279,250 USD		(3,700	)
China Merchants Energy Shipping Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		212,897 USD		(2,079	)
China Merchants Expressway Network & Technology Holdings Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		29,887 USD		(1,273	)
China Merchants Expressway Network & Technology Holdings Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		24,541 USD		(537	)

See Notes to Consolidated Financial Statements.

158

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
China Merchants Port Group Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		36,799 USD	$	(398	)
China Merchants Port Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		15,674 USD		(263	)
China Merchants Shekou Industrial Zone Holdings Co., Ltd.		07/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		489,084 USD		2,312
China Merchants Shekou Industrial Zone Holdings Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		410,240 USD		2,461
China Molybdenum Co., Ltd.		07/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		16,528 USD		(2,508	)
China Molybdenum Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		15,843 USD		(2,477	)
China National Electric Apparatus Research Institute Co., Ltd.		08/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		47,757 USD		(6,387	)
China National Electric Apparatus Research Institute Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		34,180 USD		(4,584	)
China Northern Rare Earth Group High-Tech Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		203,524 USD		4,736
China Northern Rare Earth Group High-Tech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		155,622 USD		(11,759	)
China Oil HBP Science & Technology Co., Ltd.		10/11/23		M		0.00	%	JPMorgan Chase Bank, N.A.		147,864 USD		5,054
China Oil HBP Science & Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		123,264 USD		4,761
China Resources Double Crane Pharmaceutical Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,861 USD		(49	)
China Resources Double Crane Pharmaceutical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,103 USD		(16	)
China Resources Microelectronics Ltd.		08/23/23		M		0.47	%	JPMorgan Chase Bank, N.A.		10,811 USD		(157	)

See Notes to Consolidated Financial Statements.

159

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Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
China Resources Microelectronics Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,326 USD	$	(65	)
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		145,101 USD		(1,424	)
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		99,943 USD		(1,040	)
China South Publishing & Media Group Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		15,828 USD		(160	)
China South Publishing & Media Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		10,779 USD		(103	)
China Southern Airlines Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		157,955 USD		(803	)
China Southern Airlines Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		130,298 USD		(68	)
China Sports Industry Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		29,293 USD		(692	)
China Tourism Group Duty Free Corp.		07/12/22		M		0.49	%	Credit Suisse International		7,359 USD		688
China Tungsten and Hightech Materials Co., Ltd.		07/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,814 USD		(413	)
China Tungsten and Hightech Materials Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,682 USD		(301	)
China Union Holdings, Ltd.		10/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		42,374 USD		(852	)
China Union Holdings, Ltd.		07/12/22		M		0.49	%	Credit Suisse International		35,436 USD		(712	)
China Western Power Industrial Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		37,376 USD		1,925
China Western Power Industrial Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		25,482 USD		1,399
Chinalin Securities Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		35,471 USD		65
Chinalin Securities Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		24,264 USD		60
Chongqing Baiya Sanitary Products Co., Ltd.		08/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		77 USD		(3	)
Chongqing Brewery Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		187,577 USD		(748	)
Chongqing Brewery Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		128,992 USD		(1,055	)

See Notes to Consolidated Financial Statements.

160

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Chongqing Chuanyi Automation Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		401 USD	$	(43	)
Chongqing Construction Engineering Group Corp., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,841 USD		(23	)
Chongqing Construction Engineering Group Corp., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,370 USD		(9	)
Chongqing Department Store Co., Ltd.		02/22/23		M		0.47	%	JPMorgan Chase Bank, N.A.		23,403 USD		(663	)
Chongqing Department Store Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		15,913 USD		(256	)
Chongqing Iron & Steel Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		415,430 USD		(54,692	)
Chongqing Iron & Steel Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		322,973 USD		(43,673	)
Chongqing Rural Commercial Bank Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		149,976 USD		(1,003	)
Chongqing Rural Commercial Bank Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		125,378 USD		(657	)
Chongqing Three Gorges Bank Co., Ltd.		03/29/23		M		0.47	%	JPMorgan Chase Bank, N.A.		61,871 USD		2,982
Chongqing Three Gorges Water Conservancy & Electric Power Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		51,735 USD		2,568
Chongqing Zhifei Biological Products Co., Ltd.		08/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		709,895 USD		(4,224	)
Chongqing Zhifei Biological Products Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		571,790 USD		(5,915	)
Chow Tai Seng Jewellery Co., Ltd.		07/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		86,668 USD		3,170
Chow Tai Seng Jewellery Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		61,628 USD		3,203
Chubb Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		41,274 USD		(853	)
Ciena Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,994,071 USD		8,836

See Notes to Consolidated Financial Statements.

161

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Cigna Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,198,158 USD	$	(24,220	)
Cincinnati Financial, Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		22,978 USD		(19	)
Cineplex, Inc.		12/20/21		M		0.00	%	Goldman Sachs International		1,226,502 CAD		17,252
Cineplex, Inc.		03/07/22		M		0.98	%	JPMorgan Chase Bank, N.A.		745,953 CAD		10,492
Cit Group, Inc.		10/19/22		M		0.58	%	JPMorgan Chase Bank, N.A.		1,141,504 USD		47,372
Citic Pacific Special Steel Group Co., Ltd.		08/09/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,632 USD		(72	)
Citic Pacific Special Steel Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,467 USD		(539	)
Citigroup, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,515,322 USD		(80,307	)
City Development Environment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		65 USD		2
Clear Secure, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		100,476 USD		(3,885	)
Cleveland-Cliffs, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,139,626 USD		(23,472	)
Cloudflare, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		179,928 USD		(15,684	)
CMS Energy Corp.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		89,139 USD		(2,291	)
CMST Development Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		150,952 USD		(4,148	)
CMST Development Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		134,463 USD		(12,171	)
CNH Industrial NV		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		352,001 USD		(4,237	)
CNOOC Energy Technology & Services Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		181,599 USD		(7,580	)
CNOOC Energy Technology & Services Ltd.		07/12/22		M		0.49	%	Credit Suisse International		150,043 USD		(5,127	)
CNSIG Inner Mongolia Chemical Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		310,800 USD		(24,955	)
CNX Resources Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		140,966 USD		11,345
Coca-Cola Co/The		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,607,157 USD		(109,954	)
Coca-Cola Europacific Partners plc		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,866,138 USD		(35,984	)

See Notes to Consolidated Financial Statements.

162

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
COFCO Sugar Holding Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		26,687 USD	$	(466	)
COFCO Sugar Holding Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		22,332 USD		(340	)
Coherent, Inc.		01/23/23		M		0.58	%	JPMorgan Chase Bank, N.A.		23,183,879 USD		(210,362	)
Coinbase Global, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,938,957 USD		(17,432	)
Colfax Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		318,592 USD		413
Comcast Corp.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		553,808 USD		11,532
Constellation Brands, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		1,311,556 USD		3,149
Contemporary Amperex Technology Co.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		45,713 USD		3,100
Contemporary Amperex Technology Co.		07/12/22		M		0.49	%	Credit Suisse International		45,734 USD		3,079
Copart, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		628,294 USD		(10,713	)
Corning, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,091,207 USD		(64,325	)
Corsair Gaming, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		100,824 USD		(3,924	)
Cosco Shipping Holdings Co., Ltd.		03/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		355,273 USD		(31,635	)
Cosco Shipping Holdings Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		125,849 USD		(196	)
Cosmos Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,679 USD		(11	)
Cosmos Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,187 USD		(10	)
Costco Wholesale Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,641,876 USD		(132,199	)
Coursera, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		91,993 USD		(9,038	)
Cousins Properties, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		26,226 USD		213
CQ Pharmaceutical Holding Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,684 USD		(66	)
CQ Pharmaceutical Holding Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,184 USD		(28	)
Cracker Barrel Old Country Store, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		343,953 USD		(3,163	)
Cree, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,214,997 USD		(37,711	)

See Notes to Consolidated Financial Statements.

163

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
CRISPR Therapeutics AG		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		652,651 USD	$	(26,626	)
Crocs, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,052,433 USD		(210,094	)
Crown Castle International Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,718,508 USD		(276,897	)
Cscec Scimee Sci & Tech Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,402 USD		(348	)
Cscec Scimee Sci & Tech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,064 USD		(255	)
CSG Holding Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,345 USD		(177	)
CSG Holding Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,581 USD		(32	)
CSX Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,444,770 USD		(37,748	)
CTS International Logistic Corp. Ltd.		03/22/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,273 USD		(224	)
CTS International Logistic Corp. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,551 USD		(173	)
Cultural Investment Holdings Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		114,703 USD		2,512
Cultural Investment Holdings Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		95,394 USD		2,721
Curevac NV		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		28,992 USD		557
CyberArk Software Ltd., Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		220,921 USD		(8,338	)
Cytokinetics, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		50,523 USD		3,623
Dafeng Industrial Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,959 USD		(296	)
Dalian Bio-Chem Co., Ltd.		08/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		94,068 USD		(9,962	)
Dalian Bio-Chem Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		86,600 USD		(7,969	)
Dalian Zeus Entertainment Group Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		754 USD		(32	)
Dalian Zeus Entertainment Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		505 USD		(24	)
Darden Restaurants, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,986,011 USD		(224,703	)
Datadog, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		1,771,867 USD		(24,781	)
Deckers Outdoor Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,610,855 USD		(304,134	)

See Notes to Consolidated Financial Statements.

164

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Dehua Tb New Decoration Material		04/26/23		M		0.47	%	JPMorgan Chase Bank, N.A.		38,011 USD	$	(1,856	)
Dehua Tb New Decoration Material		07/12/22		M		0.49	%	Credit Suisse International		29,455 USD		(1,232	)
Denbury, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		22,470 USD		(412	)
DENTSPLY SIRONA, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		294,341 USD		(4,150	)
Deutsche Alt-A Securities Mortgage Loan Trust		05/29/23		M		0.06	%	JPMorgan Chase Bank, N.A.		19,371,313 EUR		(282,830	)
DHC Software Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		105,457 USD		(1,826	)
DHC Software Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		72,276 USD		(1,382	)
Dialine Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		17,891 USD		90
Dialine Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		12,244 USD		69
Diamondback Energy, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		373,387 USD		68,249
Dick’s Sporting Goods, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,987,141 USD		(192,148	)
DiDi Global, Inc.		07/18/23		M		0.53	%	Morgan Stanley Capital Services LLC		6,176,953 USD		146,104
Digital Turbine, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		230,595 USD		11,405
Discover Financial Services		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		99,709 USD		(5,728	)
Dlg Exhibitions & Events Corp., Ltd.		08/23/23		M		0.47	%	JPMorgan Chase Bank, N.A.		39,116 USD		(380	)
Dlg Exhibitions & Events Corp., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		35,421 USD		(325	)
Do-Fluoride New Materials Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		119 USD		(3	)
DocuSign, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		5,825,532 USD		(283,064	)
Dolby Laboratories, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		116,122 USD		(2,426	)
Domtar Corp.		05/15/23		M		0.58	%	JPMorgan Chase Bank, N.A.		18,650,518 USD		(122,298	)
Dongfang Electric Co., Ltd.		09/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		12,157 USD		(1,113	)
Dongfang Electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,496 USD		(115	)

See Notes to Consolidated Financial Statements.

165

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Dongguan Development (Holdings) Co., Ltd.		05/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		69 USD	$	(4	)
Dongguan Yutong Optical Technology Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,717 USD		(259	)
Dongguan Yutong Optical Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,856 USD		(180	)
DoorDash, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,792,727 USD		(93,392	)
Douglas Emmett, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		20,403 USD		(268	)
Dow, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		285,785 USD		(6,677	)
DR Horton, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,872,981 USD		(63,178	)
Draftkings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,883,142 USD		(251,872	)
Dropbox, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,733,930 USD		(45,219	)
DTE Energy Co.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		651,440 USD		(10,895	)
Duke Energy Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		5,239,540 USD		(70,296	)
Dun & Bradstreet Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,109,704 USD		(782	)
DuPont de Nemours, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,489,044 USD		(51,343	)
Dxc Technology, Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,013,175 USD		(37,678	)
E2open Parent Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		115,485 USD		(3,084	)
East West Bancorp, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		15,755 USD		2,079
Eastman Chemical Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		77,254 USD		(691	)
Eaton Corp. PLC		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,754,094 USD		(61,665	)
eBay, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		641,062 USD		(15,913	)
Ecovacs Robotics Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		291,023 USD		(4,248	)
Ecovacs Robotics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		193,382 USD		4,352
Edifier Technology Co., Ltd.		08/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		53 USD		(6	)

See Notes to Consolidated Financial Statements.

166

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Editas Medicine, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		230,554 USD	$	(69,150	)
Electric Connector Technology Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		141,943 USD		9,101
Electric Connector Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		118,475 USD		8,058
Element Solutions, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		543,678 USD		27,395
Eli Lilly & Company Ltd.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		70,795 USD		1,293
Elion Energy Co, Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,906 USD		(807	)
Elion Energy Co, Ltd.		09/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,846 USD		(1,166	)
EmbedWay Technologies Shanghai Corp.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		18,117 USD		(766	)
EmbedWay Technologies Shanghai Corp.		07/12/22		M		0.49	%	Credit Suisse International		12,502 USD		(432	)
EMCOR Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		877,404 USD		28,906
Emei Shan Tourism Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		84,235 USD		(3,057	)
Emei Shan Tourism Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		63,324 USD		(2,586	)
Emergent BioSolutions, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		42,585 USD		(1,728	)
Enbridge, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		48,868 USD		723
ENC Data Technology Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		16,127 USD		311
ENC Data Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		10,817 USD		308
Encompass Health Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		62,392 USD		42
Enn Natural Gas Co., Ltd.		07/12/23		M		0.47	%	JPMorgan Chase Bank, N.A.		252,730 USD		(29,822	)
Enn Natural Gas Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		206,469 USD		(24,095	)
Entegris, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,145,155 USD		(12,810	)
Epoxy Base Electronic Material Corp., Ltd.		07/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		79 USD		(20	)

See Notes to Consolidated Financial Statements.

167

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Equifax, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,152,685 USD	$	(26,486	)
Equitable Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,746,280 USD		151,682
Espressif Systems Shanghai Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		567 USD		16
Essential Utilities, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		35,137 USD		(761	)
Eternal Asia Supply Chain Management Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		276,678 USD		(17,269	)
Eternal Asia Supply Chain Management Ltd.		07/12/22		M		0.49	%	Credit Suisse International		194,902 USD		(15,187	)
Euronet Worldwide, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		39,616 USD		859
Europcar Mobility Group		08/02/23		M		0.06	%	JPMorgan Chase Bank, N.A.		7,542,861 EUR		3,495
Eve Energy Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		373,881 USD		26,091
Eve Energy Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		153,206 USD		10,767
Everbright Jiabao Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,048 USD		(14	)
Everbright Jiabao Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,194 USD		1
Everest Re Group, Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		162,434 USD		(2,185	)
Eversource Energy		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		952,355 USD		(19,392	)
Exact Sciences Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,181,863 USD		(113,395	)
eXp World Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		349,254 USD		(34,435	)
Expedia Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		227,396 USD		(4,164	)
Expeditors International of Washington, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		640,221 USD		(11,453	)
Eyebright Medical Technology Co., Ltd.		08/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		369,801 USD		24,077
Eyebright Medical Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		284,916 USD		18,738
F.N.B. Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		73,211 USD		6,444
F5 Networks, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		802,639 USD		3,613
Fair Isaac Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,297,251 USD		(297,262	)

See Notes to Consolidated Financial Statements.

168

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Fangda Carbon New Material Co., Ltd.		09/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		463,251 USD	$	(10,736	)
Fangda Carbon New Material Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		171,157 USD		(7,021	)
Fanli Digital Technology Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,778 USD		19
Fanli Digital Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,207 USD		27
Far East Smarter Energy Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		102,105 USD		(376	)
Far East Smarter Energy Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		123,904 USD		883
Farasis Energy Gan Zhou Co., Ltd.		08/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		124,509 USD		(9,764	)
Farasis Energy Gan Zhou Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		106,171 USD		(8,397	)
Farfetch Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,559,041 USD		(41,064	)
Fastenal Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		597,575 USD		(15,105	)
Fate Therapeutics, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		93,883 USD		(12,209	)
FedEx Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,565,363 USD		(472,171	)
Ferrari NV		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		27,729 USD		(961	)
Ferro Corp.		05/15/23		M		0.58	%	JPMorgan Chase Bank, N.A.		17,552,302 USD		(8,625	)
Fibocom Wireless, Inc.		05/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		589 USD		11
Fibocom Wireless, Inc.		07/12/22		M		0.49	%	Credit Suisse International		574 USD		26
Fidelity National Financial, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		479,426 USD		(8,706	)
Fidelity National Information Services, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,517,544 USD		(8,137	)
Figs, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		89,627 USD		(1,308	)
First Horizon Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		324,644 USD		31,961
First Republic Bank		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		955,481 USD		(16,734	)
Five9, Inc.		07/21/23		M		0.58	%	JPMorgan Chase Bank, N.A.		19,414,015 USD		(1,189,917	)
Flagstar Bancorp, Inc.		04/28/23		M		0.58	%	JPMorgan Chase Bank, N.A.		92,487 USD		2,776

See Notes to Consolidated Financial Statements.

169

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Flowserve Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		79,574 USD	$	999
FMC Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		322,328 USD		(6,079	)
Focus Lightings Tech Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,315 USD		(1,151	)
Focus Lightings Tech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,158 USD		(576	)
Focus Media Information Technology Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,930 USD		39
Focus Media Information Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,706 USD		91
Focus Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		163 USD		(4	)
Focused Photonics Hangzhou, Inc.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		117,564 USD		(382	)
Focused Photonics Hangzhou, Inc.		07/12/22		M		0.49	%	Credit Suisse International		80,223 USD		35
Fortune Brands Home & Security, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,722,201 USD		(44,235	)
Foryou Corp.		07/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,121 USD		(88	)
Foryou Corp.		07/12/22		M		0.49	%	Credit Suisse International		3,389 USD		(34	)
Foshan Haitian Flavouring & Food Co., Ltd.		06/12/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,661 USD		211
Fox Factory Holdings Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		17,804 USD		(460	)
Franco-Nevada Corp.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		752,116 USD		(9,031	)
Franklin Resources, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		721,708 USD		(25,636	)
Freedom Holding Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		937,834 USD		17,202
Freshpet, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,121,417 USD		(111,628	)
FS KKR Capital Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		23,269 USD		(39	)
FTI Consulting, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,282,441 USD		10,410
fuboTV, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		34,217 USD		429
Fujian Cement, Inc.		09/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		502,411 USD		(34,011	)
Fujian Cement, Inc.		07/12/22		M		0.49	%	Credit Suisse International		422,881 USD		(28,706	)
Fujian Funeng Co., Ltd.		09/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,508 USD		(298	)

See Notes to Consolidated Financial Statements.

170

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Fujian Funeng Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,267 USD	$	(33	)
Fujian Longking Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		244,241 USD		(8,019	)
Fujian Longking Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		170,041 USD		(5,418	)
Fujian Raynen Technology Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		38,487 USD		(1,604	)
Fujian Raynen Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		26,573 USD		(1,293	)
Fujian Star-Net Communication Co., Ltd.		06/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		566,550 USD		(5,759	)
Fujian Star-Net Communication Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		418,327 USD		(261	)
Fushun Special Steel Co., Ltd.		04/26/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,926 USD		(188	)
Fushun Special Steel Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,516 USD		(133	)
Fuyao Glass Industry Group Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		232,357 USD		(7,447	)
Fuyao Glass Industry Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		130,347 USD		(4,162	)
Gamesys Group PLC		04/19/23		M		0.00	%	JPMorgan Chase Bank, N.A.		4,103,354 GBP		14,983
Gaming and Leisure Properties, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		136,694 USD		(1,949	)
Ganfeng Lithium Co., Ltd.		07/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		21,315 USD		(1,143	)
Ganfeng Lithium Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		23,621 USD		(928	)
Gansu Jingyuan Coal Industry and Electricity Power Co., Ltd.		09/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		21,563 USD		1,194
Gansu Jiu Steel Group Hongxing Iron & Steel Co, Ltd.		07/12/22		M		0.49	%	Credit Suisse International		388,119 USD		(48,569	)
Gansu Jiu Steel Group Hongxing Iron & Steel Co., Ltd.		07/17/23		M		0.47	%	JPMorgan Chase Bank, N.A.		435,869 USD		(53,040	)
Gansu Shangfeng Cement Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		157,833 USD		(7,849	)
Gansu Shangfeng Cement Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		107,735 USD		(4,915	)
Gem Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		96,541 USD		170

See Notes to Consolidated Financial Statements.

171

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Gem Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		80,771 USD	$	196
Gem Year Industrial Co., Ltd.		02/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		10 USD		(1	)
Gem Year Industrial Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1 USD		—
Gemdale Corp.		07/12/22		M		0.49	%	Credit Suisse International		125,054 USD		(2,172	)
Genius Sports Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		47,373 USD		(1,618	)
Genpact Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		33,167 USD		(53	)
Gentex Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		41,209 USD		1,302
Geovis Technology Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		37,346 USD		71
Geovis Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		25,577 USD		24
Geron Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,134 USD		(690	)
Geron Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,975 USD		(483	)
Gifore Agricultural Science & Technology Service Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		18,829 USD		166
Gifore Agricultural Science & Technology Service Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		12,919 USD		122
Gigadevice Semiconductor, Inc.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		179,371 USD		(6,159	)
Gigadevice Semiconductor, Inc.		07/12/22		M		0.49	%	Credit Suisse International		126,656 USD		(3,433	)
Global Payments, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,232,827 USD		27,033
Globe Life, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		488,813 USD		13,851
Goertek, Inc.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		36,847 USD		(1,498	)
Goertek, Inc.		07/12/22		M		0.49	%	Credit Suisse International		26,929 USD		(917	)
Goldcup Electric Apparatus Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,197 USD		(299	)
Goldcup Electric Apparatus Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,941 USD		(222	)
Goldenmax International Technology Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		171,535 USD		(7,329	)
Goldenmax International Technology Ltd.		07/12/22		M		0.49	%	Credit Suisse International		120,317 USD		(4,852	)

See Notes to Consolidated Financial Statements.

172

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Goldman Sachs Fusion Swap

01/30/23

0.23

Goldman Sachs International

245,290,911 USD

2,302,377

Goldman Sachs Group, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

5,753,639 USD

(118,724

)

Goldman Sachs Intraday Momentum ES Series 4 Excess Return Strategy

11/03/22

0.45

Goldman Sachs International

7,953,272 USD

49,643

Goldman Sachs Intraday Momentum NQ Series 4 Excess Return Strategy

11/03/22

0.45

Goldman Sachs International

40,849,687 USD

351,313

Goldman Sachs Intraday Momentum RT Series 4 Excess Return Strategy

11/03/22

0.45

Goldman Sachs International

3,138,658 USD

20,220

Gongniu Group Co., Ltd.

05/10/23

0.47

JPMorgan Chase Bank, N.A.

17,417 USD

267

Gongniu Group Co., Ltd.

07/12/22

0.49

Credit Suisse International

11,990 USD

642

GoodRx Holdings, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

120,327 USD

(7,481

)

Gotion High-tech Co., Ltd.

10/02/23

0.47

JPMorgan Chase Bank, N.A.

89,614 USD

(1,427

)

Gotion High-tech Co., Ltd.

07/12/22

0.49

Credit Suisse International

75,113 USD

(889

)

Graco, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

1,229,935 USD

(61,366

)

Grandjoy Holdings Group Co., Ltd.

10/02/23

0.47

JPMorgan Chase Bank, N.A.

25,263 USD

(41

)

Grandjoy Holdings Group Co., Ltd.

07/12/22

0.49

Credit Suisse International

10,502 USD

115

GrandVision NV

07/05/23

0.06

JPMorgan Chase Bank, N.A.

1,138,726 EUR

(2,322

)

Great Chinasoft Technology Co., Ltd.

09/27/23

0.47

JPMorgan Chase Bank, N.A.

26,147 USD

500

Great Chinasoft Technology Co., Ltd.

07/12/22

0.49

Credit Suisse International

21,955 USD

429

Great Wall of Cultural Group Holding Co., Ltd.

07/12/22

0.49

Credit Suisse International

69 USD

)

Great Western Bancorp, Inc.

09/20/23

0.58

JPMorgan Chase Bank, N.A.

3,198,350 USD

166,078

See Notes to Consolidated Financial Statements.

173

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
GreenTech Environmental Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		24,739 USD	$	(2,336	)
GreenTech Environmental Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		16,689 USD		(1,513	)
Grocery Outlet Holding Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,293 USD		(1	)
Group 1 Automotive, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		36,447 USD		(2,440	)
Gs Optimized Cn Basket Swap		10/07/21		M		0.00	%	Goldman Sachs International		86,894,520 USD		(3,614,803	)
GS Custom Basket Swap—GSCBBXRT		10/03/23		M		0.45	%	Goldman Sachs International		25,256,734 USD		(461,698	)
GS Custom Basket Swap—GSCBKWB2		07/05/23		M		0.53	%	Goldman Sachs International		5,210,341 USD		(26,284	)
Guangdong Biolight Meditech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		52 USD		(3	)
Guangdong Champion Asia Electronics Co., Ltd.		08/04/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,993 USD		108
Guangdong Champion Asia Electronics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,981 USD		74
Guangdong Dcenti Auto-Parts Stock Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,818 USD		191
Guangdong Dcenti Auto-Parts Stock Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,329 USD		151
Guangdong Dowstone Technology Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		340,051 USD		(26,244	)
Guangdong Dowstone Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		240,243 USD		(21,610	)
Guangdong Ellington Electronics Technology Co., Ltd.		09/13/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,230 USD		(254	)
Guangdong Ellington Electronics Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,980 USD		(177	)
Guangdong Ellington Electronics Technology Co., Ltd.		03/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		98 USD		(2	)

See Notes to Consolidated Financial Statements.

174

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Guangdong Fenghua Advanced A

07/12/22

0.49

Credit Suisse International

10,044 USD

314

Guangdong Fenghua Advanced Technology Holding Co., Ltd.

07/19/23

0.47

JPMorgan Chase Bank, N.A.

14,214 USD

460

Guangdong Haid Group Co., Ltd.

03/08/23

0.47

JPMorgan Chase Bank, N.A.

24,669 USD

3,492

Guangdong Haid Group Co., Ltd.

07/12/22

0.49

Credit Suisse International

16,451 USD

2,323

Guangdong Huafeng New Energy Technology Co., Ltd.

09/27/23

0.47

JPMorgan Chase Bank, N.A.

84,866 USD

(4,170

)

Guangdong Huafeng New Energy Technology Co., Ltd.

07/12/22

0.49

Credit Suisse International

58,400 USD

(3,173

)

Guangdong Huiyun Titanium Industry Co., Ltd.

08/07/23

0.47

JPMorgan Chase Bank, N.A.

302 USD

(46

)

Guangdong Hybribio Biotech Co., Ltd.

08/16/23

0.47

JPMorgan Chase Bank, N.A.

63,490 USD

(1,707

)

Guangdong Hybribio Biotech Co., Ltd.

07/12/22

0.49

Credit Suisse International

46,781 USD

(1,507

)

Guangdong Jia Yuan Technology Co., Ltd.

01/18/23

0.47

JPMorgan Chase Bank, N.A.

507,339 USD

35,666

Guangdong Jia Yuan Technology Co., Ltd.

07/12/22

0.49

Credit Suisse International

380,591 USD

27,102

Guangdong Kinlong Hardware Products Co., Ltd.

01/18/23

0.47

JPMorgan Chase Bank, N.A.

24,368 USD

1,141

Guangdong Kinlong Hardware Products Co., Ltd.

07/12/22

0.49

Credit Suisse International

24,290 USD

1,219

Guangdong Orient Zirconic Ind Sci & Tech Co., Ltd.

09/06/23

0.47

JPMorgan Chase Bank, N.A.

5,868 USD

(1,313

)

Guangdong Orient Zirconic Ind Sci & Tech Co., Ltd.

07/12/22

0.49

Credit Suisse International

1,845 USD

(414

)

Guangdong Provincial Expressway Development Co., Ltd.

09/06/23

0.47

JPMorgan Chase Bank, N.A.

98,532 USD

(1,262

)

See Notes to Consolidated Financial Statements.

175

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Guangdong Provincial Expressway Development Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		79,784 USD	$	(794	)
GuangDong Rifeng Electric Cable Co., Ltd.		06/20/23		M		0.47	%	JPMorgan Chase Bank, N.A.		59 USD		1
Guangdong Sirio Pharma Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,309 USD		(11	)
Guangdong Sirio Pharma Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,278 USD		(25	)
Guangdong South New Media Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		178 USD		(8	)
Guangdong Tapai Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		79,828 USD		(12,709	)
Guangdong Tapai Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		62,110 USD		(1,892	)
Guangdong Vanward New Electric Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,001 USD		(157	)
Guangdong Vanward New Electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,929 USD		(113	)
Guangdong Yizumi Precision Machinery Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,234 USD		120
Guangdong Yizumi Precision Machinery Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,418 USD		83
Guangdong Zhongsheng Pharmaceutical Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		315 USD		(14	)
Guangdong Zhongsheng Pharmaceutical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,539 USD		(132	)
Guangshen Railway Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,753 USD		(98	)
Guangshen Railway Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,899 USD		(45	)
Guangxi Guidong Electric Power Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		11,433 USD		610
Guangxi Guidong Electric Power Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,042 USD		426
Guangxi Hechi Chemical Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,764 USD		(54	)
Guangxi Hechi Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,572 USD		(27	)

See Notes to Consolidated Financial Statements.

176

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Guangzhou Goaland Energy Conservation Tech Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		65,586 USD	$	1,098
Guangzhou Goaland Energy Conservation Tech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		45,342 USD		869
Guangzhou GRG Metrology & Test Co., Ltd.		03/22/23		M		0.47	%	JPMorgan Chase Bank, N.A.		11,454 USD		(345	)
Guangzhou GRG Metrology & Test Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		7,409 USD		(4	)
Guangzhou Holike Creative Home Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,882 USD		(283	)
Guangzhou Holike Creative Home Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,381 USD		(197	)
Guangzhou Jinyi Media Corp		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,565 USD		—
Guangzhou Jinyi Media Corp		07/12/22		M		0.49	%	Credit Suisse International		4,572 USD		(11	)
Guangzhou KDT Machinery Co., Ltd.		06/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		43,938 USD		(3,503	)
Guangzhou KDT Machinery Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		34,112 USD		(3,325	)
Guangzhou Port Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		26,812 USD		(452	)
Guangzhou Port Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		22,402 USD		(357	)
Guangzhou Restaurant Group Co., Ltd.		03/13/23		M		0.47	%	JPMorgan Chase Bank, N.A.		26,211 USD		47
Guangzhou Restaurant Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		18,012 USD		(91	)
Guangzhou Tinci Materials Technology Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		315,219 USD		19,051
Guangzhou Tinci Materials Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		271,303 USD		11,179
Guizhou Panjiang Refined Coal Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		68,828 USD		999
Guizhou Panjiang Refined Coal Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		149,187 USD		5,659

See Notes to Consolidated Financial Statements.

177

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Guizhou Taiyong-Changzheng Technology Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		14,460 USD	$	996
Guizhou Taiyong-Changzheng Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		9,845 USD		690
Guizhou Transportation Planning Survey & Design Academe Co., Ltd.		08/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		71 USD		(4	)
Guizhou Yibai Pharmaceutical Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,284 USD		(150	)
Guizhou Yibai Pharmaceutical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,134 USD		(104	)
Guoyuan Securities Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		123,388 USD		(2,115	)
Guoyuan Securities Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		69,501 USD		(1,381	)
Hainan Haide Capital Management Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		37,730 USD		(190	)
Hainan Haide Capital Management Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		25,680 USD		17
Hainan Strait Shipping Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		82,276 USD		(3,926	)
Hainan Strait Shipping Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		58,994 USD		(2,746	)
Hainan Yatai Industrial Development Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,518 USD		(17	)
Hainan Yatai Industrial Development Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,462 USD		(6	)
Halliburton Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		22,110 USD		2,429
Halozyme Therapeutics, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,208,274 USD		(3,820	)
Hangcha Group Co., Ltd.		03/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		210 USD		(28	)

See Notes to Consolidated Financial Statements.

178

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hangjin Technology Co., Ltd.		08/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		47,871 USD	$	(1,666	)
Hangjin Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		37,561 USD		(3,483	)
Hangzhou Binjiang Real Estate		03/15/23		M		0.47	%	JPMorgan Chase Bank, N.A.		74,395 USD		(3,353	)
Hangzhou Binjiang Real Estate Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		59,244 USD		(1,232	)
Hangzhou Boiler Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8 USD		—
Hangzhou Cable Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		20,246 USD		1,134
Hangzhou Cable Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		14,619 USD		808
Hangzhou CNCR-IT Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,319 USD		(44	)
Hangzhou CNCR-IT Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,657 USD		(32	)
Hangzhou First Applied Material Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,459 USD		110
Hangzhou First Applied Material Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,918 USD		45
Hangzhou Hopechart IoT Technology Co., Ltd.		01/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,013 USD		(281	)
Hangzhou Hopechart IoT Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,343 USD		(211	)
Hangzhou Iron & Steel Co.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		282,246 USD		(13,684	)
Hangzhou Iron & Steel Co.		07/12/22		M		0.49	%	Credit Suisse International		219,404 USD		(8,928	)
Hangzhou Juheshun New Material Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		246,299 USD		(30,357	)
Hangzhou Juheshun New Material Co., Ltd.		08/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		270,111 USD		(33,209	)
Hangzhou Oxygen Plant Group Co., Ltd.		08/29/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,582 USD		(169	)
Hangzhou Oxygen Plant Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,574 USD		(73	)
Hangzhou Raycloud Technology Co., Ltd.		06/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		29,641 USD		(1,783	)

See Notes to Consolidated Financial Statements.

179

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hangzhou Raycloud Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		20,491 USD	$	(1,338	)
Hangzhou Robam Appliances Co., Ltd.		03/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		522,838 USD		5,438
Hangzhou Robam Appliances Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		261,525 USD		1,044
Hangzhou Silan Microelectronics Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		152,504 USD		(2,317	)
Hangzhou Silan Microelectronics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		64,004 USD		(2,163	)
Hangzhou Weiguang Electronic Co. Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,347 USD		(56	)
Hangzhou Weiguang Electronic Co. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		808 USD		(34	)
Hangzhou Zhongya Machinery Co., Ltd.		07/31/23		M		0.47	%	JPMorgan Chase Bank, N.A.		12,309 USD		141
Hangzhou Zhongya Machinery Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,399 USD		77
Hanyu Group Joint-Stock Co, Ltd.		04/26/23		M		0.47	%	JPMorgan Chase Bank, N.A.		52 USD		(5	)
Harbin Electric Corporation Jiamusi Electric Machine Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		72,621 USD		(6,208	)
Harbin Electric Corporation Jiamusi Electric Machine Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		49,389 USD		(3,815	)
Harbin Gloria Pharmaceuticals Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,682 USD		(125	)
Harbin Gloria Pharmaceuticals Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,156 USD		(78	)
Harbin Hatou Investment Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		89,357 USD		(2,203	)
Harbin Hatou Investment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		61,029 USD		(1,402	)
Harbin Pharmaceutical Group Co., Ltd.		08/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		214,431 USD		2,238
Harbin Pharmaceutical Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		202,062 USD		(538	)
Harbin Xinguang Optic-Electronics Technology Co., Ltd		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		127,368 USD		(9,253	)

See Notes to Consolidated Financial Statements.

180

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Harbin Xinguang Optic-Electronics Technology Co., Ltd		07/12/22		M		0.49	%	Credit Suisse International		107,261 USD	$	(7,847	)
Harley-Davidson, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,130,865 USD		(42,889	)
Hasbro, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		441,950 USD		(17,620	)
Hbis Resources Co., Ltd.		06/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		233,634 USD		(26,494	)
Hbis Resources Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		227,028 USD		(32,803	)
Healthpeak Properties, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,486,655 USD		(69,600	)
Healthquity, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		757,341 USD		44,000
Hebei Chengde Lolo Co.		08/22/23		M		0.47	%	JPMorgan Chase Bank, N.A.		79 USD		1
Hebei Chengde Lolo Co.		07/12/22		M		0.49	%	Credit Suisse International		2,476 USD		7
Hebei Yangyuan Zhihui Beverage Co., Ltd.		08/29/23		M		0.47	%	JPMorgan Chase Bank, N.A.		469,183 USD		(1,806	)
Hebei Yangyuan Zhihui Beverage Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		409,615 USD		(2,637	)
Hefei Meiya Optoelectronic Technology, Inc.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		28,835 USD		(1,175	)
Hefei Meiya Optoelectronic Technology, Inc.		07/12/22		M		0.49	%	Credit Suisse International		20,466 USD		(1,257	)
Hefei Urban Construction Development Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		23,072 USD		(1,234	)
Hefei Urban Construction Development Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		209,144 USD		(14,908	)
Helico Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,219,909 USD		53,296
Henan Mingtai Aluminum Industry Co., Ltd.		06/09/23		M		0.47	%	JPMorgan Chase Bank, N.A.		141,652 USD		4,308
Henan Mingtai Aluminum Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		116,615 USD		4,216
Henan Pinggao Electric Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		206,909 USD		18,783

See Notes to Consolidated Financial Statements.

181

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Henan Pinggao Electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		169,390 USD	$	15,374
Henan Shenhuo Coal & Power Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		541,452 USD		(43,256	)
Henan Yuguang Gold & Lead Co Co., Ltd.		04/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		55 USD		(8	)
Henan Zhongyuan Expressway Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,651 USD		(86	)
Henan Zhongyuan Expressway Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,193 USD		(46	)
Hengdian Entertainment Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		100,721 USD		699
Hengdian Entertainment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		80,574 USD		748
Hengtong Optic-electric Co., Ltd.		09/15/23		M		0.47	%	JPMorgan Chase Bank, N.A.		22,262 USD		375
Hengtong Optic-electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		16,215 USD		229
Hengtong Optic-electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		23,126 USD		(276	)
Hengtong Optic-electric Co., Ltd.		07/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		32,621 USD		(375	)
Herman Miller, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		679,160 USD		(40,597	)
Hershey Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		407,765 USD		(8,335	)
Hess Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,602,751 USD		416,200
Hichain Logistics Co., Ltd.		08/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,402 USD		107
Hichain Logistics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		701 USD		53
Hill-Rom Holdings, Inc.		09/07/23		M		0.58	%	JPMorgan Chase Bank, N.A.		23,291,505 USD		(3,105	)
Hisense Home Appliances Group Co., Ltd.		04/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2 USD		—
Hithink RoyalFlush Information Network Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,110 USD		(400	)

See Notes to Consolidated Financial Statements.

182

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hithink RoyalFlush Information Network Co., Ltd.		01/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,288 USD	$	(120	)
HNA Technology Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		236 USD		10
Honeywell International, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,870,627 USD		(35,840	)
Hongda Xingye Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		223,436 USD		2,281
Hongda Xingye Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		165,718 USD		(11,313	)
Hongfa Technology Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		8,874 USD		(186	)
Hongfa Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		14,850 USD		(371	)
Hoshine Silicon Industry Co., Ltd.		05/03/23		M		0.47	%	JPMorgan Chase Bank, N.A.		75 USD		8
Howmet Aerospace, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		103,697 USD		(1,611	)
HP, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		230,765 USD		4,559
Huadian Energy Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,145 USD		128
Huadian Energy Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		43 USD		1
Huadian Heavy Industries Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		18,880 USD		(1,425	)
Huadian Heavy Industries Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		27,648 USD		(2,245	)
Huafa Industrial Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		19,808 USD		(444	)
Huafa Industrial Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,919 USD		(214	)
Huafon Chemical Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		29,197 USD		(3,208	)
Huafon Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		38,199 USD		(4,489	)
Huafu Fashion Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,166 USD		(788	)
Huafu Fashion Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,052 USD		(546	)
Huagong Tech Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		8,307 USD		281
Huagong Tech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,359 USD		874
Huaibei Mining Holdings Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		330,506 USD		(16,672	)

See Notes to Consolidated Financial Statements.

183

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Huaibei Mining Holdings Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		269,781 USD	$	(21,955	)
Huaihe Energy Group Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		103,949 USD		(2,207	)
Huaihe Energy Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		85,197 USD		(68	)
Huaiji Dengyun Auto-Parts Holding Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,513 USD		(35	)
Huaiji Dengyun Auto-Parts Holding Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,396 USD		(16	)
Huajing Co., Ltd.		10/11/23		M		0.00	%	JPMorgan Chase Bank, N.A.		177,630 USD		(2,389	)
Huajing Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		174,624 USD		(2,368	)
Huaneng Lancang River Hydropower, Inc.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		22,941 USD		2,432
Huaneng Lancang River Hydropower, Inc.		07/12/22		M		0.49	%	Credit Suisse International		4,404 USD		486
Huarui Electrical Appliance Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		15,848 USD		97
Huarui Electrical Appliance Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		10,877 USD		85
Huasheng Technology Co., Ltd.		08/23/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,704 USD		(105	)
Huasheng Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,941 USD		(67	)
Huasi Holding Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,278 USD		57
Huasi Holding Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,975 USD		37
Huatai Securities Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		138,850 USD		(7,129	)
Huatai Securities Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		95,491 USD		(5,311	)
Huayi Brothers Media Corp.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		32,975 USD		(811	)
Huayi Brothers Media Corp.		07/12/22		M		0.49	%	Credit Suisse International		27,672 USD		(716	)
Huayu Automotive Systems Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		198,169 USD		(2,886	)
Huayu Automotive Systems Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		133,075 USD		410
Hubei Century Network Technology Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,426 USD		(93	)

See Notes to Consolidated Financial Statements.

184

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hubei Century Network Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,099 USD	$	(66	)
Hubei Chutian Smart Communication Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		19 USD		(1	)
Hubei Guochuang Hi-tech Material Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		17,825 USD		(1,026	)
Hubei Guochuang Hi-tech Material Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		15,038 USD		(970	)
Hubei Jumpcan Pharmaceutical Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		44,440 USD		(1,257	)
Hubei Jumpcan Pharmaceutical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		30,430 USD		(693	)
Hubei Xingfa Chemicals Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		203,814 USD		(25,445	)
Hubei Xingfa Chemicals Group Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		230,534 USD		14,879
Hubei Zhenhua Chemical Co., Ltd.		09/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		73,708 USD		(15	)
Hubei Zhenhua Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		52,539 USD		(33	)
Huizhou China Eagle Electronic Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		127 USD		(9	)
Humana, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		524,248 USD		(9,402	)
Humanwell Healthcare Group Co. Ltd.		10/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		210,427 USD		1,401
Humanwell Healthcare Group Co. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		166,675 USD		1,165
Hunan TV & Broadcast Intermediary Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		167,339 USD		(7,316	)
Hunan TV & Broadcast Intermediary Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		137,239 USD		(5,955	)
Hunan Valin Steel Co., Ltd.		06/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,045 USD		(736	)

See Notes to Consolidated Financial Statements.

185

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hunan Valin Steel Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,630 USD	$	(552	)
Hunan Yussen Energy Technology Co., Ltd.		08/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		13 USD		(2	)
Hunan Yussen Energy Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		529 USD		(75	)
Hunan Zhongke Electric Co., Ltd.		08/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		382,923 USD		(21,150	)
Hunan Zhongke Electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		263,486 USD		(12,229	)
Hundsun Technologies, Inc.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		29,582 USD		1,619
Hundsun Technologies, Inc.		07/12/22		M		0.49	%	Credit Suisse International		22,183 USD		1,643
HyUnion Holding Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		96,851 USD		(2,602	)
HyUnion Holding Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		80,708 USD		(1,778	)
ICU Medical, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,676,320 USD		(43,127	)
iFlytek Co., Ltd.		07/17/23		M		0.47	%	JPMorgan Chase Bank, N.A.		111,430 USD		2,357
iFlytek Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		82,199 USD		2,118
II-VI, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		744,927 USD		(8,922	)
Illinois Tool Works, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		341,774 USD		(11,373	)
Illumina, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,892,106 USD		(437,229	)
Imeik Technology Development Co., Ltd		07/26/23		M		0.47	%	JPMorgan Chase Bank, N.A.		8,792 USD		382
Inari Medical, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		588,432 USD		31,091
Incyte Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		476,157 USD		(337	)
Indonesian Government Bond		02/18/22		3M		0.00	%	Bank of America, N.A.		80,241 USD		(1,440	)
Indonesian Government Bond		05/18/22		3M		0.00	%	Bank of America, N.A.		8,229,955 USD		(43,237	)
Indonesian Government Bond		05/18/22		3M		0.00	%	Bank of America, N.A.		2,691,996 USD		(17,080	)
Industrial Bank Co., Ltd		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		144,383 USD		(807	)
Industrial Bank Co., Ltd		07/12/22		M		0.49	%	Credit Suisse International		120,791 USD		(720	)

See Notes to Consolidated Financial Statements.

186

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Ingenic Semiconductor Co., Ltd.		05/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		82,441 USD	$	(912	)
Ingenic Semiconductor Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		65,560 USD		61
Ingersoll Rand, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		264,792 USD		(14,909	)
Inmode Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		35,429 USD		2,361
Inmyshow Digital Technology Group Co., Ltd.		08/22/23		M		0.47	%	JPMorgan Chase Bank, N.A.		11,678 USD		(958	)
Inmyshow Digital Technology Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,719 USD		(647	)
Inner Mongolia Furui Medical Science Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,104 USD		(51	)
Inner Mongolia Furui Medical Science Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,953 USD		(38	)
Inner Mongolia Xingye Mining Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,354 USD		(350	)
Inner Mongolia Xingye Mining Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,850 USD		(312	)
Inner Mongolia Yili Industrial Group Co., Ltd.		05/03/23		M		0.47	%	JPMorgan Chase Bank, N.A.		311,603 USD		5,181
Inner Mongolia Yili Industrial Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		217,043 USD		4,064
Inner Mongolia Yuan Xing Energy Co., Ltd.		06/13/23		M		0.47	%	JPMorgan Chase Bank, N.A.		45,486 USD		(4,662	)
Inner Mongolia Yuan Xing Energy Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		36,547 USD		(6,526	)
Inspire Medical Systems, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		196,849 USD		(5,655	)
Installed Building Products, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		226,079 USD		(12,315	)
International Paper Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		89,456 USD		1,134
Interpublic Group of Cos., Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		267,789 USD		(5,892	)
Inventronics (Hangzhou), Inc.		04/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		276 USD		1
Invesco Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		635,743 USD		10,453

See Notes to Consolidated Financial Statements.

187

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Invitae Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		596,698 USD	$	(63,067	)
Inzone Group Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		85 USD		(3	)
Inzone Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		85 USD		(3	)
Ionis Pharmaceuticals, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		292,464 USD		(3,181	)
IQVIA Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,469,117 USD		(69,485	)
iRay Technology Co., Ltd.		05/31/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,755 USD		726
iRay Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,757 USD		724
Iridium Communications, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		434,484 USD		(39,093	)
iRobot Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		49,947 USD		(1,199	)
ITT, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,657,267 USD		26,349
J.P. Morgan EMBI Global Core D SWAP		/ /0		M		0.00	%	JPMorgan Chase Bank, N.A.		25,199,999 USD		(272,512	)
JA Solar Technology Co., Ltd.		07/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		39,863 USD		6,062
JA Solar Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		35,984 USD		5,859
Jabil, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		26,804 USD		(1,705	)
Jack Henry & Associates, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		178,837 USD		(2,965	)
Jack Sewing Machine Co., Ltd.		05/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,910 USD		92
Jack Sewing Machine Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		7,538 USD		114
Jade Bird Fire Co., Ltd.		05/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		157 USD		(18	)
Jade Bird Fire Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		22,723 USD		(499	)
Jangho Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		38,487 USD		(915	)
Jangho Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		23,565 USD		(427	)

See Notes to Consolidated Financial Statements.

188

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Jason Furniture (Hangzhou) Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		918 USD	$	11
Jason Furniture (Hangzhou) Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		927 USD		1
Jazz Pharmaceuticals Plc		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		30,546 USD		(467	)
JCET Group Co., Ltd.		07/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		69,439 USD		(953	)
JCET Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		50,317 USD		(193	)
Jenkem Technology Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		58,294 USD		2,272
Jenkem Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		32,192 USD		1,584
JFrog Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		159,012 USD		(6,252	)
Jiangsu Alcha Aluminum Group Co., Ltd.		07/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		294,996 USD		6,148
Jiangsu Alcha Aluminum Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		264,668 USD		(40,482	)
Jiangsu Ankura Smart Transmission Engineering Technology Co., Ltd.		08/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		214 USD		(24	)
Jiangsu Baoli International Investment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		13,864 USD		(26	)
Jiangsu Baoli International Investment Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		20,319 USD		(86	)
Jiangsu Boamax Technologies Group Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,269 USD		(62	)
Jiangsu Boamax Technologies Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		850 USD		(46	)
Jiangsu Changhai Composite Materials Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		37,773 USD		(8,301	)
Jiangsu Changhai Composite Materials Co., Ltd.		09/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		48,923 USD		(10,710	)
Jiangsu Changshu Rural Commercial Bank Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		97 USD		3

See Notes to Consolidated Financial Statements.

189

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Jiangsu Changshu Rural Commercial Bank Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		97 USD	$	2
Jiangsu Dagang Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		231,442 USD		(24,043	)
Jiangsu Dagang Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		218,754 USD		(24,393	)
Jiangsu Dingsheng New Energy Materials Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,705 USD		(580	)
Jiangsu Dingsheng New Energy Materials Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,140 USD		(218	)
Jiangsu Dongzhu Landscape Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		92 USD		(1	)
Jiangsu Eastern Shenghong Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		339,195 USD		(17,185	)
Jiangsu Eastern Shenghong Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		240,797 USD		(18,000	)
Jiangsu Eazytec Co., Ltd.		02/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,650 USD		(224	)
Jiangsu Eazytec Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,632 USD		(197	)
Jiangsu Etern Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		51,247 USD		(607	)
Jiangsu Etern Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		34,817 USD		(166	)
Jiangsu High Hope International Group Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,876 USD		(103	)
Jiangsu High Hope International Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,335 USD		(39	)
Jiangsu Huachang Chemical Co., Ltd.		05/31/23		M		0.47	%	JPMorgan Chase Bank, N.A.		422,423 USD		(47,879	)
Jiangsu Huachang Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		410,063 USD		(50,220	)
Jiangsu Huaxicun Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		232 USD		(36	)
Jiangsu Huaxicun Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,331 USD		(825	)
Jiangsu Jiejie Microelectronics Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,394 USD		77
Jiangsu Jiejie Microelectronics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,504 USD		167
Jiangsu King’s Luck Brewery JSC Ltd		03/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		36,898 USD		956
Jiangsu King’s Luck Brewery JSC Ltd		07/12/22		M		0.49	%	Credit Suisse International		28,111 USD		2,032

See Notes to Consolidated Financial Statements.

190

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Jiangsu Lianyungang Port Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		41,418 USD	$	(1,234	)
Jiangsu Lianyungang Port Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		28,587 USD		(1,027	)
Jiangsu Lopal Tech Co., Ltd.		02/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,613 USD		765
Jiangsu Lopal Tech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,561 USD		484
Jiangsu Nanfang Bearing Co., Ltd.		08/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		83,401 USD		(4,410	)
Jiangsu Nanfang Bearing Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		57,455 USD		(3,367	)
Jiangsu Pacific Quartz Co., Ltd.		08/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,836 USD		(224	)
Jiangsu Pacific Quartz Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,561 USD		(153	)
Jiangsu Phoenix Property Investment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,626 USD		(54	)
Jiangsu Phoenix Property Investment Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,361 USD		(97	)
Jiangsu Phoenix Publishing & Media Corp., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		12,490 USD		135
Jiangsu Phoenix Publishing & Media Corp., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		10,385 USD		117
Jiangsu Seagull Cooling Tower Co., Ltd.		10/11/23		M		0.00	%	JPMorgan Chase Bank, N.A.		2,492 USD		60
Jiangsu Seagull Cooling Tower Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,424 USD		35
Jiangsu Shuangxing Color Plastic New Materials Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,873 USD		(307	)
Jiangsu Shuangxing Color Plastic New Materials Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,021 USD		(386	)
Jiangsu SOPO Chemical Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,283 USD		(1,056	)
Jiangsu SOPO Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,301 USD		(724	)
Jiangsu ToLand Alloy Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,617 USD		(183	)
Jiangsu ToLand Alloy Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		802 USD		(85	)
Jiangsu Wujiang Rural Commercial Bank Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		62,926 USD		(1,126	)

See Notes to Consolidated Financial Statements.

191

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Jiangsu Wujiang Rural Commercial Bank Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		80,895 USD	$	(1,553	)
Jiangsu Xinning Modern Logistics Co., Ltd.		10/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		12,981 USD		120
Jiangsu Xinning Modern Logistics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,894 USD		93
Jiangsu Yabang Dyestuff Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		10,551 USD		2
Jiangsu Yabang Dyestuff Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		7,233 USD		33
Jiangsu Yueda Investment Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,801 USD		(10	)
Jiangsu Yueda Investment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,674 USD		16
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		240 USD		(14	)
Jiangsu Zhongchao Holding Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		28,736 USD		(610	)
Jiangsu Zhongchao Holding Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		19,610 USD		(355	)
Jiangsu Zijin Rural Commercial Bank Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		414 USD		(2	)
Jiangsu Zijin Rural Commercial Bank Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		259 USD		(1	)
Jiangxi Chenguang New Materials Co., Ltd.		08/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		12,032 USD		(1,359	)
Jiangxi Chenguang New Materials Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,969 USD		(790	)
Jiangxi Fushine Pharmaceutical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		28,386 USD		(1,808	)
Jiangxi Fushine Pharmaceutical Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		38,672 USD		(993	)
Jiangxi Selon Industrial Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,731 USD		(271	)
Jiangxi Selon Industrial Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,212 USD		(191	)
Jiangxi Tianli Technology, Inc.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,289 USD		(6	)
Jiangxi Tianli Technology, Inc.		07/12/22		M		0.49	%	Credit Suisse International		3,565 USD		9

See Notes to Consolidated Financial Statements.

192

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Jiangxi Wannianqing Cement Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		131,946 USD	$	(6,478	)
Jiangxi Wannianqing Cement Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		109,875 USD		(4,942	)
Jianmin Pharmaceutical Group Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		30,154 USD		(378	)
Jianmin Pharmaceutical Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		20,220 USD		(153	)
Jikai Equipment Manufacturing Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		12,242 USD		125
Jikai Equipment Manufacturing Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,364 USD		112
Jilin Aodong Pharmaceutical Group Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		225,538 USD		(9,245	)
Jilin Aodong Pharmaceutical Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		187,894 USD		(6,781	)
Jinduicheng Molybdenum Group Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		164,271 USD		(5,193	)
Jinduicheng Molybdenum Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		136,688 USD		(3,561	)
Jinneng Holding Shanxi Coal Industry Co., Ltd.		09/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,255,757 USD		(3,940	)
Jinneng Holding Shanxi Coal Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,017,131 USD		(7,471	)
Jinneng Science & Technology Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,031 USD		(1,264	)
Jinneng Science & Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,076 USD		(1,144	)
JiuGui Liquor Co., Ltd.		04/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		729,408 USD		(27,868	)
JiuGui Liquor Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		560,893 USD		(16,529	)
Jizhong Energy Resources Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		8,879 USD		(86	)
Jizhong Energy Resources Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		13,461 USD		(1,457	)

See Notes to Consolidated Financial Statements.

193

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Jl Mag Rare Earth Co., Ltd.		03/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		454 USD	$	(77	)
Jl Mag Rare Earth Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		155 USD		(22	)
Johnson controls International		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		252,896 USD		(15,024	)
Jointo Energy Investment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		53,391 USD		3,406
Jointo Energy Investment Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		78,101 USD		4,902
Jones Lang LaSalle, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		376,822 USD		21,363
Juewei Food Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		32,682 USD		(25	)
Juewei Food Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		26,720 USD		(1	)
K.B. Home		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		812,552 USD		(50,459	)
Kadmon Holdings, Inc.		09/12/23		M		0.58	%	JPMorgan Chase Bank, N.A.		13,276,252 USD		(135,780	)
Kailuan Energy Chemical Co., Ltd.		07/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		514,808 USD		(68,674	)
Kailuan Energy Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		439,333 USD		(60,665	)
Kaiser (China) Culture Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,607 USD		(371	)
Kangxin New Materials Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,679 USD		(94	)
Kangxin New Materials Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,228 USD		(69	)
Kangyue Technology Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		93,462 USD		(4,399	)
Kangyue Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		64,971 USD		(3,941	)
Kansas City Southern		03/24/23		M		0.58	%	JPMorgan Chase Bank, N.A.		22,773,201 USD		92,090
KBC Corp Ltd.		08/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		84,427 USD		(2,959	)
KBC Corp Ltd.		07/12/22		M		0.49	%	Credit Suisse International		66,663 USD		(2,684	)
Keda Industrial Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,265 USD		(213	)
Keda Industrial Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		949 USD		(160	)

See Notes to Consolidated Financial Statements.

194

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Keeson Technology Co., Ltd		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		23,046 USD	$	153
Keeson Technology Co., Ltd		07/12/22		M		0.49	%	Credit Suisse International		15,782 USD		131
Keli Sensing Technology Ningbo Co. Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,908 USD		(107	)
Keli Sensing Technology Ningbo Co. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,582 USD		(259	)
Keshun Waterproof Technologies Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		115 USD		(20	)
Keshun Waterproof Technologies Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		91 USD		4
Kilroy Reality Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		297,962 USD		(7,896	)
Kinder Morgan, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		335,720 USD		20,211
Kingclean Electric Co., Ltd.		03/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		93 USD		(14	)
Kingclean Electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		164 USD		(5	)
Kingnet Network Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		146,738 USD		(2,144	)
Kingnet Network Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		116,642 USD		(1,060	)
KLA Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		374,240 USD		(15,311	)
Kodiak Sciences, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		13,418 USD		(844	)
Konka Group Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		126,739 USD		(1,387	)
Konka Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		106,031 USD		(1,119	)
Kornit Digital Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,201 USD		23
Kraft Heinz Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,284,805 USD		38,605
Kraton Corp.		09/29/23		M		0.59	%	JPMorgan Chase Bank, N.A.		11,403,867 USD		71,855
Kunshan Kinglai Hygienic Materials Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,161 USD		(312	)
Kunshan Kinglai Hygienic Materials Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,581 USD		(157	)

See Notes to Consolidated Financial Statements.

195

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Kunshan Kersen Science & Technology Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,042 USD	$	(51	)
Kunshan Kersen Science & Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,852 USD		(17	)
Kweichow Moutai Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		38,407 USD		4,637
Kweichow Moutai Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		25,305 USD		3,014
Laobaixing Pharmacy Chain JSC		08/23/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,552 USD		69
Laobaixing Pharmacy Chain JSC		07/12/22		M		0.49	%	Credit Suisse International		705 USD		19
LB Group Co., Ltd.		06/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		428,329 USD		(17,371	)
LB Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		350,766 USD		(16,668	)
Leader Harmonious Drive Systems Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,662 USD		(483	)
Lear Corp.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		25,141 USD		1,773
Ledman Optoelectronic Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,551 USD		(217	)
Ledman Optoelectronic Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,801 USD		(154	)
Leggett & Platt, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		76,539 USD		(1,835	)
LendingTree, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		539,330 USD		(27,272	)
Leon Technology Co., Ltd.		02/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2 USD		—
Lepu Medical Technology (Beijing) Co., Ltd.		05/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		239,792 USD		2,262
Lepu Medical Technology (Beijing) Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		136,892 USD		1,365
Leshan Electric Power Co.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		29,319 USD		5,828
Leshan Electric Power Co.		07/12/22		M		0.49	%	Credit Suisse International		19,832 USD		4,189
Levima Advanced Materials Corp.		07/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		43,405 USD		(9,805	)
Levima Advanced Materials Corp.		07/12/22		M		0.49	%	Credit Suisse International		39,477 USD		(8,931	)

See Notes to Consolidated Financial Statements.

196

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Leyard Optoelectronic Co., Ltd.		08/29/23		M		0.47	%	JPMorgan Chase Bank, N.A.		11,828 USD	$	357
Leyard Optoelectronic Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,310 USD		347
LGI Homes, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		49,585 USD		(2,045	)
LHC Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		141,988 USD		(4,535	)
Liaoning Energy Industry Co, Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		389,163 USD		(4,133	)
Liaoning Energy Industry Co, Ltd.		07/12/22		M		0.49	%	Credit Suisse International		289,717 USD		(3,816	)
Liaoning Kelong Fine Chemical Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		50,560 USD		(667	)
Liaoning Kelong Fine Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		34,463 USD		(334	)
Liaoning SG Automotive Group Co., Ltd.		10/11/23		M		0.00	%	JPMorgan Chase Bank, N.A.		359,489 USD		(9,164	)
Liaoning SG Automotive Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		327,158 USD		(8,054	)
Liaoning Shenhua Holdings Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		17,791 USD		133
Liaoning Shenhua Holdings Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		12,094 USD		183
Liberty Global PLC		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		106,780 USD		6,641
Liberty Media Corp-Liberty SiriusXM		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		22,759 USD		169
Lier Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,236 USD		(1,036	)
Lier Chemical Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,329 USD		(1,296	)
Lifan Technology Group Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		212,346 USD		(4,533	)
Lifan Technology Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		160,696 USD		2,873
Ligao Foods Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		19,735 USD		1,017
Ligao Foods Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		11,012 USD		517
Lightspeed Commerce, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		696,959 USD		(141,522	)
Lincoln Electric Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		118,306 USD		(1,880	)
Lincoln National Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,337 USD		(68	)
Linde plc		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		136,853 USD		(2,778	)

See Notes to Consolidated Financial Statements.

197

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Lingyi Itech Guangdong Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		23,566 USD	$	(1,474	)
Lingyi Itech Guangdong Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		15,961 USD		(886	)
Lingyuan Iron & Steel Co, Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		44,786 USD		(551	)
Lingyuan Iron & Steel Co, Ltd.		07/12/22		M		0.49	%	Credit Suisse International		36,669 USD		119
Liuzhou Iron & Steel Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		14,805 USD		(1,987	)
Liuzhou Iron & Steel Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		11,496 USD		(1,561	)
Livent Corp.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		90,327 USD		(2,601	)
LiveRamp Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		286,873 USD		11,432
LKQ Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		94,522 USD		(3,996	)
Loews Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,316,053 USD		55,225
Logitech International S.A.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		865,645 USD		(60,923	)
Loncin Motor Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		102,434 USD		1,302
Loncin Motor Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		37,001 USD		531
Long Yuan Construction Group Co., Ltd.		10/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		101,821 USD		4,983
Long Yuan Construction Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		177,535 USD		8,583
LONGi Green Energy Technology Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		70,144 USD		2,098
LONGi Green Energy Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		66,298 USD		1,860
Longjian Road & Bridge Co., Ltd.		02/22/23		M		0.47	%	JPMorgan Chase Bank, N.A.		33 USD		(2	)
Longzhou Group Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		28,052 USD		(1,657	)
Longzhou Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		19,402 USD		(1,366	)
Lu Thai Textile Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,700 USD		(64	)

See Notes to Consolidated Financial Statements.

198

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Lu Thai Textile Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,228 USD	$	(47	)
Lululemon Athletica, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,299,912 USD		(197,077	)
Luoyang Jalon Micro-nano New Materials Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		22,924 USD		(428	)
Luoyang Jalon Micro-nano New Materials Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		14,253 USD		43
Luxi Chemical Group Co., Ltd.		03/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		602,884 USD		(52,454	)
Luxi Chemical Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		422,680 USD		(40,695	)
Luzhou Laojiao Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		326,004 USD		51,174
Luzhou Laojiao Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		285,577 USD		50,454
Lydall, Inc.		06/23/23		M		0.58	%	JPMorgan Chase Bank, N.A.		10,237,217 USD		21,479
Lyft, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		237,382 USD		(8,874	)
LyondellBasell Industries NV		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		267,026 USD		(2,651	)
Maanshan Iron & Steel Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		188,687 USD		(19,171	)
Maanshan Iron & Steel Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		148,987 USD		(24,645	)
Macquarie Infrastructure Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,329,689 USD		13,178
Macrolink Culturaltainment Development Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,177 USD		(15	)
Macrolink Culturaltainment Development Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,892 USD		9
Macrolink Culturaltainment Development Co., Ltd.		02/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5 USD		—
Magellan Health, Inc.		01/19/23		M		0.58	%	JPMorgan Chase Bank, N.A.		10,179,503 USD		(7,531	)
Magellan Health, Inc.		01/06/23		M		0.00	%	Goldman Sachs International		7,127,819 USD		(5,273	)
Magna International, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		861,426 USD		(19,565	)

See Notes to Consolidated Financial Statements.

199

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Magnite, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		75,716 USD	$	(1,040	)
Magnolia Oil & Gas Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		92,001 USD		1,148
Mango Excellent Media Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		179 USD		10
Mango Excellent Media Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		365 USD		20
Manhattan Associates, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		268,089 USD		(10,539	)
ManpowerGroup, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		96,445 USD		(1,592	)
Manulife Financial Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		950,406 USD		17,655
Marathon Digital Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		280,246 USD		(13,995	)
Markel Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		33,632 USD		(168	)
Marvell Technology Group Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		20,605 USD		(280	)
Masco Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,242,050 USD		(12,384	)
Mastec, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		595,379 USD		1,678
Matador Resources Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		20,508 USD		5,436
Mattel, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,284,994 USD		(53,482	)
Maxscend Microelectronics Co., Ltd.		04/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,221 USD		137
Maxscend Microelectronics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,026 USD		332
MDC Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		198,009 USD		(8,653	)
MDU Resources Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		254,949 USD		1,104
Medifast, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		152,374 USD		(7,701	)
Medtronic plc		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		74,813 USD		(731	)
Meggit PLC		08/04/23		M		0.60	%	JPMorgan Chase Bank, N.A.		11,661,778 GBP		38,397
Meihua Holdings Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,559 USD		(303	)
Meihua Holdings Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,877 USD		(221	)
MercadoLibre, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,034,025 USD		(144,700	)

See Notes to Consolidated Financial Statements.

200

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Meridian Bancorp, Inc.		04/28/23		M		0.58	%	JPMorgan Chase Bank, N.A.		3,909,617 USD	$	346,474
Meritage Homes, Corp		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		706,155 USD		(22,887	)
MetLife, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		901,589 USD		(19,343	)
Metro Land Corp. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		16,780 USD		1,243
MGM Growth Properties LLC		08/08/23		M		0.58	%	JPMorgan Chase Bank, N.A.		20,306,135 USD		(833,802	)
Mickesson Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		694,801 USD		(5,943	)
Micron Technology, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		118,450 USD		(5,166	)
Microsoft Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,881,248 USD		(153,420	)
MicroStrategy, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		36,161 USD		(2,035	)
Middleby Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,377,093 USD		(16,723	)
Mimecast Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		485,214 USD		(23,033	)
Ming Yang Smart Energy Group Ltd.		08/22/23		M		0.47	%	JPMorgan Chase Bank, N.A.		904 USD		(20	)
Ming Yang Smart Energy Group Ltd.		07/12/22		M		0.49	%	Credit Suisse International		290,131 USD		(13,301	)
Mingchen Health Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		349 USD		3
Minsheng Holdings Co., Ltd.		05/22/23		M		0.47	%	JPMorgan Chase Bank, N.A.		13,122 USD		(265	)
Minsheng Holdings Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,988 USD		(209	)
MKS Instruments, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,033,716 USD		11,637
MLS Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,478 USD		(172	)
MLS Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,839 USD		(294	)
Mohawk Industries, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,570,411 USD		(64,818	)
Molson Coors Beverages Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		840,000 USD		29,625
Monalisa Group Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		61,880 USD		(1,832	)
Monalisa Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		44,892 USD		(1,036	)
Monday.com Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		272,926 USD		(30,560	)
Mondelez International, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,491,701 USD		(42,215	)

See Notes to Consolidated Financial Statements.

201

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Monster Beverage Corp.

05/23/23

0.28

Morgan Stanley Capital Services LLC

6,652,703 USD

(166,159

)

Montage Technology Co., Ltd.

02/27/23

0.47

JPMorgan Chase Bank, N.A.

64,490 USD

4,066

Montage Technology Co., Ltd.

07/12/22

0.49

Credit Suisse International

53,490 USD

4,292

Montnets Cloud Technology Group Co., Ltd.

10/02/23

0.47

JPMorgan Chase Bank, N.A.

4,533 USD

200

Montnets Cloud Technology Group Co., Ltd.

07/12/22

0.49

Credit Suisse International

3,728 USD

169

Moody’s Corp.

05/23/23

0.28

Morgan Stanley Capital Services LLC

2,573,684 USD

(85,784

)

MP Materials Corp.

05/23/23

0.28

Morgan Stanley Capital Services LLC

20,123 USD

698

MS Alpha Swap

12/27/21

0.00

Morgan Stanley Capital Services LLC

2,082,665 USD

3,507,729

MS Index Swap

08/16/22

0.00

Morgan Stanley Capital Services LLC

1,700,000 USD

(1,869,893

)

Ms Intraday Trend Swap

10/25/22

0.15

Morgan Stanley Capital Services LLC

194,232,540 USD

84,254

MSC Industrial Direct Co., Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

1,382,643 USD

12,984

Muyuan Foods Co., Ltd.

07/24/23

0.47

JPMorgan Chase Bank, N.A.

18,452 USD

3,233

Muyuan Foods Co., Ltd.

07/12/22

0.49

Credit Suisse International

15,656 USD

2,816

Nanfang Zhongjin Environment Co., Ltd.

09/06/23

0.47

JPMorgan Chase Bank, N.A.

1,649 USD

(213

)

Nanfang Zhongjin Environment Co., Ltd.

07/12/22

0.49

Credit Suisse International

1,195 USD

(155

)

Nanhua Futures Co. Ltd.

09/06/23

0.47

JPMorgan Chase Bank, N.A.

5,376 USD

(266

)

Nanhua Futures Co. Ltd.

07/12/22

0.49

Credit Suisse International

827 USD

(41

)

Nanjing Develop Advanced Manufacturing Co., Ltd.

09/27/23

0.47

JPMorgan Chase Bank, N.A.

472 USD

(17

)

Nanjing Develop Advanced Manufacturing Co., Ltd.

07/12/22

0.49

Credit Suisse International

500 USD

(13

)

Nanjing Gaoke Co., Ltd.

10/11/23

0.47

JPMorgan Chase Bank, N.A.

22,033 USD

(264

)

See Notes to Consolidated Financial Statements.

202

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Nanjing Gaoke Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		14,991 USD	$	(155	)
Nanjing Iron and Steel Group Co., Ltd.		02/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		55 USD		(1	)
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd.		03/20/23		M		0.47	%	JPMorgan Chase Bank, N.A.		140 USD		38
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		415 USD		70
Nanjing Tanker Corp.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		40,083 USD		112
Nanjing Tanker Corp.		07/12/22		M		0.49	%	Credit Suisse International		17,642 USD		(248	)
Nantong Acetic Acid Chemical Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		40,631 USD		(167	)
Nantong Acetic Acid Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		27,609 USD		63
Nantong Guosheng Intelligence Technology Group Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		10,067 USD		(1,024	)
Nantong Guosheng Intelligence Technology Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,715 USD		(686	)
Nantong Jianghai Capacitor Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		80,064 USD		(655	)
Nantong Jianghai Capacitor Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		54,570 USD		(340	)
Nantong Jiangshan Agrochemical & Chemical LLC		10/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		219,506 USD		(2,601	)
Nantong Jiangshan Agrochemical & Chemical LLC		07/12/22		M		0.49	%	Credit Suisse International		207,977 USD		(5,389	)
Nantong Haixing Electronics Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		100,805 USD		(2,924	)
Nantong Haixing Electronics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		69,378 USD		(2,570	)
Nanxing Machinery Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,123 USD		(62	)
Nanxing Machinery Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,819 USD		(212	)
Nanya New Material Technology Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,872 USD		(277	)
Nanya New Material Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,469 USD		(70	)

See Notes to Consolidated Financial Statements.

203

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Nari Technology Co., Ltd.		09/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,915 USD	$	86
Nari Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,897 USD		(119	)
Natera, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		58,293 USD		(3,353	)
National Retail Properties, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,069,629 USD		(34,753	)
National Silicon Industry Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,240 USD		(31	)
National Silicon Industry Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,736 USD		38
National Storage Affiliates Trust		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		123,429 USD		(8,189	)
NAURA Technology Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		28,662 USD		(367	)
NAURA Technology Group Co., Ltd.		08/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		35,699 USD		(1,745	)
NCR Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		838,729 USD		15,309
Nebula Electric Co., Ltd.		08/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,528 USD		765
Nebula Electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,718 USD		458
New Relic, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,436,242 USD		(74,406	)
New Universal Science and Technology Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,514 USD		660
New Universal Science and Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,722 USD		477
Newell Brands, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		641,244 USD		(43,176	)
Newland Digital Technology Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,307 USD		(117	)
Newland Digital Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		767 USD		(54	)
News Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,193,058 USD		170,320
Ningbo Huaxiang Electronic Co., Ltd.		06/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		446,466 USD		(577	)

See Notes to Consolidated Financial Statements.

204

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Ningbo Huaxiang Electronic Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		340,205 USD	$	(1,585	)
Ningbo Orient Wires & Cables Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		174,772 USD		4,088
Ningbo Orient Wires & Cables Co., Ltd.		07/12/23		M		0.47	%	JPMorgan Chase Bank, N.A.		245,675 USD		5,309
Ningbo Peacebird Fashion Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		412 USD		(40	)
Ningbo Ronbay New Energy Technology Co., Ltd.		07/12/23		M		0.47	%	JPMorgan Chase Bank, N.A.		189,068 USD		(15,077	)
Ningbo Ronbay New Energy Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		160,118 USD		(12,569	)
Ningbo Sanxing Medical Electric Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		118,704 USD		(3,783	)
Ningbo Sanxing Medical Electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		83,137 USD		(4,319	)
Ningbo Shanshan Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		293,765 USD		375
Ningbo Shanshan Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		242,116 USD		1,585
Ningbo Tuopu Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,573 USD		119
Ningbo Tuopu Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,655 USD		164
Ningbo Yunsheng Co., Ltd.		08/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,585 USD		(475	)
Ningbo Yunsheng Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,511 USD		(333	)
Ningxia Baofeng Energy Group Co., Ltd.		06/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		210,162 USD		(2,634	)
Ningxia Baofeng Energy Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		144,285 USD		(1,952	)
Ningxia Building Materials Group Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		30,068 USD		(378	)
Ningxia Building Materials Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		20,526 USD		(212	)
Ningxia Western Venture Industrial Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		858 USD		(52	)

See Notes to Consolidated Financial Statements.

205

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Ningxia Western Venture Industrial Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		553 USD	$	(35	)
Ningxia Younglight Chemicals Co., Ltd.		10/11/23		M		0.00	%	JPMorgan Chase Bank, N.A.		207,619 USD		3,343
Ningxia Younglight Chemicals Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		197,499 USD		436
Noblelift Intelligent Equipment Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		55,150 USD		(2,174	)
Noblelift Intelligent Equipment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		37,257 USD		(872	)
Norfolk Southern Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,248,581 USD		(27,927	)
North Industries Group Red Arrow Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		8,119 USD		(1,096	)
North Industries Group Red Arrow Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,660 USD		(319	)
Northeast Securities Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		15,568 USD		(744	)
Northeast Securities Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		10,697 USD		(547	)
Northern Trust Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,217 USD		(32	)
Novoray Corp.		08/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,360 USD		(433	)
Novoray Corp.		07/12/22		M		0.49	%	Credit Suisse International		2,097 USD		(209	)
NSFOCUS Technologies Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		185,369 USD		(2,644	)
NSFOCUS Technologies Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		149,532 USD		(1,067	)
Nuance Communications, Inc.		04/14/23		M		0.58	%	JPMorgan Chase Bank, N.A.		22,547,012 USD		(36,808	)
Nuode Investment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		78,443 USD		(9,861	)
Nuode Investment Co., Ltd.		07/31/23		M		0.47	%	JPMorgan Chase Bank, N.A.		104,477 USD		(13,035	)
Nutanix, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,422,301 USD		(83,121	)
NuVasive, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		107,889 USD		(4,049	)

See Notes to Consolidated Financial Statements.

206

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
nVent Electric PLC		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		15,146 USD	$	(242	)
NYOCOR Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,991 USD		553
NYOCOR Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		7,575 USD		243
Oak Street Health, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,509,752 USD		(232,065	)
Ocean’s King Lighting Science & Technology Co., Ltd.		07/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		8,182 USD		(396	)
Ocean’s King Lighting Science & Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,809 USD		(284	)
OceanWide Holdings Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		102,142 USD		(2,114	)
OceanWide Holdings Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		84,722 USD		(1,003	)
Offcn Education Technology Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		143,728 USD		(4,331	)
Offcn Education Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		97,974 USD		(2,527	)
Offshore Oil Engineering Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,839 USD		(135	)
Offshore Oil Engineering Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,256 USD		(217	)
OGE Energy Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		564,007 USD		(5,665	)
OKE Precision Cutting Tools Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,195 USD		(34	)
Okta, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		945,359 USD		(54,147	)
Old Republic International Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		29,120 USD		93
Olin Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		82,316 USD		6,657
Ollie’s Bargain Outlet Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		218,094 USD		(13,323	)
Omega Healthcare Investors		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,303,542 USD		(98,122	)
Omnicom Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		178,897 USD		(2,819	)

See Notes to Consolidated Financial Statements.

207

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Oppein Home Group Inc.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		24,570 USD	$	360
Oppein Home Group Inc.		07/12/22		M		0.49	%	Credit Suisse International		17,204 USD		1,023
Org Technology Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		163,255 USD		9,579
Org Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		110,590 USD		8,082
Organon & Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		548,243 USD		(1,667	)
Orient Gene Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		10,160 USD		(472	)
Orient Gene Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,079 USD		(235	)
Oshkosh Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,100,944 USD		(36,345	)
Outset Medical, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		187,615 USD		(7,950	)
Ovctek China Inc.		02/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		19,782 USD		437
Ovctek China Inc.		07/12/22		M		0.49	%	Credit Suisse International		9,864 USD		245
Overstock.com, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		30,494 USD		2,389
Owens & Minor, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		40,152 USD		(2,760	)
Owens Corning		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		459,462 USD		(13,751	)
PACCAR, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		34,115 USD		(22	)
Pacific Securities Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		251,093 USD		(2,890	)
Pacific Securities Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		209,978 USD		(2,234	)
Pacific Shuanglin Bio-pharmacy Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		232,010 USD		(1,871	)
Pacific Shuanglin Bio-pharmacy Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		123,699 USD		(1,511	)
PacWest Bancorp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		62,837 USD		(704	)
Pagerduty, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		68,908 USD		(7,316	)
Paike New Materials Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,111 USD		(54	)
Pan American Silver Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		230,164 USD		(9,099	)
Park Hotels & Resorts, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		65,727 USD		(1,359	)
Patterson Cos., Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		322,799 USD		—

See Notes to Consolidated Financial Statements.

208

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Paychex, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,577,950 USD	$	182,621
Paypal Holdings, Inc,		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,681,955 USD		(159,271	)
Paysafe Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		406,488 USD		(4,666	)
PCI Technology Group Co., Ltd.		09/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		209,798 USD		(9,114	)
PCI Technology Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		195,397 USD		(7,201	)
PDC Energy, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		653,854 USD		89,932
Pebblebrook Hotel Trust		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		35,788 USD		(111	)
Peloton Interactive, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,593,846 USD		(356,487	)
Pembina Pipeline Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		293,004 USD		2,093
PennyMac Financial Services, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		661,254 USD		(18,044	)
Penumbra, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		142,107 USD		(3,527	)
People’s Insurance Co Group of China Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		13,965 USD		(28	)
People’s Insurance Co Group of China Ltd.		07/12/22		M		0.49	%	Credit Suisse International		11,680 USD		(13	)
People’s United Financial, Inc.		02/24/23		M		0.58	%	JPMorgan Chase Bank, N.A.		15,895,978 USD		1,928,331
Perrigo Co. PLC		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		698,403 USD		71,703
Petpal Pet Nutrition Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		136 USD		6
PetroChina Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,295 USD		29
PetroChina Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,437 USD		(66	)
Pfizer, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,632,828 USD		(57,632	)
PharmaBlock Sciences (Nanjing), Inc.		03/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		478,193 USD		3,246
PharmaBlock Sciences (Nanjing), Inc.		07/12/22		M		0.49	%	Credit Suisse International		358,050 USD		(1,721	)
Phillips 66		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		344,927 USD		30,504

See Notes to Consolidated Financial Statements.

209

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Pinnacle Financial Partners, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		244,511 USD	$	12,140
Pinnacle West Capital Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,724,619 USD		(33,334	)
Pinterest, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		744,679 USD		(20,883	)
Plug Power, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		14,735 USD		(305	)
Pnm Resources, Inc.		10/25/22		M		0.58	%	JPMorgan Chase Bank, N.A.		21,366,734 USD		(12,947	)
Polaris Bay Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,908 USD		(344	)
Polaris Bay Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,869 USD		(245	)
Polaris, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		235,535 USD		(3,275	)
Poly Developments and Holdings Group Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		193,763 USD		5,978
Poly Developments and Holdings Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		137,307 USD		3,597
Pool Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,931,292 USD		(95,910	)
Popular, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		689,651 USD		56,059
Porton Pharma Solutions Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		75,621 USD		(4,863	)
Porton Pharma Solutions Ltd.		07/12/22		M		0.49	%	Credit Suisse International		42,556 USD		(2,754	)
Postal Savings Bank of China Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		148,409 USD		2,604
Postal Savings Bank of China Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		125,721 USD		686
PPD, Inc.		04/19/23		M		0.58	%	JPMorgan Chase Bank, N.A.		23,391,363 USD		20,014
PPG Industries, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,100,647 USD		(66,261	)
PPL Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		24,704 USD		(643	)
Profit Cultural & Creative Group Corp.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		99 USD		(9	)
Profit Cultural & Creative Group Corp.		07/12/22		M		0.49	%	Credit Suisse International		99 USD		(9	)
Progressive Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,778,785 USD		(10,937	)
Prothena Corp. PLC		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		242,872 USD		(15,363	)

See Notes to Consolidated Financial Statements.

210

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Proya Cosmetics Co., Ltd.

01/18/23

0.47

JPMorgan Chase Bank, N.A.

1,699 USD

Prudential Financial, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

350,972 USD

26,171

PTC, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

5,824,139 USD

(7,017

)

PulteGroup, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

889,261 USD

(25,460

)

Puyang Refractories Group Co., Ltd.

10/11/23

0.47

JPMorgan Chase Bank, N.A.

81,939 USD

(843

)

Puyang Refractories Group Co., Ltd.

07/12/22

0.49

Credit Suisse International

67,772 USD

PVH Corp.

05/23/23

0.28

Morgan Stanley Capital Services LLC

448,122 USD

(11,470

)

Q2 Holdings, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

458,623 USD

(29,153

)

Qi An Xin Technology Group, Inc.

02/06/23

0.47

JPMorgan Chase Bank, N.A.

187 USD

Qianjiang Water Resources Development Co., Ltd.

10/11/23

0.47

JPMorgan Chase Bank, N.A.

244,315 USD

8,990

Qianjiang Water Resources Development Co., Ltd.

07/12/22

0.49

Credit Suisse International

181,408 USD

6,603

Qingdao Gaoce Technology Co., Ltd.

09/11/23

0.47

JPMorgan Chase Bank, N.A.

49,297 USD

445

Qingdao Gaoce Technology Co., Ltd.

07/12/22

0.49

Credit Suisse International

38,493 USD

330

Qingdao Guolin Environmental Technology Co., Ltd.

09/27/23

0.47

JPMorgan Chase Bank, N.A.

126,022 USD

(4,448

)

Qingdao Guolin Environmental Technology Co., Ltd.

07/12/22

0.49

Credit Suisse International

87,032 USD

(3,723

)

Qingdao Hanhe Cable Co., Ltd.

10/02/23

0.47

JPMorgan Chase Bank, N.A.

209,600 USD

5,509

Qingdao Hanhe Cable Co., Ltd.

07/12/22

0.49

Credit Suisse International

196,810 USD

4,915

Qingdao Hiron Co., Ltd

08/28/23

0.47

JPMorgan Chase Bank, N.A.

657 USD

(29

)

Qingdao Hiron Co., Ltd

07/12/22

0.49

Credit Suisse International

659 USD

(31

)

See Notes to Consolidated Financial Statements.

211

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Qingdao Kingking Applied Chemistry Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		927 USD	$	(28	)
Qingdao Kingking Applied Chemistry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		660 USD		(18	)
Qorvo, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		63,505 USD		(2,648	)
Qualcomm, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,693,972 USD		(200,603	)
Quanta Services, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		298,235 USD		(8,677	)
QuantumScape, Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		180,850 USD		(5,830	)
Quick Intelligent Equipment Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		56,847 USD		(2,431	)
Quick Intelligent Equipment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		38,428 USD		(1,143	)
QuMei Home Furnishings Group Co., Ltd.		03/31/23		M		0.47	%	JPMorgan Chase Bank, N.A.		91,007 USD		(4,600	)
QuMei Home Furnishings Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		64,586 USD		(3,685	)
Radian Group, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		56,599 USD		1,360
Radio and Television Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		130 USD		(5	)
Radio and Television Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		87 USD		(4	)
Raven Industries, Inc.		06/23/23		M		0.58	%	JPMorgan Chase Bank, N.A.		19,905,309 USD		48,490
Reality Income Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		729,707 USD		(3,859	)
Reata Pharmaceuticals, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		42,088 USD		(3,756	)
Red Avenue New Materials Group Co., Ltd.		02/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		816 USD		(66	)
Red Avenue New Materials Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		230 USD		(13	)

See Notes to Consolidated Financial Statements.

212

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Reinsurance Group of America, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		9,218 USD	$	350
Reliance Steel & Aluminum Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,031,084 USD		(2,811	)
RenaissanceRe Holdings Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,426,549 USD		(2,299	)
Rent-A-Center, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		395,368 USD		(20,279	)
Repsol S.A		05/25/22		M		0.19	%	Morgan Stanley Capital Services LLC		272,693 EUR		32,568
Restaurant Brands International, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,998,181 USD		(35,879	)
Retail Properties of America, Inc.		07/21/23		M		0.58	%	JPMorgan Chase Bank, N.A.		1,308,117 USD		12,302
Ribo Fashion Group Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,532 USD		135
Ribo Fashion Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,754 USD		95
Riot Blockchain, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		15,404 USD		(935	)
Rocket Cos., Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		141,599 USD		(3,896	)
Rockwell Automation, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		68,155 USD		(1,408	)
Rongsheng Petrochemical Co., Ltd.		01/23/23		M		0.47	%	JPMorgan Chase Bank, N.A.		139 USD		(8	)
Roper Technologies, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,674,828 USD		(125,641	)
Ross Stories, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,353,428 USD		(190,460	)
Royal Bank of Canada		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,298,890 USD		79,568
Royal Gold, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		694,692 USD		(26,071	)
Royalty Pharma plc		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		52,414 USD		(372	)
RPM International, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		5,946,275 USD		(23,289	)
Ruida Futures Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		72,005 USD		117
Ruida Futures Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		54,377 USD		236
Runjian Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		54,527 USD		(2,546	)
Runjian Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		43,808 USD		(2,046	)
Sabra Health Care REIT, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		427,216 USD		(18,280	)
Sage Therapeutics, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		338,831 USD		(6,861	)

See Notes to Consolidated Financial Statements.

213

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Saia, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		122,431 USD	$	(3,178	)
SAIC Motor Corp., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,785 USD		(127	)
SAIC Motor Corp., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,850 USD		(78	)
SailPoint Technologies Holding, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		519,194 USD		(28,819	)
Sailun Group Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,037 USD		347
Sailun Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,066 USD		318
Sanan Optoelectronics Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,630 USD		(255	)
Sanan Optoelectronics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,567 USD		(153	)
Sanderson Farms, Inc.		08/11/23		M		0.58	%	JPMorgan Chase Bank, N.A.		22,439,380 USD		(212,584	)
Sansheng Intellectual Education Technology Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		24,809 USD		(683	)
Sansheng Intellectual Education Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		17,115 USD		(592	)
Sansteel Minguang Co., Ltd.		03/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		822,415 USD		(85,814	)
Sansteel Minguang Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		590,856 USD		(85,198	)
Santander Consumer USA Holdings, Inc.		08/28/23		M		0.58	%	JPMorgan Chase Bank, N.A.		140,538 USD		950
Sanxiang Impression Co., Ltd.		06/12/23		M		0.47	%	JPMorgan Chase Bank, N.A.		68,403 USD		(3,208	)
Sanxiang Impression Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		62,218 USD		(3,223	)
Saturday Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		147,710 USD		(9,318	)
Saturday Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		116,179 USD		(5,605	)
Schrodinger, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		465,019 USD		(43,545	)
Score Media and Gaming, Inc.		08/09/23		M		0.58	%	JPMorgan Chase Bank, N.A.		12,433,986 USD		229,368
SD Fengyuan Chemicals Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		57,346 USD		(500	)
SD Fengyuan Chemicals Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		39,015 USD		(139	)
SDBC_3.66%_03/01/31 SWAP		03/24/22		3M		0.00	%	Morgan Stanley Capital Services LLC		21,032,600 CNY		(13,155	)
SDIC Zhonglu Fruit Juice Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,061 USD		229
SDIC Zhonglu Fruit Juice Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,109 USD		172

See Notes to Consolidated Financial Statements.

214

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Seazen Holdings Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		146,735 USD	$	7,430
Seazen Holdings Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		121,194 USD		8,089
Sempra Energy		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		75,539 USD		(3,055	)
Semtech Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		30,254 USD		622
Service Corp. International/US		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		412,503 USD		(1,711	)
Sg Micro Corp.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		253,004 USD		9,590
Sg Micro Corp.		07/12/22		M		0.49	%	Credit Suisse International		232,297 USD		13,306
Sgis Songshan Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		916,615 USD		(44,323	)
Sgis Songshan Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		469,694 USD		(44,402	)
Shaanxi Coal Industry Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		585,048 USD		(39,279	)
Shaanxi Coal Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		472,471 USD		(25,286	)
Shaanxi International Trust Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		30,629 USD		(1,077	)
Shaanxi International Trust Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		24,997 USD		(455	)
Shake Shack, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,288,489 USD		(51,410	)
Shandong Bohui Paper Industry Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,764 USD		(794	)
Shandong Bohui Paper Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,742 USD		(192	)
Shandong Daye Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,363 USD		(1,330	)
Shandong Daye Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,587 USD		(796	)
Shandong Fiberglass Group Co., Ltd.		10/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		213,571 USD		(5,692	)
Shandong Fiberglass Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		200,371 USD		(5,489	)
Shandong Haihua Co., Ltd.		08/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		351,521 USD		(15,195	)
Shandong Haihua Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		257,446 USD		(9,125	)
Shandong Head Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		665 USD		54
Shandong Head Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		768 USD		83
Shandong Hi-Speed Road & Bridge Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		207,806 USD		(662	)

See Notes to Consolidated Financial Statements.

215

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shandong Hi-Speed Road & Bridge Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		197,178 USD	$	(3,003	)
Shandong Hongchuang Aluminum Industry Holding Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		50,610 USD		(6,257	)
Shandong Hongchuang Aluminum Industry Holding Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		37,824 USD		(4,887	)
Shandong Hualu-Hengsheng Chemical Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		62,114 USD		(6,264	)
Shandong Hualu-Hengsheng Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		49,865 USD		(7,773	)
Shandong Huatai Paper Industry Shareholding Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		29,196 USD		(3,596	)
Shandong Huatai Paper Industry Shareholding Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		19,774 USD		(2,443	)
Shandong Iron and Steel Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,989 USD		(1,155	)
Shandong Iron and Steel Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,964 USD		(820	)
Shandong Jinjing Science & Technology Co., Ltd.		07/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		11,019 USD		(1,098	)
Shandong Jinjing Science & Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,133 USD		(814	)
Shandong Nanshan Aluminum Co., Ltd.		07/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		8,838 USD		(994	)
Shandong Nanshan Aluminum Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,411 USD		(866	)
Shandong Sinocera Functional Material Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		10,340 USD		(151	)
Shandong Sun Paper Industry JSC Ltd.		09/29/23		M		0.47	%	JPMorgan Chase Bank, N.A.		210,971 USD		(9,792	)
Shandong Sun Paper Industry JSC Ltd.		07/12/22		M		0.49	%	Credit Suisse International		198,161 USD		(9,567	)
Shandong Sunway Chemical Group Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		12,304 USD		531
Shandong Sunway Chemical Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,755 USD		(12	)

See Notes to Consolidated Financial Statements.

216

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shandong WIT Dyne Health Co, Ltd.		06/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		10,215 USD	$	479
Shandong WIT Dyne Health Co, Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,914 USD		321
Shandong Yanggu Huatai Chemical Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		53,512 USD		(9,553	)
Shandong Yanggu Huatai Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		42,199 USD		(7,549	)
Shandong Yisheng Livestock & Poultry Breeding Co., Ltd.		08/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		53,868 USD		814
Shandong Yisheng Livestock & Poultry Breeding Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		39,154 USD		969
Shandong Huifa Foodstuff Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,002 USD		494
Shandong Huifa Foodstuff Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,667 USD		330
Shangdong Publishing & Media Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		37,837 USD		(1,670	)
Shangdong Publishing & Media Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		123,360 USD		(4,894	)
Shanghai Bairun Investment Holding Group Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,124 USD		507
Shanghai Bairun Investment Holding Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,476 USD		509
Shanghai Baosight Software Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		121,629 USD		(3,869	)
Shanghai Baosight Software Co., Ltd.		06/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		172,909 USD		(2,756	)
Shanghai Belling Co., Ltd.		02/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		704 USD		55
Shanghai Bright Power Semiconductor Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		42,411 USD		(1,953	)
Shanghai Bright Power Semiconductor Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		54,953 USD		(2,415	)
Shanghai Chlor-Alkali Chemical Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,260 USD		(623	)
Shanghai Chlor-Alkali Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,844 USD		(1,337	)
Shanghai Daimay Automotive Interior Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		21,920 USD		(953	)

See Notes to Consolidated Financial Statements.

217

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shanghai Daimay Automotive Interior Co., Ltd.

07/12/22

0.49

Credit Suisse International

18,117 USD

(727

)

Shanghai Datun Energy Resources Co., Ltd.

10/11/23

0.47

JPMorgan Chase Bank, N.A.

71,066 USD

744

Shanghai Datun Energy Resources Co., Ltd.

07/12/22

0.49

Credit Suisse International

48,490 USD

489

Shanghai Feilo Acoustics Co., Ltd.

10/11/23

0.47

JPMorgan Chase Bank, N.A.

51,633 USD

(469

)

Shanghai Feilo Acoustics Co., Ltd.

07/12/22

0.49

Credit Suisse International

43,030 USD

(205

)

Shanghai Fengyuzhu Culture Technology Co., Ltd.

06/13/23

0.47

JPMorgan Chase Bank, N.A.

69 USD

Shanghai Fengyuzhu Culture Technology Co., Ltd.

07/12/22

0.49

Credit Suisse International

105 USD

(12

)

Shanghai Friendess Electronic Technology Corp., Ltd.

07/07/23

0.47

JPMorgan Chase Bank, N.A.

30,132 USD

Shanghai Friendess Electronic Technology Corp., Ltd.

07/12/22

0.49

Credit Suisse International

26,786 USD

(379

)

Shanghai Fullhan Microelectronics Co., Ltd.

07/12/22

0.49

Credit Suisse International

280,509 USD

(25,329

)

Shanghai Fullhan Microelectronics Co., Ltd.

08/30/23

0.47

JPMorgan Chase Bank, N.A.

310,444 USD

(17,659

)

Shanghai Haishun New Pharmaceutical Packaging Co., Ltd.

07/12/22

0.49

Credit Suisse International

103 USD

)

Shanghai Hanbell Precise Machinery Co., Ltd.

06/26/23

0.47

JPMorgan Chase Bank, N.A.

155 USD

(18

)

Shanghai Haohai Biological Technology Co., Ltd.

04/11/23

0.47

JPMorgan Chase Bank, N.A.

1,173 USD

Shanghai Haohai Biological Technology Co., Ltd.

07/12/22

0.49

Credit Suisse International

572 USD

Shanghai Huace Navigation Technology Ltd.

08/07/23

0.47

JPMorgan Chase Bank, N.A.

263 USD

—

Shanghai Huace Navigation Technology Ltd.

07/12/22

0.49

Credit Suisse International

523 USD

See Notes to Consolidated Financial Statements.

218

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shanghai Huayi Group Co., Ltd.		08/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		593,801 USD	$	(112,912	)
Shanghai Huayi Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		448,366 USD		(92,105	)
Shanghai International Port Group Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		266,601 USD		(7,720	)
Shanghai International Port Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		237,864 USD		(4,994	)
Shanghai Jahwa United Co., Ltd.		02/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		494,077 USD		(6,866	)
Shanghai Jahwa United Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		258,351 USD		(1,853	)
Shanghai Jinqiao Export Processing Zone Development Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,986 USD		(88	)
Shanghai Jinqiao Export Processing Zone Development Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,320 USD		(31	)
Shanghai Kehua Bio-Engineering Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		17 USD		(1	)
Shanghai Laiyifen Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,383 USD		237
Shanghai Laiyifen Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,517 USD		150
Shanghai M&G Stationery, Inc.		07/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		25,078 USD		1,221
Shanghai M&G Stationery, Inc.		07/12/22		M		0.49	%	Credit Suisse International		20,361 USD		679
Shanghai Medicilon, Inc.		08/22/23		M		0.47	%	JPMorgan Chase Bank, N.A.		23,771 USD		(702	)
Shanghai MicroPort Endovascular MedTech Group Co., Ltd.		04/26/23		M		0.47	%	JPMorgan Chase Bank, N.A.		131 USD		(4	)
Shanghai MicroPort Endovascular MedTech Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,364 USD		(124	)
Shanghai Milkground Food Tech Co., Ltd.		07/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,397 USD		178
Shanghai Milkground Food Tech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		910 USD		(52	)
Shanghai Moons’ Electric Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,464 USD		(334	)
Shanghai Moons’ Electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,479 USD		(542	)

See Notes to Consolidated Financial Statements.

219

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shanghai Putailai New Energy Technology Co., Ltd.		04/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		411,486 USD	$	(23,949	)
Shanghai Putailai New Energy Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		313,421 USD		(22,263	)
Shanghai QiFan Cable Co., Ltd.		08/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		132,199 USD		(10,127	)
Shanghai QiFan Cable Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		120,937 USD		(9,254	)
Shanghai Sanyou Medical Co., Ltd.		06/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		18,672 USD		(701	)
Shanghai Sanyou Medical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		12,495 USD		(514	)
Shanghai Shimao Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		31,458 USD		(617	)
Shanghai Shimao Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		21,237 USD		(147	)
Shanghai Shyndec Pharmaceutical Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,739 USD		(98	)
Shanghai Shyndec Pharmaceutical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,255 USD		(61	)
Shanghai Sinyang Semiconductor Materials Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		41,241 USD		(3,697	)
Shanghai Sinyang Semiconductor Materials Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		24,185 USD		(1,529	)
Shanghai SK Automation Technology Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,900 USD		(52	)
Shanghai SK Automation Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,043 USD		(41	)
Shanghai Tianchen Co., Ltd.		08/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		58 USD		(3	)
Shanghai Wanye Enterprises Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		368,575 USD		3,155
Shanghai Wanye Enterprises Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		273,692 USD		3,960
Shanghai Weaver Network Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		28,808 USD		816
Shanghai Weaver Network Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		23,664 USD		648
Shanghai Weihong Electronic Technology Co., Ltd.		09/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,034 USD		(321	)

See Notes to Consolidated Financial Statements.

220

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shanghai Weihong Electronic Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,421 USD	$	(194	)
Shanghai Xinnanyang Only Education & Technology Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		16,413 USD		117
Shanghai Xinnanyang Only Education & Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		11,326 USD		118
Shanghai Yongli Belting Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		22,211 USD		122
Shanghai Yongli Belting Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		15,106 USD		146
Shanghai Zhezhong Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		9 USD		—
Shantui Construction Machinery Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		41,227 USD		208
Shantui Construction Machinery Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		28,238 USD		169
Shanxi Coal International Energy Group Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		202,577 USD		(16,370	)
Shanxi Coal International Energy Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		165,037 USD		(11,391	)
Shanxi Coking Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		385,575 USD		(42,243	)
Shanxi Coking Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		286,373 USD		(29,561	)
Shanxi Lanhua Sci-Tech Venture Co., Ltd.		07/26/23		M		0.47	%	JPMorgan Chase Bank, N.A.		465,954 USD		11,511
Shanxi Lanhua Sci-Tech Venture Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		343,281 USD		6,721
Shanxi Lu’an Environmental EnergyDev. Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		569,952 USD		(29,679	)
Shanxi Lu’an Environmental EnergyDev. Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		447,635 USD		(26,032	)
Shanxi Meijin Energy Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,297 USD		(464	)
Shanxi Meijin Energy Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,835 USD		(335	)
Shanxi Taigang Stainless Steel Co., Ltd.		08/23/23		M		0.47	%	JPMorgan Chase Bank, N.A.		723,703 USD		(82,395	)
Shanxi Taigang Stainless Steel Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		502,617 USD		(51,988	)

See Notes to Consolidated Financial Statements.

221

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shanxi Yongdong Chemistry Industry Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		231,088 USD	$	(25,079	)
Shanxi Yongdong Chemistry Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		218,580 USD		(25,398	)
Shanxi Xinghuacun Fen Wine Factory Co., Ltd.		07/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		165,573 USD		424
Shanxi Xinghuacun Fen Wine Factory Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		118,926 USD		202
Shanying International Holdings Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,735 USD		(813	)
Shanying International Holdings Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,702 USD		(209	)
Shaw Communications, Inc.		03/17/23		M		0.98	%	JPMorgan Chase Bank, N.A.		27,478,598 CAD		178,216
Shengda Resources Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		37 USD		(4	)
Shengyi Technology Co., Ltd.		04/26/23		M		0.47	%	JPMorgan Chase Bank, N.A.		352,840 USD		(10,703	)
Shengyi Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		315,420 USD		(9,398	)
Shenma Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		242,431 USD		(43,888	)
Shenma Industry Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		279,490 USD		(23,950	)
Shenyang Jinbei Automotive Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		23,379 USD		12
Shenyang Jinbei Automotive Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		19,540 USD		10
Shenzhen Absen Optoelectronic Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,276 USD		(47	)
Shenzhen Absen Optoelectronic Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,607 USD		(34	)
Shenzhen Agricultural Products Group Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		89,683 USD		(1,177	)

See Notes to Consolidated Financial Statements.

222

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shenzhen Agricultural Products Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		71,732 USD	$	(818	)
Shenzhen Aisidi Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		124 USD		—
Shenzhen Bioeasy Biotechnology Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		56 USD		1
Shenzhen Bioeasy Biotechnology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		122 USD		1
Shenzhen Capchem Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		451,488 USD		21,032
Shenzhen Capchem Technology Co., Ltd.		02/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		586,467 USD		26,203
Shenzhen Desay Battery Technology Co., Ltd.		02/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		153 USD		(29	)
Shenzhen Desay Battery Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		267 USD		(8	)
Shenzhen Desay Battery Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		25,423 USD		(2,094	)
Shenzhen Desay Battery Technology Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		31,432 USD		(2,740	)
Shenzhen Ellassay Fashion Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		220 USD		(6	)
Shenzhen Ellassay Fashion Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		447 USD		(20	)
Shenzhen Expressway Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,600 USD		388
Shenzhen Expressway Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,871 USD		172
Shenzhen Fastprint Circuit Tech Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,455 USD		35
Shenzhen Fastprint Circuit Tech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,310 USD		(129	)
Shenzhen Fine Made Electronics Group Co., Ltd.		04/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		35,282 USD		(1,175	)
Shenzhen Fine Made Electronics Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		38,483 USD		(1,260	)
Shenzhen Fortune Trend Technology Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		148,779 USD		(5,406	)

See Notes to Consolidated Financial Statements.

223

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shenzhen Fortune Trend Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		123,378 USD	$	(3,664	)
Shenzhen Gas Corp., Ltd.		09/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,924 USD		(483	)
Shenzhen Gas Corp., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,705 USD		(533	)
Shenzhen Glory Medical Co., Ltd.		05/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		23 USD		(1	)
Shenzhen H&T Intelligent Control Co., Ltd.		07/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		11,684 USD		(717	)
Shenzhen H&T Intelligent Control Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,051 USD		(326	)
Shenzhen Huaqiang Industry Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		667 USD		(11	)
Shenzhen Huaqiang Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		442 USD		(5	)
Shenzhen Huijie Group Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		32,707 USD		(504	)
Shenzhen Huijie Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		22,504 USD		(430	)
Shenzhen Infinova Ltd.		03/13/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1 USD		—
Shenzhen Inovance Technology Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		23,752 USD		(842	)
Shenzhen Inovance Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		22,554 USD		(34	)
Shenzhen Jinjia Group Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		69,066 USD		(5,050	)
Shenzhen Jinjia Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		47,248 USD		(3,371	)
Shenzhen Kaifa Technology Co., Ltd.		02/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		136 USD		(25	)
Shenzhen Kedali Industry Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		75,010 USD		3,628
Shenzhen Kedali Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		51,920 USD		2,521
Shenzhen Kingdom Sci-Tech Co., Ltd.		05/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		34,604 USD		(773	)
Shenzhen Kingdom Sci-Tech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		18,703 USD		(991	)
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		140,119 USD		3,023
Shenzhen Mingdiao Decoration Co., Ltd.		07/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		40,223 USD		(453	)
Shenzhen Mingdiao Decoration Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		37,840 USD		(546	)

See Notes to Consolidated Financial Statements.

224

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shenzhen Neoway Technology Co., Ltd.		02/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,762 USD	$	(46	)
Shenzhen Neoway Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,144 USD		(70	)
Shenzhen Salubris Pharmaceuticals Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		69,047 USD		(504	)
Shenzhen Salubris Pharmaceuticals Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		82,631 USD		(649	)
Shenzhen Sunlord Electronics Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		80,531 USD		853
Shenzhen Sunlord Electronics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		33,761 USD		368
Shenzhen Sunmoon Microelectronics Co., Ltd.		05/31/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,332 USD		(103	)
Shenzhen Sunnypol Optoelectronics Co., Ltd.		03/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,597 USD		385
Shenzhen Sunnypol Optoelectronics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		490 USD		21
Shenzhen Sunshine Laser & Electronics Technology Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		141 USD		(12	)
Shenzhen Textile Holdings Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		33,770 USD		(420	)
Shenzhen Textile Holdings Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		23,141 USD		(376	)
Shenzhen Transsion Holdings Co., Ltd.		06/20/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,346 USD		18
Shenzhen Transsion Holdings Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,183 USD		20
Shenzhen TXD Technology Co., Ltd.		06/20/23		M		0.47	%	JPMorgan Chase Bank, N.A.		342 USD		(4	)
Shenzhen United Winners Laser Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		39,299 USD		(990	)
Shenzhen United Winners Laser Co., Ltd.		06/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		45,988 USD		(1,139	)
Shenzhen Urovo Technology Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2 USD		—
Shenzhen Woer Heat-Shrinkable Material Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,496 USD		(1,348	)
Shenzhen Woer Heat-Shrinkable Material Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,468 USD		(1,128	)

See Notes to Consolidated Financial Statements.

225

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shenzhen Yinghe Technology Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		247,658 USD	$	5,596
Shenzhen Yinghe Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		104,406 USD		1,847
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,439 USD		(169	)
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,561 USD		(465	)
Sherwin-Williams Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,333,925 USD		(64,196	)
Shijiazhuang Yiling Pharmaceutical Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		201 USD		(11	)
Shinva Medical Instrument Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		131,174 USD		(11,114	)
Shinva Medical Instrument Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		115,336 USD		(7,611	)
Shopify, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,864,262 USD		(371,431	)
Shenzhen Envicool Technology Co., Ltd.		08/09/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,207 USD		(319	)
Shenzhen Envicool Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,479 USD		(34	)
Sichuan Anning Iron and Titanium Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		222,273 USD		(26,333	)
Sichuan Anning Iron and Titanium Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		211,979 USD		(19,071	)
Sichuan Chuantou Energy Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		8 USD		1
Sichuan Chuantou Energy Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		63,688 USD		4,357
Sichuan Datong Gas Development Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		43,427 USD		(1,007	)
Sichuan Datong Gas Development Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		29,763 USD		(717	)
Sichuan Dowell Science & Technology, Inc.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		10,446 USD		97

See Notes to Consolidated Financial Statements.

226

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Sichuan Dowell Science & Technology, Inc.		07/12/22		M		0.49	%	Credit Suisse International		7,179 USD	$	84
Sichuan Expressway Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,151 USD		(17	)
Sichuan Expressway Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,875 USD		4
Sichuan Golden Summit Group		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		34,417 USD		(991	)
Sichuan Golden Summit Group		07/12/22		M		0.49	%	Credit Suisse International		23,383 USD		(476	)
Sichuan Guangan AAA PCL		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		28,311 USD		1,574
Sichuan Guangan AAA PCL		07/12/22		M		0.49	%	Credit Suisse International		19,521 USD		1,085
Sichuan Haite High-tech Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,300 USD		(285	)
Sichuan Haite High-tech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,576 USD		(166	)
Sichuan Haowu Electromechanical Co., Ltd.		07/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		135,894 USD		3,960
Sichuan Haowu Electromechanical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		126,184 USD		2,392
Sichuan Hebang Biotechnology Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,755 USD		(471	)
Sichuan Hebang Biotechnology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,634 USD		(654	)
Sichuan Injet Electric Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		14,785 USD		657
Sichuan Injet Electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		10,525 USD		506
Sichuan Jiuyuan Yinhai Software Co., Ltd.		08/29/23		M		0.47	%	JPMorgan Chase Bank, N.A.		57,716 USD		(2,827	)
Sichuan Jiuyuan Yinhai Software Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		39,225 USD		(758	)
Sichuan Jiuzhou Electric Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		39,379 USD		(2,808	)
Sichuan Jiuzhou Electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		27,143 USD		(2,087	)
Sichuan Lutianhua Co., Ltd.		07/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		31,004 USD		(2,034	)
Sichuan Lutianhua Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,000 USD		(196	)
Sichuan Meifeng Chemical Industry Co., Ltd.		08/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		10,899 USD		(1,497	)

See Notes to Consolidated Financial Statements.

227

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Sichuan Meifeng Chemical Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		10,303 USD	$	(1,404	)
Sichuan Mingxing Electric Power Co.		10/11/23		M		0.00	%	JPMorgan Chase Bank, N.A.		55,715 USD		1,122
Sichuan Mingxing Electric Power Co.		07/12/22		M		0.49	%	Credit Suisse International		8,906 USD		429
Sichuan Road & Bridge Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		401,648 USD		(13,616	)
Sichuan Road & Bridge Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		303,623 USD		(8,583	)
Sichuan Xinjinlu Group Co., Ltd.		08/16/23		M		0.47	%	JPMorgan Chase Bank, N.A.		241,674 USD		11,199
Sichuan Xinjinlu Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		218,157 USD		9,028
Sichuan Zhenjing Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		37 USD		1
Signet Jewelers Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		50,897 USD		(1,626	)
Siltronic AG-Tend		02/24/23		M		0.06	%	JPMorgan Chase Bank, N.A.		17,927,261 EUR		(166,370	)
Sino Hytec Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		138,021 USD		(2,815	)
Sino Hytec Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		111,352 USD		(1,463	)
Sino Wealth Electronic Ltd.		08/09/23		M		0.47	%	JPMorgan Chase Bank, N.A.		217,655 USD		(2,047	)
Sino Wealth Electronic Ltd.		07/12/22		M		0.49	%	Credit Suisse International		204,655 USD		(2,872	)
Sinoma International Engineering Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,381 USD		(264	)
Sinoma International Engineering Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,335 USD		(748	)
Sinoma Science & Technology Co., Ltd.		02/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		22,115 USD		(3,791	)
Sinoma Science & Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		17,286 USD		(3,591	)
Sinomach Precision Industry Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,525 USD		(978	)
Sinomach Precision Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,177 USD		(778	)
Sinoseal Holding Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		618 USD		(43	)
Sinosteel Engineering & Technology Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,547 USD		(151	)

See Notes to Consolidated Financial Statements.

228

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Sinosteel Engineering & Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,970 USD	$	(97	)
SiTime Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,734 USD		(100	)
Sketchers USA, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		418,384 USD		(16,686	)
Skywords Solutions, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		18,290 USD		(329	)
Skyworth Digital Co., Ltd		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,497 USD		(362	)
Skyworth Digital Co., Ltd		07/12/22		M		0.49	%	Credit Suisse International		1,705 USD		(210	)
SLM Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		780,290 USD		(7,139	)
SM Energy Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		276,834 USD		63,627
Snap, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		717,700 USD		13,909
Snap-on, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		231,591 USD		(6,552	)
SoFi Technologies, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,591,006 USD		(30,573	)
Songcheng Performance Development Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		94,180 USD		(2,015	)
Songcheng Performance Development Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		113,127 USD		(2,877	)
Sonoco Products Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,663 USD		(16	)
Sonos, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,466,637 USD		(275,218	)
South State Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		16,747 USD		2,518
Southern Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		847,858 USD		(24,649	)
Southwest Gas Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		156,347 USD		353
Spectrum Brands Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,605,371 USD		66,271
SPIC Dongfang New Energy Corp.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,637 USD		332
SPIC Dongfang New Energy Corp.		07/12/22		M		0.49	%	Credit Suisse International		2,702 USD		208
Spirit Realty Capital, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		154,836 USD		(4,239	)

See Notes to Consolidated Financial Statements.

229

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Splunk, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,301,391 USD	$	(24,234	)
Spotify Technology SA		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		269,687 USD		(10,546	)
Square, Inc		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,438,162 USD		(16,446	)
SS&C Technologies Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		5,191,000 USD		39,262
Staar Surgical Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		260,211 USD		(12,534	)
Stanley Agricultural Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		183,314 USD		(19,887	)
Stanley Agricultural Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		128,122 USD		(16,060	)
Stanley Black & Decker, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,268,079 USD		(78,282	)
Star Bulk Carriers Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		13,628 USD		2,551
State Grid Information & Telecommunication Group Co., Ltd.		02/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		213 USD		(5	)
Steven Madden Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		22,220 USD		(1,176	)
STO Express Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		170,113 USD		(7,148	)
STO Express Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		142,283 USD		(5,874	)
StoneCo Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		425,186 USD		(37,641	)
STORE Capital Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		753,299 USD		(41,464	)
Suez SA		05/19/23		M		0.06	%	JPMorgan Chase Bank, N.A.		14,826,604 EUR		(216,475	)
Suli Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,682 USD		(191	)
Suli Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,122 USD		(128	)
Sumavision Technologies Co., Ltd.		09/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		229,820 USD		(21,448	)
Sumavision Technologies Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		216,924 USD		(21,504	)
Sumec Corp., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		78,061 USD		(946	)
Sumec Corp., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		53,416 USD		(594	)
Summit Materials, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		59,940 USD		1,219
Sun Life Financial, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		193,988 USD		6,975
Suncor Energy, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		746,007 USD		239
Sungrow Power Supply Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		42,025 USD		6,194

See Notes to Consolidated Financial Statements.

230

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Sungrow Power Supply Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		38,428 USD	$	7,495
Sunnovo Co., Ltd.		08/29/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,543 USD		1,106
Sunnovo Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,545 USD		1,104
Sunrun, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		293,174 USD		5,498
Sunstone Development Co., Ltd.		07/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		120,965 USD		(15,655	)
Sunstone Development Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		80,785 USD		(10,876	)
Sunstone Hotel Investors, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		169,986 USD		505
Sunwoda Electronic Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		66,161 USD		2,132
Sunwoda Electronic Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		28,067 USD		871
Sunyard Technology Co., Ltd.		09/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		184,181 USD		10,139
Sunyard Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		172,085 USD		10,236
Suplet Power Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		15,845 USD		(306	)
Suplet Power Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		10,855 USD		(223	)
Suzhou Dongshan Precision Manufacturing Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		122,884 USD		(4,948	)
Suzhou Dongshan Precision Manufacturing Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		146,819 USD		(5,942	)
Suzhou Harmontronics Automation Technology Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		31,305 USD		(627	)
Suzhou Harmontronics Automation Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		21,578 USD		(405	)
Suzhou Jin Hong Shun Auto Parts Co., Ltd.		08/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,191 USD		(210	)
Suzhou Jin Hong Shun Auto Parts Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,321 USD		(154	)
Suzhou TA&A Ultra Clean Technology Co., Ltd.		06/20/23		M		0.47	%	JPMorgan Chase Bank, N.A.		664 USD		—
Suzhou TA&A Ultra Clean Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		197,121 USD		(2,261	)
Suzhou TFC Optical Communication Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		323 USD		(19	)

See Notes to Consolidated Financial Statements.

231

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Suzhou TZTEK Technology Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		32,076 USD	$	(1,524	)
Suzhou TZTEK Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		28,498 USD		(1,358	)
Switch, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		850,772 USD		(16,939	)
Synaptics, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		38,270 USD		(167	)
Syneos Health, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		307,130 USD		(23,345	)
SYNNEX Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,374,508 USD		(94,390	)
Syoung Group Co., Ltd.		07/03/23		M		0.47	%	JPMorgan Chase Bank, N.A.		54,330 USD		(1,960	)
Syoung Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		41,881 USD		(1,664	)
T Rowe Price Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,649,833 USD		(47,711	)
Tahoe Group Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		16,619 USD		134
Tahoe Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		13,922 USD		82
Taiyuan Heavy Industry Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		197,245 USD		(801	)
Taiyuan Heavy Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		162,792 USD		(6,932	)
Tande Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,549 USD		(98	)
Tande Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,843 USD		(65	)
Tandem Diabetes Care, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		5,557,795 USD		(187,485	)
Tangshan Jidong Equipment and Engineering Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		45 USD		(1	)
Tangshan Sanyou Chemical Industries Co., Ltd.		07/17/23		M		0.47	%	JPMorgan Chase Bank, N.A.		323,974 USD		(35,051	)
Tangshan Sanyou Chemical Industries Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		177,726 USD		(26,686	)
Tangshan Sunfar Silicon Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		734 USD		(192	)
Tapestry, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,562,473 USD		(83,117	)
Targa Resources Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		376,976 USD		9,568

See Notes to Consolidated Financial Statements.

232

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Target Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,958,524 USD	$	(132,346	)
TBEA Co., Ltd.		07/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		664,293 USD		(14,445	)
TBEA Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		501,879 USD		(16,665	)
TechnipFMC PLC		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		128,111 USD		16,518
Teck Resources Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		418,000 USD		31,003
Tecsum Tech Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,927 USD		(218	)
Tecsum Tech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,706 USD		(156	)
Tenable Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		54,340 USD		1,167
Teradyne, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,073,092 USD		(121,897	)
TEYI Pharmaceutical Group Co., Ltd.		08/23/23		M		0.47	%	JPMorgan Chase Bank, N.A.		11,792 USD		(217	)
TEYI Pharmaceutical Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,181 USD		(183	)
Thinkon Semiconductor Jinzhou Corp.		08/09/23		M		0.47	%	JPMorgan Chase Bank, N.A.		160,081 USD		4,364
Thinkon Semiconductor Jinzhou Corp.		07/12/22		M		0.49	%	Credit Suisse International		129,747 USD		3,446
Thor Industries, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,256,676 USD		114,431
Three’s Co Media Group Co., Ltd.		08/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		688 USD		(48	)
Tiandi Science & Technology Co., Ltd.		08/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		189,872 USD		316
Tiandi Science & Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		99,264 USD		(717	)
Tianjin Guangyu Development Co., Ltd.		10/03/23		M		0.00	%	JPMorgan Chase Bank, N.A.		469 USD		5
Tianjin Guangyu Development Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		235 USD		2
Tianjin Port Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		256,531 USD		(8,410	)
Tianjin Port Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		202,131 USD		(5,807	)
Tianjin Ringpu Bio-Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		89,110 USD		4,557
Tianjin Ringpu Bio-Technology Co., Ltd.		08/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		137,704 USD		(837	)

See Notes to Consolidated Financial Statements.

233

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Tianjin Zhonghuan Semiconductor Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		208,115 USD	$	(1,556	)
Tianjin Zhonghuan Semiconductor Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		90,547 USD		(1,819	)
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		145,510 USD		673
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		63,161 USD		(398	)
Tianma Microelectronics Co., Ltd.		07/12/23		M		0.47	%	JPMorgan Chase Bank, N.A.		22,341 USD		(502	)
Tianma Microelectronics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		15,799 USD		(260	)
Tianqi Lithium Corp.		02/22/23		M		0.47	%	JPMorgan Chase Bank, N.A.		59,704 USD		(1,543	)
Tianqi Lithium Corp.		07/12/22		M		0.49	%	Credit Suisse International		51,820 USD		(1,519	)
Tianze Information Industry, Inc.		02/22/23		M		0.47	%	JPMorgan Chase Bank, N.A.		75 USD		(8	)
Tibet Cheezheng Tibetan Medicine Co., Ltd.		07/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		212,147 USD		3,628
Tibet Cheezheng Tibetan Medicine Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		199,509 USD		3,120
Tibet Summit Resources Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,733 USD		(456	)
Tieling Newcity Investment Holding Group, Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,306 USD		119
Tieling Newcity Investment Holding Group, Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,175 USD		85
Tilray, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		82,927 USD		517
Timken Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,529,617 USD		(4,536	)
TongFu Microelectronics Co., Ltd.		07/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		62,553 USD		(906	)
TongFu Microelectronics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		44,426 USD		(99	)
Tongkun Group Co., Ltd.		07/03/23		M		0.47	%	JPMorgan Chase Bank, N.A.		212,339 USD		(8,969	)
Tongkun Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		149,983 USD		(6,029	)

See Notes to Consolidated Financial Statements.

234

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Tongling Jingda Special Magnet Wire Co., Ltd.		08/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		48,746 USD	$	(3,288	)
Tongling Jingda Special Magnet Wire Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		38,280 USD		(4,187	)
Tongling Nonferrous Metals Group Co., Ltd.		08/23/23		M		0.47	%	JPMorgan Chase Bank, N.A.		271,781 USD		(4,404	)
Tongling Nonferrous Metals Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		203,258 USD		(18,412	)
Tongwei Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		372,448 USD		6,716
Tongwei Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		134,333 USD		2,828
Tongyu Communications Co., Ltd.		07/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		59,039 USD		(545	)
Tongyu Communications Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		42,324 USD		(403	)
Topbuild Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		49,091 USD		(3,418	)
Topchoice Medical Corp.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		45,717 USD		3,310
Topchoice Medical Corp.		07/12/22		M		0.49	%	Credit Suisse International		30,382 USD		2,333
Toro Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,118,965 USD		(45,192	)
Toronto-Dominion Bank		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,614,808 USD		84,046
Trade Desk, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		520,677 USD		(7,768	)
Tradeweb Markets, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,664,062 USD		(55,409	)
Trane Technologies PLC		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,697,750 USD		(312,290	)
Transunion		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,056,119 USD		(55,308	)
Tri Pointe Homes, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		190,360 USD		(5,636	)
Trillium Therapeutics, Inc.		08/25/23		M		0.58	%	JPMorgan Chase Bank, N.A.		8,611,302 USD		134,474
TripAdvisor, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		864,853 USD		(21,548	)
Trium Science & Technology Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		149,567 USD		(19,174	)
Trium Science & Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		125,529 USD		(16,352	)

See Notes to Consolidated Financial Statements.

235

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Tus Environmental Science And Technology Development Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,224 USD	$	(104	)
Tus Environmental Science And Technology Development Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,582 USD		(108	)
Twilio, Inc .		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		7,088,039 USD		(415,746	)
Twist Bioscience Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		9,598 USD		(1,041	)
Twitter, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		1,982,788 USD		(48,737	)
Two Harbors Investment Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		9,052 USD		(182	)
Ubisoft Entertainment		05/29/23		M		0.07	%	Morgan Stanley Capital Services LLC		19,132,037 EUR		(541,746	)
UBS Group AG		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		75,378 USD		(110	)
UGI Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,035,247 USD		7,622
UiPath, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		145,384 USD		241
Ulta Beauty, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		16,049 USD		(890	)
Ultra Electronics Holdings PLC		08/18/23		M		0.00	%	JPMorgan Chase Bank, N.A.		11,562,368 GBP		175,265
Under Armour, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		553,541 USD		(8,641	)
Unigroup Guoxin Microelectronics Co., Ltd.		08/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		154,325 USD		(716	)
Unigroup Guoxin Microelectronics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		113,136 USD		(1,130	)
Union Optech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,665 USD		(56	)
Union Optech Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,217 USD		(71	)
United States Steel, Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		767,416 USD		17,506
United Therapeutics Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		932,177 USD		(59,852	)
UnitedHealth Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,329,322 USD		(148,308	)
Universal Display Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,205,017 USD		(114,292	)

See Notes to Consolidated Financial Statements.

236

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Upstart Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,440,578 USD	$	(19,446	)
Uroica Precision Information Engineering Co., Ltd.		04/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		38 USD		(4	)
Vail Resorts, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		5,645,877 USD		(146,078	)
Valiant Co., Ltd.		08/29/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,448 USD		(611	)
Valiant Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,565 USD		(517	)
Varonis Systems, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		805,506 USD		(80,539	)
Vats Liquor Chain Store Management Joint Stock Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		167,507 USD		12,542
VCANBIO Cell & Gene Engineering Corp. Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		258,288 USD		(4,519	)
Vcanbio Cell & Gene Engineering Corp., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		203,566 USD		(1,292	)
Veeva Systems, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,484,592 USD		(2,821	)
Ventas, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		40,023 USD		(327	)
Veoneer, Inc.		07/26/23		M		0.58	%	JPMorgan Chase Bank, N.A.		4,482,118 USD		(31,362	)
Veracyte, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		586,696 USD		(32,455	)
VEREIT, Inc.		05/02/23		M		0.58	%	JPMorgan Chase Bank, N.A.		21,668,747 USD		(886,783	)
Verizon Communications, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		9,702 USD		(88	)
Viatris, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		252,930 USD		(4,003	)
Viavi Solutions, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		97,832 USD		2,290
Victory Giant Technology Huizhou Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		256,696 USD		17,980
Victory Giant Technology Huizhou Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		198,822 USD		13,887
Vistra Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		502,425 USD		2,966
Visual China Group Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,450 USD		(18	)
Visual China Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,044 USD		(22	)

See Notes to Consolidated Financial Statements.

237

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Vonage Holdings Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		213,954 USD	$	(445	)
Voya Financial, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,848,768 USD		100,064
Walgreens Boots Alliance, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		215,226 USD		(4,348	)
Walvax Biotechnology Co., Ltd.		07/26/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,247 USD		(358	)
Walvax Biotechnology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		7,328 USD		(484	)
Wanhua Chemical Group Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		13,271 USD		(56	)
Wanhua Chemical Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		34,324 USD		(1,285	)
Waters Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		776,812 USD		(18,621	)
Watsco, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,509,411 USD		(51,619	)
WEC Energy Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		33,719 USD		(1,173	)
Welbilt, Inc.		04/25/23		M		0.58	%	JPMorgan Chase Bank, N.A.		24,275,229 USD		(217,390	)
Wells Fargo & Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,686,737 USD		(208,412	)
Wenzhou Yihua Connector Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		69,771 USD		(2,195	)
Wenzhou Yihua Connector Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		47,923 USD		(1,569	)
Western Digital Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,233,199 USD		12,266
Western Mining Co., Ltd.		07/12/23		M		0.47	%	JPMorgan Chase Bank, N.A.		56,658 USD		(5,963	)
Western Mining Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		41,237 USD		(4,249	)
Western Superconducting Technologies Co., Ltd.		02/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		44 USD		(11	)
Western Superconducting Technologies Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		540 USD		(40	)
Western Union Co.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		3,366,152 USD		61,340
Westone Information Industry, Inc.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		134,361 USD		(6,923	)

See Notes to Consolidated Financial Statements.

238

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Westone Information Industry, Inc.		07/12/22		M		0.49	%	Credit Suisse International		635,742 USD	$	(24,273	)
WEX, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		826,538 USD		58,214
Whirlpool Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		903,701 USD		(16,298	)
Will Semiconductor Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,779 USD		(24	)
Will Semiconductor Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		29,630 USD		405
Williams Cos Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		5,115 USD		255
WillScot Mobile Mini Holdings Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		230,341 USD		(3,195	)
Winning Health Technology Group Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,299 USD		74
Winning Health Technology Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,117 USD		132
Wix.com Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		200,532 USD		(11,225	)
Wolong Real Estate Group Co., Ltd.		08/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		68,788 USD		(2,585	)
Wolong Real Estate Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		64,444 USD		(2,692	)
Workiva, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		274,389 USD		(11,922	)
WPT Industrial Real Estate		08/11/23		M		0.48	%	JPMorgan Chase Bank, N.A.		7,025,677 USD		52,236
WR Berkley Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		325,023 USD		6,336
Wuchan Zhongda Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,779 USD		(74	)
Wuchan Zhongda Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,226 USD		(22	)
Wuhan East Lake High Technology Group Co, Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		19,468 USD		(658	)
Wuhan East Lake High Technology Group Co, Ltd.		07/12/22		M		0.49	%	Credit Suisse International		13,331 USD		(410	)
Wuhan EasyDiagnosis Biomedicine Co., Ltd.		08/09/23		M		0.47	%	JPMorgan Chase Bank, N.A.		800 USD		(33	)
Wuhan EasyDiagnosis Biomedicine Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		200 USD		(8	)

See Notes to Consolidated Financial Statements.

239

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Wuhan Jingce Electronic Gr A		03/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		96 USD	$	(25	)
Wuhan Jingce Electronic Gr A		07/12/22		M		0.49	%	Credit Suisse International		50 USD		(3	)
Wuhan Raycus Fiber Laser Technologies Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		125,849 USD		(2,181	)
Wuhan Raycus Fiber Laser Technologies Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		104,665 USD		(811	)
Wuhan Sante Cableways Group Co., Ltd.		09/06/23		M		0.00	%	JPMorgan Chase Bank, N.A.		13,459 USD		(616	)
Wuhan Xingtu Xinke Electronics Co., Ltd.		08/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		10,544 USD		(923	)
Wuhan Xingtu Xinke Electronics Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		7,550 USD		(664	)
Wuhu Token Science Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		124,831 USD		(4,086	)
Wuhu Token Science Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		104,329 USD		(3,192	)
Wuliangye Yibin Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		18,028 USD		2,342
Wuliangye Yibin Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		8,990 USD		1,195
Wuxi Apptec Co., Ltd.		03/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		66,897 USD		1,202
Wuxi Apptec Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		45,980 USD		(108	)
Wuxi Autowell Technology Co., Ltd.		07/03/23		M		0.47	%	JPMorgan Chase Bank, N.A.		234,819 USD		(10,338	)
Wuxi Autowell Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		158,962 USD		(6,776	)
Wuxi Delinhai Environmental Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		811 USD		(39	)
Wuxi Huaguang Environment & Energy Group Co., Ltd.		04/26/23		M		0.47	%	JPMorgan Chase Bank, N.A.		117 USD		—
Wuxi Huaguang Environment & Energy Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		58 USD		—
Wuxi Lead Intelligent Equipment Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		193,014 USD		6,425
Wuxi Lead Intelligent Equipment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		134,092 USD		2,066
Wuxi NCE Power Co., Ltd.		05/03/23		M		0.47	%	JPMorgan Chase Bank, N.A.		742 USD		47
Wuxi NCE Power Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		742 USD		47

See Notes to Consolidated Financial Statements.

240

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Wuxi Rural Commercial Bank Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		743 USD	$	(23	)
Wuxi Rural Commercial Bank Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		463 USD		(13	)
Wuxi Shangji Automation Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		595,782 USD		27,045
Wuxi Shangji Automation Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		200,962 USD		10,972
W.W. Grainger, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		4,375,262 USD		(94,052	)
Xcel Energy, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		6,321,776 USD		(81,651	)
XCMG Construction Machinery Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		141,165 USD		8,973
XCMG Construction Machinery Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		206,625 USD		12,416
Xi An Global Printing Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,295 USD		(357	)
Xi’An Global Printing Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,641 USD		(262	)
Xi’an Qujiang Cultural Tourism Co., Ltd.		09/13/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,733 USD		38
Xi’an Qujiang Cultural Tourism Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,915 USD		22
Xiamen C & D, Inc.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,446 USD		(82	)
Xiamen C & D, Inc.		07/12/22		M		0.49	%	Credit Suisse International		5,512 USD		(207	)
Xiamen Changelight Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,306 USD		(186	)
Xiamen Changelight Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,742 USD		(385	)
Xiamen Faratronic Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,203 USD		10
Xiamen Hongxin Electronics Technology Group, Inc.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		502,225 USD		(38,402	)
Xiamen Hongxin Electronics Technology Group, Inc.		07/12/22		M		0.49	%	Credit Suisse International		352,173 USD		(28,868	)

See Notes to Consolidated Financial Statements.

241

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Xiamen International Trade Group Corp., Ltd.		08/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		86,105 USD	$	(1,252	)
Xiamen International Trade Group Corp., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		81,524 USD		(1,861	)
Xiamen Intretech, Inc.		03/29/23		M		0.47	%	JPMorgan Chase Bank, N.A.		402 USD		15
Xiamen Intretech, Inc.		07/12/22		M		0.49	%	Credit Suisse International		444 USD		26
Xiamen Kingdomway Group Co.		07/12/22		M		0.49	%	Credit Suisse International		97 USD		1
Xiamen Port Development Co. Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,678 USD		(151	)
Xiamen Port Development Co. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,635 USD		(79	)
Xiamen Xiangyu Co., Ltd.		07/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		18,550 USD		(1,446	)
Xiamen Xiangyu Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		13,161 USD		(1,153	)
Xilinmen Furniture Co., Ltd.		07/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,238 USD		(183	)
Xilinmen Furniture Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		793 USD		(43	)
Xilinx, Inc.		10/31/22		M		0.58	%	JPMorgan Chase Bank, N.A.		20,485,149 USD		(35,214	)
Xilong Scientific Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		111,687 USD		(1,510	)
Xilong Scientific Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		84,769 USD		(920	)
Xinfengming Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		342,511 USD		(34,172	)
Xinfengming Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		268,819 USD		(27,432	)
Xingye Leather Technology Co., Ltd.		07/26/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,039 USD		(162	)
Xingye Leather Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,260 USD		(111	)
Xinhu Zhongbao Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		117,240 USD		(4,431	)
Xinhu Zhongbao Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		80,530 USD		(3,332	)

See Notes to Consolidated Financial Statements.

242

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Xinhua Winshare Publishing and Media Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,586 USD	$	(291	)
Xinhua Winshare Publishing and Media Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,174 USD		(175	)
Xining Special Steel Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		155,714 USD		(21,234	)
Xining Special Steel Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		130,642 USD		(18,073	)
Xinjiang Ba Yi Iron & Steel Co., Ltd.		08/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		61,027 USD		(5,574	)
Xinjiang Ba Yi Iron & Steel Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		44,529 USD		(4,072	)
Xinjiang Guotong Pipeline Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		9,310 USD		241
Xinjiang Guotong Pipeline Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		6,381 USD		173
Xinjiang Joinworld Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		69 USD		(18	)
Xinjiang Xintai Natural Gas Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,315 USD		33
Xinjiang Xintai Natural Gas Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,257 USD		(234	)
Xinjiang Zhongtai Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		552,243 USD		(92,440	)
Xinlun New Materials Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		79,514 USD		(809	)
Xinlun New Materials Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		53,903 USD		(30	)
Xinxiang Chemical Fiber Co., Ltd.		07/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		312,493 USD		(53,234	)
Xinxiang Chemical Fiber Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		284,339 USD		(50,234	)
Xinxing Ductile Iron Pipes Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,711 USD		(163	)
Xinxing Ductile Iron Pipes Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,130 USD		(53	)
Xinyu Iron & Steel Co., Ltd.		04/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		488,748 USD		(87,788	)
Xinyu Iron & Steel Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		433,906 USD		(83,703	)
XJ Electric Co., Ltd.		09/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,876 USD		(225	)
XJ Electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,519 USD		(196	)
XP, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,058,736 USD		(60,310	)

See Notes to Consolidated Financial Statements.

243

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
XPO Logistics, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,114,255 USD	$	(49,313	)
XueDa XiaMen Education Technology Group Co., Ltd.		08/28/23		M		0.47	%	JPMorgan Chase Bank, N.A.		240,592 USD		(121	)
XueDa XiaMen Education Technology Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		218,848 USD		(686	)
Yabao Pharmaceutical Group Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		392,030 USD		(23,307	)
Yabao Pharmaceutical Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		292,022 USD		(17,704	)
Yangmei Chemical Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		50,104 USD		(940	)
Yangmei Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		19,242 USD		(455	)
Yangtze Optical Fibre and Cable Joint Stock Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		301,477 USD		(7,881	)
Yangtze Optical Fibre and Cable Joint Stock Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		164,133 USD		(4,616	)
Yangzhou Yangjie Electronic Technology Co., Ltd		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,095 USD		(26	)
Yangzhou Yangjie Electronic Technology Co., Ltd		07/12/22		M		0.49	%	Credit Suisse International		1,347 USD		32
Yantai Eddie Precision Machinery Co., Ltd.		08/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		120 USD		(9	)
Yantai Eddie Precision Machinery Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		133 USD		1
Yantai Tayho Advanced materials Co., Ltd.		07/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		91,226 USD		(3,539	)
Yantai Tayho Advanced materials Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		66,679 USD		(3,064	)

See Notes to Consolidated Financial Statements.

244

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Yantai Zhenghai Magnetic Material Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,400 USD	$	(328	)
Yantai Zhenghai Magnetic Material Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,380 USD		(538	)
Yanzhou Coal Mining Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		235,124 USD		(13,061	)
Yanzhou Coal Mining Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		123,206 USD		(2,529	)
Yealink Network Technology Corp., Ltd.		08/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		199,860 USD		5,083
Yealink Network Technology Corp., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		181,884 USD		7,971
Yechiu Metal Recycling China Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		234,681 USD		(34,353	)
Yechiu Metal Recycling China Ltd.		07/12/22		M		0.49	%	Credit Suisse International		222,065 USD		(34,236	)
Yelp, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		134,577 USD		(3,492	)
YETI Holdings, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,606,591 USD		(218,497	)
Yibin Tianyuan Group Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,447 USD		(1,504	)
Yibin Tianyuan Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,085 USD		(720	)
Yifeng Pharmacy Chain Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		229,622 USD		(3,963	)
Yifeng Pharmacy Chain Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		118,619 USD		(2,566	)
Yindu Kitchen Equipment Co., Ltd.		08/29/23		M		0.47	%	JPMorgan Chase Bank, N.A.		7,514 USD		(365	)
Yindu Kitchen Equipment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,325 USD		(261	)
Yonggao Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		49 USD		(4	)
Yonyou Network Technology Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		42,840 USD		225
Yonyou Network Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		32,841 USD		380
Yuanli Chemical Group Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,905 USD		105

See Notes to Consolidated Financial Statements.

245

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Yuanli Chemical Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,271 USD	$	69
Yunnan Aluminium Co., Ltd.		05/16/23		M		0.47	%	JPMorgan Chase Bank, N.A.		798,992 USD		(85,436	)
Yunnan Aluminium Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		476,587 USD		(75,897	)
Yunnan Botanee Bio-Technology Group Co., Ltd.		07/26/23		M		0.47	%	JPMorgan Chase Bank, N.A.		17,189 USD		1,752
Yunnan Botanee Bio-Technology Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		14,691 USD		1,093
Yunnan Coal & Energy Co., Ltd.		10/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		54,638 USD		2,914
Yunnan Coal & Energy Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		39,107 USD		2,158
Yunnan Luoping Zinc & Electricity Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		158,798 USD		(15,501	)
Yunnan Luoping Zinc & Electricity Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		207,135 USD		(19,930	)
Yunnan Tin Co., Ltd.		08/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,375,325 USD		(34,368	)
Yunnan Tin Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		436,305 USD		(17,150	)
Yusys Technologies Co., Ltd.		03/14/23		M		0.47	%	JPMorgan Chase Bank, N.A.		58 USD		(2	)
Zanyu Technology Group Co., Ltd.		07/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		219,816 USD		(3,987	)
Zanyu Technology Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		201,145 USD		(42	)
Zbom Home Collection Co., Ltd.		05/31/23		M		0.47	%	JPMorgan Chase Bank, N.A.		216 USD		(23	)
Zbom Home Collection Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		78 USD		(2	)
Zebra Technologies Corp.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		2,231,900 USD		(87,237	)
Zendesk, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		776,144 USD		(21,006	)
Zhe Jiang Taihua New Material Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		65,817 USD		(3,208	)
Zhe Jiang Taihua New Material Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		53,167 USD		(2,654	)
Zhefu Holding Group Co., Ltd.		07/07/23		M		0.47	%	JPMorgan Chase Bank, N.A.		33,362 USD		(956	)
Zhefu Holding Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		24,028 USD		(630	)

See Notes to Consolidated Financial Statements.

246

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zhejiang Aokang Shoes Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		51,780 USD	$	(3,016	)
Zhejiang Aokang Shoes Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		43,476 USD		(2,590	)
Zhejiang Baida Precision Manufacturing Corp.		02/03/23		M		0.47	%	JPMorgan Chase Bank, N.A.		254 USD		(21	)
Zhejiang Baida Precision Manufacturing Corp.		07/12/22		M		0.49	%	Credit Suisse International		181 USD		(15	)
Zhejiang Canaan Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		325 USD		(39	)
Zhejiang Canaan Technology Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		330 USD		(44	)
Zhejiang Century Huatong Group Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		150,298 USD		7,616
Zhejiang Century Huatong Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		125,947 USD		6,201
Zhejiang Cfmoto Power Co., Ltd.		05/03/23		M		0.47	%	JPMorgan Chase Bank, N.A.		593 USD		120
Zhejiang Cfmoto Power Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		608 USD		128
Zhejiang Conba Pharmaceutical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		68 USD		(3	)
Zhejiang Dafeng Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,946 USD		(213	)
Zhejiang Damon Technology Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		46,664 USD		1,207
Zhejiang Damon Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		34,722 USD		766
Zhejiang Entive Smart Kitchen Appliance Co., Ltd.		08/23/23		M		0.47	%	JPMorgan Chase Bank, N.A.		4,951 USD		(54	)
Zhejiang Entive Smart Kitchen Appliance Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,972 USD		(34	)
Zhejiang Fenglong Electric Co., Ltd.		01/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		59 USD		(1	)
Zhejiang Fuchunjiang Environmental Thermoelectric Co., Ltd.		09/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		20,317 USD		21

See Notes to Consolidated Financial Statements.

247

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zhejiang Fuchunjiang Environmental Thermoelectric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		13,896 USD	$	(24	)
Zhejiang Gongdong Medical Technology Co., Ltd.		10/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,627 USD		(67	)
Zhejiang Haers Vacuum Containers Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,420 USD		(95	)
Zhejiang Haers Vacuum Containers Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,753 USD		(70	)
Zhejiang Hailiang Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		6,896 USD		(380	)
Zhejiang Hailiang Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,861 USD		(282	)
Zhejiang Hailide New Material Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		45,119 USD		(3,067	)
Zhejiang Hailide New Material Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		30,844 USD		(2,053	)
Zhejiang Henglin Chair Industry Co. Ltd.		07/12/22		M		0.49	%	Credit Suisse International		230 USD		(6	)
Zhejiang Huatie Emergency Equipment Science & Technology Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,810 USD		(120	)
Zhejiang Huatie Emergency Equipment Science & Technology Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,169 USD		(211	)
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		64,054 USD		(3,310	)
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		52,586 USD		(2,796	)
Zhejiang Jingxing Paper JSC, Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		5,517 USD		(148	)
Zhejiang Jingxing Paper JSC, Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,877 USD		(106	)
Zhejiang Jiuli Hi-Tech Metals Co., Ltd.		08/08/23		M		0.47	%	JPMorgan Chase Bank, N.A.		83,486 USD		(9,557	)
Zhejiang Jiuli Hi-Tech Metals Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		55,684 USD		(4,735	)
Zhejiang Jiuzhou Pharmaceutical Co., Ltd.		07/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		306,800 USD		3,511

See Notes to Consolidated Financial Statements.

248

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zhejiang Jiuzhou Pharmaceutical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		235,761 USD	$	1,235
Zhejiang Orient Gene Biotech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		1,016 USD		(48	)
Zhejiang Runtu Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		82,545 USD		(2,962	)
Zhejiang Runtu Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		57,243 USD		(2,520	)
Zhejiang Satellite Petrochemical Co Ltd.		07/03/23		M		0.47	%	JPMorgan Chase Bank, N.A.		8,063 USD		(857	)
Zhejiang Satellite Petrochemical Co Ltd.		07/12/22		M		0.49	%	Credit Suisse International		5,895 USD		(834	)
Zhejiang Semir Garment Co Ltd.		03/15/23		M		0.47	%	JPMorgan Chase Bank, N.A.		365,620 USD		(12,949	)
Zhejiang Semir Garment Co Ltd.		07/12/22		M		0.49	%	Credit Suisse International		276,447 USD		(8,900	)
Zhejiang Shuanghuan Driveline Co., Ltd.		10/10/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,302 USD		242
Zhejiang Supor Co., Ltd.		04/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		115,389 USD		3,154
Zhejiang Supor Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		100,396 USD		4,414
Zhejiang Tiantie Industry Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		13 USD		—
Zhejiang Tieliu Clutch Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		73 USD		(5	)
Zhejiang Wansheng Co., Ltd.		06/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		144 USD		(29	)
Zhejiang Wansheng Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		184 USD		(35	)
Zhejiang Weixing Industrial Development Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		12,370 USD		(1,285	)
Zhejiang Weixing Industrial Development Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		7,874 USD		(821	)
Zhejiang Windey Co., Ltd.		09/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		337,388 USD		(36,318	)
Zhejiang Windey Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		235,753 USD		(29,374	)
Zhejiang Xinao Textiles, Inc.		08/21/23		M		0.47	%	JPMorgan Chase Bank, N.A.		73,594 USD		(5,904	)
Zhejiang Xinao Textiles, Inc.		07/12/22		M		0.49	%	Credit Suisse International		56,077 USD		(4,605	)

See Notes to Consolidated Financial Statements.

249

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zhejiang Yuejian Intelligent Equipment Co., Ltd.		09/05/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,531 USD	$	(120	)
Zhejiang Yuejian Intelligent Equipment Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		3,829 USD		(303	)
Zhejiang Sanfer Electric Co., Ltd.		08/30/23		M		0.47	%	JPMorgan Chase Bank, N.A.		3,081 USD		(72	)
Zhejiang Sanfer Electric Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,201 USD		(52	)
Zhengzhou Coal Industry & Electric Power Co., Ltd.		09/27/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,462 USD		(13	)
Zhengzhou Coal Industry & Electric Power Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		7,296 USD		(54	)
Zhengzhou Coal Mining Machinery Group Co., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		122,161 USD		2,274
Zhengzhou Coal Mining Machinery Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		102,374 USD		1,828
Zhengzhou GL Tech Co., Ltd.		07/31/23		M		0.47	%	JPMorgan Chase Bank, N.A.		209,342 USD		2,849
Zhengzhou GL Tech Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		193,828 USD		5,148
Zheshang Development Group Co., Ltd.		08/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		219,933 USD		(16,714	)
Zheshang Development Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		207,160 USD		(16,593	)
Zhewen Interactive Group Co., Ltd.		09/01/23		M		0.47	%	JPMorgan Chase Bank, N.A.		176,378 USD		(7,617	)
Zhewen Interactive Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		143,671 USD		(6,297	)
Zhongfu Information, Inc.		01/25/23		M		0.47	%	JPMorgan Chase Bank, N.A.		393 USD		(3	)
Zhongfu Information, Inc.		07/12/22		M		0.49	%	Credit Suisse International		396 USD		16
Zhongji Innolight Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		40,749 USD		273
ZhongMan Petroleum and Natural Gas Group Corp., Ltd.		10/11/23		M		0.47	%	JPMorgan Chase Bank, N.A.		87,613 USD		(10,423	)
ZhongMan Petroleum and Natural Gas Group Corp., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		56,071 USD		(6,419	)

See Notes to Consolidated Financial Statements.

250

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zhongshan Public Utilities Group Co., Ltd.		10/02/23		M		0.47	%	JPMorgan Chase Bank, N.A.		44,905 USD	$	(914	)
Zhongshan Public Utilities Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		30,699 USD		(653	)
Zhuzhou Hongda Electronics Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		900 USD		(5	)
Zhuzhou Huarui Precision Cutting Tools Co., Ltd.		05/31/23		M		0.47	%	JPMorgan Chase Bank, N.A.		2,389 USD		(178	)
Zhuzhou Huarui Precision Cutting Tools Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		2,438 USD		(182	)
Zibo Qixiang Tengda Chemical Co., Ltd.		09/06/23		M		0.47	%	JPMorgan Chase Bank, N.A.		312,806 USD		(34,581	)
Zibo Qixiang Tengda Chemical Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		253,933 USD		(27,821	)
Zijin Mining Group Co., Ltd.		01/18/23		M		0.47	%	JPMorgan Chase Bank, N.A.		1,476 USD		(67	)
Zijin Mining Group Co., Ltd.		07/12/22		M		0.49	%	Credit Suisse International		4,303 USD		(243	)
Zillow Group, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		488,685 USD		(28,682	)
ZIM Integrated Shipping Services Ltd.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		1,426,284 USD		(132,369	)
ZJAMP Group Co., Ltd.		04/24/23		M		0.47	%	JPMorgan Chase Bank, N.A.		61 USD		(3	)
ZJBC Information Technology Co., Ltd.		03/15/23		M		0.47	%	JPMorgan Chase Bank, N.A.		10 USD		(1	)
Zoominfo Technologies, Inc.		05/23/23		M		0.28	%	Morgan Stanley Capital Services LLC		627,657 USD		(51,614	)
Zte Corp.		07/19/23		M		0.47	%	JPMorgan Chase Bank, N.A.		110,705 USD		(5,606	)
Zte Corp.		07/12/22		M		0.49	%	Credit Suisse International		78,140 USD		(2,264	)

Total Buys											$	(21,347,095	)


Sells
10X Genomics, Inc.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		1,153,945 USD		81,166
Abbvie, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		361,564 USD		4,515
Abercrombie & Fitch Co.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		376,262 USD		9,483

See Notes to Consolidated Financial Statements.

251

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Abiomed, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,159 USD

229

Academy Sports & Outdoors, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

304,835 USD

19,133

Acadia Healthcare Co., Ltd.

05/23/23

0.12

Morgan Stanley Capital Services LLC

776,417 USD

(232

)

Acadia Pharmaceuticals, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

60,132 USD

1,449

Activision Blizzard, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,415,325 USD

(105,789

)

Advance Auto Parts, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,425,084 USD

(33,551

)

Advanced Drainage Systems, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

307,490 USD

(253

)

Advanced Micro Devices

10/31/22

0.23

JPMorgan Chase Bank, N.A.

20,045,787 USD

(15,597

)

Agilent Technologies, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,294,144 USD

105,423

Agios Pharmaceuticals, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

95,148 USD

1,741

Agnc Investment Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

42,533 USD

664

Airbnb, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,439,893 USD

125,112

Albemarle Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,727,818 USD

(13,213

)

Alcon, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

690,598 USD

35,572

Alexandria Real Estate Equities, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

337,623 USD

3,633

Alkermes PLC

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,073,120 USD

21,198

Allegiant Travel Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

48,611 USD

719

Alteria Group, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

83,470 USD

5,631

Amcor PLC

05/23/23

0.12

Morgan Stanley Capital Services LLC

75,365 USD

645

AMERCO

05/23/23

0.08

Morgan Stanley Capital Services LLC

9,199 USD

154

American Campus Communities, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

454,540 USD

15,002

American Eagle Outfitters, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,685,970 USD

82,407

See Notes to Consolidated Financial Statements.

252

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

American Water Works Co., Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

238,123 USD

3,157

Ameriprise Financial, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

81,614 USD

3,963

Amgen, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

442,721 USD

6,150

Amkor Technology, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

431,586 USD

10,629

AMN Healthcare Services, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

967,791 USD

(13,896

)

Amphenol Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,565,505 USD

210,517

Analog Devices, Inc.

08/25/23

0.23

JPMorgan Chase Bank, N.A.

1,363,878 USD

24,708

Annaly Capital Management, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

42,214 USD

1,217

Anthem, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,630,319 USD

155,600

Apellis Pharmaceuticals, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,123,028 USD

4,696

Apollo Global Management, Inc.

09/01/23

0.23

JPMorgan Chase Bank, N.A.

91,592 USD

(3,811

)

Apollo Global Management, Inc.

03/10/23

0.00

Goldman Sachs International

23,368,553 USD

(981,916

)

Aptiv PLC

05/23/23

0.08

Morgan Stanley Capital Services LLC

17,550 USD

568

Arena Pharmaceuticals, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

450,653 USD

7,542

Ares Capital Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

39,960 USD

(802

)

Arrowhead Pharmaceuticals, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

22,097 USD

496

Arthur J Gallagher & Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,506,518 USD

1,445

Artisan Partners Asset Management, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

7,685 USD

250

Ashland Global Holdings, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

757,047 USD

18,153

Aspen Technology, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

210,112 USD

4,053

See Notes to Consolidated Financial Statements.

253

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Assurant, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

175,016 USD

4,646

Atlas Air Worldwide Holdings

05/23/23

0.08

Morgan Stanley Capital Services LLC

314,541 USD

10,937

Atlassian Corp. PLC

05/23/23

0.08

Morgan Stanley Capital Services LLC

221,986 USD

(2,689

)

Autoliv, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

360,887 USD

9,778

Avalara, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,048,450 USD

208,787

AvalonBay Communities, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

2,371,769 USD

44,992

Avangrid, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

31,002 USD

1,599

Avantor, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,991,303 USD

21,600

Avery Dennison Corp

05/23/23

0.08

Morgan Stanley Capital Services LLC

697,793 USD

29,127

Axalta Coating Systems Ltd.

05/23/23

0.08

Morgan Stanley Capital Services LLC

387,883 USD

2,546

Axon Enterprise, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

572,889 USD

7,050

Azek Co., Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

98,562 USD

7,164

Baker Hughes Co.

05/23/23

0.08

Morgan Stanley Capital Services LLC

21,717 USD

276

Ballard Power Systems, Inc.

05/23/23

0.95

Morgan Stanley Capital Services LLC

5,406 USD

376

BancorpSouth Bank

05/23/23

0.12

Morgan Stanley Capital Services LLC

175,549 USD

(9,831

)

Bank of New York Mellon Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

29,580 USD

(1,524

)

Baxter International, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,100,170 USD

39,071

BCE, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

20,012 USD

338

Beam Therapeutics, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

231,185 USD

8,874

Becton Dickinson and Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

5,120,430 USD

260,569

Bentley Systems, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

34,010 USD

2,174

Best Buy Co., Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

766,694 USD

25,984

Beyond Meat, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

1,377,097 USD

88,083

Bio-Rad Laboratories, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

623,246 USD

27,978

See Notes to Consolidated Financial Statements.

254

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Biogen, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

712,547 USD

30,258

BioMarin Pharmaceutical, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,153,814 USD

28,107

BJ’s Wholesale Club Holdings, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,088,347 USD

68,647

Blueprint Medicines Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

498,040 USD

18,226

Booking Holdings, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

392,393 USD

(6,417

)

Boot Barn Holdings, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

355,771 USD

19,043

Boston Properties, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

20,560 USD

407

Brandywine Realty Trust

05/23/23

0.12

Morgan Stanley Capital Services LLC

44,446 USD

(672

)

Bright Horizons Family Solutions, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

870,094 USD

46,819

Brighthouse Financial, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

306,890 USD

(31,250

)

Bristol-Myers Squibb Co.

05/23/23

0.08

Morgan Stanley Capital Services LLC

873,836 USD

19,421

Broadcom, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,662,607 USD

191,701

Broadridge Financial Solutions, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

323,839 USD

1,058

Broadstone Net Lease, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

98,769 USD

2,332

Brown & Brown, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

838,452 USD

36,312

Bruker Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

266,372 USD

3,800

Buckle, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

273,426 USD

10,430

Builders Firstsource, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

106,186 USD

3,741

Bumble, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

40,250 USD

3,614

Burlington, Stores, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

189,270 USD

12,890

C.H. Robinson Worldwide, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,036,155 USD

16,124

C3.ai, Inc.

05/23/23

0.80

Morgan Stanley Capital Services LLC

161,843 USD

9,153

Cabot Oil & Gas Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,631,359 USD

(220,311

)

Caci International, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,210,897 USD

)

See Notes to Consolidated Financial Statements.

255

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Cadence Design Systems, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,555,195 USD

267,020

Camden Property Trust

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,987,713 USD

82,861

Canada Goose Holdings, Inc.

05/23/23

0.65

Morgan Stanley Capital Services LLC

739 USD

Canadian National Railway Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,455,927 USD

7,064

Canadian Natural Resources, Ltd.

05/23/23

0.08

Morgan Stanley Capital Services LLC

42,358 USD

(138

)

Canadian Pacific Railway Ltd.

09/19/23

0.23

JPMorgan Chase Bank, N.A.

15,368,289 USD

(102,233

)

Canadian Solar, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

583,500 USD

5,017

Canopy Growth Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

93,456 USD

4,710

Cardlytics, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

912,977 USD

54,607

Carlisle Cos, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,159,120 USD

29,682

CarMax, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

2,181,396 USD

237,684

Carter’s, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,252,329 USD

44,802

Casey’s General Stores, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

182,559 USD

2,024

Cassava Sciences, Inc.

05/23/23

6.95

Morgan Stanley Capital Services LLC

364,575 USD

(63,590

)

Catalent, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

862,410 USD

19,146

CBRE Group, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,491,286 USD

17,353

Celanese Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

95,520 USD

2,877

Celsius Holdings, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

566,937 USD

8,379

Centene Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

119,096 USD

3,947

Centerpoint Energy, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,286,028 USD

50,886

Ceridian HCM Holding, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,221,366 USD

13,855

CF Industries Holdings, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

323,782 USD

4,268

ChampionX Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

34,848 USD

(2,650

)

ChargePoint Holdings, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

75,113 USD

2,289

See Notes to Consolidated Financial Statements.

256

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Charles River Laboratories International, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,318,096 USD

458,182

Charles Schwab Corp.

05/23/23

0.28

Morgan Stanley Capital Services LLC

73,205 USD

(2,476

)

Chart Industries, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

881,714 USD

9,871

Charter Communications, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

457,532 USD

5,717

Chemed Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

254,137 USD

2,507

Chevron Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

391,231 USD

8,866

Chewy, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,807,754 USD

263,028

Choice Hotels International, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

678,459 USD

14,132

Church & Dwight Co., Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,282,126 USD

63,542

Churchill Downs, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,623,864 USD

(135,002

)

Cintas Corp.

05/23/23

0.28

Morgan Stanley Capital Services LLC

1,471,232 USD

66,216

Cirrus Logic, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

243,692 USD

5,947

Citizens Financial Group, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

984,544 USD

17,884

Citrix Systems, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,128,005 USD

20,913

Clarivate PLC

05/23/23

0.12

Morgan Stanley Capital Services LLC

39,673 USD

2,903

Clean Harbors, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

372,236 USD

(15,718

)

Clorox Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,410,474 USD

(32,086

)

CMC Materials, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

86,562 USD

793

CME Group, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

3,221,277 USD

79,239

Cognex Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,510,194 USD

149,159

Cognizant Tech Solutions

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,516,239 USD

122,022

Colgate-Palmolive Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,217,009 USD

25,113

Columbia Sportswear Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

93,970 USD

2,730

Comerica, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,072,147 USD

(244,746

)

See Notes to Consolidated Financial Statements.

257

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Commerce Bancshares, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

335,146 USD

2,146

Commercial Metals Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

459,371 USD

(9,074

)

CommVault Systems, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

648,970 USD

(955

)

Conmed Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

51,707 USD

(1,018

)

ConocoPhillips

05/23/23

0.12

Morgan Stanley Capital Services LLC

216,515 USD

(18,308

)

Consolidated Edison, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

632,418 USD

4,514

Continental Resources, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

36,267 USD

(4,575

)

Cooper Cos. Inc. (The)

05/23/23

0.08

Morgan Stanley Capital Services LLC

131,289 USD

7,709

Corteva, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

624,013 USD

13,012

CoStar Group, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

687,899 USD

12,500

Coupa Software, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

45,315 USD

4,548

Coupang, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,437,573 USD

19,729

Crane Co.

05/23/23

0.08

Morgan Stanley Capital Services LLC

191,603 USD

(387

)

Credicorp Ltd.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,198,182 USD

(187,374

)

Credit Acceptance, Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

180,730 USD

2,213

Crowdstrike Holdings, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

396,157 USD

12,986

CubeSmart

05/23/23

0.12

Morgan Stanley Capital Services LLC

394,558 USD

13,111

Cullen/Frost Bankers, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

91,980 USD

(1,255

)

Cummins, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,590,479 USD

109,833

CVS Health Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,820,342 USD

(41,722

)

CyrusOne, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,621,096 USD

15,923

Darling Ingredients, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

12,615 USD

176

Dell Technologies, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

2,456,571 USD

24,532

Denali Therapeutics, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

43,170 USD

(873

)

Desktop Metal, Inc.

05/23/23

1.05

Morgan Stanley Capital Services LLC

26,827 USD

1,617

See Notes to Consolidated Financial Statements.

258

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Devon Energy Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

171,709 USD

(42,310

)

Dicerna Pharmaceuticals, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

55,609 USD

1,398

Digital Realty Trust, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

2,046,742 USD

164,125

Dillard’s, Inc.

05/23/23

0.50

Morgan Stanley Capital Services LLC

322,358 USD

54,262

Discovery, Inc.

05/23/23

1.45

Morgan Stanley Capital Services LLC

37,499 USD

(343

)

DISH Network Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,079,672 USD

(51,679

)

Dlocal Ltd.

05/23/23

0.12

Morgan Stanley Capital Services LLC

34,875 USD

4,431

Dollar Tree, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,066,130 USD

51,019

Dominion Energy, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

109,538 USD

2,344

Donaldson Co., Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

230,434 USD

4,525

DT Midstream Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

407,885 USD

(21,546

)

Duke Realty Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

19,071 USD

402

Dynatrace, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,410,203 USD

(33,971

)

Eagle Materials, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,246,562 USD

49,072

EastGroup Properties, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

51,455 USD

299

Edison International

05/23/23

0.12

Morgan Stanley Capital Services LLC

32,035 USD

1,249

Edwards Lifesciences Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

23,088 USD

559

Elanco Animal Health, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

490,228 USD

12,899

Electronic Arts, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,088,245 USD

(650,991

)

Entergy Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

393,705 USD

7,389

Envestnet, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

177,615 USD

(7,980

)

Envista Holdings Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

202,058 USD

3,335

EOG Resources, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,374,152 USD

45,523

EPAM Systems, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

235,643 USD

EQT Corp.

05/23/23

0.28

Morgan Stanley Capital Services LLC

316,397 USD

10,070

See Notes to Consolidated Financial Statements.

259

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Equinix, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

30,226 USD

1,782

Equity Commonwealth

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,230,559 USD

2,095

Equity LifeStyle Properties, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

168,937 USD

7,973

Equity Residential

05/23/23

0.08

Morgan Stanley Capital Services LLC

575,244 USD

6,700

Essent Group Ltd.

05/23/23

0.12

Morgan Stanley Capital Services LLC

30,704 USD

(367

)

Essex Property Trust, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,188,596 USD

24,103

Estee Lauder Cos., Inc. (The)

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,479,654 USD

433,965

ETSY, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

484,195 USD

27,723

Everbridge, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

656,262 USD

44,097

Evercore, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

43,521 USD

1,682

Evergy, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

30,144 USD

786

Evoqua Water Technologies Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

412,629 USD

9,761

Exelixis, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

540,717 USD

(21,544

)

Exelon Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

453,778 USD

6,295

Extra Space Storage, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,262,176 USD

39,377

Exxon Mobil Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

5,476,768 USD

(14,432

)

Facebook, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

2,263,886 USD

93,826

Factset Research Systems, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,059,670 USD

(127,411

)

Federal Realty Investment Trust

05/23/23

0.08

Morgan Stanley Capital Services LLC

60,042 USD

1,283

Fifth Third Bancorp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,001,297 USD

(199,825

)

FireEye, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

928,347 USD

(5,245

)

First American Financial Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

189,629 USD

(1,597

)

First Citizens BancShares, Class A

10/19/22

0.23

JPMorgan Chase Bank, N.A.

1,148,013 USD

(47,602

)

First Citizens BancShares, Class A

05/23/23

0.08

Morgan Stanley Capital Services LLC

222,692 USD

7,684

First Industrial Realty Trust, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

43,346 USD

1,578

See Notes to Consolidated Financial Statements.

260

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

First Interstate BancSystem, Inc.

09/20/23

0.23

JPMorgan Chase Bank, N.A.

3,187,834 USD

(163,530

)

First Majestic Silver Corp.

05/23/23

0.85

Morgan Stanley Capital Services LLC

10,407 USD

768

First Solar, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

772,133 USD

(4,148

)

Fiserv, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,332,134 USD

120,509

Five Below, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,315,704 USD

115,480

Fiverr International Ltd.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,540,664 USD

381,031

FleetCor Technologies, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

5,404,011 USD

(21,261

)

Flex Acquisition Company, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

147,949 USD

3,734

Floor & Décor Holdings, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,636,728 USD

67,304

Flowers Foods, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

867,013 USD

2,509

Fluor Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

578,710 USD

(50,492

)

Foot Locker, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

305,341 USD

25,673

Fortive Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

597,727 USD

23,287

Fox Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,601,087 USD

(214,319

)

Freeport-McMoRan, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

2,247,580 USD

74,706

Fulgent Genetics, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

377,090 USD

1,818

GameStop Corp.

05/23/23

0.75

Morgan Stanley Capital Services LLC

22,984 USD

1,752

Gap, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

432,852 USD

37,055

Garmin Ltd.

05/23/23

0.08

Morgan Stanley Capital Services LLC

156,181 USD

5,230

Gartner, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

348,758 USD

5,374

Generac Holdings, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,161,634 USD

115,030

General Dynamics Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,513,749 USD

11,767

General Electric Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

5,859,778 USD

52,286

Genuine Parts Co.

05/23/23

0.08

Morgan Stanley Capital Services LLC

161,397 USD

3,313

GFL Environmental, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

64,923 USD

171

See Notes to Consolidated Financial Statements.

261

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Gilead Sciences, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,446,364 USD

37,908

Glaukos., Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

527,788 USD

28,602

Globant SA

05/23/23

0.12

Morgan Stanley Capital Services LLC

483,139 USD

63,029

Globus Medical, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

30,093 USD

1,667

Grand Canyon Education, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

271,667 USD

1,542

Graphic Packaging Holding Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,762,671 USD

(4,641

)

Growgeneration Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

142,698 USD

3,485

GS Custom Basket Swap - GSCBBX8X

10/03/23

0.40

Goldman Sachs International

25,192,686 USD

(121,949

)

Guardant Health, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

391,756 USD

(526

)

Guidewire Software, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

970,010 USD

2,646

H&R Block, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

99,056 USD

156

Hain Celestial Group, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,237,008 USD

(194,992

)

Hanesbrands, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,221,784 USD

151,979

Healthcare Trust of America, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,359,686 USD

29,495

Hecla Mining Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

47,327 USD

(347

)

Healthcare Realty Trust, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

218,683 USD

5,488

Helen of Troy Ltd.

05/23/23

0.08

Morgan Stanley Capital Services LLC

83,008 USD

1,674

Helmerich & Payne, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

133,836 USD

(9,519

)

Henry Schein, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

37,011 USD

1,064

Herc Holdings, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

24,822 USD

(4,601

)

Hewlett Packard Enterprise

05/23/23

0.12

Morgan Stanley Capital Services LLC

475,236 USD

(7,653

)

Hexcel Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

171,848 USD

(6,144

)

Highwoods Properties, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

47,402 USD

(11

)

Hilton Grand Vacations, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

877,761 USD

13,652

HollyFrontier Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,330,299 USD

(117,316

)

See Notes to Consolidated Financial Statements.

262

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Hologic, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

44,835 USD

402

Home Depot, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,966,996 USD

169,476

Horizon Therapeutics PLC

05/23/23

0.12

Morgan Stanley Capital Services LLC

333,229 USD

117

Hormel Foods Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,453,747 USD

6,529

Host Hotels & Resorts, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

805,898 USD

(4,903

)

Houlihan Lokey, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,213,785 USD

(36,240

)

Hubbell, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

12,774 USD

308

HubSpot, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

428,909 USD

6,353

Huntington Bancshares, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,956,579 USD

(163,745

)

Huntington Bancshares, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

35,576 USD

825

Huntsman Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

672,381 USD

(68,583

)

Hyatt Hotels Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

286,928 USD

9,907

Hydrofarm Holdings Group, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

385,921 USD

23,432

IAC/InterActiveCorp

05/23/23

0.12

Morgan Stanley Capital Services LLC

18,206 USD

Icon PLC

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,551,747 USD

75,396

IDACORP, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

482,624 USD

5,732

IDEX Corp

05/23/23

0.12

Morgan Stanley Capital Services LLC

713,757 USD

26,062

IDEXX Laboratories, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

703,190 USD

12,259

II-VI, Inc.

03/29/23

0.23

JPMorgan Chase Bank, N.A.

4,460,112 USD

751

Independent Bank Corp.

04/28/23

0.23

JPMorgan Chase Bank, N.A.

3,836,321 USD

(329,312

)

Ingredion, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,027,651 USD

(20,202

)

Innovative Industrial Properties, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

126,254 USD

6,739

Insulet Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

579,715 USD

(7,504

)

Integra LifeSciences Holdings Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

365,813 USD

17,524

Intellia Therapeutics, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

102,975 USD

9,472

See Notes to Consolidated Financial Statements.

263

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Interactive Brokers Group, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

795,396 USD

31,420

International Flavors & Fragrances

05/23/23

0.08

Morgan Stanley Capital Services LLC

2,237,292 USD

11,522

Intuit, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,624,145 USD

100,569

Intuitive Surgical, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,345,287 USD

206,640

Iovance Biotherapeutics, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

372,735 USD

(1,061

)

IPG Photonics Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

344,294 USD

4,843

Itron, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

729,976 USD

16,785

J2 Global, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

170,121 USD

4,947

Jacobs Engineering Group, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,260,533 USD

24,293

Janus Henderson Group plc

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,767,639 USD

(24,719

)

JB Hunt Transport Services, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,228,727 USD

38,288

Jefferies Financial Group, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

648,528 USD

(20,109

)

JM Smucker Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

989,456 USD

12,412

John Bean Technologies Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

207,919 USD

20,003

Johnson & Johnson

05/23/23

0.08

Morgan Stanley Capital Services LLC

2,154,755 USD

16,011

JPMorgan Chase & Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,531,320 USD

72,931

Juniper Networks, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

52,056 USD

786

KBR, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

60,635 USD

)

Kellogg Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,319,743 USD

(63,756

)

Keurig Dr. Pepper, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

3,679,514 USD

65,796

KeyCorp

05/23/23

0.12

Morgan Stanley Capital Services LLC

117,052 USD

(2,010

)

Keysight Technologies., Inv.

05/23/23

0.12

Morgan Stanley Capital Services LLC

5,412 USD

483

Kimberly-Clark Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

838,869 USD

7,940

Kimco Realty Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

761,781 USD

23,828

Kinross Gold corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

35,449 USD

839

See Notes to Consolidated Financial Statements.

264

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Kirkland Lake Gold Ltd.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,137,866 USD

10,486

Kite Realty Group Trust

07/21/23

0.23

JPMorgan Chase Bank, N.A.

1,293,889 USD

10,089

Knight-Swift Transportation Holdings, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,574,871 USD

35,512

Kohl’s Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

250,315 USD

25,366

Kontoor Brands, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

142,923 USD

10,456

Kroger Co. (The)

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,947,363 USD

48,698

Kulicke & Soffa Industries, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

294,417 USD

31,691

L3Harris Technologies, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,974,588 USD

15,444

Laboratory Corp. of America Holdings

05/23/23

0.08

Morgan Stanley Capital Services LLC

16,605 USD

563

Lam Research Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

39,535 USD

1,971

Lamar Advertising Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

804,222 USD

16,539

Lamb Weston Holdings, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

49,292 USD

626

Landstar System, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,658,769 USD

76,676

Las Vegas Sands Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,960,671 USD

(52,321

)

Lattice Semiconductor Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

18,688 USD

Leidos Holdings, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,203,292 USD

4,262

Lemonade, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

349,264 USD

24,065

Lennar Corp.

05/23/23

0.28

Morgan Stanley Capital Services LLC

13,688 USD

573

Lennox International, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

50,587 USD

1,755

Levi Strauss & Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

636,685 USD

28,175

Lexington Realty Trust

05/23/23

0.12

Morgan Stanley Capital Services LLC

189,926 USD

8,264

Liberty Broadband Corp.

05/23/23

0.28

Morgan Stanley Capital Services LLC

22,007 USD

246

Liberty Media Corp-Liberty Formula One

05/23/23

0.12

Morgan Stanley Capital Services LLC

473,502 USD

(2,709

)

See Notes to Consolidated Financial Statements.

265

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Life Storage, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,859,072 USD

82,094

Lithia Motors, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

64,975 USD

5,689

LivePerson, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

166,458 USD

20,674

Lockheed Martin Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

6,544,354 USD

93,400

Louisiana-Pacific Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

224,552 USD

8,529

Lowe’s Cos Inc

05/23/23

0.12

Morgan Stanley Capital Services LLC

5,493,998 USD

99,748

LPL Financial Holdings, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

425,472 USD

(5,931

)

Lumentum Holdings, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

417,241 USD

11,237

Luminar Technologies, Inc.

05/23/23

0.75

Morgan Stanley Capital Services LLC

85 USD

M & T Bank Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,393,618 USD

(42,994

)

M&T Bank

02/24/23

0.23

JPMorgan Chase Bank, N.A.

16,064,158 USD

(1,920,859

)

Marathon Oil Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

5,933 USD

(1,175

)

Maravai LifeSciences Holdings, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

84,774 USD

MarketAxess Holdings, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

431,252 USD

3,410

Marriott International, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,301,431 USD

(35,637

)

Marriott Vacations Worldwide Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

77,837 USD

2,948

Marsh & McLennan Cos., Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,565,066 USD

75,557

Martin Marietta Materials, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,981,296 USD

162,339

Mastercard, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

6,554,887 USD

94,644

Maximus, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

265,742 USD

2,747

McCormick & Co., Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

1,177,909 USD

57,913

Medical Properties Trust, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

128,223 USD

3,207

Medpace Holdings, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

54,173 USD

2,500

Merck & Co., Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,242,558 USD

(267,226

)

See Notes to Consolidated Financial Statements.

266

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Metter-Toledo International

05/23/23

0.08

Morgan Stanley Capital Services LLC

4,697 USD

565

MGIC Investment Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

480,491 USD

(9,165

)

Microchip Technology, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

933,649 USD

36,193

Mid-America Apartment Communities, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

625,021 USD

9,119

Mirati Therapeutics, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,648,083 USD

(56,694

)

Molina Healthcare, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

734,917 USD

21,101

Monolithic Power Systems, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,011,580 USD

223,047

Morningstar, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

236,016 USD

12,732

Mosaic Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

266,549 USD

(16,389

)

Motorola Solutions, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,093,943 USD

21,553

Murphy Oil Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

119,010 USD

(28,688

)

Murphy USA, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

502,447 USD

(15,892

)

NASDAQ 100 E-Mini

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,611,246 USD

15,936

National Vision Holdings, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

827,916 USD

20,930

nCino, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

51,654 USD

4,277

NeoGenomics, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,953,110 USD

(26,756

)

NetApp, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

115,942 USD

3,114

Netflix, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

6,418,861 USD

(220,417

)

Neuricrine Biosciences, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

31,322 USD

(41

)

Nevro Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,246,836 USD

74,540

New York Community Bancorp, Inc.

04/28/23

0.23

JPMorgan Chase Bank, N.A.

82,384 USD

(2,506

)

New York Times Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,154,880 USD

52,382

Newmont Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

38,200 USD

408

NextEra Energy, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

546,967 USD

1,803

See Notes to Consolidated Financial Statements.

267

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Nike, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

3,586,976 USD

35,812

Nordson Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,325,473 USD

18,268

Northrop Grumman Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

6,515,686 USD

(46,967

)

NortonLifeLock, Inc.

08/15/23

0.23

JPMorgan Chase Bank, N.A.

266,786 USD

(3,418

)

Nov, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

83,624 USD

(4,646

)

Novavax, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,938,213 USD

(5,733

)

Novocure Ltd.

05/23/23

0.28

Morgan Stanley Capital Services LLC

12,836 USD

1,219

Nutrien Ltd.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,325,587 USD

(11,403

)

NVIDIA Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

5,094,251 USD

(27,987

)

NVR, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

448,786 USD

17,319

NXP Semiconductors NV

05/23/23

0.12

Morgan Stanley Capital Services LLC

756,446 USD

37,407

O’Reilly Automotive, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,405,961 USD

(4,058

)

Old Dominion Freight Line

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,170,754 USD

251,826

Omnicell, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

25,990 USD

1,053

ONEOK, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

415,364 USD

7,173

Open Lending Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

901,015 USD

62,964

Opendoor Technologies, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

153,693 USD

(5,312

)

Option Care Health, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

58,720 USD

Ormat Technologies, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

864,769 USD

13,227

Otis Worldwide Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,146,818 USD

44,348

Pacific Biosciences of California, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

488,259 USD

(12,853

)

Packaging Corp of America

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,724,692 USD

73,874

Pagseguro Digital Ltd.

05/23/23

0.12

Morgan Stanley Capital Services LLC

595,333 USD

40,947

Palantir Technologies, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

72,112 USD

11,940

Palo Alto Networks, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,209,993 USD

(32,989

)

See Notes to Consolidated Financial Statements.

268

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Paycom Software, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,131,342 USD

(27,009

)

Paylocity Holding Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,800,780 USD

56,880

Pegasystems, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

54,242 USD

3,148

Penn National Gaming, Inc.

08/09/23

0.23

JPMorgan Chase Bank, N.A.

5,996,983 USD

(197,477

)

Penske Automotive Group, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

510,544 USD

(22,133

)

Pentair PLC

05/23/23

0.28

Morgan Stanley Capital Services LLC

728,821 USD

26,125

Perficient, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,452,741 USD

10,772

Performance Food Group Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

733,280 USD

(20,441

)

PerkinElmer, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

310,437 USD

24,162

Petco Health & Wellness Co., Inc.

05/23/23

0.50

Morgan Stanley Capital Services LLC

344,034 USD

13,924

Philip Morris International, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

254,985 USD

19,527

Phreesia, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

131,141 USD

1,263

Physicians Realty Trust

05/23/23

0.12

Morgan Stanley Capital Services LLC

57,613 USD

2,005

Pioneer Natural Resources Co.

05/23/23

0.08

Morgan Stanley Capital Services LLC

2,597,714 USD

63,099

PNC Financial Services Group, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

5,823,514 USD

108,283

Portland General Electric Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

41,015 USD

980

Power Integrations, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

63,502 USD

3,811

Principal Financial Group, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

303,366 USD

(13,224

)

Procore Technologies, Inc.

05/23/23

2.00

Morgan Stanley Capital Services LLC

178,802 USD

5,572

Procter & Gamble Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,012,277 USD

16,482

Progyny, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

531,718 USD

42,782

Prologis, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

316,602 USD

2,651

Prosperity Bancshares, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

15,442 USD

149

Proterra, Inc.

05/23/23

1.30

Morgan Stanley Capital Services LLC

265,430 USD

(2,920

)

See Notes to Consolidated Financial Statements.

269

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Proto Labs, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,462 USD

266

Public Service Enterprise Group, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

67,651 USD

905

Public Storage

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,531,204 USD

42,100

Pure Storage, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

77,502 USD

1,569

QIAGEN NV

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,950,248 USD

112,042

Qualtrics International, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

596,358 USD

32,831

Qualys, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

37,891 USD

1,721

Quest Diagnostics, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,121,403 USD

124,117

Quidel Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

109,625 USD

(1,601

)

Ralph Lauren Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

729,393 USD

48,052

Rapid7, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,093,052 USD

53,268

Raymond James Financial, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

879,285 USD

10,284

Rayonier, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

40,395 USD

1,147

Raytheon Technologies Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

426,437 USD

(14,623

)

Realty Income Corp.

05/02/23

0.23

JPMorgan Chase Bank, N.A.

21,344,881 USD

758,576

Redfin Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

38,029 USD

1,055

Regal Rexnord Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

874,315 USD

(4,723

)

Regency Centers Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

47,093 USD

(105

)

Regeneron Pharmaceuticals, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

394,640 USD

25,480

Regions Financial Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

197,381 USD

3,673

Renewable Energy Group, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

15,298 USD

(314

)

Replimune Group, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,693,105 USD

207,213

Republic Services, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,734,925 USD

82,199

See Notes to Consolidated Financial Statements.

270

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

ResMed, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,183,212 USD

272,566

Revolve Group, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

247,451 USD

24,214

Rexford Industrial Realty, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

82,116 USD

963

Rexnord Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,503,353 USD

(110,935

)

RingCentral, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

3,632,495 USD

82,242

Ritchie Bros Auctioneers, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

8,516 USD

Robert Half International, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

125,677 USD

1,970

ROBLOX Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,003,813 USD

24,610

Roku, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

166,765 USD

(3,697

)

Rollins, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

46,383 USD

2,538

Ryder System, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

190,642 USD

(9,350

)

S&P Global, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,988,091 USD

112,202

Sarepta Therapeutics, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,422,686 USD

(78,912

)

Science Applications International Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

92,194 USD

987

Scotts Miracle-Group Co.

05/23/23

0.08

Morgan Stanley Capital Services LLC

392,257 USD

11,575

Seagen, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,329,816 USD

(38,603

)

SEI Investments Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

34,628 USD

(893

)

Sensata Technologies Holding PLC

05/23/23

0.12

Morgan Stanley Capital Services LLC

26,758 USD

1,532

ServiceNow, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,900,548 USD

336,844

Shift4 Payments, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,648 USD

679

Shockwave Medical, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

8,834 USD

393

Shutterstock, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

510,857 USD

16,329

Signature Bank

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,080,455 USD

(58,220

)

Silicon Laboratories, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,025,847 USD

18,797

Silvergate Capital Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

72,223 USD

(2,275

)

See Notes to Consolidated Financial Statements.

271

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Simon Property Group, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

979,263 USD

6,178

Site Centers Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

33,483 USD

194

Siteone Landscape Supply, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

248,412 USD

6,454

Skillz, Inc.

05/23/23

5.85

Morgan Stanley Capital Services LLC

45,556 USD

3,192

Skyline Champion Corp

05/23/23

0.12

Morgan Stanley Capital Services LLC

91,852 USD

2,543

SL Green Realty Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

155,123 USD

6,146

Smartsheet, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,491,995 USD

103,414

SolarEdge Technologies, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

751,330 USD

22,241

Sorrento Therapeutics, Inc.

05/23/23

1.40

Morgan Stanley Capital Services LLC

21,744 USD

1,006

Southern Copper, Corp.

05/23/23

0.28

Morgan Stanley Capital Services LLC

49,762 USD

2,605

Southwest Airlines Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

845,233 USD

(39,209

)

Sprout Social, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

56,954 USD

8,661

Sprouts Farmers Market, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

123,947 USD

3,115

Square, Inc.

08/07/23

0.23

JPMorgan Chase Bank, N.A.

22,607,199 USD

1,030,953

STAG Industrial, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

112,029 USD

2,286

Starwood Property Trust, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

5,021 USD

115

State Street Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

805,545 USD

(29,879

)

Steel Dynamics, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

91,931 USD

5,030

Stem, Inc.

05/23/23

0.55

Morgan Stanley Capital Services LLC

25,472 USD

1,343

Stericycle, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

89,881 USD

1,860

Stifel Financial Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

48,255 USD

479

Stitch Fix, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

140,032 USD

(17,731

)

Stryker Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

2,530,119 USD

70,402

Sun Communities, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,444,228 USD

29,324

SVB Financial Group

05/23/23

0.12

Morgan Stanley Capital Services LLC

841,589 USD

10,348

See Notes to Consolidated Financial Statements.

272

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Synchrony Financial

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,167,670 USD

(33,165

)

Synovus Financial Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

88,176 USD

(11,234

)

Sysco Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,178,715 USD

4,669

Take-Two Interactive Software, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

1,854,504 USD

(29,310

)

Taylor Morrison Home Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

27,824 USD

394

TC Energy Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

14,448 USD

694

TE Connectivity Ltd.

05/23/23

0.28

Morgan Stanley Capital Services LLC

7,102 USD

378

Teladoc Health, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

647,515 USD

49,986

Teledyne Technologies, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

48,070 USD

387

Teleflex, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,815,450 USD

17,424

TELUS Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,818 USD

119

Tempur Sealy International, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,110,563 USD

44,340

Teradata Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

601,644 USD

(52,891

)

Terex Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

472,987 USD

162

Terminix Global Holdings, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

29,779 USD

860

Tesla, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,713,177 USD

133,229

Tetra Tech, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,411,297 USD

(34,463

)

Texas Instruments, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

5,056,520 USD

19,849

Texas Roadhouse, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,846,686 USD

1,729

Textron, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

783,278 USD

219

TG Therapeutics, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

938,689 USD

(52,190

)

Thomson Reuters Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,522,670 USD

76,156

Tjx Cos Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,634,936 USD

133,370

Toll Brothers, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

199,400 USD

15,285

Tractor Supply Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

5,326,073 USD

113,728

See Notes to Consolidated Financial Statements.

273

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Travelers Cos., Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

942,142 USD

5,913

Trex Co., Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

59,990 USD

3,011

Truist Financial Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,564,933 USD

6,426

Trupanion, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

55,342 USD

5,478

TuSimple Holdings, Inc.

05/23/23

1.20

Morgan Stanley Capital Services LLC

295,570 USD

17,875

Tyler Technologies, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

866,231 USD

38,826

Tyson Foods, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,220,613 USD

(32,559

)

Uber Technologies, Inc.

05/23/23

0.28

Morgan Stanley Capital Services LLC

41,077 USD

(407

)

UDR, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

176,633 USD

2,276

Ultragenyx Pharmaceuticals, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

105,345 USD

(178

)

Union Pacific Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

3,162,182 USD

141,864

United Parcel Service, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,480,233 USD

74,692

United Rentals, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,765,667 USD

(102,133

)

Unum Group

05/23/23

0.12

Morgan Stanley Capital Services LLC

151,855 USD

(10,634

)

Upwork, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

58,523 USD

5,838

Urban Edge Properties

05/23/23

0.12

Morgan Stanley Capital Services LLC

350,976 USD

25,336

US Bancorp

05/23/23

0.12

Morgan Stanley Capital Services LLC

2,899,440 USD

(66,081

)

US Food Holdings Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

66,492 USD

(1,511

)

Valero Energy Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

472,593 USD

(34,170

)

Valley National Bancorp

05/23/23

0.12

Morgan Stanley Capital Services LLC

13,358 USD

(1,709

)

Verint Systems, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

889,319 USD

13,988

Verisk Analytics, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

6,456,682 USD

86,894

Vertex Energy, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

928,150 USD

9,954

Vertiv Holdings Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

533,125 USD

(4,178

)

VF Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

676,249 USD

15,124

See Notes to Consolidated Financial Statements.

274

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

VICI Properties, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

106,650 USD

3,095

VICI Properties, Inc.

08/08/23

0.23

JPMorgan Chase Bank, N.A.

20,002,837 USD

620,825

Vimeo, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,120,897 USD

109,747

Vir Biotechnology, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

311,820 USD

(4,135

)

Virgin Galactic Holdings, Inc.

05/23/23

0.55

Morgan Stanley Capital Services LLC

51,463 USD

(225

)

Visa, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

6,630,251 USD

219,729

Vista Outdoor, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

33,369 USD

Vitru Financial, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

12,843 USD

(80

)

Vornado Realty Trust

05/23/23

0.28

Morgan Stanley Capital Services LLC

268 USD

Vroom, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

336,665 USD

18,040

Vulcan Materials Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

4,077,463 USD

187,291

Waste Connections, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

2,869,640 USD

96,913

Waste Management, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

1,623,941 USD

31,166

Webster Financial Corp.

05/23/23

0.08

Morgan Stanley Capital Services LLC

16,362 USD

Welltower, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

533,372 USD

9,555

Werner Enterprises, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

888,671 USD

47,142

WESCO International, Inc.

05/23/23

0.12

Morgan Stanley Capital Services LLC

460,851 USD

(20,494

)

West Pharmaceutical Services, Inc.

05/23/23

0.08

Morgan Stanley Capital Services LLC

518,894 USD

31,522

Western Alliance Bancorp

05/23/23

0.08

Morgan Stanley Capital Services LLC

172,652 USD

172

Westinghouse Air Brake Technologies Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

227,145 USD

(1,139

)

Westlake Chemical Corp.

05/23/23

0.12

Morgan Stanley Capital Services LLC

494,336 USD

(11,582

)

Westrock Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

432,281 USD

13,859

Weyerhaeuser Co.

05/23/23

0.12

Morgan Stanley Capital Services LLC

939,415 USD

11,750

See Notes to Consolidated Financial Statements.

275

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Reference Instrument	Termination Date		Payment Frequency		Financing Rate			Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Wheaton Precious Metals Corp.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		565,461 USD	$	49,976
Williams-Sonoma, Inc.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		3,625,696 USD		145,240
Winnebago Industries, Inc.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		177,169 USD		(3,231	)
Woodward, Inc.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		47,142 USD		730
Workday, Inc.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		13,935 USD		1,190
World Wrestling Entertainment, Inc.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		4,384 USD		(4	)
WW Grainger, Inc.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		338,583 USD		(673	)
Wyndham Hotels & Resorts, Inc.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		791,179 USD		(1,176	)
Xerox Holdings Corp.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		148,020 USD		73
Xylem, Inc.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		3,229,819 USD		271,022
Yandex NV		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		1,440,578 USD		(12,569	)
Yum China Holdings, Inc.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		6,281,533 USD		(299,076	)
Zimmer Biomet Holdings, Inc.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		1,299,397 USD		33,090
Zions Bancorp NA		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		3,471,173 USD		(133,240	)
Zoetis, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		2,253,317 USD		36,820
Zoom Video Communications, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		4,993,730 USD		1,694
Zoom Video Communications, Inc.		07/21/23		M		0.23	%	JPMorgan Chase Bank, N.A.		17,036,913 USD		1,025,006
Zscaler, Inc.		05/23/23		M		0.08	%	Morgan Stanley Capital Services LLC		1,985,682 USD		3,560
Zynga, Inc.		05/23/23		M		0.12	%	Morgan Stanley Capital Services LLC		469,305 USD		7,964

Total Sells											$	8,925,112

Total OTC Total Return Swaps Outstanding											$	(12,421,983	)

See Notes to Consolidated Financial Statements.

276

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Centrally Cleared Interest Rate Swaps Outstanding at September 30, 2021


The Fund Pays/ Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Frequency	Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Pays	3-Month USD LIBOR		0.21%	3M/6M	03/20/2023	Merrill Lynch, Pierce, Fenner & Smith, Inc.		14,000,000 USD	$	(7,716	)	$	—	$	(7,716	)
Pays	3-Month USD LIBOR		0.21%	3M/6M	05/5/2023	Merrill Lynch, Pierce, Fenner & Smith, Inc.		12,900,000 USD		(12,595	)		—		(12,595	)
Pays	3-Month USD LIBOR		0.23%	3M/6M	12/14/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		4,700,000 USD		1,913			—		1,913
Pays	3-Month USD LIBOR		0.25%	3M/6M	03/3/2023	Merrill Lynch, Pierce, Fenner & Smith, Inc.		27,700,000 USD		6,928			—		6,928
Pays	3-Month USD LIBOR		0.27%	3M/6M	08/3/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		114,616,000 USD		111,738			—		111,738
Pays	3-Month USD LIBOR		0.28%	3M/6M	09/7/2023	Merrill Lynch, Pierce, Fenner & Smith, Inc.		13,000,000 USD		(18,134	)		—		(18,134	)
Pays	3-Month USD LIBOR		0.31%	3M/6M	07/25/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		33,588,605 USD		43,205			—		43,205
Pays	3-Month USD LIBOR		0.31%	3M/6M	07/29/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		9,141,220 USD		12,003			—		12,003
Pays	3-Month USD LIBOR		0.33%	3M/6M	07/18/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		82,371,000 USD		116,119			—		116,119
Pays	3-Month USD LIBOR		0.34%	3M/6M	07/7/2023	Merrill Lynch, Pierce, Fenner & Smith, Inc.		10,000,000 USD		4,992			—		4,992
Pays	3-Month USD LIBOR		0.36%	3M/6M	06/30/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		18,347,000 USD		28,981			—		28,981
Pays	3-Month USD LIBOR		0.37%	3M/6M	10/6/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,600,000 USD		(33,741	)		—		(33,741	)
Pays	3-Month USD LIBOR		0.38%	3M/6M	10/12/2023	Merrill Lynch, Pierce, Fenner & Smith, Inc.		3,000,000 USD		(237	)		—		(237	)
Pays	3-Month USD LIBOR		0.41%	3M/6M	06/29/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		84,970,800 USD		164,520			—		164,520
Pays	3-Month USD LIBOR		0.44%	3M/6M	07/24/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		6,032,440 USD		(94,653	)		—		(94,653	)
Pays	3-Month USD LIBOR		0.46%	3M/6M	07/29/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		2,362,800 USD		(36,198	)		—		(36,198	)

See Notes to Consolidated Financial Statements.

277

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


The Fund Pays/ Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Frequency	Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Pays	3-Month USD LIBOR		0.50%	3M/6M	06/30/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,932,800 USD	$	(25,003	)	$	—	$	(25,003	)
Pays	3-Month USD LIBOR		0.57%	3M/6M	06/30/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		22,060,000 USD		(219,960	)		—		(219,960	)
Pays	3-Month USD LIBOR		0.69%	3M/6M	10/7/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		6,300,000 USD		(433,085	)		—		(433,085	)
Pays	3-Month USD LIBOR		0.78%	3M/6M	06/9/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		35,000,000 USD		(59,533	)		—		(59,533	)
Pays	3-Month USD LIBOR		0.98%	3M/6M	03/25/2030	Morgan Stanley & Co. LLC		3,000,000 USD		(135,221	)		—		(135,221	)
Pays	3-Month USD LIBOR		0.99%	3M/6M	06/10/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		25,000,000 USD		(986,050	)		—		(986,050	)
Pays	3-Month USD LIBOR		1.46%	3M/6M	05/12/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		20,809,000 USD		483,622			—		483,622
Pays	3-Month USD LIBOR		1.63%	3M/6M	09/8/2031	Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,800,000 USD		15,157			—		15,157
Pays	3-Month USD LIBOR		1.66%	3M/6M	02/27/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		3,221,000 USD		57,352			—		57,352
Pays	3-Month USD LIBOR		1.67%	3M/6M	02/25/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		10,246,000 USD		189,134			—		189,134
Pays	3-Month USD LIBOR		1.93%	3M/6M	07/15/2027	Merrill Lynch, Pierce, Fenner & Smith, Inc.		50,000,000 USD		2,112,402			—		2,112,402
Pays	3-Month USD LIBOR		2.02%	3M/6M	06/4/2027	Merrill Lynch, Pierce, Fenner & Smith, Inc.		15,000,000 USD		710,696			—		710,696
Pays	3-Month USD LIBOR		2.17%	3M/6M	05/20/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		40,000,000 USD		1,956,925			—		1,956,925
Pays	28-Days MXN TIIE		6.08%	28D/28D	12/13/2023	Credit Suisse Securities (USA) LLC		140,586,105 USD		(72,457	)		—		(72,457	)
Pays	28-Days MXN TIIE		6.59%	28D/28D	12/9/2026	Credit Suisse Securities (USA) LLC		141,266,367 USD		(177,815	)		—		(177,815	)
Receives	1-Day SIBCSORA		0.00%	3M/1D	12/15/2031	Credit Suisse (USA) Securities LLC		7,641,739 SGD		152,744			—		152,744
Receives	3-Month USD LIBOR		0.22%	6M/3M	10/5/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		31,600,000 USD		(16,066	)		—		(16,066	)

See Notes to Consolidated Financial Statements.

278

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

The
Fund
Pays/
Receives
Floating
Rate

Floating
Rate
Index

Fixed
Rate

Pay/
Receive
Payment
Frequency

Maturity
Date

Counterparty

Notional
Amount

Market
Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Receives

3-Month
USD
LIBOR

0.37%

6M/3M

12/15/2025

Merrill Lynch, Pierce, Fenner & Smith, Inc.

5,300,000 USD

125,684

—

125,684

Receives

3-Month
USD
LIBOR

0.40%

6M/3M

08/4/2025

Merrill Lynch, Pierce, Fenner & Smith, Inc.

24,941,000 USD

439,703

—

439,703

Receives

3-Month
USD
LIBOR

0.48%

6M/3M

03/23/2026

Merrill Lynch, Pierce, Fenner & Smith, Inc.

10,655,000 USD

236,098

—

236,098

Receives

3-Month
USD
LIBOR

0.51%

6M/3M

03/3/2026

Merrill Lynch, Pierce, Fenner & Smith, Inc.

20,650,000 USD

423,936

—

423,936

Receives

3-Month
USD
LIBOR

0.62%

6M/3M

08/5/2030

Merrill Lynch, Pierce, Fenner & Smith, Inc.

6,512,706 USD

468,620

—

468,620

Receives

3-Month
USD
LIBOR

0.63%

6M/3M

05/5/2026

Merrill Lynch, Pierce, Fenner & Smith, Inc.

2,600,000 USD

44,303

—

44,303

Receives

3-Month
USD
LIBOR

0.65%

6M/3M

06/8/2022

Merrill Lynch, Pierce, Fenner & Smith, Inc.

14,000,000 USD

(49,016

)

—

(49,016

)

Receives

3-Month
USD
LIBOR

0.66%

6M/3M

03/12/2035

Morgan Stanley & Co. LLC

1,500,000 USD

191,876

—

191,876

Receives

3-Month
USD
LIBOR

0.67%

6M/3M

07/24/2030

Merrill Lynch, Pierce, Fenner & Smith, Inc.

4,438,980 USD

300,963

—

300,963

Receives

3-Month
USD
LIBOR

0.68%

6M/3M

07/29/2030

Merrill Lynch, Pierce, Fenner & Smith, Inc.

713,880 USD

47,836

—

47,836

Receives

3-Month
USD
LIBOR

0.69%

6M/3M

12/29/2027

Morgan Stanley & Co. LLC

3,000,000 USD

102,091

—

102,091

Receives

3-Month
USD
LIBOR

0.70%

6M/3M

06/28/2030

Merrill Lynch, Pierce, Fenner & Smith, Inc.

3,605,000 USD

231,738

—

231,738

Receives

3-Month
USD
LIBOR

0.71%

6M/3M

01/22/2026

Morgan Stanley & Co. LLC

20,000,000 USD

211,344

—

211,344

Receives

3-Month
USD
LIBOR

0.79%

6M/3M

06/28/2030

Merrill Lynch, Pierce, Fenner & Smith, Inc.

6,347,000 USD

360,073

—

360,073

Receives

3-Month
USD
LIBOR

0.80%

6M/3M

01/13/2026

Morgan Stanley & Co. LLC

80,000 USD

523

—

523

Receives

3-Month
USD
LIBOR

0.82%

6M/3M

07/16/2030

Merrill Lynch, Pierce, Fenner & Smith, Inc.

11,975,000 USD

652,336

—

652,336

Receives

3-Month
USD
LIBOR

0.94%

6M/3M

10/13/2026

Merrill Lynch, Pierce, Fenner & Smith, Inc.

6,600,000 USD

47,934

—

47,934

See Notes to Consolidated Financial Statements.

279

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


The Fund Pays/ Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Frequency	Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Receives	3-Month USD LIBOR		0.94%	6M/3M	06/2/2026	Merrill Lynch, Pierce, Fenner & Smith, Inc.		4,000,000 USD	$	13,977		$	—	$	13,977
Receives	3-Month USD LIBOR		0.95%	6M/3M	01/13/2027	Morgan Stanley & Co. LLC		940,000 USD		8,218			—		8,218
Receives	3-Month USD LIBOR		0.95%	6M/3M	03/3/2031	Merrill Lynch, Pierce, Fenner & Smith, Inc.		719,000 USD		35,872			—		35,872
Receives	3-Month USD LIBOR		0.98%	6M/3M	09/8/2026	Merrill Lynch, Pierce, Fenner & Smith, Inc.		8,000,000 USD		32,266			—		32,266
Receives	3-Month USD LIBOR		1.10%	6M/3M	03/25/2030	Morgan Stanley & Co. LLC		1,500,000 USD		42,839			—		42,839
Receives	3-Month USD LIBOR		1.12%	6M/3M	07/7/2026	Merrill Lynch, Pierce, Fenner & Smith, Inc.		4,000,000 USD		(15,414	)		—		(15,414	)
Receives	3-Month USD LIBOR		1.24%	6M/3M	05/6/2031	Merrill Lynch, Pierce, Fenner & Smith, Inc.		2,000,000 USD		52,140			—		52,140
Receives	3-Month USD LIBOR		1.24%	6M/3M	04/19/2028	Morgan Stanley & Co. LLC		700,000 USD		1,775			—		1,775
Receives	3-Month USD LIBOR		1.32%	6M/3M	02/26/2027	Morgan Stanley & Co. LLC		5,000,000 USD		(48,600	)		—		(48,600	)
Receives	3-Month USD LIBOR		1.46%	6M/3M	02/14/2024	Morgan Stanley & Co. LLC		10,000,000 USD		(232,018	)		—		(232,018	)
Receives	3-Month USD LIBOR		1.48%	6M/3M	01/2/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		4,163,000 USD		(100,878	)		—		(100,878	)
Receives	3-Month USD LIBOR		1.49%	6M/3M	08/28/2029	Morgan Stanley & Co. LLC		3,140,000 USD		(20,086	)		—		(20,086	)
Receives	3-Month USD LIBOR		1.52%	6M/3M	02/5/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		6,245,000 USD		(159,523	)		—		(159,523	)
Receives	3-Month USD LIBOR		1.53%	6M/3M	02/25/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		47,860,000 USD		(265,452	)		—		(265,452	)
Receives	3-Month USD LIBOR		1.53%	6M/3M	02/7/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		11,244,800 USD		(55,124	)		—		(55,124	)
Receives	3-Month USD LIBOR		1.54%	6M/3M	01/4/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		80,236,000 USD		(294,254	)		—		(294,254	)
Receives	3-Month USD LIBOR		1.55%	6M/3M	01/28/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		4,580,000 USD		(121,203	)		—		(121,203	)

See Notes to Consolidated Financial Statements.

280

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


The Fund Pays/ Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Frequency	Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Receives	3-Month USD LIBOR		1.55%	6M/3M	02/7/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		25,106,000 USD	$	(124,226	)	$	—	$	(124,226	)
Receives	3-Month USD LIBOR		1.55%	6M/3M	02/28/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		14,928,000 USD		(85,834	)		—		(85,834	)
Receives	3-Month USD LIBOR		1.55%	6M/3M	02/28/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		5,033,000 USD		(29,011	)		—		(29,011	)
Receives	3-Month USD LIBOR		1.55%	6M/3M	01/28/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		10,000,000 USD		(46,245	)		—		(46,245	)
Receives	3-Month USD LIBOR		1.56%	6M/3M	09/28/2026	Morgan Stanley & Co. LLC		1,800,000 USD		(41,918	)		6,115		(48,033	)
Receives	3-Month USD LIBOR		1.56%	6M/3M	06/2/2031	Merrill Lynch, Pierce, Fenner & Smith, Inc.		5,500,000 USD		(19,454	)		—		(19,454	)
Receives	3-Month USD LIBOR		1.57%	6M/3M	02/18/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		25,187,000 USD		(136,917	)		—		(136,917	)
Receives	3-Month USD LIBOR		1.58%	6M/3M	05/21/2025	Morgan Stanley & Co. LLC		10,000,000 USD		(276,085	)		—		(276,085	)
Receives	3-Month USD LIBOR		1.58%	6M/3M	02/18/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		6,253,000 USD		(173,108	)		—		(173,108	)
Receives	3-Month USD LIBOR		1.59%	6M/3M	04/14/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		15,118,000 USD		(117,110	)		—		(117,110	)
Receives	3-Month USD LIBOR		1.61%	6M/3M	03/23/2027	Morgan Stanley & Co. LLC		7,000,000 USD		(177,191	)		—		(177,191	)
Receives	3-Month USD LIBOR		1.62%	6M/3M	03/24/2027	Morgan Stanley & Co. LLC		7,000,000 USD		(179,338	)		—		(179,338	)
Receives	3-Month USD LIBOR		1.62%	6M/3M	07/27/2026	Morgan Stanley & Co. LLC		1,900,000 USD		(51,042	)		4,658		(55,700	)
Receives	3-Month USD LIBOR		1.62%	6M/3M	04/14/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		5,222,000 USD		(151,460	)		—		(151,460	)
Receives	3-Month USD LIBOR		1.63%	6M/3M	11/8/2027	Merrill Lynch, Pierce, Fenner & Smith, Inc.		40,000,000 USD		(959,145	)		—		(959,145	)
Receives	3-Month USD LIBOR		1.64%	6M/3M	07/22/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		15,000,000 USD		(180,279	)		—		(180,279	)
Receives	3-Month USD LIBOR		1.66%	6M/3M	06/17/2025	Morgan Stanley & Co. LLC		10,000,000 USD		(304,452	)		—		(304,452	)

See Notes to Consolidated Financial Statements.

281

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


The Fund Pays/ Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Frequency	Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Receives	3-Month USD LIBOR		1.69%	6M/3M	07/29/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		25,000,000 USD	$	(319,168	)	$	—	$	(319,168	)
Receives	3-Month USD LIBOR		1.72%	6M/3M	02/19/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,945,000 USD		(43,799	)		—		(43,799	)
Receives	3-Month USD LIBOR		1.73%	6M/3M	07/17/2023	Merrill Lynch, Pierce, Fenner & Smith, Inc.		100,000,000 USD		(2,537,728	)		—		(2,537,728	)
Receives	3-Month USD LIBOR		1.77%	6M/3M	11/26/2029	Morgan Stanley & Co. LLC		1,000,000 USD		(26,906	)		43		(26,949	)
Receives	3-Month USD LIBOR		1.77%	6M/3M	10/25/2021	Merrill Lynch, Pierce, Fenner & Smith, Inc.		18,500,000 USD		(21,144	)		—		(21,144	)
Receives	3-Month USD LIBOR		1.79%	6M/3M	07/7/2031	Merrill Lynch, Pierce, Fenner & Smith, Inc.		2,000,000 USD		(47,089	)		—		(47,089	)
Receives	3-Month USD LIBOR		1.81%	6M/3M	02/1/2024	Morgan Stanley & Co. LLC		2,500,000 USD		(77,947	)		—		(77,947	)
Receives	3-Month USD LIBOR		1.86%	6M/3M	12/21/2023	Morgan Stanley & Co. LLC		8,000,000 USD		(252,879	)		—		(252,879	)
Receives	3-Month USD LIBOR		1.86%	6M/3M	05/25/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		8,200,000 USD		(91,670	)		—		(91,670	)
Receives	3-Month USD LIBOR		1.88%	6M/3M	01/25/2027	Morgan Stanley & Co. LLC		1,500,000 USD		(59,649	)		—		(59,649	)
Receives	3-Month USD LIBOR		1.90%	6M/3M	08/28/2029	Morgan Stanley & Co. LLC		1,650,000 USD		(62,037	)		—		(62,037	)
Receives	6-Month PLN WIBOR		1.91%	12M/6M	12/15/2031	Credit Suisse Securities (USA) LLC		63,611,752 USD		544,415			—		544,415
Receives	3-Month USD LIBOR		2.05%	6M/3M	11/29/2024	Morgan Stanley & Co. LLC		5,000,000 USD		(211,018	)		—		(211,018	)
Receives	3-Month USD LIBOR		2.22%	6M/3M	09/30/2024	Morgan Stanley & Co. LLC		2,000,000 USD		(92,835	)		—		(92,835	)
Receives	3-Month USD LIBOR		2.27%	6M/3M	01/26/2026	Morgan Stanley & Co. LLC		2,000,000 USD		(111,343	)		—		(111,343	)
Receives	3-Month USD LIBOR		2.30%	6M/3M	01/27/2025	Morgan Stanley & Co. LLC		900,000 USD		(46,477	)		4,800		(51,277	)
Receives	3-Month USD LIBOR		2.35%	6M/3M	11/8/2024	Morgan Stanley & Co. LLC		4,000,000 USD		(205,345	)		—		(205,345	)

See Notes to Consolidated Financial Statements.

282

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


The Fund Pays/ Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Frequency	Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Receives	3-Month USD LIBOR		2.37%	6M/3M	11/1/2024	Morgan Stanley & Co. LLC		2,000,000 USD	$	(103,369	)	$	—	$	(103,369	)
Receives	3-Month USD LIBOR		2.38%	6M/3M	10/5/2023	Morgan Stanley & Co. LLC		3,000,000 USD		(120,739	)		—		(120,739	)
Receives	3-Month USD LIBOR		2.39%	6M/3M	11/16/2028	Morgan Stanley & Co. LLC		4,000,000 USD		(290,411	)		—		(290,411	)
Receives	3-Month USD LIBOR		2.40%	6M/3M	01/25/2027	Morgan Stanley & Co. LLC		2,900,000 USD		(190,846	)		24,111		(214,957	)
Receives	3-Month USD LIBOR		2.41%	6M/3M	12/22/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		50,000,000 USD		(1,357,937	)		—		(1,357,937	)
Receives	3-Month USD LIBOR		2.42%	6M/3M	09/23/2024	Morgan Stanley & Co. LLC		2,000,000 USD		(104,385	)		—		(104,385	)
Receives	3-Month USD LIBOR		2.42%	6M/3M	10/24/2024	Morgan Stanley & Co. LLC		2,000,000 USD		(106,457	)		—		(106,457	)
Receives	3-Month USD LIBOR		2.43%	6M/3M	10/13/2026	Morgan Stanley & Co. LLC		3,000,000 USD		(201,605	)		—		(201,605	)
Receives	3-Month USD LIBOR		2.45%	6M/3M	10/18/2024	Morgan Stanley & Co. LLC		4,000,000 USD		(215,293	)		—		(215,293	)
Receives	3-Month USD LIBOR		2.58%	6M/3M	08/5/2025	Morgan Stanley & Co. LLC		7,000,000 USD		(456,969	)		—		(456,969	)
Receives	3-Month USD LIBOR		2.67%	6M/3M	09/13/2028	Morgan Stanley & Co. LLC		2,500,000 USD		(228,174	)		—		(228,174	)
Receives	3-Month USD LIBOR		2.72%	6M/3M	09/8/2028	Morgan Stanley & Co. LLC		1,000,000 USD		(94,015	)		—		(94,015	)
Receives	3-Month USD LIBOR		2.72%	6M/3M	08/8/2028	Morgan Stanley & Co. LLC		3,000,000 USD		(281,195	)		—		(281,195	)
Receives	3-Month USD LIBOR		2.83%	6M/3M	07/30/2029	Morgan Stanley & Co. LLC		3,000,000 USD		(325,475	)		—		(325,475	)
Receives	3-Month USD LIBOR		2.90%	6M/3M	03/27/2026	Merrill Lynch, Pierce, Fenner & Smith, Inc.		20,000,000 USD		(1,698,898	)		—		(1,698,898	)
Receives	3-Month USD LIBOR		3.08%	6M/3M	04/30/2027	Merrill Lynch, Pierce, Fenner & Smith, Inc.		20,000,000 USD		(2,106,855	)		—		(2,106,855	)
Receives	3-Month USD LIBOR		3.15%	6M/3M	05/23/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		20,000,000 USD		(387,809	)		—		(387,809	)

See Notes to Consolidated Financial Statements.

283

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


The Fund Pays/ Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Frequency	Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Receives	3-Month USD LIBOR		3.21%	6M/3M	05/25/2033	Morgan Stanley & Co. LLC		2,000,000 USD	$	(244,037	)	$	(1,053	)	$	(242,984	)

Total Centrally Cleared Interest Rate Swaps Outstanding									$	(8,679,359	)	$	38,674		$	(8,718,033	)


Abbreviation Legend:
	M	Monthly
	1Y	Yearly
	28D	28 Days
	1D	1 Day
	3M	Quarterly
	6M	Semi-Annually
	ADR	American Depository Receipt
	BADLARPP	BADLAR Private Banks
	CBOT	Chicago Board of Trade
	CDE	Montreal Exchange
	CFE	CBOE Futures Exchange
	CME	Chicago Mercantile Exchange
	COMEX	Commodities Exchange Center
	Eurex	Eurex Exchange
	EURIBOR	Euro Interbank Offered Rate
	Euronext	Euronext Paris
	ICE	Ice Futures Europe
	IDEM	Italian Derivatives Exchange Market
	ISE	Istanbul Stock Exchange
	KRX FM	Korea Exchange (Futures Market)
	LIBOR	London Interbank Offered Rate
	LME	London Metal Exchange
	MTN	Medium Term Note
	MYX	Bursa Malaysia
	Nasdaq-OMX	NASDAQ OMX Stockholm
	NYMEX	New York Mercantile Exchange
	OSE	Osaka Exchange
	OTC	Over the Counter
	PIK	Payment in Kind
	REG S	Regulation-S
	REIT	Real Estate Investment Trust
	SFE	ASX Trade24
	SGX	Singapore Exchange
	T	At Maturity
	TFEX	Thailand Futures Exchange
	WIBOR	Warsaw Interbank Offered Rate

See Notes to Consolidated Financial Statements.

284

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2021 (Unaudited)


Currency Legend:
	AUD	Australian Dollar
	CAD	Canadian Dollar
	CHF	Swiss Franc
	CLP	Chilean Peso
	CNH	Chinese Renminbi
	CNY	Chinese Yuan
	COP	Colombian Peso
	CZK	Czech Koruna
	EGP	Egyptian Pound
	EUR	Euro
	GBP	British Pound
	HKD	Hong Kong Dollar
	IDR	Indonesian Rupiah
	JPY	Japanese Yen
	KRW	South Korean Won
	MXN	Mexican Peso
	MYR	Malaysian Ringgit
	NOK	Norwegian Krone
	PLN	Polish Zloty
	RUB	Russian Ruble
	SEK	Swedish Krona
	SGD	Singapore Dollar
	USD	United States Dollar
	ZAR	South African Rand

See Notes to Consolidated Financial Statements.

285

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Statement of Assets and Liabilities

As of September 30, 2021 (Unaudited)


Assets:
Investments in securities, at fair value (cost $3,424,997,414)	$	3,603,627,951
Cash		1,202,563,564
Cash denominated in foreign currencies (cost of $58,191,921)		57,802,286
Segregated cash balance with broker for securities sold short		417,848,707
Segregated cash balance with custodian for derivative financial instruments		542,058,431
Segregated cash balance with counterparties for futures contracts		71,535,567
Segregated cash balance with counterparties for centrally cleared derivatives		56,361,008
Segregated cash balance with counterparties for reverse repurchase agreements		668,000
Unrealized appreciation on unfunded loan commitments		95,510
Unrealized appreciation on forward foreign currency exchange contracts		1,831,419
Income receivable		16,376,104
Receivable for investments sold		80,370,287
Receivable for Fund shares sold		8,398,476
Receivable for periodic payments from swap contracts		128,676,633
Variation margin receivable on futures		44,551,732
Variation margin receivable on centrally cleared swaps		1,882,398
Swap contracts, at fair value (net premiums paid $1,139,131)		36,400,605
Prepaid expenses and other assets		357,875

Total assets		6,271,406,553

Liabilities:
Securities sold short, at fair value (proceeds of $423,558,802)		430,266,116
Cash received as collateral from custodian for derivative financial instruments		316,926
Cash received as collateral from counterparty for centrally cleared derivatives		32,929,952
Cash received as collateral from counterparty for futures contracts		80,554
Cash received as collateral from counterparty for OTC derivatives		9,480,791
Options written, at fair value (premiums received $40,149,716)		99,146,658
Unrealized depreciation on forward foreign currency exchange contracts		840,876
Payable for reverse repurchase agreements		28,284,643
Payable for investments purchased		57,226,779
Payable for Fund shares redeemed		5,636,859
Payable for periodic payments from swap contracts		132,970,771
Variation margin payable on futures		10,829,732
Variation margin payable on centrally cleared swaps		36,034,012
Swap contracts, at fair value (net premiums received $1,554,636)		49,883,148
Unrealized depreciation on unfunded loan commitments		4,301
Dividend and interest income payable on securities sold short		1,414,455
Management fee payable		24,267,279
Trustee fee payable		155,725
Accrued expenses and other liabilities		7,609,933

Total liabilities		927,379,510

Commitments and contingencies (Note 2)
Net assets	$	5,344,027,043

Net Assets Consist of:
Paid-in capital	$	5,595,186,275
Total distributable earnings		(251,159,232	)

Net assets	$	5,344,027,043

See Notes to Consolidated Financial Statements.

286

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Statement of Assets and Liabilities (Continued)

As of September 30, 2021 (Unaudited)


Net Asset Value:
Class I Shares
Net Assets	$	3,997,661,609
Class I Shares outstanding, no par value, unlimited shares authorized		368,731,031

Net asset value per share	$	10.84

Class D Shares
Net Assets	$	26,378,368
Class D Shares outstanding, no par value, unlimited shares authorized		2,429,019

Net asset value per share	$	10.86

Class Y Shares
Net Assets	$	1,319,987,066
Class Y Shares outstanding, no par value, unlimited shares authorized		122,678,402

Net asset value per share	$	10.76

See Notes to Consolidated Financial Statements.

287

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Statement of Operations

For the Six-Months Ended September 30, 2021 (Unaudited)


Investment Income:
Interest (including net foreign taxes withheld of $56,059)	$	50,608,215
Dividends (including net foreign taxes withheld of $60,824)		4,615,806

Total income		55,224,021

Expenses:
Management fees	$	48,298,403
Administration fees		2,709,341
Custodian fees		1,222,279
Trustees’ fees		619,167
Distribution fees—Class D		33,298
Shareholder service fees		1,792,483
Registration fees		34,616
Printing and postage fees		302,092
Professional fees		3,485,706
Dividends and interest on securities sold short		7,732,546
Financing fees on securities sold short		1,355,625
Line of credit fee		905,733
Interest fees		545,939
Other		515,228

Net expenses		69,552,456

Net investment loss		(14,328,435	)

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments in securities		148,592,174
Net realized loss on securities sold short		(35,580,343	)
Net realized loss on forward foreign currency exchange contracts		(356,615	)
Net realized gain on foreign currency transactions		228,043
Net realized loss on futures contracts		(4,813,725	)
Net realized gain on options written		2,321,674
Net realized gain on swap contracts		96,751,901
Net change in unrealized appreciation on investments in securities		82,423,425
Net change in unrealized appreciation on securities sold short		27,993,146
Net change in unrealized depreciation on forward foreign currency exchange contracts		(139,442	)
Net change in unrealized depreciation on foreign currency translations		(377,966	)
Net change in unrealized depreciation on futures contracts		(46,315,762	)
Net change in unrealized depreciation on options written		(68,484,846	)
Net change in unrealized appreciation on swap contracts		5,015,110
Net change in unrealized depreciation on unfunded loan commitments		20,779

Net realized and unrealized gain		207,277,553

Net increase in net assets resulting from operations	$	192,949,118

See Notes to Consolidated Financial Statements.

288

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Statement of Changes in Net Assets


	Six-Months Ended 9/30/2021 (unaudited)			Year Ended 3/31/2021
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(14,328,435	)	$	44,454,199
Net realized gain		207,143,109			74,261,337
Net change in unrealized appreciation		134,444			856,695,863

Net increase in net assets resulting from operations		192,949,118			975,411,399

Distributions:
Distributions from earnings
Class I Shares		—			(119,292,805	)
Class D Shares		—			(779,289	)
Class Y Shares		—			(46,914,714	)

Total distributions to shareholders		—			(166,986,808	)

Capital Transactions:
Shareholder subscriptions:
Proceeds from sale of Class I Shares		693,941,698			1,047,977,900
Proceeds from sale of Class D Shares		5,633,169			14,061,374
Proceeds from sale of Class Y Shares		243,142,795			75,780,550
Shareholder reinvestments:
Net asset value of Class I Shares issued to shareholders in payment of distributions declared		—			90,069,095
Net asset value of Class D Shares issued to shareholders in payment of distributions declared		—			628,531
Net asset value of Class Y Shares issued to shareholders in payment of distributions declared		—			46,756,240
Shareholder redemptions:
Cost of Class I Shares redeemed		(473,755,657	)		(2,820,623,301	)
Cost of Class D Shares redeemed		(7,257,829	)		(33,673,907	)
Cost of Class Y Shares redeemed		(316,113,850	)		(752,185,026	)

Net increase (decrease) in net assets resulting from capital transactions		145,590,326			(2,331,208,544	)

Net increase (decrease) in net assets		338,539,444			(1,522,783,953	)

Net Assets:
Beginning of period		5,005,487,599			6,528,271,552

End of period	$	5,344,027,043		$	5,005,487,599

See Notes to Consolidated Financial Statements.

289

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Statement of Changes in Net Assets (Continued)


	Six-Months Ended 9/30/2021 (unaudited)			Year Ended 3/31/2021
Share Transactions:
Class I Shares
Beginning of period		348,316,502			521,138,289
Shares issued		64,409,727			105,461,698
Reinvestment in Shares		—			8,873,803
Shares redeemed		(43,995,198	)		(287,157,288	)

Net change in shares resulting from share transactions		20,414,529			(172,821,787	)

End of period		368,731,031			348,316,502

Class D Shares
Beginning of period		2,580,674			4,504,458
Shares issued		521,693			1,415,160
Reinvestment in Shares		—			61,681
Shares redeemed		(673,348	)		(3,400,625	)

Net change in shares resulting from share transactions		(151,655	)		(1,923,784	)

End of period		2,429,019			2,580,674

Class Y Shares
Beginning of period		129,503,907			194,437,258
Shares issued		22,645,955			7,823,515
Reinvestment in Shares		—			4,643,122
Shares redeemed		(29,471,460	)		(77,399,988	)

Net change in shares resulting from share transactions		(6,825,505	)		(64,933,351	)

End of period		122,678,402			129,503,907

See Notes to Consolidated Financial Statements.

290

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Statement of Cash Flows

For the Six-Months Ended September 30, 2021 (Unaudited)


Cash Flows from Operating Activities:
Net increase in net assets resulting from operations	$	192,949,118
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Purchases of investments in securities		(2,693,531,680	)
Proceeds from disposition of investments in securities		2,833,798,328
Proceeds from securities sold short		547,692,863
Payments to cover securities sold short		(471,962,841	)
Short-term investments, net		—
Premiums paid on closing options written		(50,673,534	)
Proceeds from premiums received from options written		59,913,188
Net realized gain on investments in securities		(148,592,174	)
Net realized loss on securities sold short		35,580,343
Net realized gain on options written		(2,321,674	)
Net change in accretion of bond discount and amortization of bond and swap premium		(6,479,028	)
Net change in unrealized appreciation on investments in securities		(82,423,425	)
Net change in unrealized appreciation on securities sold short		(27,993,146	)
Net change in unrealized depreciation on options written		68,484,846
Net change in unrealized (appreciation) on reverse repurchase agreements		—
Changes in assets and liabilities:
(Increase) decrease in assets:
Unrealized appreciation on forward foreign currency exchange contracts		2,823,414
Income receivable		1,083,912
Receivable for periodic payments from swap contracts		(116,179,436	)
Investment subscriptions paid in advance		100,000,000
Variation margin receivable on futures		(3,367,428	)
Variation margin receivable on centrally cleared swaps		3,792,512
Change in unrealized on unfunded loan		(23,867	)
Swap contracts, at fair value		(19,884,843	)
Prepaid expenses and other assets		365,660
Increase (decrease) in liabilities:
Cash received as collateral for swaps and reverse repurchase agreements		(186,000	)
Cash received as collateral from custodian for derivative financial instruments		(330,231	)
Cash received as collateral from counterparty for OTC derivatives		8,910,616
Cash received as collateral from counterparty for centrally cleared derivatives		4,371,109
Cash received as collateral from counterparty for futures contracts		(179,310	)
Unrealized depreciation on forward foreign currency exchange contracts		(2,683,972	)
Swap contracts, at fair value		24,014,339
Variation margin payable on futures		9,291,888
Variation margin payable on centrally cleared swaps		(4,613,592	)
Payable for periodic payments from swap contracts		122,816,962
Dividend and interest income payable on securities sold short		826,889
Interest payable on reverse repurchase agreements		(94,446	)
Change in unrealized on unfunded loan		3,088
Management fee payable		402,811
Accrued expenses and other liabilities		286,779

Net cash provided by operating activities	$	385,888,038

Cash Flows from Financing Activities
Proceeds from shares sold		937,827,772
Cost of shares repurchased		(799,974,304	)
Proceeds from reverse repurchase agreements		393,781,259
Repayment of reverse repurchase agreements		(503,095,572	)
Distributions paid (net of reinvestment)		—

Net cash provided by financing activities		28,539,155

Net increase (decrease) in unrestricted and restricted cash and foreign currency		414,427,193
Unrestricted and restricted cash and foreign currency, beginning of period		1,934,410,370

Unrestricted and restricted cash and foreign currency, end of period	$	2,348,837,563

Supplemental disclosure of cash flow information:

Cash paid during the period for interest	$	640,385

Non-Cash Financing Activities

Capital shares issued in reinvestment of distribution	$	—

See Notes to Consolidated Financial Statements.

291

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Statement of Cash Flows (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)

Reconciliation of unrestricted and restricted cash to the statements of assets and liabilities


	Six-Months Ended September 30, 2021		Year Ended March 31, 2021
Cash	$	1,202,563,564	$	1,038,181,645
Foreign currency at value		57,802,286		22,343,956
Cash Pledged
Securities sold short		417,848,707		339,517,317
Derivative financial instruments		542,058,431		438,570,357
Futures contracts		71,535,567		24,195,998
Centrally cleared derivatives		56,361,008		48,323,151
OTC derivatives		—		20,179,628
TBAs		—		—
Reverse repurchase agreements		668,000		3,098,318

	$	2,348,837,563	$	1,934,410,370

See Notes to Consolidated Financial Statements.

292

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Financial Highlights

(For Shares Outstanding Throughout the Period)


	Class I
	Six-Months Ended 9/30/2021 (unaudited)			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2017
Net Asset Value, Beginning of Period	$	10.44		$	9.08		$	10.76		$	10.67		$	10.56		$	9.82
Income From Investment Operations:
Net investment income (loss)¹		(0.03	)		0.08			0.15			0.10			0.01			0.07
Net realized and unrealized gain (loss)		0.43			1.60			(1.44	)		0.19			0.31			0.72

Total From Investment Operations		0.40			1.68			(1.29	)		0.29			0.32			0.79

Less Distributions to Shareholders:
From net investment income		—			(0.32	)		(0.21	)		(0.13	)		(0.08	)		(0.05	)
From net realized capital gains		—			—			(0.18	)		(0.07	)		(0.13	)		—

Total Distributions		—			(0.32	)		(0.39	)		(0.20	)		(0.21	)		(0.05	)

Net Asset Value, End of Period	$	10.84		$	10.44		$	9.08		$	10.76		$	10.67		$	10.56

Total Return		3.83	%²		18.34	%		(12.32	)%		2.76	%		3.06	%		8.03	%


Ratios to Average Net Assets:³
Expenses other than Management Fees		0.85	%⁴		0.80	%		0.94	%		1.33	%		0.89	%		1.15	%
Management Fees		1.87	%⁴		1.87	%		1.85	%		1.86	%		1.88	%		1.88	%

Net expenses		2.72	%⁴		2.67	%		2.79	%		3.19	%		2.77	%		3.03	%
Excluded expenses⁵		(0.41	)%⁴		(0.42	)%		(0.65	)%		(1.00	)%		(0.57	)%		(0.81	)%

Expenses, net of impact of excluded expenses		2.31	%⁴		2.25	%		2.14	%		2.19	%		2.20	%		2.22	%

Net investment income		(0.58	)%⁴		0.77	%		1.43	%		0.94	%		0.13	%		0.71	%

Supplemental Data:
Net assets, end of period (in thousands)	$	3,997,662		$	3,637,018		$	4,734,372		$	5,292,572		$	5,088,031		$	3,597,704
Portfolio turnover		175	%²		135	%		193	%		203	%		300	%		237	%

¹	Calculated using average shares outstanding during the period.

²	Percentage represents the results for the period presented and are not annualized.

³	The ratios do not reflect the Fund’s share of the income and expenses of the underlying Investee Funds.

⁴	Financial ratios have been annualized except for non-recurring costs.

⁵	Represents expenses excluded from reimbursement by the Investment Adviser, as defined in the Expense Limitation and Reimbursement Agreement. See Note 7.

See Notes to Consolidated Financial Statements.

293

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Financial Highlights (Continued)

(For Shares Outstanding Throughout the Period)


	Class D
	Six-Months Ended 9/30/2021 (unaudited)			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2017
Net Asset Value, Beginning of Period	$	10.47		$	9.10		$	10.73		$	10.64		$	10.53		$	9.81
Income From Investment Operations:
Net investment income (loss)¹		(0.05	)		0.05			0.13			0.06			(0.03	)		0.05
Net realized and unrealized gain (loss)		0.44			1.60			(1.46	)		0.20			0.30			0.70

Total From Investment Operations		0.39			1.65			(1.33	)		0.26			0.27			0.75

Less Distributions to Shareholders:
From net investment income		—			(0.28	)		(0.12	)		(0.10	)		(0.03	)		(0.03	)
From net realized capital gains		—			—			(0.18	)		(0.07	)		(0.13	)		—

Total Distributions		—			(0.28	)		(0.30	)		(0.17	)		(0.16	)		(0.03	)

Net Asset Value, End of Period	$	10.86		$	10.47		$	9.10		$	10.73		$	10.64		$	10.53

Total Return		3.63	%²		18.07	%		(12.60	)%		2.50	%		2.60	%		7.70	%


Ratios to Average Net Assets:³
Expenses other than Management Fees		1.14	%⁴		1.07	%		1.18	%		1.71	%		1.27	%		1.40	%
Management Fees		1.87	%⁴		1.87	%		1.85	%		1.86	%		1.88	%		1.88	%

Net expenses		3.01	%⁴		2.94	%		3.03	%		3.57	%		3.15	%		3.28	%
Excluded expenses⁵		(0.67	)%⁴		(0.68	)%		(0.90	)%		(1.29	)%		(0.81	)%		(1.06	)%

Expenses, net of impact of excluded expenses		2.34	%⁴		2.26	%		2.13	%		2.28	%		2.34	%		2.22	%

Net investment income		(0.87	)%⁴		0.51	%		1.19	%		0.57	%		(0.26	)%		0.48	%

Supplemental Data:
Net assets, end of period (in thousands)	$	26,378		$	27,031		$	40,987		$	297,086		$	229,593		$	316,243
Portfolio turnover		175	%²		135	%		193	%		203	%		300	%		237	%

¹	Calculated using average shares outstanding during the period.

²	Percentage represents the results for the period presented and are not annualized.

³	The ratios do not reflect the Fund’s share of the income and expenses of the underlying Investee Funds.

⁴	Financial ratios have been annualized except for non-recurring costs.

⁵	Represents expenses excluded from reimbursement by the Investment Adviser, as defined in the Expense Limitation and Reimbursement Agreement. See Note 7.

See Notes to Consolidated Financial Statements.

294

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Financial Highlights (Continued)

(For Shares Outstanding Throughout the Period)


	Class Y
	Six-Months Ended 9/30/2021 (unaudited)			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2019			Year Ended 3/31/2018			Year Ended 3/31/2017
Net Asset Value, Beginning of Period	$	10.36		$	9.02		$	10.68		$	10.59		$	10.48		$	9.75
Income From Investment Operations:
Net investment income (loss)¹		(0.03	)		0.08			0.16			0.09			0.02			0.08
Net realized and unrealized gain (loss)		0.43			1.59			(1.42	)		0.21			0.31			0.71

Total From Investment Operations		0.40			1.67			(1.26	)		0.30			0.33			0.79

Less Distributions to Shareholders:
From net investment income		—			(0.33	)		(0.22	)		(0.14	)		(0.09	)		(0.06	)
From net realized capital gains		—			—			(0.18	)		(0.07	)		(0.13	)		—

Total Distributions		—			(0.33	)		(0.40	)		(0.21	)		(0.22	)		(0.06	)

Net Asset Value, End of Period	$	10.76		$	10.36		$	9.02		$	10.68		$	10.59		$	10.48

Total Return		3.86	%²		18.49	%		(12.25	)%		2.85	%		3.17	%		8.10	%


Ratios to Average Net Assets:³
Expenses other than Management Fees		0.76	%⁴		0.72	%		0.83	%		1.39	%		0.79	%		1.05	%
Management Fees		1.87	%⁴		1.87	%		1.85	%		1.86	%		1.88	%		1.88	%

Net expenses		2.63	%⁴		2.59	%		2.68	%		3.25	%		2.67	%		2.93	%
Excluded expenses⁵		(0.41	)%⁴		(0.42	)%		(0.62	)%		(1.13	)%		(0.57	)%		(0.81	)%

Expenses, net of impact of excluded expenses		2.22	%⁴		2.17	%		2.06	%		2.12	%		2.10	%		2.12	%

Net investment income (loss)		(0.49	)%⁴		0.85	%		1.54	%		0.89	%		0.23	%		0.78	%

Supplemental Data:
Net assets, end of period (in thousands)	$	1,319,987		$	1,341,439		$	1,752,913		$	1,619,797		$	686,390		$	432,327
Portfolio turnover		175	%²		135	%		193	%		203	%		300	%		237	%

¹	Calculated using average shares outstanding during the period.

²	Percentage represents the results for the period and is not annualized.

³	The ratios do not reflect the Fund’s share of the income and expenses of the underlying Investee Funds.

⁴	Financial ratios have been annualized except for non-recurring costs.

⁵	Represents expenses excluded from reimbursement by the Investment Adviser, as defined in the Expense Limitation and Reimbursement Agreement. See Note 7.

See Notes to Consolidated Financial Statements.

295

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements

For the Six-Months Ended September 30, 2021 (Unaudited)

1. Organization

Blackstone Alternative Investment Funds (the “Trust”) is a Massachusetts business trust authorized to issue an unlimited number of shares of beneficial interest, which may be divided into different series and classes. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). During the six-months ended September 30, 2021, the Trust consisted of a single series, Blackstone Alternative Multi-Strategy Fund (the “Fund”). The Fund commenced operations offering Class I Shares on June 16, 2014. The Fund also offers Class D Shares, Class Y Shares and Class R Shares. Class D Shares and Class Y Shares commenced operations on November 17, 2014 and January 28, 2015, respectively. As of September 30, 2021, the Fund had not issued any Class R Shares. The Fund operates as a diversified open-end investment company as defined in the 1940 Act.

The investment adviser of the Fund is Blackstone Alternative Investment Advisors LLC (“BAIA” or the “Investment Adviser”), a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Board of Trustees (the “Board” and each member a “Trustee”) of the Trust supervises the conduct of the Fund’s affairs and has engaged BAIA to manage the Fund’s day-to-day investment activities pursuant to an investment management agreement. The Fund’s investment objective is to seek capital appreciation. In pursuing the Fund’s investment objective, the Investment Adviser seeks to maintain an investment portfolio with, on average, lower volatility relative to the broader equity markets. The Investment Adviser seeks to achieve the Fund’s objectives by allocating the Fund’s assets among a variety of non-traditional, or “alternative,” investment strategies. The Investment Adviser determines the allocations of the Fund’s assets and allocates a majority of the Fund’s assets among the sub-advisers (the “Sub-Advisers”) with experience managing alternative investment strategies and among investment funds. The Investment Adviser also manages a portion of the Fund’s assets directly and, from time to time, may instruct Sub-Advisers with respect to particular investments. The Investment Adviser may allocate the Fund’s assets among discretionary and non-discretionary Sub-Advisers. Each discretionary Sub-Adviser is responsible for the day-to-day management of the portion of the Fund’s assets that the Investment Adviser allocates to it. Each non-discretionary Sub-Adviser is responsible for providing the Investment Adviser with a model portfolio for the assets allocated to it to be implemented by the Investment Adviser in its discretion. The Investment Adviser has the ultimate responsibility to oversee each Sub-Adviser (subject to the oversight of the Board). The Investment Adviser also is responsible for recommending the hiring, termination, and replacement of Sub-Advisers.

The Fund’s assets may be invested in three wholly-owned and controlled subsidiaries of the Fund (collectively, the “Subsidiaries”), each of which has the same investment objective as the Fund. One of the Fund’s Subsidiaries, Blackstone Alternative Multi-Strategy Sub Fund II Ltd. (the “Cayman Subsidiary”), is a Cayman Islands exempted company. Both of the other Subsidiaries, Blackstone Alternative Multi-Strategy Sub Fund III L.L.C. (the “Domestic Subsidiary III”) and Blackstone Alternative Multi-Strategy Sub Fund IV L.L.C. (the “Domestic Subsidiary IV”), are Delaware limited liability companies. The Cayman Subsidiary invests, directly or indirectly through the use of derivatives, in securities and commodity interests. The Domestic Subsidiary III and the Domestic Subsidiary IV invest, directly or indirectly through the use of derivatives, almost entirely in securities (with only de minimis exposure to commodity interests). The consolidated Financial Statements include the Financial Statements of the Fund and the three Subsidiaries. Except where context otherwise requires, the term “Fund” refers to the Fund together with the applicable Subsidiaries.

The Fund and the Cayman Subsidiary are each a commodity pool under the Commodity Exchange Act (“CEA”) and are subject to regulation by the Commodity Futures Trading Commission (“CFTC”). BAIA, the commodity pool operator of the Fund and the Cayman Subsidiary, is registered as such with the CFTC, but has claimed relief under Rules 4.12(c)(3) and 4.7 under the CEA, respectively, from certain disclosure,

296

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)

reporting, and recordkeeping requirements otherwise applicable to commodity pools. Neither the Domestic Subsidiary III nor the Domestic Subsidiary IV intends to invest more than a de minimis level of its net assets in “commodity interests” (as defined under the CEA). Accordingly, BAIA is relying on CFTC No-Action Letter 12-38 with respect to the Domestic Subsidiary III and has claimed an exemption under Rule 4.13(a)(3) from registration as a commodity pool operator with respect to the Domestic Subsidiary IV.

Capitalized terms used, but not defined herein, shall have the meaning assigned to them in the Prospectus of the Fund.

2. Basis of Presentation

The Fund’s consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are stated in U.S. dollars, except as otherwise noted. The preparation of consolidated Financial Statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expenses during the period. Actual results could differ from these estimates and these differences could be material.

The Fund is an investment company in accordance with Accounting Standards Codification 946, Financial Services—Investment Companies (“ASC 946”), which defines investment companies and prescribes specialized accounting and reporting requirements for investment companies.

Consolidation

The Fund consolidates its investment in the Subsidiaries. Accordingly, the consolidated Financial Statements include the assets and liabilities and the results of operations of the Subsidiaries. All material intercompany balances and transactions have been eliminated.

3. Significant Accounting Policies

Valuation Policy

The net asset value (“NAV”) of the Fund’s shares is calculated as of the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time) on each day that the NYSE is open for business (a “Business Day”).

For purposes of calculating the NAV for each class of shares, the Fund values its investments in securities, securities sold short, derivative financial instruments and other investments at fair value. The Board has established procedures for determining the fair value of securities, including securities sold short, derivative financial instruments and other investments (together, the “investments”) (the “Valuation Procedures”). The Board has delegated to the Investment Adviser day-to-day responsibility for implementing the Valuation Procedures. The Investment Adviser’s management has formed the Fair Value Committee (the “FVC”), to which the Board has delegated responsibility for providing oversight of the valuation and pricing function of the Fund for all investments. Pursuant to the Valuation Procedures, if market quotations are not readily available (or are otherwise not reliable for a particular investment), the fair value will be determined by the FVC in good faith, and such determinations will be reported to the Board. Due to the inherent uncertainty, estimates of fair value may differ from the values that would have been used had a ready market for these investments existed and the differences could be material.

297

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, or broker-dealer quotations), including where events occur after the close of the relevant market, but prior to the close of the NYSE, that materially affect the value of the Fund’s investments. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the FVC and the Investment Adviser the responsibility for monitoring significant events that may materially affect the values of the Fund’s investments and for determining whether the value of the applicable investments should be re-evaluated in light of such significant events. There were no instances of such determination made during the six-months ended September 30, 2021.

COVID-19 and Global Economic and Market Conditions

The ongoing novel coronavirus (“COVID-19”) pandemic has caused disruption in the U.S. and global economies. More recently, robust economic activity in the U.S. has supported a continued recovery, which nevertheless may remain uneven with dispersion across sectors and regions. The estimates and assumptions underlying these consolidated Financial Statements are based on the information available as of September 30, 2021. The estimates and assumptions include judgments about financial market and economic conditions which have changed, and may continue to change, over time.

Fair Value Measurements

Fair value guidance defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for investments categorized in Level 3. The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement:

Level 1 – quoted prices are available in active markets for identical investments as of the measurement date. The Fund does not adjust the quoted price for these investments.

The types of investments categorized within Level 1 generally include actively traded domestic and certain foreign equity securities, short-term investments and derivative financial instruments actively traded on recognized exchanges.

Level 2 – quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.

The types of investments categorized within Level 2 generally include certain foreign equities; fixed income securities including corporate and convertible bonds, loans, trade claims, sovereign debt

298

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)

obligations, U.S. Treasury obligations, and asset-backed and mortgage-backed securities; over-the-counter (“OTC”) derivative financial instruments such as total return swaps, interest rate swaps, credit default swaps, OTC options; and forward foreign currency exchange contracts (“Forwards”).

Level 3 – pricing inputs are unobservable and include instances where there is little, if any, market activity for the investment. Inputs reflect the best estimate of what market participants would use in determining fair value of investments as of the measurement date.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the fair value hierarchy.

Level 3 investments are valued by broker quotes, fair value models, or pricing services that may employ valuation techniques with unobservable inputs. At September 30, 2021, the total fair value of Level 3 investments was $69,840,374. The appropriateness of fair values for these securities are monitored on an ongoing basis, including through backtesting, pricing due diligence, unchanged price review, use of specialists, and consideration of macro security specific events.

Where appropriate, the accounting for investments of Blackstone Inc. (“Blackstone”) incorporates the changes in fair value of those investments as determined under U.S. GAAP. The significant inputs and assumptions required to determine the change in fair value of the investments of the Fund are discussed in more detail below.

A description of the valuation techniques applied to the Fund’s major categories of investments measured at fair value on a recurring basis are as follows:

Exchange-Traded Securities

Equity securities, including common stock, listed preferred stock, exchange-traded funds, special purpose acquisition companies, and derivative financial instruments, such as futures contracts and option contracts, that are traded on a recognized securities exchange or on the NASDAQ Global Market System (“NASDAQ”) are valued at the last reported sales price (or the official closing price of certain foreign exchanges) or the NASDAQ official closing price, as applicable. For securities traded on more than one exchange, the last reported sales price on the exchange where the security is primarily traded is used. To the extent these securities and derivative financial instruments are actively traded and adjustments are not applied, they are categorized as Level 1 within the fair value hierarchy.

The Fund may use a third-party fair valuation service provider to value foreign equity securities that are primarily traded outside of North America and South America. The third-party fair valuation service provider calculates a factor (“Fair Value Factor”) that is applied to adjust the last price of each such security in the event that there is movement in excess of a specified trigger as measured by the movement between the prior close and the current close of the U.S. market. Foreign equities for which the last price has been adjusted by such factor will generally be categorized as Level 2 within the fair value hierarchy. As of September 30, 2021, certain foreign equity securities were classified as Level 2 since a Fair Value Factor was applied to the prices of these securities.

Short-Term Investments

The Fund considers short-term, highly liquid investments with original maturities of 90 days or less when acquired to be short-term investments. At September 30, 2021, the Fund did not have any investment in short-term investments.

299

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)

Derivative Financial Instruments

OTC derivative financial instruments, such as Forwards, OTC options contracts, or swap agreements, derive their value from underlying referenced instruments or obligations, indices, reference rates, and other inputs or a combination thereof. These contracts are normally valued by pricing service providers or based on broker-dealer quotations. Depending on the nature of the instruments and the terms of the transaction, the value of OTC derivative financial instruments can be estimated by a pricing service provider using a series of techniques, including industry standard pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, yield curves, dividends and exchange rates. Derivative financial instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the clearing exchange. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

Fixed Income Securities

Fixed income securities, including corporate and convertible bonds, U.S. government sponsored agency securities, municipal bonds, U.S. Treasury obligations, foreign debt obligations, and bank debt are normally valued by pricing service providers on the basis of last available bid price or ask price for securities sold short. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price that consider observable inputs. The pricing service providers’ internal models use observable inputs such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 within the fair value hierarchy.

Mortgage-related securities (“MBS”) and asset-backed securities (“ABS”) are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and in corporate deal collateral performance, as available. MBS and ABS that use similar valuation techniques and inputs as described above are categorized as Level 2 within the fair value hierarchy.

Investments in Investee Funds

The fair value of investments in unaffiliated hedge funds (collectively, the “Investee Funds”) is generally determined using the reported NAV per share of the Investee Fund, or its equivalent, as a practical expedient for fair value, unless the investment in the Investee Fund is traded on a recognized securities exchange and a quoted price is available as of the measurement date. If the Investee Fund is not traded on an exchange, the Fund may, as a practical expedient, estimate the fair value of an Investee Fund based on the reported NAV per share or its equivalent if the reported NAV per share or its equivalent of the Investee Fund is calculated in a manner consistent with the measurement principles applied to investment companies, in accordance with ASC 946. If the Investee Fund does not provide a reported NAV per share or its equivalent on a day, the Adviser shall estimate fair value in good faith and in a manner consistent with its policies and procedures.

300

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)

Securities and Other Investments

Bank Debt

The Fund may invest in bank debt including, for example, corporate loans, trade claims, loan participations, direct debt, revolvers, bank loans, and bridge loans. The Fund invests in loans through novations, assignments, and participation interests. In a novation, the Fund typically assumes all of the rights of a lending institution, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When the Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If the Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third-party and the Fund typically will have a contractual relationship only with the third-party loan investor, not with the borrower. As a result, the Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, the Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third-party. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. Certain types of bank debt may have an associated partially funded or unfunded commitment. The unfunded commitments may or may not be funded by the Fund. At September 30, 2021, the Fund had an outstanding commitment of $8,265,235 related to held unfunded loan commitments.

Mortgage-Related and Other Asset-Backed Securities

The Fund may invest in MBS (residential and commercial) and other ABS. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities, residential mortgage-backed securities, collateralized debt obligations, collateralized loan obligations, and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. MBS and other ABS represent interests in pools of mortgages, loans or other assets. MBS are created from pools of residential or commercial mortgage loans, including loans made by savings and loans institutions, mortgage bankers, commercial banks and others. These securities typically provide a monthly payment that consists of principal and/or interest payments. Interest payments may be determined by fixed or adjustable rates. MBS and ABS are subject to credit, interest rate, valuation liquidity, prepayment and extension risks.

Securities Sold Short

The Fund may sell securities short (a “Short Sale”). A Short Sale is a transaction whereby the Fund sells securities it does not own in anticipation of a decline in the market price of those securities, whereby the Fund’s broker will execute a borrow transaction to deliver the securities resulting from the Fund’s Short Sale. The Fund is obligated to repurchase the securities at the market price at the time of replacement. The Fund’s obligations to replace the securities in connection with a Short Sale are secured by collateral.

Upon entering into a Short Sale, the Fund establishes a liability which is recorded as securities sold short on the Consolidated Statement of Assets and Liabilities to represent securities due under the Short Sale agreement. The Fund is liable to pay any dividends declared and/or interest income earned during the period the Short Sale is open. These dividends and interest are recorded as dividend and interest expense on securities sold short in the Consolidated Statement of Operations.

301

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)

Commodities

Allowances are valued according to their vintage on market price or Allowances delivered during the valuation month. ICE futures U.S., Inc. (ICE) will serve as the primary pricing source. When early vintage Allowances no longer have readily observable market prices from ICE, they will be valued using prices for later vintage Allowances. ICE lists widely-traded futures contracts for the Allowance market. These contracts result in the delivery of an Allowance at expiry. The ICE California Carbon Allowance (“CCA”) contracts permits delivery of Allowances issued by California or any linked program (at this time Quebec and Ontario). Trading in these futures contracts are subject to ICEs market rules. ICE lists separate CCA by vintage, (e.g. 2017 Vintage, 2018 Vintage and 2019 Vintage). The most traded ICE CCA contracts allow delivery of the indicated vintage or earlier hence a 2016 Vintage Allowance can be delivered against the 2017 Vintage Contract. This flexibility means futures contracts on earlier vintages are usually more liquid than, and worth at least as much as, later Vintages.

Investment Transactions and Related Investment Income

Investment transactions are recorded as of the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as of the date notified. Interest income, which includes amortization of premiums and accretion of discounts on non-defaulted fixed income securities, is recorded on an accrual basis and is accrued daily. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable.

Allocation of Income and Expenses

The Fund uses the adjusted prior day net assets for each class of shares, adjusted for capital activity, to allocate Fund-level income and expenses and unrealized capital gains and losses pro-rata to each class of shares. Class-specific income and expenses are allocated directly to the applicable class.

Cash

At September 30, 2021, the Fund had $1,202,563,564 in domestic cash and $57,802,286 in foreign cash held at State Street Bank and Trust Company.

Foreign Currency

The functional currency of the Fund is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing prices of such currencies on each Business Day. Purchases and sales of investments and income and expenses are translated on the respective dates of such transactions or when accrued. The Fund does not isolate the portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the fair value of the investments. Such gains and losses are included with net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies and currency gains and losses realized between trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation of assets and liabilities, other than investments, attributable to foreign currency fluctuations are recorded as net unrealized appreciation or depreciation on foreign currency translations in the Consolidated Statement of Operations.

302

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)

Contingencies

Under the Trust’s Amended and Restated Agreement and Declaration of Trust, the Fund’s officers and Trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund may enter into contracts that contain a variety of representations and indemnifications. To date, the Fund has not had claims or losses pursuant to these contracts, although there is no assurance that it will not incur losses in connection with these indemnifications in the future.

Income Taxes

The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute all of its investment company taxable income and net long-term capital gains to its shareholders. Therefore, no federal income tax provision is expected to be required. The Fund plans to file U.S. federal and various state and local tax returns.

For the current open tax years ending on October 31, 2018, October 31, 2019 and October 31, 2020, with respect to all major jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the consolidated Financial Statements. As a result, no income tax liability or expense, including interest and penalties, has been recorded within these consolidated Financial Statements.

Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of net realized capital gains of the Fund, if any, are generally declared and paid in December; however, the Fund may make additional distributions at other times consistent with Rule 19b-1 under the 1940 Act. Dividends and capital gain distributions paid by the Fund will be reinvested in additional Shares (see Note 6) of the Fund or, if elected by the Shareholder, paid in cash.

Segregation and Collateralization

In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) and its staff require that the Fund either delivers collateral or segregates assets in connection with certain investments (e.g., futures contracts, forwards, swaps and options written), or transactions considered to reflect borrowings (e.g., reverse repurchase agreements), the Fund will, consistent with SEC rules and/or other guidance issued by the SEC, segregate collateral or designate on its books and records cash or liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, the Fund engaging in such transactions may have requirements to deliver/deposit securities to/with an exchange or broker-dealer as collateral for certain investments to the extent consistent with the 1940 Act and interpretive positions of the SEC and its staff. The Fund may mitigate counterparty risk by procuring collateral and through netting provisions included within an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) entered into between the Fund and each of its respective counterparties. An ISDA Master Agreement may contain certain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Certain ISDA Master Agreements, or similar agreements, may allow the Fund to offset certain derivative financial instruments with collateral. At September 30, 2021, the Fund used the gross method of presentation in its consolidated Financial Statements and did not elect to offset amounts eligible for offset under enforceable master netting arrangements or similar agreements (“MNA”). The segregated cash balance with counterparties for OTC derivatives disclosed

303

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)

on the Consolidated Statement of Assets and Liabilities includes amounts for various derivative types which are comingled per the Fund’s ISDA Master Agreements. These amounts are shown gross. The amount of collateral moved to/from applicable counterparties is generally based upon minimum transfer amounts of up to $250,000. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified as such in the Fund’s portfolio. Collateral can be in the form of cash or securities as agreed to by the Fund and the applicable counterparty. Typically, the Fund and counterparties are not permitted to sell, repledge or use the collateral they receive unless explicitly permitted by each respective governing agreement.

The Fund manages counterparty risk by entering into agreements only with counterparties that the Investment Adviser believes to have the financial resources to honor its obligations and by monitoring the financial stability of those counterparties. The agreements entered into by the Fund may contain credit risk related contingent features that may be triggered in certain circumstances to protect either party from a deterioration in creditworthiness of the other. Such circumstances may include a decrease in credit rating or, in the case of the Fund, a decrease in NAV. If triggered, the Fund or counterparty may be entitled to additional cash margin and/or to terminate the contract. See Note 9 for a further discussion of the risks of the Fund, including credit and counterparty risk.

Reverse Repurchase Agreements

The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date, under the terms of a Master Repurchase Agreement (“MRA”). The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties is reflected as a liability. Reverse repurchase agreements involve the risk that the market value of the securities purchased with the proceeds from the sale of securities received by the Fund may decline below the price of the securities the Fund is obligated to repurchase. Reverse repurchase agreements also involve credit risk with the counterparty to the extent that the value of securities subject to repurchase exceeds the Fund’s liability under the reverse repurchase agreement. Securities subject to repurchase under reverse repurchase agreements, if any, are designated as such in the Consolidated Schedule of Investments. Due to the short term nature of the reverse repurchase agreements, face value approximates fair value. As of September 30, 2021, the face value of open reverse repurchase agreements for the Fund was $28,272,000. The weighted average daily balances of reverse repurchase agreements outstanding for the Fund during the six-months ended September 30, 2021 was approximately $77,620,523, at a weighted average weekly interest rate of 1.33%.

An MRA contains provisions for, among other things, initiation, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty. The Fund may not use reverse repurchase agreements and related collateral governed by an MRA to offset derivatives contracts and related collateral governed by an ISDA (see Note 4) or securities lending agreements (“SLA”) and related collateral governed by an SLA (see below).

304

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)

The following tables present the reverse repurchase agreements, which are subject to enforceable MRAs, as well as the collateral delivered related to those reverse repurchase agreements by class of collateral and summarized by the remaining contractual maturity of the transactions.


Counterparty	Reverse Repurchase Agreements				Fair Value of Non-Cash Collateral^(1),(2)			Cash Collateral Pledged⁽¹⁾			Net Amount⁽³⁾
Goldman Sachs Bank USA		$	(23,605,513	)		$	23,605,513		$	—		$	—
Royal Bank of Canada			(4,679,130	)			4,679,130			—			—

Total		$	(28,284,643	)		$	28,284,643		$	—		$	—

⁽¹⁾	Additional required collateral pledged is not shown for financial reporting purposes. The total fair value of non-cash and cash collateral pledged at September 30, 2021 was $40,113,991 and $668,000, respectively.

⁽²⁾	The total fair value of non-cash collateral in the table above includes securities valued at $28,284,643 that have been pledged and received as collateral on a reverse repurchase agreement and repurchase agreement respectively.

⁽³⁾	Net amount represents the net receivable (payable) that would be due from/to the counterparty in the event of default.


	Remaining Contractual Maturity of the Agreements As of September 30, 2021
	Overnight and Continuous			<30 days			Between 30 & 90 days			>90 days			Total
Reverse Repurchase Agreements
Asset-Backed Securities		$	—		$	3,494,700		$	—		$	—		$	3,494,700
Mortgage-Backed Securities			—			24,789,943			—			—			24,789,943
Collateral Cash			—			—			—			—			—

Total		$	—		$	28,284,643		$	—		$	—		$	28,284,643

Gross amount of recognized liabilities for reverse repurchase agreements														$	28,284,643

Securities Lending

The Fund may lend securities, through its agent, to certain qualified financial institutions. The loans are collateralized by cash in an amount at least equal to the market value of the securities loaned. The market value of securities loaned is determined daily and any additional required collateral is allocated to the Fund on the next Business Day. The initial collateral received by the Fund should have a value of at least 102% of the current value of loaned securities for U.S. securities and at least 105% for all other securities. The Fund will bear the risk of loss with respect to the investment of the cash collateral, as well as the possible loss of rights to the collateral should the borrower fail financially. The advantage of such loans is that the Fund continues to receive income on loaned securities while earning returns on the cash amounts which may be reinvested for the purchase of investments in securities. As of September 30, 2021, there were no securities on loan.

The SLA entered into by the Fund provides the right, in the event of default, for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. Under the agreement, the Fund can reinvest cash collateral.

305

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For the Six-Months Ended September 30, 2021 (Unaudited)

When-Issued and Delayed-Delivery Transactions

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued or delayed-delivery securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked-to-market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

The Fund may transact in To Be Announced Securities (“TBAs”). As with other delayed-delivery transactions, a seller agrees to issue TBAs at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms such as issuer, interest rate and terms of underlying mortgages. The Fund records TBAs on the trade date utilizing information associated with the specified terms of the transaction as opposed to the specific mortgages. TBAs are marked-to-market daily and begin earning interest on the settlement date. Losses may occur due to the fact that the actual underlying mortgages received may be less favorable than those anticipated by the Fund.

Restricted Securities

The Fund may purchase securities which are considered restricted. Restricted securities are securities that cannot be offered for public sale without first being registered under the Securities Act of 1933, as amended, or are subject to contractual restrictions on public sales. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. The Fund will not incur any registration costs upon such resales. The Fund cannot demand registration of restricted securities. The Fund’s restricted securities, like other securities, are priced in accordance with the Valuation Procedures. Restricted securities are identified in the Consolidated Schedule of Investments.

Recent Accounting Pronouncements

Certain jurisdictions are currently reforming or phasing out their benchmark interest rates, most notably the London Interbank Offered Rates (“LIBOR”) across multiple currencies. The timing of the anticipated reforms or phase-outs vary by jurisdiction, with most of the reforms or phase-outs currently scheduled to take effect by the end of calendar year 2021 and certain U.S. dollar LIBOR tenors persisting through June 2023. The Fund is evaluating the impact of such changes on existing transactions and contractual arrangements and managing transition efforts.

4. Derivative Financial Instruments

In the normal course of business, the Fund enters into derivative financial instrument contracts for trading and/or economic hedging purposes to increase the returns of the Fund or to protect against exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange risk or other risk (e.g., inflation risk). These contracts may be transacted on a recognized exchange or OTC. The following disclosures contain information on how the Fund uses derivative financial instruments. The derivative financial instruments outstanding as of period end are disclosed in the Consolidated Schedule of Investments.

Forward Foreign Currency Exchange Contracts

The Fund may enter into Forwards to obtain investment exposure, seek to enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. Forwards are agreements between two parties to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon future date. The market value of a Forward fluctuates with the changes

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For the Six-Months Ended September 30, 2021 (Unaudited)

in foreign currency exchange rates. These contracts are valued daily and the change in market value is recorded as an unrealized gain or loss on Forwards. When a contract is closed, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of Forwards does not eliminate fluctuations in the underlying prices of the securities of the Fund, but it does establish a rate of exchange that can be achieved in the future. Although Forwards may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Fund’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities.

Futures Contracts

The Fund may enter into futures contracts to maintain investment exposure to a target asset class or to seek to enhance return. The Fund may be subject to fluctuations in equity prices, interest rates, commodity prices and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Fund must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities which is returned when the Fund’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as segregated cash balance with broker for futures contracts in the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Fund depending on whether unrealized gains or losses are incurred. When the contract is closed or expires, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The potential risk to the Fund is that the change in value of futures contracts may not correspond to the change in the value of the hedge investments. In addition, losses may arise from changes in the value of the underlying instrument, if interest or exchange rates move unexpectedly or if the counterparty is unable to perform. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchanges’ clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Options Contracts

The Fund may purchase and write call and put options. An option contract purchased by the Fund gives the Fund the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Fund give the holder the right to buy the underlying instrument from the Fund at a fixed exercise price; put options written by the Fund give the holder the right to sell the underlying instrument to the Fund at a fixed exercise price. The Fund may use options to hedge against changes in values of securities or currencies it owns or expects to own, to gain or to maintain exposure to interest rates, currencies or broad equity markets, to generate additional income or to enhance returns.

Options trading involve certain additional risks. Specific market movements of the option and the instruments underlying the option cannot be predicted. No assurance can be given that a liquid secondary market will exist for any particular option or at any particular time. The Fund might not be able to enter into a closing transaction for the option as a result of an illiquid market for the option. To realize any profit in the case of an option, therefore, the option holder would need to exercise the option and comply with margin requirements

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For the Six-Months Ended September 30, 2021 (Unaudited)

for the underlying instrument. A writer could not terminate the obligation until the option expired or the writer was assigned an exercise notice. The purchaser of an option is subject to the risk of losing the entire purchase price of the option. The writer of an option is subject to the risk of loss resulting from the difference between the premium received for the option and the price of the futures contract underlying the option that the writer must purchase or deliver upon exercise of the option. The writer of a naked option may have to purchase the underlying contract in the market for substantially more than the exercise price of the option in order to satisfy his delivery obligations. This could result in a large net loss.

Equity, foreign currency or index options that may be purchased or sold by the Fund may include options not traded on a securities exchange. The risk of nonperformance by the counterparty on such option may be greater and the ability of the Fund to enter into a closing transaction with respect to such option may be less than in the case of an exchange traded option.

The Fund may purchase or write interest rate swaption agreements, which are options to enter into a predefined swap agreement by some specific date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When a purchased option expires without being exercised, the Fund will realize a loss equal to the premium paid. When the Fund enters into a closing sale transaction, the Fund will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Fund exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Fund exercises a call option, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid for the call option. Realized gains and losses on purchased options are included in realized gains and losses on investments.

The premium received for a written option is recorded as an asset and an equivalent liability. The liability is marked-to-market daily in accordance with the option’s valuation policy. When a written option expires without being exercised or the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Fund realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received is offset against the amount paid for the purchase of the underlying instrument.

Swap Agreements

The Fund may enter into total return, interest rate, and credit default swap agreements (“Swaps”). Swaps are bilaterally negotiated agreements between the Fund and a counterparty in which the Fund and counterparty agree to make either periodic net payments on a specified notional amount or a net payment upon termination. Swaps are privately negotiated in the OTC market or may be executed in a multilateral or other trade facility platform, such as a registered exchange or swap execution facility (“centrally cleared swaps”). The Fund may enter into Swaps for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash (“segregated cash” or “collateral”) may be paid or received, as applicable, by the Fund as collateral or margin in accordance with the terms of the respective Swaps to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Fund as collateral for swaps are identified in the Consolidated Schedule of Investments and segregated cash, if any, is reflected in the Consolidated Statement of Assets and Liabilities.

308

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Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into Swaps involves documentation risk resulting from the possibility that the parties to Swaps may disagree as to the meaning of contractual terms in the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having an MNA between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.

Interest Rate Swaps: The Fund may enter into OTC and/or centrally cleared interest rate swap contracts to hedge interest rate risk, to gain exposure on interest rates and to hedge prepayment risk. The Fund is subject to interest rate risk exposure in the normal course of pursuing their investment objectives. The Fund may hold fixed rate bonds, and the value of these bonds may decrease if interest rates rise. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. The Fund’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contracts remaining life, to the extent that amount is positive.

Interest rate swaps can be purchased or sold with an upfront premium. An upfront payment received by the Fund is recorded as a liability on the Fund’s Consolidated Statement of Assets and Liabilities and an upfront payment made by the Fund is recorded as an asset in the Consolidated Statement of Assets and Liabilities. Interest rate swaps are marked-to-market daily and any change is recorded as an unrealized gain or loss on swaps. Daily fluctuations in the value of centrally cleared interest rate swaps are recorded as a receivable or payable for variation margin on the Fund’s Consolidated Statement of Assets and Liabilities. Payments, including upfront premiums, received or made are recorded as realized gains or losses at the closing of the contract.

Total Return Swaps: The Fund may enter into total return swap agreements to obtain exposure to a security, index, market or other basket of securities without owning such security or investing directly in that security, index, market or other basket of securities or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the underlying instrument, which may include a specified security, index, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. To the extent the total return of the instrument underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying instrument increases and receives payment from the other party if the value of the underlying asset decreases.

The Fund may utilize total return swaps on baskets of securities (“Basket Swaps”) to a significant extent in order to obtain synthetic exposure to investment strategies. For a Basket Swap, the Fund or a Subsidiary makes payments to a counterparty (at either a fixed or variable rate) in exchange for receiving from the counterparty payments that reflect the return of a “basket” of securities, derivatives, and/or commodity interests identified by the Sub-Adviser (or the Investment Adviser). The Fund may also utilize structured notes (“Basket Notes”) in which the Fund or a Subsidiary purchases a note from an issuer in exchange for

309

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For the Six-Months Ended September 30, 2021 (Unaudited)

receiving from the issuer payments that reflect the return of an account through which the Sub-Adviser (or the Investment Adviser) manages a portfolio reflecting a basket of securities, derivatives, and/or commodity interests. The Sub-Adviser (or the Investment Adviser) will select and manage the securities, derivatives, and/or commodity interests underlying the Basket Swap or the Basket Note in a manner consistent with the Fund’s strategies. The Fund’s investment returns on Basket Swaps or Basket Notes generally will correspond to the Fund’s returns had the Sub-Adviser managed the notional equivalent of the Fund’s assets directly (although returns on Basket Swaps or Basket Notes will be reduced by financing charges and trading costs incurred by the Basket Swap counterparty or Basket Note issuer). The Fund expects to obtain a significant portion of its investment exposure through Basket Swaps and/or Basket Notes.

Credit Default Swaps: The Fund may enter into OTC and/or centrally cleared credit default swap contracts to hedge credit risk, to hedge market risk, or to gain exposure on single-name issuers and/or baskets of securities.

In a credit default swap contract, the protection buyer typically makes an upfront payment and a periodic stream of payments to a counterparty, the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or all other equally ranked obligations of the reference entity. Credit events are contract specific but may include bankruptcy, failure to pay, restructurings and obligation acceleration. An upfront payment received by the Fund or made by the Fund is recorded as a liability or asset, respectively, in the Consolidated Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses. Credit default swap contracts are marked-to-market daily and the change is recorded as an unrealized gain or loss on swaps. Upon the occurrence of a credit event, the difference between the par value and the market value of the reference obligation, net of any proportional amount of upfront payment, is recorded as a realized gain or loss on swaps.

Interest rate swaps, total return swaps and credit default swaps outstanding at year end are listed at the end of the Fund’s Consolidated Schedule of Investments.

At September 30, 2021, the Fund had the following derivative financial instruments, presented on a gross basis and categorized by risk exposure:


	Asset Derivatives			Liability Derivatives
	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Centrally cleared swaps, at fair value^(c)	$	10,784,991	Centrally cleared swaps, at fair value ^(c)	$	(19,464,350	)
	Swap contracts, at fair value ^(b)		—	Swap contracts, at fair value ^(b)		(61,757	)
	Unrealized appreciation on futures contracts ^(c)		2,409,989	Unrealized depreciation on futures contracts ^(c)		(3,021,386	)
	Purchased options, at fair value ^(d)		771,208	Options written, at value		(1,086,635	)
Equity	Swap contracts, at fair value ^(b)		34,914,738	Swap contracts, at fair value ^(b)		(47,274,964	)
	Unrealized appreciation on futures contracts ^(c)		1,321,748	Unrealized depreciation on futures contracts ^(c)		(7,462,942	)
	Purchased options, at fair value ^(d)		2,428,386	Options written, at value		(8,013,314	)

310

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Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)


	Asset Derivatives			Liability Derivatives
	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Commodity	Unrealized appreciation on futures contracts ^(c)	$	100,490,892	Unrealized depreciation on futures contracts ^(c)	$	(131,593,292	)
	Purchased options, at fair value ^(d)		142,464,940	Options written, at value		(90,046,709	)
Credit	Centrally cleared swaps, at fair value ^(c)		1,893,478	Centrally cleared swaps, at fair value ^(c)		(915,118	)
	Swap contracts, at fair value ^(b)		1,485,867	Swap contracts, at fair value ^(b)		(2,546,427	)
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		1,831,419	Unrealized depreciation on forward foreign currency exchange contracts		(840,876	)
	Unrealized appreciation on futures contracts ^(c)		66,980	Unrealized depreciation on futures contracts ^(c)		(1,005,888	)
	Purchased options, at fair value ^(d)		—	Options written, at value		—

Total		$	300,864,636		$	(313,333,658	)

Amounts not subject to MNA⁽¹⁾			262,632,612			(260,335,146	)

Total Gross amounts subject to MNA		$	38,232,024		$	(52,998,512	)

⁽¹⁾	See below for disclosure of financial instruments assets and liabilities subject to offset under enforceable MNA.

The following tables present information about the amount of net realized gain (loss) and net unrealized appreciation (depreciation) on derivative financial instruments for the six-months ended September 30, 2021:


Primary Underlying Risk	Average Number of Contracts^(a)			Average Notional USD^(a)			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)
Interest Rate
Swap contracts		—			22,752,375,588			$	21,261,066			$	1,680,573
Future contracts		—			2,706,221,025				577,696				(2,584,062	)
Purchased options^(d)		1,581,630,809			(1,448,437	)			(101,039	)			(3,989,563	)
Options written		—			(68,975	)			250,077				112,026

Equity
Swap contracts		—			2,835,853,469				87,190,806				(3,640,028	)
Future contracts		—			76,740,867				3,750,283				(6,426,767	)
Purchased options^(d)		5,145,823			(1,110,445	)			(5,382,515	)			893,919
Options written		(4,649,965	)		924,689				4,987,447				(8,569,776	)

Commodity
Future contracts		—			1,159,469,142				(9,061,571	)			(36,292,191	)
Purchased options^(d)		—			16,052,811				17,897,377				115,418,083
Options written		—			(18,374,109	)			(2,915,850	)			(60,027,096	)

311

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For the Six-Months Ended September 30, 2021 (Unaudited)


Primary Underlying Risk	Average Number of Contracts^(a)		Average Notional USD^(a)			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)

Credit
Swap contracts		—		127,788,040			$	(11,699,971	)		$	7,191,040

Foreign Exchange
Forward foreign currency exchange contracts		—		289,544,723				(356,615	)			(139,442	)
Future contracts		—		36,916,348				(80,133	)			(1,012,742	)
Purchased options^(d)		—		(7,184	)			(361,798	)			(328,814	)
Options written		—										—

Total							$	105,955,260			$	2,285,160

^(a)	Averages are based on monthly activity levels during the six-months ended September 30, 2021.

^(b)	Includes swap contract premiums paid/received and unrealized appreciation/depreciation on swap contracts.

^(c)	Includes unrealized appreciation/depreciation of futures contracts and centrally cleared swaps as reported in the Notes to Consolidated Schedule of Investments. Only the current day’s variation margin is reported in the Consolidated Statement of Assets and Liabilities.

^(d)

Includes purchased options that are part of investments in securities as shown in the Consolidated Statement of Assets and Liabilities and net realized gain on investments in securities and net unrealized appreciation on investments in securities as shown in the Consolidated Statement of Operations.

Netting Arrangements

The Fund enters into ISDA Master Agreements that contain MNAs that provide for payment netting and, in the case of default or similar event with respect to the counterparty to the MNA, can provide for netting across transactions. Generally, upon counterparty default, the Fund can terminate all transactions under the MNA and set-off amounts it owes across all transactions under a particular MNA and against collateral under such MNA. The Fund may not use derivatives contracts and related collateral governed by an ISDA to offset reverse repurchase agreements and related collateral governed by an MRA or SLA and related collateral governed by an SLA (see Note 3).

The Fund has MNAs, which allows certain derivative financial instruments and collateral with the same counterparty to be offset to minimize counterparty credit exposure. The following table presents information related to derivative financial instruments and collateral related to securities loaned that are subject to an enforceable MNA and are not offset, as shown in the Consolidated Statement of Assets and Liabilities as of September 30, 2021.

312

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For the Six-Months Ended September 30, 2021 (Unaudited)

The following table represents the Fund’s derivative financial instrument assets and liabilities by counterparty net of amounts available for offset under an MNA and net of related collateral received/pledged by the Fund as of September 30, 2021:


				Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
	Gross Amount of Assets Presented in Consolidated Statement of Assets and Liabilities			Derivative Financial Instruments Available to Offset				Cash Collateral Received⁽⁴⁾				Non-Cash Collateral			Net Amount⁽²⁾
By Counterparty⁽¹⁾
Deutsche Bank AG		$	147,881		$	(147,881	)		$	—			$	—			—
Goldman Sachs International			2,723,553			(2,723,553	)			—				—			—
JPMorgan Chase Bank, N.A.			73,386			(73,386	)			—				—			—
Morgan Stanley Capital Services LLC			143,434			(4,601	)			—				—			138,833

Cayman Subsidiary
Citibank N.A.			581,498			(220,914	)			(360,584	)			—			—
Morgan Stanley Capital Services, Inc.			93,980			(24,972	)			—				—			69,008
State Street Bank and Trust Company			229,337			(56,010	)			(80,000	)			—			93,327

Domestic Subsidiary III
Goldman Sachs International			227,704			—				—				—			227,704

Domestic Subsidiary IV
Credit Suisse International			553,336			(553,336	)			—				—			—
Goldman Sachs International			1,113,250			(1,113,250	)			—				—			—
J.P. Morgan Securities LLC			644,330			(294,799	)			—				—			349,531
JPMorgan Chase Bank, N.A.			8,387,497			(8,387,497	)			—				—
Morgan Stanley Capital Services LLC			22,597,009			(22,597,009	)			—				—			—
State Street Bank and Trust Company			715,829			—				—				—			715,829


		$	38,232,024			$ (36,197,208)			$	(440,584	)		$	—		$	1,594,232

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For the Six-Months Ended September 30, 2021 (Unaudited)


					Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
	Gross Amount of Liability Presented in Consolidated Statement of Assets and Liabilities				Derivative Financial Instruments Available to Offset			Cash Collateral Pledged⁽⁵⁾			Non-Cash Collateral			Net Amount⁽³⁾

By Counterparty⁽¹⁾
Bank of America, N.A.		$	(61,757	)		$	—		$	—		$	—		$	(61,757	)
Barclays Bank PLC			(1,187,853	)			—			350,000			—			(837,853	)
Deutsche Bank AG			(231,283	)			147,881			—			—			(83,402	)
Goldman Sachs International			(5,311,368	)			2,723,553			2,587,815			—			—
HSBC Bank plc			(61,448	)			—			—			—			(61,448	)
JPMorgan Chase Bank, N.A.			(465,324	)			73,386			391,938			—			—
Morgan Stanley Capital Services LLC			(4,601	)			4,601			—			—			—
Morgan Stanley Capital Services, Inc.			(53,437	)			—			53,437			—			—

Cayman Subsidiary
Citibank N.A.			(220,914	)			220,914			—			—			—
J.P. Morgan Securities LLC			(332,898	)			—			332,898			—			—
JPMorgan Chase Bank, N.A.			(967,278	)			—			839,299			—			(127,979	)
Morgan Stanley Capital Services LLC			(13,155	)			—			—			—			(13,155	)
Morgan Stanley Capital Services, Inc.			(24,972	)			24,972			—			—			—
State Street Bank and Trust Company			(56,010	)			56,010			—			—			—

Domestic Subsidiary IV
Credit Suisse International			(3,341,812	)			553,336			2,788,476			—			—
Goldman Sachs Bank USA			(98,377	)			—			—			—			(98,377	)
Goldman Sachs International			(3,164,603	)			1,113,250			2,051,353			—			—
J.P. Morgan Securities LLC			(294,799	)			294,799			—			—			—
JPMorgan Chase Bank, N.A.			(11,294,282	)			8,387,497			—			—			(2,906,785	)
Morgan Stanley Capital Services LLC			(25,812,340	)			22,597,009			3,215,331			—			—


			$ (52,998,511	)		$	36,197,208			$ 12,610,547		$	—			$ (4,190,756	)

314

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Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)

⁽¹⁾	The Fund and each Subsidiary are subject to separate MNAs with each individual counterparty.

⁽²⁾	Net amount represents the net amount receivable from the counterparty in the event of default.

⁽³⁾	Net amount represents the net amount payable to the individual counterparty in the event of default.

⁽⁴⁾	Additional required collateral received from the individual counterparty is not shown for financial reporting purposes.

⁽⁵⁾	Additional required collateral pledged to the individual counterparty is not shown for financial reporting purposes.

5. Fair Value Measurements

The following table presents information about the classification of the Fund’s investments measured at fair value within the fair value hierarchy as of September 30, 2021:


Assets:	Level 1			Level 2			Level 3			Total
Investments in Securities:
Common Stock		$	991,323,074		$	2,321,592		$	1,236,231		$	994,880,897
Convertible Preferred Stocks			973,637			—			—			973,637
Preferred Stock			2,364,552			—			4,862,828			7,227,380
Asset-Backed Securities			—			66,951,907			—			66,951,907
Convertible Bonds			—			7,865,078			—			7,865,078
Bank Debt			—			114,080,846			63,299,178			177,380,024
Corporate Bonds & Notes			—			360,278,289			119,900			360,398,189
Sovereign Debt			—			170,961,620			—			170,961,620
Mortgage-Backed Securities			—			268,077,401			—			268,077,401
U.S. Government Sponsored Agency Securities			—			8,570,898			—			8,570,898
Municipals			—			29,266,423			—			29,266,423
U.S. Treasury Notes			—			149,425,781			—			149,425,781
Exchange-Traded Funds			5,991,486			—			—			5,991,486
Warrants			5,590,239			—			231,028			5,821,267
Commodities			—			420,334,910			—			420,334,910
Purchased Options			144,121,307			1,543,227			—			145,664,534
Subtotal		$	1,150,364,295		$	1,599,677,972		$	69,749,165		$	2,819,791,432
Investments Valued at NAV												783,836,519
Total Investments in Securities		$	1,150,364,295		$	1,599,677,972		$	69,749,165		$	3,603,627,951
Unfunded Loan Commitment			—			—			91,209			91,209
Futures Contracts			104,289,609			—			—			104,289,609
Forward Foreign Currency Exchange Contracts			—			1,831,419			—			1,831,419
Centrally Cleared Credit Default Swaps			—			1,893,478			—			1,893,478
OTC Credit Default Swaps			—			1,485,867			—			1,485,867
OTC Total Return Swaps			—			34,914,738			—			34,914,738
Centrally Cleared Interest Rate Swaps			—			10,784,991			—			10,784,991
Total Assets		$	1,254,653,904		$	1,650,588,465		$	69,840,374		$	3,758,919,262

315

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For the Six-Months Ended September 30, 2021 (Unaudited)


Liabilities:	Level 1			Level 2			Level 3			Total
Securities Sold Short:
Common Stock		$	425,337,086		$	29		$	—		$	425,337,115
Exchange-Traded Funds			4,929,001			—			—			4,929,001
Rights			0			—			—			0
Warrants			0			—			—			0
Total Securities Sold Short			430,266,087			29			—			430,266,116
Options Written			96,543,678			2,602,980			—			99,146,658
Reverse Repurchase Agreements			—			28,284,643			—			28,284,643
Futures Contracts			143,083,508			—			—			143,083,508
Forward Foreign Currency Exchange Contracts			—			840,876			—			840,876
Centrally Cleared Credit Default Swaps			—			915,118			—			915,118
OTC Credit Default Swaps			—			2,546,427			—			2,546,427
OTC Total Return Swaps			—			47,336,721			—			47,336,721
Centrally Cleared Interest Rate Swaps			—			19,464,350			—			19,464,350
Total Liabilities		$	669,893,273		$	101,991,144		$	—		$	771,884,417

Investments in Investee Funds that are measured at fair value using NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated Financial Statements.

Investments in Investee Funds that are non-redeemable or subject to other restrictions such as a lockup at the measurement date or have the ability to limit the individual amount of investor redemptions shall be classified as having a redemption restriction.

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For the Six-Months Ended September 30, 2021 (Unaudited)

The following table summarizes investments in Investee Funds, by investment strategy, the unfunded commitment of each strategy (if applicable), and the amount of the investment in Investee Fund that cannot be redeemed because of redemption restrictions put in place by the Investee Fund.



Investments in Investee Funds by Strategy	Unfunded Commitment $	Non-Redeemable Investments (A)		Other Restricted Investments (B)		Investments Subject to No Restrictions	Total $
		Amount $	Redemption Restriction Commence- ment Date	Amount $	Redemption Restriction Term	Amount $

Equity Hedge (1)	N/A	—	N/A	197,076,800	7 days	—	197,076,800

Equity Hedge (1)	N/A	—	N/A	—	N/A	30,765,935	30,765,935

Equity Hedge (1)	N/A	—	N/A	97,226,633	60 days	—	97,226,633

Event - Driven (2)	N/A	3,000,000	N/A	19,628,572	6 months	115,546,827	138,175,399

Macro Strategies (3)	N/A	—	N/A	74,659,200	90 days	—	74,659,200

Macro Strategies (3)	N/A	—	N/A	245,932,551	6 days	—	245,932,551

⁽¹⁾

The Equity Hedge strategy generally includes equity-focused Investee Funds with a bottom-up analysis that do not actively trade exposures, with trading strategies focusing on shorter-term dynamics and appreciation for market technicals, top-down thematic/macro views, and technically driven statistical arbitrage with fundamental quantitative long/short strategies.

⁽²⁾	The Event-Driven strategy generally includes Investee Funds that seek returns by investing in strategies including catalyst events, share class arbitrage, share buybacks, post re-organization equity, recapitalizations, spin-offs and stub trades.

⁽³⁾	The Macro Strategies strategy generally includes Investee Funds with a focus on opportunistic and strategic allocations across asset classes including but not limited to bonds, rates, currencies, and commodities.

(A) Investments in Investee Funds cannot currently be redeemed and the remaining redemption restriction period is not known. The date the redemption restriction commenced is disclosed.

(B) Investments subject to other restrictions include investments in Investee Funds that are subject to a lockup at the measurement date and/or have the ability to limit the individual amount of investor redemptions. The redemption restriction term is based on the restriction period (or range of restriction periods) for Investee Funds as defined in each respective Investee Fund’s governing legal agreement without

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For the Six-Months Ended September 30, 2021 (Unaudited)

consideration of the length of time elapsed from the date of investments in Investee Funds. The Fund’s investment in a particular Investee Fund classified within the strategies above may be comprised of investments with differing liquidity terms or investments that were made at differing points in time.

The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of broker quotations in accordance with valuation methodology.

The changes in investments measured at fair value for which the Fund used Level 3 inputs to determine fair value are as follows:


Assets: Investments	Common Stocks				Preferred Stocks			Bank Debt				Corporate Bonds & Notes				Warrants			Unfunded Loan Commitment			Total
Balance as of March 31, 2021		$	1,249,313			$	4,482,820		$	58,956,505			$	128,620			$	—		$	70,430		$	64,887,688
Transfers In			109,969				—			4,049,705				—				—			—			4,159,674
Transfers Out			—				—			(12,982,920	)			—				—			—			(12,982,920	)
Purchases			—				—			23,511,203				—				—			—			23,511,203
Sales			(96,793	)			—			(8,599,431	)			—				—			—			(8,696,224	)
Amortization			—				—			2,695,433				—				—			—			2,695,433
Net realized gain (loss)			—				—			(1,297,610	)			—				—			—			(1,297,610	)
Net change in unrealized appreciation (depreciation)			(26,258	)			380,008			(3,033,707	)			(8,720	)			231,028			20,779			(2,436,870	)

Balance as of September 30, 2021		$	1,236,231			$	4,862,828		$	63,299,178			$	119,900			$	231,028		$	91,209		$	69,840,374

Net change in unrealized appreciation (depreciation) related to investments still held as of September 30, 2021		$	(26,258	)		$	380,008		$	(4,128,302	)		$	(8,720	)		$	231,028		$	20,779		$	(3,531,465	)

The following table summarizes the quantitative inputs and assumptions used for investments classified within Level 3 of the fair value hierarchy as of September 30, 2021.


Assets	Valuation Technique		Unobservable Inputs			Fair Value at September 30, 2021			Range of Inputs (Weighted Average)
Investments in Securities:
Bank Debt		Discount Approach			Discount Rate		$	8,082,909			9.94	%
		Discount Approach		Discount Rate			6,118,009			10.50	%
					Discount Rate			2,531,697			11.84	%
		Discounted Cash Flow			Discount Rate			103,890			48.00% - 65.00	%
		Broker-dealer Quotations			Indicative Bid			46,462,673			N/A

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For the Six-Months Ended September 30, 2021 (Unaudited)

Assets

Valuation

Technique

Unobservable

Inputs

Fair Value at
September 30,
2021

Range of Inputs
(Weighted
Average)

Common Stock

Broker-dealer
Quotations

Indicative Bid

1,236,231

N/A

Corporate Bonds & Notes

Broker-dealer
Quotations

Indicative Bid

119,900

N/A

Preferred Stock

Broker-dealer
Quotations

Indicative Bid

4,862,828

N/A

Warrants

Comparable
Company
Multiples

Revenue
Multiples

231,028

1.75x to 2.25x

Unfunded Loan Commitment

Broker-dealer
Quotations

Indicative Bid

91,209

N/A

Total Investments in Securities

69,840,374

6. Purchase and Sale of Fund Shares

The Fund currently offers Class D Shares, Class I Shares, Class R Shares and Class Y Shares. During the six-months ended September 30, 2021, only Class D Shares, Class I Shares and Class Y Shares were outstanding.

The Fund’s Class D Shares are offered primarily through broker-dealers and other financial intermediaries with whom the Distributor has an agreement for the use of the Fund in investment products, programs, or accounts such as mutual fund supermarkets or other no transaction fee platforms. The Fund’s Class I Shares are offered to institutional investors and individual investors who are clients of financial intermediaries, broker-dealers, financial institutions or registered investment advisors that: have entered into an arrangement approved by the Distributor to provide certain administrative services to investors in the Fund’s Class I Shares. Shareholders of Class I Shares may be subject to additional advisory, administrative, servicing, account-level or other fees in addition to those described in the Fund’s Prospectus, which are paid to financial intermediaries to support the additional services they may provide. The Fund’s Class Y Shares are offered for institutional investors and individuals (including through individual retirement accounts) who purchase directly from the Fund. Class Y Shares may also be offered to employees, officers and directors/ trustees of the Investment Adviser, the Fund or their respective affiliates. In addition, Class Y Shares are offered for institutional investors and individuals who are clients of financial intermediaries, broker-dealers, financial institutions, or registered investment advisors that have entered into an arrangement approved by the Distributor and do not charge a fee to the Fund. The minimum investment in Class D Shares by an investor is $10,000, and the minimum subsequent investment in Class D Shares by an investor is $1,000. The minimum investment in Class I Shares by an investor is $100,000, and the minimum subsequent investment in Class I Shares by an investor is $10,000. Class Y Shares have no investment minimum requirements. The Fund’s Class R Shares have no minimum investment requirement and are generally available only to special benefit plans.

Shares of the Fund may be purchased or redeemed at NAV each Business Day.

7. Investment Adviser Fees and Other Transactions with Affiliates

Pursuant to the investment management agreement between the Investment Adviser and the Trust, on behalf of the Fund, the Fund pays the Investment Adviser a management fee (the “Fund Management Fee”) at an annual rate based on the Fund’s average daily net assets, excluding the net assets of the applicable

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For the Six-Months Ended September 30, 2021 (Unaudited)

Subsidiaries. The Fund Management Fee accrues daily in arrears and is paid quarterly. The Investment Adviser receives additional compensation at an annual rate based on each Subsidiary’s average daily net assets for providing management services to the Subsidiaries. For collective net assets of the Fund and the respective Subsidiaries up to $2.5 billion, the Fund Management Fee is calculated at a rate of 1.95% (annualized), and for collective net assets greater than or equal to $2.5 billion, the Fund Management Fee is calculated at a rate of 1.80% (annualized). During the six-months ended September 30, 2021, the Fund paid the Investment Adviser $48,298,403 in management fees. From this amount, the Investment Adviser paid $18,234,122 in sub-advisory fees to non-affiliated Sub-Advisers with respect to the Fund, which amounted to 0.71% (annualized) of the Fund’s average daily net assets. The Investment Adviser paid $979,518 and $300,039 in sub-advisory fees with respect to the Fund to Blackstone Real Estate Special Situations Advisors L.L.C. and Blackstone Liquid Credit Strategies LLC, respectively, both indirect wholly-owned subsidiaries of Blackstone and affiliates of the Investment Adviser, which amounted to 0.02% of the Fund’s average daily net assets

Sub-Advisory Fees

Pursuant to the sub-advisory agreements between the Investment Adviser and the Sub-Advisers, the Sub-Advisers are compensated for the services they provide to the Fund by the Investment Adviser from the Fund Management Fee received by the Investment Adviser.

Distribution and Service Fees

Pursuant to the amended and restated Distribution and Service Plan, the Fund’s Class D Shares bear distribution and service fees at an annual rate of 0.25% of the average daily net assets of the Fund attributable to Class D Shares. Payments of the distribution and service fee may be made without regard to expenses actually incurred. The Distributor may pay all or a portion of the distribution and/or service fee to brokers, dealers, selling agents, other financial institutions, or other industry professionals (collectively, “intermediaries”) for distribution services, sales support services, personal services, and/or the maintenance of shareholder account services provided and related expenses incurred by such intermediaries. The Fund’s Class I Shares, Class Y Shares and Class R Shares are not subject to distribution and service fees.

Expense Limitation and Reimbursement

The Investment Adviser has entered into an Expense Limitation and Reimbursement Agreement with the Fund to limit the amount of Specified Expenses (as defined below) of the Fund to 2.40% per annum of the Fund’s net assets for Class D Shares, Class I Shares and Class Y Shares and 2.55% per annum of the Fund’s net assets for Class R Shares (collectively, the “Total Expense Cap”) (computed and applied on a monthly basis). Specified Expenses include all expenses incurred by the Fund with the exception of (i) distribution or servicing fees, (ii) acquired fund fees and expenses, (iii) brokerage and trading costs, (iv) interest payments

(including any interest expenses, commitment fees, or other expenses related to any line of credit of the Fund), (v) taxes, (vi) dividends and interest on short positions, and (vii) extraordinary expenses (in each case as determined in the sole discretion of BAIA).

To the extent the estimated annualized Specified Expenses for any month exceed the Total Expense Cap, the Investment Adviser will waive its fees and/or reimburse the Fund for expenses to the extent necessary to eliminate such excess. The Investment Adviser may discontinue its obligations under the Expense Limitation and Reimbursement Agreement at any time in its sole discretion after August 31, 2023 upon written notice to the Fund. This arrangement cannot be terminated prior to August 31, 2023 without the Board’s consent. The Fund has agreed to repay the amounts borne by the Investment Adviser under the Expense Limitation and Reimbursement Agreement within the thirty-six month period after the Investment Adviser bears the expense, to the extent the estimated annualized Specified Expenses for a given month are less than the lower of the Total Expense Cap or any expense limitation agreement then in effect with respect to the

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For the Six-Months Ended September 30, 2021 (Unaudited)

Fund. The repayment may not raise the level of estimated annualized Specified Expenses in the month of repayment to exceed the Total Expense Cap or any other expense limitation agreement then in effect. During the six-months ended September 30, 2021, there were no repayments or potential repayments to the Investment Adviser.

Related Party Transactions

Blackstone Holdings Finance Co. L.L.C. (“FINCO”), an affiliate of the Fund, pays certain expenses on behalf of the Fund. The Fund reimburses FINCO for such expenses paid on behalf of the Fund. FINCO does not charge any fees for providing such administrative services. At six-months ended September 30, 2021, $1,387,749 is payable to FINCO.

The Investment Adviser utilizes technology offered by Arcesium LLC (“Arcesium”) to provide certain middle- and back-office services to the Fund, and the Fund bears the costs for such services. The parent company of a Sub-Adviser owns a controlling, majority interest in Arcesium and the Investment Adviser owns a non-controlling, minority interest in Arcesium.

8. Other Agreements

State Street Bank and Trust Company serves as the administrator, custodian and transfer agent to the Fund. U.S. Bank National Association (“U.S. Bank”) serves as custodian for certain of the Fund’s securities, commodities, cash, and other property. Blackstone Securities Partners L.P., an affiliate of the Investment Adviser, serves as the Fund’s distributor.

9. Financial Instruments and Off-Balance Sheet Risk

Market Risk: In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk) or failure of the other party to a transaction to perform (credit and counterparty risk). The value of securities held by the Fund may decline in response to certain events, including those directly involving the companies whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations.

Credit and Counterparty Risk: The Fund may be exposed to counterparty risk, or the risk that an entity with which the Fund has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated Financial Statements. Financial assets that potentially expose the Fund to credit and counterparty risk consist principally of cash due from counterparties and investments. The Fund manages counterparty risk by entering into agreements only with counterparties that it believes has the financial resources to honor its obligations and by monitoring the financial stability of those counterparties. The Fund’s Investment Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Fund restricts exposure to credit and counterparty losses by entering into MNAs with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives (e.g., futures contracts and exchange traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., Forwards, Swaps and OTC options). For derivatives traded under an ISDA Master Agreement or similar master agreement, the collateral requirements may be netted across all transactions traded under such

321

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For the Six-Months Ended September 30, 2021 (Unaudited)

agreement and certain counterparties may allow one amount to be posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and may permit net amounts owed under each transaction to be netted to derive one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Fund’s credit risk to such counterparty equal to any amounts payable by the Fund under the applicable transactions, if any. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Fund under derivative financial instrument contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

At September 30, 2021, the Fund had counterparty concentration of credit risk primarily with State Street Bank and Trust Company, Morgan Stanley & Co. LLC, Morgan Stanley Capital Services LLC, Morgan Stanley & Co. International plc, Credit Suisse Securities (USA) LLC, Credit Suisse Securities (Europe) Limited and Credit Suisse International.

Foreign Investment Risk: The investments by the Fund in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in, require settlement in and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from Forwards with respect to the potential inability of counterparties to meet the terms of their contracts.

Liquidity Risk: Some securities held by the Fund, including, but not limited to, restricted, distressed, non-exchange traded, and/or privately placed securities, may be difficult to sell, or illiquid, particularly during times of market turmoil. Investments in Investment Funds are generally illiquid and some Investment Funds may not permit withdrawals or may make in-kind distributions of illiquid securities when the Fund desires to divest. Illiquid securities may be difficult to value. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss.

Money Market Funds Risk: The investments in money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. In addition, money market funds are exposed to market risk, credit risk and liquidity risk.

Special Purpose Acquisition Companies Risk: A Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek potential acquisition opportunities. Because SPACs and similar entities are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. An investment in a SPAC is subject to a variety of risks, including that (i) a portion of the monies raised by the SPAC for the purpose of effecting an acquisition or merger may be expended prior to the transaction for payment of taxes and other purposes; (ii) prior to any acquisition or merger, a SPAC’s assets are typically invested in government securities, money market funds and similar investments whose returns or yields may be significantly lower than those of a Fund’s other investments; (iii) a Fund generally will not receive significant income from its investments in SPACs (both prior to and after any acquisition or merger) and, therefore, a Fund’s investments in SPACs will not significantly contribute to a Fund’s distributions to

322

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For the Six-Months Ended September 30, 2021 (Unaudited)

shareholders; (iv) an attractive acquisition or merger target may not be identified at all, in which case the SPAC will be required to return any remaining monies to shareholders; (v) if an acquisition or merger target is identified, a Fund may elect not to participate in the proposed transaction or a Fund may be required to divest its interests in the SPAC due to regulatory or other considerations, in which case the warrants or other rights with respect to the SPAC held by a Fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; (vi) any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders; (vii) under any circumstances in which a Fund receives a refund of all or a portion of its original investment (which typically represents a pro rata share of the proceeds of the SPAC’s assets, less any applicable taxes), the returns on that investment may be negligible, and a Fund may be subject to opportunity costs to the extent that alternative investments would have produced higher returns; (viii) to the extent an acquisition or merger is announced or completed, shareholders who redeem their shares prior to that time may not reap any resulting benefits; (ix) a Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; (x) an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; (xi) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; (xii) only a thinly traded market for shares of or interests in a SPAC may develop, or there may be no market at all, leaving a Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what a Fund believes is the SPAC interest’s intrinsic value; and (xiii) the values of investments in SPACs may be highly volatile and may depreciate significantly over time.

Additional risks associated with each type of investment are described within the respective security type notes. The Fund’s Prospectus includes a discussion of the principal risks of investing in the Fund.

10. Investment Transactions

The aggregate cost of purchases and proceeds of sales of investments in securities (excluding short-term debt securities with maturities at the time of acquisition of one year or less (if applicable)), for the six-months ended September 30, 2021 were as follows:


Purchases		Sales
Long-Term	U.S Government	Long-Term	U.S Government
$2,131,585,389	$802,680,908	$1,356,026,978	$1,728,522,719

11. Income Tax Information

The Fund intends to qualify each tax year as a regulated investment company under Subchapter M of the Code. The Fund has adopted a tax year-end of October 31, therefore the consolidated Financial Statements, unless otherwise indicated, reflect tax adjusted balances as of October 31, 2020. The Fund intends to distribute substantially all of its net investment income and all of its net realized short-term and long-term capital gain, if any, after giving effect to any available capital loss carryforwards for U.S. federal income tax purposes. Therefore, the Fund makes no provision for U.S. federal income or excise taxes.

The Fund’s policy is to declare and pay distributions from net investment income and from net realized short-term and long-term capital gain, if any, at least annually. All distributions are reinvested in additional shares of the Fund, at NAV, unless the shareholder elects to receive cash distributions. Distributions to shareholders are recorded by the Fund on the ex-dividend date.

The Fund is subject to authoritative guidance related to the accounting and disclosure of uncertain tax positions under U.S. GAAP. This guidance sets forth a minimum threshold for the financial statement recognition of tax positions taken based on the technical merits of such positions. United States and non-U.S.

323

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Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2021 (Unaudited)

tax rules (including the interpretation and application of tax laws) are subject to change. The Fund files tax returns and/or adopts certain tax positions in various jurisdictions. Non-U.S. taxes are provided for based on the Fund’s understanding of the prevailing tax rules of the non-U.S. markets in which they invest. Recently enacted tax rules, including interpretations of tax laws (e.g., regulations pertaining to the U.S. Foreign Account Tax Compliance Act) and proposed legislation currently under consideration in various jurisdictions, including the U.S., might affect the way the Fund and its investors are taxed prospectively and/or retroactively. Prior to the expiration of the relevant statutes of limitations, if any, the Fund is subject to examination by U.S. federal, state, local and non-U.S. jurisdictions with respect to the tax returns they have filed and the tax positions they have adopted. The Fund’s U.S. federal income tax returns are generally subject to examination by the Internal Revenue Service for a period of three years after they were filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction.

As of September 30, 2021, the approximate cost for U.S. federal income tax purposes and gross and net unrealized appreciation (depreciation) in value of investments, securities sold short, and derivatives were as follows:

Aggregate Cost

Gross Unrealized

Appreciation

Gross Unrealized

(Depreciation)

Net Unrealized

Appreciation

(Depreciation)

$3,142,435,851

$299,606,115

$(426,567,792)

$(126,961,676)

12. Borrowings Under Credit Facility

The Fund has a secured revolving borrowing facility (the “Facility”) with State Street Bank and Trust Company (the “Bank”) in an aggregate principal amount of up to $500,000,000, subject to a maximum loan value of not more than 25% of the Fund’s NAV (the “Aggregate Commitment Amount”). Borrowings under the Facility are used primarily for bridge financing purposes and are secured by the assets of the Fund. Under the terms of the agreement, the Aggregate Commitment Amount may be terminated or reduced from time to time upon written notice from the Fund to the Bank. Outstanding borrowings bear interest at a rate equal to 1.25% plus the One-Month USD LIBOR Rate per annum (0.08% at September 30, 2021). A commitment fee is charged in the amount of 0.25% per annum as well as an upfront underwriting fee equal to 0.10% of the Commitment Amount per annum. Commitment fees accrued through the end of each calendar quarter are due no later than the 15th day of the immediately succeeding calendar month during the term of the Facility. Accrued interest is due no later than April 7, 2022, the termination date of the Facility at which time the Fund and the Bank can agree to extend the existing agreement. For the six-months ended September 30, 2021, the Fund made no borrowings under the Facility.

13. Subsequent Events

The Investment Adviser has evaluated the impact of subsequent events through the date of financial statement issuance and determined there were no subsequent events outside the normal course of business requiring adjustment to or disclosure in the consolidated Financial Statements.

324

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Shareholder Fee Example (Unaudited)

As a shareholder of the Multi-Strategy Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or shareholder services fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Actual Expenses

The actual expense example is based on an investment of $1,000 invested at the beginning of a six month period and held through the six months-ended September 30, 2021. The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The hypothetical expense example is based on an investment of $1,000 invested at the beginning of a six month period. The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return of the Fund. The hypothetical amount account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value 4/1/2021			Ending Account Value 9/30/2021			Expenses Paid During Period¹			Annualized Expense Ratio
Class I
Actual		$	1,000.00		$	1,038.30		$	13.90		2.72	%
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,011.43		$	13.72		2.72	%

Class D
Actual		$	1,000.00		$	1,036.30		$	15.37		3.01	%
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,009.98		$	15.17		3.01	%

Class Y
Actual		$	1,000.00		$	1,038.60		$	13.44		2.63	%
Hypothetical (assuming a 5% return before expenses)		$	1,000.00		$	1,011.88		$	13.26		2.63	%

¹	Expenses are calculated using the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period).

325

Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2021

Management of the Fund

The Fund’s operations are managed by the Investment Adviser and the Sub-Advisers (defined below), under the direction and oversight of the Board. A majority of the Trustees are not “interested persons” (as defined in the 1940 Act) of the Fund or the Investment Adviser (the “Independent Trustees”). The Trustees and the officers (“Officers”) of the Fund are subject to removal or replacement in accordance with Massachusetts law and the Trust’s Amended and Restated Declaration of Trust. All Trustees were elected by the initial shareholder of the Trust, except for Mr. Gilbert who was appointed to serve as Trustee by the Board.

Sub-Advisers

During the period covered by this report, the Investment Adviser engaged the following entities as sub-advisers (each, a “Sub-Adviser”, and together, the “Sub-Advisers”) to provide investment management services to the Fund and/or to one or more Subsidiaries.

Discretionary Sub-Advisers:

•

Bayforest Capital Limited and G10 Capital Limited (until August 24, 2021)

•

Bayforest Capital Limited (effective August 24, 2021)

•

Bayview Asset Management, LLC

•

Blackstone Liquid Credit Strategies LLC

•

Blackstone Real Estate Special Situations Advisors L.L.C.

•

Caspian Capital LP

•

Cerberus Sub-Advisory I, LLC

•

D.E. Shaw Investment Management, L.L.C.

•

Emso Asset Management Limited

•

Endeavour Capital Advisors Inc.

•

Good Hill Partners LP (until June 30, 2021)

•

HealthCor Management, L.P.

•

IPM Informed Portfolio Management AB (until May 10, 2021)

•

Jasper Capital Hong Kong Limited

•

Luminus Management, LLC

•

Magnetar Asset Management LLC

•

Mesarete Capital LLP (effective August 23, 2021)

•

Nephila Capital Ltd.

•

NWI Management, L.P. (until August 31, 2021)

•

Sage Rock Capital Management LP

•

Seiga Asset Management Limited

•

TrailStone Commodity Trading US, LLC

•

Two Sigma Advisers, LP

•

Waterfall Asset Management, LLC

Compensation for Trustees and Officers

Each of the Independent Trustees is paid by the Fund Complex (as defined below) at a rate of $150,000 per fiscal year in the aggregate for his or her services to the Fund and the Subsidiaries. Prior to July 1, 2021, Mr. Coates was treated as an “interested person” (as defined in the 1940 Act) (an “Interested Trustee”) of the Fund due to his prior employment by Envestnet, Inc., which conducts business with certain Investee Funds and may conduct business with the Investment Adviser and its affiliates in the future). Mr. Coates was paid by the Fund Complex at a rate of $129,000 per fiscal year in the aggregate for his services to the Fund

326

Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2021

(excluding the Subsidiaries). The Chairpersons of the Board and the Audit Committee are paid by the Fund Complex an additional $35,000 and $15,000, respectively, per fiscal year. These payments are allocated to the Fund and the Subsidiaries on the basis of assets under management. The Fund Complex pays for the Trustees’ travel expenses related to Board of Trustees meetings. The Trustees do not receive any pension or retirement benefits from the Fund Complex. The Trust has adopted a deferred compensation plan (the “Deferred Compensation Plan”) to allow each Independent Trustee to align his or her interest with the Fund and the Fund’s shareholders without purchasing shares of the Fund. Certain of the Independent Trustees currently participate in the Deferred Compensation Plan. Under the Deferred Compensation Plan, each participating Independent Trustee defers receipt of all or a portion of the compensation earned by such Trustee for serving as a member of the Board or as a member of any ad hoc or standing committee (or subcommittee of such committee) of the Board. The deferred compensation is treated as though an equivalent dollar amount had been invested in shares of the Fund and thereby the Independent Trustees share in the investment performance of the Fund alongside the Fund’s shareholders. Deferred amounts continue to be treated as if the amounts were invested in the Fund until distributed in accordance with the provisions of the Deferred Compensation Plan. Pursuant to the Deferred Compensation Plan, payments due under the Deferred Compensation Plan are unsecured obligations of the Trust.

In addition, the Fund Complex also paid for a portion of the compensation of the Fund’s Chief Compliance Officer during the semi-annual period ended September 30, 2021. No other officers of the Fund received compensation from the Fund Complex during the period. The following tables set forth information regarding the total compensation payable by the Fund and the Fund Complex, during the semi-annual period ended September 30, 2021, to the persons who served as Trustees and Officers of the Fund during the period:

Independent Trustees:


Name of Independent Trustee	Aggregate Compensation From the Fund	Total Compensation From the Fund Complex¹
John M. Brown	$92,500	$92,500
Frank J. Coates (treated as an Interested Trustee until July 1, 2021)	$69,750	$69,750
Peter M. Gilbert	$75,000	$75,000
Paul J. Lawler	$75,000	$75,000
Kristen M. Leopold	$82,500	$82,500

Interested Trustees:


Name of Interested Trustee	Aggregate Compensation From the Fund	Total Compensation From the Fund Complex¹
Peter Koffler	None	None

Officers:


Compensated Officer	Aggregate Compensation From the Fund	Total Compensation From the Fund Complex¹
Chief Compliance Officer	$100,000	$100,000

¹	These amounts represent the aggregate compensation paid to the chief compliance officer by the Fund and the aggregate compensation for the services of each Trustee to each fund in the Fund Complex for which

327

Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2021

each Trustee serves as trustee. These funds are limited to the Fund and its Subsidiaries, although the “Fund Complex” consists of the Fund and its Subsidiaries, the Blackstone Credit Closed-End Funds (Blackstone Senior Floating Rate Term Fund, Blackstone Long-Short Credit Income Fund, Blackstone Strategic Credit Fund, and Blackstone Floating Rate Enhanced Income Fund) and the Blackstone Real Estate Income Funds (Blackstone Real Estate Income Fund, Blackstone Real Estate Income Fund II, and Blackstone Real Estate Income Master Fund (the “Real Estate Funds”)). As of July 13, 2020, the Real Estate Funds announced they are in the process of liquidation, dissolution, and termination. Certain of the Independent Trustees have elected to defer all or part of their total compensation for the semi-annual period ended September 30, 2021, under the Trust’s Deferred Compensation Plan. Amounts deferred for the semi-annual period ended September 30, 2021 by Mssrs. Gilbert and Lawler and by Ms. Leopold were $75,000, $75,000, and $27,498, respectively.

Form N-PORT Filings

The Fund files a complete schedule of the Fund’s portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. Holdings and allocations shown on any Form N-PORT are as of the date indicated in the filing and may not be representative of future investments. Holdings and allocations should not be considered research or investment advice and should not be relied upon in making investment decisions.

Proxy Voting Policies

A description of the policies and procedures used to vote proxies related to the Fund’s portfolio securities and information regarding how the Fund voted proxies relating to its portfolio securities during the 12-month period ended June 30, 2021 will be available (1) without charge, upon request, by calling toll free, 1-855-890-7725 and (2) on the SEC’s website at http://www.sec.gov.

Board Approval of the Sub-Advisory Agreements

At meetings of the Board held virtually on May 13, 2021 and August 10, 2021, the Board, including a majority of the Independent Trustees, considered and approved for the Fund (i) the continuation of certain investment sub-advisory agreements (“Continued Sub-Advisory Agreements”); (ii) certain amended and restated investment sub-advisory agreements or amendments to investment sub-advisory agreements (“Amended Sub-Advisory Agreements”); and (iii) certain new investment sub-advisory agreements (the “New Sub-Advisory Agreements” and together with the Amended Sub-Advisory Agreements and Continued Sub-Advisory Agreements, the “Sub-Advisory Agreements”) between BAIA and each of the following sub-advisers (the “Approved Sub-Advisers”):

Continued Sub-Advisory Agreements (approved at May meeting)

•

Caspian Capital LP

•

Good Hill Partners LP

•

Two Sigma Advisers, LP

Amended Sub-Advisory Agreements (approved at May meeting)

•

TrailStone Commodity Trading US, LLC (“TrailStone”) (amended and restated)

•

Magnetar Asset Management LLC (“Magnetar”) (amended and restated)

Continued Sub-Advisory Agreement (approved at August meeting)

•

Bayview Asset Management, LLC

•

Emso Asset Management Limited

328

Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2021

•

D.E. Shaw Investment Management, L.L.C.

•

Nephila Capital Ltd.

Amended Sub-Advisory Agreements (approved at August meeting)

•

Jasper Capital Hong Kong Limited (“Jasper”) (amended and restated)

New Sub-Advisory Agreements (approved at August meeting)

•

Bayforest Capital Limited (“Bayforest”)

•

Mesarete Capital LLP (“Mesarete”)

The Board held its May and August 2021 meetings virtually by video conference due to the ongoing COVID-19 pandemic and in reliance on the exemptive order from the SEC issued on March 13, 2020 (subsequently modified and extended on March 25, 2020 and June 19, 2020) providing temporary relief from the in person vote requirements of Section 15(c) of the 1940 Act and in compliance with the conditions therein. The Board noted that BAIA and the Fund additionally relied on an exemptive order from the SEC that permits the Fund to hire, and make material amendments to sub-advisory agreements with, discretionary or non-discretionary sub-advisers without a shareholder vote, provided that the Board, including a majority of Independent Trustees, approves the new sub-advisers and material amendments, and certain other conditions are met. The Independent Trustees were assisted in their review of the applicable sub-advisory arrangements by their independent legal counsel, and before the meetings, the Board received materials prepared by the Independent Trustees’ independent legal counsel regarding the relevant factors to consider in connection with the approval of the Sub-Advisory Agreements between BAIA and each of the Approved Sub-Advisers. The Board requested and evaluated all the information it deemed reasonably necessary under the circumstances in connection with the approval of the Sub-Advisory Agreements. Prior to the meetings, the Board had requested and received materials prepared by BAIA relating to each Approved Sub-Adviser.

The information the Board received in connection with the consideration of the Sub-Advisory Agreement for each of the Approved Sub-Advisers considered at the May meeting (other than in connection with the Amended and Restated Sub-Advisory Agreements for TrailStone and Magnetar) and the August meeting generally included, among other things:

(1)

a Manager Investment Review, which covered, among other things, summary information regarding each Approved Sub-Adviser’s investment thesis, strategy, investment process, and portfolio construction; a risk evaluation; an assessment of business infrastructure, valuation, liquidity monitoring, and compliance; and a summary of the key terms of the applicable Sub-Advisory Agreement;

(2)

a sub-adviser “tear sheet,” which covered in greater detail the performance, returns, and investment exposure of each Approved Sub-Adviser that had, presently or in the past, been allocated Fund assets (the “Existing Approved Sub-Advisers”), including with respect to the New Sub-Advisory Agreement for Bayforest, the performance of Bayforest acting as sub-adviser to the Fund together with G10 Capital Limited (“Bayforest/G10”) using substantially the same investment strategies as proposed to be employed by Bayforest; and

(3)

a completed sub-adviser 15(c) questionnaire, which provided each Approved Sub-Adviser’s responses to the Independent Trustees’ request for information.

With respect to the Amended Sub-Advisory Agreements approved in May 2021 for TrailStone and Magnetar and in August 2021 for Jasper, the Board reviewed the proposed amendments to each Sub-Advisory

329

Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2021

Agreement and, for TrailStone and Magnetar, considered the amendments in light of the information provided in connection with the Board’s most recent approval of the Approved Sub-Adviser’s prior sub-advisory agreements, which occurred at the Board’s meeting on August 11-12, 2020 for TrailStone, and on May 19, 2020 for Magnetar. The Board also received the compliance policies and procedures and codes of ethics of each of Bayforest and Mesarete.

At the meetings, the Board and BAIA discussed the materials that had been provided to the Board, the terms of the Sub-Advisory Agreements, and other relevant considerations. Additionally, the Board (and separately, the Independent Trustees) conferred with the Independent Trustees’ independent legal counsel to consider the information provided. In evaluating each Sub-Advisory Agreement, the Board took into account the fact that the compensation paid to the Approved Sub-Advisers would be paid by BAIA from the Fund Management Fee it receives from the Fund and would not increase the fees or expenses otherwise incurred by the Fund or its shareholders.

Following this discussion, the Board, including a majority of the Independent Trustees, determined to approve each Continued Sub-Advisory Agreement, each Amended Sub-Advisory Agreement, and each New Sub-Advisory Agreement on the basis of the following factors, among others, for each Approved Sub-Adviser:

Nature, Extent, and Quality of the Services

Except as otherwise noted, the Board considered with respect to each Approved Sub-Adviser (either at the relevant meeting or by reference to the most recent approval of the Approved Sub-Adviser’s prior sub-advisory agreement):

(1)

the Approved Sub-Adviser’s personnel, operations, and, where available, financial condition;

(2)

the Approved Sub-Adviser’s investment expertise and strengths;

(3)

the percentage of Fund assets that are, previously were, or potentially would be allocated to the Approved Sub-Adviser;

(4)

the investment return on other assets that are managed by the Approved Sub-Adviser and related investment risks or, in the case of Nephila, the Approved Sub-Adviser’s experience managing the assets of a former series of the Trust that had similar investment objectives to those of the Fund, and in the case of Bayforest, the experience of Bayforest/G10 in managing a portion of the Fund’s assets using substantially the same investment strategy as proposed to be employed by Bayforest;

(5)

the Sub-Adviser’s experience and performance investing in particular instruments or strategies or managing hedge funds or other products;

(6)

where applicable, the extent to which the Sub-Adviser’s strategy for the Fund would overlap with its strategy for hedge funds or other products;

(7)

where applicable, the Approved Sub-Adviser’s experience and performance as a sub-adviser to the Fund since its inception or otherwise;

(8)

the experience and depth of the Approved Sub-Adviser’s portfolio management team in managing hedge funds or other products, as applicable, and its ability to manage risk; and

(9)

any other factors deemed relevant to the determination of whether to approve or continue the Sub-Advisory Agreements.

The Board concluded that the nature, extent, and quality of the sub-advisory services to be provided by each Approved Sub-Adviser were appropriate and thus supported a decision to approve or continue the Sub-Advisory Agreements.

330

Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2021

Investment Performance of the Approved Sub-Advisers

The Board considered the investment performance of each Existing Approved Sub-Adviser. With respect to each Existing Approved Sub-Adviser, the Board considered information about the performance record of the Fund’s assets managed by the Approved Sub-Adviser (net of trading expenses but gross of investment management fees and Fund operating expenses over various periods, including in many cases the year-to-date period, recent calendar month and year periods, and the inception-to-date period), all as compared to the investment returns of (i) a custom index defined by BAIA and (ii) in the case of certain Approved Sub-Advisers, the Approved Sub-Adviser’s hedge fund strategy. In addition, for the Existing Approved Sub-Advisers and Bayforest, the Board considered information about performance and risk measurements of the assets that are or were managed by the Approved Sub-Adviser, if any (including with respect to Bayforest, performance and risk measurements of the assets previously managed by Bayforest/G10), the custom index, and, if applicable, the Approved Sub-Adviser’s hedge fund strategy, such as annualized return, standard deviation (which is a common measure of volatility), Sharpe ratio, and alpha and beta statistics (where available). On the basis of the Board’s assessment, while recognizing that there can be no assurance of any particular investment outcome, the Board concluded that the investment performance generated by the Existing Approved Sub-Advisers was generally satisfactory and that the Approved Sub-Advisers were capable of providing reasonable investment performance to the Fund. The Board noted that, because Mesarete had not yet managed assets of the Fund, there was no prior performance with respect to Fund assets to consider.

Costs of Services and Profitability

In analyzing the cost of services and profitability of each Approved Sub-Adviser, the Board considered (i) each Approved Sub-Adviser’s current or proposed sub-advisory fee for managing the allocated Fund assets, including any fee breakpoints or fulcrum fee arrangements; (ii) each Approved Sub-Adviser’s resources devoted or expected to be devoted to the Fund; and (iii) any information provided in response to inquiries regarding the profitability to each Approved Sub-Adviser from providing sub-advisory services to the Fund. The Board considered the specific resources that each Approved Sub-Adviser devoted or expected to devote to the Fund for investment analysis, risk management, compliance, and order execution, and the extent to which each Approved Sub-Adviser’s investment process is or would be scalable. The Board also took into account the entrepreneurial, business, and other risks each Approved Sub-Adviser has undertaken, or would undertake, in serving as a sub-adviser.

The Board noted that the compensation paid to each Approved Sub-Adviser was paid by BAIA, not the Fund, and, accordingly, that the retention of each Approved Sub-Adviser did not increase the fees or expenses otherwise incurred by shareholders of the Fund. It also noted that the terms of each Sub-Advisory Agreement were the result of separate arm’s-length negotiations between BAIA and the Approved Sub-Adviser. The Board considered information comparing the sub-advisory fees to the fees that each Approved Sub-Adviser charges for providing investment advisory services to certain other clients. The Board also considered information regarding the impact that retaining the Approved Sub-Advisers as sub-advisers to the Fund has or would have on BAIA’s profitability, as well as information about the blended average of all sub-advisory fee rates that BAIA pays the Approved Sub-Advisers based on allocations of Fund assets among all Sub-Advisers.

The Board concluded that the level of investment sub-advisory fees was appropriate in light of the services to be provided.

331

Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2021

Economies of Scale

The Board considered various financial and economic considerations relating to the arrangement with each Approved Sub-Adviser, including economies of scale and the current and proposed breakpoints in the sub-advisory fees for certain Approved Sub-Advisers. The Board noted that it would have the opportunity to periodically re-examine whether the Fund had achieved economies of scale, as well as the appropriateness of sub-advisory fees payable to each Approved Sub-Adviser, with respect to different asset sizes of the portfolio, in the future. The Board also noted that although not directly related to the sub-advisory fees payable to the Approved Sub-Advisers, certain Fund expenses were subject to an expense cap, an undertaking by BAIA intended to limit the Fund’s overall expenses at smaller asset levels, although the Fund’s expenses were sufficiently limited at the time of the meetings such that the expense cap did not currently apply.

Other Benefits

The Board considered other potential benefits that each Approved Sub-Adviser may receive from the Fund, including soft dollar arrangements, receipt of brokerage and research services, and the opportunity to offer additional products and services to the Fund’s shareholders and BAIA or BAAM, as applicable. The Board noted that each Approved Sub-Adviser benefited from its relationship with BAIA or BAAM. The Board concluded that other ancillary or “fall out” benefits derived by each Approved Sub-Adviser from its relationship with BAIA, BAAM, or the Fund, to the extent such benefits were identifiable or determinable, were reasonable and fair, resulted from the provision of appropriate services to the Fund and its shareholders, and were consistent with industry practice and the best interests of the Fund and its shareholders.

Other Considerations

The Board reviewed and considered certain terms and conditions of each Sub-Advisory Agreement. After discussion, the Board concluded that the terms of each Sub-Advisory Agreement were reasonable and fair. It was noted that the Board would have the opportunity to periodically re-examine the terms of each Sub-Advisory Agreement in the future.

Conclusion

The Board, including a majority of the Independent Trustees, concluded that the fees payable under each of the Sub-Advisory Agreements were fair and reasonable with respect to the services that each Approved Sub-Adviser provides (and is proposed to provide in the case of Mesarete and Bayforest) to the Fund and in light of the other factors described above that the Board deemed relevant. With respect to the New Sub-Advisory Agreements, the Board also concluded that the proposed terms were in the best interests of the Fund’s shareholders, that the applicable sub-adviser could provide services the nature and quality of which are at least equal to those provided by others offering the same or similar services, and that the engagement of Bayforest and Mesarete was in the best interest of the Fund and its shareholders and did not involve a conflict of interest from which the Investment Adviser or any sub-adviser affiliated with the Investment Adviser derives an inappropriate advantage. The Board noted that both BAIA and the Board had previously determined, or determined at the meetings, that each Approved Sub-Adviser’s compliance program was reasonably designed to prevent the violation of federal securities laws within the meaning of Rule 38a-1 under the 1940 Act and that each Approved Sub-Adviser’s code of ethics was reasonably designed to prevent “access persons” (as defined in Rule 17j-1 under the 1940 Act) from engaging in any act, practice, or course of business prohibited by Rule 17j-1 under the 1940 Act. The Board based its approval or continuation of each Approved Sub-Adviser’s Sub-Advisory Agreement on a comprehensive consideration of all relevant information presented to the Board at its meetings throughout the year, as applicable, and not on any single controlling factor. The Board was assisted by the advice of independent legal counsel in approving each Sub-Advisory Agreement.

332

Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2021

Additional Information

The Fund’s Statement of Additional Information includes additional information about the Trustees. The Statement of Additional Information is available upon request, without charge, by calling toll free 1-855-890-7725.

Copies of this annual shareholder report are available upon request to prior shareholders of the Fund, without charge, by calling toll free 1-855-890-7725.

333

Blackstone

Rev April 2021



FACTS		WHAT DO BLACKSTONE REGISTERED FUNDS DO WITH YOUR PERSONAL INFORMATION?


Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

∎ Social Security number and income

∎ Assets and investment experience

∎ Risk tolerance and transaction history


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Blackstone Registered Funds (as defined below) choose to share; and whether you can limit this sharing.



Reasons we can share your personal information	Do Blackstone Registered Funds share?	Can you limit this sharing?

For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No

For our marketing purposes— to offer our products and services to you	Yes	No

For joint marketing with other financial companies	No	We don’t share

For our affiliates’ everyday business purposes— information about your transactions and experiences	No	We don’t share

For our affiliates’ everyday business purposes— information about your creditworthiness	No	We don’t share

For our affiliates to market to you	No	We don’t share

For nonaffiliates to market to you	No	We don’t share



Questions?		Email us at GLB.privacy@blackstone.com

334


Who We Are
Who is providing this notice?		Blackstone Registered Funds include Blackstone Alternative Investment Funds, on behalf of its series Blackstone Alternative Multi-Strategy Fund, Blackstone Diversified Multi-Strategy Fund, a sub-fund of Blackstone Alternative Investment Funds plc, Blackstone Floating Rate Enhanced Income Fund, Blackstone Senior Floating Rate Term Fund, Blackstone Long-Short Credit Income Fund, Blackstone Strategic Credit Fund, Blackstone Secured Lending Fund, Blackstone Real Estate Income Fund, Blackstone Real Estate Income Fund II, and Blackstone Real Estate Income Master Fund.
What We Do
How do Blackstone Registered Funds protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How do Blackstone Registered Funds collect my personal information?		We collect your personal information, for example, when you: ∎ open an account or give us your income information ∎ provide employment information or give us your contact information ∎ tell us about your investment or retirement portfolio We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?		Federal law gives you the right to limit only: ∎ sharing for affiliates’ everyday business purposes—information about your creditworthiness ∎ affiliates from using your information to market to you sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
What happens when I limit sharing for an account I hold jointly with someone else?		Your choices will apply to everyone on your account—unless you tell us otherwise.
Definitions
Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎ Our affiliates include companies with a Blackstone name and financial companies such as Blackstone Credit and Strategic Partners Fund Solutions.
Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎ Blackstone Registered Funds do not share with nonaffiliates so they can market to you.
Joint marketing		A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎ Our joint marketing partners include financial services companies.

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Other Important Information
California Residents—In accordance with California law, we will not share information we collect about California residents with nonaffiliates except as permitted by law, such as with the consent of the customer or to service the customer’s accounts. We will also limit the sharing of information about you with our affiliates to the extent required by applicable California law. Vermont Residents—In accordance with Vermont law, we will not share information we collect about Vermont residents with nonaffiliates except as permitted by law, such as with the consent of the customer or to service the customer’s accounts. We will not share creditworthiness information about Vermont residents among Blackstone Registered Funds’ affiliates except with the authorization or consent of the Vermont resident.
Contact Us
If you have any questions or comments about this Privacy Notice, or if you would like us to update information we have about you or your preferences, please email us at PrivacyQueries@Blackstone.com or access our web form www.blackstone.com/privacy. You also may write to: Blackstone Inc. Attn: Legal & Compliance 345 Park Avenue New York, NY 10154

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		Last Updated: July 23, 2021

Investor Data Privacy Notice

Why are you seeing this notice?

•

You may need to provide Personal Data to us as part of your investment into a fund or other investment vehicle (as applicable, the Fund) managed or advised by investment advisers or management companies that are subsidiaries of The Blackstone Group Inc. or its affiliates (and, where applicable, the general partner of the relevant Fund) (collectively, Blackstone).

•

We want you to understand how and why we use, store and otherwise process your Personal Data when you deal with us or our relevant affiliates (including under applicable data protection laws). If this notice (the Data Privacy Notice) has been made available to you, you may have certain rights with respect to your Personal Data under applicable data protection laws (including as described in this Data Privacy Notice).

•

“Personal Data” has the meaning given to it under data protection laws that apply to our processing of your personal information, and includes any information that relates to, describes, identifies or can be used, directly or indirectly, to identify an individual (such as name, address, date of birth, personal identification numbers, sensitive personal information, and economic information).

•

We ask that investors promptly provide the information contained in this Data Privacy Notice to any individuals whose Personal Data they provide to the Fund or its affiliates in connection with ‘know your client’/anti-money laundering requests or otherwise.

Please read the information below carefully. It explains how and why Personal Data is processed by us.

Who is providing this notice?

Blackstone is committed to protecting and respecting your privacy. Blackstone is a global financial services firm with offices, branches, operations and entities globally, including as described at this link: https://www.blackstone.com/privacy#appendixA

•

For transparency, the Blackstone entities on whose behalf this privacy statement is made are: (i) the Fund; and (ii) where applicable, the Blackstone general partner, manager and/or investment adviser of the relevant Fund, in each case, with which you contract, transact or otherwise share Personal Data (together, the Fund Parties).

•

Where we use the terms “we”, “us” and “our” in this Data Privacy Notice, we are referring to the Fund and the Fund Parties.

•

Please consult your subscription documents, private placement memorandum or other offering documentation provided to you by or on behalf of the Fund Parties which will further specify the entities and contact details of the Fund Parties relevant to our relationship with you.

•

We welcome investors and their representatives to contact us if they have any queries with respect to the Fund Parties (in particular, which Fund Parties are relevant to their relationship with Blackstone). If you have any queries, please see the ‘Contact Us’ section.

When you provide us with your Personal Data, each Fund Party that decides how and why Personal Data is processed acts as a “data controller”. In simple terms, this means that the Fund Party makes certain decisions on how to use and protect your Personal Data—but only to the extent that we have informed you about the use or are otherwise permitted by law.

Where your Personal Data is processed by an entity controlled by, or under common control with, the Blackstone entity/ies managing a Fund for its own purposes, this entity will also be a data controller.

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What Personal Data do we collect about you?

The types of Personal Data that we collect and share depends on the product or service you have with us and the nature of your investment.

The Personal Data collected about you will help us to provide you with a better service and facilitate our business relationship.

We may combine Personal Data that you provide to us with Personal Data that we collect from you, or about you from other sources, in some circumstances. This will include Personal Data collected in an online or offline context.

As a result of our relationship with you as an investor, in the past 12 months we may have collected Personal Data concerning you in the following categories:

•

Identifiers (e.g., real name, alias, postal address, email address, social security or driver’s license number, government ID, signature, telephone number, education, employment, employment history, financial information, including tax-related information/codes and bank account details, information used for monitoring and background checks to comply with laws and regulations, including ‘know your client’, anti-money laundering, and sanctions checks, online registration details, and other contact information);

•

Sensitive/protected characteristic information (e.g., age/date of birth, nationality, citizenship, country of residence, gender, and other information used to comply with laws and regulations);

•

Commercial information (e.g., assets, income, transaction and investment history, accounts at other institutions, financial positions/returns, information concerning source of funds and any applicable restrictions on your investment such as political exposure or sanctions);

•

Internet or other network activity (e.g., browsing or search history, information regarding interaction with an internet website, application, or advertisement, online identifiers such as cookies);

•

Sensory and surveillance data (e.g., recordings of telephone calls where permitted or required by law, video (surveillance) recordings, closed-circuit television (CCTV) images and recordings, and other records of your interactions with us or our service providers, including electronic communications);

•

Professional or employment-related information (e.g., current or past job history); and

•

Inferences drawn from other personal information (e.g., profiles reflecting preferences and trends, based on information such as assets, investment experience, risk tolerance, investment activity, and transaction history).

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Where do we obtain your Personal Data?

We collect, and have collected, Personal Data about you from a number of sources, including from you directly:



What		How

Personal Data that you give us		∎ From the forms and any associated documentation that you complete when subscribing for an investment, shares, interests, and/or opening an account with us. This can include information about your name, address, date of birth, passport details or other national identifier, driving license, your national insurance or social security number and income, employment information and details about your investment or retirement portfolio(s), and financial-related data (such as returns and financial positions)
		∎ When you provide it to us in correspondence and conversations, including electronic communications such as email and telephone calls
		∎ When you make transactions with respect to the Fund
		∎ When you interact with our online platforms and websites (such as bxaccess.com)
		∎ When you purchase securities from us and/or tell us where to send money
		∎ From cookies, web beacons, and similar interactions when you or your devices access our sites
		∎ When we need to identify you and/or complete necessary security checks, where you visit one of our buildings or attend meetings. This can include form of ID, and your image for CCTV purposes.

Personal Data that we obtain from others		We obtain Personal Data from:
		∎ Publicly available and accessible directories and sources
		∎ Bankruptcy registers
		∎ Tax authorities, including those that are based outside the territory in which you are located or domiciled, including the Cayman Islands, the United Kingdom (UK) and the European Economic Area (EEA), if you are subject to tax in another jurisdiction
		∎ Governmental and competent regulatory authorities to whom we have regulatory obligations
		∎ Credit agencies
		∎ Fraud prevention and detection agencies / organizations
		∎ Transaction counterparties

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Why do we process your Personal Data?

We may process or disclose your Personal Data for the following reasons:



Why		How

Contract		It is necessary to perform our contract with you to: ∎ Administer, manage and set up your investor account(s) to allow you to purchase your holding (of shares or interests) in our Funds ∎ Meet the resulting contractual obligations we have to you ∎ Facilitate the continuation or termination of the contractual relationship between you and the Fund ∎ Facilitate the transfer of funds, and administering and facilitating any other transaction, between you and the Fund





Compliance with law		It is necessary for compliance with an applicable legal or regulatory obligation to which we are subject, in order to: ∎ Undertake our client and investor due diligence, and on-boarding checks ∎ Carry out verification, ‘know your client’, terrorist financing, sanctions, and anti-money laundering checks ∎ Verify the identity and addresses of our investors (and, if applicable, their beneficial owners) ∎ Comply with requests from regulatory, governmental, tax and law enforcement authorities ∎ Carry out surveillance and investigations ∎ Carry out audit checks ∎ Maintain statutory registers ∎ Prevent and detect fraud ∎ Comply with sanctions requirements










Legitimate Interests		For our legitimate interests or those of a third party (such as a transaction counterparty or lender) to: ∎ Manage and administer your holding in any Funds in which you are invested, and any related accounts on an ongoing basis ∎ Assess and process any applications or requests made by you ∎ Open, maintain or close accounts in connection with your investment in, or withdrawal from, the Fund scheme ∎ Send updates, information and notices or otherwise correspond with you in connection with your investment in the Fund scheme ∎ Address or investigate any complaints, claims, proceedings or disputes ∎ Provide you with, and inform you about, our investment products and services ∎ Monitor and improve our relationships with investors ∎ Comply with applicable prudential and regulatory obligations, including anti-money laundering, sanctions and ‘know your client’ checks ∎ Assist our transaction counterparties to comply with their regulatory and legal obligations (including anti-money laundering, ‘know your client’, terrorist financing, and sanctions checks) ∎ Manage our risk and operations ∎ Comply with our accounting and tax-reporting requirements

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Why		How

		∎ Comply with our audit requirements ∎ Assist with internal compliance with our policies and processes ∎ Ensure appropriate group management and governance ∎ Keep our internal records ∎ Prepare reports on incidents/accidents ∎ Protect our business against fraud, breach of confidence, theft of proprietary materials, and other financial or business crimes (to the extent that this is not required of us by law) ∎ Analyze and manage commercial risks ∎ Seek professional advice, including legal advice ∎ Enable any actual or proposed assignee or transferee, participant or sub-participant of the partnership’s or Fund vehicles’ rights or obligations to evaluate proposed transactions ∎ Facilitate business asset transactions involving the Fund partnership or Fund-related vehicles ∎ Monitor communications to/from us using our systems ∎ Protect the security and integrity of our information technology systems ∎ Protect the security and safety of our buildings and locations where we operate ∎ Operate, run and schedule online meetings, webinars and conferences (for example, using Zoom and other online meeting platforms) ∎ Manage our financing arrangements with our financiers and financing transaction counterparties, including payment providers, intermediaries, and correspondent/agent banks ∎ Monitor the operation of Fund distribution platforms, where these are operated by third parties or service providers We only rely on these interests where we have considered that, on balance, the legitimate interests are not overridden by your interests, fundamental rights or freedoms.

Monitoring as described in ‘Legitimate Interests’ above

We monitor communications where the law requires us to do so. We will also monitor where we are required to do so to comply with regulatory rules and practices and, where we are permitted to do so, to protect our business and the security of our systems.

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Who we share your Personal Data With

Your Personal Data will be shared with:



Who		Why


Fund Associates		We share your Personal Data with our associates, related parties and members of our group. This is: ∎ To manage our relationship with you ∎ For the legitimate interests of a third party in carrying out anti-money laundering, ‘know your client’, and other compliance checks required of them under applicable laws and regulations ∎ For the purposes set out in this Data Privacy Notice





Fund Managers, Depositories, Administrators, Custodians, Distributors, Investment Advisers		∎ Delivering the services you require ∎ Managing your investment ∎ Supporting and administering investment-related activities ∎ Complying with applicable investment, anti-money laundering and other laws and regulations


Tax Authorities		∎ To comply with applicable laws and regulations ∎ Where required or requested by tax authorities in the territory in which you are located or domiciled (in particular, Cayman Island or UK/EEA tax authorities) who, in turn, may share your Personal Data with foreign tax authorities ∎ Where required or requested by foreign tax authorities, including outside of the territory in which you are located or domiciled (including outside the Cayman Islands or UK/EEA)


Service Providers		∎ Delivering and facilitating the services needed to support our business relationship with you (including cloud services) ∎ Supporting and administering investment-related activities ∎ Where disclosure to the service provider is considered necessary to support Blackstone with the purposes described in section 5 of this Data Privacy Notice


Financing Counterparties, Lenders, Correspondent and Agent Banks		∎ Assisting these transaction counterparties with regulatory checks, such as ‘know your client’, and anti-money laundering procedures ∎ Sourcing credit for Fund-related entities in the course of our transactions and fund life cycles


Our Lawyers, Auditors and other Professional Advisers		∎ Providing you with investment-related services ∎ To comply with applicable legal and regulatory requirements ∎ Supporting Blackstone with the purposes described in section 5 of this Data Privacy Notice

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In exceptional circumstances, we will share your Personal Data with:

•

Competent regulatory, prosecuting and other governmental agencies or litigation counterparties, in any country or territory; and

•

Other organizations and agencies—where we are required to do so by law.

For California residents, in the preceding 12 months, we may have disclosed Personal Data listed in any of the categories in “What Personal Data do we collect about you?” above for a business purpose (in particular, as described in this section).

We have not sold Personal Data in the 12 months preceding the date of this Data Privacy Notice.

Do you have to provide us with this Personal Data?

Where we collect Personal Data from you, we will indicate if:

•

Provision of the Personal Data is necessary for our compliance with a legal obligation; or

•

It is purely voluntary and there are no implications for you if you do not wish to provide us with it.

Unless otherwise indicated, you should assume that we require the Personal Data for business and/or compliance purposes.

Some of the Personal Data that we request is necessary for us to perform our contract with you and if you do not wish to provide us with this Personal Data, it will affect our ability to provide our services to you and manage your investment.

Sending your Personal Data Internationally

We may transfer your Personal Data between different countries to recipients in countries other than the country in which the information was originally collected (including to our affiliates and group members, members of the Fund’s partnership, transaction counterparties, and third-party service providers). Where you are based in the UK, the EU, or another country which imposes data transfer restrictions outside of its territory, this includes transfers outside of the UK and the European Economic Area (“EEA”) or that geographical area, to those countries in which our affiliates, group members, service providers and business partners operate. Those countries may not have the same data protection laws as the country in which you initially provided the information.

Where we transfer Personal Data outside of the UK, the EEA, or other territories subject to data transfer restrictions to other members of our group, our service providers or another third party recipient, we will ensure that our arrangements with them are governed by data transfer agreements or appropriate safeguards, designed to ensure that your Personal Data is protected as required under applicable data protection law (including, where appropriate, under an agreement on terms approved for this purpose by the European Commission or by obtaining your consent).

Please contact us if you would like to know more about these agreements or receive a copy of them. Please see the ‘Contact Us’ section for details.

Consent—and Your Right to Withdraw It

Except as may otherwise be required by local law, we do not generally rely on obtaining your consent to process your Personal Data. In particular, we do not generally rely on obtaining your consent where our processing of your Personal Data is subject only to the data protection laws of the UK/EEA (in these circumstances we will usually rely on another legal basis more appropriate in the circumstances, including those set out in “Why do we process your Personal Data?” above). If we do rely on consent for processing of your Personal Data, you have the right to withdraw this consent at any time. Please contact us or send us an email at PrivacyQueries@Blackstone.com at any time if you wish to do so.

Where required by applicable law, we will obtain your consent for the processing of your Personal Data for direct marketing purposes. If you do receive direct marketing communications from us (for example, by post, email, fax or telephone), you may opt-out by clicking the link in the relevant communication, completing the forms provided to you (where relevant), or by contacting us (see the ‘Contact Us’ section for details).

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Retention and Deletion of your Personal Data

We keep your Personal Data for as long as it is required by us for our legitimate business purposes, to perform our contractual obligations or, where longer, such longer period as is required or permitted by law or regulatory obligations which apply to us. We will generally:

•

Retain Personal Data about you throughout the life cycle of any investment you are involved in; and

•

Retain some Personal Data after your relationship with us ends.

As a general principle, we do not retain your Personal Data for longer than we need it.

We will usually delete your Personal Data (at the latest) after you cease to be an investor in any fund and there is no longer any legal / regulatory requirement, or business purpose, for retaining your Personal Data.

Your Rights

You may, subject to certain limitations, have data protection rights depending on the data protection laws that apply to our processing of your Personal Data, including the right to:

•

Access your Personal Data, and some related information, including the purpose for processing the Personal Data, the categories of recipients of that Personal Data to the extent that it has been transferred internationally, and, where the Personal Data has not been collected directly from you, the source (the category information)

•

Restrict the use of your Personal Data in certain circumstances

•

Have incomplete or inaccurate Personal Data corrected

•

Ask us to stop processing your Personal Data

•

Require us to delete your Personal Data in some limited circumstances

You also have the right in some circumstances to request us to “port” your Personal Data in a portable, re-usable format to other organizations (where this is possible).

California residents may also request certain information about our disclosure of Personal Data during the prior year, including category information (as defined above).

We review and verify requests to protect your Personal Data, and will action data protection requests fairly and in accordance with applicable data protection laws and principles.

If you wish to exercise any of these rights, please see the ‘Contact Us’ section for details.

Concerns or Queries

We take your concerns very seriously. We encourage you to bring to our attention any concerns you have about our processing of your Personal Data. This Data Privacy Notice was drafted with simplicity and clarity in mind. We are, of course, happy to provide any further information or explanation needed. Please see the ‘Contact Us’ section for details.

Please also contact us via any of the contact methods listed below if you have a disability and require an alternative format of this Data Privacy Notice.

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If you want to make a complaint, you can also contact the body regulating data protection in your country, where you live or work, or the location where the data protection issue arose. In particular:



Country		Supervisory Authority


Cayman Islands		Cayman Islands Ombudsman (available at: https://ombudsman.ky)


European Union		A list of the EU data protection authorities and contact details is available by clicking this link: http://ec.europa.eu/newsroom/article29/item-detail.cfm?item_id=612080


United Kingdom		Information Commissioner’s Office (available at: https://ico.org.uk/global/contact-us/)

Contact Us

Please contact us if you have any questions about this Data Privacy Notice or the Personal Data we hold about you.

Address

For EU/UK related queries:

40 Berkeley Square, London, W1J 5AL, United Kingdom

All other queries:

345 Park Avenue, New York, NY 10154

A list of country-specific addresses and contacts for locations where we operate is available at https://www.blackstone.com/privacy#appendixA.

Changes to this Data Privacy Notice

We keep this Data Privacy Notice under regular review. Please check regularly for any updates at our investor portal (www.bxaccess.com).

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Blackstone Alternative Multi-Strategy Fund

a series of Blackstone Alternative Investment Funds

Trustees

John M. Brown, Chairman

Frank J. Coates

Paul J. Lawler

Kristen M. Leopold

Peter Koffler

Peter M. Gilbert

Investment Adviser

Blackstone Alternative Investment Advisors LLC

345 Park Avenue

New York, New York 10154

Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Custodians

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

U.S. Bank N.A.

U.S. Bank Tower

425 Walnut Street

Cincinnati, OH 45202

Transfer Agent

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Officers

Brian F. Gavin, President and Principal Executive Officer

Charmagne Kukulka, Secretary

Ester McEwan, Principal Financial and Accounting Officer

Kevin Michel, Chief Compliance Officer and Chief Legal Officer

Thomas Procida, Treasurer

Sherilene Sibadan, Anti-Money Laundering Officer

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, New York 10112

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199-3600

This report, including the financial information herein, is transmitted to the shareholders of Blackstone Alternative Multi-Strategy Fund for their information. It is not a prospectus or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.

You can find the Fund’s prospectus and other information about the Fund, including the Fund’s statement of additional information, on the Fund’s website at www.bxmix.com. You can also get this information at no cost by calling the Fund at 1-855-890-7725.

Item 2.

Code of Ethics.

Not applicable to this semi-annual report.

Item 3.

Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

(a)

The Registrant’s Consolidated Schedule of Investments as of the close of the reporting period is included in the Report to Shareholders filed under Item 1 of this form.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11.

Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures as defined in Rule 30a-3(c) under the 1940 Act, are effective as of the date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)

Not applicable.

(b)

Not applicable.

Item 13.

Exhibits.

(a)(1)

Not applicable to this semi-annual report.

(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(3) Not applicable.

(4) Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		Blackstone Alternative Investment Funds



By (Signature and Title)		/s/ Brian F. Gavin
		*Brian F. Gavin, President (Principal Executive Officer)*


Date		November 29, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Brian F. Gavin
		*Brian F. Gavin, President (Principal Executive Officer)*


Date		November 29, 2021



By (Signature and Title)		/s/ Ester McEwan
		*Ester McEwan, Principal Financial and Accounting Officer*


Date		November 29, 2021

CERTIFICATIONS 302

CERTIFICATIONS

I, Brian F. Gavin, certify that:

1.	I have reviewed this report on Form N-CSR of Blackstone Alternative Investment Funds (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows of the registrant as of, and for, the period presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


November 29, 2021						/s/ Brian F. Gavin
Date						Brian F. Gavin, President (Principal Executive Officer)

CERTIFICATIONS

I, Ester McEwan, certify that:

1.	I have reviewed this report on Form N-CSR of Blackstone Alternative Investment Funds (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

5.	The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


November 29, 2021						/s/ Ester McEwan
Date						Ester McEwan, Principal Financial and Accounting Officer

CERTIFICATIONS 906

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended September 30, 2021 of Blackstone Alternative Investment Funds (the “registrant”).

I, Brian F. Gavin, the President of the registrant, certify that, to the best of my knowledge:

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: November 29, 2021

/s/ Brian F. Gavin

Brian F. Gavin

President (Principal Executive Officer)

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

I, Ester McEwan, the Principal Financial and Accounting Officer of the registrant, certify that, to the best of my knowledge:

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: November 29, 2021

/s/ Ester McEwan

Ester McEwan

Principal Financial and Accounting Officer