Blackstone Alternative Investment Funds NCSRS Certified semi-annual shareholder report (management investment company)

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, 2023

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 Six Months Ended September 30, 2023

TABLE OF CONTENTS


Portfolio Information				1
Consolidated Schedule of Investments				5
Consolidated Statement of Assets and Liabilities				266
Consolidated Statement of Operations				268
Consolidated Statement of Changes in Net Assets				269
Consolidated Statement of Cash Flows				270
Consolidated Financial Highlights				272
Notes to Consolidated Financial Statements				275
Shareholder Fee Example				306
Supplemental Information				307

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information

September 30, 2023 (Unaudited)


Geographic Breakdown	Percentage of Total Net Assets
North America		110.1	%
Europe		2.8
Asia		1.8
South America		1.6
Middle East		1.0
Oceania		0.1
Africa		0.1
Other^1,2		19.2
Securities Sold Short		(31.3	)
Other Assets and Liabilities³		(5.4	)

Total		100.0	%

¹	Includes Sovereign Debt, Exchange-Traded Funds, Warrants, Rights, Commodities, Repurchase Agreements and Purchased Options.

²	See the below table for a geographic breakdown of Sovereign Debt.

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.


Sovereign Debt Geographic Breakdown	Percentage of Total Net Assets
Middle East		1.2	%
South America		0.8
North America		0.8
Europe		0.6
Africa		0.5
Asia		0.1

Total		4.0	%


Portfolio Composition	Percentage of Total Net Assets
Mortgage-Backed Securities¹		64.8	%
Common Stock		16.5
Corporate Bonds & Notes		12.4
Investments in Investee Funds		9.8
Asset-Backed Securities		5.1
U.S. Treasury Notes		4.7
Undertakings For Collective Investment in Transferable Securities		4.1
Bank Debt		4.0
Sovereign Debt		4.0
Repurchase Agreements		3.1
Exchange-Traded Funds		1.2
Preferred Stock		0.2
Warrants		0.0	²

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

September 30, 2023 (Unaudited)


Portfolio Composition	Percentage of Total Net Assets
Convertible Bonds		0.0	²%
Municipals		0.0	²
Rights		0.0	²
Other³		6.8
Securities Sold Short		(31.3	)
Other Assets and Liabilities⁴		(5.4	)

Total		100.0	%

¹	Includes Agency-Guaranteed TBA securities held long, that are guaranteed by the Federal National Mortgage Association or the Government National Mortgage Association, which represents 56.3% of Total Net Assets.

²	Represents less than 0.1%.

³	Includes Commodities and Purchased Options.

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.


Credit Quality Allocation¹	Percentage of Total Net Assets
Not Rated but Agency-Guaranteed²		56.3	%
AAA/Aaa		0.6
AA/Aa		0.0	³
A		0.3
BBB/Baa		1.8
BB/Ba		2.9
B		3.7
CCC/Caa		0.9
CC/Ca		1.5
C		0.2
D		0.0	³
Not Rated		26.7
Other⁴		5.1

Total Investments		100.0	%

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

²	Not Rated but Agency-Guaranteed represents TBA securities which are affiliated with the Federal National Mortgage Association or the Government National Mortgage Association.

³	Represents less than 0.1%.

⁴	Includes Assets, other than investments in securities, net of other liabilities, all Non-Fixed Income securities and Fixed Income securities held short.

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

September 30, 2023 (Unaudited)


Industry	Percentage of Total Net Assets
Banks		2.5	%
Oil & Gas		2.0
Software & Services		1.7
Capital Goods		1.6
Financial Services		1.4
Holding Companies-Diversified		1.3
Software		1.2
Semiconductors & Semiconductor Equipment		1.0
Pharmaceuticals, Biotechnology & Life Sciences		1.0
Media & Entertainment		1.0
Investment Company Security		1.0
Transportation		0.8
Healthcare-Services		0.8
Diversified Financial Services		0.8
Retail		0.7
Technology Hardware & Equipment		0.7
Insurance		0.7
Consumer Services		0.7
Health Care Equipment & Services		0.6
Healthcare-Products		0.6
Machinery-Diversified		0.6
Pipelines		0.5
Mining		0.5
Automobiles & Components		0.4
Leisure Time		0.4
Consumer Discretionary Distribution & Retail		0.4
Auto Manufacturers		0.4
Electric		0.4
Internet		0.4
Food Service		0.4
Chemicals		0.4
Media		0.4
Commercial Banks		0.3
Food		0.3
Engineering & Construction		0.3
Energy		0.3
Iron/Steel		0.3
Consumer Durables & Apparel		0.3
Real Estate		0.3
Commercial & Professional Services		0.2
Household Products/Wares		0.2
Materials		0.2
Cosmetics Personal Care		0.2
Entertainment		0.2
Telecommunication Services		0.2
Packaging & Containers		0.2

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

September 30, 2023 (Unaudited)


Industry	Percentage of Total Net Assets
Agriculture		0.2	%
Hand/Machine Tools		0.2
Energy-Alternate Sources		0.2
Household & Personal Products		0.2
Trucking & Leasing		0.1
Food, Beverage & Tobacco		0.1
Airlines		0.1
Advertising		0.1
Pharmaceuticals		0.1
Utilities		0.1
Miscellaneous Manufacturing		0.1
Lodging		0.1
Multi-National		0.1
Real Estate Investment Trusts		0.1
Sovereign		0.1
Housewares		0.1
Home Furnishings		0.1
Equity Real Estate Investment Trusts (REIT’s)		0.1
Consumer Staples Distribution		0.1
Commercial Services		0.0	¹
Environmental Control		0.0	¹
Auto Parts & Equipment		0.0	¹
Computers		0.0	¹
Apparel		0.0	¹
Aerospace/Defense		0.0	¹
Real Estate Management & Development		0.0	¹
Beverages		0.0	¹
Other²		103.6
Securities Sold Short		(31.3	)
Other Assets and Liabilities³		(5.4	)

Total Investments		100.0	%

¹	Represents less than 0.1%.

Includes Asset-Backed Securities, Sovereign Debt, Mortgage-Backed Securities, U.S. Treasury Notes, Exchange-Traded Funds, Undertakings for Collective Investment in Transferable Securities (“UCITS”) Funds, Warrants, Rights, Investments in Investee Funds, Commodities, Repurchase Agreements 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, 2023 (Unaudited)


Security Description	Shares		Value

INVESTMENTS IN SECURITIES — 126.8%
COMMON STOCK — 16.5%
Africa — 0.0%
Materials — 0.0%
IAMGOLD Corp. (a)		80,000	$	172,000
Sasol Ltd., ADR		500		6,835

				178,835

Total Africa				178,835

Asia — 0.3%
Automobiles & Components — 0.1%
Kandi Technologies Group, Inc. (a)		400		1,384
Li Auto, Inc., ADR (a)		110,600		3,942,890

				3,944,274

Capital Goods — 0.0%
China Yuchai International Ltd.		245		2,475
Euro Tech Holdings Co. Ltd. (a)		150		210
Textainer Group Holdings Ltd.		1,600		59,600

				62,285

Commercial & Professional Services — 0.0%
TaskUS, Inc., Class A (a)		2,900		30,102
WNS Holdings Ltd., ADR (a)		600		41,076

				71,178

Consumer Discretionary Distribution & Retail — 0.0%
Baozun, Inc., ADR (a)		4,400		13,640
JD.com, Inc., ADR		10,600		308,778
MINISO Group Holding Ltd., ADR		3,800		98,420

				420,838

Consumer Services — 0.1%
Melco Resorts & Entertainment Ltd., ADR (a)		5,700		56,373
New Oriental Education & Technology Group, Inc., ADR (a)		19,910		1,165,730
TAL Education Group, ADR (a)		33,400		304,274

				1,526,377

Financial Services — 0.0%
FinVolution Group, ADR		6,600		32,868
LexinFintech Holdings Ltd., ADR (a)		11,100		24,531
Lufax Holding Ltd., ADR		2,100		2,226
Noah Holdings Ltd., ADR		1,200		14,964

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Up Fintech Holding Ltd., ADR (a)		1,300	$	6,656

				81,245

Holding Companies—Diversified — 0.1%
Embrace Change Acquisition Corp. (a),(b)		129,000		1,389,330
L Catterton Asia Acquisition Corp., Class A (a),(b)		100,000		1,063,000

				2,452,330

Insurance — 0.0%
NIPPON INSURE Co. Ltd. (a)		1,727		9,361

Media & Entertainment — 0.0%
Autohome, Inc., ADR		4,500		136,575
DouYu International Holdings Ltd., ADR (a)		100		97
GigaMedia Ltd. (a)		100		135
Hello Group, Inc., ADR		25,300		176,594
HUYA, Inc., ADR (a)		1,400		3,976
Tencent Music Entertainment Group, ADR (a)		43,700		278,806
Weibo Corp., ADR		2,700		33,858

				630,041

Pharmaceuticals, Biotechnology & Life Sciences — 0.0%
I-Mab, ADR (a)		7,100		9,372
Sinovac Biotech Ltd. (a),(c)		200		1,294

				10,666

Semiconductors & Semiconductor Equipment — 0.0%
Allegro MicroSystems, Inc. (a)		3,200		102,208
ChipMOS Technologies, Inc., ADR		200		4,610
Himax Technologies, Inc., ADR		4,200		24,528
Magnachip Semiconductor Corp. (a)		4,600		38,226
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (b)		11,610		1,008,909

				1,178,481

Software & Services — 0.0%
Agora, Inc., ADR (a)		7,100		17,963
Cellebrite DI Ltd. (a)		3,200		24,480

				42,443

Technology Hardware & Equipment — 0.0%
Zepp Health Corp., ADR (a)		100		115

Transportation — 0.0%
ZTO Express Cayman, Inc., ADR		1,200		29,004

Total Asia				10,458,638

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Europe — 0.2%
Capital Goods — 0.1%
AerCap Holdings NV (a)		14,285	$	895,241
Airbus Group NV (b)		11,613		1,559,041
Luxfer Holdings PLC, ADR		2,800		36,540

				2,490,822

Energy — 0.1%
Ardmore Shipping Corp.		5,300		68,953
BP Amoco PLC (b)		8,665		56,180
Eni SpA (b)		13,488		217,553
Equinor ASA (b)		2,780		91,262
Euronav NV		2,800		46,004
Frontline PLC		45,100		846,978
Scorpio Tankers, Inc.		1,300		70,356
SEADRILL Ltd. (a)		4,800		214,992
Shell PLC (b)		45,721		1,474,567
StealthGas, Inc. (a)		1,300		6,546
TechnipFMC PLC		3,500		71,190
TORM PLC, Class A		6,300		173,376
TotalEnergies SE (b)		9,434		621,486
Tsakos Energy Navigation Ltd.		4,800		99,744

				4,059,187

Food, Beverage & Tobacco — 0.0%
Nomad Foods Ltd. (a)		5,400		82,188

Holding Companies—Diversified — 0.0%
Data Knights Acquisition Corp., Class A (a),(b)		65,700		745,695

Materials — 0.0%
ArcelorMittal SA		37,400		936,122
Orion SA		3,600		76,608

				1,012,730

Media & Entertainment — 0.0%
Criteo SA, ADR (a)		400		11,680
Gambling.com Group Ltd. (a)		2,300		30,084
Trivago NV, ADR (a)		2,200		2,310

				44,074

Pharmaceuticals, Biotechnology & Life Sciences — 0.0%
Affimed NV (a)		13,600		6,499
Amarin Corp. PLC, ADR (a)		56,100		51,612
ATAI Life Sciences NV (a)		5,700		7,353
Autolus Therapeutics PLC, ADR (a)		100		233

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Bicycle Therapeutics PLC, ADR (a)		2,800	$	56,252
Immunocore Holdings PLC, ADR (a)		700		36,330
Merus NV (a)		3,600		84,888
MorphoSys AG, ADR (a)		100		672
ProQR Therapeutics NV (a)		4,300		5,590
Prothena Corp. PLC (a)		5,000		241,250
Verona Pharma PLC, ADR (a)		3,100		50,530

				541,209

Software & Services — 0.0%
Endava PLC, ADR (a)		700		40,145
Materialise NV, ADR (a)		1,000		5,490

				45,635

Transportation — 0.0%
Aduro Biotech, Inc. (a),(c)		1,040		0
Golden Ocean Group Ltd.		100		788

				788

Total Europe				9,022,328

Middle East — 0.0%
Capital Goods — 0.0%
Kornit Digital Ltd. (a)		4,000		75,640

Consumer Discretionary Distribution & Retail — 0.0%
D-MARKET Elektronik Hizmetler ve Ticaret AS, ADR (a)		300		399

Materials — 0.0%
Eldorado Gold Corp. (a)		21,700		193,347

Pharmaceuticals, Biotechnology & Life Sciences — 0.0%
Compugen Ltd. (a)		5,600		5,208
GALMED PHARMACEUTICALS Ltd. (a)		500		310
Oramed Pharmaceuticals, Inc. (a)		4,800		12,528

				18,046

Semiconductors & Semiconductor Equipment — 0.0%
Camtek Ltd. (a)		100		6,226

Software & Services — 0.0%
JFrog Ltd. (a)		10,400		263,744
Riskified Ltd., Class A (a)		1,100		4,928
Sapiens International Corp. NV		500		14,215
Wix.com Ltd. (a)		3,000		275,400

				558,287

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Technology Hardware & Equipment — 0.0%
AudioCodes Ltd.		1,100	$	11,121
Ituran Location & Control Ltd.		200		5,980
Radware Ltd. (a)		1,700		28,764
Silicom Ltd. (a)		100		2,610

				48,475

Total Middle East				900,420

North America — 16.0%
Automobiles & Components — 0.3%
Adient PLC (a)		1,600		58,720
Atmus Filtration Technologies, Inc. (a)		27,042		563,826
Cooper-Standard Holdings, Inc. (a)		2,600		34,892
Ford Motor Co.		283,400		3,519,828
General Motors Co.		2,300		75,831
Gentex Corp.		2,800		91,112
Gentherm, Inc. (a)		1,800		97,668
Motorcar Parts of America, Inc. (a)		200		1,618
Standard Motor Products, Inc.		1,100		36,982
Stoneridge, Inc. (a)		1,200		24,084
Superior Industries International, Inc. (a)		1,300		3,952
Tesla, Inc. (a)		36,900		9,233,118

				13,741,631

Banks — 2.5%
1st Source Corp.		300		12,627
ACNB Corp.		100		3,161
Ameris Bancorp		161,839		6,212,999
Ames National Corp.		300		4,977
Arrow Financial Corp.		722		12,288
Atlantic Union Bankshares Corp.		6,778		195,071
Banc of California, Inc.		100		1,238
Bank of America Corp.		30,682		840,073
Bank of Hawaii Corp.		13,997		695,511
Bank of Marin Bancorp		5,301		96,902
Bank of NT Butterfield & Son Ltd. (The)		900		24,372
BankFinancial Corp.		255		2,198
Bankwell Financial Group, Inc.		100		2,427
Banner Corp.		700		29,666
Bar Harbor Bankshares		200		4,726
BayCom Corp.		300		5,763
Blue Ridge Bankshares, Inc.		100		452
Bridgewater Bancshares, Inc. (a)		500		4,740
Brookline Bancorp, Inc.		297		2,706
Business First Bancshares, Inc.		900		16,884
Byline Bancorp, Inc.		1,000		19,710

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Cadence Bank		97,716	$	2,073,534
Camden National Corp.		300		8,466
Capital Bancorp, Inc.		200		3,826
Capital City Bank Group, Inc.		200		5,966
Capstar Financial Holdings, Inc.		8,192		116,244
Carter Bankshares, Inc. (a)		700		8,771
Central Pacific Financial Corp.		4,379		73,042
Central Valley Community Bancorp		200		2,822
Citigroup, Inc.		49,235		2,025,036
Civista Bancshares, Inc.		300		4,650
CNB Financial Corp.		7,165		129,758
Coastal Financial Corp. (a)		400		17,164
Codorus Valley Bancorp, Inc.		100		1,864
Colony Bankcorp, Inc.		800		7,996
Comerica, Inc. (b)		236,157		9,812,323
Community Trust Bancorp, Inc.		500		17,130
ConnectOne Bancorp, Inc.		1,400		24,962
CrossFirst Bankshares, Inc. (a)		900		9,081
CVB Financial Corp.		1,900		31,483
Eagle Bancorp, Inc.		2,700		57,915
East West Bancorp, Inc. (b)		200		10,542
ECB Bancorp, Inc. (a)		100		1,100
Equity Bancshares, Inc., Class A		300		7,221
Esquire Financial Holdings, Inc.		300		13,707
Farmers National Banc Corp.		800		9,248
Financial Institutions, Inc.		600		10,098
First Bancorp		700		19,698
First Bancshares, Inc. (The)		90,832		2,449,739
First Busey Corp.		1,100		21,142
First Business Financial Services, Inc.		100		3,001
First Citizens BancShares, Inc., Class A (b)		489		674,869
First Community Bankshares, Inc.		200		5,890
First Community Corp.		100		1,727
First Financial Bankshares, Inc.		5,500		138,160	��
First Financial Corp.		400		13,524
First Foundation, Inc.		6,000		36,480
First Hawaiian, Inc.		2,500		45,125
First Horizon Corp.		731,321		8,059,157
First Internet Bancorp		200		3,242
First Merchants Corp.		100		2,782
First of Long Island Corp. (The)		500		5,755
First Western Financial, Inc. (a)		38,263		694,473
Five Star Bancorp		100		2,006
FS Bancorp, Inc.		100		2,950
FVCBankcorp, Inc. (a)		275		3,523
German American Bancorp, Inc.		900		24,381

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Great Southern Bancorp, Inc.		200	$	9,584
Guaranty Bancshares, Inc.		100		2,869
Hanmi Financial Corp.		1,800		29,214
Heartland Financial USA, Inc.		1,500		44,145
Heritage Commerce Corp.		3,900		33,033
Heritage Financial Corp.		2,700		44,037
Hilltop Holdings, Inc.		207,046		5,871,825
Hingham Institution For Savings The		2,445		456,604
HomeStreet, Inc.		300		2,337
HomeTrust Bancshares, Inc.		300		6,501
Hope Bancorp, Inc.		1,500		13,275
Horizon Bancorp, Inc.		1,600		17,088
Independent Bank Corp.		600		11,004
Independent Bank Group, Inc.		800		31,640
International Bancshares Corp.		135,298		5,863,815
Investar Holding Corp.		100		1,059
Kearny Financial Corp.		600		4,158
Lakeland Bancorp, Inc. (b)		2,135		26,944
Lakeland Financial Corp.		300		14,238
LCNB Corp.		200		2,854
Live Oak Bancshares, Inc.		2,700		78,165
Luther Burbank Corp.		200		1,680
Macatawa Bank Corp.		900		8,064
Mercantile Bank Corp.		400		12,364
Meridian Corp.		100		980
Metrocity Bankshares, Inc.		200		3,936
Metropolitan Bank Holding Corp. (a)		1,700		61,676
Mid Penn Bancorp, Inc.		400		8,052
Midland States Bancorp, Inc.		600		12,324
MidWestOne Financial Group, Inc.		200		4,066
Northeast Bank		100		4,410
Northfield Bancorp, Inc.		200		1,890
Northrim BanCorp, Inc.		300		11,886
OceanFirst Financial Corp.		1,200		17,364
OFG Bancorp		2,500		74,650
Old Second Bancorp, Inc.		2,100		28,581
OP Bancorp		200		1,830
Origin Bancorp, Inc.		100		2,887
PCB Bancorp		300		4,635
Peapack-Gladstone Financial Corp.		41,610		1,067,296
Peoples Bancorp, Inc.		900		22,842
Pinnacle Financial Partners, Inc.		74,646		5,004,268
PNC Financial Services Group, Inc. (b)		25,414		3,120,077
Preferred Bank		400		24,900
Premier Financial Corp.		100		1,706
Primis Financial Corp.		800		6,520

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Provident Bancorp, Inc. (a)		500	$	4,845
QCR Holdings, Inc.		200		9,704
RBB Bancorp		400		5,112
Renasant Corp.		1,200		31,428
Riverview Bancorp, Inc.		200		1,112
S&T Bancorp, Inc.		500		13,540
Sandy Spring Bancorp, Inc.		35,902		769,380
Seacoast Banking Corp. of Florida		312,593		6,864,542
Shore Bancshares, Inc.		800		8,416
Sierra Bancorp		300		5,688
SmartFinancial, Inc.		300		6,411
South Plains Financial, Inc.		300		7,932
Southern First Bancshares, Inc. (a)		100		2,694
Southern Missouri Bancorp, Inc.		100		3,869
Southside Bancshares, Inc.		700		20,090
Stock Yards Bancorp, Inc.		400		15,716
Synovus Financial Corp.		367,732		10,222,950
Territorial Bancorp, Inc.		100		909
Texas Capital Bancshares, Inc. (a)		118,898		7,003,092
Third Coast Bancshares, Inc. (a)		100		1,710
Towne Bank		1,000		22,930
TriCo Bancshares		700		22,421
Truist Financial Corp. (b)		191,867		5,489,315
TrustCo Bank Corp.		520		14,191
Trustmark Corp.		900		19,557
Univest Financial Corp.		1,000		17,380
USCB Financial Holdings, Inc. (a)		100		1,051
Washington Trust Bancorp, Inc.		500		13,165
Wells Fargo & Co.		188,184		7,689,198
West BanCorp, Inc.		200		3,262
Westamerica BanCorp		1,100		47,575
Western New England Bancorp, Inc.		400		2,596
Wintrust Financial Corp.		56,490		4,264,995
Zions Bancorp NA (b)		24,900		868,761

				100,428,874

Capital Goods — 1.5%
A O Smith Corp.		4,300		284,359
Albany International Corp., Class A		600		51,768
Allient, Inc.		500		15,460
Alta Equipment Group, Inc.		1,200		14,472
AMETEK, Inc.		54,100		7,993,816
Apogee Enterprises, Inc.		1,400		65,912
Archer Aviation, Inc., Class A (a)		4,000		20,240
Argan, Inc.		600		27,312
Armstrong World Industries, Inc.		100		7,200

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Art’s-Way Manufacturing Co., Inc. (a)		100	$	238
Astronics Corp. (a)		1,200		19,032
Barnes Group, Inc.		300		10,191
Beacon Roofing Supply, Inc. (a)		4,500		347,265
Bloom Energy Corp., Class A (a)		38,738		513,666
Blue Bird Corp. (a)		2,800		59,780
BlueLinx Holdings, Inc. (a)		1,100		90,299
Boeing Co. (The) (a)		4,700		900,896
Broadwind, Inc. (a)		1,200		3,840
Caesarstone Ltd. (a)		1,200		5,136
Columbus McKinnon Corp.		1,000		34,910
Commercial Vehicle Group, Inc. (a)		3,800		29,488
Concrete Pumping Holdings, Inc. (a)		1,100		9,438
Core & Main, Inc., Class A (a)		160,980		4,644,273
CSW Industrials, Inc.		100		17,524
Custom Truck One Source, Inc. (a)		3,000		18,600
Douglas Dynamics, Inc.		1,100		33,198
Ducommun, Inc. (a)		200		8,702
DXP Enterprises, Inc. (a)		700		24,458
Emerson Electric Co.		34,300		3,312,351
Energy Recovery, Inc. (a)		3,000		63,630
Eneti, Inc.		690		6,955
Enovix Corp. (a)		5,300		66,515
EnPro Industries, Inc.		400		48,476
Esab Corp.		900		63,198
EVI Industries, Inc. (a)		100		2,482
Federal Signal Corp.		2,800		167,244
Flowserve Corp.		100		3,977
Fluor Corp. (a)		12,500		458,750
FTAI Aviation Ltd.		8,100		287,955
FuelCell Energy, Inc. (a)		1,100		1,408
Gates Industrial Corp. PLC (a)		34,800		404,028
GATX Corp.		1,000		108,830
Gibraltar Industries, Inc. (a)		800		54,008
Global Industrial Co.		500		16,750
GMS, Inc. (a)		200		12,794
Gorman-Rupp Co. (The)		400		13,160
Graco, Inc.		70,000		5,101,600
Great Lakes Dredge & Dock Corp. (a)		3,800		30,286
Griffon Corp.		5,800		230,086
H&E Equipment Services, Inc.		2,500		107,975
Hayward Holdings, Inc. (a)		68,613		967,443
HEICO Corp.		1,300		210,509
HEICO Corp., Class A		42,527		5,495,339
Helios Technologies, Inc.		100		5,548
Hillman Solutions Corp. (a)		226,021		1,864,673

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Honeywell International, Inc.		13,600	$	2,512,464
Howmet Aerospace, Inc.		100		4,625
Hudson Technologies, Inc. (a)		1,600		21,280
Hurco Cos., Inc.		100		2,243
Hydrofarm Holdings Group, Inc. (a)		6,100		7,442
IDEX Corp.		26,950		5,606,139
Insteel Industries, Inc.		400		12,984
Janus International Group, Inc. (a)		15,000		160,500
Johnson Controls International PLC		41,800		2,224,178
Kaman Corp.		1,100		21,615
Kennametal, Inc.		4,000		99,520
L B Foster Co., Class A (a)		100		1,891
Lockheed Martin Corp.		10,700		4,375,872
LSI Industries, Inc.		3,000		47,640
Manitowoc Co., Inc. (The) (a)		4,700		70,735
Masterbrand, Inc. (a)		13,700		166,455
Matrix Service Co. (a)		1,200		14,160
Mayville Engineering Co., Inc. (a)		900		9,873
McGrath RentCorp		1,200		120,288
MDU Resources Group, Inc.		1,100		21,538
Miller Industries, Inc.		300		11,763
MRC Global, Inc. (a)		8,700		89,175
Mueller Industries, Inc.		200		15,032
Mueller Water Products, Inc., Class A		900		11,412
MYR Group, Inc. (a)		200		26,952
NN, Inc. (a)		2,200		4,092
Northrop Grumman Corp.		600		264,114
Northwest Pipe Co. (a)		400		12,068
NOW, Inc. (a)		7,900		93,773
Orion Group Holdings, Inc. (a)		500		2,680
Oshkosh Corp.		7,079		675,549
Park Aerospace Corp.		800		12,424
Parsons Corp. (a)		5,100		277,185
Powell Industries, Inc.		300		24,870
Proto Labs, Inc. (a)		1,900		50,160
Quanex Building Products Corp.		600		16,902
RBC Bearings, Inc. (a)		16,000		3,746,080
REV Group, Inc.		1,000		16,000
RTX Corp.		300		21,591
Rush Enterprises, Inc., Class A		2,900		118,407
Sarcos Technology & Robotics Corp. (a)		33		28
Shyft Group, Inc. (The)		3,200		47,904
Simpson Manufacturing Co., Inc.		2,375		355,799
SPX Technologies, Inc. (a)		400		32,560
Standex International Corp.		100		14,569
Sterling Infrastructure, Inc. (a)		3,900		286,572

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
SunPower Corp. (a)		800	$	4,936
Symbotic, Inc. (a)		100		3,343
Tecnoglass, Inc.		3,900		128,544
Tennant Co.		300		22,245
Terex Corp.		300		17,286
Thermon Group Holdings, Inc. (a)		2,300		63,181
Timken Co. (The)		100		7,349
Titan International, Inc. (a)		4,200		56,406
Titan Machinery, Inc. (a)		2,200		58,476
TPI Composites, Inc. (a)		2,300		6,095
Transcat, Inc. (a)		300		29,391
Triumph Group, Inc. (a)		1,000		7,660
Tutor Perini Corp. (a)		4,000		31,320
Ultralife Corp. (a)		100		976
Vertiv Holdings Co.		58,000		2,157,600
Vicor Corp. (a)		1,200		70,668
View, Inc. (a)		4		29
Virgin Galactic Holdings, Inc. (a)		1,900		3,420
Wabash National Corp.		3,700		78,144
Westport Fuel Systems, Inc. (a)		900		5,436
WillScot Mobile Mini Holdings Corp. (a)		8,200		341,038
Woodward, Inc.		3,300		410,058

				59,590,147

Commercial & Professional Services — 0.2%
ACCO Brands Corp.		9,900		56,826
Asure Software, Inc. (a)		3,500		33,110
Automatic Data Processing, Inc.		8,500		2,044,930
Avalon Holdings Corp., Class A (a)		200		388
Barrett Business Services, Inc.		300		27,072
BGSF, Inc.		300		2,883
Brady Corp., Class A		700		38,444
BrightView Holdings, Inc. (a)		4,000		31,000
CECO Environmental Corp. (a)		4,600		73,462
Civeo Corp.		425		8,810
Conduent, Inc. (a)		2,600		9,048
Copart, Inc. (a)		17,189		740,674
CRA International, Inc.		100		10,076
CSG Systems International, Inc.		900		46,008
Ennis, Inc.		600		12,732
Enviri Corp. (a)		6,800		49,096
ExlService Holdings, Inc. (a)		10,300		288,812
Fiverr International Ltd. (a)		100		2,447
Forrester Research, Inc. (a)		500		14,450
Franklin Covey Co. (a)		600		25,752
GEO Group, Inc. (The) (a)		21,000		171,780

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Healthcare Services Group, Inc.		2,700	$	28,161
Heidrick & Struggles International, Inc.		700		17,514
HNI Corp.		934		32,345
Huron Consulting Group, Inc. (a)		1,400		145,824
IBEX Holdings Ltd. (a)		1,500		23,175
ICF International, Inc.		400		48,324
Insperity, Inc.		500		48,800
Interface, Inc.		3,700		36,297
Kelly Services, Inc., Class A		1,500		27,285
Legalzoom.com, Inc. (a)		2,100		22,974
Liquidity Services, Inc. (a)		1,100		19,382
Millennium Corp. (a),(b),(c)		60,879		1,461,096
Mistras Group, Inc. (a)		1,000		5,450
Paychex, Inc.		700		80,731
Paylocity Holding Corp. (a)		2,300		417,910
Quad/Graphics, Inc. (a)		100		503
Resources Connection, Inc.		1,600		23,856
Rollins, Inc.		87,533		3,267,607
SP Plus Corp. (a)		100		3,610
Steelcase, Inc., Class A		6,900		77,073
TrueBlue, Inc. (a)		1,100		16,137
TTEC Holdings, Inc.		2,200		57,684
Upwork, Inc. (a)		26,600		302,176
Viad Corp. (a)		100		2,620
Wilhelmina International, Inc. (a)		100		363

				9,854,697

Consumer Discretionary Distribution & Retail — 0.3%
1-800-Flowers.com, Inc., Class A (a)		2,900		20,300
1stdibs.com, Inc. (a)		200		728
Aaron’s Co., Inc. (The)		900		9,423
Abercrombie & Fitch Co., Class A (a)		9,200		518,604
Advance Auto Parts, Inc.		12,400		693,532
Amazon.com, Inc. (a),(b)		38,027		4,833,992
Arhaus, Inc. (a)		4,500		41,850
Arko Corp.		2,300		16,445
Best Buy Co., Inc. (b)		3,894		270,516
Big Lots, Inc.		300		1,533
Build-A-Bear Workshop, Inc.		1,400		41,174
Burlington Stores, Inc. (a),(b)		635		85,916
Camping World Holdings, Inc., Class A		600		12,246
Carvana Co. (a),(b)		22,300		936,154
Cato Corp. (The), Class A		1,800		13,788
Chico’s FAS, Inc. (a)		5,500		41,140
Children’s Place, Inc. (The) (a)		2,600		70,278
Citi Trends, Inc. (a)		200		4,444

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Conn’s, Inc. (a)		2,500	$	9,875
Destination XL Group, Inc. (a)		9,100		40,768
Gap, Inc. (The)		600		6,378
Groupon, Inc. (a)		1,000		15,320
Guess?, Inc.		2,400		51,936
Haverty Furniture Cos., Inc.		1,300		37,414
Home Depot, Inc. (The) (b)		2,378		718,536
Monro, Inc.		2,000		55,540
Ollie’s Bargain Outlet Holdings, Inc. (a)		600		46,308
O’Reilly Automotive, Inc. (a)		900		817,974
Petco Health & Wellness Co., Inc. (a)		32,400		132,516
PetMed Express, Inc.		3,400		34,850
Qurate Retail, Inc., Series A (a)		79,800		48,407
RealReal, Inc. (The) (a)		21,400		45,154
Revolve Group, Inc. (a)		8,500		115,685
Savers Value Village, Inc. (a)		33,827		631,550
Shoe Carnival, Inc.		100		2,403
Stitch Fix, Inc., Class A (a)		14,000		48,300
TJX Cos., Inc. (b)		6,032		536,124
Urban Outfitters, Inc. (a)		6,100		199,409
Wayfair, Inc., Class A (a)		18,900		1,144,773

				12,351,283

Consumer Durables & Apparel — 0.3%
Acushnet Holdings Corp.		2,800		148,512
Allbirds, Inc., Class A (a)		17,600		19,536
American Outdoor Brands, Inc. (a)		500		4,890
Bassett Furniture Industries, Inc.		300		4,395
Beazer Homes USA, Inc. (a)		3,200		79,712
Charles & Colvard Ltd. (a)		1,000		572
Culp, Inc. (a)		200		1,116
Delta Apparel, Inc. (a)		300		1,989
Escalade, Inc.		200		3,062
Ethan Allen Interiors, Inc.		300		8,970
Fossil Group, Inc. (a)		8,500		17,510
G-III Apparel Group Ltd. (a)		3,900		97,188
GoPro, Inc., Class A (a)		17,900		56,206
Green Brick Partners, Inc. (a)		1,300		53,963
Hooker Furnishings Corp.		700		13,615
JAKKS Pacific, Inc. (a)		1,100		20,449
Johnson Outdoors, Inc., Class A		300		16,407
Lakeland Industries, Inc.		200		3,014
Landsea Homes Corp. (a)		1,600		14,384
La-Z-Boy, Inc.		2,000		61,760
Legacy Housing Corp. (a)		700		13,587
Malibu Boats, Inc., Class A (a)		100		4,902

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
MasterCraft Boat Holdings, Inc. (a)		2,000	$	44,440
Nautilus, Inc. (a)		3,600		3,060
NIKE, Inc., Class B (b)		103,654		9,911,396
Peloton Interactive, Inc., Class A (a)		68,500		345,925
Singing Machine Co., Inc. (The) (a)		800		808
Skechers USA, Inc., Class A (a)		500		24,475
Solo Brands, Inc., Class A (a)		3,700		18,870
Superior Group of Cos., Inc.		200		1,556
Tapestry, Inc. (a)		700		20,125
Tri Pointe Homes, Inc. (a)		1,300		35,555
Twin Vee PowerCats Co. (a)		200		284
Unifi, Inc. (a)		2,100		14,910
Universal Electronics, Inc. (a)		1,500		13,575
Vera Bradley, Inc. (a)		3,400		22,474
VOXX International Corp. (a)		100		798

				11,103,990

Consumer Services — 0.6%
2U, Inc. (a)		9,000		22,230
Airbnb, Inc., Class A (a)		16,800		2,305,128
Allied Gaming & Entertainment, Inc. (a)		800		726
American Public Education, Inc. (a)		1,200		5,976
BJ’s Restaurants, Inc. (a)		3,700		86,802
Bluegreen Vacations Holding Corp.		300		11,004
Bowlero Corp. (a)		14,500		139,490
Carnival Corp. (a)		229,100		3,143,252
Carriage Services, Inc.		900		25,425
Carrols Restaurant Group, Inc. (a)		7,200		47,448
Cava Group, Inc. (a)		21,574		660,811
Century Casinos, Inc. (a)		400		2,052
Chegg, Inc. (a)		24,200		215,864
Choice Hotels International, Inc.		3,300		404,283
Chuy’s Holdings, Inc. (a)		800		28,464
Coursera, Inc. (a)		2,000		37,380
Denny’s Corp. (a)		6,400		54,208
Dine Brands Global, Inc.		1,400		69,230
DoorDash, Inc., Class A (a)		40,300		3,202,641
DraftKings, Inc., Class A (a)		93,370		2,748,813
Duolingo, Inc. (a)		7,200		1,194,264
Dutch Bros, Inc., Class A (a)		33,831		786,571
El Pollo Loco Holdings, Inc.		6,300		56,385
Everi Holdings, Inc. (a)		9,900		130,878
Expedia Group, Inc. (a)		600		61,842
Fiesta Restaurant Group, Inc. (a)		4,900		41,454
First Watch Restaurant Group, Inc. (a)		1,100		19,019
Frontdoor, Inc. (a)		300		9,177

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
GEN Restaurant Group, Inc. (a)		500	$	5,820
Golden Entertainment, Inc. (a)		300		10,254
International Game Technology PLC		12,100		366,872
Kura Sushi USA, Inc., Class A (a)		200		13,224
Las Vegas Sands Corp.		14,800		678,432
Laureate Education, Inc.		8,400		118,440
Lincoln Educational Services Corp. (a)		1,000		8,450
Lindblad Expeditions Holdings, Inc. (a)		900		6,480
Monarch Casino & Resort, Inc.		400		24,840
Norwegian Cruise Line Holdings Ltd. (a)		35,200		580,096
ONE Group Hospitality, Inc. (The) (a)		1,100		6,050
OneSpaWorld Holdings Ltd. (a)		5,200		58,344
Playa Hotels & Resorts NV (a)		13,300		96,292
PlayAGS, Inc. (a)		5,400		35,208
Portillo’s, Inc., Class A (a)		4,500		69,255
Potbelly Corp. (a)		900		7,020
Red Robin Gourmet Burgers, Inc. (a)		1,500		12,060
Royal Caribbean Cruises Ltd. (a),(b)		6,470		596,146
Sabre Corp. (a)		55,800		250,542
Shake Shack, Inc., Class A (a)		2,700		156,789
Starbucks Corp. (b)		30,900		2,820,243
Sweetgreen, Inc., Class A (a)		400		4,700
Target Hospitality Corp. (a)		9,000		142,920
Travel + Leisure Co.		200		7,346
Universal Technical Institute, Inc. (a)		1,200		10,056
Wingstop, Inc.		800		143,872
WW International, Inc. (a)		16,500		182,655
Wynn Resorts Ltd.		5,800		535,978
Xponential Fitness, Inc., Class A (a)		300		4,650

				22,463,851

Consumer Staples Distribution — 0.1%
Maplebear, Inc. (a)		5,758		170,955
Natural Grocers by Vitamin Cottage, Inc., Class C		500		6,455
PriceSmart, Inc.		400		29,772
SpartanNash Co.		2,200		48,400
Village Super Market, Inc., Class A		200		4,528
Walmart, Inc. (b)		9,582		1,532,449
Weis Markets, Inc.		1,100		69,300

				1,861,859

Energy — 0.2%
Atlas Energy Solutions, Inc., Class A		400		8,892
Berry Corp.		5,300		43,460
Cheniere Energy, Inc.		2,300		381,708
Clean Energy Fuels Corp. (a)		5,200		19,916

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Crescent Energy Co., Class A		35,970	$	454,661
CVR Energy, Inc.		4,900		166,747
Delek US Holdings, Inc.		3,500		99,435
Devon Energy Corp.		17		811
DHT Holdings, Inc.		20,400		210,120
DMC Global, Inc. (a)		1,300		31,811
Dorian LPG Ltd.		1,400		40,222
Enbridge, Inc.		30,450		1,010,635
Epsilon Energy Ltd.		1,400		7,392
Evolution Petroleum Corp.		2,900		19,836
Forum Energy Technologies, Inc. (a)		500		12,010
Gevo, Inc. (a)		400		476
Helix Energy Solutions Group, Inc. (a)		27,000		301,590
International Seaways, Inc.		200		9,000
Kodiak Gas Services, Inc. (a)		103,474		1,850,115
Magnolia Oil & Gas Corp., Class A		3,400		77,894
Mammoth Energy Services, Inc. (a)		2,100		9,744
Nabors Industries Ltd. (a)		900		110,826
NACCO Industries, Inc., Class A		100		3,507
Natural Gas Services Group, Inc. (a)		400		5,824
Newpark Resources, Inc. (a)		13,500		93,285
Nordic American Tankers Ltd.		37,600		154,912
North American Construction Group Ltd.		1,200		26,064
Oceaneering International, Inc. (a)		1,100		28,292
Oil States International, Inc. (a)		12,500		104,625
Overseas Shipholding Group, Inc., Class A (a)		6,900		30,291
Patterson-UTI Energy, Inc.		9,215		127,536
PBF Energy, Inc., Class A		14,000		749,420
Permian Resources Corp. (b)		16,920		236,203
Precision Drilling Corp. (a)		800		53,696
ProPetro Holding Corp. (a)		2,800		29,764
Select Water Solutions, Inc.		15,300		121,635
Smart Sand, Inc. (a)		3,400		7,888
Solaris Oilfield Infrastructure, Inc., Class A		2,600		27,716
Teekay Corp. (a)		14,100		86,997
Teekay Tankers Ltd., Class A		5,763		239,914
TETRA Technologies, Inc. (a)		4,500		28,710
Transocean Ltd. (a)		160,133		1,314,692
Viper Energy Partners LP		200		5,576
Vitesse Energy, Inc.		700		16,023
W&T Offshore, Inc. (a)		10,100		44,238
Weatherford International PLC (a)		9,700		876,201
World Kinect Corp.		4,300		96,449

				9,376,759

Engineering & Construction — 0.0%
Qualtek Buyer LLC (b),(c)		441,828		997,206

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Equity Real Estate Investment Trusts (REIT’s) — 0.1%
American Tower Corp. (b)		666	$	109,524
CareTrust REIT, Inc.		4,900		100,450
Chatham Lodging Trust		1,300		12,441
Community Healthcare Trust, Inc.		500		14,850
CTO Realty Growth, Inc.		1,500		24,315
Diversified Healthcare Trust		46,500		90,210
Equity Commonwealth (a)		80,000		1,469,600
Farmland Partners, Inc.		1,800		18,468
Getty Realty Corp.		1,100		30,503
Gladstone Land Corp.		2,600		36,998
Hersha Hospitality Trust, Class A		5,600		55,216
Medalist Diversified REIT, Inc.		112		592
Piedmont Office Realty Trust, Inc., Class A		600		3,372
Plymouth Industrial REIT, Inc.		2,300		48,185
Presidio Property Trust, Inc., Class A		500		398
Retail Opportunity Investments Corp.		3,100		38,378
Summit Hotel Properties, Inc.		1,800		10,440
Terreno Realty Corp.		5,200		295,360
Universal Health Realty Income Trust		300		12,129
Wheeler Real Estate Investment Trust, Inc. (a)		20		66

				2,371,495

Financial Services — 1.4%
ACRES Commercial Realty Corp. (a)		133		1,104
AFC Gamma, Inc.		100		1,174
Affirm Holdings, Inc. (a)		10,000		212,700
AG Mortgage Investment Trust, Inc.		400		2,220
Alerus Financial Corp.		300		5,454
Ares Capital Corp.		41,800		813,846
Arlington Asset Investment Corp., Class A (a)		1,500		6,420
AssetMark Financial Holdings, Inc. (a)		1,000		25,080
Atlanticus Holdings Corp. (a)		100		3,031
AvidXchange Holdings, Inc. (a)		368,775		3,495,987
Bain Capital Specialty Finance, Inc.		100		1,531
Bank of New York Mellon Corp. (The)		25,743		1,097,939
Barings BDC, Inc.		8,400		74,844
BlackRock Capital Investment Corp.		4,981		18,480
BlackRock TCP Capital Corp.		6,300		73,962
Brightsphere Investment Group, Inc.		139,898		2,712,622
BrightSpire Capital, Inc.		3,100		19,406
Carlyle Secured Lending, Inc.		3,600		52,200
Cass Information Systems, Inc.		400		14,900
Cboe Global Markets, Inc.		29,340		4,583,201
Charles Schwab Corp. (The) (b)		101,624		5,579,158
Chicago Atlantic Real Estate Finance, Inc.		2,100		30,912

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
CION Investment Corp.		3,500	$	36,995
CME Group, Inc.		5,500		1,101,210
Coinbase Global, Inc., Class A (a)		38,800		2,913,104
Consumer Portfolio Services, Inc. (a)		400		3,628
Credit Acceptance Corp. (a)		200		92,024
Crescent Capital BDC, Inc.		2,500		42,750
Donnelley Financial Solutions, Inc. (a)		600		33,768
Ellington Residential Mortgage REIT		3,100		19,251
Enact Holdings, Inc.		4,400		119,812
EZCORP, Inc., Class A (a)		8,100		66,825
FactSet Research Systems, Inc.		800		349,808
Federated Hermes, Inc.		100		3,387
Fidelity National Information Services, Inc.		20,046		1,107,942
Fidus Investment Corp.		5,200		99,840
GCM Grosvenor, Inc., Class A		33,258		258,082
Gladstone Capital Corp.		2,900		27,956
Gladstone Investment Corp.		2,400		30,576
Golub Capital BDC, Inc.		8,400		123,228
Granite Point Mortgage Trust, Inc.		5,800		28,304
Great Ajax Corp.		1,800		11,592
Green Dot Corp., Class A (a)		3,400		47,362
Greenhill & Co., Inc.		1,000		14,800
Hercules Capital, Inc.		600		9,852
I3 Verticals, Inc., Class A (a)		300		6,342
Intercontinental Exchange, Inc.		821		90,326
Jack Henry & Associates, Inc.		700		105,798
Jackson Financial, Inc., Class A		9,400		359,268
LendingClub Corp. (a)		19,000		115,900
LendingTree, Inc. (a)		2,700		41,850
Main Street Capital Corp.		1,400		56,882
MarketAxess Holdings, Inc.		428		91,438
Marqeta, Inc., Class A (a)		124,437		744,133
Medallion Financial Corp.		1,700		11,934
Merchants Bancorp		550		15,246
MidCap Financial Investment Corp.		3,700		50,875
Moneylion, Inc. (a)		113		2,445
Monroe Capital Corp.		1,200		8,940
MSCI, Inc.		1,800		923,544
Nasdaq, Inc.		45,600		2,215,704
New Mountain Finance Corp.		5,900		76,405
Oaktree Specialty Lending Corp.		1,631		32,816
Ocwen Financial Corp. (a)		294		7,609
OFS Capital Corp.		800		8,992
Open Lending Corp., Class A (a)		10,700		78,324
Oportun Financial Corp. (a)		1,000		7,220
Oppenheimer Holdings, Inc., Class A		500		19,155

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Oxford Square Capital Corp.		7,800	$	23,478
Paymentus Holdings, Inc., Class A (a)		300		4,980
Payoneer Global, Inc. (a)		55,600		340,272
PayPal Holdings, Inc. (a)		91,000		5,319,860
Paysafe Ltd. (a)		575		6,894
PennantPark Floating Rate Capital Ltd.		10,600		112,996
PennantPark Investment Corp.		9,500		62,510
Piper Sandler Cos.		20,057		2,914,483
Portman Ridge Finance Corp.		400		7,700
Regional Management Corp.		200		5,536
Repay Holdings Corp. (a)		16,624		126,176
Robinhood Markets, Inc., Class A (a)		84,200		826,002
Runway Growth Finance Corp.		2,100		26,922
Safeguard Scientifics, Inc. (a)		200		200
Saratoga Investment Corp.		2,500		64,250
Silvercrest Asset Management Group, Inc., Class A		300		4,761
Sixth Street Specialty Lending, Inc.		4,900		100,156
SoFi Technologies, Inc. (a)		196,600		1,570,834
Sprott, Inc.		200		6,094
State Street Corp.		5,740		384,350
Stellus Capital Investment Corp.		4,700		63,920
Stifel Financial Corp.		19,586		1,203,364
StoneX Group, Inc. (a)		600		58,152
SuRo Capital Corp. (a)		569		2,060
TPG RE Finance Trust, Inc.		1,500		10,095
TPG, Inc.		1,100		33,132
Trinity Capital, Inc.		2,400		33,408
TriplePoint Venture Growth BDC Corp., Class B		400		4,184
Victory Capital Holdings, Inc., Class A		10,342		344,802
Visa, Inc., Class A		46,465		10,687,415
Waterstone Financial, Inc.		200		2,190
Westwood Holdings Group, Inc.		100		1,015
WhiteHorse Finance, Inc.		1,100		14,047

				54,805,651

Food, Beverage & Tobacco — 0.1%
Campbell Soup Co.		5,000		205,400
Celsius Holdings, Inc. (a)		1,700		291,720
Coca-Cola Co. (The)		15,200		850,896
Duckhorn Portfolio, Inc. (The) (a)		5,500		56,430
Eastside Distilling, Inc. (a)		45		55
Fresh Del Monte Produce, Inc.		2,400		62,016
Hain Celestial Group, Inc. (The) (a)		600		6,222
Hershey Co. (The) (b)		1,500		300,120
J M Smucker Co. (The)		4,600		565,386
Laird Superfood, Inc. (a)		400		412

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Limoneira Co.		700	$	10,724
McCormick & Co., Inc.		3,900		294,996
MGP Ingredients, Inc.		500		52,740
Molson Coors Beverage Co., Class B		9,200		585,028
Mondelez International, Inc., Class A (b)		10,650		739,110
National Beverage Corp. (a)		1,100		51,722
PepsiCo, Inc.		1,000		169,440
Philip Morris International, Inc.		7,300		675,834
Primo Water Corp.		1,900		26,220
Sovos Brands, Inc. (a),(b)		4,300		96,965
Tootsie Roll Industries, Inc.		1,300		38,818
Tyson Foods, Inc., Class A		900		45,441
Universal Corp.		1,400		66,094
Vita Coco Co., Inc. (The) (a)		7,000		182,280

				5,374,069

Health Care Equipment & Services — 0.5%
Accolade, Inc. (a)		2,700		28,566
Accuray, Inc. (a)		7,800		21,216
Addus HomeCare Corp. (a)		100		8,519
Alphatec Holdings, Inc. (a)		9,600		124,512
American Shared Hospital Services (a)		100		261
AngioDynamics, Inc. (a)		8,300		60,673
AtriCure, Inc. (a)		3,700		162,060
Avanos Medical, Inc. (a)		1,900		38,418
Avinger, Inc. (a)		34		183
Axonics, Inc. (a)		500		28,060
Baxter International, Inc.		45,700		1,724,718
Brookdale Senior Living, Inc. (a)		7,809		32,329
Castle Biosciences, Inc. (a)		1,800		30,402
Cerus Corp. (a)		900		1,458
Clover Health Investments Corp. (a)		200		216
Community Health Systems, Inc. (a)		27,800		80,620
Computer Programs & Systems, Inc. (a)		600		9,564
CONMED Corp.		800		80,680
CorVel Corp. (a)		200		39,330
Cue Health, Inc. (a)		5,400		2,388
Cutera, Inc. (a)		3,700		22,274
CVRx, Inc. (a)		400		6,068
CVS Health Corp.		99,800		6,968,036
CytoSorbents Corp. (a)		200		376
Definitive Healthcare Corp. (a)		600		4,794
Edwards Lifesciences Corp. (a)		15,300		1,059,984
Electromed, Inc. (a)		100		1,039
Elevance Health, Inc.		9,400		4,092,948
Establishment Labs Holdings, Inc. (a)		1,500		73,605

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
FONAR Corp. (a)		100	$	1,540
Globus Medical, Inc., Class A (a)		15,000		744,750
GoodRx Holdings, Inc., Class A (a)		16,000		90,080
Guardant Health, Inc. (a)		15,800		468,312
Haemonetics Corp. (a)		3,400		304,572
Health Catalyst, Inc. (a)		5,800		58,696
HealthStream, Inc.		1,000		21,580
Hims & Hers Health, Inc. (a)		19,800		124,542
Inari Medical, Inc. (a)		1,000		65,400
InfuSystem Holdings, Inc. (a)		800		7,712
Inogen, Inc. (a)		2,100		10,962
Integra LifeSciences Holdings Corp. (a)		6,900		263,511
Intuitive Surgical, Inc. (a)		1,900		555,351
iRadimed Corp.		400		17,748
Joint Corp. (The) (a)		1,200		10,788
LeMaitre Vascular, Inc.		1,000		54,480
LivaNova PLC (a)		3,100		163,928
Medtronic PLC		3,900		305,604
National HealthCare Corp.		300		19,194
NeoGenomics, Inc. (a)		9,100		111,930
Neuronetics, Inc. (a)		3,300		4,455
Nevro Corp. (a)		7,500		144,150
Nexgel, Inc. (a)		300		630
NextGen Healthcare, Inc. (a),(b)		3,700		87,801
Novocure Ltd. (a)		10,700		172,805
OPKO Health, Inc. (a)		18,501		29,602
OptimizeRx Corp. (a)		1,300		10,114
Orthofix Medical, Inc. (a)		2,206		28,369
Outset Medical, Inc. (a)		2,700		29,376
Owens & Minor, Inc. (a)		4,600		74,336
Pediatrix Medical Group, Inc. (a)		900		11,439
Pennant Group, Inc. (The) (a)		1,800		20,034
PetIQ, Inc. (a)		1,000		19,700
Phreesia, Inc. (a)		2,500		46,700
Premier, Inc., Class A		6,900		148,350
Pulmonx Corp. (a)		3,300		34,089
ResMed, Inc.		6,300		931,581
RxSight, Inc. (a)		3,800		105,982
Semler Scientific, Inc. (a)		100		2,537
Sensus Healthcare, Inc. (a)		1,400		3,878
SI-BONE, Inc. (a)		5,300		112,572
Silk Road Medical, Inc. (a)		7,600		113,924
STAAR Surgical Co. (a)		1,700		68,306
Star Equity Holdings, Inc. (a)		400		400
Stereotaxis, Inc. (a)		1,400		2,212
Surmodics, Inc. (a)		700		22,463
Tabula Rasa HealthCare, Inc. (a)		3,700		38,147

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Tactile Systems Technology, Inc. (a)		1,500	$	21,075
Talkspace, Inc. (a)		1,300		2,535
Tandem Diabetes Care, Inc. (a)		12,800		265,856
Treace Medical Concepts, Inc. (a)		800		10,488
Varex Imaging Corp. (a)		4,900		92,071
Veradigm, Inc. (a)		10,300		135,342
Vicarious Surgical, Inc. (a)		287,387		169,760
Viemed Healthcare, Inc. (a)		1,800		12,114
Zimvie, Inc. (a)		1,200		11,292
Zynex, Inc. (a)		1,400		11,200

				21,099,662

Holding Companies—Diversified — 1.2%
99 Acquisition Group, Inc. (a),(b)		200,000		2,074,000
Ace Global Business Acquisition Ltd. (a),(b)		131,811		1,530,325
Alpha Partners Technology Merger Corp., Class A (a),(b)		300,000		3,175,500
AltC Acquisition Corp., Class A (a),(b)		357,143		3,696,430
Andretti Acquisition Corp., Class A (a),(b)		140,000		1,505,000
Ares Acquisition Corp. II (a)		97,020		1,008,038
C5 Acquisition Corp., Class A (a),(b)		175,105		1,920,902
Churchill Capital Corp. VI, Class A (a),(b)		296,860		3,102,187
Churchill Capital Corp. VII, Class A (a),(b)		350,000		3,657,500
Compass Digital Acquisition Corp. (a),(b)		375,018		3,933,939
Everest Consolidator Acquisition Corp. (a),(b)		232,000		2,510,240
Investcorp India Acquisition Corp., Class A (a),(b)		162,382		1,758,597
Jaguar Global Growth Corp. I, Class A (a),(b)		259,000		2,750,580
Learn CW Investment Corp., Class A (a),(b)		398,000		4,242,680
Live Oak Crestview Climate Acquisition Corp. (a),(b)		233,000		2,406,890
Metal Sky Star Acquisition Corp., Class C (a),(b)		137,300		1,500,689
Mountain & Co. I Acquisition Corp. (a),(b)		316,700		3,547,040
Nabors Energy Transition Corp. II (a)		48,655		499,687
Nabors Energy Transition Corp. II, Class A (a),(b)		49,100		499,347
Plum Acquisition Corp., Class A (a),(b)		99,999		1,076,989
Rigel Resource Acquisition Corp., Class A (a),(b)		120,000		1,306,800
SilverBox Corp. III (a)		70,034		720,650

				48,424,010

Household & Personal Products — 0.2%
Clorox Co. (The)		3,900		511,134
Edgewell Personal Care Co.		2,300		85,008
Estee Lauder Cos., Inc. (The), Class A		20,900		3,021,095
Kimberly-Clark Corp.		14,800		1,788,580
Nature’s Sunshine Products, Inc. (a)		400		6,628
Nu Skin Enterprises, Inc., Class A		4,800		101,808
Olaplex Holdings, Inc. (a)		44,100		85,995

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Procter & Gamble Co. (The)		3,800	$	554,268
Reynolds Consumer Products, Inc.		1,400		35,882
USANA Health Sciences, Inc. (a)		200		11,722

				6,202,120

Insurance — 0.3%
American Coastal Insurance Corp., Class C (a)		1,900		13,984
Brighthouse Financial, Inc. (a)		3,500		171,290
BRP Group, Inc., Class A (a)		100		2,323
Citizens, Inc. (a)		800		2,280
CNA Financial Corp.		100		3,935
Crawford & Co., Class A		100		934
eHealth, Inc. (a)		4,700		34,780
Employers Holdings, Inc.		1,300		51,935
F&G Annuities & Life, Inc.		1,800		50,508
Fidelis Insurance Holdings Ltd. (a)		100		1,468
Greenlight Capital Re Ltd., Class A (a)		1,100		11,814
Hanover Insurance Group, Inc. (The)		700		77,686
HCI Group, Inc.		500		27,145
Heritage Insurance Holdings, Inc. (a)		2,700		17,523
Horace Mann Educators Corp.		3,000		88,140
James River Group Holdings Ltd.		2,400		36,840
Lincoln National Corp.		1,900		46,911
Mercury General Corp.		2,100		58,863
MetLife, Inc.		6,900		434,079
Oscar Health, Inc., Class A (a)		28,700		159,859
ProAssurance Corp.		2,100		39,669
Prudential Financial, Inc.		1,000		94,890
RLI Corp.		47,737		6,486,981
Selectquote, Inc. (a)		1,200		1,404
SiriusPoint Ltd. (a)		4,600		46,782
Skyward Specialty Insurance Group, Inc. (a)		6,400		175,104
Stewart Information Services Corp.		400		17,520
Tiptree, Inc.		900		15,084
Trupanion, Inc. (a)		2,100		59,220
United Fire Group, Inc.		400		7,900
Universal Insurance Holdings, Inc.		4,200		58,884
Unum Group		5,100		250,869
W R Berkley Corp.		72,500		4,603,025

				13,149,629

Materials — 0.2%
AdvanSix, Inc.		500		15,540
Alamos Gold, Inc., Class A		13,500		152,415
Alcoa Corp.		9,000		261,540
American Vanguard Corp.		700		7,651

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
B2Gold Corp.		61,100	$	176,579
Carpenter Technology Corp.		1,400		94,094
Clearwater Paper Corp. (a)		600		21,750
Constellium SE (a)		1,900		34,580
Eastman Chemical Co.		400		30,688
Ecovyst, Inc. (a)		4,800		47,232
Freeport-McMoRan, Inc.		10,600		395,274
FutureFuel Corp.		2,800		20,076
Gatos Silver, Inc. (a)		6,500		33,670
Glatfelter Corp. (a)		6,200		12,400
Gold Resource Corp.		600		257
Haynes International, Inc.		100		4,652
HB Fuller Co.		1,600		109,776
Innospec, Inc.		400		40,880
Intrepid Potash, Inc. (a)		1,800		45,288
Kinross Gold Corp.		5,900		26,904
Linde PLC		8,475		3,155,666
LSB Industries, Inc. (a)		8,100		82,863
McEwen Mining, Inc. (a)		4,500		29,250
Minerals Technologies, Inc.		100		5,476
Myers Industries, Inc.		900		16,137
New Gold, Inc. (a)		24,600		22,388
Newmont Corp.		11,900		439,705
O-I Glass, Inc. (a)		7,400		123,802
Pactiv Evergreen, Inc.		100		813
PolyMet Mining Corp. (a)		200		416
PPG Industries, Inc.		200		25,960
Ramaco Resources, Inc., Class A		6,300		69,237
Ranpak Holdings Corp. (a)		5,900		32,096
Rayonier Advanced Materials, Inc. (a)		13,600		48,144
Ryerson Holding Corp.		1,700		49,453
Schnitzer Steel Industries, Inc., Class A		300		8,355
Scotts Miracle-Gro Co.		100		5,168
Sherwin-Williams Co. (b)		3,973		1,013,314
Silvercorp Metals, Inc.		24,600		57,810
SunCoke Energy, Inc.		7,800		79,170
Sylvamo Corp.		3,200		140,608
Ternium SA, ADR		2,300		91,770
TimkenSteel Corp. (a)		3,800		82,536
Tredegar Corp.		600		3,246
U.S. Steel Corp.		6,400		207,872
Warrior Met Coal, Inc.		5,300		270,724

				7,593,225

Media & Entertainment — 1.0%
Activision Blizzard, Inc. (b)		18,875		1,767,266
Alphabet, Inc., Class C (a),(b)		1,757		231,660

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Alphabet, Inc., Class A (a),(b)		77,742	$	10,173,318
Altice USA, Inc., Class A (a)		3,900		12,753
Angi, Inc. (a)		13,200		26,136
Boston Omaha Corp., Class A (a)		700		11,473
Bumble, Inc., Class A (a)		4,700		70,124
Cardlytics, Inc. (a)		2,700		44,550
Clear Channel Outdoor Holdings, Inc. (a)		18,500		29,230
comScore, Inc. (a)		3,500		2,149
DHI Group, Inc. (a)		1,500		4,590
DISH Network Corp., Class A (a)		54,600		319,956
Electronic Arts, Inc.		2,600		313,040
Eventbrite, Inc., Class A (a)		17,300		170,578
Fluent, Inc. (a)		1,800		799
Gaia, Inc. (a)		600		1,632
Gannett Co., Inc. (a)		1,800		4,410
Harte Hanks, Inc. (a)		500		3,255
iHeartMedia, Inc., Class A (a)		1,700		5,372
IMAX Corp. (a)		6,600		127,512
Integral Ad Science Holding Corp. (a)		10,800		128,412
Kubient, Inc. (a)		200		60
Liberty Broadband Corp., Class C (a),(b)		5,430		495,867
Liberty Broadband Corp., Class A (a),(b)		1,468		133,456
Liberty Media Corp.-Liberty Formula One, Class C (a),(b)		753		46,912
Liberty Media Corp.-Liberty Live, Class C (a),(b)		5,806		186,373
Liberty Media Corp.-Liberty Live, Class A (a),(b)		3,573		114,050
Liberty Media Corp.-Liberty SiriusXM, Class C (a),(b)		22,256		566,638
Liberty Media Corp.-Liberty SiriusXM, Class A (a),(b)		13,266		337,620
Madison Square Garden Entertainment Corp. (a)		60,236		1,982,367
Magnite, Inc. (a)		3,000		22,620
Marcus Corp. (The)		3,800		58,900
Meta Platforms, Inc., Class A (a),(b)		35,767		10,737,611
Netflix, Inc. (a)		3,400		1,283,840
Outbrain, Inc. (a)		100		487
Pinterest, Inc., Class A (a)		104,400		2,821,932
Playstudios, Inc. (a)		100		318
QuinStreet, Inc. (a)		100		897
Reservoir Media, Inc. (a)		1,500		9,150
ROBLOX Corp., Class A (a)		103,000		2,982,880
Roku, Inc. (a)		18,700		1,320,033
Sciplay Corp., Class A (a)		4,400		100,188
Shutterstock, Inc.		4,700		178,835
Snap, Inc., Class A (a)		254,900		2,271,159
Spotify Technology SA (a)		11,300		1,747,432
TechTarget, Inc. (a)		3,400		103,224
TKO Group Holdings, Inc.		1,900		159,714

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Townsquare Media, Inc., Class A		500	$	4,360
Travelzoo (a)		300		1,749
TrueCar, Inc. (a)		3,300		6,831
Urban One, Inc. (a)		300		1,509
Vimeo, Inc. (a)		22,700		80,358
Vivid Seats, Inc., Class A (a)		300		1,926
Zedge, Inc., Class B (a)		700		1,533
Ziff Davis, Inc. (a)		100		6,369
ZoomInfo Technologies, Inc. (a)		1,000		16,400

				41,231,813

Pharmaceuticals, Biotechnology & Life Sciences — 1.0%
4D Molecular Therapeutics, Inc. (a)		2,200		28,006
89bio, Inc. (a)		11,200		172,928
AbbVie, Inc.		100		14,906
AbCellera Biologics, Inc. (a)		10,300		47,380
Aclaris Therapeutics, Inc. (a)		1,600		10,960
Actinium Pharmaceuticals, Inc. (a)		614		3,635
Adicet Bio, Inc. (a)		7,542		10,332
ADMA Biologics, Inc. (a)		47,200		168,976
Adverum Biotechnologies, Inc. (a)		7,000		10,500
Aeglea BioTherapeutics, Inc. (a)		4,700		57,575
Agilent Technologies, Inc.		2,200		246,004
Alaunos Therapeutics, Inc. (a)		10,800		1,423
Aldeyra Therapeutics, Inc. (a)		7,500		50,100
Alector, Inc. (a)		7,700		49,896
Aligos Therapeutics, Inc. (a)		1,300		971
Alkermes PLC (a)		20,600		577,006
Allogene Therapeutics, Inc. (a)		24,200		76,714
Alnylam Pharmaceuticals, Inc. (a)		200		35,420
Alpine Immune Sciences, Inc. (a)		3,700		42,365
Altimmune, Inc. (a)		10,500		27,300
ALX Oncology Holdings, Inc. (a)		1,400		6,720
Amgen, Inc.		15,900		4,273,284
Amneal Pharmaceuticals, Inc. (a)		5,500		23,210
Amphastar Pharmaceuticals, Inc. (a)		1,100		50,589
AnaptysBio, Inc. (a)		1,900		34,124
ANI Pharmaceuticals, Inc. (a)		600		34,836
Anika Therapeutics, Inc. (a)		800		14,904
Annexon, Inc. (a)		3,700		8,732
Apogee Therapeutics, Inc. (a)		28,740		612,162
Applied Molecular Transport, Inc. (a)		400		63
Applied Therapeutics, Inc. (a)		2,000		4,980
AquaBounty Technologies, Inc. (a)		4,649		1,111
Arcellx, Inc. (a)		1,300		46,644
Arrowhead Pharmaceuticals, Inc. (a)		700		18,809

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
ARS Pharmaceuticals, Inc. (a)		1,100	$	4,158
Arvinas, Inc. (a)		300		5,892
Assertio Holdings, Inc. (a)		5,550		14,208
Astria Therapeutics, Inc. (a)		600		4,476
Atea Pharmaceuticals, Inc. (a)		2,800		8,400
Athira Pharma, Inc. (a)		3,800		7,676
aTyr Pharma, Inc. (a)		3,700		5,846
Aurinia Pharmaceuticals, Inc. (a)		11,800		91,686
Avid Bioservices, Inc. (a)		600		5,664
Avidity Biosciences, Inc. (a)		9,000		57,420
Avita Medical, Inc. (a)		1,600		23,376
Avrobio, Inc. (a)		5,400		8,316
BioAtla, Inc. (a)		4,400		7,480
BioCryst Pharmaceuticals, Inc. (a)		38,800		274,704
BioMarin Pharmaceutical, Inc. (a)		6,900		610,512
Biomea Fusion, Inc. (a)		4,400		60,544
Bio-Rad Laboratories, Inc., Class A (a)		400		143,380
BioRestorative Therapies, Inc. (a)		400		712
Bioxcel Therapeutics, Inc. (a)		400		1,012
Black Diamond Therapeutics, Inc. (a)		200		574
Bridgebio Pharma, Inc. (a)		9,100		239,967
Bristol-Myers Squibb Co.		70,000		4,062,800
C4 Therapeutics, Inc. (a)		10,300		19,158
Cara Therapeutics, Inc. (a)		1,800		3,024
CareDx, Inc. (a)		9,300		65,100
Century Therapeutics, Inc. (a)		100		200
Clearside Biomedical, Inc. (a)		2,100		1,827
Codexis, Inc. (a)		13,700		25,893
Collegium Pharmaceutical, Inc. (a)		4,400		98,340
Compass Therapeutics, Inc. (a)		200		394
Corcept Therapeutics, Inc. (a)		5,300		144,398
CorMedix, Inc. (a)		700		2,590
Corvus Pharmaceuticals, Inc. (a)		4,100		5,986
Crinetics Pharmaceuticals, Inc. (a)		600		17,844
Cue Biopharma, Inc. (a)		200		460
Cumberland Pharmaceuticals, Inc. (a)		300		567
Curis, Inc. (a)		395		2,603
Cymabay Therapeutics, Inc. (a)		15,200		226,632
Cytokinetics, Inc. (a)		4,600		135,516
CytomX Therapeutics, Inc. (a)		4,900		6,321
Deciphera Pharmaceuticals, Inc. (a)		5,000		63,600
Design Therapeutics, Inc. (a)		2,200		5,192
DiaMedica Therapeutics, Inc. (a)		100		258
Disc Medicine, Inc. (a)		600		28,188
Dominari Holdings, Inc. (a)		300		723
Durect Corp. (a)		30		75
Dynavax Technologies Corp. (a)		10,200		150,654

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares			Value
Dyne Therapeutics, Inc. (a)		2,300		$	20,608
Eagle Pharmaceuticals, Inc. (a)		200			3,154
Editas Medicine, Inc. (a)		17,100			133,380
Eledon Pharmaceuticals, Inc. (a)		300			411
Elevation Oncology, Inc. (a)		600			397
Eli Lilly & Co.		5,300			2,846,789
Emergent BioSolutions, Inc. (a)		10,800			36,720
Enanta Pharmaceuticals, Inc. (a)		1,900			21,223
Erasca, Inc. (a)		10,500			20,685
Esperion Therapeutics, Inc. (a)		22,400			21,952
Essa Pharma, Inc. (a)		800			2,472
Exelixis, Inc. (a)		30,900			675,165
EyePoint Pharmaceuticals, Inc. (a)		100			799
Fate Therapeutics, Inc. (a)		20,600			43,672
FibroGen, Inc. (a)		20,600			17,776
Forte Biosciences, Inc. (a)		800			530
Fulcrum Therapeutics, Inc. (a)		12,900			57,276
Fusion Pharmaceuticals, Inc. (a)		900			2,340
G1 Therapeutics, Inc. (a)		5,200			7,488
Gilead Sciences, Inc.		41,000			3,072,540
GlycoMimetics, Inc. (a)		3,200			4,800
Gossamer Bio, Inc. (a)		16,700			13,908
Graphite Bio, Inc. (a)		2,200			5,456
Harmony Biosciences Holdings, Inc. (a)		5,700			186,789
Harrow, Inc. (a)		5,000			71,850
Harvard Bioscience, Inc. (a)		2,500			10,750
HilleVax, Inc. (a)		10,491	��		141,104
Horizon Therapeutics PLC (a),(b)		22,396			2,590,993
Ideaya Biosciences, Inc. (a)		4,200			113,316
Immunic, Inc. (a)		9,000			13,230
ImmunoGen, Inc. (a)		39,300			623,691
Immunovant, Inc. (a)		12,900			495,231
Incyte Corp. (a)		23,500			1,357,595
Inhibrx, Inc. (a)		4,900			89,915
Inovio Pharmaceuticals, Inc. (a)		3,800			1,478
Inozyme Pharma, Inc. (a)		1,700			7,140
Insmed, Inc. (a)		13,600			343,400
Instil Bio, Inc. (a)		10,401			4,452
Intellia Therapeutics, Inc. (a)		9,200			290,904
Intercept Pharmaceuticals, Inc. (a)		3,900			72,306
Ionis Pharmaceuticals, Inc. (a)		4,000			181,440
Ironwood Pharmaceuticals, Inc. (a)		26,500			255,195
KalVista Pharmaceuticals, Inc. (a)		2,500			24,075
Karyopharm Therapeutics, Inc. (a)		7,000			9,380
Kezar Life Sciences, Inc. (a)		10,000			11,900
Kinnate Biopharma, Inc. (a)		1,000			1,400
Kodiak Sciences, Inc. (a)		3,500			6,300

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Kronos Bio, Inc. (a)		3,900	$	5,070
Kymera Therapeutics, Inc. (a)		4,500		62,550
Lantern Pharma, Inc. (a)		200		682
Larimar Therapeutics, Inc. (a)		3,233		12,770
Legend Biotech Corp., ADR (a)		1,400		94,038
Lipocine, Inc. (a)		718		2,111
Liquidia Corp. (a)		6,400		40,576
MacroGenics, Inc. (a)		2,500		11,650
Madrigal Pharmaceuticals, Inc. (a)		68		9,931
MannKind Corp. (a)		33,100		136,703
Maravai LifeSciences Holdings, Inc., Class A (a)		21,700		217,000
Marinus Pharmaceuticals, Inc. (a)		200		1,610
Medpace Holdings, Inc. (a)		2,200		532,686
Merck & Co., Inc.		7,100		730,945
Mersana Therapeutics, Inc. (a)		12,300		15,621
Mettler-Toledo International, Inc. (a)		100		110,807
Milestone Pharmaceuticals, Inc. (a)		600		1,860
MiMedx Group, Inc. (a)		10,600		77,274
Mirum Pharmaceuticals, Inc. (a)		5,300		167,480
Morphic Holding, Inc. (a)		1,300		29,783
NanoString Technologies, Inc. (a)		9,400		16,168
Natera, Inc. (a)		200		8,850
Nektar Therapeutics (a)		39,600		23,586
Neoleukin Therapeutics, Inc. (a)		500		1,975
Neurocrine Biosciences, Inc. (a)		4,400		495,000
NextCure, Inc. (a)		800		1,032
NGM Biopharmaceuticals, Inc. (a)		6,600		7,062
Nkarta, Inc. (a)		2,600		3,614
Nuvation Bio, Inc. (a)		9,000		12,060
Ocular Therapeutix, Inc. (a)		2,700		8,478
Olema Pharmaceuticals, Inc. (a)		3,900		48,165
Omeros Corp. (a)		4,200		12,264
Onconova Therapeutics, Inc. (a)		1,333		962
Oncternal Therapeutics, Inc. (a)		4,600		1,395
Organogenesis Holdings, Inc. (a)		16,400		52,152
ORIC Pharmaceuticals, Inc. (a)		500		3,025
Pacira BioSciences, Inc. (a)		1,200		36,816
Passage Bio, Inc. (a)		3,200		2,106
PDS Biotechnology Corp. (a)		5,900		29,795
Personalis, Inc. (a)		4,900		5,929
Pfizer, Inc.		144,900		4,806,333
Phibro Animal Health Corp., Class A		900		11,493
Pliant Therapeutics, Inc. (a)		4,500		78,030
PMV Pharmaceuticals, Inc. (a)		800		4,912
Point Biopharma Global, Inc. (a)		100		667
Poseida Therapeutics, Inc. (a)		1,400		3,332
Prelude Therapeutics, Inc. (a)		1,000		3,090

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares			Value
Prestige Consumer Healthcare, Inc. (a)		600		$	34,314
Protagonist Therapeutics, Inc. (a)		9,100			151,788
Protara Therapeutics, Inc. (a)		400			668
PTC Therapeutics, Inc. (a)		5,900			132,219
Puma Biotechnology, Inc. (a)		4,000			10,520
Pyxis Oncology, Inc. (a)		700			1,393
Quanterix Corp. (a)		5,100			138,414
Quince Therapeutics, Inc. (a)		2,100			2,352
Rain Oncology, Inc. (a)		3,200			2,758
RAPT Therapeutics, Inc. (a)		3,300			54,846
Regeneron Pharmaceuticals, Inc. (a)		3,100			2,551,176
Relay Therapeutics, Inc. (a)		3,500			29,435
Relmada Therapeutics, Inc. (a)		2,200			6,600
Replimune Group, Inc. (a)		6,000			102,660
Rigel Pharmaceuticals, Inc. (a)		24,300			26,244
Rocket Pharmaceuticals, Inc. (a)		5,500			112,695
Roivant Sciences Ltd. (a)		2,879			33,627
Royalty Pharma PLC, Class A		17,600			477,664
Sangamo Therapeutics, Inc. (a)		20,100			12,056
Sarepta Therapeutics, Inc. (a)		17,000			2,060,740
Science 37 Holdings, Inc. (a)		1,200	��		480
Sensei Biotherapeutics, Inc. (a)		400			300
Shattuck Labs, Inc. (a)		300			456
Solid Biosciences, Inc. (a)		173			436
Spruce Biosciences, Inc. (a)		1,400			3,164
Strongbridge Biopharma (a),(c)		5,000			0
Supernus Pharmaceuticals, Inc. (a)		3,400			93,738
Sutro Biopharma, Inc. (a)		4,500			15,615
Syndax Pharmaceuticals, Inc. (a)		1,700			24,684
Synlogic, Inc. (a)		173			486
Talaris Therapeutics, Inc. (a)		3,222			9,054
Tenaya Therapeutics, Inc. (a)		1,300			3,315
TG Therapeutics, Inc. (a)		20,400			170,544
Theseus Pharmaceuticals, Inc. (a)		100			269
Travere Therapeutics, Inc. (a)		13,300			118,902
Twist Bioscience Corp. (a)		200			4,052
Ultragenyx Pharmaceutical, Inc. (a)		5,800			206,770
Vanda Pharmaceuticals, Inc. (a)		9,800			42,336
Verastem, Inc. (a)		1,108			9,008
Vericel Corp. (a)		2,900			97,208
Vertex Pharmaceuticals, Inc. (a)		300			104,322
Viking Therapeutics, Inc. (a)		1,600			17,712
Viridian Therapeutics, Inc. (a)		100			1,534
XBiotech, Inc. (a)		400			1,648
Xencor, Inc. (a)		3,500			70,525
Xenon Pharmaceuticals, Inc. (a)		100			3,416

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Y-mAbs Therapeutics, Inc. (a)		3,000	$	16,350

				42,218,217

Real Estate Management & Development — 0.0%
FirstService Corp.		200		29,108
Forestar Group, Inc. (a)		1,400		37,716
Opendoor Technologies, Inc. (a)		39,600		104,544
Rafael Holdings, Inc., Class B (a)		500		950
RE/MAX Holdings, Inc., Class A		1,200		15,528
Redfin Corp. (a)		17,200		121,088
RMR Group, Inc. (The), Class A		1,000		24,520
Tejon Ranch Co. (a)		500		8,110

				341,564

Semiconductors & Semiconductor Equipment — 1.0%
Advanced Micro Devices, Inc. (a)		78,900		8,112,498
Alpha & Omega Semiconductor Ltd. (a)		2,000		59,680
Ambarella, Inc. (a)		8,200		434,846
Amkor Technology, Inc.		100		2,260
Amtech Systems, Inc. (a)		500		3,810
ARM Holdings PLC, ADR (a)		89,566		4,793,573
AXT, Inc. (a)		4,700		11,280
Broadcom, Inc. (b)		678		563,133
CEVA, Inc. (a)		700		13,573
Credo Technology Group Holding Ltd. (a)		7,900		120,475
CVD Equipment Corp. (a)		200		1,370
Diodes, Inc. (a)		200		15,768
Everspin Technologies, Inc. (a)		1,000		9,830
FormFactor, Inc. (a)		4,000		139,760
GLOBALFOUNDRIES, Inc. (a)		100		5,819
Impinj, Inc. (a)		400		22,012
inTEST Corp. (a)		1,800		27,306
KLA Corp.		900		412,794
Kopin Corp. (a)		8,000		9,760
Maxeon Solar Technologies Ltd. (a)		8,000		92,720
MaxLinear, Inc. (a)		5,700		126,825
Micron Technology, Inc.		132,800		9,034,384
NVIDIA Corp. (b)		27,232		11,845,648
PDF Solutions, Inc. (a)		1,800		58,320
Photronics, Inc. (a)		5,800		117,218
Pixelworks, Inc. (a)		2,510		2,836
QUALCOMM, Inc.		41,800		4,642,308
Semtech Corp. (a)		3,400		87,550
SiTime Corp. (a)		2,400		274,200
SkyWater Technology, Inc. (a)		1,700		10,234
Skyworks Solutions, Inc.		2,300		226,757

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
SMART Global Holdings, Inc. (a)		5,300	$	129,055
Synaptics, Inc. (a)		5,800		518,752
Teradyne, Inc.		1,200		120,552
Veeco Instruments, Inc. (a)		3,830		107,661

				42,154,567

Software & Services — 1.7%
8x8, Inc. (a)		8,200		20,664
A10 Networks, Inc.		7,500		112,725
ACI Worldwide, Inc. (a)		233,454		5,266,722
Agilysys, Inc. (a)		1,300		86,008
Alarm.com Holdings, Inc. (a)		300		18,342
Altair Engineering, Inc., Class A (a)		1,700		106,352
American Software, Inc., Class A		2,700		30,942
Appfolio, Inc., Class A (a)		300		54,789
Appian Corp., Class A (a)		100		4,561
AppLovin Corp., Class A (a),(b)		22,500		899,100
Arteris, Inc. (a)		100		651
Asana, Inc., Class A (a)		14,300		261,833
Atlassian Corp., Class A (a)		1,500		302,265
Backblaze, Inc., Class A (a)		100		550
BigCommerce Holdings, Inc., Series 1 (a)		4,600		45,402
Brightcove, Inc. (a)		2,400		7,896
Cadence Design Systems, Inc. (a)		1,900		445,170
Cerence, Inc. (a)		3,200		65,184
Clear Secure, Inc., Class A		1,400		26,656
Clearwater Analytics Holdings, Inc., Class A (a)		900		17,406
Cloudflare, Inc., Class A (a),(b)		30,300		1,910,112
CommVault Systems, Inc. (a)		2,000		135,220
Confluent, Inc., Class A (a)		7,100		210,231
Crowdstrike Holdings, Inc., Class A (a)		20,300		3,397,814
Datadog, Inc., Class A (a),(b)		2,000		182,180
Descartes Systems Group, Inc. (The) (a)		200		14,676
Digimarc Corp. (a)		1,100		35,739
DigitalOcean Holdings, Inc. (a),(b)		4,900		117,747
DocuSign, Inc. (a)		42,600		1,789,200
Domo, Inc., Class B (a)		3,000		29,430
Dynatrace, Inc. (a)		6,000		280,380
Ebix, Inc.		2,000		19,760
Edgio, Inc. (a)		11,800		10,055
eGain Corp. (a)		1,700		10,421
Elastic NV (a)		800		64,992
EngageSmart, Inc. (a)		2,100		37,779
Expensify, Inc., Class A (a)		200		650
Fastly, Inc., Class A (a)		23,700		454,329
Freshworks, Inc., Class A (a)		12,500		249,000
Gartner, Inc. (a)		2,500		859,025

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Greenidge Generation Holdings, Inc. (a)		20	$	82
Grid Dynamics Holdings, Inc. (a)		1,200		14,616
Hackett Group, Inc. (The)		1,400		33,026
HubSpot, Inc. (a),(b)		300		147,750
Informatica, Inc., Class A (a)		400		8,428
Information Services Group, Inc.		2,300		10,074
Instructure Holdings, Inc. (a)		300		7,620
Intapp, Inc. (a)		300		10,056
Intellicheck, Inc. (a)		700		1,554
InterDigital, Inc.		500		40,120
Jamf Holding Corp. (a)		600		10,596
Klaviyo, Inc., Class A (a)		11,511		397,130
LivePerson, Inc. (a)		15,100		58,739
LiveRamp Holdings, Inc. (a)		5,800		167,272
Manhattan Associates, Inc. (a)		3,100		612,746
Microsoft Corp. (b)		38,792		12,248,574
Mitek Systems, Inc. (a)		900		9,648
Model N, Inc. (a)		2,600		63,466
Monday.com Ltd. (a)		9,300		1,480,746
MongoDB, Inc. (a),(b)		9,100		3,147,326
N-able, Inc. (a)		3,100		39,990
NetSol Technologies, Inc. (a)		200		364
Nutanix, Inc., Class A (a)		9,400		327,872
Olo, Inc., Class A (a)		2,600		15,756
Palantir Technologies, Inc., Class A (a)		274,500		4,392,000
Palo Alto Networks, Inc. (a)		32,200		7,548,968
Pegasystems, Inc.		200		8,682
PFSweb, Inc.		1,000		7,440
PROS Holdings, Inc. (a)		500		17,310
PTC, Inc. (a)		100		14,168
Q2 Holdings, Inc. (a)		174,937		5,645,217
Qualys, Inc. (a)		3,100		472,905
Rackspace Technology, Inc. (a)		3,500		8,225
Rapid7, Inc. (a)		1,100		50,358
Red Violet, Inc. (a)		100		2,001
Rimini Street, Inc. (a)		5,500		12,100
Samsara, Inc., Class A (a)		37,600		947,896
SecureWorks Corp., Class A (a)		700		4,347
SEMrush Holdings, Inc., Class A (a)		2,500		21,250
SolarWinds Corp. (a)		5,200		49,088
SoundThinking, Inc. (a)		300		5,370
Sprinklr, Inc., Class A (a)		1,200		16,608
Sprout Social, Inc., Class A (a)		1,500		74,820
SPS Commerce, Inc. (a)		200		34,122
Squarespace, Inc., Class A (a)		9,500		275,215
Telos Corp. (a)		6,900		16,491
Tenable Holdings, Inc. (a)		6,600		295,680

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Teradata Corp. (a)		2,700	$	121,554
UiPath, Inc., Class A (a)		93,600		1,601,496
Unisys Corp. (a)		13,600		46,920
Unity Software, Inc. (a)		30,700		963,673
Upland Software, Inc. (a)		5,000		23,100
Varonis Systems, Inc. (a)		11,500		351,210
VeriSign, Inc. (a)		3,400		688,602
Vertex, Inc., Class A (a)		3,800		87,780
VirnetX Holding Corp.		4,200		1,067
VMware, Inc., Class A (a),(b)		13,300		2,214,184
Weave Communications, Inc. (a)		9,700		79,055
Workiva, Inc. (a)		3,100		314,154
Yext, Inc. (a)		10,500		66,465
Zoom Video Communications, Inc., Class A (a)		52,200		3,650,868
Zscaler, Inc. (a)		27,200		4,232,048
Zuora, Inc., Class A (a)		14,600		120,304

				70,918,250

Technology Hardware & Equipment — 0.7%
Aeva Technologies, Inc. (a)		5,900		4,513
Airgain, Inc. (a)		300		1,101
Amphenol Corp., Class A		52,454		4,405,611
Apple, Inc. (b)		60,762		10,403,062
Arlo Technologies, Inc. (a)		3,800		39,140
Aviat Networks, Inc. (a)		800		24,960
Benchmark Electronics, Inc.		1,600		38,816
CalAmp Corp. (a)		4,400		1,785
Calix, Inc. (a)		1,300		59,592
CAMBIUM NETWORKS Corp. (a)		1,100		8,063
Casa Systems, Inc. (a)		400		339
Celestica, Inc. (a)		8,000		196,160
CompoSecure, Inc. (a)		2,700		17,415
Comtech Telecommunications Corp.		1,800		15,750
CPI Card Group, Inc. (a)		500		9,260
Crane NXT Co.		100		5,557
Daktronics, Inc. (a)		2,300		20,516
Dell Technologies, Inc., Class C		9,000		620,100
Digi International, Inc. (a)		100		2,700
DZS, Inc. (a)		300		630
EMCORE Corp. (a)		6,200		2,948
Evolv Technologies Holdings, Inc. (a)		6,500		31,590
Extreme Networks, Inc. (a)		6,900		167,049
F5, Inc. (a)		1,100		177,254
FARO Technologies, Inc. (a)		2,000		30,460
Harmonic, Inc. (a)		16,100		155,043
Hewlett Packard Enterprise Co.		61,300		1,064,781
HP, Inc.		1,400		35,980

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Identiv, Inc. (a)		1,000	$	8,440
Immersion Corp.		5,400		35,694
Infinera Corp. (a)		13,700		57,266
Inseego Corp. (a)		2,400		1,008
Intevac, Inc. (a)		400		1,244
IPG Photonics Corp. (a)		2,300		233,542
Itron, Inc. (a)		800		48,464
Keysight Technologies, Inc. (a)		300		39,693
Kimball Electronics, Inc. (a)		200		5,476
Lumentum Holdings, Inc. (a)		6,800		307,224
Methode Electronics, Inc.		2,100		47,985
Motorola Solutions, Inc.		300		81,672
Neonode, Inc. (a)		100		160
NETGEAR, Inc. (a)		2,900		36,511
NetScout Systems, Inc. (a)		1,100		30,822
nLight, Inc. (a)		3,000		31,200
PAR Technology Corp. (a)		300		11,562
PC Connection, Inc.		100		5,338
Plexus Corp. (a)		200		18,596
Pure Storage, Inc., Class A (a)		37,000		1,317,940
Ribbon Communications, Inc. (a)		3,500		9,380
ScanSource, Inc. (a)		500		15,155
Teledyne Technologies, Inc. (a)		24,875		10,163,428
Vishay Precision Group, Inc. (a)		600		20,148
Xerox Holdings Corp.		5,200		81,588

				30,149,711

Telecommunication Services — 0.2%
AT&T, Inc. (b)		153,000		2,298,060
Bandwidth, Inc., Class A (a)		4,400		49,588
EchoStar Corp., Class A (a)		1,100		18,425
Gogo, Inc. (a)		3,200		38,176
IDT Corp., Class B (a)		800		17,640
Learfield Communications LLC (a),(b)		91,802		3,855,684
Lumen Technologies, Inc. (a)		210,600		299,052
NII Holdings, Inc. (a),(c)		50,677		13,176
Ooma, Inc. (a)		900		11,709
Spok Holdings, Inc.		4,100		58,507
Telephone & Data Systems, Inc.		700		12,817
T-Mobile U.S., Inc. (b)		8,720		1,221,236

				7,894,070

Transportation — 0.3%
Air Transport Services Group, Inc. (a)		1,100		22,957
American Airlines Group, Inc. (a)		84,300		1,079,883
Avis Budget Group, Inc. (a)		3,600		646,884
Canadian Pacific Kansas City Ltd.		93,292		6,941,858

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
CSX Corp.		1,000	$	30,750
Daseke, Inc. (a)		4,300		22,059
Forward Air Corp.		200		13,748
Heartland Express, Inc.		200		2,938
Lyft, Inc., Class A (a)		78,777		830,310
Marten Transport Ltd.		2,799		55,168
Mesa Air Group, Inc. (a)		4,800		4,123
Norfolk Southern Corp.		9,200		1,811,756
PAM Transportation Services, Inc. (a)		100		2,155
Pangaea Logistics Solutions Ltd.		3,500		20,580
Radiant Logistics, Inc. (a)		2,600		14,690
RXO, Inc. (a)		300		5,919
Schneider National, Inc., Class B		1,300		35,997
TuSimple Holdings, Inc., Class A (a)		31,600		49,296
Universal Logistics Holdings, Inc.		400		10,072

				11,601,143

Utilities — 0.1%
Artesian Resources Corp., Class A		300		12,597
Avangrid, Inc.		2,100		63,357
Consolidated Water Co. Ltd.		200		5,688
Hawaiian Electric Industries, Inc.		23,000		283,130
IDACORP, Inc.		100		9,365
NextEra Energy, Inc.		17,400		996,846
PG&E Corp. (a)		143,740		2,318,526
PNM Resources, Inc. (b)		10,000		446,100
TransAlta Corp.		2,500		21,750
Unitil Corp.		200		8,542
York Water Co. (The)		400		14,996

				4,180,897

Total North America				651,480,390

Oceania — 0.0%
Software & Services — 0.0%
Iris Energy Ltd. (a)		100		371

Total Oceania				371

South America — 0.0%
Banks — 0.0%
Bancolombia SA, ADR		200		5,336
NU Holdings Ltd., Class A (a)		147,100		1,066,475

				1,071,811

Consumer Services — 0.0%
Arcos Dorados Holdings, Inc., Class A		10,063		95,196

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Energy — 0.0%
Geopark Ltd.		200	$	2,056
Gran Tierra Energy, Inc. (a)		4,390		30,467

				32,523

Financial Services — 0.0%
Dlocal Ltd. (a)		5,200		99,684
StoneCo Ltd., Class A (a)		50,800		542,036
XP, Inc., Class A (a)		5,400		124,470

				766,190

Food, Beverage & Tobacco — 0.0%
BRF SA, ADR (a)		2,800		5,740

Materials — 0.0%
Nexa Resources SA		700		4,235

Media & Entertainment — 0.0%
VTEX, Class A (a)		9,700		48,597

Utilities — 0.0%
Cia Energetica de Minas Gerais, ADR		9,600		23,232

Total South America				2,047,524

TOTAL COMMON STOCK (COST $680,662,614)				674,088,506


PREFERRED STOCK — 0.2%
North America — 0.2%
Commercial & Professional Services — 0.0%
Journey Group PLC (a),(b),(c)		15,330		1,573,164

Consumer Discretionary Distribution & Retail — 0.1%
Guitar Center, Inc. (a),(b),(c)		38,645		4,743,674

Health Care Equipment & Services — 0.1%
ATI Physical Therapy, Inc. (a),(b),(c)		3,039		2,583,150

Total North America				8,899,988

TOTAL PREFERRED STOCK (COST $8,825,537)				8,899,988

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value

ASSET-BACKED SECURITIES — 5.1%
Europe — 0.1%
Ares LXVI CLO Ltd., Series 2022-66A, 12.35%, 07/25/36 (b),(d),(e)	$	1,000,000	$	952,137
Bain Capital Credit CLO Ltd.,
Class C, 8.29%, 10/20/33 (b),(d),(e)		575,000		572,125
Series 2023-1A, 9.64%, 04/16/36 (b),(d),(e)		1,000,000		992,408
Dryden 107 CLO Ltd., Series 2023-107A, 13.13%, 08/15/35 (b),(d),(e)		500,000		485,676
KKR CLO Ltd., Series 2022-43A, 13.84%, 07/15/34 (b),(d),(e)		1,625,000		1,616,964

Total Europe				4,619,310

North America — 5.0%
ACE Securities Corp. Home Equity Loan Trust,
Series 2005-AG1, 6.12%, 08/25/35 (b),(e)		763,230		576,546
Series 2006-ASP6, 5.75%, 12/25/36 (b),(e)		2,510,664		839,928
AIMCO CLO, Series 2015-AA, 8.62%, 10/17/34 (b),(d),(e)		1,700,000		1,664,633
Allegro CLO XI Ltd., Series 2019-2A, 9.53%, 01/19/33 (b),(d),(e)		1,500,000		1,469,308
Allegro CLO XII Ltd., Series 2020-1A, 12.70%, 01/21/32 (b),(d),(e)		2,250,000		2,143,532
AMMC CLO 24 Ltd., Series 2021-24A, 12.16%, 01/20/35 (b),(d),(e)		1,000,000		933,447
AMSR Trust, Series 2022-SFR3, 4.00%, 10/17/39 (b),(d)		118,000		102,702
Apidos CLO XVIII Ltd., Series 2018-18A, 7.81%, 10/22/30 (b),(d),(e)		1,500,000		1,486,182
Ares LIV CLO Ltd., Series 2019-54A, 12.91%, 10/15/32 (b),(d),(e)		250,000		236,955
Ares LXI CLO Ltd., Series 2021-61A, 11.84%, 10/20/34 (b),(d),(e)		1,000,000		903,564
Ares LXVIII CLO Ltd., Series 2023-68A, 13.63%, 04/25/35 (b),(d),(e)		1,000,000		993,560
Ares XLIII CLO Ltd., Series 2017-43A, 12.43%, 07/15/34 (b),(d),(e)		1,500,000		1,401,349
Bain Capital Credit CLO Ltd.,
Series 2022-1A, 6.63%, 04/18/35 (b),(d),(e)		7,000,000		6,899,585
Series 2023-2A, 13.71%, 07/18/36 (b),(d),(e)		1,000,000		990,078
Balboa Bay Loan Funding Ltd.,
Series 2020-1A, 8.75%, 01/20/32 (b),(d),(e)		1,185,000		1,151,726
Series 2021-1A, 11.75%, 07/20/34 (b),(d),(e)		1,000,000		888,230
Series 2023-1A, 10.38%, 04/20/35 (b),(d),(e)		1,000,000		1,004,696
Series 2023-2A, 0.00%, 10/20/36 (b),(d),(f)		1,250,000		1,250,000
Series 2022-20A, 0.00%, 07/15/34 (b),(d),(e),(f)		3,500,000		3,500,000

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Barings CLO Ltd.,
Series 2018-4A, 8.47%, 10/15/30 (b),(d),(e)	$	1,000,000	$	967,326
Series 2019-2A, 12.35%, 04/15/36 (b),(d),(e)		500,000		486,233
Series 2021-2A, 11.82%, 07/15/34 (b),(d),(e)		1,000,000		952,328
Series 2023-3A, 9.91%, 10/15/36 (b),(d),(e)		1,500,000		1,500,000
Series 2023-3A, 12.74%, 10/15/36 (b),(d),(e)		1,000,000		990,000
BDS Ltd., Series 2021-FL7, 7.15%, 06/16/36 (b),(d),(e)		1,000,000		955,202
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, 12.79%, 01/20/32 (b),(d),(e)		1,000,000		961,253
Benefit Street Partners CLO X Ltd.,
Series 2016-10A, 9.09%, 04/20/34 (b),(d),(e)		2,000,000		1,900,166
Series 2016-10A, 12.34%, 04/20/34 (b),(d),(e)		1,000,000		941,541
Benefit Street Partners CLO XX Ltd., Series 2020-20A, 12.32%, 07/15/34 (b),(d),(e)		1,000,000		970,734
Benefit Street Partners CLO XXI Ltd., Series 2020-21A, 12.27%, 10/15/34 (b),(d),(e)		1,000,000		962,924
Benefit Street Partners CLO XXIII Ltd., Series 2021-23A, 9.26%, 04/25/34 (b),(d),(e)		1,800,000		1,764,972
BHG Securitization Trust, Series 2022-A, 3.08%, 02/20/35 (b),(d)		312,000		251,475
BlueMountain CLO XXIX Ltd., Series 2020-29A, 12.47%, 07/25/34 (b),(d),(e)		1,000,000		933,344
BlueMountain CLO XXVIII Ltd., Series 2021-28A, 11.97%, 04/15/34 (b),(d),(e)		250,000		229,569
BlueMountain CLO XXX Ltd., Series 2020-30A, 6.68%, 04/15/35 (b),(d),(e)		7,250,000		7,158,454
BlueMountain CLO XXXII Ltd., Series 2021-32A, 8.97%, 10/15/34 (b),(d),(e)		2,000,000		1,894,276
BPCRE Ltd.,
Series 2022-FL2, 8.43%, 01/16/37 (b),(d),(e)		1,000,000		994,976
Series 2022-FL2, 9.13%, 01/16/37 (b),(d),(e)		1,000,000		994,098
Broad River BSL Funding CLO Ltd., Series 2020-1A, 12.09%, 07/20/34 (b),(d),(e)		2,000,000		1,905,194
BSPRT Issuer Ltd., Series 2022-FL9, 9.25%, 07/15/39 (b),(d),(e)		1,277,000		1,222,167
Canyon CLO Ltd., Series 2021-3A, 8.62%, 07/15/34 (b),(d),(e)		1,000,000		960,159
Capital Four US CLO III Ltd., Series 2022-2A, 11.13%, 01/21/35 (b),(d),(e)		1,000,000		1,004,882
Carlyle U.S. CLO Ltd., Series 2019-1A, 8.94%, 04/20/31 (b),(d),(e)		1,500,000		1,468,935
Carlyle US CLO Ltd.,
Series 2019-2A, 8.77%, 07/15/32 (b),(d),(e)		1,500,000		1,450,929
Series 2020-1A, 11.84%, 07/20/34 (b),(d),(e)		1,000,000		932,152

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
CarVal CLO I Ltd., Series 2018-1A, 11.34%, 07/16/31 (b),(d),(e)	$	2,000,000	$	1,720,874
CarVal CLO II Ltd., Series 2019-1A, 12.16%, 04/20/32 (b),(d),(e)		2,500,000		2,322,600
CarVal CLO IV Ltd., Series 2021-1A, 12.19%, 07/20/34 (b),(d),(e)		1,000,000		902,451
Cedar Funding IV CLO Ltd., Series 2014-4A, 12.22%, 07/23/34 (b),(d),(e)		1,500,000		1,379,532
Cedar Funding VI CLO Ltd.,
Series 2016-6A, 8.90%, 04/20/34 (b),(d),(e)		1,000,000		950,415
Series 2016-6A, 12.31%, 04/20/34 (b),(d),(e)		1,250,000		1,166,787
Cedar Funding XII CLO Ltd., Series 2020-12A, 6.74%, 10/25/34 (b),(d),(e)		8,325,000		8,254,188
Cedar Funding XVII CLO Ltd., Series 2023-17A, 13.59%, 07/20/36 (b),(d),(e)		1,000,000		993,232
CIFC Funding Ltd.,
Series 2019-3A, 12.37%, 10/16/34 (b),(d),(e)		1,000,000		992,311
Series 2021-6A, 8.67%, 10/15/34 (b),(d),(e)		1,000,000		976,815
CoreVest American Finance Ltd.,
Series 2017-2, 5.56%, 12/25/27 (b),(d),(e)		1,000,000		888,718
Series 2019-2, 2.58%, 06/15/52 (b),(d),(e),(g)		3,464,462		49,206
Series 2019-3, 2.19%, 10/15/52 (b),(d),(e),(g)		7,950,026		200,659
Series 2020-1, 4.82%, 03/15/50 (b),(d),(e)		125,000		103,767
Series 2020-4, 2.94%, 12/15/52 (b),(d),(e),(g)		1,000,000		103,875
Series 2020-4, 3.99%, 12/15/52 (b),(d),(e),(g)		731,656		67,175
Series 2021-1, 3.06%, 04/15/53 (b),(d),(e),(g)		718,071		44,265
Series 2021-2, 3.14%, 07/15/54 (b),(d),(e),(g)		800,278		67,395
Countrywide Asset-Backed Certificates Trust, Series 2005-BC4, 8.06%, 08/25/35 (b),(e)		408,284		229,876
Dryden 92 CLO Ltd., Series 2021-92A, 12.14%, 11/20/34 (b),(d),(e)		1,269,871		1,156,464
Dryden 95 CLO Ltd., Series 2021-95A, 11.79%, 08/20/34 (b),(d),(e)		1,000,000		895,065
Eaton Vance CLO Ltd., Series 2013-1A, 8.97%, 01/15/34 (b),(d),(e)		2,500,000		2,450,125
Elmwood CLO 21 Ltd., Series 2022-8A, 0.00%, 10/20/36 (b),(d),(e),(f)		1,000,000		1,000,000
FBR Securitization Trust, Series 2005-5, 6.41%, 11/25/35 (b),(e)		512,000		251,274
FFMLT Trust, Series 2005-FF11, 6.36%, 11/25/35 (b),(e)		289,222		237,506
Fort Washington CLO Ltd., Series 2021-2A, 12.20%, 10/20/34 (b),(d),(e)		1,500,000		1,396,330
FS Rialto Issuer LLC,
Series 2022-FL4, 8.56%, 01/19/39 (b),(d),(e)		1,000,000		972,423
Series 2022-FL5, 8.70%, 06/19/37 (b),(d),(e)		155,000		152,279
Series 2022-FL5, 9.25%, 06/19/37 (b),(d),(e)		1,000,000		981,251

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Galaxy 30 CLO Ltd., Series 2022-30A, 12.26%, 04/15/35 (b),(d),(e)	$	1,000,000	$	953,906
Galaxy 31 CLO Ltd.,
Series 2023-31A, 10.03%, 04/15/36 (b),(d),(e)		1,500,000		1,510,164
Series 2023-31A, 13.21%, 04/15/36 (b),(d),(e)		2,000,000		2,000,586
Galaxy 32 CLO Ltd., Series 2023-32A, 0.00%, 10/20/36 (b),(d),(e),(f)		1,000,000		1,000,000
Galaxy XXII CLO Ltd., Series 2016-22A, 12.07%, 04/16/34 (b),(d),(e)		500,000		459,852
Galaxy XXVII CLO Ltd., Series 2018-27A, 11.41%, 05/16/31 (b),(d),(e)		1,000,000		920,311
GoldenTree Loan Management US CLO 8 Ltd., Series 2020-8A, 11.74%, 10/20/34 (b),(d),(e)		1,000,000		954,906
Goldentree Loan Management US CLO Ltd., Series 2022-14A, 9.78%, 07/20/35 (b),(d),(e)		1,500,000		1,503,477
Goodleap Sustainable Home Solutions Trust, Series 2023-3C, 7.80%, 07/20/55 (b),(d)		361,000		349,499
Greywolf CLO II Ltd., Series 2013-1A, 8.92%, 04/15/34 (b),(d),(e)		1,000,000		967,220
GSAA Home Equity Trust,
Series 2004-5, 4.36%, 06/25/34 (b),(h)		293,114		214,148
Series 2006-6, 5.73%, 03/25/36 (b),(e)		824,887		249,994
Series 2006-8, 5.99%, 05/25/36 (b),(e)		1,527,000		306,101
Gulf Stream Meridian 5 Ltd., Series 2021-5A, 11.90%, 07/15/34 (b),(d),(e)		1,500,000		1,367,367
Halsey Point CLO I Ltd., Series 2019-1A, 13.29%, 01/20/33 (b),(d),(e)		1,000,000		963,530
HalseyPoint CLO 4 Ltd., Series 2021-4A, 12.30%, 04/20/34 (b),(d),(e)		1,500,000		1,372,314
Halseypoint Clo 5 Ltd., Series 2021-5A, 12.57%, 01/30/35 (b),(d),(e)		1,000,000		914,151
Halseypoint CLO 7 Ltd., Series 2023-7A, 11.10%, 07/20/36 (b),(d),(e)		1,000,000		1,002,535
HPS Loan Management Ltd., Series 2021-16A, 12.11%, 01/23/35 (b),(d),(e)		1,000,000		940,879
Jamestown CLO XIV Ltd., Series 2019-14A, 12.79%, 10/20/34 (b),(d),(e)		1,500,000		1,395,906
Jamestown CLO XVI Ltd., Series 2021-16A, 9.26%, 07/25/34 (b),(d),(e)		1,000,000		956,644
Long Beach Mortgage Loan Trust,
Series 2006-10, 5.75%, 11/25/36 (b),(e)		2,921,034		876,182
Series 2006-4, 5.95%, 05/25/36 (b),(e)		6,737,863		1,879,365
Magnetite XXVIII Ltd., Series 2020-28A, 6.72%, 01/20/35 (b),(d),(e)		10,000,000		9,954,710

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-H1, 8.93%, 10/25/37 (b),(e)	$	706,518	$	441,873
Merrill Lynch Mortgage Investors Trust,
Series 2006-RM5, 5.67%, 10/25/37 (b),(e)		1,509,278		248,326
Series 2006-RM5, 5.79%, 10/25/37 (b),(e)		2,198,523		365,447
MF1 LLC,
Series 2022-FL9, 8.48%, 06/19/37 (b),(d),(e)		1,213,000		1,199,046
Series 2022-FL9, 9.03%, 06/19/37 (b),(d),(e)		1,000,000		976,189
MF1 Ltd., Series 2021-FL7, 7.50%, 10/16/36 (b),(d),(e)		310,000		296,122
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, 8.45%, 07/15/36 (b),(d),(e)		100,000		96,200
MidOcean Credit CLO XI Ltd., Series 2022-11A, 14.42%, 10/18/33 (b),(d),(e)		1,817,500		1,777,502
MidOcean Credit CLO XII Ltd., Series 2023-12A, 13.72%, 04/18/34 (b),(d),(e)		1,000,000		996,360
Neuberger Berman Loan Advisers CLO 31 Ltd., Series 2019-31A, 12.09%, 04/20/31 (b),(d),(e)		1,000,000		941,556
Neuberger Berman Loan Advisers CLO 38 Ltd., Series 2020-38A, 11.84%, 10/20/35 (b),(d),(e)		1,000,000		951,737
New Mountain CLO 2 Ltd., Series CLO-2A, 11.93%, 04/15/34 (b),(d),(e)		1,000,000		959,999
OCP CLO Ltd.,
Series 2015-10A, 7.66%, 01/26/34 (b),(d),(e)		1,000,000		966,856
Series 2015-10A, 8.56%, 01/26/34 (b),(d),(e)		1,000,000		945,834
Series 2020-18A, 12.02%, 07/20/32 (b),(d),(e)		1,000,000		936,465
Series 2021-22A, 12.19%, 12/02/34 (b),(d),(e)		2,000,000		1,868,758
Series 2022-25A, 11.48%, 07/20/35 (b),(d),(e)		1,000,000		978,578
Series 2023-28A, 13.82%, 07/16/36 (b),(d),(e)		1,000,000		992,594
Octagon 60 Ltd., Series 2022-1A, 10.33%, 10/20/35 (b),(d),(e)		1,000,000		1,003,501
Octagon 62 Ltd., Series 2022-1A, 13.08%, 01/20/36 (b),(d),(e)		2,000,000		1,977,090
Octagon 66 Ltd., Series 2022-1A, 9.83%, 08/16/33 (b),(d),(e)		1,000,000		993,908
Oportun Issuance Trust, Series 2021-B, 3.65%, 05/08/31 (b),(d)		5,000,000		4,586,275
Palmer Square CLO Ltd.,
Series 2022-3A, 13.31%, 07/20/35 (b),(d),(e)		1,000,000		988,711
Series 2022-4A, 10.67%, 10/20/35 (b),(d),(e)		1,000,000		1,015,383
Parallel Ltd., Series 2021-2A, 12.79%, 10/20/34 (b),(d),(e)		1,000,000		908,279
Park Avenue Institutional Advisers CLO Ltd., Series 2022-1A, 12.62%, 04/20/35 (b),(d),(e)		1,000,000		909,804
People’s Choice Home Loan Securities Trust, Series 2005-2, 6.41%, 05/25/35 (b),(e)		488,000		251,568

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Pikes Peak CLO 2, Series 2018-2A, 8.82%, 10/18/34 (b),(d),(e)	$	2,000,000	$	1,967,204
Pikes Peak CLO 6, Series 2020-6A, 12.07%, 05/18/34 (b),(d),(e)		1,000,000		925,130
Point Securitization Trust, Series 2021-1, 5.56%, 02/25/52 (b),(d),(e),(g)		1,000,000		885,065
Post CLO Ltd., Series 2021-1A, 12.02%, 10/15/34 (b),(d),(e)		1,000,000		946,712
PPM CLO 2 Ltd., Series 2019-2A, 12.12%, 04/16/32 (b),(d),(e)		1,750,000		1,608,808
PPM CLO 3 Ltd., Series 2019-3A, 12.18%, 04/17/34 (b),(d),(e)		500,000		433,588
Preston Ridge Partners Mortgage LLC,
SEQ, 3.60%, 09/25/26 (b),(d),(e)		129,000		109,583
SEQ, 3.97%, 10/25/26 (b),(d),(e)		244,000		204,487
Series 2021-6, 3.47%, 07/25/26 (b),(d),(h)		100,000		83,413
Series 2021-7, 3.67%, 08/25/26 (b),(d),(h)		207,000		174,392
PRET LLC, Series 2021-NPL3, 3.72%, 07/25/51 (b),(d),(h)		101,000		82,517
Progress Residential Trust,
Series 2022-SFR2, 4.55%, 04/17/27 (b),(d)		100,000		90,238
Series 2022-SFR3, 5.20%, 04/17/39 (b),(d)		1,000,000		916,645
Series 2022-SFR4, 6.12%, 05/17/41 (b),(d)		100,000		91,719
Rad CLO 2 Ltd., Series 2018-2A, 11.57%, 10/15/31 (b),(d),(e)		416,667		384,451
Rad CLO 3 Ltd., Series 2019-3A, 12.07%, 04/15/32 (b),(d),(e)		1,000,000		922,806
Rad CLO 7 Ltd., Series 2020-7A, 12.07%, 04/17/33 (b),(d),(e)		1,000,000		973,323
Rad CLO Ltd., Series 2023-18A, 13.79%, 04/15/36 (b),(d),(e)		1,000,000		998,304
RAMP Trust, Series 2005-RS4, 7.35%, 04/25/35 (b),(e)		2,253,000		1,703,615
RASC Trust,
Series 2006-KS1, 6.23%, 02/25/36 (b),(e)		322,732		229,580
Series 2006-KS8, 5.72%, 10/25/36 (b),(e)		284,077		222,882
Ready Capital Mortgage Financing LLC,
Series 2021-FL7, 8.38%, 11/25/36 (b),(d),(e)		100,000		90,769
Series 2022-FL9, 8.93%, 06/25/37 (b),(d),(e)		290,000		285,822
Series 2022-FL9, 9.63%, 06/25/37 (b),(d),(e)		1,000,000		982,904
Rockford Tower CLO Ltd., Series 2020-1A, 12.49%, 01/20/32 (b),(d),(e)		1,500,000		1,402,441
Romark CLO II Ltd., Series 2018-2A, 11.86%, 07/25/31 (b),(d),(e)		2,250,000		1,944,646
Romark CLO IV Ltd.,
Series 2021-4A, 8.74%, 07/10/34 (b),(d),(e)		1,000,000		935,842
Series 2021-4A, 12.49%, 07/10/34 (b),(d),(e)		500,000		461,247

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
RR 2 Ltd., Series 2017-2A, 11.37%, 04/15/36 (b),(d),(e)	$	1,000,000	$	919,360
RR15 Ltd., Series 2021-15A, 8.47%, 04/15/36 (b),(d),(e)		1,000,000		944,760
Shackleton CLO Ltd., Series 2019-14A, 12.91%, 07/20/34 (b),(d),(e)		500,000		470,978
Signal Peak CLO 7 Ltd., Series 2019-1A, 9.48%, 04/30/32 (b),(d),(e)		1,500,000		1,471,870
Sound Point CLO XXIII Ltd., Series 2019-2A, 12.04%, 07/15/34 (b),(d),(e)		2,400,000		1,976,602
STAR Trust,
Series 2022-SFR3, 8.53%, 05/17/24 (b),(d),(e)		1,000,000		974,796
Series 2022-SFR3, 9.03%, 05/17/24 (b),(d),(e)		1,000,000		976,774
Symphony CLO 34-PS Ltd., Series 2022-34A, 10.61%, 07/24/36 (b),(d),(e)		1,000,000		994,877
Symphony CLO Ltd., Series 2023-38A, 10.02%, 04/24/36 (b),(d),(e)		1,000,000		1,001,846
Symphony CLO XXIII Ltd., Series 2020-23A, 8.72%, 01/15/34 (b),(d),(e)		1,000,000		987,117
TCI-Flatiron CLO Ltd., Series 2017-1A, 11.99%, 11/18/30 (b),(d),(e)		750,000		739,007
TCW CLO Ltd., Series 2017-1A, 7.93%, 10/29/34 (b),(d),(e)		1,000,000		964,017
Trestles CLO IV Ltd., Series 2021-4A, 11.85%, 07/21/34 (b),(d),(e)		1,000,000		941,595
Trestles CLO V Ltd., Series 2021-5A, 11.94%, 10/20/34 (b),(d),(e)		1,500,000		1,395,169
Trinitas CLO VI Ltd., Series 2017-6A, 12.43%, 01/25/34 (b),(d),(e)		1,000,000		864,959
TRTX Issuer Ltd., Series 2022-FL5, 7.46%, 02/15/39 (b),(d),(e)		1,000,000		962,936
Vericrest Opportunity Loan Transferee, SEQ, 4.21%, 08/25/51 (b),(d),(h)		100,000		75,643
Vibrant CLO XII Ltd.,
Series 2021-12A, 9.24%, 01/20/34 (b),(d),(e)		1,000,000		957,268
Series 2021-12A, 12.70%, 01/20/34 (b),(d),(e)		2,000,000		1,842,712
Vibrant CLO XIII Ltd., Series 2021-13A, 12.63%, 07/15/34 (b),(d),(e)		1,500,000		1,380,955
Vibrant CLO XVI Ltd., Series 2023-16A, 11.05%, 04/15/36 (b),(d),(e)		1,000,000		1,003,005
VOLT CIII LLC, SEQ, 3.97%, 08/25/51 (b),(d),(h)		124,000		102,608
Voya CLO Ltd.,
Series 2018-3A, 11.32%, 10/15/31 (b),(d),(e)		1,500,000		1,303,893
Series 2020-3A, 8.84%, 10/20/34 (b),(d),(e)		1,100,000		1,065,100
Series 2021-1A, 11.92%, 07/15/34 (b),(d),(e)		1,000,000		934,907

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Security Description

Principal
Amount

Value

Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2006-1,
6.11%, 05/25/36 (b),(e)

3,010,927

2,544,119

Total North America

203,538,882

TOTAL ASSET-BACKED SECURITIES
(COST $213,623,703)

208,158,192

CONVERTIBLE BONDS — 0.0%

North America — 0.0%

Holding Companies—Divers — 0.0%

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

1,183,000

1,094,701

Total North America

1,094,701

TOTAL CONVERTIBLE BONDS
(COST $1,183,000)

1,094,701

BANK DEBT — 4.0%

Europe — 0.4%

Entertainment — 0.1%

McLaren Racing Ltd., GBP Term Loan,
0.00%, 12/31/35 (b),(c)

2,150,814

GBP

2,870,963

Investment Company Security — 0.2%

Infinity Bidco US LLC,

2021 Incremental Fixed Term Loan,
9.50%, 04/01/28 (b),(c)

2,485,904

2,490,876

Fixed Term Loan, 9.50%, 12/23/23 (b),(c)

5,801,119

5,812,721

8,303,597

Software — 0.1%

Cuppa Bidco BV,

EUR Term Loan B1, 4.75%, 07/30/29 (b),(e)

2,854,029

EUR

2,771,321

GBP Term Loan B2, 10.55%, 07/30/29 (b),(e)

2,398,453

GBP

2,671,760

5,443,081

Total Europe

16,617,641

North America — 3.2%

Apparel — 0.0%

Mad Engine Global LLC, Term Loan,
12.65%, 07/15/27 (b),(e),(i)

1,513,548

1,064,024

Auto Parts & Equipment — 0.0%

First Brands Group LLC, 2022 Incremental Term Loan, 10.88%, 03/30/27 (b),(c),(e),(i)

1,479,474

1,458,214

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Beverages — 0.0%
City Brewing Co. LLC, Closing Date Term Loan, 9.07%, 04/05/28 (b),(e)	$	60,541	$	39,503

Commercial Services — 0.0%
PECF USS Intermediate Holding III Corp., Term Loan B, 9.88%, 12/15/28 (b),(e)		1,208,814		965,432

Computers — 0.0%
Atlas CC Acquisition Corp.,
Term Loan B, 9.93%, 05/25/28 (b),(e)		1,180,213		1,097,598
Term Loan C, 9.93%, 05/25/28 (b),(e)		240,053		223,250

				1,320,848

Cosmetics/Personal Care — 0.2%
Revlon Intermediate Holdings IV LLC, 2023 Exit Term Loan, 11.95%, 05/02/28 (b),(e)		8,600,792		8,446,666

Diversified Financial Services — 0.1%
Astra Acquisition Corp., 2021 1st Lien Term Loan, 5.25%, 10/25/28 (b),(e)		131,376		98,105
Curo Group Holdings Corp., Term Loan, 6.00%, 08/02/27 (b)		3,835,076		3,681,673

				3,779,778

Engineering & Construction — 0.3%
Qualtek Buyer LLC,
2023 PIK Second Lien Term Loan, 9.00%, 01/14/27 (b),(c),(e),(i)		5,690,516		4,097,171
2023 PIK Term Loan, 0.00%, 07/14/25 (b),(c),(e),(i)		6,868,337		6,833,996

				10,931,167

Entertainment — 0.1%
Bulldog Purchaser, Inc., 2018 Term Loan, 9.27%, 09/05/25 (b),(e)		4,274,170		4,116,923

Environmental Control — 0.0%
Gopher Resource LLC, 1st Lien Term Loan, 8.98%, 03/06/25 (b),(e)		1,899,801		1,586,334

Food — 0.1%
H Food Holdings LLC,
2018 Incremental Term Loan B2, 9.58%, 05/23/25 (b),(e)		599,493		522,686
2018 Term Loan B, 3.69%, 05/23/25 (b),(e)		4,566,207		3,967,532

				4,490,218

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount			Value
Healthcare—Services — 0.3%
Gordian Medical, Inc., Term Loan B, 12.15%, 01/31/27 (b),(e)	$	5,735,661		$	3,556,110
MED ParentCo LP, 1st Lien Term Loan, 9.68%, 08/31/26 (b),(e)		3,256,825			3,103,070
Team Health Holdings, Inc.,
1st Lien Term Loan, 8.18%, 02/06/24 (b),(e)		2,615,025			2,545,073
2022 Term Loan B, 10.57%, 03/02/27 (b),(e)		1,522,788			1,149,705
U.S. Renal Care, Inc., 2023 Superpriority Term Loan, 10.61%, 06/20/28 (b),(e),(i)		2,098,648			1,386,850
Women’s Care Enterprises LLC, 2nd Lien Term Loan, 13.80%, 01/12/29 (b),(c),(e)		1,663,628			1,330,902

					13,071,710

Home Furnishings — 0.1%
Stitch Aquisition Corp., Term Loan B, 12.40%, 07/28/28 (b),(e)		1,538,620			1,171,921
Weber-Stephen Products LLC,
2022 Incremental Term Loan B, 9.67%, 10/30/27 (b),(e)		871,211			785,728
Term Loan B, 8.68%, 10/30/27 (b),(e)		704,845			633,183

					2,590,832

Housewares — 0.1%
Springs Windows Fashions LLC, 2021 Term Loan B, 9.43%, 10/06/28 (b),(e)		2,576,043			2,185,334

Insurance — 0.2%
Asurion LLC,
2020 Term Loan B8, 8.68%, 12/23/26 (b),(e)		2,021,096			1,975,621
2021 Second Lien Term Loan B4, 10.68%, 01/20/29 (b),(e)		4,434,371			3,922,024
2023 Term Loan B11, 9.67%, 08/19/28 (b),(e)		783,867			760,351

					6,657,996

Investment Company Security — 0.4%
Clear Channel Outdoor Holdings, Inc., Term Loan B, 3.50%, 08/21/26 (b)		302,168			292,975
HB Acquisitions LLC, 2022 AUD Term Loan, 10.61%, 02/15/25 (b),(c),(e)		21,079,817	AUD		13,282,203
New Millennium HoldCo, Inc., 2020 Term Loan, 10.87%, 05/14/25 (b),(c),(e)	$	1,983,259			1,973,343

					15,548,521

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount			Value
Leisure Time — 0.1%
Hornblower Sub LLC,
2020 Repriced Term Loan B, 10.15%, 04/27/25 (b),(c),(e)	$	10,402,356		$	3,952,895
2020 Super Priority Term Loan, 15.63%, 11/10/25 (b),(e)		321,386			321,226
2021 Incremental Term Loan, 15.63%, 11/10/25 (b),(e)		450,372			450,146

					4,724,267

Machinery—Diversified — 0.4%
Arcline FM Holdings LLC, 2021 2nd Lien Term Loan, 13.90%, 06/23/29 (b),(c),(e)		4,416,711			4,240,043
Engineered Machinery Holdings, Inc.,
2021 USD 2nd Lien Incremental Term Loan, 12.15%, 05/21/29 (b),(c),(e)		1,122,432			1,094,371
2021 USD 2nd Lien Term Loan, 11.65%, 05/21/29 (b),(c),(e)		11,545,028			11,256,402
Titan Acquisition Ltd., 2018 Term Loan B, 8.65%, 03/28/25 (b),(e)		319,285			316,332

					16,907,148

Media — 0.2%
A-L Parent LLC, 2023 Take Back Term Loan, 10.83%, 06/30/28 (b),(c)		6,502,268			6,290,944

Miscellaneous Manufacturing — 0.1%
TCG AcquisitionCo BV, 2023 EUR Term Loan B, 8.66%, 09/14/28 (b),(e)		3,646,477	EUR		3,784,148

Oil & Gas — 0.2%
Gulf Finance LLC, 2021 Term Loan, 12.63%, 08/25/26 (b),(e)	$	5,379,359			5,384,147
Par Petroleum LLC, 2023 Term Loan B, 9.77%, 02/28/30 (b),(e),(i)		3,433,181			3,423,156

					8,807,303

Pharmaceuticals — 0.0%
Covetrus, Inc., Term Loan, 10.39%, 10/13/29 (b),(e)		591,905			585,033

Real Estate — 0.1%
Cushman & Wakefield U.S. Borrower LLC, 2023 Term Loan B, 9.32%, 01/31/30 (b),(c),(e)		2,147,337			2,125,864

Retail — 0.0%
Michaels Companies, Inc., 2021 Term Loan B, 9.90%, 04/15/28 (b),(e)		1,374,487			1,251,401

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount			Value
Software — 0.2%
Castle U.S. Holding Corp., EUR Term Loan, 3.75%, 01/29/27 (b),(e)		506,389	EUR	$	386,442
Castle US Holding Corp., USD Term Loan B, 9.43%, 01/29/27 (b),(e)	$	2,553,612			1,994,550
Cloud Software Group, Inc., 2022 USD Term Loan A, 9.99%, 09/29/28 (b),(e)		2,586,817			2,479,749
Constant Contact, Inc.,
Second Lien Term Loan, 13.06%, 02/12/29 (b),(c),(e)		3,982,483			3,367,707
Term Loan, 9.56%, 02/10/28 (b),(e)		114,512			110,433
MedAssets Software Intermediate Holdings, Inc., 2021 Term Loan, 9.43%, 12/18/28 (b),(e)		59,195			48,125

					8,387,006

Total North America					131,116,614

Oceania — 0.1%
Lodging — 0.1%
Journey Beyond, AUD Term Loan, 9.89%, 02/15/25 (b),(c),(e)		5,791,944	AUD		3,723,931

Total Oceania					3,723,931

South America — 0.3%
Food Service — 0.1%
TKC Holdings, Inc.,
2021 Term Loan, 10.93%, 05/15/28 (b),(e)	$	343,410			327,613
2022 PIK Toggle Holdco Term Loan, 0.00%, 02/15/27 (b),(c)		4,089,751			1,840,388

					2,168,001

Iron/Steel — 0.2%
Samarco Mineracao SA,
Fixed Rate Term Loan, 0.00%, 08/30/24 (b),(c)		11,623,127			8,325,065
Fixed Rate Term Loan 2, 0.00%, 08/31/28 (b),(c),(e)		730,380			432,385
Term Loan, 0.00%, 12/31/22 (b),(c)		719,110			515,062

					9,272,512

Media — 0.0%
LBI Media, Inc., Exit Term Loan, 12.97%, 10/15/24 (b),(c)		326,164			101,437

Total South America					11,541,950

TOTAL BANK DEBT (COST $177,007,033)					163,000,136

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value

CORPORATE BONDS & NOTES — 12.4%
Africa — 0.1%
Chemicals — 0.1%
Sasol Financing USA LLC,
4.38%, 09/18/26 (b)	$	3,856,000	$	3,418,286
5.88%, 03/27/24 (b)		1,937,000		1,917,918

				5,336,204

Electric — 0.0%
Eskom Holdings SOC Ltd, 6.35%, 08/10/28 (b),(j)		1,339,000		1,216,789

Total Africa				6,552,993

Asia — 1.5%
Chemicals — 0.1%
GC Treasury Center Co. Ltd.,
MTN, 4.30%, 03/18/51 (b),(j)		720,000		466,998
MTN, 5.20%, 03/30/52 (b),(j)		2,598,000		1,921,582

				2,388,580

Commercial Services — 0.0%
Adani Ports & Special Economic Zone Ltd., GBP Term Loan B2, 3.10%, 02/02/31 (b),(j)		1,292,000		891,161

Electric — 0.2%
LLPL Capital Pte. Ltd., 6.88%, 02/04/39 (b),(j)		995,290		886,345
Minejesa Capital BV,
4.63%, 08/10/30 (b),(j)		2,122,000		1,885,397
5.63%, 08/10/37 (b),(j)		496,000		378,379
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,
3.88%, 07/17/29 (b),(j)		728,000		648,590
6.25%, 01/25/49 (b),(j)		512,000		462,438
MTN, 4.00%, 06/30/50 (j)		1,113,000		719,833
MTN, 4.38%, 02/05/50 (j)		1,000,000		678,621
MTN, 5.25%, 05/15/47 (b),(j)		3,345,000		2,692,725

				8,352,328

Energy—Alternate Sources — 0.1%
Greenko Wind Projects Mauritius Ltd, 5.50%, 04/06/25 (b),(j)		2,407,000		2,305,837
SK Battery America, Inc., 2.13%, 01/26/26 (b)		1,820,000		1,627,069

				3,932,906

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount			Value
Internet — 0.4%
Prosus NV,
2.09%, 01/19/30 (b),(j)		1,913,000	EUR	$	1,554,593
3.26%, 01/19/27 (b),(j)	$	3,158,000			2,797,680
3.68%, 01/21/30 (b),(j)		1,179,000			950,308
3.83%, 02/08/51 (b),(j)		12,791,000			7,064,439
4.19%, 01/19/32 (b),(j)		1,151,000			917,831
MTN, 3.06%, 07/13/31 (b),(j)		1,867,000			1,386,168
MTN, 4.03%, 08/03/50 (b),(j)		2,834,000			1,622,643

					16,293,662

Investment Company Security — 0.1%
Huarong Finance 2017 Co., Ltd.,
MTN, 4.25%, 11/07/27 (b)		2,467,000			2,047,610
MTN, 4.95%, 11/07/47 (b)		2,300,000			1,633,000
Huarong Finance 2019 Co., Ltd.,
MTN, 3.88%, 11/13/29 (b),(j)		379,000			298,038
MTN, 4.25%, 09/30/25 (b),(e)		207,000			174,977

					4,153,625

Mining — 0.5%
Freeport Indonesia PT,
6.20%, 04/14/52 (b),(j)		5,065,000			4,236,899
MTN, 4.76%, 04/14/27 (b),(j)		2,926,000			2,777,160
MTN, 5.32%, 04/14/32 (b),(j),(k)		9,997,000			9,061,582
Indonesia Asahan Aluminium Persero PT, 4.75%, 05/15/25 (b),(j)		986,000			963,322
Indonesia Asahan Aluminium PT, 6.76%, 11/15/48 (b)		3,012,000			2,741,793

					19,780,756

Multi-National — 0.1%
Viet Nam Debt & Asset Trading Corp., 1.00%, 10/10/25 (b),(j)		3,750,000			3,150,000

Oil & Gas — 0.0%
Thaioil Treasury Center Co., Ltd.,
MTN, 3.50%, 10/17/49 (b),(j)		474,000			272,066
MTN, 3.75%, 06/18/50 (b),(j)		1,563,000			941,531

					1,213,597

Real Estate — 0.0%
Scenery Journey Ltd.,
13.00%, 11/06/22 (b),(j)		800,000			25,952
GBP Term Loan B2, 11.50%, 10/24/22 (b)		3,901,000			126,470

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount			Value
GBP Term Loan B2, 12.00%, 10/24/23 (b)	$	400,000		$	14,344

					166,766

Total Asia					60,323,381

Europe — 1.3%
Agriculture — 0.2%
MHP Lux SA,
6.25%, 09/19/29 (b),(d)		689,000			411,312
GBP Term Loan B2, 6.25%, 09/19/29 (b),(j)		3,232,000			1,929,406
GBP Term Loan B2, 6.95%, 04/03/26 (b),(j)		3,057,000			2,064,698
MHP SE,
7.75%, 05/10/24 (b),(d)		400,000			335,793
GBP Term Loan B2, 7.75%, 05/10/24 (b),(j)		2,413,000			2,025,670

					6,766,879

Auto Manufacturers — 0.3%
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (b),(d)		9,716,000			9,835,949
Mclaren Finance PLC, 7.50%, 08/01/26 (b),(d)		2,523,000			2,182,617

					12,018,566

Commercial Banks — 0.0%
Credit Suisse Group AG, 6.25%, 12/29/49 (b),(d),(r)		235,000			22,325

Engineering & Construction — 0.0%
Heathrow Finance PLC, GBP Term Loan B2, 4.13%, 09/01/29 (b)		1,330,000	GBP		1,308,384

Entertainment — 0.0%
CPUK Finance Ltd., 6.50%, 08/28/26 (b)		1,147,000	GBP		1,332,941

Food — 0.2%
Bellis Acquisition Co. PLC, GBP Term Loan B2, 3.25%, 02/16/26 (b),(j)		5,563,000	GBP		5,893,242
Forno d’Asolo SpA, GBP Term Loan B2, 9.47%, 04/30/27 (b),(d),(e)		3,404,000	EUR		3,256,986

					9,150,228

Healthcare—Services — 0.1%
Kedrion SpA, 6.50%, 09/01/29 (b),(d)	$	3,460,000			2,966,950

Real Estate — 0.1%
Blackstone Property Partners Europe Holdings S.a.r.l.,
3.63%, 10/29/29 (b)		1,111,000	EUR		996,535
4.88%, 04/29/32 (b)		1,120,000	GBP		1,057,952

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount			Value
P3 Group Sarl, MTN, 1.63%, 01/26/29 (b),(j)		127,000	EUR	$	106,433
Sagax Euro Mtn NL BV, MTN, 1.00%, 05/17/29 (b)		643,000	EUR		514,437
VGP NV,
1.50%, 04/08/29 (b)		400,000	EUR		313,284
1.63%, 01/17/27 (b)		600,000	EUR		536,036
2.25%, 01/17/30 (b)		600,000	EUR		480,869

					4,005,546

Retail — 0.3%
Stonegate Pub Co. Financing 2019 PLC,
8.25%, 07/31/25 (b)		11,373,000	GBP		13,114,394
GBP Term Loan B2, 8.25%, 07/31/25 (b),(d)		215,000	GBP		247,920

					13,362,314

Sovereign — 0.1%
Magyar Export-Import Bank Zrt, 6.13%, 12/04/27 (b),(j)	$	2,750,000			2,703,250

Total Europe					53,637,383

Middle East — 1.0%
Commercial Banks — 0.3%
Bank Leumi Le-Israel BM, 7.13%, 07/18/33 (b),(e),(j)		3,094,000			3,035,907
First Abu Dhabi Bank PJSC, 6.32%, 04/04/34 (b),(e),(j)		1,100,000			1,105,797
Israel Discount Bank Ltd., 5.38%, 01/26/28 (b)		5,157,000			4,999,608
QNB Finansbank AS, 6.88%, 09/07/24 (b),(j)		5,043,000			5,030,393

					14,171,705

Diversified Financial Services — 0.1%
MDGH GMTN RSC Ltd, MTN, 3.70%, 11/07/49 (b),(j)		502,000			358,302
Turkiye Sinai Kalkinma Bankasi AS, MTN, 9.38%, 10/19/28 (b),(j)		2,085,000			2,096,259

					2,454,561

Electric — 0.2%
Israel Electric Corp. Ltd., 5.00%, 11/12/24 (b)		7,122,000			7,026,067

Energy—Alternate Sources — 0.1%
Masdar Abu Dhabi Future Energy Co, MTN, 4.88%, 07/25/33 (b)		2,700,000			2,551,392

Investment Company Security — 0.3%
Gaci First Investment Co.,
5.13%, 02/14/53 (b)		7,645,000			6,197,954

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
5.38%, 10/13/22 (b)	$	8,459,000	$	6,890,668

				13,088,622

Total Middle East				39,292,347

North America — 7.2%
Advertising — 0.1%
Clear Channel Outdoor Holdings, Inc.,
7.50%, 06/01/29 (b),(d)		3,067,000		2,345,133
7.75%, 04/15/28 (b),(d)		1,155,000		922,165
9.00%, 09/15/28 (b),(d)		1,903,000		1,884,617

				5,151,915

Auto Manufacturers — 0.1%
Nissan Motor Acceptance Co LLC, 7.05%, 09/15/28 (b),(j)		2,161,000		2,160,626
Nissan Motor Acceptance Co. LLC, 7.05%, 09/15/28 (b),(d)		426,000		425,926
Rivian Holdings LLC, 10.93%, 10/15/26 (b),(d),(e)		2,031,000		2,036,078

				4,622,630

Chemicals — 0.1%
WR Grace Holdings LLC, 5.63%, 08/15/29 (b),(d)		3,342,000		2,702,843

Commercial Banks — 0.0%
BBVA Bancomer SA, 8.45%, 06/29/38 (b),(e),(j)		1,600,000		1,577,054

Diversified Financial Services — 0.4%
Charles Schwab Corp. (The), Series I, 4.00%, 06/01/26 (b),(e),(r)		6,447,000		5,384,578
Curo Group Holdings Corp., 7.50%, 08/01/28 (b),(d)		14,015,000		5,606,000
MF Global Holdings Ltd., 6.75%, 08/08/16 (a),(b),(c),(l)		436,000		115,540
PHH Mortgage Corp., 7.88%, 03/15/26 (b),(d)		4,150,000		3,693,500

				14,799,618

Engineering & Construction — 0.0%
Brand Industrial Services, Inc., 10.38%, 08/01/30 (b),(d)		1,684,000		1,686,593

Food Service — 0.3%
TKC Holdings, Inc.,
6.88%, 05/15/28 (b),(d)		6,830,000		6,075,012
10.50%, 05/15/29 (b),(d)		8,108,000		6,760,034

				12,835,046

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Hand/Machine Tools — 0.2%
Werner FinCo LP,
11.50%, 06/15/28 (b),(d)	$	4,137,000	$	4,245,596
PIK, 14.50%, 10/15/28 (b),(d)		2,967,000		2,403,270

				6,648,866

Healthcare—Products — 0.6%
Medline Borrower LP, 5.25%, 10/01/29 (d)		27,176,000		23,488,114

Healthcare—Services — 0.4%
Akumin Escrow, Inc., 7.50%, 08/01/28 (b),(d)		5,577,000		3,701,120
Akumin, Inc., 7.00%, 11/01/25 (b),(d)		3,344,000		2,507,905
Team Health Holdings, Inc., 6.38%, 02/01/25 (b),(d)		11,840,000		9,126,660
U.S. Renal Care, Inc., 10.63%, 06/28/28 (b),(d)		1,173,200		777,245

				16,112,930

Household Products/Wares — 0.2%
Kronos Acquisition Holdings, Inc., 7.00%, 12/31/27 (b),(d)		11,259,000		9,710,887

Housewares — 0.0%
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (b),(d)		718,000		459,305

Insurance — 0.2%
Acrisure LLC, 6.00%, 08/01/29 (b),(d)		2,783,000		2,338,677
Highlands Holdings Bond Issuer Ltd., PIK, 7.63%, 10/15/25 (b),(d)		5,492,873		5,369,010

				7,707,687

Leisure Time — 0.3%
Viking Cruises Ltd.,
5.88%, 09/15/27 (b),(d)		7,429,000		6,780,448
6.25%, 05/15/25 (b),(d)		6,284,000		6,150,465

				12,930,913

Machinery—Diversified — 0.2%
Husky III Holding Ltd., PIK, 13.00%, 02/15/25 (b),(d)		5,930,000		5,870,819
Titan Acquisition Ltd., 7.75%, 04/15/26 (b),(d)		568,000		556,640

				6,427,459

Media — 0.2%
McGraw-Hill Education, Inc., 8.00%, 08/01/29 (b),(d)		7,723,000		6,699,702

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Oil & Gas — 1.0%
Calumet Specialty Products Partners LP, 8.13%, 01/15/27 (d)	$	18,500,000	$	17,726,171
CITGO Petroleum Corp.,
7.00%, 06/15/25 (b),(d)		221,000		217,713
8.38%, 01/15/29 (b),(d)		3,865,000		3,859,977
Petroleos Mexicanos,
5.63%, 01/23/46 (b)		245,000		133,939
6.35%, 02/12/48 (b)		1,543,000		880,336
6.38%, 01/23/45 (b)		1,024,000		597,812
6.50%, 06/02/41 (b)		1,168,000		702,664
6.63%, 06/15/38 (b)		1,375,000		878,803
6.75%, 09/21/47 (b)		2,835,000		1,679,840
6.95%, 01/28/60 (b)		3,111,000		1,841,372
7.69%, 01/23/50 (b)		19,103,000		12,271,311

				40,789,938

Packaging & Containers — 0.2%
LABL, Inc.,
8.25%, 11/01/29 (b),(d)		1,978,000		1,614,542
10.50%, 07/15/27 (b),(d)		268,000		251,889
Mauser Packaging Solutions Holding Co., 9.25%, 04/15/27 (b),(d)		6,760,000		5,908,814

				7,775,245

Pharmaceuticals — 0.1%
1375209 BC Ltd., 9.00%, 01/30/28 (b),(d)		3,933,000		3,887,665

Pipelines — 0.5%
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (b),(d)		2,333,000		2,321,335
Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/15/28 (b),(d)		19,152,000		19,463,220

				21,784,555

Real Estate — 0.1%
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31 (b),(d)		1,074,000		1,039,095
Kennedy-Wilson, Inc.,
4.75%, 03/01/29 - 02/01/30 (b)		1,474,000		1,106,641
5.00%, 03/01/31 (b)		557,000		406,323

				2,552,059

Real Estate Investment Trusts — 0.1%
IIP Operating Partnership LP, 5.50%, 05/25/26 (b)		2,279,000		2,032,532

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Park Intermediate Holdings LLC,
4.88%, 05/15/29 (b),(d)	$	527,000	$	445,816
5.88%, 10/01/28 (b),(d)		387,000		353,641
XHR LP, 4.88%, 06/01/29 (b),(d)		168,000		142,800

				2,974,789

Retail — 0.4%
GPS Hospitality Holding Co. LLC, 7.00%, 08/15/28 (b),(d)		7,346,000		5,045,382
LSF9 Atlantis Holdings LLC, 7.75%, 02/15/26 (b),(d)		6,320,000		5,738,510
Michaels Cos., Inc. (The),
5.25%, 05/01/28 (b),(d)		1,213,000		968,095
7.88%, 05/01/29 (b),(d)		5,582,000		3,644,191
PetSmart, Inc., 7.75%, 02/15/29 (b),(d)		1,017,000		947,731

				16,343,909

Software — 0.9%
AthenaHealth Group, Inc., 6.50%, 02/15/30 (b),(d)		4,864,000		4,068,771
Cloud Software Group, Inc.,
6.50%, 03/31/29 (d)		25,964,000		22,960,762
9.00%, 09/30/29 (d)		11,040,000		9,593,769

				36,623,302

Transportation — 0.5%
Rand Parent LLC, 8.50%, 02/15/30 (d)		22,816,000		21,107,100

Trucking & Leasing — 0.1%
Fortress Transportation & Infrastructure Investors LLC, 9.75%, 08/01/27 (b),(d)		5,286,000		5,467,521

Total North America				292,867,645

South America — 1.3%
Aerospace/Defense — 0.0%
Embraer Netherlands Finance BV, 7.00%, 07/28/30 (b),(j)		1,071,000		1,062,384

Airlines — 0.1%
Azul Secured Finance LLP, 11.93%, 08/28/28 (b),(d)		3,034,000		3,004,838
Latam Airlines Group SA, 13.38%, 10/15/29 (b),(d)		1,985,000		2,182,686

				5,187,524

Chemicals — 0.1%
Braskem Netherlands Finance 4.50%, 01/10/28 - 01/31/30 (b),(j)		3,363,000		2,941,173

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Diversified Financial Services — 0.2%
Azul Secured Finance LLP,
10.88%, 05/28/30 (b),(d)	$	2,780,000	$	2,263,161
11.50%, 05/28/29 (b),(d)		7,032,706		6,063,891

				8,327,052

Food — 0.0%
Minerva Luxembourg SA, 8.88%, 09/13/33 (b),(j)		1,837,000		1,822,340

Iron/Steel — 0.1%
Samarco Mineracao SA, 4.13%, 11/01/22 (a),(b),(j),(l)		2,600,000		1,882,670

Mining — 0.0%
Corp. Nacional del Cobre de Chile, 6.30%, 09/08/53 (b),(j)		1,351,000		1,283,836

Oil & Gas — 0.8%
Petrobras Global Finance BV,
5.09%, 01/15/30		6,040,000		5,619,391
5.30%, 01/27/25 (b)		5,916,000		5,806,899
6.50%, 07/03/33 (b)		9,193,000		8,770,148
Petroleos del Peru SA, 5.63%, 06/19/47 (b),(j)		18,200,000		10,936,970

				31,133,408

Total South America				53,640,387

TOTAL CORPORATE BONDS & NOTES (COST $ 537,992,475)				506,314,136


SOVEREIGN DEBT — 4.0%
Argentina Republic Government International Bonds, 3.50%, 07/09/41 (b),(h)		4,550,000		1,163,827
Argentine Republic Government International Bonds,
3.63%, 07/09/35 (b),(h)		2,224,167		548,603
4.25%, 01/09/38 (b),(h)		1,668,125		488,559
Bahrain Government International Bonds, 6.25%, 01/25/51 (b),(j)		3,914,000		2,988,222
Chile Government International Bonds,
4.95%, 01/05/36 (b)		7,539,693		6,915,036
5.33%, 01/05/54 (b)		8,835,028		7,881,315
Colombia Government International Bonds,
3.88%, 04/25/27 (b)		2,160,000		1,964,286
4.13%, 02/22/42 - 05/15/51 (b)		14,020,000		7,988,049
Dominican Republic International Bonds,
4.88%, 09/23/32 (b),(j)		2,800,000		2,271,036
5.50%, 01/27/25 (b),(j)		1,839,000		1,810,559
5.95%, 01/25/27 (b),(j)		12,977,000		12,529,750

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount			Value
6.00%, 07/19/28 (b),(j)	$	3,505,000		$	3,324,173
Ecuador Government International Bonds,
2.50%, 07/31/40 (b),(j)		3,218,787			1,050,062
3.50%, 07/31/35 (b),(j)		6,260,478			2,312,086
Egypt Government International Bonds,
5.88%, 02/16/31 (b),(j)		1,100,000			605,480
7.50%, 02/16/61 (b),(j)		9,348,000			4,702,231
8.15%, 11/20/59 (b),(j)		5,447,000			2,806,294
8.50%, 01/31/47 (b),(j)		1,764,000			937,001
8.70%, 03/01/49 (b),(j)		2,852,000			1,520,259
8.88%, 05/29/50 (b),(j)		1,645,000			888,300
Hazine Mustesarligi Varlik Kiralama AS, 9.76%, 11/13/25 (b),(j)		5,170,000			5,362,634
Hellenic Republic Government Bonds, 4.38%, 07/18/38 (b)		1,826,000	EUR		1,874,360
Hungary Government International Bonds,
3.13%, 09/21/51 (j)	$	4,491,000			2,475,888
6.25%, 09/22/32 (j)		2,500,000			2,434,775
6.75%, 09/25/52 (b),(j)		701,000			664,478
Iraq International Bond, 5.80%, 01/15/28 (b)		13,576,500			12,534,042
Iraq International Bonds, 5.80%, 01/15/28 (b),(d)		4,543,313			4,194,459
Ivory Coast Government International Bonds,
6.13%, 06/15/33 (j)		1,500,000			1,248,525
6.38%, 03/03/28 (b),(j)		2,897,000			2,701,452
Lebanon Government International Bonds,
5.80%, 04/14/23 (b),(l)		3,567,000			283,890
6.38%, 03/09/24 (b),(l)		28,060,000			2,243,678
8.25%, 04/12/23 (b),(j),(l)		3,525,000			282,282
Mexico Udibonos,
4.00%, 11/15/40 (b)		21,657,817	MXN		1,130,345
4.50%, 11/22/35 (b)		29,927,166	MXN		1,673,397
Morocco Government International Bonds, 4.00%, 12/15/50 (j)	$	4,000,000			2,470,000
Nigeria Government International Bonds,
7.63%, 11/28/47 (b),(j)		1,216,000			808,484
8.25%, 09/28/51 (j)		2,000,000			1,381,284
Oman Government International Bonds, 7.00%, 01/25/51 (j)		3,000,000			2,822,196
Panama Government International Bonds,
4.50%, 04/16/50		3,000,000			2,037,916
6.88%, 01/31/36 (b)		4,865,000			4,865,997
Paraguay Government International Bonds, 5.60%, 03/13/48 (j)		3,000,000			2,420,727
Qatar Government International Bonds, 4.40%, 04/16/50 (b),(j)		1,563,000			1,273,188

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount			Value
Republic of Poland Government International Bonds, 5.50%, 04/04/53 (b)	$	1,687,000		$	1,524,711
Republic of South Africa Government International Bonds,
4.67%, 01/17/24 (b)		3,100,000			3,074,026
5.65%, 09/27/47		9,000,000			5,968,710
5.88%, 09/16/25 (b),(k)		5,088,000			5,011,680
Romania Government International Bonds,
6.63%, 09/27/29 (b),(j),(k)		2,008,000	EUR		2,181,929
7.13%, 01/17/33 (b),(j)	$	1,664,000			1,701,323
7.63%, 01/17/53 (j)		6,000,000			6,125,772
Saudi Government International Bonds, 4.38%, 04/16/29 (b),(j)		4,306,000			4,102,447
Serbia International Bonds, 6.25%, 05/26/28 (b),(j)		4,009,000			3,928,820
Trinidad & Tobago Government International Bonds, 5.95%, 01/14/31 (b),(j)		2,085,000			2,064,150
Turkey Government International Bonds, 4.88%, 04/16/43 (b)		1,666,000			1,053,145
Vietnam Government International Bonds, 4.80%, 11/19/24 (b),(j)		4,347,000			4,262,248

TOTAL SOVEREIGN DEBT (COST $170,420,645)					162,878,086


MORTGAGE-BACKED SECURITIES — 64.8%
Europe — 0.1%
Commercial Mortgage-Backed Securities — 0.1%
Atom Mortgage Securities DAC,
Series 1A, Class E, 3 mo. SONIO + 2.80%, 7.97%, 07/22/31 (b),(e)		786,707	GBP		830,472
Series 1X, Class D, 3 mo. SONIO + 1.90%, 7.07%, 07/22/31 (b),(e)		84,178	GBP		89,374
Series 1X, Class E, 3 mo. SONIO + 2.80%, 7.97%, 07/22/31 (b),(e)		78,671	GBP		83,047
Last Mile Logistics Pan Euro Finance DAC, Series 1X,, Class E, 3 mo. EURIBOR + 2.70%, 6.49%, 08/17/33 (b),(e),(j)		98,186	EUR		95,663
Last Mile Securities PE DAC, Series 2021-1X, Class A2, 3 mo. EURIBOR + 1.05%, 4.84%, 08/17/31 (b),(e)		1,986,591	EUR		2,010,804
Mulcair Securities No. 3 DAC, Series 3, Class D, 3 mo. EURIBOR + 2.00%, 5.70%, 04/24/65 (b),(e)		158,000	EUR		159,993
Pearl Finance DAC, Series 2020-1, Class C, 3 mo. EURIBOR + 2.85%, 6.64%, 11/17/32 (b),(e)		650,453	EUR		659,840

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount			Value
Taurus NL DAC,
Series 2020-NL1X, Class C, 3 mo. EURIBOR + 1.55%, 5.37%, 02/20/30 (b),(e)		61,303	EUR	$	58,980
Series 2020-NL1X, Class D, 3 mo. EURIBOR + 2.00%, 5.82%, 02/20/30 (b),(e)		613,030	EUR		518,501
Taurus UK DAC, Series 2021-UK4X, Class E, 8.32%, 08/17/31 (b),(e),(j)		101,943	GBP		114,690

					4,621,364

Total Europe					4,621,364

North America — 64.7%
Collateralized Mortgage Obligation (Residential) — 3.5%
Ajax Mortgage Loan Trust,
Series 2021-E, Class B1, 3.73%, 12/25/60 (b),(d),(e)	$	972,000			685,390
Series 2021-E, Class B2, 4.08%, 12/25/60 (b),(d),(e)		762,000			518,428
Alternative Loan Trust,
Series 2004-16CB, Class M, 5.82%, 08/25/34 (b),(e)		312,523			247,793
Series 2004-2CB, Class M, 5.77%, 03/25/34 (b),(e)		396,704			306,199
Series 2004-4CB, Class M, 5.69%, 04/25/34 (b),(e)		195,726			155,584
Series 2005-10CB, Class 1A1, 1 mo. TSFR + .61%, 5.50%, 05/25/35 (b),(e)		304,594			224,487
Series 2005-11CB, Class 3A2, 1 mo. TSFR + .61%, 5.50%, 06/25/35 (b),(e)		322,910			230,769
Series 2005-28CB, Class 2A8, 1 mo. TSFR + 0.51%,, 5.75%, 08/25/35 (b),(e)		1,684,001			993,495
Series 2005-46CB, Class A9, 5.50%, 10/25/35 (b)		1,638,897			1,364,701
Series 2005-56, Class 1A2, 1 mo. TSFR + 1.27%, 6.59%, 11/25/35 (b),(e)		308,278			265,351
Series 2005-76, Class 1A2, 12 mo. MTA + 2.00%, 6.63%, 01/25/36 (b),(e)		1,836,947			1,747,620
Series 2005-AR1, Class 2A3A, 1 mo. TSFR + .81%, 6.13%, 12/25/35 (b),(e)		260,387			217,280
Series 2006-13T1, Class A15, 6.00%, 05/25/36 (b)		417,368			216,812
Series 2006-23CB, Class 2A3, 6.50%, 08/25/36 (b)		715,853			241,178
Series 2006-29T1, Class 3A1, 6.50%, 10/25/36 (b)		565,699			163,906

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Series 2006-39CB, Class 1A6, 1 mo. TSFR + .71%, 6.00%, 01/25/37 (b),(e)	$	313,471	$	247,267
Series 2006-7CB, Class 1A4, 6.00%, 05/25/36 (b)		767,260		402,629
Series 2006-8T1, Class 1A1, 1 mo. TSFR + .61%, 5.93%, 04/25/36 (b),(e)		686,036		262,045
Series 2006-J1, Class 1A4, 1 mo. TSFR + .61%, 5.50%, 02/25/36 (b),(e)		372,911		238,434
Series 2006-OA12, Class A1C, 1 mo. TSFR + .39%, 5.72%, 09/20/46 (b),(e)		314,163		240,171
Series 2006-OA12, Class A2, 1 mo. TSFR + .32%, 5.65%, 09/20/46 (b),(e)		206,424		173,872
Series 2006-OA16, Class A3, 1 mo. TSFR + .61%, 5.93%, 10/25/46 (b),(e)		312,495		228,093
Series 2006-OA17, Class 1A1D, 1 mo. TSFR + .40%, 5.73%, 12/20/46 (b),(e)		310,807		270,053
Series 2006-OA19, Class A1, 1 mo. TSFR + .29%, 5.62%, 02/20/47 (b),(e)		353,704		272,421
Series 2006-OA19, Class A4, 1 mo. TSFR + .32%, 5.65%, 02/20/47 (b),(e)		340,455		260,369
Series 2006-OA2, Class A1, 1 mo. TSFR + .53%, 5.86%, 05/20/46 (b),(e)		574,229		506,919
Series 2006-OA8, Class 2A3, 1 mo. TSFR + .49%, 5.81%, 07/25/46 (b),(e)		208,190		192,104
Series 2006-OA8, Class 2A4, 1 mo. TSFR + .63%, 5.95%, 07/25/46 (b),(e)		367,401		262,221
Series 2006-OA9, Class 2A1A, 1 mo. TSFR + .32%, 5.65%, 07/20/46 (b),(e)		208,369		160,500
Series 2007-18CB, Class 1A2, 1 mo. TSFR + .58%, 5.90%, 08/25/37 (b),(e)		718,297		250,392
Series 2007-20, Class A1, 1 mo. TSFR + .61%, 5.93%, 08/25/47 (b),(e)		876,155		362,380
Series 2007-23CB, Class A3, 1 mo. TSFR + .61%, 5.93%, 09/25/37 (b),(e)		589,132		265,129
Series 2007-2CB, Class 1A7, 1 mo. TSFR + .61%, 5.75%, 03/25/37 (b),(e)		581,167		260,057
Series 2007-OA11, Class A1A, 12 mo. MTA + 1.38%, 6.01%, 11/25/47 (b),(e)		383,628		276,217
Series 2007-OA2, Class 1A1, 12 mo. MTA + .84%, 5.47%, 03/25/47 (b),(e)		250,958		227,904
Series 2007-OH2, Class A2B, 1 mo. TSFR + .47%, 5.79%, 08/25/47 (b),(e)		149,724		128,735
American Home Mortgage Investment Trust, Series 2005-2, Class 5A4C, 5.91%, 09/25/35 (b),(h)		789,546		439,607
Angel Oak Mortgage Trust, Series 2021-8, Class B1, 4.11%, 11/25/66 (b),(d),(e)		109,000		77,503

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Banc of America Funding Trust,
Series 2005-B, Class 3M2, 1 mo. TSFR + 1.16%, 6.49%, 04/20/35 (b),(e)	$	1,475,214	$	1,290,303
Series 2006-H, Class 5A1, 1 mo. TSFR + .47%, 5.80%, 10/20/36 (b),(e)		3,924,997		1,289,318
Series 2006-H, Class 6A1, 1 mo. TSFR + .49%, 5.82%, 10/20/36 (b),(e)		381,602		295,328
Barclays Mortgage Loan Trust, Series 2021-NQM1, Class B2, 5.43%, 09/25/51 (b),(d)		100,000		70,436
Bear Stearns ALT-A Trust,
Series 2006-1, Class 11A2, 1 mo. TSFR + 0.75%,, 6.07%, 02/25/36 (b),(e)		1,354,027		1,132,256
Series 2006-3, Class 22A1, 3.80%, 05/25/36 (b),(e)		350,142		247,079
Series 2006-4, Class 13A1, 1 mo. TSFR + .43%, 5.75%, 08/25/36 (b),(e)		270,277		246,366
Bear Stearns ARM Trust,
Series 2004-3, Class B1, 4.52%, 07/25/34 (b),(e)		196,479		174,897
Series 2022-NQM1, Class B1, 4.72%, 04/25/61 - 09/25/61 (b),(d),(e)		1,100,000		813,953
Chase Mortgage Finance Trust, Series 2007-A1, Class 1M, 5.04%, 02/25/37 (b),(e)		249,807		211,865
ChaseFlex Trust, Series 2007-1, Class 1A1, 6.50%, 02/25/37 (b)		1,023,802		335,408
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-4A, Class B1, 4.66%, 10/25/35 (b),(d),(e)		319,272		247,801
CHL Mortgage Pass-Through Trust, Series 2005-3, Class 1A4, 1 mo. TSFR + .83%, 6.15%, 04/25/35 (b),(e)		509,434		453,000
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR6, Class 2A4, 1 mo. TSFR + .55%, 5.87%, 09/25/36 (b),(e)		809,988		295,682
CitiMortgage Alternative Loan Trust, Series 2007-A6, Class 1A1, 1 mo. TSFR + .71%, 6.00%, 06/25/37 (b),(e)		309,226		250,087
COLT Mortgage Loan Trust,
Series 2021-HX1, Class B1, 3.11%, 10/25/66 (b),(d),(e)		118,000		76,765
Series 2021-HX1, Class B3A, 4.18%, 10/25/66 (b),(d),(e)		100,000		58,572
Series 2022-1, Class B1, 4.12%, 12/25/66 - 01/25/67 (b),(d),(e)		335,000		228,083
Series 2022-1, Class B2, 4.12%, 12/27/66 - 01/25/67 (b),(d),(e)		1,200,000		706,242

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Series 2022-2, Class B1, 3.96%, 02/25/67 (b),(d),(e)	$	100,000	$	67,042
Series 2022-3, Class B2, 4.22%, 02/25/67 (b),(d),(e)		100,000		70,237
Series 2022-4, Class B1, 4.55%, 03/25/67 - 04/25/67 (b),(d),(e)		1,127,000		807,150
Series 2022-5, Class B1, 4.67%, 03/25/67 (b),(d),(e)		1,000,000		809,107
COLT Trust,
Series 2021-RPL1, Class B1, 4.77%, 09/25/61 (b),(d),(e)		100,000		81,057
Series 2021-RPL1, Class B2, 4.77%, 09/25/61 (b),(d),(e)		446,000		315,607
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR26, Class CB1, 4.86%, 11/25/33 (b),(e)		259,522		219,959
CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-8, Class DB1, 5.59%, 12/25/34 (b),(e)		387,614		234,784
CSMC Trust,
Series 2021-NQM3, Class B1, 3.43%, 04/25/66 (b),(d),(e)		211,000		124,304
Series 2021-NQM7, Class B1, 3.72%, 10/25/66 (b),(d),(e)		100,000		66,296
Series 2021-NQM8, Class B1, 4.21%, 10/25/66 (b),(d),(e)		226,899		144,877
Series 2021-NQM8, Class B2, 4.22%, 10/25/66 (b),(d),(e)		100,000		66,193
Deephaven Residential Mortgage Trust,
Series 2020-2, Class B3, 5.80%, 05/25/65 (b),(d),(e)		263,000		209,079
Series 2021-2, Class B1, 3.17%, 04/25/66 (b),(d),(e)		117,000		79,094
Series 2021-2, Class B2, 3.93%, 04/25/66 (b),(d),(e)		100,000		65,106
Series 2021-4, Class B2, 4.47%, 11/25/66 (b),(d),(e)		100,000		64,594
Series 2022-2, Class M1, 4.33%, 03/25/67 (b),(d),(e)		100,000		74,822
DSLA Mortgage Loan Trust, Series 2005-AR2, Class 2A1A, 1 mo. TSFR + .53%, 5.86%, 03/19/45 (b),(e)		1,157,546		1,058,877
Ellington Financial Mortgage Trust, Series 2021-3, Class B2, 4.29%, 09/25/66 (b),(d),(e)		100,000		65,996
Federal Home Loan Mortgage Corp.,
Series 303, Class C28, 4.50%, 01/15/43 (g)		9,816,721		2,006,273
Series 4941, Class IO, 4.00%, 12/15/47 (g)		6,994,159		1,415,974

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Series 4980, Class KI, 4.50%, 06/25/50 (g)	$	17,588,747	$	3,952,051
Series 5036, Class KI, 4.00%, 06/25/48 (g)		18,085,615		3,470,123
Series 5093, Class AI, 3.50%, 04/25/51 (g)		13,548,293		2,251,902
Series 5104, Class GI, 3.50%, 06/25/49 (g)		9,684,129		1,899,184
Series 5146, Class BI, 4.00%, 08/25/50 (g)		23,146,223		4,612,718
Series 5236, Class KI, 4.00%, 11/25/51 (g)		30,845,607		6,274,583
Series 5322, Class DI, 3.00%, 10/25/51 (g)		16,333,866		2,485,034
Federal National Mortgage Association,
Series 2020-41, Class GI, 4.00%, 10/15/44 (g)		35,902,393		6,910,600
Series 2020-62, Class GI, 4.00%, 06/25/48 (g)		9,257,652		1,895,921
Series 2021-91, Class NI, 3.50%, 01/25/52 (g)		24,793,993		4,376,189
Series 409, Class C14, 3.50%, 04/25/42 (g)		13,554,542		2,231,335
Series 413, Class C35, 4.50%, 10/25/40 (g)		11,098,346		2,127,986
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA8, Class 1A3, 1 mo. TSFR + 0.61%,, 5.93%, 02/25/37 (b),(e)		754,780		241,776
Flagstar Mortgage Trust, Series 2018-4, Class B4, 4.18%, 07/25/48 (b),(d),(e)		224,901		184,448
GCAT Trust,
Series 2022-HX1, Class B1, 4.03%, 12/27/66 (b),(d),(e)		100,000		67,927
Series 2022-HX1, Class M1, 4.03%, 12/27/66 (b),(d),(e)		100,000		71,858
Series 2022-NQM4, Class M1, 5.74%, 08/25/67 (b),(d),(e)		145,000		126,399
Government National Mortgage Association,
Series 2021-158, Class JI, 5.00%, 02/20/50 (g)		12,931,767		2,761,488
Series 2022-125, Class CI, 5.00%, 06/20/52 (g)		23,522,826		4,670,410
Series 2022-125, Class IO, 4.50%, 06/20/52 (g)		28,556,190		5,521,368
Series 2022-159, Class IA, 4.50%, 12/20/48 (g)		19,483,762		3,642,333
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ1, Class B3, 2.75%, 06/25/51 (b),(d),(e)		3,878,390		2,700,697
GSR Mortgage Loan Trust,
Series 2005-AR6, Class B1, 4.82%, 09/25/35 (b),(e)		289,356		233,977
Series 2006-OA1, Class 1A1, 1 mo. TSFR + .55%, 5.87%, 08/25/46 (b),(e)		8,122,442		1,784,346
HarborView Mortgage Loan Trust,
Series 2005-10, Class 2A1B, 1 mo. TSFR + .87%, 6.20%, 11/19/35 (b),(e)		973,521		646,536
Series 2006-4, Class 1A1A, 1 mo. TSFR + .47%, 5.80%, 05/19/46 (b),(e)		545,918		277,900
Series 2007-6, Class 2A1B, 1 mo. TSFR + 0.34%,, 5.67%, 08/19/37 (b),(e)		8,515,197		6,682,965
Homeward Opportunities Fund Trust, Series 2022-1, Class M1, 5.06%, 07/25/67 (b),(d),(e)		179,000		150,135

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Imperial Fund Mortgage Trust, Series 2023-NQM1, Class M1, 8.24%, 02/25/68 (b),(d),(e)	$	256,000	$	254,311
IndyMac INDX Mortgage Loan Trust,
Series 2006-AR7, Class 3A1, 3.53%, 05/25/36 (b),(e)		224,265		176,290
Series 2007-FLX2, Class A2, 1 mo. TSFR + .30%, 5.62%, 04/25/37 (b),(e)		260,278		259,089
Series 2007-FLX5, Class 2A2, 1 mo. TSFR + 0.35%,, 5.67%, 08/25/37 (b),(e)		4,653,075		3,813,568
JP Morgan Alternative Loan Trust, Series 2006-A6, Class 1A1, 1 mo. TSFR + .43%, 5.75%, 11/25/36 (b),(e)		306,600		244,565
JP Morgan Mortgage Trust,
Series 2018-5, Class B4, 3.73%, 10/25/48 (b),(d),(e)		256,783		204,570
Series 2023-HE2, Class M3, 1 mo. SOFR + 3.25%, 8.57%, 03/25/54 (b),(d),(e)		4,000,000		4,000,000
Legacy Mortgage Asset Trust,
Series 2020-GS4, Class A2, 7.00%, 02/25/60 (b),(d),(h)		1,023,538		929,008
Series 2021-GS3, Class A2, 3.25%, 07/25/61 (b),(d),(h)		556,000		476,543
Lehman Mortgage Trust, Series 2007-1, Class 1A2, 5.75%, 02/25/37 (b)		551,678		570,970
Lehman XS Trust,
Series 2007-15N, Class 4A1, 1 mo. TSFR + 1.01%, 6.33%, 08/25/47 (b),(e)		288,771		251,342
Series 2007-4N, Class 2A, 1 mo. TSFR + .51%, 5.83%, 03/25/47 (b),(e)		493,146		434,210
LHOME Mortgage Trust,
Series 2021-RTL1, Class M, 5.46%, 02/25/26 (b),(d)		1,884,000		1,630,681
Series 2021-RTL2, Class M, 4.61%, 06/25/26 (b),(d),(h)		684,000		586,271
Merrill Lynch Alternative Note Asset Trust, Series 2007-A2, Class A2A, 1 mo. TSFR + .51%, 5.83%, 03/25/37 (b),(e)		760,565		213,758
Merrill Lynch Mortgage Investors Trust,
Series 2005-3, Class M1, 5.32%, 11/25/35 (b),(e)		476,248		248,642
Series 2005-A5, Class M1, 4.42%, 06/25/35 (b),(e)		657,780		602,586
MFA Trust,
Series 2021-INV2, Class B1, 4.39%, 11/25/56 (b),(d),(e)		217,000		147,033
Series 2022-NQM1, Class M1, 4.25%, 12/25/66 (b),(d),(e)		1,000,000		754,665

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Morgan Stanley Mortgage Loan Trust,
Series 2004-7AR, Class B1, 5.79%, 09/25/34 (b),(e)	$	272,415	$	213,578
Series 2004-9, Class B1, 5.42%, 11/25/34 (b),(e)		293,270		229,984
Series 2005-1, Class B1, 5.63%, 03/25/35 (b),(e)		514,253		322,948
New Residential Mortgage Loan Trust,
Series 2019-2A, Class B6, 4.84%, 12/25/57 (b),(d),(e)		674,710		378,375
Series 2022-NQM1, Class B2, 3.82%, 04/25/61 (b),(d),(e)		100,000		59,277
NMLT Trust, Series 2021-INV1, Class B1, 3.61%, 05/25/56 (b),(d),(e)		138,000		83,000
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR3, Class A3A, 1 mo. TSFR + .45%, 5.77%, 10/25/36 (b),(e)		337,840		271,693
PMT Credit Risk Transfer Trust, Series 2019-2R, Class A, 1 mo. TSFR + 3.86%, 9.18%, 05/30/25 (b),(d),(e)		1,702,876		1,650,297
RCKT Mortgage Trust,
Series 2023-CES1, Class M1, 6.90%, 06/25/43 (b),(d),(e)		2,651,000		2,582,098
Series 2023-CES1, Class M2, 7.98%, 06/25/43 (b),(d),(e)		251,000		244,698
Series 2023-CES2, Class M1, 7.36%, 09/25/43 (b),(d),(e)		5,513,000		5,511,489
Series 2023-CES2, Class M2, 8.18%, 09/25/43 (b),(d),(e)		348,000		347,901
Residential Accredit Loans, Inc. Trust, Series 2006-QO7, Class 1A1, 12 mo. MTA + .80%, 5.43%, 09/25/46 (b),(e)		315,727		260,342
Saluda Grade Alternative Mortgage Trust, Series 2023-FIG3, Class B, 7.71%, 08/25/53 (b)		1,900,000		1,902,001
Sequoia Mortgage Trust, Series 2019-4, Class B4, 3.76%, 11/25/49 (b),(d),(e)		2,158,000		1,285,881
Starwood Mortgage Residential Trust,
Series 2020-INV1, Class B1, 3.26%, 11/25/55 (b),(d)		123,000		85,637
Series 2021-3, Class B1, 3.35%, 06/25/56 (b),(d),(e)		100,000		65,181
Series 2021-6, Class B1, 3.94%, 11/25/66 (b),(d),(e)		178,000		111,605
Series 2021-6, Class B2, 3.94%, 11/25/66 (b),(d),(e)		100,000		58,701
Structured Asset Mortgage Investments II Trust, Series 2007-AR1, Class 2A2, 1 mo. TSFR + .32%, 5.64%, 01/25/37 (b),(e)		426,753		500,487

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-26A, Class B1II, 5.90%, 09/25/33 (b),(e)	$	237,428	$	188,550
Thornburg Mortgage Securities Trust, Series 2005-3, Class B1, 4.90%, 10/25/45 (b),(e)		562,947		473,901
TRK Trust,
Series 2021-INV2, Class B2, 4.42%, 11/25/56 (b),(d),(e)		1,000,000		612,338
Series 2022-INV1, Class B1, 4.04%, 02/25/57 - 08/25/67 (b),(d),(e)		1,111,000		978,754
Series 2022-INV1, Class B2, 4.04%, 02/25/57 (b),(d),(e)		100,000		62,029
Verus Securitization Trust, Series 2022-INV1, Class M1, 5.86%, 08/25/67 (b),(d),(e)		1,000,000		907,518
WaMu Mortgage Pass-Through Certificates Trust,
Series 2005-AR1, Class B1, 1 mo. TSFR + .94%, 6.26%, 01/25/45 (b),(e)		285,172		248,724
Series 2005-AR17, Class A1C4, 1 mo. TSFR + .91%, 5.83%, 12/25/45 (b),(e)		546,913		408,684
Series 2005-AR2, Class B1, 1 mo. TSFR + .91%, 6.23%, 01/25/45 (b),(e)		270,955		199,394
Series 2005-AR6, Class B1, 1 mo. TSFR + 1.01%, 6.33%, 04/25/45 (b),(e)		471,616		363,174
Series 2005-AR9, Class B1, 1 mo. TSFR + 1.06%, 6.38%, 07/25/45 (b),(e)		177,640		152,302
Series 2006-AR1, Class 2A1C, 12 mo. MTA + 1.07%, 5.70%, 01/25/46 (b),(e)		219,306		188,090
Series 2006-AR17, Class 1A, 12 mo. MTA + .82%, 4.27%, 12/25/46 (b),(e)		1,367,932		1,109,022
Series 2007-OA5, Class 2A, 12 mo. MTA + .80%, 5.42%, 06/25/47 (b),(e)		403,250		331,185
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
Series 2005-11, Class A2, 5.75%, 01/25/36 (b)		232,191		193,231
Series 2007-3, Class A19, 6.00%, 04/25/37 (b)		547,089		488,859
Series 2007-OA3, Class 2A, 12 mo. MTA + .75%, 5.38%, 02/25/47 (b),(e)		185,560		159,006

				141,334,109

Commercial Mortgage-Backed Securities — 4.9%
Arbor Multifamily Mortgage Securities Trust, Series 2022-MF4, Class E, 2.00%, 02/15/55 (b),(d)		130,000		67,970
AREIT LLC, Series 2022-CRE7, Class C, 1 mo. TSFR + 3.84%, 9.17%, 06/17/39 (b),(d),(e)		1,000,000		985,904

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Ashford Hospitality Trust, Series 2018-KEYS, Class D, 1 mo. TSFR + 2.92%, 8.26%, 06/15/35 (b),(d),(e)	$	90,000	$	84,914
BAMLL Commercial Mortgage Securities Trust,
Series 2019-BPR, Class EMP, 4.02%, 11/05/32 (b),(d),(e)		8,817,000		7,381,231
Series 2019-BPR, Class FMP, 4.02%, 11/05/32 (b),(d),(e)		4,408,000		3,567,699
BBCMS Mortgage Trust, Series 2022-C16, Class XD, 2.33%, 06/15/55 (b),(d),(e),(g)		4,299,000		600,910
Benchmark Mortgage Trust,
Series 2018-B7, Class D, 3.00%, 05/15/53 (b),(d)		290,000		201,545
Series 2023-V3, Class XD, 3.41%, 07/15/56 (b),(d),(e),(g)		1,000,000		125,910
BHMS Mortgage Trust,
Series 2018-ATLS, Class C, 1 mo. TSFR + 2.20%, 7.53%, 07/15/35 (b),(d),(e)		525,000		502,491
Series 2018-ATLS, Class E, 1 mo. TSFR + 3.30%, 8.63%, 07/15/35 (b),(d),(e)		2,103,000		1,972,160
BOCA Commercial Mortgage Trust,
Series 2022-BOCA, Class D, 1 mo. TSFR + 3.32%, 8.65%, 05/15/39 (b),(d),(e)		1,000,000		981,575
Series 2022-BOCA, Class E, 1 mo. TSFR + 4.22%, 9.55%, 05/15/39 (b),(d),(e)		1,040,000		1,015,205
BX Commercial Mortgage Trust,
Series 2020-VIVA, Class E, 3.67%, 03/11/44 (b),(d),(e)		1,000,000		771,501
Series 2021-CIP, Class F, 1 mo. TSFR + 3.33%, 8.67%, 12/15/38 (b),(d),(e)		153,000		144,325
Series 2021-MC, Class G, 1 mo. TSFR + 3.20%, 8.53%, 04/15/34 (b),(d),(e)		100,000		90,536
Series 2021-SOAR, Class E, 1 mo. TSFR + 1.91%, 7.25%, 06/15/38 (b),(d),(e)		2,640,383		2,541,802
Series 2021-SOAR, Class F, 1 mo. TSFR + 2.46%, 7.80%, 06/15/38 (b),(d),(e)		1,313,693		1,261,546
Series 2021-SOAR, Class G, 1 mo. TSFR + 2.91%, 8.25%, 06/15/38 (b),(d),(e)		220,960		210,117
Series 2021-SOAR, Class J, 1 mo. TSFR + 3.86%, 9.20%, 06/15/38 (b),(d),(e)		928,405		876,815
Series 2022-AHP, Class E, 1 mo. TSFR + 3.04%, 8.37%, 01/17/39 (b),(d),(e)		216,000		207,070
BX Trust,
Series 2018-GW, Class F, 1 mo. TSFR + 2.72%, 8.05%, 05/15/35 (b),(d),(e)		106,000		104,095
Series 2021-ARIA, Class E, 1 mo. TSFR + 2.36%, 7.69%, 10/15/36 (b),(d),(e)		1,840,000		1,737,137

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class E, 1 mo. TSFR + 4.13%, 9.47%, 03/15/35 (b),(d),(e)	$	148,000	$	146,228
CAMB Commercial Mortgage Trust,
Series 2019-LIFE, Class E, 1 mo. TSFR + 2.20%, 7.53%, 12/15/37 (b),(d),(e)		1,000,000		991,415
Series 2019-LIFE, Class F, 1 mo. TSFR + 2.60%, 7.93%, 12/15/37 (b),(d),(e)		1,000,000		983,236
Series 2019-LIFE, Class G, 1 mo. TSFR + 3.30%, 8.63%, 12/15/37 (b),(d),(e)		129,000		126,834
Cascade Funding Mortgage Trust, Series 2021-FRR1, Class BK98, 0.00%, 08/29/29 (b),(d),(f)		1,000,000		587,042
CD Mortgage Trust, Series 2016-CD1, Class D, 2.91%, 08/10/49 (b),(d),(e)		2,075,000		1,260,930
CFK Trust, Series 2020-MF2, Class X, 0.89%, 03/15/39 (b),(d),(e),(g)		19,612,000		444,133
Citigroup Commercial Mortgage Trust,
Series 2012-GC8, Class C, 2.58%, 09/10/45 (b),(d),(e)		91,151		83,402
Series 2015-GC29, Class D, 3.11%, 04/10/48 (b),(d)		1,000,000		841,502
Series 2016-C3, Class D, 3.00%, 11/15/49 (b),(d)		1,826,000		928,028
Series 2016-GC37, Class D, 2.79%, 04/10/49 (b),(d)		100,000		77,921
Series 2019-C7, Class E, 2.75%, 12/15/72 (b),(d)		697,000		345,528
Series 2019-C7, Class XD, 1.33%, 12/15/72 (b),(d),(e),(g)		5,347,000		317,136
Series 2019-GC43, Class XD, 0.74%, 11/10/52 (b),(d),(e),(g)		5,918,000		177,800
Series 2020-420K, Class E, 3.42%, 11/10/42 (b),(d),(e)		100,000		64,963
Cold Storage Trust, Series 2020-ICE5, Class F, 1 mo. TSFR + 3.61%, 8.94%, 11/15/37 (b),(d),(e)		982,990		961,362
COMM Mortgage Trust,
Series 2014-CR14, Class D, 4.67%, 02/10/47 (b),(d),(e)		591,000		446,362
Series 2014-CR18, Class D, 4.89%, 07/15/47 (b),(d),(e)		2,161,000		2,004,963
Series 2015-CR27, Class E, 3.25%, 10/10/48 (b),(d)		1,439,000		1,148,841
Series 2019-GC44, Class 180B, 3.51%, 08/15/57 (b),(d),(e)		160,000		147,724
Series 2019-GC44, Class 180C, 3.51%, 08/15/57 (b),(d),(e)		386,000		359,356
Series 2019-GC44, Class 180D, 3.51%, 08/15/57 (b),(d),(e)		231,000		210,319

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Commercial Mortgage Trust,
Series 2014-CR21, Class E, 3.00%, 12/10/47 (d)	$	1,686,000	$	1,354,119
Series 2014-UBS4, Class XA, 1.24%, 08/10/47 (b),(e),(g)		15,107,801		48,904
Series 2015-CR22, Class E, 3.00%, 03/10/48 (b),(d)		239,000		170,820
Series 2015-CR23, Class C, 4.44%, 05/10/48 (b),(e)		123,000		114,091
Series 2015-CR23, Class D, 4.44%, 05/10/48 (b),(e)		502,000		365,854
Series 2015-CR23, Class E, 3.23%, 05/10/48 (b),(d)		4,794,000		3,142,692
Series 2015-CR25, Class D, 3.92%, 08/10/48 (b),(e)		479,000		395,085
Series 2015-CR27, Class D, 3.60%, 10/10/48 (b),(d),(e)		3,065,000		2,622,288
Series 2015-LC21, Class C, 4.47%, 07/10/48 (b),(e)		1,113,000		1,020,757
Series 2015-LC21, Class D, 4.47%, 07/10/48 (b),(e)		1,348,000		1,131,607
CSAIL Commercial Mortgage Trust,
Series 2015-C2, Class D, 4.31%, 06/15/57 (b),(e)		843,000		476,951
Series 2015-C2, Class XA, 0.85%, 06/15/57 (b),(e),(g)		32,986,438		245,848
Series 2015-C3, Class D, 3.50%, 08/15/48 (b),(e)		3,139,000		1,979,962
Series 2015-C3, Class XA, 0.81%, 08/15/48 (b),(e),(g)		89,375,972		757,908
Series 2015-C4, Class E, 3.71%, 11/15/48 (b),(e)		100,000		81,631
Series 2015-C4, Class F, 3.50%, 11/15/48 (b),(d),(e)		5,568,000		4,280,734
Series 2016-C5, Class C, 4.80%, 11/15/48 (b),(e)		355,000		316,829
Series 2018-CX11, Class D, 2.75%, 04/15/51 (b),(d),(e)		604,000		408,956
Series 2019-C16, Class D, 3.00%, 06/15/52 (b),(d)		163,000		100,305
Series 2019-C17, Class D, 2.50%, 09/15/52 - 10/15/52 (b),(d)		1,512,000		977,686
Series 2019-C18, Class XD, 1.59%, 12/15/52 (b),(d),(e),(g)		4,452,333		299,762
DBWF Mortgage Trust,
Series 2018-GLKS, Class D, 1 mo. TSFR + 2.55%, 7.88%, 12/19/30 (b),(d),(e)		138,000		136,744
Series 2018-GLKS, Class E, 1 mo. TSFR + 3.17%, 8.50%, 12/19/30 (b),(d),(e)		45,000		44,562
Series 2018-GLKS, Class F, 1 mo. TSFR + 3.64%, 8.97%, 12/19/30 (b),(d),(e)		2,202,000		2,156,949

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
DC Office Trust, Series 2019-MTC, Class X, 0.21%, 09/15/45 (b),(d),(e),(g)	$	64,579,000	$	457,930
ELP Commercial Mortgage Trust,
Series 2021-ELP, Class F, 1 mo. TSFR + 2.78%, 8.11%, 11/15/38 (b),(d),(e)		100,000		95,942
Series 2021-ELP, Class G, 1 mo. TSFR + 3.23%, 8.56%, 11/15/38 (b),(d),(e)		1,081,000		1,020,046
Series 2021-ELP, Class J, 1 mo. TSFR + 3.73%, 9.06%, 11/15/38 (b),(d),(e)		1,004,000		930,908
EQUS Mortgage Trust,
Series 2021-EQAZ, Class D, 1 mo. TSFR + 1.76%, 7.10%, 10/15/38 (b),(d),(e)		2,030,959		1,953,933
Series 2021-EQAZ, Class E, 1 mo. TSFR + 2.41%, 7.75%, 10/15/38 (b),(d),(e)		128,997		123,792
Federal Home Loan Mortgage Corp.,
Series 2021-MN1, Class M2, 1 mo. SOFR + 3.75%, 9.07%, 01/25/51 (b),(d),(e)		102,000		97,755
Series 2021-MN2, Class M2, 1 mo. SOFR + 3.25%, 8.67%, 07/25/41 (b),(d),(e)		128,000		115,899
Series K049, Class X3, 1.60%, 10/25/43 (b),(e),(g)		2,177,000		49,107
Series K061, Class X1, 0.28%, 11/25/26 (b),(e),(g)		15,921,707		77,395
Series K071, Class X1, 0.41%, 11/25/27 (b),(e),(g)		87,255,114		845,677
Series K085, Class X3, 2.39%, 12/25/45 (b),(e),(g)		1,000,000		97,389
Series K095, Class X3, 2.17%, 08/25/47 (b),(e),(g)		9,297,000		873,490
Series K102, Class X3, 1.96%, 12/25/46 (b),(e),(g)		1,000,000		92,576
Series K115, Class X3, 3.06%, 09/25/48 (b),(e),(g)		1,000,000		149,421
Series K118, Class X3, 2.79%, 10/25/48 (b),(e),(g)		652,000		91,342
Series K119, Class X3, 2.82%, 09/25/48 (b),(e),(g)		1,525,000		213,642
Series K122, Class X3, 2.72%, 01/25/49 (b),(e),(g)		1,000,000		139,543
Series K126, Class X3, 2.72%, 01/25/49 (b),(e),(g)		1,148,000		162,549
Series K128, Class X3, 2.88%, 04/25/31 (b),(e),(g)		1,000,000		149,471
Series K142, Class X3, 3.20%, 03/25/32 (b),(e),(g)		1,000,000		183,072

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Series K143, Class X3, 3.25%, 04/25/50 (b),(e),(g)	$	1,000,000	$	188,502
Series K148, Class X3, 4.29%, 08/25/54 (b),(e),(g)		751,000		191,360
Series K-1514, Class X3, 2.86%, 10/25/34 (b),(e),(g)		13,043,739		2,539,355
Series K154, Class X1, 0.43%, 11/25/32 (b),(e),(g)		31,048,089		580,661
Series K725, Class X1, 0.84%, 01/25/24 (b),(e),(g)		112,663,450		113,452
Series KLU1, Class X3, 4.24%, 01/25/31 (b),(e),(g)		18,636,911		2,171,815
Series KLU2, Class X1, 1.09%, 08/25/29 (b),(e),(g)		55,673,717		2,321,872
Series KLU2, Class X3, 4.04%, 08/25/29 (b),(e),(g)		8,268,873		1,159,974
Series KS11, Class XFX, 1.76%, 06/25/29 (b),(e),(g)		25,265,000		1,672,038
Series KW10, Class X3, 2.82%, 10/25/32 (b),(e),(g)		5,935,000		746,089
Fontainebleau Miami Beach Trust,
Series 2019-FBLU, Class F, 4.10%, 12/10/36 (b),(d),(e)		3,344,000		3,140,437
Series 2019-FBLU, Class G, 4.10%, 12/10/36 (b),(d),(e)		724,000		672,831
Series 2019-FBLU, Class H, 4.10%, 12/10/36 (b),(d),(e)		111,000		101,087
FREMF Mortgage Trust,
Series 2017-KGX1, Class CFX, 3.71%, 10/25/27 (b),(d),(e)		1,000,000		851,194
Series 2019-KL4L, Class BCR, 1 mo. SOFR + 3.61%, 8.93%, 11/25/25 (b),(d),(e)		12,168		11,986
Great Wolf Trust, Series 2019-WOLF, Class F, 1 mo. TSFR + 3.25%, 8.58%, 12/15/36 (b),(d),(e)		1,336,000		1,314,217
GS Mortgage Securities Corp. Trust,
Series 2018-HULA, Class G, 1 mo. TSFR + 3.70%, 9.04%, 07/15/25 (b),(d),(e)		974,233		756,133
Series 2019-70P, Class C, 1 mo. TSFR + 1.61%, 6.95%, 10/15/36 (b),(d),(e)		138,000		126,901
Series 2020-DUNE, Class XCP, 0.00%, 12/15/36 (b),(d),(e),(g)		15,243,000		152
Series 2021-DM, Class F, 1 mo. TSFR + 3.55%, 8.88%, 11/15/36 (b),(d),(e)		312,000		296,122
Series 2021-ROSS, Class F, 1 mo. TSFR + 4.01%, 9.35%, 05/15/26 (b),(d),(e)		1,019,000		835,089

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Series 2021-ROSS, Class G, 1 mo. TSFR + 4.76%, 10.10%, 05/15/26 (b),(d),(e)	$	1,000,000	$	770,682
Series 2021-ROSS, Class H, 1 mo. TSFR + 6.01%, 11.35%, 05/15/26 (b),(d),(e)		1,000,000		691,557
GS Mortgage Securities Trust,
Series 2012-GCJ9, Class D, 4.75%, 11/10/45 (b),(d),(e)		177,701		169,394
Series 2013-GC10, Class E, 4.69%, 02/10/46 (b),(d),(e)		3,900,000		2,954,234
Series 2014-GC20, Class C, 5.17%, 04/10/47 (b),(e)		1,874,000		1,796,126
Series 2014-GC20, Class D, 5.17%, 04/10/47 (b),(d),(e)		503,911		357,275
Series 2014-GC24, Class B, 4.64%, 09/10/47 (b),(e)		100,000		93,067
Series 2014-GC24, Class C, 4.66%, 09/10/47 (b),(e)		303,000		269,615
Series 2016-GS2, Class D, 2.75%, 05/10/49 (b),(d)		1,415,000		1,086,853
Series 2016-GS4, Class D, 3.23%, 11/10/49 (b),(d),(e)		100,000		70,160
Series 2017-GS8, Class D, 2.70%, 11/10/50 (b),(d)		1,593,000		1,059,813
Series 2019-GC40, Class XD, 1.29%, 07/10/52 (b),(d),(e),(g)		2,219,000		124,164
Hawaii Hotel Trust,
Series 2019-MAUI, Class F, 1 mo. TSFR + 2.80%, 8.13%, 05/15/38 (b),(d),(e)		1,399,000		1,365,409
Series 2019-MAUI, Class G, 1 mo. TSFR + 3.20%, 8.53%, 05/15/38 (b),(d),(e)		1,000,000		960,128
Hilton USA Trust,
Series 2016-HHV, Class E, 4.33%, 11/05/38 (b),(d),(e)		1,090,000		979,446
Series 2016-HHV, Class F, 4.33%, 11/05/38 (b),(d),(e)		20,252,000		17,947,687
Series 2016-SFP, Class F, 6.16%, 11/05/35 (b),(d)		1,068,000		388,944
IMT Trust, Series 2017-APTS, Class FFX, 3.61%, 06/15/34 (b),(d),(e)		625,000		596,833
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2015-JP1, Class C, 4.88%, 01/15/49 (b),(e)		102,000		85,659
Series 2016-JP3, Class D, 3.55%, 08/15/49 (b),(d),(e)		100,000		77,004
Series 2021-MHC, Class E, 1 mo. TSFR + 2.56%, 7.90%, 04/15/38 (b),(d),(e)		100,000		96,554
Series 2021-MHC, Class F, 1 mo. TSFR + 3.06%, 8.40%, 04/15/38 (b),(d),(e)		1,143,000		1,099,077

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C23, Class D, 4.13%, 09/15/47 (b),(d),(e)	$	100,000	$	82,947
Series 2014-C26, Class C, 4.51%, 01/15/48 (b),(e)		642,000		600,741
Series 2015-C28, Class D, 3.77%, 10/15/48 (b),(d),(e)		2,537,000		2,070,004
Series 2015-C29, Class D, 3.83%, 05/15/48 (b),(e)		112,000		67,884
Series 2015-C30, Class D, 3.87%, 07/15/48 (b),(e)		2,964,000		1,426,677
Series 2015-C31, Class E, 4.78%, 08/15/48 (b),(d),(e)		1,093,000		667,072
Series 2016-C1, Class C, 4.86%, 03/17/49 (b),(e)		651,000		585,811
Series 2016-C1, Class E, 4.86%, 03/17/49 (b),(d),(e)		3,126,000		2,437,755
JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6, Class XD, 1.55%, 11/13/52 (b),(d),(e),(g)		4,231,000		283,105
KKR Industrial Portfolio Trust,
Series 2021-KDIP, Class F, 1 mo. TSFR + 2.16%, 7.50%, 12/15/37 (b),(d),(e)		3,184,500		3,060,196
Series 2021-KDIP, Class G, 1 mo. TSFR + 3.86%, 9.20%, 12/15/37 (b),(d),(e)		750,000		730,199
Life Mortgage Trust, Series 2021-BMR, Class F, 1 mo. TSFR + 2.46%, 7.80%, 03/15/38 (b),(d),(e)		1,130,416		1,074,742
LSTAR Commercial Mortgage Trust,
Series 2015-3, Class E, 3.28%, 04/20/48 (b),(d),(e)		121,000		105,890
Series 2017-5, Class C, 4.83%, 03/10/50 (b),(d),(e)		967,000		814,458
Series 2017-5, Class D, 4.83%, 03/10/50 (b),(d),(e)		1,125,000		897,297
LUXE Trust,
Series 2021-TRIP, Class E, 1 mo. TSFR + 2.86%, 8.20%, 10/15/38 (b),(d),(e)		1,000,000		959,065
Series 2021-TRIP, Class F, 1 mo. TSFR + 3.36%, 8.70%, 10/15/38 (b),(d),(e)		1,569,000		1,521,715
Series 2021-TRIP, Class G, 1 mo. TSFR + 4.36%, 9.70%, 10/15/38 (b),(d),(e)		1,128,000		1,088,473
MFT Mortgage Trust, Series 2020-ABC, Class XA, 0.23%, 02/10/42 (b),(d),(e),(g)		20,401,000		162,718
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class F, 1 mo. TSFR + 2.72%, 8.05%, 04/15/38 (b),(d),(e)		928,948		900,902
Series 2021-MHC, Class G, 1 mo. TSFR + 3.32%, 8.65%, 04/15/38 (b),(d),(e)		999,058		947,020

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
MHC Trust,
Series 2021-MHC2, Class E, 1 mo. TSFR + 2.06%, 7.40%, 05/15/38 (b),(d),(e)	$	265,600	$	258,466
Series 2021-MHC2, Class F, 1 mo. TSFR + 2.51%, 7.85%, 05/15/38 (b),(d),(e)		876,000		836,216
MHP Trust,
Series 2021-STOR, Class E, 1 mo. TSFR + 1.86%, 7.20%, 07/15/38 (b),(d),(e)		398,000		385,693
Series 2021-STOR, Class F, 1 mo. TSFR + 2.31%, 7.65%, 07/15/38 (b),(d),(e)		311,000		297,294
Series 2021-STOR, Class G, 1 mo. TSFR + 2.86%, 8.20%, 07/15/38 (b),(d),(e)		100,000		92,959
Series 2022-MHIL, Class F, 1 mo. TSFR + 3.26%, 8.59%, 01/15/27 (b),(d),(e)		1,002,752		944,142
Series 2022-MHIL, Class G, 1 mo. TSFR + 3.96%, 9.29%, 01/15/27 (b),(d),(e)		760,809		723,337
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C17, Class D, 4.89%, 08/15/47 (b),(d),(e)		100,000		88,625
Series 2015-C20, Class D, 3.07%, 02/15/48 (b),(d)		393,000		343,949
Series 2015-C21, Class D, 4.26%, 03/15/48 (b),(d),(e)		3,575,000		2,047,242
Series 2016-C30, Class D, 3.00%, 09/15/49 (b),(d),(e)		1,323,000		654,376
Series 2016-C31, Class D, 3.00%, 11/15/49 (b),(d),(e)		1,441,000		894,616
Series 2016-C32, Class D, 3.40%, 12/15/49 - 01/15/59 (b),(d),(e)		1,456,000		1,001,802
Morgan Stanley Capital I Trust,
Series 2016-UB11, Class E, 2.73%, 08/15/49 (b),(d),(e)		3,200,500		1,780,515
Series 2016-UB12, Class D, 3.31%, 12/15/49 (b),(d)		1,761,000		932,118
Series 2018-SUN, Class F, 1 mo. TSFR + 2.91%, 8.24%, 07/15/35 (b),(d),(e)		1,000,000		945,425
Natixis Commercial Mortgage Securities Trust,
Series 2019-MILE, Class D, 1 mo. TSFR + 2.83%, 8.16%, 07/15/36 (b),(d),(e)		102,000		88,337
Series 2019-MILE, Class E, 1 mo. TSFR + 3.58%, 8.91%, 07/15/36 (b),(d),(e)		135,000		103,313
Series 2022-RRI, Class C, 1 mo. TSFR + 3.10%, 8.43%, 03/15/35 (b),(d),(e)		107,712		103,874
NCMF Trust, Series 2022-MFP, Class C, 1 mo. TSFR + 2.84%,, 8.17%, 03/15/39 (b),(d),(e)		1,000,000		974,793

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
New Orleans Hotel Trust, Series 2019-HNLA, Class E, 1 mo. TSFR + 2.74%, 8.07%, 04/15/32 (b),(d),(e)	$	1,301,000	$	1,208,155
OPG Trust,
Series 2021-PORT, Class E, 1 mo. TSFR + 1.64%, 6.98%, 10/15/36 (b),(d),(e)		66,584		63,497
Series 2021-PORT, Class G, 1 mo. TSFR + 2.51%, 7.85%, 10/15/36 (b),(d),(e)		253,020		238,871
Series 2021-PORT, Class J, 1 mo. TSFR + 3.46%,, 8.79%, 10/15/36 (b),(d),(e)		77,904		73,908
Prima Capital CRE Securitization Ltd.,
Series 2019-1S, Class C, 5.50%, 10/01/33 (b),(d)		1,000,000		857,273
Series 2019-RK1, Class BT, 4.45%, 04/15/38 (b),(d)		1,173,000		800,504
Series 2019-RK1, Class CG, 4.00%, 04/15/38 (b),(d)		339,000		227,079
Series 2019-RK1, Class CT, 4.45%, 04/15/38 (b),(d)		121,000		83,032
ReadyCap Commercial Mortgage Trust,
Series 2019-6, Class C, 4.13%, 10/25/52 (b),(d),(e)		1,691,000		1,411,495
Series 2019-6, Class D, 4.76%, 10/25/52 (b),(d),(e)		227,000		170,459
SG Commercial Mortgage Securities Trust,
Series 2016-C5, Class D, 4.98%, 10/10/48 (b),(d),(e)		295,000		205,099
Series 2019-PREZ, Class E, 3.59%, 09/15/39 (b),(d),(e)		1,720,000		1,272,547
SREIT Trust,
Series 2021-IND, Class F, 1 mo. TSFR + 2.65%,, 7.98%, 10/15/38 (b),(d),(e)		136,000		128,471
Series 2021-IND, Class G, 1 mo. TSFR + 3.38%, 8.71%, 10/15/38 (b),(d),(e)		1,545,000		1,449,924
Series 2021-MFP, Class G, 1 mo. TSFR + 3.09%, 8.42%, 11/15/38 (b),(d),(e)		1,000,000		960,036
Starwood Mortgage Trust,
Series 2021-LIH, Class E, 1 mo. TSFR + 3.02%, 8.35%, 11/15/36 (b),(d),(e)		1,000,000		952,186
Series 2021-LIH, Class F, 1 mo. TSFR + 3.67%, 9.00%, 11/15/36 (b),(d),(e)		125,000		118,881
Series 2021-LIH, Class G, 1 mo. TSFR + 4.31%, 9.65%, 11/15/36 (b),(d),(e)		1,000,000		936,229
STWD Trust,
Series 2021-FLWR, Class E, 1 mo. TSFR + 2.04%, 7.37%, 07/15/36 (b),(d),(e)		836,000		797,439
Series 2021-FLWR, Class G, 1 mo. TSFR + 3.79%, 9.12%, 07/15/36 (b),(d),(e)		223,000		213,166

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
TPGI Trust,
Series 2021-DGWD, Class E, 1 mo. TSFR + 2.46%, 7.80%, 06/15/26 (b),(d),(e)	$	997,548	$	960,696
Series 2021-DGWD, Class F, 1 mo. TSFR + 3.11%, 8.45%, 06/15/26 (b),(d),(e)		958,955		923,161
Series 2021-DGWD, Class G, 1 mo. TSFR + 3.96%, 9.30%, 06/15/26 (b),(d),(e)		1,166,183		1,122,065
UBS Commercial Mortgage Trust,
Series 2018-C11, Class D, 3.00%, 06/15/51 (b),(d),(e)		112,000		67,953
Series 2018-C9, Class D, 5.11%, 03/15/51 (b),(d),(e)		331,000		222,188
Velocity Commercial Capital Loan Trust,
Series 2023-3, Class M1, 7.51%, 08/25/53 (b),(d),(e)		4,109,333		3,954,016
Series 2023-3, Class M2, 8.27%, 08/25/53 (b),(d),(e)		250,229		239,746
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC18, Class D, 3.96%, 12/15/47 (b),(d),(e)		992,000		902,710
Series 2015-C26, Class D, 3.59%, 02/15/48 (b),(d)		4,590,000		3,997,275
Series 2015-C27, Class D, 3.77%, 02/15/48 (b),(d)		5,146,000		3,598,289
Series 2015-C31, Class D, 3.85%, 11/15/48 (b)		2,058,000		1,580,015
Series 2015-NXS4, Class D, 3.84%, 12/15/48 (b),(e)		100,000		83,317
Series 2016-LC24, Class D, 3.21%, 10/15/49 (b),(d)		4,253,000		3,211,704
Series 2016-NXS5, Class E, 5.14%, 01/15/59 (b),(d),(e)		100,000		51,363
Series 2019-JWDR, Class D, 3.44%, 09/15/31 (b),(d),(e)		100,000		88,770
Series 2019-JWDR, Class F, 4.71%, 09/15/31 (b),(d),(e)		2,488,000		2,194,516
Series 2019-JWDR, Class G, 5.56%, 09/15/31 (b),(d),(e)		2,074,000		1,727,385
WFRBS Commercial Mortgage Trust,
Series 2014-C19, Class D, 4.23%, 03/15/47 (b),(d)		379,000		347,195
Series 2014-C22, Class D, 4.04%, 09/15/57 (b),(d),(e)		4,703,000		3,897,037
WMRK Commercial Mortgage Trust,
Series 2022-WMRK, Class D, 1 mo. TSFR + 4.93%, 10.26%, 11/15/27 (b),(d),(e)		1,000,000		990,509
Series 2022-WMRK, Class E, 1 mo. TSFR + 5.68%, 11.01%, 11/15/27 (b),(d),(e)		1,000,000		988,102

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Worldwide Plaza Trust, Series 2017-WWP, Class F, 3.72%, 11/10/36 (b),(d),(e)	$	109,000	$	21,318

				198,789,698

Interest Only Commercial Mortgage-Backed Securities — 0.0%
Federal Home Loan Mortgage Corp.,
Series 2017-HQA2, Class M2AI, 2.00%, 12/25/29 (b),(g)		450,847		5,018
Series 2018-HQA1, Class M2AI, 1.50%, 09/25/30 (b),(g)		19,438		129
Federal National Mortgage Association,
Series 2017-C02, Class 2X3, 2.30%, 09/25/29 (b),(g)		256,403		4,038
Series 2017-C02, Class 2X4, 2.80%, 09/25/29 (b),(g)		758,170		14,536
Series 2017-C03, Class 1X2, 1.80%, 10/25/29 (b),(g)		1,122,287		13,749
Series 2017-C04, Class 2X2, 1.75%, 11/25/29 (b),(g)		3,997,800		79,025
Series 2017-C07, Class 1X3, 1.00%, 05/25/30 (b),(g)		602,288		2,911
STACR Trust, Series 2018-DNA3, Class M2AI, 1.50%, 09/25/48 (b),(d),(g)		382,560		4,044

				123,450

U.S. Government Sponsored Agency Securities — 56.3%
Federal National Mortgage Association,
TBA, 30 Year Maturity, 5.00%, 10/01/53 (b),(n)		59,500,000		56,157,766
TBA, 30 Year Maturity, 5.50%, 10/01/53 (b),(n)		18,200,000		17,595,705
TBA, 30 Year Maturity, 6.00%, 10/01/53 - 11/01/53 (n)		1,400,000,000		1,382,117,100
TBA, 30 Year Maturity, 6.50%, 11/01/53 (n)		840,000,000		843,871,560

				2,299,742,131

Total North America				2,639,989,388

TOTAL MORTGAGE-BACKED SECURITIES (COST $2,673,592,240)				2,644,610,752


MUNICIPALS — 0.0%
North America — 0.0%
California Housing Finance Agency, Rev., Series X, 0.29%, 01/15/35 (b),(e),(g)		14,549,219		249,374

Total North America				249,374

TOTAL MUNICIPALS (COST $729,502)				249,374

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value

U.S. TREASURY NOTES — 4.7%
North America — 4.7%
0.00%, 11/02/23 - 02/22/24 (b),(f)	$	150,000,000	$	148,393,211
U.S. Treasury Bonds,
4.13%, 08/15/53 (b)		4,431,000		4,022,517
4.38%, 08/15/43 (b)		5,355,000		4,996,048
U.S. Treasury Notes,
2.75%, 08/15/32 (b),(k)		1,680,600		1,455,294
3.50%, 01/31/28 (b),(k)		832,900		794,866
3.88%, 12/31/27 - 08/15/33 (b),(k)		9,146,900		8,741,899
4.13%, 08/31/30 - 11/15/32 (b),(k)		8,168,000		7,916,271
4.38%, 08/15/26 - 08/31/28 (b)		12,650,000		12,510,746

Total North America				188,830,852

TOTAL U.S. TREASURY NOTES (COST $181,092,667)				188,830,852


	Shares		Value

EXCHANGE-TRADED FUNDS — 1.2%
iShares iBoxx $ Investment Grade Corporate Bond ETF (b)		84,500		8,620,690
Pershing Square Holdings Ltd. (a)		1,096,238		39,903,064
Vanguard Real Estate ETF (b)		15,100		1,142,466

TOTAL EXCHANGE-TRADED FUNDS (COST $46,521,418)				49,666,220


UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES — 4.1%
Ruffer SICAV - Ruffer Total Return International Class I (a)		91,198,936		165,443,989

TOTAL UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (COST $177,343,081)				165,443,989


WARRANTS — 0.0%
Acropolis Infrastructure Acquisition Corp. (a),(b)		239,443		14,367
Allurion Technologies, Inc. (a),(b)		158,094		143,866
Apollo Strategic Growth Capital II (a),(b)		158,909		12,474
Athena Consumer Acquisition Corp. (a),(b)		90,804		32,689
ATI Penny Warrant (a),(b)		111,184		18,901
ATI Warrant (a),(b)		100,595		0
Black Mountain Acquisition Corp. (a),(b)		590,640		27,760
BlueRiver Acquisition Corp. (a),(b)		47,634		2,301
Concord Acquisition Corp. III (a),(b)		189,000		11,340

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)



Security Description	Shares		Value
Corner Growth Acquisition Corp. 2 (a),(b)		125,000	$	18,650
Direct Selling Acquisition Corp. (a),(b)		278,773		5,575
DP Cap Acquisition Corp. I (a),(b)		236,250		10,962
ExcelFin Acquisition Corp. (a),(b)		190,891		7,636
FG Acquisition Corp. (a),(b)		94,599		104,059
Haymaker Acquisition Corp. 4 (a),(b)		85,650		24,839
Investcorp India Acquisition Corp. (a),(b)		81,191		5,683
Jaguar Global Growth Corp. I (a),(b)		105,217		8,417
Jaws Mustang Acquisition Corp. (a),(b)		66,487		2,660
Learn CW Investment Corp. (a),(b)		199,000		5,691
LIV Capital Acquisition Corp. II (a),(b)		246,632		6,190
McLaren Racing Ltd. (a),(b),(c)		22,935		1,185,555
Northern Star Investment Corp. III (a),(b)		51,667		647
Northern Star Investment Corp. IV (a),(b)		51,664		3,100
OCA Acquisition Corp. (a),(b)		127,824		6,391
Osiris Acquisition Corp. (a),(b)		290,880		8,785
PowerUp Acquisition Corp. (a),(b)		130,108		6,505
Rigel Resource Acquisition Corp. (a),(b)		228,643		37,726

TOTAL WARRANTS (COST $1,279,307)				1,712,769


INVESTMENTS IN INVESTEE FUNDS — 9.8%
Europe — 0.7%
Qube Torus (cost $25,000,000) (a),(b),(n)		25,000		30,833,878

Total Europe				30,833,878

North America — 9.1%
Aeolus Property Catastrophe Keystone PF Fund LP (cost $8,613,394) (a),(n)		3		8,593,762
Asgard Fixed Income Risk Premia Fund (cost $114,302,097) (a),(n)		116,785		126,281,972
Atreides Co. Series K DIs - SpaceX (Common) (cost $1,762,684) (a),(n)		1		2,319,130
Centiva Offshore Fund Ltd. (cost $31,252,500) (a),(n)		1		32,272,047
PIMCO ILS Fund SP II (cost $20,194,547) (a),(n)		6		18,961,055
Rokos Global Macro Fund Ltd. (cost $93,000,000) (a),(n)		1		120,343,493
Statar Capital LLC (cost $59,000,005) (a),(n)		54,732		61,584,643

Total North America				370,356,102

TOTAL INVESTMENTS IN INVESTEE FUNDS (COST $353,125,227)				401,189,980

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)



Security Description	Shares		Value

RIGHTS — 0.0%
Omthera Pharmaceuticals, Inc. (c)		700	$	0
Pershing Square Tontine Holdings Ltd. (a),(c)		2,020,101		0
Sinovac Biotech Ltd. (c)		200		1,294

TOTAL RIGHTS (COST $0)				1,294

TOTAL LONG-TERM INVESTMENTS (COST $5,223,398,449)				5,176,138,975


	Contracts		Value

COMMODITIES — 5.8%
California Carbon Allowance Vintage 2021 Physical (a),(b)		2,366,000		85,956,780
California Carbon Allowance Vintage 2023 Physical (a),(b)		525,000		19,073,250
California Carbon Allowance Vintage 2024 Physical (a),(b)		2,482,000		90,195,880
California Carbon Allowance Vintage 2025 Physical (a),(b)		689		25,218
California Carbon Allowance Vintage 2022 Physical (a),(b)		1,161,000		42,179,130

TOTAL COMMODITIES (COST $184,137,524)				237,430,258

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


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

PURCHASED OPTIONS — 1.0%

Exchange-Traded Call Options — 0.2%
CRUDE OIL FUT OPT DEC23	100.00 USD	11/15/23		20		2,000	$	22,736	$	15,800	$	(6,936	)
NAT GAS EURO OPT APR24	5.00 USD	4/01/24		1		5		1,123		635		(488	)
NAT GAS EURO OPT APR25	5.00 USD	4/01/25		10		50		66,029		28,510		(37,519	)
NAT GAS EURO OPT AUG24	5.00 USD	8/01/24		1		5		1,123		1,231		108
NAT GAS EURO OPT AUG25	5.00 USD	8/01/25		10		50		66,029		37,350		(28,679	)
NAT GAS EURO OPT DEC25	5.00 USD	12/01/25		10		50		66,029		81,610		15,581
NAT GAS EURO OPT FEB25	5.00 USD	2/01/25		10		50		66,029		70,500		4,471
NAT GAS EURO OPT JAN25	5.00 USD	1/01/25		10		50		66,029		70,120		4,091
NAT GAS EURO OPT JUL24	5.00 USD	7/01/24		1		5		1,123		1,079		(44	)
NAT GAS EURO OPT JUL25	5.00 USD	7/01/25		10		50		66,029		34,980		(31,049	)
NAT GAS EURO OPT JAN24	5.00 USD	6/01/24		1		5		1,123		811		(312	)
NAT GAS EURO OPT JAN25	5.00 USD	6/01/25		10		50		66,029		30,350		(35,679	)
NAT GAS EURO OPT MAR25	5.00 USD	3/01/25		10		50		66,029		56,980		(9,049	)
NAT GAS EURO OPT MAY24	5.00 USD	5/01/24		1		5		1,123		629		(494	)
NAT GAS EURO OPT MAY25	5.00 USD	5/01/25		10		50		66,029		26,600		(39,429	)
NAT GAS EURO OPT NOV25	5.00 USD	11/01/25		10		50		66,029		59,590		(6,439	)
NAT GAS EURO OPT OCT24	5.00 USD	10/01/24		1		5		1,123		1,733		610
NAT GAS EURO OPT OCT25	5.00 USD	10/01/25		10		50		66,029		42,090		(23,939	)
NAT GAS EURO OPT SEP24	5.00 USD	9/01/24		1		5		1,123		1,364		241
NAT GAS EURO OPT SEP25	5.00 USD	9/01/25		10		50		66,029		37,440		(28,589	)
CRUDE OIL FUT OPT DEC23	150.00 USD	11/15/23		60		9,000		92,506		600		(91,906	)
NAT GAS EURO OPT JAN24	7.00 USD	12/26/23		120		840		384,351		50,280		(334,071	)
NAT GAS EURO OPT DEC23	3.75 USD	11/27/23		115		431		461,866		203,205		(258,661	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
CRUDE OIL FUT OPT DEC24	125.00 USD	12/01/24		25		3,125	$	32,591	$	20,500	$	(12,091	)
NAT GAS EURO OPT DEC23	3.55 USD	11/27/23		10		36		45,529		22,990		(22,539	)
NAT GAS EURO OPT DEC25	4.25 USD	11/24/25		10		42		87,779		107,600		19,821
NAT GAS EURO OPT JAN25	4.25 USD	12/26/24		10		42		87,779		92,560		4,781
NAT GAS EURO OPT FEB25	4.25 USD	1/28/25		10		42		87,779		91,340		3,561
NAT GAS EURO OPT MAR25	4.25 USD	2/25/25		10		42		87,779		73,410		(14,369	)
NAT GAS EURO OPT APR25	4.25 USD	3/26/25		10		42		87,779		42,640		(45,139	)
NAT GAS EURO OPT MAY25	4.25 USD	4/25/25		10		42		87,779		40,310		(47,469	)
NAT GAS EURO OPT JUN25	4.25 USD	5/27/25		10		43		87,779		45,650		(42,129	)
NAT GAS EURO OPT JUL25	4.25 USD	6/25/25		10		43		87,779		52,030		(35,749	)
NAT GAS EURO OPT AUG25	4.25 USD	7/28/25		10		43		87,779		54,990		(32,789	)
NAT GAS EURO OPT SEP25	4.25 USD	8/26/25		10		43		87,779		54,730		(33,049	)
NAT GAS EURO OPT OCT25	4.25 USD	9/25/25		10		43		87,779		60,390		(27,389	)
NAT GAS EURO OPT NOV25	4.25 USD	10/28/25		10		43		87,779		81,730		(6,049	)
CRUDE OIL FUT OPT DEC24	110.00 USD	11/15/24		100		11,000		167,297		162,000		(5,297	)
SILVER JUL24	30.00 USD	6/25/24		40		1,200		308,103		110,200		(197,903	)
NAT GAS EURO OPT NOV23	3.75 USD	10/26/23		15		56		32,794		3,285		(29,509	)
SILVER JUL24	70.00 USD	6/25/24		40		2,800		30,103		6,600		(23,503	)
VOLATILITY INDEX DEC23	23.00 USD	12/20/23		2,610		60,030		520,771		399,330		(121,441	)
PRIMARY ALUMNM OPT NOV23	2,300.00 USD	11/01/23		100		230,000		130,278		80,675		(49,603	)
COMEX Gold Dec23	1,935.00 USD	11/27/23		35		67,725		154,587		34,650		(119,937	)
CBOE SPX VOLATILITY INDEX MAR24	25.00 USD	3/20/24		1,740		43,500		474,202		375,840		(98,362	)
NAT GAS EURO OPT JAN26	6.00 USD	12/26/25		25		150		95,500		195,075		99,575
NAT GAS EURO OPT FEB26	6.00 USD	1/27/26		25		150		95,500		186,300		90,800
NAT GAS EURO OPT MAR26	6.00 USD	2/24/26		25		150		95,500		142,200		46,700
NAT GAS EURO OPT APR26	6.00 USD	3/26/26		25		150		95,500		57,350		(38,150	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT MAY26	6.00 USD	4/27/26		25		150	$	95,500	$	51,225	$	(44,275	)
NAT GAS EURO OPT JUN26	6.00 USD	5/26/26		25		150		95,500		56,050		(39,450	)
NAT GAS EURO OPT JUL26	6.00 USD	6/25/26		25		150		95,500		63,325		(32,175	)
NAT GAS EURO OPT AUG26	6.00 USD	7/28/26		25		150		95,500		66,000		(29,500	)
NAT GAS EURO OPT SEP26	6.00 USD	8/26/26		25		150		95,500		66,325		(29,175	)
NAT GAS EURO OPT OCT26	6.00 USD	9/25/26		25		150		95,500		75,550		(19,950	)
NAT GAS EURO OPT NOV26	6.00 USD	10/27/26		25		150		95,500		108,875		13,375
NAT GAS EURO OPT DEC26	6.00 USD	11/24/26		25		150		95,500		154,400		58,900
BRENT CRUDE MAR24	90.00 USD	1/26/24		77		6,930		208,560		368,830		160,270
PRIMARY ALUMNM OPT DEC23	2,300.00 USD	12/06/23		100		230,000		109,028		138,775		29,747
CRUDE OIL FUT OPT DEC23	100.00 USD	11/15/23		261		26,100		187,078		206,190		19,112
NAT GAS EURO OPT DEC23	4.00 USD	11/27/23		100		400		142,292		128,000		(14,292	)
NAT GAS EURO OPT NOV23	3.50 USD	11/01/23		10		35		3,929		4,240		311
NAT GAS EURO OPT DEC23	4.50 USD	11/27/23		175		787		135,011		122,675		(12,336	)
FTSE 100 INDEX OCT23	7,700.00 GBP	10/20/23		435		3,349,500		283,140		355,598		72,458
BRENT CRUDE MAR24	110.00 USD	1/26/24		70		7,700		56,300		48,300		(8,000	)
FTSE 100 INDEX OCT23	7,800.00 GBP	10/20/23		522		4,071,600		311,570		210,175		(101,395	)
CBOE SPX VOLATILITY INDX MAR24	20.00 USD	3/20/24		1,740		34,800		491,603		565,500		73,897
NAT GAS EURO OPT NOV23	3.10 USD	10/26/23		17		53		20,960		20,655		(305	)
CBOE SPX VOLATILITY INDX MAR24	21.00 USD	3/20/24		1,740		36,540		521,183		508,080		(13,103	)
iShares iBoxx $ Investment Grade Corporate Bond ETF	107.00 USD	12/15/23		1,996		213,572		73,916		77,844		3,928
Invesco S&P 500 Equal Weight ETF	147.00 USD	12/15/23		1,094		160,818		222,117		224,270		2,153

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
CBOE SPX VOLATILITY INDX JUN24	22.00 USD	6/18/24		1,740		38,280	$	589,045	$	522,000	$	(67,045	)

							$	9,213,003	$	7,590,744	$	(1,622,259	)


Exchange-Traded Put Options — 0.1%
NAT GAS EURO OPT APR24	2.75 USD	4/01/24		2		5	$	4,655	$	6,032	$	1,377
NAT GAS EURO OPT AUG24	2.75 USD	8/01/24		2		5		4,655		5,106		451
NAT GAS EURO OPT JAN24	3.00 USD	12/26/23		265		795		619,149		456,065		(163,084	)
NAT GAS EURO OPT JUL24	2.75 USD	7/01/24		2		6		4,655		4,870		215
NAT GAS EURO OPT JAN24	2.75 USD	6/01/24		2		6		4,655		5,486		831
NAT GAS EURO OPT MAY24	2.75 USD	5/01/24		2		6		4,655		6,136		1,481
NAT GAS EURO OPT OCT24	2.75 USD	10/01/24		2		6		4,655		5,674		1,019
NAT GAS EURO OPT SEP24	2.75 USD	9/01/24		2		6		4,655		5,574		919
CRUDE OIL FUT OPT DEC23	40.00 USD	11/15/23		60		2,400		150,106		600		(149,506	)
NAT GAS EURO OPT NOV23	5.00 USD	10/26/23		30		150		310,588		619,380		308,792
NAT GAS EURO OPT DEC23	5.00 USD	11/27/23		30		150		310,588		514,290		203,702
CRUDE OIL FUT OPT DEC24	46.00 USD	12/01/24		25		1,150		85,091		33,500		(51,591	)
NAT GAS EURO OPT JAN24	3.70 USD	12/26/23		50		185		259,646		262,250		2,604
NAT GAS EURO OPT MAR24	3.25 USD	2/26/24		75		244		411,969		418,275		6,306
NAT GAS EURO OPT DEC23	2.50 USD	11/27/23		358		395		521,234		139,978		(381,256	)
CRUDE OIL FUT OPT DEC24	43.00 USD	11/15/24		100		4,300		310,297		103,000		(207,297	)
NAT GAS EURO OPT MAR24	3.15 USD	2/26/24		5		16		26,565		24,835		(1,730	)
NAT GAS EURO OPT NOV23	2.80 USD	10/26/23		40		112		79,717		49,480		(30,237	)
CBOE SPX VOLATILITY INDEX DEC23	14.00 USD	12/20/23		1,305		18,270		55,515		50,895		(4,620	)
COMEX Gold Dec23	1,935.00 USD	11/27/23		35		67,725		176,137		274,400		98,263
NAT GAS EURO OPT NOV23	2.90 USD	10/26/23		30		87		55,188		51,180		(4,008	)
CRUDE OIL FUT OPT DEC23	80.00 USD	10/26/23		258		20,640		464,818		67,080		(397,738	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


	Strike	Expiration Date	Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT NOV23	2.50 USD	11/01/23		176		440	$	149,624	$	67,232	$	(82,392	)
CRUDE OIL FUT OPT NOV23	82.50 USD	10/17/23		55		4,537		81,877		19,250		(62,627	)
PJM WH RT 352 JAN24	40.00 USD	12/28/23		100		4,000		22,880		9,152		(13,728	)
PJM WH RT 336 FEB24	40.00 USD	1/30/24		100		4,000		21,840		26,208		4,368
SPDR S&P 500 ETF Trust	425.00 USD	10/13/23		299		127,075		176,421		115,713		(60,708	)
BRENT CRUDE JAN24	0.50 USD	12/18/23		155		77		26,776		17,050		(9,726	)
BRENT CRUDE MAR24	0.50 USD	2/16/24		155		77		26,776		34,100		7,324
BRENT CRUDE FEB24	0.50 USD	1/19/24		155		77		26,776		26,350		(426	)
NAT GAS EURO OPT NOV23	2.70 USD	10/26/23		40		108		38,917		34,560		(4,357	)

							$	4,441,080	$	3,453,701	$	(987,379	)


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

OTC Call Options — 0.2%
LME Nickel 3Mo Call	Morgan Stanley Capital Services LLC		4,000.00 USD		12/04/24		1,260		5,040,000	$	2,431,800	$	218,206	$	(2,213,594	)
LME Copper 3Mo Call	Morgan Stanley Capital Services LLC		16,500.00 USD		12/04/24		7,500		123,750,000		2,430,000		94,726		(2,335,274	)
iShares China Large-Cap ETF Option Call 38.85 12/15/23	Goldman Sachs International		38.85 USD		12/15/23		1,146,566		44,544,089		1,868,903		8,252		(1,860,651	)
RTY VS NDX OUTPERFORMANCE (RTY-NDX) OPT DEC23	Bank of America, N.A.		3.00 USD		12/15/23		69,520,000		208,560,000		2,120,360		3,330		(2,117,030	)
USD CNH FX Option Call 7.25 12/14/23	Citibank N.A.		7.25 USD		12/14/23		2,610,000		18,922,500		247,950		1,443,833		1,195,883
USD CNH FX Option Call 7.3 12/14/23	Citibank N.A.		7.30 USD		12/14/23		2,610,000		19,053,000		276,660		1,118,923		842,263
EUR JPY FX Option Call 158 10/24/23	Nomura Securities International, Inc.		158.00 EUR		10/24/23		87,000,000		13,746,000,000		845,127		643,902		(201,225	)
Dual Digital Option S&P 500 Index 4183.05 & SOFR 1y 5.55%	Goldman Sachs International		4,183.05 USD		12/15/23		14,863,000		62,172,672,150		1,099,862		932,271		(167,591	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


	Counterparty	Strike		Expiration Date		Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
Dual Digital Option S&P 500 Index 4183.05 & SOFR 30y 4.215%	Goldman Sachs International		4,183.05 USD		12/15/23		13,884,000		58,077,466,200	$	902,460	$	1,292,344	$	389,884
AUD NZD FX Option Call 1.108 11/1/23	COEX Partners Limited		1.11 AUD		11/01/23		43,500,000		48,198,000		90,942		5,019		(85,923	)
USD CNH FX Option Call 7.39 1/31/24	Citibank N.A.		7.39 USD		1/31/24		2,610,000		19,287,900		234,900		673,926		439,026
Buy CMS Cap on USD ICE Swap Rate Swaption .005 1/10/24	Morgan Stanley & Co. LLC		0.50 USD		1/10/24		2,930,400,000		1,465,200,000		3,080,000		387,318		(2,692,682	)
USD CNH FX Option Call 7.45 10/10/23	J.P. Morgan Securities LLC		7.45 USD		10/10/23		43,500,000		324,075,000		4,785		2,349		(2,436	)
USD CNH FX Option Call 6723.26 12/15/23	J.P. Morgan Securities LLC		6,723.26 USD		12/15/23		4,350,000		29,246,181,000		258,825		27,674		(231,151	)
Dual Digital Option S&P 500 Index 3944.4 & SOFR 2y 4.409%	Deutsche Bank AG		3,944.60 USD		6/21/24		10,800,000		42,601,680,000		1,096,200		992,401		(103,799	)
Dual Digital Option S&P 500 Index 3858.8 & SOFR 5y 3.903%	Deutsche Bank AG		3,858.80 USD		9/20/24		10,800,000		41,675,040,000		1,036,800		948,173		(88,627	)
USD CNH FX Option Call 7.7 12/14/23	J.P. Morgan Securities LLC		7.70 USD		12/14/23		87,000,000		87,000,000		56,550		49,068		(7,482	)
USD BRL FX Option Call 5.15 10/6/23	Morgan Stanley & Co. LLC		5.15 USD		10/06/23		17,400,000		17,400,000		28,710		27,838		(872	)
CDX41 Swaption Call 65 1/17/24	Citigroup Global Markets, Inc		65.00 USD		1/17/24		242,250,000		15,746,250,000		233,771		128,942		(104,829	)
CDX41 Swaption Call 67.5 1/17/24	Goldman Sachs & Co. LLC		67.50 USD		1/17/24		48,450,000		3,270,375,000		43,605		40,447		(3,158	)
Swaption Call 3.931% 10/10/2033	Morgan Stanley & Co. LLC		3.93 USD		10/05/23		207,855,000		817,078,005		2,114,925		9,794		(2,105,131	)

										$	20,503,135	$	9,048,736	$	(11,454,399	)


OTC Put Options — 0.5%
USD JPY FX Option Put 114.25 12/20/23	Bank of America, N.A.		114.25 USD		12/20/23		6,160,000		703,780,000	$	609,224	$	6,952	$	(602,272	)
USD ZAR FX Option Put 16 10/3/23	Deutsche Bank AG		16.00 USD		10/03/23		23,251,360		149,248,000		2,199,945		0		(2,199,945	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


	Counterparty	Strike		Expiration Date		Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
FTSE 100 INDEX DEC23	JPMorgan Chase Bank, N.A.		7,445.76 USD		12/15/23		1,479,000		11,012,279,040	$	101,903	$	133,847	$	31,944
S&P 500 INDEX DEC23 PUT	Citibank N.A.		3,886.00 USD		12/15/23		30,221		117,438,806		482,932		495,032		12,100
NIKKEI 225 INDEX DEC23	J.P. Morgan Securities LLC		29,881.56 JPY		12/08/23		279,744		8,359,187,121		282,365		454,551		172,186
SP TSX 500 INDEX DEC23	Goldman Sachs International		4,400.00 USD		12/29/23		80,812		355,572,800		6,477,535		12,815,137		6,337,602
S&P 500 INDEX DEC23	Citibank N.A.		4,050.02 USD		12/15/23		19,331		78,290,937		239,221		512,222		273,001
AUD NZD FX Option Put 1.0615 11/1/23	COEX Partners Limited		1.06 AUD		11/01/23		43,500,000		46,175,250		81,651		52,396		(29,255	)
USD CNH FX Option Put 7.28 10/10/23	J.P. Morgan Securities LLC		7.28 USD		10/10/23		43,500,000		316,680,000		89,609		100,963		11,354
Swaption Put 3.931% 10/10/2033	Morgan Stanley & Co. LLC		3.93 USD		10/05/23		207,855,000		817,078,005		2,114,925		5,585,483		3,470,558

										$	12,679,310	$	20,156,583	$	7,477,273

Total Purchased Options Outstanding										$	46,836,528	$	40,249,764	$	(6,586,764	)


Security Description	Shares		Value

REPURCHASE AGREEMENTS (o) — 3.1%
Barclays Capital, Inc., 4.25%, dated 07/22/2022, due On Demand (collateralized by Egypt International Bond, 5.88% due 06/11/2025, market value $1,623,860) (p)		1,663,862	$	1,663,862
Barclays Capital, Inc., 2.75%, dated 10/04/2022, due On Demand (collateralized by Bank of China Bond, 1.20% due 10/21/2030, market value $795,433) (p)		857,269		857,269
Barclays Capital, Inc., 5.00%, dated 12/22/2022, due On Demand (collateralized by Peru International Bond, 3.00% due 10/21/2030, market value $2,605,115) (p)		2,835,330		2,835,330
Barclays Capital, Inc., 5.00%, dated 12/29/2022, due On Demand (collateralized by Peru International Bond, 5.63% due 11/18/2050, market value $1,100,793) (p)		1,229,591		1,229,591
Barclays Capital, Inc., 5.00%, dated 01/10/2023, due On Demand (collateralized by Alibaba Group Holding Limited, 3.40% due 12/06/2027, market value $2,092,577) (p)		2,206,051		2,206,051
Barclays Capital, Inc., 4.95%, dated 01/10/2023, due On Demand (collateralized by Peru International Bond, 5.63% due 11/18/2050, market value $445,119) (p)		503,520		503,520

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Barclays Capital, Inc., 5.00%, dated 01/13/2023, due On Demand (collateralized by Alibaba Group Holding Limited, 3.40% due 12/06/2027, market value $976,413) (p)		1,036,489	$	1,036,489
Barclays Capital, Inc., 4.95%, dated 01/31/2023, due On Demand (collateralized by Alibaba Group Holding Limited, 3.40% due 12/06/2027, market value $417,412) (p)		440,264		440,264
Barclays Capital, Inc., 2.25%, dated 01/31/2023, due On Demand (collateralized by Alibaba Group Holding Limited, 2.13% due 02/09/2031, market value $1,302,195) (p)		1,430,266		1,430,266
Barclays Capital, Inc., 2.25%, dated 02/01/2023, due On Demand (collateralized by Alibaba Group Holding Limited, 2.13% due 02/09/2031, market value $947,193) (p)		1,042,315		1,042,315
Barclays Capital, Inc., 5.00%, dated 02/02/2023, due On Demand (collateralized by Colombian International Bond, 5.63% due 02/26/2044, market value $1,341,227) (p)		1,557,917		1,557,917
Barclays Capital, Inc., 4.00%, dated 02/03/2023, due On Demand (collateralized by Petroleos Mexicanos Bond, 10.00% due 02/07/2033, market value $6,808,143) (p)		7,898,709		7,898,709
Barclays Capital, Inc., 2.75%, dated 05/17/2023, due On Demand (collateralized by Nigerian International Bond, 9.25% due 01/21/2049, market value $525,036) (p)		522,201		522,201
Barclays Capital, Inc., 2.75%, dated 05/18/2023, due On Demand (collateralized by Nigerian International Bond, 9.25% due 01/21/2049, market value $315,175) (p)		314,402		314,402
Barclays Capital, Inc., 4.25%, dated 06/01/2023, due On Demand (collateralized by Egypt International Bond, 5.88% due 06/11/2025, market value $517,199) (p)		519,836		519,836
Barclays Capital, Inc., 5.00%, dated 06/09/2023, due On Demand (collateralized by Dominican Republic International Bond, 6.00% due 02/07/2033, market value $3,636,378) (p)		4,038,322		4,038,322
Barclays Capital, Inc., 4.95%, dated 06/27/2023, due On Demand (collateralized by Peru International Bond, 5.63% due 11/18/2050, market value $1,508,049) (p)		1,732,870		1,732,870
Citigroup Global Markets Limited, 5.00%, dated 07/14/2023, due On Demand (collateralized by Brazilian International Bond, 6.00% due 10/20/2033, market value $1,946,207) (p)		2,183,273		2,183,273

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
JPMorgan Chase Bank, N.A., 5.10%, dated 07/19/2023, due On Demand (collateralized by Brazilian International Bond, 6.00% due 10/20/2033, market value $1,945,264) (p)		2,190,359	$	2,190,359
Barclays Capital, Inc., 4.60%, dated 07/25/2023, due On Demand (collateralized by Turkey Government Bond, 7.38% due 02/05/2025, market value $9,975,538) (p)		10,813,572		10,813,572
JPMorgan Chase Bank, N.A., 4.70%, dated 07/27/2023, due On Demand (collateralized by Colombian International Bond, 5.63% due 02/26/2044, market value $785,596) (p)		924,866		924,866
JPMorgan Chase Bank, N.A., 5.00%, dated 07/27/2023, due On Demand (collateralized by Bahrain International Bond, 7.50% due 09/20/2047, market value $708,000) (p)		815,150		815,150
JPMorgan Chase Bank, N.A., 2.25%, dated 07/27/2023, due On Demand (collateralized by Bank of China Bond, 2.13% due 12/03/2029, market value $4,333,419) (p)		4,679,109		4,679,109
JPMorgan Chase Bank, N.A., 4.70%, dated 07/27/2023, due On Demand (collateralized by Alibaba Group Holding Limited, 3.40% due 12/06/2027, market value $977,333) (p)		1,045,631		1,045,631
JPMorgan Chase Bank, N.A., 4.70%, dated 07/27/2023, due On Demand (collateralized by Alibaba Group Holding Limited, 3.40% due 12/06/2027, market value $836,663) (p)		895,131		895,131
JPMorgan Chase Bank, N.A., 4.65%, dated 07/27/2023, due On Demand (collateralized by Colombian International Bond, 5.63% due 02/26/2044, market value $1,256,954) (p)		1,479,786		1,479,786
JPMorgan Chase Bank, N.A., 5.00%, dated 07/27/2023, due On Demand (collateralized by Bahrain International Bond, 7.50% due 09/20/2047, market value $623,925) (p)		718,351		718,351
JPMorgan Chase Bank, N.A., 5.00%, dated 07/27/2023, due On Demand (collateralized by Bahrain International Bond, 7.50% due 09/20/2047, market value $1,513,350) (p)		1,742,383		1,742,383
Barclays Capital, Inc., 5.00%, dated 08/21/2023, due On Demand (collateralized by Bank Gospodarstwa Krajowego Entity, 5.38% due 05/22/2033, market value $389,253) (p)		417,563		417,563
JPMorgan Chase Bank, N.A., 5.00%, dated 09/01/2023, due On Demand (collateralized by Dominican Republic International Bond, 6.00% due 02/07/2033, market value $685,127) (p)		758,061		758,061

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Barclays Capital, Inc., 5.05%, dated 09/06/2023, due On Demand (collateralized by Colombian International Bond, 8.00% due 04/20/2033, market value $700,055) (p)		769,284	$	769,284
Barclays Capital, Inc., 5.10%, dated 09/06/2023, due On Demand (collateralized by Poland International Bond, 4.88% due 10/04/2033, market value $660,300) (p)		715,456		715,456
Barclays Capital, Inc., 5.10%, dated 09/08/2023, due On Demand (collateralized by Poland International Bond, 4.88% due 10/04/2033, market value $1,981,830) (p)		2,139,267		2,139,267
JPMorgan Chase Bank, N.A., 2.50%, dated 09/08/2023, due On Demand (collateralized by Turkey Government Bond, 6.75% due 05/30/2040, market value $564,417) (p)		632,883		632,883
Barclays Capital, Inc., 2.25%, dated 09/08/2023, due On Demand (collateralized by Alibaba Group Holding Limited, 2.13% due 02/09/2031, market value $1,075,149) (p)		1,127,621		1,127,621
JPMorgan Chase Bank, N.A., 4.80%, dated 09/08/2023, due On Demand (collateralized by Turkey Government Bond, 6.00% due 01/14/2041, market value $523,142) (p)		577,390		577,390
Barclays Capital, Inc., 5.10%, dated 09/12/2023, due On Demand (collateralized by Colombian International Bond, 8.00% due 04/20/2033, market value $2,259,132) (p)		2,453,027		2,453,027
Barclays Capital, Inc., 5.05%, dated 09/13/2023, due On Demand (collateralized by Mexican International Bond, 6.34% due 05/04/2053, market value $4,653,172) (p)		5,168,875		5,168,875
Barclays Capital, Inc., 5.05%, dated 09/18/2023, due On Demand (collateralized by Mexican International Bond, 6.34% due 05/04/2053, market value $1,508,891) (p)		1,668,042		1,668,042
Barclays Capital, Inc., 5.15%, dated 09/18/2023, due On Demand (collateralized by Turkey Government Bond, 6.00% due 01/14/2041, market value $181,258) (p)		190,875		190,875
Barclays Capital, Inc., 5.10%, dated 09/22/2023, due On Demand (collateralized by Poland International Bond, 4.88% due 10/04/2033, market value $265,050) (p)		282,043		282,043
JPMorgan Chase Bank, N.A., 4.00%, dated 09/25/2023, due On Demand (collateralized by Petroleos Mexicanos Bond, 10.00% due 02/07/2033, market value $1,038,847) (p)		1,116,770		1,116,770

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Barclays Capital, Inc., 4.25%, dated 09/26/2023, due On Demand (collateralized by Turkey Government Bond, 7.25% due 12/23/2023, market value $2,386,620) (p)		2,502,799	$	2,502,799
Barclays Capital, Inc., 5.10%, dated 09/26/2023, due On Demand (collateralized by Saudi Arabia International Bond, 5.00% due 01/18/2053, market value $2,062,550) (p)		2,180,643		2,180,643
JPMorgan Chase Bank, N.A., 5.05%, dated 09/26/2023, due On Demand (collateralized by Saudi Arabia International Bond, 4.63% due 10/04/2047, market value $676,176) (p)		744,509		744,509
Citigroup Global Markets Limited, 5.00%, dated 09/27/2023, due On Demand (collateralized by Mexican International Bond, 6.34% due 05/04/2053, market value $1,032,016) (p)		1,120,619		1,120,619
Barclays Capital, Inc., 4.00%, dated 09/27/2023, due On Demand (collateralized by Mexican International Bond, 4.40% due 02/12/2052, market value $491,206) (p)		512,568		512,568
JPMorgan Chase Bank, N.A., 5.28%, dated 09/27/2023, due 10/04/2023 (collateralized by US Treasury Notes, 3.88% due 08/15/2033, market value $756,253)		767,431		767,431
JPMorgan Chase Bank, N.A., 5.30%, dated 09/27/2023, due 10/04/2023 (collateralized by US Treasury Notes, 3.00% due 08/15/2052, market value $2,112,154		2,130,619		2,130,619
Citigroup Global Markets Limited, 5.00%, dated 09/28/2023, due On Demand (collateralized by Mexican International Bond, 6.34% due 05/04/2053, market value $775,377) (p)		832,680		832,680
Barclays Capital, Inc., 5.10%, dated 09/28/2023, due On Demand (collateralized by Qatar International Bond, 4.63% due 06/02/2046, market value $692,160) (p)		723,472		723,472
Barclays Capital, Inc., 5.05%, dated 09/28/2023, due On Demand (collateralized by Mexican International Bond, 4.28% due 08/14/2041, market value $850,016) (p)		877,273		877,273
JPMorgan Chase Bank, N.A., 5.36%, dated 09/28/2023, due 10/04/2023 (collateralized by US Treasury Notes, 1.88% due 02/28/2027, market value $13,255,695)		13,207,971		13,207,971

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
JPMorgan Chase Bank, N.A., 3.50%, dated 09/28/2023, due 10/02/2023 (collateralized by Industrial and Commercial Bank of China Limited Bond, 3.60% due Perpectual Maturity, market value $769,752)		825,048	$	825,048
Citigroup Global Markets Limited, 5.00%, dated 09/26/2023, due 10/02/2023 (collateralized by Ecopetrol S.A., 8.88% due 01/13/2033, market value $1,044,818)		1,124,853		1,124,853
JPMorgan Chase Bank, N.A., 5.00%, dated 09/29/2023, due 10/04/2023 (collateralized by South African International Bond, 5.88% due 06/22/2030, market value $1,261,613)		1,351,322		1,351,322
JPMorgan Chase Bank, N.A., 5.00%, dated 07/27/2023, due 10/04/2023 (collateralized by Brazilian International Bond, 5.63% due 02/21/2047, market value $2,428,381)		2,894,529		2,894,529
Barclays Capital, Inc., 5.05%, dated 09/28/2023, due 10/05/2023 (collateralized by Ecopetrol S.A., 8.88% due 01/13/2033, market value $558,217)		582,774		582,774
Citigroup Global Markets Limited, 8.88%, dated 09/29/2023, due 10/05/2023 (collateralized by Ecopetrol S.A., 8.88% due 01/13/2033, market value $347,292)		369,375		369,375
JPMorgan Chase Bank, N.A., 5.15%, dated 07/27/2023, due 10/06/2023 (collateralized by Brazilian International Bond, 5.00% due 01/27/2045, market value $611,372)		704,352		704,352
Barclays Capital, Inc., 5.00%, dated 01/04/2023, due 10/10/2023 (collateralized by Peru International Bond, 3.00% due 08/15/2052, market value $350,378)		377,638		377,638
Barclays Capital, Inc., 5.00%, dated 03/22/2023, due 10/10/2023 (collateralized by Peru International Bond, 3.00% due 08/15/2052, market value $2,371,786)		2,577,892		2,577,892
JPMorgan Chase Bank, N.A., 5.00%, dated 09/01/2023, due 10/11/2023 (collateralized by Brazilian International Bond, 5.63% due 02/21/2047, market value $436,127)		486,380		486,380
JPMorgan Chase Bank, N.A., 4.00%, dated 07/27/2023, due 10/12/2023 (collateralized by Industrial and Commercial Bank of China Limited Bond, 3.20% due Perpectual Maturity, market value $9,856,425)		10,655,639		10,655,639

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Barclays Capital, Inc., 3.50%, dated 07/15/2022, due 10/12/2023 (collateralized by Industrial and Commercial Bank of China Limited Bond, 3.20% due Perpectual Maturity, market value $1,889,431)		2,004,128	$	2,004,128

TOTAL REPURCHASE AGREEMENTS (COST $124,888,496)				124,888,496

TOTAL INVESTMENTS IN SECURITIES — 136.7% (COST $5,579,260,997)				5,578,707,493

TOTAL SECURITIES SOLD SHORT — (31.3)% (PROCEEDS $ 1,302,901,952)				(1,278,124,259	)

Other Assets and Liabilities (q) — (5.4)%				(220,137,143	)

Net Assets — 100.0%			$	4,080,446,091


SECURITIES SOLD SHORT — (31.3)%
COMMON STOCK — (11.4)%
Africa — 0.0%
Commercial Services — 0.0%
Lesaka Technologies, Inc. (a)		500		(1,950	)

Engineering & Construction — 0.0%
IHS Holding Ltd. (a)		400		(2,220	)

Mining — 0.0%
Caledonia Mining Corp. plc		100		(986	)
Gold Fields Ltd., ADR		600		(6,516	)

				(7,502	)

Total Africa				(11,672	)

Asia — (0.5)%
Agriculture — 0.0%
FARMMI, Inc. (a)		7		(11	)
RLX Technology, Inc., ADR (a)		71,200		(107,512	)

				(107,523	)

Auto Manufacturers — (0.1)%
Honda Motor Co. Ltd., ADR		12,200		(410,408	)
NIO, Inc., ADR (a)		206,900		(1,870,376	)
Polestar Automotive Holding UK PLC, Class A, ADR (a)		54,900		(144,936	)
Toyota Motor Corp., ADR		3,100		(557,225	)
XPeng, Inc., ADR (a)		42,600		(782,136	)

				(3,765,081	)

See Notes to Consolidated Financial Statements.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Auto Parts & Equipment — 0.0%
indie Semiconductor, Inc., Class A (a)		9,700	$	(61,110	)

Biotechnology — 0.0%
BeiGene Ltd., ADR (a)		3,100		(557,597	)
Burning Rock Biotech Ltd., ADR (a)		800		(776	)
Origin Agritech Ltd. (a)		300		(987	)
Zai Lab Ltd., ADR (a)		2,100		(51,051	)

				(610,411	)

Chemicals — 0.0%
Daqo New Energy Corp., ADR (a)		17,400		(526,698	)
Ikonics Corp. (c)		100		0
Tantech Holdings Ltd. (a)		387		(522	)

				(527,220	)

Commercial Banks — 0.0%
HDFC Bank Ltd., ADR		600		(35,406	)
Mitsubishi UFJ Financial Group, Inc., ADR		74,000		(628,260	)
Mizuho Financial Group, Inc., ADR		1,400		(4,802	)
Shinhan Financial Group Co. Ltd., ADR		2,000		(52,980	)
Sumitomo Mitsui Financial Group, Inc., ADR		36,300		(357,555	)

				(1,079,003	)

Commercial Services — 0.0%
BIT Mining Ltd., ADR (a)		1,850		(5,087	)
BTC DIGITAL Ltd. (a)		36		(129	)
DRAGON VICTORY INTERNATIONAL (a)		400		(544	)
Pop Culture Group Co. Ltd., Class A (a)		600		(198	)
Tarena International, Inc., ADR (a)		133		(259	)

				(6,217	)

Computers — 0.0%
Datasea, Inc. (a)		500		(97	)
Ebang International Holdings, Inc., Class A (a)		173		(1,266	)
Sify Technologies Ltd., ADR (a)		500		(915	)
TDCX, Inc., ADR (a)		100		(591	)
Wipro Ltd., ADR		100		(484	)

				(3,353	)

Construction Materials — 0.0%
Hesai Group, ADR (a)		200		(2,000	)

Distribution/Wholesale — 0.0%
JX Luxventure Ltd. (a)		100		(117	)

See Notes to Consolidated Financial Statements.

100

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Diversified Financial Services — 0.0%
Bit Digital, Inc. (a)		12,900	$	(27,606	)
Jianpu Technology, Inc., ADR (a)		400		(396	)
KB Financial Group, Inc., ADR		3,000		(123,330	)
ORIX Corp., ADR		100		(9,388	)
Qifu Technology, Inc., ADR		1,100		(16,896	)
Qudian, Inc., ADR (a)		6,800		(14,416	)
SOLOWIN HOLDINGS (a)		89		(279	)
SOS Ltd., ADR (a)		1,804		(7,902	)

				(200,213	)

Electric — 0.0%
Korea Electric Power Corp., ADR		3,300		(21,252	)
ReNew Energy Global plc, Class A (a)		13,200		(71,676	)

				(92,928	)

Energy—Alternate Sources — 0.0%
Emeren Group Ltd., ADR (a)		5,700		(17,556	)
JinkoSolar Holding Co. Ltd., ADR		10,600		(321,922	)

				(339,478	)

Engineering & Construction — 0.0%
EHang Holdings Ltd., ADR (a)		12,600		(227,052	)

Food — 0.0%
TDH Holdings, Inc. (a)		560		(678	)

Healthcare—Services — 0.0%
Aesthetic Medical International Holdings Group Ltd., ADR (a)		300		(214	)
Fresh2 Group Ltd., ADR (a)		195		(220	)

				(434	)

Home Furnishings — 0.0%
Sony Group Corp., ADR		8,200		(675,762	)

Insurance — 0.0%
Huize Holding Ltd., ADR (a)		300		(330	)

Internet — (0.4)%
Alibaba Group Holding Ltd., ADR (a)		1,800		(156,132	)
Baidu, Inc., ADR (a)		2,800		(376,180	)
Bilibili, Inc., ADR (a)		64,200		(884,034	)
BOQII HOLDING Ltd., ADR (a)		99		(338	)
Coupang, Inc. (a)		106,000		(1,802,000	)
Dada Nexus Ltd., ADR (a)		5,100		(22,695	)
DingDong Cayman Ltd., ADR (a)		12,143		(23,679	)

See Notes to Consolidated Financial Statements.

101

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Full Truck Alliance Co. Ltd., ADR (a)		108,100	$	(761,024	)
Future FinTech Group, Inc. (a)		260		(283	)
Grab Holdings Ltd., Class A (a)		276,600		(979,164	)
iClick Interactive Asia Group Ltd., ADR (a)		250		(485	)
MakeMyTrip Ltd. (a)		1,200		(48,624	)
Moxian BVI, Inc. (a)		700		(637	)
PDD Holdings, Inc., ADR (a)		27,900		(2,736,153	)
Sea Ltd., ADR (a)		77,200		(3,392,940	)
Sohu.com Ltd., ADR (a)		500		(4,710	)
So-Young International, Inc., ADR (a)		500		(515	)
Trip.com Group Ltd., ADR (a)		41,700		(1,458,249	)
Uxin Ltd., ADR (a)		3,298		(5,376	)
Vnet Group, Inc., ADR (a)		29,400		(92,022	)
Yatsen Holding Ltd., ADR (a)		17,500		(17,500	)
Zhihu, Inc., ADR (a)		28,200		(29,328	)

				(12,792,068	)

Iron/Steel — 0.0%
POSCO Holdings, Inc., ADR		2,800		(287,000	)

Leisure Time — 0.0%
EZGO TECHNOLOGIES Ltd. (a)		6,200		(884	)
Niu Technologies, ADR (a)		2,000		(5,660	)
Tuniu Corp., ADR (a)		3,600		(4,320	)

				(10,864	)

Lodging — 0.0%
H World Group Ltd., ADR (a)		8,200		(323,326	)

Metal Fabricate/Hardware — 0.0%
ZK International Group Co. Ltd. (a)		1,200		(804	)

Oil & Gas Services — 0.0%
Recon Technology Ltd., Class A (a)		1,800		(558	)

Pharmaceuticals — 0.0%
Hutchmed China Ltd., ADR (a)		900		(15,246	)
MEDIROM Healthcare Technologies, Inc., ADR (a)		100		(563	)
QILIAN INTERNATIONAL HOLDING		300		(252	)
Takeda Pharmaceutical Co. Ltd., ADR		27,000		(417,690	)

				(433,751	)

Real Estate — 0.0%
KE Holdings, Inc., ADR		38,400		(595,968	)

Retail — 0.0%
Kaixin Auto Holdings (a)		126		(208	)

See Notes to Consolidated Financial Statements.

102

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Semiconductors — 0.0%
ADVANTEST Corp. (b)		26,800	$	(749,805	)
Canaan, Inc., ADR (a)		52,700		(95,914	)
Silicon Motion Technology Corp., ADR (a)		100		(5,125	)

				(850,844	)

Software — 0.0%
17 Education & Technology Group, Inc., ADR (a)		625		(487	)
FingerMotion, Inc. (a)		2,800		(17,388	)
Gaotu Techedu, Inc., ADR (a)		33,500		(92,460	)
Kingsoft Cloud Holdings Ltd., ADR (a)		30,300		(149,379	)
Link Motion, Inc., ADR (c)		11,000		0
NetEase, Inc., ADR		11,300		(1,131,808	)
OneConnect Financial Technology Co. Ltd., ADR (a)		640		(2,003	)
Powerbridge Technologies Co. Ltd. (a)		200		(290	)
The9 Ltd., ADR (a)		4,300		(2,874	)
Tuya, Inc., ADR (a)		8,500		(13,175	)
WiMi Hologram Cloud, Inc., ADR (a)		4,900		(3,528	)
Youdao, Inc., ADR (a)		3,900		(15,678	)

				(1,429,070	)

Telecommunications — 0.0%
Chindata Group Holdings Ltd., ADR (a)		18,500		(153,550	)
Chunghwa Telecom Co. Ltd., ADR		1,300		(46,722	)
GDS Holdings Ltd., ADR (a)		17,200		(188,340	)
KT Corp., ADR		15,800		(202,556	)
SK Telecom Co. Ltd., ADR		2,600		(55,796	)
Telkom Indonesia Persero Tbk PT, ADR		3,400		(81,940	)

				(728,904	)

Transportation — 0.0%
BEST, Inc., ADR (a)		515		(1,143	)
Grindrod Shipping Holdings Ltd.		500		(4,695	)
MingZhu Logistics Holdings Ltd. (a)		1,200		(552	)

				(6,390	)

Total Asia				(25,158,665	)

Europe — (0.4)%
Airlines — 0.0%
Ryanair Holdings plc, ADR (a)		3,400		(330,514	)

Apparel — 0.0%
On Holding AG, Class A (a)		9,900		(275,418	)

See Notes to Consolidated Financial Statements.

103

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Beverages — 0.0%
Anheuser-Busch InBev SA, ADR		14,600	$	(807,380	)

Biotechnology — 0.0%
Abcam plc, ADR (a)		700		(15,841	)
ADC Therapeutics SA (a)		1,588		(1,424	)
Argenx SE, ADR (a)		300		(147,489	)
Artelo Biosciences, Inc. (a)		6		(9	)
BioNTech SE, ADR (a)		8,800		(956,032	)
CureVac NV (a)		8,100		(55,323	)
Freeline Therapeutics Holdings plc, ADR (a)		100		(424	)
GH Research plc (a)		500		(5,025	)
Mereo Biopharma Group plc, ADR (a)		13,800		(17,802	)
NuCana plc, ADR (a)		1,300		(792	)
Olink Holding AB, ADR (a)		1,900		(28,025	)
Tiziana Life Sciences Ltd. (a)		368		(248	)
VACCITECH plc, ADR (a)		200		(618	)

				(1,229,052	)

Commercial Banks — (0.2)%
Barclays plc, ADR		11,700		(91,143	)
Deutsche Bank AG		26,700		(293,433	)
HSBC Holdings plc, ADR		39,800		(1,570,508	)
ING Groep NV, ADR		13,300		(175,294	)
Lloyds Banking Group plc, ADR		1,700		(3,621	)
NatWest Group plc, ADR		3,300		(19,239	)
UBS Group AG		70,665		(1,741,892	)

				(3,895,130	)

Commercial Services — 0.0%
Cimpress plc (a)		900		(63,009	)
Rentokil Initial plc, ADR		3,200		(118,560	)

				(181,569	)

Computers — 0.0%
ARQIT QUANTUM, Inc. (a)		800		(476	)

Cosmetics/Personal Care — (0.1)%
Unilever plc, ADR		28,500		(1,407,900	)

Electric — 0.0%
Atlantica Sustainable Infrastructure plc		1,300		(24,830	)
National Grid plc, ADR		2,400		(145,512	)

				(170,342	)

Entertainment — 0.0%
Genius Sports Ltd. (a)		1,100		(5,863	)

See Notes to Consolidated Financial Statements.

104

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Manchester United plc, Class A		12,500	$	(247,375	)

				(253,238	)

Forest Products & Paper — 0.0%
Mercer International, Inc.		800		(6,864	)

Healthcare—Products — 0.0%
Koninklijke Philips NV (a)		3,735		(74,476	)
Trinity Biotech plc, ADR (a)		800		(583	)

				(75,059	)

Healthcare—Services — (0.1)%
ICON plc, ADR (a)		8,400		(2,068,500	)
MDxHealth SA, ADR (a)		100		(284	)

				(2,068,784	)

Insurance — 0.0%
Aegon Ltd., ADR		20,200		(96,960	)

Internet — 0.0%
Farfetch Ltd., Class A (a)		100,200		(209,418	)
Jumia Technologies AG, ADR (a)		31,100		(82,104	)
MYT Netherlands Parent BV, ADR (a)		1,600		(5,440	)
Opera Ltd., ADR		300		(3,381	)

				(300,343	)

Machinery—Constr&Mining — 0.0%
Wallbox NV (a)		15,300		(34,425	)

Media — 0.0%
Liberty Global plc, Class A (a)		1,700		(29,104	)
Pearson plc, ADR		3,100		(32,674	)

				(61,778	)

Mining — 0.0%
Atlas Lithium Corp. (a)		900		(27,576	)

Oil & Gas — 0.0%
Equinor ASA, ADR		1,100		(36,069	)
Shell plc, ADR		2,900		(186,702	)

				(222,771	)

Packaging & Containers — 0.0%
Amcor plc		99,900		(915,084	)

Pharmaceuticals — 0.0%
AC Immune SA (a)		600		(1,710	)

See Notes to Consolidated Financial Statements.

105

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Ascendis Pharma AS, ADR (a)		4,900	$	(458,836	)
InflaRx NV (a)		1,000		(2,980	)

				(463,526	)

Retail — 0.0%
Cazoo Group Ltd. (a)		1,845		(1,006	)

Software — 0.0%
Kaleyra, Inc. (a)		42		(304	)
SAP SE, ADR		7,900		(1,021,628	)
Sophia Genetics SA (a)		100		(255	)

				(1,022,187	)

Telecommunications — 0.0%
Nokia Oyj, ADR		15,200		(56,848	)
Telefonaktiebolaget LM Ericsson, ADR		8,900		(43,254	)

				(100,102	)

Transportation — 0.0%
Costamare, Inc.		9,800		(94,276	)
KNOT Offshore Partners LP		700		(4,781	)
Safe Bulkers, Inc.		4,600		(14,904	)

				(113,961	)

Total Europe				(14,061,445	)

Middle East — 0.0%
Advertising — 0.0%
Taboola.com Ltd. (a)		14,900		(56,471	)

Aerospace/Defense — 0.0%
Elbit Systems Ltd.		100		(19,798	)

Auto Parts & Equipment — 0.0%
Foresight Autonomous Holdings Ltd., ADR (a)		600		(1,224	)
Innoviz Technologies Ltd. (a)		21,200		(41,340	)
Mobileye Global, Inc., Class A (a)		700		(29,085	)

				(71,649	)

Biotechnology — 0.0%
Evogene Ltd. (a)		1,800		(1,054	)
Gamida Cell Ltd.		3,000		(3,090	)

				(4,144	)

Computers — 0.0%
Check Point Software Technologies Ltd. (a)		600		(79,968	)
Nano Dimension Ltd., ADR (a)		1,700		(4,624	)

				(84,592	)

See Notes to Consolidated Financial Statements.

106

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Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Electric — 0.0%
Enlight Renewable Energy Ltd. (a)		300	$	(4,707	)

Entertainment — 0.0%
NEOGAMES SA (a)		200		(5,400	)

Healthcare—Products — 0.0%
Collplant Biotechnologies Ltd., ADR		100		(563	)

Internet — 0.0%
Innovid Corp. (a)		3,000		(3,840	)
PERION NETWORK Ltd. (a)		300		(9,189	)
SimilarWeb Ltd. (a)		1,300		(8,424	)

				(21,453	)

Pharmaceuticals — 0.0%
Teva Pharmaceutical Industries Ltd., ADR (a)		2,100		(21,420	)

Software — 0.0%
Cognyte Software Ltd. (a)		4,300		(20,683	)
Global-e Online Ltd. (a)		1,100		(43,714	)
Yalla Group Ltd., ADR (a)		1,100		(5,764	)

				(70,161	)

Telecommunications — 0.0%
Gilat Satellite Networks Ltd. (a)		500		(3,215	)

Transportation — 0.0%
Castor Maritime, Inc. (a)		5,460		(2,353	)

Total Middle East				(365,926	)

North America — (10.5)%
Advertising — 0.0%
Advantage Solutions, Inc. (a)		1,900		(5,396	)
Interpublic Group of Cos., Inc. (The)		6,600		(189,156	)
IZEA WORLDWIDE, Inc. (a)		900		(1,944	)
National CineMedia, Inc.		9,460		(42,475	)
Omnicom Group, Inc.		1,500		(111,720	)
Stran & Co., Inc. (a)		500		(615	)
Trade Desk, Inc. (The), Class A (a)		6,200		(484,530	)
TROIKA MEDIA GROUP, Inc. (a)		5,100		(5,610	)

				(841,446	)

Aerospace/Defense — 0.0%
AerSale Corp. (a)		500		(7,470	)
AEye, Inc. (a)		16,100		(3,381	)
ASTRA SPACE, Inc. (a)		926		(1,713	)
CAE, Inc. (a)		3,000		(70,050	)

See Notes to Consolidated Financial Statements.

107

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Leonardo DRS, Inc. (a)		600	$	(10,020	)
MOMENTUS, Inc. (a)		66		(132	)
Redwire Corp. (a)		2,100		(6,069	)
Rocket Lab USA, Inc. (a)		3,900		(17,082	)
TAT TECHNOLOGIES Ltd.		100		(860	)

				(116,777	)

Agriculture — (0.1)%
22ND CENTURY GROUP, Inc. (a)		40		(39	)
Andersons, Inc. (The)		600		(30,906	)
Benson Hill, Inc. (a)		9,200		(3,050	)
Bunge Ltd.		11,800		(1,277,350	)
Darling Ingredients, Inc. (a)		10,200		(532,440	)

				(1,843,785	)

Airlines — 0.0%
Alaska Air Group, Inc. (a)		17,300		(641,484	)
Allegiant Travel Co.		500		(38,430	)
Copa Holdings SA, Class A		400		(35,648	)
Delta Air Lines, Inc.		25,500		(943,500	)
Frontier Group Holdings, Inc. (a)		7,100		(34,364	)
Hawaiian Holdings, Inc. (a)		5,300		(33,549	)
JetBlue Airways Corp. (a)		103,300		(475,180	)
SkyWest, Inc. (a)		200		(8,388	)
Southwest Airlines Co.		8,400		(227,388	)
Spirit Airlines, Inc.		31,500		(519,750	)
United Airlines Holdings, Inc. (a)		13,300		(562,590	)
WHEELS UP EXPERIENCE, Inc. (a)		1,910		(3,954	)

				(3,524,225	)

Apparel — 0.0%
Capri Holdings Ltd. (a)		13,000		(683,930	)
Carter’s, Inc.		8,300		(573,945	)
Crocs, Inc. (a)		1,900		(167,637	)
Deckers Outdoor Corp. (a),(b)		44		(22,620	)
Gildan Activewear, Inc.		8,800		(246,488	)
Hanesbrands, Inc.		36,800		(145,728	)
Levi Strauss & Co., Class A		1,500		(20,370	)
PLBY Group, Inc. (a)		21,464		(17,193	)
PVH Corp.		100		(7,651	)
Ralph Lauren Corp.		400		(46,436	)
Torrid Holdings, Inc. (a)		2,597		(5,739	)
VF Corp.		2,700		(47,709	)

				(1,985,446	)

Auto Manufacturers — (0.1)%
Canoo, Inc. (a)		1,600		(784	)

See Notes to Consolidated Financial Statements.

108

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
ElectraMeccanica Vehicles Corp. (a)		3,745	$	(2,453	)
Fisker, Inc. (a)		35,400		(227,268	)
GreenPower Motor Co., Inc. (a)		100		(315	)
Hyliion Holdings Corp. (a)		1,100		(1,298	)
Lion Electric Co. (The) (a)		200		(382	)
Lucid Group, Inc. (a)		26,200		(146,458	)
MULLEN AUTOMOTIVE, Inc. (a)		57,055		(25,903	)
Nikola Corp. (a)		265,400		(416,678	)
PACCAR, Inc.		700		(59,514	)
Rivian Automotive, Inc., Class A (a)		57,500		(1,396,100	)
Workhorse Group, Inc. (a)		42,600		(17,653	)
Xos, Inc. (a)		2,500		(860	)

				(2,295,666	)

Auto Parts & Equipment — 0.0%
Aptiv plc (a)		500		(49,295	)
Aurora Innovation, Inc. (a)		23,000		(54,050	)
BorgWarner, Inc.		3,000		(121,110	)
CBAK Energy Technology, Inc. (a)		3,000		(2,457	)
CEPTON, Inc. (a)		500		(1,900	)
Fox Factory Holding Corp. (a)		1,200		(118,896	)
Goodyear Tire & Rubber Co. (The) (a)		3,000		(37,290	)
Holley, Inc. (a)		3,400		(16,966	)
Lear Corp.		200		(26,840	)
Luminar Technologies, Inc. (a)		90,900		(413,595	)
Magna International, Inc.		5,100		(273,411	)
Microvast Holdings, Inc. (a)		27,500		(51,975	)
Phinia, Inc.		1,900		(50,901	)
SES AI Corp. (a)		4,300		(9,761	)
Solid Power, Inc. (a)		300		(606	)
Visteon Corp. (a)		800		(110,456	)
Worksport Ltd. (a)		1,100		(2,310	)
XPEL, Inc. (a)		1,700		(131,087	)

				(1,472,906	)

Beverages — (0.1)%
Alkaline Water Co., Inc. (The) (a)		1,080		(394	)
BRC, Inc., Class A (a)		10,600		(38,054	)
Brown-Forman Corp., Class B		11,200		(646,128	)
Constellation Brands, Inc., Class A		12,800		(3,217,024	)
Farmer Bros Co. (a)		3,000		(7,740	)
Oatly Group AB, ADR (a)		2,900		(2,599	)
Westrock Coffee Co. (a)		400		(3,544	)
Zevia PBC, Class A (a)		1,600		(3,552	)

				(3,919,035	)

See Notes to Consolidated Financial Statements.

109

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Biotechnology — (0.1)%
2seventy bio, Inc. (a)		1,400	$	(5,488	)
Aadi Bioscience, Inc. (a)		400		(1,936	)
Abeona Therapeutics, Inc. (a)		3,228		(13,590	)
Acer Therapeutics, Inc. (a)		7,500		(6,192	)
Aceragen, Inc. (a)		735		(283	)
Adaptimmune Therapeutics plc, ADR (a)		8,579		(6,692	)
ADIAL PHARMACEUTICALS, Inc. (a)		332		(890	)
Aerovate Therapeutics, Inc. (a)		200		(2,714	)
Aeterna Zentaris, Inc. (a)		248		(600	)
Agenus, Inc. (a)		24,100		(27,233	)
AgeX Therapeutics, Inc. (a)		1,000		(680	)
Akero Therapeutics, Inc. (a)		3,800		(192,204	)
Allakos, Inc. (a)		3,600		(8,172	)
Alpha Teknova, Inc. (a)		300		(837	)
Alzamend Neuro, Inc. (a)		3,600		(853	)
Annovis Bio, Inc. (a)		300		(2,847	)
Apellis Pharmaceuticals, Inc. (a)		9,200		(349,968	)
Arcturus Therapeutics Holdings, Inc. (a)		2,300		(58,765	)
Arcutis Biotherapeutics, Inc. (a)		10,700		(56,817	)
Assembly Biosciences, Inc. (a)		100		(89	)
Atara Biotherapeutics, Inc. (a)		3,200		(4,736	)
Athersys, Inc. (a)		1,400		(605	)
Atreca, Inc., Class A (a)		2,500		(653	)
Avalo Therapeutics, Inc. (a)		22,700		(2,740	)
Axsome Therapeutics, Inc. (a)		10,300		(719,867	)
Biohaven Ltd. (a)		7,700		(200,277	)
BioVie, Inc. (a)		400		(1,364	)
Bluebird Bio, Inc. (a)		21,500		(65,360	)
Blueprint Medicines Corp. (a)		300		(15,066	)
BrainStorm Cell Therapeutics, Inc. (a)		1,100		(220	)
Cabaletta Bio, Inc. (a)		800		(12,176	)
Capricor Therapeutics, Inc. (a)		1,400		(4,788	)
Carisma Therapeutics, Inc.		2,878		(12,174	)
Cassava Sciences, Inc. (a)		6,100		(101,504	)
Celldex Therapeutics, Inc. (a)		1,000		(27,520	)
Cellectar Biosciences, Inc. (a)		1,300		(3,432	)
CEL-SCI Corp. (a)		1,700		(2,125	)
Cerevel Therapeutics Holdings, Inc. (a)		500		(10,915	)
Cytek Biosciences, Inc. (a)		8,200		(45,264	)
Day One Biopharmaceuticals, Inc. (a)		100		(1,227	)
Eiger BioPharmaceuticals, Inc. (a)		300		(92	)
Elutia, Inc. (a)		100		(143	)
ENDRA Life Sciences, Inc. (a)		245		(274	)
Entrada Therapeutics, Inc. (a)		400		(6,320	)
Enzo Biochem, Inc. (a)		3,200		(4,480	)

See Notes to Consolidated Financial Statements.

110

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
EQRx, Inc. (a)		18,100	$	(40,182	)
Evolus, Inc. (a)		600		(5,484	)
Frequency Therapeutics, Inc. (a)		200		(73	)
Galera Therapeutics, Inc. (a)		4,100		(718	)
Gemini Therapeutics, Inc. (c)		1,300		0
Genprex, Inc. (a)		1,900		(750	)
Geron Corp. (a)		4,800		(10,176	)
Greenwich Lifesciences, Inc. (a)		300		(2,652	)
Halozyme Therapeutics, Inc. (a)		800		(30,560	)
Hepion Pharmaceuticals, Inc. (a)		265		(1,322	)
HilleVax, Inc.		500		(6,725	)
Homology Medicines, Inc. (a)		1,300		(1,521	)
Horizon Therapeutics plc (b)		38,300		(4,430,927	)
Humacyte, Inc. (a)		2,400		(7,032	)
Icosavax, Inc. (a)		800		(6,200	)
IGM Biosciences, Inc. (a)		3,500		(29,225	)
Ikena Oncology, Inc. (a)		800		(3,464	)
Illumina, Inc. (a)		300		(41,184	)
ImmunityBio, Inc. (a)		41,100		(69,459	)
Inmune Bio, Inc. (a)		900		(6,156	)
Invivyd, Inc. (a)		5,200		(8,840	)
Iovance Biotherapeutics, Inc. (a)		13,100		(59,605	)
iTeos Therapeutics, Inc. (a)		3,100		(33,945	)
Iterum Therapeutics plc (a)		913		(758	)
Janux Therapeutics, Inc. (a)		600		(6,048	)
Karuna Therapeutics, Inc. (a)		100		(16,909	)
Keros Therapeutics, Inc. (a)		100		(3,188	)
Kiniksa Pharmaceuticals Ltd., Class A (a)		500		(8,685	)
Krystal Biotech, Inc. (a)		2,100		(243,600	)
Lineage Cell Therapeutics, Inc. (a)		2,400		(2,832	)
Longeveron, Inc. (a)		700		(1,624	)
Matinas BioPharma Holdings, Inc. (a)		3,100		(403	)
Meiragtx Holdings PLC (a)		1,600		(7,856	)
Merrimack Pharmaceuticals, Inc. (a)		611		(7,534	)
Mind Medicine MindMed, Inc. (a)		2,006		(6,279	)
MiNK Therapeutics, Inc. (a)		200		(234	)
Mirati Therapeutics, Inc. (a)		900		(39,204	)
Monte Rosa Therapeutics, Inc. (a)		700		(3,353	)
MoonLake Immunotherapeutics (a)		100		(5,700	)
Myriad Genetics, Inc. (a)		2,300		(36,892	)
Novavax, Inc. (a)		26,300		(190,412	)
Nuvalent, Inc., Class A (a)		1,400		(64,358	)
Ocuphire Pharma, Inc. (a)		500		(1,675	)
Omega Therapeutics, Inc. (a)		400		(860	)
ONCOCYTE Corp. (a)		200		(656	)
OpGen, Inc. (a)		5		(2	)

See Notes to Consolidated Financial Statements.

111

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Orgenesis, Inc. (a)		600	$	(365	)
Ovid therapeutics, Inc. (a)		1,600		(6,144	)
Palatin Technologies, Inc. (a)		576		(870	)
PDL BioPharma, Inc. (a),(c)		4,500		(11,115	)
Precigen, Inc. (a)		1,700		(2,414	)
Predictive Oncology, Inc. (a)		325		(1,040	)
PROTALIX BIOTHERAPEUTICS, Inc. (a)		500		(830	)
Rallybio Corp. (a)		200		(674	)
Recursion Pharmaceuticals, Inc., Class A (a)		1,300		(9,945	)
Reviva Pharmaceuticals Holdings, Inc. (a)		300		(1,464	)
Rockwell Medical, Inc. (a)		1,436		(2,987	)
SAB Biotherapeutics, Inc. (a)		1,000		(630	)
Scholar Rock Holding Corp. (a)		3,100		(22,010	)
Scilex Holding Co. (a)		11,154		(15,616	)
Seelos Therapeutics, Inc. (a)		13,800		(2,539	)
Seer, Inc. (a)		3,400		(7,514	)
Selecta Biosciences, Inc. (a)		900		(954	)
Sesen Bio, Inc. (c)		25,568		0
Structure Therapeutics, Inc., ADR (a)		400		(20,168	)
Tango Therapeutics, Inc. (a)		1,100		(12,386	)
Taysha Gene Therapies, Inc. (a)		9,600		(30,336	)
TScan Therapeutics, Inc. (a)		2,000		(5,120	)
Tyra Biosciences, Inc. (a)		200		(2,754	)
UNITY Biotechnology, Inc. (a)		1,210		(2,904	)
VACCINEX, Inc. (a)		40		(45	)
Vaxart, Inc. (a)		600		(452	)
Vaxxinity, Inc., Class A (a)		2,400		(3,288	)
Veracyte, Inc. (a)		4,100		(91,553	)
Verve Therapeutics, Inc. (a)		100		(1,326	)
Vir Biotechnology, Inc. (a)		8,200		(76,834	)
VISTAGEN THERAPEUTICS, Inc. (a)		1,353		(7,090	)
VolitionRX Ltd. (a)		900		(620	)
Vor BioPharma, Inc. (a)		1,100		(2,332	)
X4 Pharmaceuticals, Inc. (a)		800		(872	)
Zevra Therapeutics, Inc. (a)		2,700		(13,014	)
Zivo Bioscience, Inc. (a)		200		(264	)
Zymeworks, Inc. (a)		7,100		(45,014	)

				(7,828,917	)

Chemicals — (0.2)%
Albemarle Corp.		29,100		(4,948,164	)
Axalta Coating Systems Ltd. (a)		100		(2,690	)
Danimer Scientific, Inc. (a)		18,200		(37,674	)
Ingevity Corp. (a)		300		(14,283	)
International Flavors & Fragrances, Inc.		9,000		(613,530	)
Lightwave Logic, Inc. (a)		5,100		(22,797	)

See Notes to Consolidated Financial Statements.

112

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Linde plc		800	$	(297,880	)
Livent Corp. (a)		11,900		(219,079	)
Mativ Holdings, Inc.		5,300		(75,578	)
Nutrien Ltd.		21,700		(1,340,192	)
Olin Corp.		3,100		(154,938	)
Origin Materials, Inc. (a)		1,100		(1,408	)
Perimeter Solutions SA (a)		5,300		(24,062	)
Quaker Chemical Corp.		200		(32,000	)
RPM International, Inc.		1,100		(104,291	)
Terawulf, Inc. (a)		9,100		(11,466	)
Trinseo plc		1,000		(8,170	)
Valvoline, Inc.		12,900		(415,896	)
Westlake Corp.		100		(12,467	)

				(8,336,565	)

Coal — 0.0%
Alpha Metallurgical Resources, Inc.		600		(155,838	)
American Resources Corp. (a)		5,500		(9,185	)
Hallador Energy Co. (a)		200		(2,884	)
Peabody Energy Corp.		37,400		(972,026	)
Teck Resources Ltd., Class B		1,300		(56,017	)

				(1,195,950	)

Commercial Banks — (2.9)%
Associated Banc-Corp.		400		(6,844	)
Atlantic Union Bankshares Corp.		2,700		(77,706	)
Bancorp, Inc. (The) (a)		101,709		(3,508,960	)
Bank of Montreal		10,872		(917,271	)
Bank of Nova Scotia (The)		22,900		(1,044,011	)
Bank of NT Butterfield & Son Ltd. (The)		75,867		(2,054,478	)
Bank OZK		166,395		(6,168,263	)
Bankwell Financial Group, Inc.		4,308		(104,555	)
Banner Corp.		15,537		(658,458	)
Blue Ridge Bankshares, Inc.		10,624		(48,020	)
BOK Financial Corp.		200		(15,996	)
Cadence Bank		400		(8,488	)
Canadian Imperial Bank of Commerce		15,300		(590,733	)
Citizens Financial Group, Inc.		125,309		(3,358,281	)
City Holding Co.		37,719		(3,407,912	)
Civista Bancshares, Inc.		7,221		(111,925	)
Columbia Banking System, Inc.		13,400		(272,020	)
Comerica, Inc. (b)		2,943		(122,282	)
Credicorp Ltd.		700		(89,579	)
CrossFirst Bankshares, Inc.		44,671		(450,730	)
Cullen/Frost Bankers, Inc. (b)		273		(24,900	)
Eagle Bancorp, Inc.		101,507		(2,177,325	)

See Notes to Consolidated Financial Statements.

113

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
East West Bancorp, Inc. (b)		92,020	$	(4,850,374	)
Enterprise Financial Services Corp.		15,098		(566,175	)
Fifth Third Bancorp (b)		129,392		(3,277,499	)
First Citizens BancShares, Inc., Class A (b)		500		(690,050	)
First Financial Bancorp		100		(1,960	)
First Foundation, Inc.		73,953		(449,634	)
First Interstate BancSystem, Inc., Class A		2,200		(54,868	)
FNB Corp.		10,600		(114,374	)
Fulton Financial Corp.		37,854		(458,412	)
Goldman Sachs Group, Inc. (The)		164		(53,065	)
Hancock Whitney Corp.		11,130		(411,699	)
Home BancShares, Inc.		80,983		(1,695,784	)
HomeStreet, Inc.		77,646		(604,862	)
Huntington Bancshares, Inc. (b)		558,054		(5,803,762	)
Independent Bank Corp.		700		(34,363	)
Independent Bank Group, Inc.		13,038		(515,653	)
JPMorgan Chase & Co.		40,050		(5,808,051	)
KeyCorp (b)		228,713		(2,460,952	)
M&T Bank Corp.		27,250		(3,445,762	)
Morgan Stanley		300		(24,501	)
Old National Bancorp		37,517		(545,497	)
PacWest Bancorp		125,455		(992,349	)
Park National Corp.		100		(9,452	)
Pathward Financial, Inc.		78,129		(3,600,966	)
Pinnacle Financial Partners, Inc.		300		(20,112	)
PNC Financial Services Group, Inc. (The) (b)		4,739		(581,807	)
Preferred Bank		51,354		(3,196,786	)
Prosperity Bancshares, Inc.		44,721		(2,440,872	)
Regions Financial Corp. (b)		538,370		(9,259,964	)
Renasant Corp.		13,770		(360,636	)
Royal Bank of Canada		19,100		(1,670,104	)
ServisFirst Bancshares, Inc.		23,761		(1,239,611	)
Simmons First National Corp., Class A		72,784		(1,234,417	)
SouthState Corp.		100,816		(6,790,966	)
Texas Capital Bancshares, Inc.		100		(5,890	)
Toronto-Dominion Bank (The)		20,100		(1,211,226	)
Triumph Financial, Inc. (a)		10,740		(695,845	)
Truist Financial Corp. (b)		6,698		(191,630	)
Trustmark Corp.		77,898		(1,692,724	)
U.S. Bancorp		42,346		(1,399,959	)
UMB Financial Corp.		200		(12,410	)
United Bankshares, Inc.		4,086		(112,733	)
United Community Banks, Inc.		4,200		(106,722	)
Valley National Bancorp		6,100		(52,216	)
Veritex Holdings, Inc.		111,375		(1,999,181	)
Walker & Dunlop, Inc.		400		(29,696	)

See Notes to Consolidated Financial Statements.

114

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Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Webster Financial Corp.		14,900	$	(600,619	)
Wells Fargo & Co.		12,300		(502,578	)
Western Alliance Bancorp		86,399		(3,971,762	)
Wintrust Financial Corp.		400		(30,200	)
Zions Bancorp NA (b)		24,602		(858,364	)

				(101,957,831	)

Commercial Services — (0.3)%
Acacia Research Corp. (a)		200		(730	)
AMN Healthcare Services, Inc. (a)		3,600		(306,648	)
Bakkt Holdings, Inc. (a)		27,800		(32,526	)
Bitfarms Ltd. (a)		5,800		(6,206	)
Block, Inc. (a)		4,099		(181,422	)
Clarivate plc (a)		117,300		(787,083	)
Colliers International Group, Inc.		100		(9,525	)
CoStar Group, Inc. (a)		6,200		(476,718	)
Cross Country Healthcare, Inc. (a)		500		(12,395	)
Deluxe Corp.		1,000		(18,890	)
Dun & Bradstreet Holdings, Inc.		1,200		(11,988	)
Equifax, Inc. (b)		611		(111,923	)
Euronet Worldwide, Inc. (a)		14,760		(1,171,649	)
FiscalNote Holdings, Inc. (a)		25,300		(52,624	)
FleetCor Technologies, Inc. (a)		3,500		(893,690	)
Flywire Corp. (a)		700		(22,323	)
Global Payments, Inc.		29,740		(3,431,699	)
Grand Canyon Education, Inc. (a)		1,500		(175,320	)
H&R Block, Inc.		8,200		(353,092	)
Hertz Global Holdings, Inc. (a)		49,300		(603,925	)
Hut 8 Mining Corp. (a)		700		(1,365	)
John Wiley & Sons, Inc., Class A		100		(3,717	)
KATAPULT HOLDINGS, Inc. (a)		156		(1,597	)
Lifecore Biomedical, Inc. (a)		500		(3,772	)
Marathon Digital Holdings, Inc. (a)		6,200		(52,700	)
Medifast, Inc.		100		(7,485	)
Mister Car Wash, Inc.		9,600		(52,896	)
Multiplan Corp. (a)		22,600		(37,968	)
Priority Technology Holdings, Inc. (a)		200		(648	)
Progyny, Inc. (a)		100		(3,402	)
Quanta Services, Inc.		11,300		(2,113,891	)
RB Global, Inc.		15,000		(937,500	)
Remitly Global, Inc. (a)		1,800		(45,396	)
Rent the Runway, Inc., Class A (a)		17,400		(11,842	)
Riot Platforms, Inc. (a)		57,400		(535,542	)
S&P Global, Inc.		11,788		(4,307,453	)
Service Corp. International		2,600		(148,564	)
Shift4 Payments, Inc., Class A (a)		900		(49,833	)

See Notes to Consolidated Financial Statements.

115

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Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
SPIRE GLOBAL, Inc. (a)		1,350	$	(6,601	)
Sterling Check Corp. (a)		1,900		(23,978	)
SurgePays, Inc. (a)		1,500		(7,020	)
Team, Inc. (a)		200		(1,390	)
TransUnion		300		(21,537	)
Udemy, Inc. (a)		5,900		(56,050	)
United Rentals, Inc.		1,000		(444,570	)
WEX, Inc. (a)		100		(18,809	)
Willdan Group, Inc. (a)		300		(6,129	)
XWELL, Inc. (a)		20		(45	)
ZipRecruiter, Inc., Class A (a)		2,300		(27,577	)

				(17,589,653	)

Computers — (0.1)%
Accenture plc, Class A		2,100		(644,931	)
BlackBerry Ltd. (a)		5,400		(25,434	)
CGI, Inc. (a)		1,800		(177,282	)
Cognizant Technology Solutions Corp., Class A		9,200		(623,208	)
Corsair Gaming, Inc. (a)		3,300		(47,949	)
CyberArk Software Ltd. (a)		300		(49,131	)
Desktop Metal, Inc., Class A (a)		55,600		(81,176	)
Draganfly, Inc. (a)		7,000		(5,383	)
D-Wave Quantum, Inc. (a)		100		(96	)
DXC Technology Co. (a)		7,900		(164,557	)
EPAM Systems, Inc. (a)		2,100		(536,949	)
Globant SA (a)		3,600		(712,260	)
Markforged Holding Corp. (a)		8,400		(12,180	)
Maximus, Inc.		100		(7,468	)
NextNav, Inc. (a)		4,400		(22,616	)
Rekor Systems, Inc. (a)		3,400		(9,588	)
Rigetti Computing, Inc. (a)		22,400		(29,792	)
Socket Mobile, Inc. (a)		200		(228	)
Super Micro Computer, Inc. (a),(b)		9,298		(2,549,698	)
System1, Inc. (a)		700		(847	)
Thoughtworks Holding, Inc. (a)		5,700		(23,256	)
Velo3D, Inc. (a)		18,100		(28,236	)
Vuzix Corp. (a)		6,100		(22,143	)

				(5,774,408	)

Construction Materials — (0.1)%
AAON, Inc.		600		(34,122	)
Aspen Aerogels, Inc. (a)		1,900		(16,340	)
Builders FirstSource, Inc. (a)		21,600		(2,688,984	)
Carrier Global Corp.		3,900		(215,280	)
Owens Corning		300		(40,923	)
Research Frontiers, Inc. (a)		500		(540	)
Reto Eco-solutions, Inc. (a)		900		(504	)
SmartRent, Inc. (a)		10,600		(27,666	)

See Notes to Consolidated Financial Statements.

116

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Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
UFP Industries, Inc.		1,000	$	(102,400	)

				(3,126,759	)

Cosmetics/Personal Care — (0.1)%
Beauty Health Co. (The) (a)		14,000		(84,280	)
Coty, Inc., Class A (a)		60,000		(658,200	)
elf Beauty, Inc. (a)		1,300		(142,779	)
Honest Co., Inc. (The) (a)		5,700		(7,182	)
Kenvue, Inc.		151,800		(3,048,144	)

				(3,940,585	)

Distribution/Wholesale — 0.0%
A-Mark Precious Metals, Inc.		600		(17,598	)
ClearSign Technologies Corp. (a)		100		(109	)
Copart, Inc.		3,600		(155,124	)
Ferguson plc		2,100		(345,387	)
IDEANOMICS, Inc. (a)		2,100		(5,103	)
LKQ Corp.		1,600		(79,216	)
NOVABAY PHARMACEUTICALS, Inc. (a)		41		(18	)
Pool Corp.		2,700		(961,470	)
ThredUp, Inc., Class A (a)		3,200		(12,832	)
Watsco, Inc.		200		(75,544	)
WESCO International, Inc.		4,600		(661,572	)

				(2,313,973	)

Diversified Financial Services — (0.7)%
Affiliated Managers Group, Inc.		500		(65,170	)
AlTi Global, Inc. (a)		300		(2,088	)
Altisource Portfolio Solutions SA (a)		2,400		(9,576	)
American Express Co.		31,979		(4,770,947	)
Ameriprise Financial, Inc.		400		(131,872	)
Apollo Global Management, Inc.		9,400		(843,744	)
Applied Digital Corp. (a)		3,300		(20,592	)
BGC Group, Inc., Class A		100		(528	)
Blue Owl Capital, Inc.		3,900		(50,544	)
Bread Financial Holdings, Inc.		4,100		(140,220	)
Brookfield Asset Management Ltd., Class A		15,000		(500,100	)
Brookfield Business Corp., Class A		100		(1,808	)
Capital One Financial Corp.		58,995		(5,725,465	)
CME Group, Inc.		27,060		(5,417,953	)
Dave, Inc. (a)		300		(1,905	)
Discover Financial Services		18,040		(1,562,805	)
Encore Capital Group, Inc. (a)		300		(14,328	)
Enova International, Inc. (a)		26,887		(1,367,742	)
Finance Of America Cos., Inc., Class A (a)		1,500		(1,920	)
Forge Global Holdings, Inc. (a)		7,000		(14,210	)
Greenpro Capital Corp. (a)		580		(597	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,500		(31,800	)

See Notes to Consolidated Financial Statements.

117

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Interactive Brokers Group, Inc., Class A		10,660	$	(922,730	)
Janus Henderson Group plc		300		(7,746	)
loanDepot, Inc., Class A (a)		6,700		(11,524	)
LPL Financial Holdings, Inc.		2,300		(546,595	)
Moelis & Co., Class A		2,500		(112,825	)
Mr Cooper Group, Inc. (a)		4,700		(251,732	)
Navient Corp.		1,500		(25,830	)
Nelnet, Inc., Class A		400		(35,728	)
NerdWallet, Inc., Class A (a)		700		(6,223	)
OMNIQ Corp. (a)		100		(161	)
OneMain Holdings, Inc.		1,900		(76,171	)
PennyMac Financial Services, Inc.		3,700		(246,420	)
Perella Weinberg Partners		1,400		(14,252	)
Raymond James Financial, Inc.		5,900		(592,537	)
Regional Management Corp.		13,950		(386,136	)
Rocket Cos., Inc., Class A (a)		3,000		(24,540	)
StepStone Group, Inc., Class A		2,100		(66,318	)
Stifel Financial Corp.		300		(18,432	)
Upstart Holdings, Inc. (a)		2,200		(62,788	)
UWM Holdings Corp.		8,000		(38,800	)
Victory Capital Holdings, Inc., Class A		100		(3,334	)
Voya Financial, Inc.		100		(6,645	)

				(24,133,381	)

Electric — (0.1)%
Algonquin Power & Utilities Corp.		60,700		(359,344	)
Ameresco, Inc., Class A (a)		3,300		(127,248	)
Brookfield Renewable Corp., Class A		9,500		(227,430	)
Clearway Energy, Inc., Class C		5,300		(112,148	)
Constellation Energy Corp.		1,400		(152,712	)
FTC Solar, Inc. (a)		36,600		(46,848	)
NRG Energy, Inc.		39,514		(1,522,079	)
PG&E Corp.		44,000		(709,720	)
Public Service Enterprise Group, Inc.		1,900		(108,129	)
Sempra		100		(6,803	)
Stronghold Digital Mining, Inc., Class A (a)		2,200		(9,570	)

				(3,382,031	)

Electrical Compo & Equip — 0.0%
American Superconductor Corp. (a)		2,000		(15,100	)
Belden, Inc.		100		(9,655	)
Blink Charging Co. (a)		20,100		(61,506	)
ChargePoint Holdings, Inc. (a)		93,500		(464,695	)
Encore Wire Corp.		1,300		(237,198	)
EnerSys		100		(9,467	)
ESS Tech, Inc. (a)		22,200		(41,736	)
Generac Holdings, Inc. (a)		2,800		(305,088	)
Ideal Power, Inc. (a)		200		(1,958	)
Novanta, Inc. (a)		1,100		(157,784	)

See Notes to Consolidated Financial Statements.

118

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Universal Display Corp.		100	$	(15,699	)

				(1,319,886	)

Electronics — (0.1)%
Akoustis Technologies, Inc. (a)		15,400		(11,595	)
Applied Optoelectronics, Inc. (a)		9,300		(102,021	)
Arrow Electronics, Inc. (a)		600		(75,144	)
Atkore, Inc. (a)		1,900		(283,461	)
Charge Enterprises, Inc. (a)		11,000		(5,469	)
Knowles Corp. (a)		300		(4,443	)
KULR Technology Group, Inc. (a)		8,400		(3,015	)
Mirion Technologies, Inc. (a)		15,500		(115,785	)
National Instruments Corp.		24,700		(1,472,614	)
NEXTracker, Inc., Class A (a)		3,100		(124,496	)
SigmaTron International, Inc. (a)		800		(2,504	)
SKYX Platforms Corp. (a)		5,400		(7,668	)
Standard BioTools, Inc. (a)		3,100		(8,990	)
TE Connectivity Ltd.		600		(74,118	)
Vontier Corp.		2,800		(86,576	)
Wrap Technologies, Inc. (a)		2,000		(3,000	)

				(2,380,899	)

Energy—Alternate Sources — (0.4)%
Advent Technologies Holdings, Inc. (a)		100		(39	)
Alto Ingredients, Inc. (a)		3,500		(15,470	)
Array Technologies, Inc. (a)		17,300		(383,887	)
Ascent Solar Technologies (a)		100		(179	)
Ballard Power Systems, Inc. (a)		11,200		(41,104	)
Beam Global (a)		1,900		(14,022	)
Canadian Solar, Inc. (a)		11,000		(270,710	)
Cleanspark, Inc. (a)		16,900		(64,389	)
Comstock, Inc. (a)		7,100		(2,910	)
Energy Vault Holdings, Inc. (a)		23,300		(59,415	)
Enphase Energy, Inc. (a),(b)		45,541		(5,471,751	)
Enviva, Inc.		10,900		(81,423	)
Eos Energy Enterprises, Inc. (a)		38,300		(82,345	)
First Solar, Inc. (a)		6,700		(1,082,653	)
Fluence Energy, Inc. (a)		12,200		(280,478	)
Flux Power Holdings, Inc. (a)		400		(1,376	)
Green Plains, Inc. (a)		300		(9,030	)
HELIOGEN, Inc. (a)		2		(8	)
Montauk Renewables, Inc. (a)		500		(4,555	)
NextEra Energy Partners LP		3,800		(112,860	)
Plug Power, Inc. (a)		186,600		(1,418,160	)
Shoals Technologies Group, Inc., Class A (a)		17,800		(324,850	)
SolarEdge Technologies, Inc. (a)		12,500		(1,618,875	)
Spruce Power Holding Corp. (a)		9,000		(6,120	)
Stem, Inc. (a)		20,300		(86,072	)
Sunnova Energy International, Inc. (a)		25,900		(271,173	)

See Notes to Consolidated Financial Statements.

119

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Sunrun, Inc. (a)		67,315	$	(845,476	)
Sunworks, Inc. (a)		13,700		(7,124	)

				(12,556,454	)

Engineering & Construction — 0.0%
908 Devices, Inc. (a)		500		(3,330	)
Granite Construction, Inc.		600		(22,812	)
Latham Group, Inc. (a)		6,700		(18,760	)

				(44,902	)

Entertainment — (0.1)%
Atlanta Braves Holdings, Inc., Class C (a)		2,300		(82,179	)
Bally’s Corp. (a)		3,700		(48,507	)
Caesars Entertainment, Inc. (a)		32,576		(1,509,898	)
CINEVERSE Corp. (a)		865		(1,012	)
GAN Ltd. (a)		1,500		(1,740	)
Hall of Fame Resort & Entertainment Co. (a)		381		(2,217	)
Light & Wonder, Inc. (a)		500		(35,665	)
Live Nation Entertainment, Inc. (a),(b)		5,641		(468,429	)
Marriott Vacations Worldwide Corp.		2,700		(271,701	)
Penn Entertainment, Inc. (a)		38,400		(881,280	)
SeaWorld Entertainment, Inc. (a),(b)		8,529		(394,466	)
Six Flags Entertainment Corp. (a),(b)		31,732		(746,019	)
Sphere Entertainment Co. (a)		8,400		(312,144	)
Vail Resorts, Inc.		700		(155,323	)
Warner Music Group Corp., Class A		100		(3,140	)

				(4,913,720	)

Environmental Control — 0.0%
374Water, Inc.		700		(868	)
Aqua Metals, Inc. (a)		3,700		(4,181	)
Clean Harbors, Inc. (a)		900		(150,624	)
Denison Mines Corp. (a)		92,000		(151,800	)
GFL Environmental, Inc.		300		(9,528	)
LanzaTech Global, Inc. (a)		100		(467	)
Li-Cycle Holdings Corp. (a)		30,700		(108,985	)
Lightbridge Corp. (a)		790		(3,547	)
Montrose Environmental Group, Inc. (a)		1,500		(43,890	)
Waste Connections, Inc.		1,200		(161,160	)

				(635,050	)

Food — (0.1)%
Beyond Meat, Inc. (a)		1,100		(10,582	)
Blue Apron Holdings, Inc., Class A (a)		8		(103	)
Calavo Growers, Inc.		100		(2,523	)
General Mills, Inc. (b)		4,047		(258,968	)
Hershey Co. (The) (b)		3,652		(730,692	)
HF Foods Group, Inc. (a)		400		(1,588	)
Ingredion, Inc.		1,200		(118,080	)

See Notes to Consolidated Financial Statements.

120

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
J & J Snack Foods Corp.		100	$	(16,365	)
Krispy Kreme, Inc.		6,100		(76,067	)
Kroger Co. (The) (b)		20,293		(908,112	)
Lamb Weston Holdings, Inc.		17,300		(1,599,558	)
Mission Produce, Inc. (a)		1,500		(14,520	)
Performance Food Group Co. (a)		16,600		(977,076	)
Pilgrim’s Pride Corp. (a)		9,900		(226,017	)
Post Holdings, Inc. (a)		1,400		(120,036	)
RiceBran Technologies (a)		80		0
Seneca Foods Corp., Class A (a)		100		(5,383	)
Sprouts Farmers Market, Inc. (a)		100		(4,280	)
Stryve Foods, Inc., Class A (a)		120		(373	)
SunOpta, Inc. (a)		4,200		(14,154	)
Sysco Corp.		400		(26,420	)
TreeHouse Foods, Inc. (a)		400		(17,432	)
U.S. Foods Holding Corp. (a)		20,800		(825,760	)
Utz Brands, Inc.		3,700		(49,691	)
Whole Earth Brands, Inc. (a)		4,500		(16,200	)

				(6,019,980	)

Food Service — (0.1)%
Aramark		36,000		(1,249,200	)

Forest Products & Paper — (0.1)%
International Paper Co.		35,300		(1,252,091	)

Gas — 0.0%
Atmos Energy Corp.		6,300		(667,359	)
Brookfield Infrastructure Corp., Class A (b)		5,100		(180,234	)
ONE Gas, Inc.		3,500		(238,980	)
Southwest Gas Holdings, Inc.		4,600		(277,886	)
UGI Corp.		6,600		(151,800	)

				(1,516,259	)

Hand/Machine Tools — 0.0%
Regal Rexnord Corp.		1,100		(157,168	)

Healthcare—Products — 0.0%
10X Genomics, Inc., Class A (a)		300		(12,375	)
Acutus Medical, Inc. (a)		1,800		(1,254	)
Adaptive Biotechnologies Corp. (a)		1,300		(7,085	)
Akili, Inc., Class A (a)		400		(220	)
Akoya Biosciences, Inc. (a)		600		(2,790	)
Align Technology, Inc. (a)		3,400		(1,038,088	)
Apyx Medical Corp. (a)		2,200		(7,040	)
Asensus Surgical, Inc. (a)		26,230		(7,082	)
Avantor, Inc. (a)		20,600		(434,248	)
Axogen, Inc. (a)		500		(2,500	)
Bausch & Lomb Corp. (a)		3,500		(59,325	)
BioLife Solutions, Inc. (a)		1,200		(16,572	)

See Notes to Consolidated Financial Statements.

121

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Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Biomerica, Inc. (a)		700	$	(601	)
BIONANO GENOMICS, Inc. (a)		1,400		(4,242	)
BioSig Technologies, Inc. (a)		11,400		(5,578	)
BIOTRICITY, Inc. (a)		250		(523	)
BLUEJAY DIAGNOSTICS, Inc. (a)		30		(130	)
Butterfly Network, Inc. (a)		40,600		(47,908	)
Check Cap Ltd. (a)		490		(2,151	)
ClearPoint Neuro, Inc. (a)		1,100		(5,511	)
Co-Diagnostics, Inc. (a)		600		(636	)
Danaher Corp.		3,300		(818,730	)
DermTech, Inc. (a)		2,900		(4,176	)
Eargo, Inc. (a)		430		(946	)
Embecta Corp.		5,200		(78,260	)
Envista Holdings Corp. (a)		100		(2,788	)
FEMASYS, Inc. (a)		500		(1,490	)
GE HealthCare Technologies, Inc.		200		(13,608	)
Inmode Ltd. (a)		700		(21,322	)
Inspire Medical Systems, Inc. (a)		300		(59,532	)
iRhythm Technologies, Inc. (a)		3,800		(358,188	)
Lucid Diagnostics, Inc. (a)		1,000		(1,170	)
Milestone Scientific, Inc. (a)		1,300		(1,196	)
Nautilus Biotechnology, Inc. (a)		1,000		(3,160	)
Neogen Corp. (a)		14,100		(261,414	)
OmniAb, Inc. (a)		4,600		(23,874	)
Orchestra BioMed Holdings, Inc. (a)		300		(2,616	)
OrthoPediatrics Corp. (a)		300		(9,600	)
Pacific Biosciences of California, Inc. (a)		900		(7,515	)
PAVmed, Inc. (a)		11,100		(3,270	)
Penumbra, Inc. (a)		1,600		(387,056	)
PetVivo Holdings, Inc. (a)		300		(546	)
Quantum-Si, Inc. (a)		7,800		(12,948	)
QuidelOrtho Corp. (a)		756		(55,218	)
Sanara Medtech, Inc. (a)		100		(3,113	)
Sientra, Inc. (a)		100		(278	)
SmileDirectClub, Inc. (a)		26,400		(10,956	)
Sonendo, Inc. (a)		800		(597	)
STERIS plc		200		(43,884	)
T2 Biosystems, Inc. (a)		97,348		(21,504	)
TransMedics Group, Inc. (a)		800		(43,800	)
Vicarious Surgical, Inc.		2,100		(1,240	)
Vivani Medical, Inc. (a)		866		(883	)

				(3,910,737	)

Healthcare—Services — (0.1)%
23andMe Holding Co., Class A (a)		400		(391	)
Agiliti, Inc. (a)		2,900		(18,821	)
agilon health, Inc. (a)		32,900		(584,304	)
American Well Corp., Class A (a)		300		(351	)
Avalon GloboCare Corp. (a)		550		(438	)

See Notes to Consolidated Financial Statements.

122

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Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Aveanna Healthcare Holdings, Inc. (a)		2,000	$	(2,380	)
Bright Health Group, Inc. (a)		100		(597	)
Cano Health, Inc. (a)		88,400		(22,418	)
CareMax, Inc. (a)		6,200		(13,144	)
Catalent, Inc. (a)		37,700		(1,716,481	)
DaVita, Inc. (a)		600		(56,718	)
DocGo, Inc. (a)		7,600		(40,508	)
Dyadic International, Inc. (a)		400		(768	)
Fortrea Holdings, Inc. (a)		9,500		(271,605	)
Fulgent Genetics, Inc. (a)		2,300		(61,502	)
GeneDx Holdings Corp. (a)		1,000		(3,640	)
Ginkgo Bioworks Holdings, Inc. (a)		355,500		(643,455	)
Innovage Holding Corp. (a)		300		(1,797	)
Inotiv, Inc. (a)		600		(1,848	)
Invitae Corp. (a)		83,800		(50,716	)
Laboratory Corp. of America Holdings		300		(60,315	)
LifeStance Health Group, Inc. (a)		5,900		(40,533	)
Lisata Therapeutics, Inc. (a)		200		(418	)
ModivCare, Inc. (a)		500		(15,755	)
RadNet, Inc. (a)		200		(5,638	)
Surgery Partners, Inc. (a)		100		(2,925	)
Tenet Healthcare Corp. (a)		6,400		(421,696	)
Thorne HealthTech, Inc. (a)		400		(4,076	)
UpHealth, Inc. (a)		430		(421	)
VAPOTHERM, Inc. (a)		12		(30	)

				(4,043,689	)

Home Builders — (0.1)%
Century Communities, Inc.		1,600		(106,848	)
DR Horton, Inc.		16,600		(1,784,002	)
Dream Finders Homes, Inc., Class A (a)		2,100		(46,683	)
LCI Industries		1,800		(211,356	)
Lennar Corp., Class A		8,500		(953,955	)
LGI Homes, Inc. (a)		2,400		(238,776	)
Meritage Homes Corp.		1,200		(146,868	)
Skyline Champion Corp. (a)		3,300		(210,276	)
Taylor Morrison Home Corp. (a)		1,300		(55,393	)
Thor Industries, Inc.		6,400		(608,832	)
Winnebago Industries, Inc.		5,700		(338,865	)

				(4,701,854	)

Home Furnishings — 0.0%
Aterian, Inc. (a)		10,000		(3,270	)
Digital Ally, Inc. (a)		155		(322	)
Dolby Laboratories, Inc., Class A		200		(15,852	)
iRobot Corp. (a)		5,200		(197,080	)
Purple Innovation, Inc.		3,300		(5,643	)
SharkNinja, Inc. (a)		2,000		(92,720	)
Sleep Number Corp. (a)		4,600		(113,114	)

See Notes to Consolidated Financial Statements.

123

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Snap One Holdings Corp. (a)		500	$	(4,620	)
Tempur Sealy International, Inc.		11,800		(511,412	)
Traeger, Inc. (a)		4,800		(13,104	)
Xperi, Inc. (a)		600		(5,916	)

				(963,053	)

Household Products/Wares — 0.0%
Avery Dennison Corp.		100		(18,267	)
Bright Green Corp. (a)		7,300		(2,890	)
Cronos Group, Inc. (a)		26,600		(53,200	)
FLORA GROWTH Corp. (a)		300		(348	)
IM Cannabis Corp. (a)		370		(253	)
Spectrum Brands Holdings, Inc.		3,800		(297,730	)

				(372,688	)

Industrial Products — 0.0%
VERALTO Corp. (a)		1,099		(92,931	)

Insurance — (0.2)%
Aflac, Inc.		20,800		(1,596,400	)
Ambac Financial Group, Inc. (a)		3,200		(38,592	)
American International Group, Inc.		8,200		(496,920	)
Aon plc, Class A		3,800		(1,232,036	)
Argo Group International Holdings Ltd.		1,755		(52,369	)
Arthur J Gallagher & Co.		1,500		(341,895	)
Assurant, Inc.		2,600		(373,308	)
Atlantic American Corp.		200		(388	)
DOMA HOLDINGS, Inc. (a)		600		(3,048	)
Fidelity National Financial, Inc.		200		(8,260	)
Genworth Financial, Inc., Class A (a)		1,000		(5,860	)
Globe Life, Inc.		100		(10,873	)
GoHealth, Inc., Class A (a)		419		(6,071	)
Hagerty, Inc., Class A (a)		1,400		(11,438	)
Hippo Holdings, Inc. (a)		924		(7,364	)
Lemonade, Inc. (a)		9,673		(112,400	)
Manulife Financial Corp.		68,200		(1,246,696	)
Old Republic International Corp.		3,000		(80,820	)
Primerica, Inc.		200		(38,802	)
Principal Financial Group, Inc.		12,600		(908,082	)
Progressive Corp. (The)		100		(13,930	)
RenaissanceRe Holdings Ltd.		100		(19,792	)
Root, Inc., Class A (a)		717		(6,819	)
Selective Insurance Group, Inc.		400		(41,268	)
Sun Life Financial, Inc.		9,100		(444,080	)

				(7,097,511	)

Internet — 0.0%
Arena Group Holdings, Inc. (The) (a)		400		(1,712	)
BARK, Inc. (a)		14,700		(17,640	)

See Notes to Consolidated Financial Statements.

124

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Blade Air Mobility, Inc. (a)		7,100	$	(18,389	)
BuzzFeed, Inc. (a)		4,300		(1,643	)
Cars.com, Inc. (a)		900		(15,174	)
CDW Corp.		4,700		(948,272	)
Cogent Communications Holdings, Inc.		200		(12,380	)
ContextLogic, Inc., Class A (a)		7,300		(32,193	)
Couchbase, Inc. (a)		1,400		(24,024	)
Etsy, Inc. (a)		300		(19,374	)
EverQuote, Inc., Class A (a)		1,900		(13,737	)
Figs, Inc., Class A (a)		5,100		(30,090	)
fuboTV, Inc. (a)		51,500		(137,505	)
Grove Collaborative Holdings (a)		200		(532	)
Inspirato, Inc.		2,200		(1,298	)
Inuvo, Inc. (a)		6,000		(1,284	)
iPower, Inc. (a)		600		(457	)
iSpecimen, Inc. (a)		100		(62	)
Lands’ End, Inc. (a)		300		(2,241	)
Lulu’s Fashion Lounge Holdings, Inc. (a)		500		(1,005	)
MediaAlpha, Inc., Class A (a)		2,300		(18,998	)
Mondee Holdings, Inc. (a)		100		(357	)
Nerdy, Inc. (a)		8,400		(31,080	)
Newegg Commerce, Inc. (a)		3,300		(2,790	)
Remark Holdings, Inc. (a)		5,440		(2,712	)
RumbleON, Inc., Class B (a)		3,800		(23,294	)
Shopify, Inc., Class A (a),(b)		2,134		(116,452	)
Uber Technologies, Inc. (a)		4,800		(220,752	)
Upexi, Inc. (a)		100		(173	)
Vacasa, Inc., Class A (a)		2,500		(1,153	)
Zillow Group, Inc., Class A (a)		100		(4,479	)

				(1,701,252	)

Investment Company Security — 0.0%
Compass Diversified Holdings		1,000		(18,770	)
FTAI Infrastructure, Inc.		6,300		(20,286	)

				(39,056	)

Iron/Steel — (0.1)%
Algoma Steel Group, Inc.		13,900		(94,520	)
Cleveland-Cliffs, Inc. (a)		7,800		(121,914	)
Nucor Corp.		18,400		(2,876,840	)
Steel Dynamics, Inc.		5,500		(589,710	)

				(3,682,984	)

Leisure Time — 0.0%
BRP, Inc.		100		(7,586	)
Dragonfly Energy Holdings Corp. (a)		2,100		(3,234	)
Global Business Travel Group I (a)		600		(3,300	)
Harley-Davidson, Inc. (a)		1,600		(52,896	)

See Notes to Consolidated Financial Statements.

125

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Liberty TripAdvisor Holdings, Inc., Class A (a)		2,600	$	(1,271	)
Planet Fitness, Inc., Class A (a)		100		(4,918	)
Polaris, Inc.		1,100		(114,554	)
Royal Caribbean Cruises Ltd. (b)		1,700		(156,638	)
Topgolf Callaway Brands Corp. (a)		3,500		(48,440	)
Vista Outdoor, Inc. (a)		200		(6,624	)
Volcon, Inc. (a)		700		(354	)

				(399,815	)

Lodging — (0.1)%
Full House Resorts, Inc. (a)		1,600		(6,832	)
Hilton Grand Vacations, Inc. (a)		1,500		(61,050	)
MGM Resorts International		37,800		(1,389,528	)
Sonder Holdings, Inc. (a)		1,275		(10,468	)
Wyndham Hotels & Resorts, Inc.		2,100		(146,034	)

				(1,613,912	)

Machinery—Constr & Mining — 0.0%
Astec Industries, Inc.		100		(4,711	)
BWX Technologies, Inc.		500		(37,490	)
NuScale Power Corp. (a)		17,700		(86,730	)
Transphorm, Inc. (a)		100		(222	)

				(129,153	)

Machinery—Diversified — 0.0%
AgEagle Aerial Systems, Inc. (a)		13,600		(2,285	)
Cactus, Inc., Class A		200		(10,042	)
Chart Industries, Inc. (a)		6,100		(1,031,632	)
CIRCOR International, Inc. (a)		200		(11,150	)
Cognex Corp.		700		(29,708	)
Eastman Kodak Co. (a)		2,700		(11,367	)
GrafTech International Ltd.		9,600		(36,768	)
Ingersoll Rand, Inc.		1,552		(98,893	)
Knightscope, Inc., Class A (a)		20,800		(16,492	)
Urban-Gro, Inc. (a)		1,000		(1,360	)

				(1,249,697	)

Media — 0.0%
AMC Networks, Inc., Class A (a)		400		(4,712	)
Charter Communications, Inc., Class A (a),(b)		1,572		(691,397	)
Comcast Corp., Class A		11,700		(518,778	)
CuriosityStream, Inc. (a)		1,765		(1,252	)
EW Scripps Co. (The), Class A (a)		3,600		(19,728	)
Gray Television, Inc.		8,800		(60,896	)
Kartoon Studios, Inc. (a)		7,160		(10,024	)
Liberty Broadband Corp., Class C		9,500		(867,540	)
Liberty Media Corp.-Liberty Formula One, Class A (a)		1,200		(67,848	)

See Notes to Consolidated Financial Statements.

126

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Liberty Media Corp.-Liberty SiriusXM, Class C		23,300	$	(593,218	)
News Corp., Class A		45,900		(920,754	)
Nexstar Media Group, Inc. (b)		5,267		(755,130	)
Paramount Global, Class B (b)		12,096		(156,038	)
Scholastic Corp.		1,500		(57,210	)
Sinclair, Inc.		8,800		(98,736	)
TEGNA, Inc.		3,700		(53,909	)
Thomson Reuters Corp.		100		(12,232	)
Warner Bros Discovery, Inc. (a)		45,674		(496,020	)

				(5,385,422	)

Metal Fabricate/Hardware — 0.0%
Advanced Drainage Systems, Inc.		5,400		(614,682	)
Alpine 4 Holdings, Inc. (a)		3,425		(2,483	)
Worthington Industries, Inc.		500		(30,910	)
Xometry, Inc., Class A (a)		4,600		(78,108	)

				(726,183	)

Mining — (0.2)%
5E Advanced Materials, Inc. (a)		2,400		(5,424	)
Agnico Eagle Mines Ltd.		30,200		(1,372,590	)
Cameco Corp.		75,800		(3,004,712	)
Centerra Gold, Inc.		100		(490	)
Centrus Energy Corp., Class A (a)		1,400		(79,464	)
Coeur Mining, Inc. (a)		1,800		(3,996	)
Compass Minerals International, Inc. (a)		200		(5,590	)
Dakota Gold Corp. (a)		2,200		(5,676	)
Endeavour Silver Corp. (a)		100		(243	)
Energy Fuels, Inc. (a)		43,800		(360,036	)
Equinox Gold Corp. (a)		39,700		(167,931	)
Ferroglobe plc (a)		400		(2,080	)
First Majestic Silver Corp.		15,400		(79,002	)
Fortuna Silver Mines, Inc. (a)		8,100		(22,032	)
Franco-Nevada Corp.		400		(53,396	)
Hecla Mining Co.		8,140		(31,827	)
Hycroft Mining Holding Corp. (a)		37,400		(11,160	)
I-80 GOLD Corp. (a)		6,300		(9,639	)
Ivanhoe Electric, Inc. (a)		3,900		(46,410	)
Kaiser Aluminum Corp.		500		(37,630	)
MAG Silver Corp. (a)		3,900		(40,443	)
Metalla Royalty & Streaming Ltd. (a)		1,700		(5,202	)
MP Materials Corp. (a)		27,900		(532,890	)
NEW FOUND GOLD Corp. (a)		100		(417	)
NexGen Energy Ltd. (a)		3,700		(22,089	)
Nouveau Monde Graphite, Inc. (a)		600		(1,584	)
Novagold Resources, Inc. (a)		6,300		(24,192	)
Pan American Silver Corp.		3,400		(49,232	)

See Notes to Consolidated Financial Statements.

127

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Piedmont Lithium, Inc. (a)		5,100	$	(202,470	)
Royal Gold, Inc.		800		(85,064	)
Sandstorm Gold Ltd.		1,100		(5,137	)
Seabridge Gold, Inc. (a)		100		(1,055	)
SilverCrest Metals, Inc. (a)		27,900		(123,039	)
SSR Mining, Inc.		13,100		(174,099	)
TMC the metals Co., Inc. (a)		2,500		(2,478	)
Uranium Energy Corp. (a)		105,600		(543,840	)
Uranium Royalty Corp. (a)		400		(1,148	)
Ur-Energy, Inc. (a)		24,100		(37,114	)

				(7,150,821	)

Miscellaneous Manufacturing — (0.1)%
AMMO, Inc. (a)		11,800		(23,836	)
Axon Enterprise, Inc. (a)		500		(99,495	)
Byrna Technologies, Inc. (a)		1,400		(3,136	)
General Electric Co.		22,600		(2,498,430	)
Sight Sciences, Inc.		200		(674	)
Smith & Wesson Brands, Inc.		3,700		(47,767	)
Textron, Inc.		200		(15,628	)
Trinity Industries, Inc.		1,100		(26,785	)

				(2,715,751	)

Office/Business Equipment — 0.0%
Pitney Bowes, Inc.		1,100		(3,322	)

Oil & Gas — (0.5)%
Amplify Energy Corp. (a)		1,234		(9,070	)
Antero Resources Corp. (a)		10,800		(274,104	)
Baytex Energy Corp.		12,286		(54,181	)
Borr Drilling Ltd. (a)		500		(3,550	)
California Resources Corp.		5,000		(280,050	)
Callon Petroleum Co. (a)		13,100		(512,472	)
Camber Energy, Inc. (a)		23,436		(5,386	)
Canadian Natural Resources Ltd.		2,200		(142,274	)
Cenovus Energy, Inc.		22,000		(458,040	)
Chesapeake Energy Corp.		3,100		(267,313	)
Chevron Corp. (b)		3,376		(569,261	)
Chord Energy Corp.		1,200		(194,484	)
Civitas Resources, Inc.		2,500		(202,175	)
Comstock Resources, Inc.		51,300		(565,839	)
ConocoPhillips		1,500		(179,700	)
Coterra Energy, Inc.		120,100		(3,248,705	)
Crescent Energy Co., Class A		6,120		(77,357	)
Crescent Point Energy Corp.		12,300		(102,090	)
Diamondback Energy, Inc.		3,900		(604,032	)
EQT Corp.		88,800		(3,603,504	)

See Notes to Consolidated Financial Statements.

128

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Exxon Mobil Corp. (b)		7,234	$	(850,574	)
Gulfport Energy Corp. (a)		1,000		(118,660	)
Hess Corp.		1,100		(168,300	)
Marathon Petroleum Corp. (b)		3,169		(479,596	)
Matador Resources Co.		4,300		(255,764	)
Noble Corp. plc		3,300		(167,145	)
Northern Oil & Gas, Inc.		15,500		(623,565	)
Occidental Petroleum Corp.		60,700		(3,938,216	)
Ovintiv, Inc.		26,882		(1,278,777	)
Par Pacific Holdings, Inc. (a)		4,500		(161,730	)
Patterson-UTI Energy, Inc.		9,230		(127,743	)
Phillips 66		900		(108,135	)
Pioneer Natural Resources Co.		200		(45,910	)
Range Resources Corp.		15,100		(489,391	)
SilverBow Resources, Inc. (a)		1,000		(35,770	)
Sitio Royalties Corp., Class A		3,007		(72,799	)
Southwestern Energy Co. (a)		44,500		(287,025	)
Suncor Energy, Inc.		39,100		(1,344,258	)
Talos Energy, Inc. (a)		14,700		(241,668	)
Tellurian, Inc. (a)		81,300		(94,308	)
US Energy Corp.		100		(135	)
VAALCO Energy, Inc.		15,341		(67,347	)
Valero Energy Corp. (b)		5,600		(793,576	)
Vertex Energy, Inc. (a)		28,900		(128,605	)
Vital Energy, Inc. (a)		5,250		(290,955	)

				(23,523,539	)

Oil & Gas Services — 0.0%
Aris Water Solutions, Inc., Class A		4,100		(40,918	)
ChampionX Corp.		500		(17,810	)
Expro Group Holdings NV (a)		7,600		(176,548	)
KLX Energy Services Holdings, Inc. (a)		2,600		(30,810	)
ProFrac Holding Corp., Class A (a)		5,200		(56,576	)

				(322,662	)

Packaging & Containers — 0.0%
Ardagh Metal Packaging SA		23,600		(73,868	)
Ball Corp.		15,400		(766,612	)
Berry Global Group, Inc.		1,400		(86,674	)
Crown Holdings, Inc.		7,000		(619,360	)
Graphic Packaging Holding Co.		17,500		(389,900	)

				(1,936,414	)

Pharmaceuticals — 0.0%
AcelRx Pharmaceuticals, Inc. (a)		570		(331	)
ACELYRIN, Inc. (a)		2,800		(28,476	)

See Notes to Consolidated Financial Statements.

129

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Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
AdaptHealth Corp. (a)		9,300	$	(84,630	)
AEGLEA BIOTHERAPEUTICS, Inc. (a)		48		(588	)
Agios Pharmaceuticals, Inc. (a)		2,700		(66,825	)
Akebia Therapeutics, Inc. (a)		30,000		(34,200	)
Amylyx Pharmaceuticals, Inc. (a)		10,500		(192,255	)
Aquestive Therapeutics, Inc. (a)		3,100		(4,743	)
Aurora Cannabis, Inc. (a)		3,300		(1,931	)
Avadel Pharmaceuticals plc, ADR (a)		300		(3,090	)
Aytu BioPharma, Inc. (a)		121		(327	)
Bausch Health Cos., Inc. (a)		32,500		(267,150	)
Becton Dickinson & Co.		4,500		(1,163,385	)
Beyond Air, Inc. (a)		2,700		(6,237	)
Beyondspring, Inc. (a)		1,000		(800	)
BRIACELL THERAPEUTICS Corp.		400		(2,500	)
Canopy Growth Corp. (a)		71,000		(55,572	)
CASI Pharmaceuticals Holdings, Inc. (a)		330		(845	)
Catalyst Biosciences, Inc.(c)		4,600		0
Centessa Pharmaceuticals plc, ADR (a)		1,900		(12,293	)
Checkpoint Therapeutics, Inc. (a)		2,500		(4,250	)
Chimerix, Inc. (a)		1,000		(960	)
Cidara Therapeutics, Inc. (a)		3,900		(3,675	)
Citius Pharmaceuticals, Inc. (a)		16,000		(10,950	)
Coherus Biosciences, Inc. (a)		300		(1,122	)
Dare Bioscience, Inc. (a)		5,600		(2,586	)
DMK Pharmaceuticals Corp. (a)		2,900		(1,998	)
Elanco Animal Health, Inc. (a)		4,400		(49,456	)
Fennec Pharmaceuticals, Inc. (a)		600		(4,506	)
Foghorn Therapeutics, Inc. (a)		800		(4,000	)
Fortress Biotech, Inc. (a)		4,200		(1,219	)
Galectin Therapeutics, Inc. (a)		500		(960	)
Gritstone bio, Inc. (a)		5,100		(8,772	)
GSK plc, ADR		500		(18,125	)
HARPOON THERAPEUTICS, Inc. (a)		452		(1,822	)
Henry Schein, Inc. (a)		4,400		(326,700	)
Herbalife Ltd. (a)		1,100		(15,389	)
Heron Therapeutics, Inc. (a)		35,000		(36,050	)
ImmunoPrecise Antibodies Ltd. (a)		200		(366	)
Jaguar Health, Inc. (a)		1,203		(313	)
Madrigal Pharmaceuticals, Inc.		2,600		(379,704	)
NEUBASE THERAPEUTICS, Inc. (a)		49		(43	)
NEUROBO PHARMACEUTICALS, Inc. (a),(c)		92		(29	)
Oncolytics Biotech, Inc. (a)		600		(1,308	)
Optinose, Inc. (a)		1,500		(1,845	)
Option Care Health, Inc. (a)		200		(6,470	)
Organigram Holdings, Inc. (a)		5,675		(7,491	)
Organon & Co.		4,300		(74,648	)

See Notes to Consolidated Financial Statements.

130

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Pluri, Inc. (a)		900	$	(496	)
Regulus Therapeutics, Inc. (a)		200		(276	)
Revance Therapeutics, Inc. (a)		10,300		(118,141	)
Rhythm Pharmaceuticals, Inc. (a)		6,300		(144,428	)
Safety Shot, Inc. (a)		0		0
scPharmaceuticals, Inc. (a)		600		(4,272	)
SCYNEXIS, Inc. (a)		5,300		(12,084	)
SELLAS Life Sciences Group, Inc. (a)		1,767		(2,898	)
Senseonics Holdings, Inc. (a)		25,500		(15,399	)
Seres Therapeutics, Inc. (a)		12,700		(30,226	)
SIGA Technologies, Inc.		1,300		(6,825	)
SNDL, Inc. (a)		70,240		(133,456	)
Spero Therapeutics, Inc. (a)		6,500		(7,865	)
Summit Therapeutics, Inc. (a)		21,900		(40,953	)
TherapeuticsMD, Inc. (a)		430		(1,299	)
Tilray Brands, Inc. (a)		201,500		(481,585	)
Titan Pharmaceuticals, Inc. (a)		300		(140	)
TREVENA, Inc. (a)		4,103		(2,474	)
Trevi Therapeutics, Inc. (a)		200		(436	)
Vaxcyte, Inc. (a)		3,500		(178,430	)
Voyager Therapeutics, Inc. (a)		100		(775	)
vTv Therapeutics, Inc., Class A (a)		1,200		(574	)
Xeris Biopharma Holdings, Inc. (a)		7,042		(13,098	)
Zoetis, Inc.		100		(17,398	)
Zomedica Corp. (a)		109,900		(18,364	)

				(4,122,827	)

Pipelines — 0.0%
Antero Midstream Corp.		4,600		(55,108	)
DT Midstream, Inc.		2,300		(121,716	)
Enbridge, Inc.		5,600		(185,864	)
Equitrans Midstream Corp.		16,900		(158,353	)
Excelerate Energy, Inc., Class A		2,500		(42,600	)
Golar LNG Ltd.		300		(7,278	)
Kinder Morgan, Inc.		66,600		(1,104,228	)
Kinetik Holdings, Inc.		20		(675	)
New Fortress Energy, Inc.		20,600		(675,268	)
NextDecade Corp. (a)		2,300		(11,776	)
Pembina Pipeline Corp.		10,200		(306,612	)
TC Energy Corp.		23,200		(798,312	)
Williams Cos., Inc. (The)		28,400		(956,796	)

				(4,424,586	)

Private Equity — (0.2)%
Ares Management Corp., Class A		8,500		(874,395	)
Brookfield Corp., Class A		59,867		(1,872,041	)

See Notes to Consolidated Financial Statements.

131

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Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Carlyle Group, Inc. (The)		14,400	$	(434,304	)
Global Net Lease, Inc.		4,406		(42,342	)
KKR & Co., Inc.		49,000		(3,018,400	)

				(6,241,482	)

Real Estate — (0.1)%
CBRE Group, Inc., Class A (a)		31,633		(2,336,413	)
Compass, Inc., Class A (a)		1,600		(4,640	)
Fathom Holdings, Inc. (a)		600		(2,448	)
Harbor Custom Development, Inc. (a)		700		(980	)
Howard Hughes Holdings, Inc. (a)		1,600		(118,608	)
Jones Lang LaSalle, Inc. (a)		1,300		(183,534	)
Kennedy-Wilson Holdings, Inc.		6,100		(89,914	)
Newmark Group, Inc., Class A		1,000		(6,430	)
Tricon Residential, Inc.		16,900		(125,060	)

				(2,868,027	)

Real Estate Investment Trusts — (1.0)%
Alexandria Real Estate Equities, Inc.		9,400		(940,940	)
American Homes 4 Rent, Class A		24,600		(828,774	)
Americold Realty Trust, Inc.		22,600		(687,266	)
Annaly Capital Management, Inc.		83,650		(1,573,456	)
Apartment Income REIT Corp.		1,100		(33,770	)
Apartment Investment & Management Co., Class A		700		(4,760	)
Apollo Commercial Real Estate Finance, Inc.		7,000		(70,910	)
Apple Hospitality REIT, Inc.		5,400		(82,836	)
Arbor Realty Trust, Inc.		23,600		(358,248	)
Armour Residentail REIT, Inc.		2,300		(9,775	)
Ashford Hospitality Trust, Inc. (a)		10,600		(25,334	)
AvalonBay Communities, Inc.		3,700		(635,438	)
Blackstone Mortgage Trust, Inc., Class A		52,500		(1,141,875	)
Boston Properties, Inc.		25,500		(1,516,740	)
Braemar Hotels & Resorts, Inc.		2,800		(7,756	)
Brandywine Realty Trust		7,600		(34,504	)
Brixmor Property Group, Inc.		4,900		(101,822	)
Broadstone Net Lease, Inc.		100		(1,430	)
CBL & Associates Properties, Inc.		800		(16,784	)
Chimera Investment Corp.		27,100		(147,966	)
Claros Mortgage Trust, Inc.		2,000		(22,160	)
COPT Defense Properties		6,000		(142,980	)
Digital Realty Trust, Inc. (b)		34,086		(4,125,088	)
Douglas Emmett, Inc.		4,800		(61,248	)
Dynex Capital, Inc.		200		(2,388	)
Easterly Government Properties, Inc.		10,100		(115,443	)
Ellington Financial, Inc.		11,200		(139,664	)
Empire State Realty Trust, Inc., Class A		16,800		(135,072	)

See Notes to Consolidated Financial Statements.

132

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares			Value
Equinix, Inc. (b)		1,647		$	(1,196,150	)
Equity LifeStyle Properties, Inc.		1,700			(108,307	)
Equity Residential		6,400			(375,744	)
Essex Property Trust, Inc.		800			(169,672	)
Extra Space Storage, Inc.		22,400			(2,723,392	)
Federal Realty Investment Trust		4,500			(407,835	)
Franklin BSP Realty Trust, Inc.		2,900			(38,396	)
Gaming & Leisure Properties, Inc.		2,400			(109,320	)
Gladstone Commercial Corp.		2,400			(29,184	)
Global Medical REIT, Inc.		200			(1,794	)
Healthcare Realty Trust, Inc.		52,900			(807,783	)
Healthpeak Properties, Inc.		10,500			(192,780	)
Highwoods Properties, Inc.		9,300			(191,673	)
Host Hotels & Resorts, Inc.		132,700			(2,132,489	)
Hudson Pacific Properties, Inc.		32,500			(216,125	)
Independence Realty Trust, Inc.		8,600			(121,002	)
Industrial Logistics Properties Trust		1,500			(4,335	)
Innovative Industrial Properties, Inc.		2,800			(211,848	)
InvenTrust Properties Corp.		2,300			(54,763	)
Invitation Homes, Inc.		10,800			(342,252	)
JBG SMITH Properties		10,600			(153,276	)
Kilroy Realty Corp.		3,100			(97,991	)
Kimco Realty Corp.		1,600			(28,144	)
Kite Realty Group Trust		19,900			(426,258	)
KKR Real Estate Finance Trust, Inc.		5,000	��		(59,350	)
Lamar Advertising Co., Class A		4,300			(358,921	)
Macerich Co. (The)		14,800			(161,468	)
Medical Properties Trust, Inc.		185,500			(1,010,975	)
National Storage Affiliates Trust		9,100			(288,834	)
NETSTREIT Corp.		1,200			(18,696	)
New York Mortgage Trust, Inc.		11,225			(95,300	)
NexPoint Diversified Real Estate Trust		203			(1,768	)
NNN REIT, Inc.		200			(7,068	)
Office Properties Income Trust		1,500			(6,150	)
Orchid Island Capital, Inc.		1,500			(12,765	)
Orion Office REIT, Inc.		3,800			(19,798	)
Outfront Media, Inc.		42,900			(433,290	)
Paramount Group, Inc.		27,100			(125,202	)
Park Hotels & Resorts, Inc.		6,900			(85,008	)
PEAKSTONE REALTY TRUST		1,400			(23,296	)
PennyMac Mortgage Investment Trust		12,300			(152,520	)
Phillips Edison & Co., Inc.		3,600			(120,744	)
Physicians Realty Trust		25,400			(309,626	)
PotlatchDeltic Corp.		4,321			(196,130	)
Public Storage		4,600			(1,212,192	)
Ready Capital Corp.		22,800			(230,508	)

See Notes to Consolidated Financial Statements.

133

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Realty Income Corp.		3,800	$	(189,772	)
Redwood Trust, Inc.		13,200		(94,116	)
Regency Centers Corp.		7,100		(422,024	)
Rithm Capital Corp.		63,900		(593,631	)
Sabra Health Care REIT, Inc.		1,900		(26,486	)
Safehold, Inc.		1,100		(19,580	)
Simon Property Group, Inc.		17,500		(1,890,525	)
SL Green Realty Corp.		19,951		(744,172	)
Spirit Realty Capital, Inc.		4,000		(134,120	)
STAG Industrial, Inc.		100		(3,451	)
Starwood Property Trust, Inc.		47,200		(913,320	)
Sun Communities, Inc.		7,100		(840,214	)
Sunstone Hotel Investors, Inc.		11,300		(105,655	)
Tanger Factory Outlet Centers, Inc.		1,200		(27,120	)
Two Harbors Investment Corp.		19,350		(256,194	)
UDR, Inc.		3,300		(117,711	)
Uniti Group, Inc.		25,600		(120,832	)
Ventas, Inc.		30,238		(1,273,927	)
VICI Properties, Inc.		64,473		(1,876,164	)
Vornado Realty Trust		59,000		(1,338,120	)
Welltower, Inc.		31,600		(2,588,672	)
WP Carey, Inc.		5,900		(319,072	)

				(41,929,427	)

Retail — (0.6)%
Academy Sports & Outdoors, Inc.		19,300		(912,311	)
Asbury Automotive Group, Inc. (a)		1,000		(230,070	)
AutoNation, Inc. (a)		1,900		(287,660	)
Barnes & Noble Education, Inc. (a)		798		(870	)
Bath & Body Works, Inc.		300		(10,140	)
Best Buy Co., Inc.		6,000		(416,820	)
Big 5 Sporting Goods Corp.		200		(1,402	)
Birks Group, Inc. (a)		100		(450	)
BJ’s Wholesale Club Holdings, Inc. (a)		25,200		(1,798,524	)
Boot Barn Holdings, Inc. (a)		5,600		(454,664	)
Buckle, Inc. (The)		200		(6,678	)
BurgerFi International, Inc. (a)		800		(928	)
Caleres, Inc.		3,500		(100,660	)
CarMax, Inc. (a)		2,200		(155,606	)
Carvana Co. (b)		1,102		(46,262	)
Container Store Group, Inc. (The) (a)		100		(225	)
Costco Wholesale Corp. (b)		1,172		(662,133	)
Darden Restaurants, Inc.		9,700		(1,389,234	)
Dave & Buster’s Entertainment, Inc. (a)		13,300		(493,031	)
Designer Brands, Inc., Class A		15,600		(197,496	)
Dick’s Sporting Goods, Inc.		500		(54,290	)

See Notes to Consolidated Financial Statements.

134

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Dollar Tree, Inc. (a)		10,100	$	(1,075,145	)
Dutch Bros, Inc., Class A		2,399		(55,777	)
EVgo, Inc. (a)		30,700		(103,766	)
EXPRESS, Inc. (a)		300		(2,703	)
Floor & Decor Holdings, Inc., Class A (a)		13,000		(1,176,500	)
Foot Locker, Inc.		22,200		(385,170	)
Freshpet, Inc. (a)		400		(26,352	)
Genuine Parts Co.		2,400		(346,512	)
GrowGeneration Corp. (a)		2,800		(8,176	)
Hibbett, Inc.		400		(19,004	)
Home Depot, Inc. (The)		5,100		(1,541,016	)
Jack in the Box, Inc.		200		(13,812	)
JOANN, Inc.		1,400		(1,008	)
Leslie’s, Inc. (a)		37,600		(212,816	)
Lithia Motors, Inc.		2,500		(738,325	)
Lowe’s Cos., Inc. (b)		7,595		(1,578,545	)
Macy’s, Inc.		30,900		(358,749	)
MarineMax, Inc. (a)		200		(6,564	)
Noodles & Co. (a)		2,400		(5,904	)
ODP Corp. (The) (a)		2,300		(106,145	)
OneWater Marine, Inc., Class A (a)		900		(23,058	)
Patrick Industries, Inc.		100		(7,506	)
Penske Automotive Group, Inc.		600		(100,236	)
Polished.com, Inc. (a)		12,200		(985	)
Restaurant Brands International, Inc.		18,600		(1,239,132	)
RH (a)		1,100		(290,796	)
Rite Aid Corp. (a)		200		(90	)
Shift Technologies, Inc. (a)		1,820		(2,912	)
Signet Jewelers Ltd.		11,600		(832,996	)
Sportsman’s Warehouse Holdings, Inc. (a)		10,500		(47,145	)
Starbucks Corp. (b)		4,579		(417,925	)
Tile Shop Holdings, Inc. (a)		100		(549	)
Tilly’s, Inc., Class A (a)		2,200		(17,864	)
Tractor Supply Co.		2,800		(568,540	)
Ulta Beauty, Inc. (a)		9,800		(3,914,610	)
Victoria’s Secret & Co. (a)		23,000		(383,640	)
Vroom, Inc. (a)		41,300		(46,256	)
Walgreens Boots Alliance, Inc.		22,500		(500,400	)
Walmart, Inc.		300		(47,979	)
Williams-Sonoma, Inc.		14,300		(2,222,220	)

				(25,646,282	)

Savings & Loans — (0.3)%
Axos Financial, Inc. (a)		160,307		(6,069,223	)
Carver Bancorp, Inc. (a)		400		(868	)
New York Community Bancorp, Inc.		223,596		(2,535,579	)
TFS Financial Corp.		3,100		(36,642	)

See Notes to Consolidated Financial Statements.

135

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Washington Federal, Inc.		1,500	$	(38,430	)
WSFS Financial Corp.		2,600		(94,900	)

				(8,775,642	)

Semiconductors — (0.4)%
Aehr Test Systems (a)		8,700		(397,590	)
Analog Devices, Inc.		7,900		(1,383,211	)
Applied Materials, Inc.		6,100		(844,545	)
Broadcom, Inc. (b)		100		(83,058	)
Cohu, Inc. (a)		100		(3,444	)
eMagin Corp. (a)		400		(796	)
Intel Corp. (b)		15,949		(566,987	)
Marvell Technology, Inc.		24,300		(1,315,359	)
Monolithic Power Systems, Inc.		500		(231,000	)
ON Semiconductor Corp. (a)		59,900		(5,567,705	)
Ouster, Inc. (a)		6,170		(31,097	)

				(10,424,792	)

Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		800		(163,664	)

Software — (0.5)%
ACV Auctions, Inc., Class A (a)		100		(1,518	)
Adeia, Inc.		1,900		(20,292	)
Alkami Technology, Inc. (a)		500		(9,110	)
Alteryx, Inc., Class A (a)		2,100		(79,149	)
ANSYS, Inc. (a)		1,800		(535,590	)
AppLovin Corp., Class A (b)		2,492		(99,580	)
Aspen Technology, Inc. (a)		2,300		(469,798	)
Autodesk, Inc. (a)		500		(103,455	)
AvePoint, Inc. (a)		3,100		(20,832	)
AvidXchange Holdings, Inc.		500		(4,740	)
Bentley Systems, Inc., Class B		200		(10,032	)
BigBear.ai Holdings, Inc. (a)		15,600		(23,556	)
BILL Holdings, Inc. (a)		17,900		(1,943,403	)
BlackLine, Inc. (a)		1,000		(55,470	)
Blend Labs, Inc., Class A (a)		24,800		(33,976	)
BM Technologies, Inc. (a)		700		(1,400	)
Braze, Inc., Class A (a)		400		(18,692	)
C3.ai, Inc., Class A (a),(b)		878		(22,407	)
CareCloud, Inc. (a)		200		(230	)
Ceridian HCM Holding, Inc. (a)		13,800		(936,330	)
Cloudflare, Inc., Class A (b)		129		(8,132	)
Concentrix Corp.		1,200		(96,132	)
Consensus Cloud Solutions, Inc. (a)		700		(17,626	)
CS Disco, Inc. (a)		1,200		(7,968	)
DarioHealth Corp. (a)		3,000		(9,840	)

See Notes to Consolidated Financial Statements.

136

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares			Value
Datadog, Inc., Class A (b)		294		$	(26,780	)
DigitalOcean Holdings, Inc. (b)		629			(15,115	)
DoubleVerify Holdings, Inc.		200			(5,590	)
E2open Parent Holdings, Inc. (a)		20,900			(94,886	)
Enthusiast Gaming Holdings, Inc. (a)		3,200			(1,066	)
EverCommerce, Inc. (a)		1,000			(10,030	)
Exela Technologies, Inc. (a)		1,000			(4,220	)
Fair Isaac Corp. (a),(b)		56			(48,638	)
FARADAY FUTURE INTELLIGENT ELECTRIC, Inc. (a)		5,517			(7,338	)
Fidelity National Information Services, Inc.		1,900			(105,013	)
Fiserv, Inc. (a)		60,889			(6,878,021	)
Five9, Inc. (a)		6,700			(430,810	)
GameSquare Holdings, Inc. (a)		125			(273	)
Gitlab, Inc., Class A (a)		1,600			(72,352	)
Glimpse Group, Inc. (The) (a)		500			(920	)
Guidewire Software, Inc. (a)		100			(9,000	)
HubSpot, Inc. (b)		75			(36,937	)
Innodata, Inc. (a)		1,200			(10,236	)
Intuit, Inc.		400			(204,376	)
Jack Henry & Associates, Inc.		13,129			(1,984,317	)
Lightspeed Commerce, Inc. (a)		3,200			(44,896	)
LiveVox Holdings, Inc. (a)		800			(2,672	)
Matterport, Inc. (a)		5,300			(11,501	)
MeridianLink, Inc. (a)		1,100			(18,766	)
MicroStrategy, Inc., Class A (a)		100			(32,828	)
MongoDB, Inc. (b)		50			(17,293	)
nCino, Inc. (a)		35,536			(1,130,045	)
New Relic, Inc.(a), (b)		2,300			(196,926	)
Open Text Corp.		8,100			(284,310	)
Oracle Corp. (b)		454			(48,088	)
Paycom Software, Inc.		200			(51,854	)
Phunware, Inc. (a)		1,200			(215	)
Planet Labs PBC (a)		25,700			(66,820	)
Playtika Holding Corp. (a)		500			(4,815	)
Porch Group, Inc. (a)		28,000			(22,473	)
Privia Health Group, Inc. (a)		1,100	��		(25,300	)
Procore Technologies, Inc. (a)		300			(19,596	)
PubMatic, Inc., Class A (a)		3,100			(37,510	)
Red Cat Holdings, Inc. (a)		2,200			(2,132	)
Roper Technologies, Inc.		1,100			(532,708	)
RYVYL, Inc. (a)		270			(814	)
Schrodinger, Inc. (a)		1,700			(48,059	)
SentinelOne, Inc., Class A (a)		3,400			(57,324	)
Sharecare, Inc. (a)		25,344			(23,833	)
Skillsoft Corp. (a)		3,600			(3,191	)
SKILLZ, Inc. (a)		500			(2,550	)

See Notes to Consolidated Financial Statements.

137

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Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Snowflake, Inc., Class A (a)		5,000	$	(763,850	)
SoundHound AI, Inc., Class A (a)		62,900		(126,429	)
SPHERE 3D Corp. (a)		114		(154	)
SS&C Technologies Holdings, Inc.		2,200		(115,588	)
Take-Two Interactive Software, Inc. (a)		19,400		(2,723,566	)
Twilio, Inc., Class A (a)		200		(11,706	)
Verb Technology Co., Inc. (a)		25		(18	)
Veritone, Inc. (a)		8,800		(22,704	)
Verra Mobility Corp.		300		(5,610	)
Vislink Technologies, Inc. (a)		115		(423	)
WM Technology, Inc. (a)		9,100		(12,012	)

				(20,943,755	)

Telecommunications — 0.0%
ADTRAN Holdings, Inc.		7,300		(60,079	)
AmpliTech Group, Inc. (a)		100		(205	)
AT&T, Inc. (b)		10,712		(160,894	)
ATN International, Inc.		100		(3,156	)
BCE, Inc.		18,900		(721,413	)
BlackSky Technology, Inc. (a)		15,600		(18,252	)
Clearfield, Inc. (a)		2,600		(74,516	)
COMSovereign Holding Corp. (a)		500		(595	)
Consolidated Communications Holdings, Inc. (a)		1,500		(5,130	)
DigitalBridge Group, Inc.		16,406		(288,417	)
Frontier Communications Parent, Inc. (a)		45,000		(704,250	)
Globalstar, Inc. (a)		500		(655	)
Lantronix, Inc. (a)		1,600		(7,120	)
Millicom International Cellular SA (a)		1,300		(20,085	)
Ondas Holdings, Inc. (a)		11,200		(6,826	)
Rogers Communications, Inc., Class B		3,900		(149,721	)
Shenandoah Telecommunications Co.		1,100		(22,671	)
Sidus Space, Inc., Class A (a)		1,200		(172	)
SIYATA MOBILE, Inc. (a)		100		(281	)
TELUS Corp.		24,100		(393,794	)
Terran Orbital Corp. (a)		61,300		(51,026	)
T-Mobile US, Inc.		800		(112,040	)
Ubiquiti, Inc.		600		(87,180	)
Viasat, Inc. (a)		6,000		(110,760	)

				(2,999,238	)

Toys/Games/Hobbies — 0.0%
Hasbro, Inc.		2,000		(132,280	)
Mattel, Inc. (a)		4,500		(99,135	)

				(231,415	)

See Notes to Consolidated Financial Statements.

138

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Transportation — (0.2)%
Canadian Pacific Kansas City Ltd.		34,330	$	(2,554,495	)
Eagle Bulk Shipping, Inc.		200		(8,406	)
FedEx Corp.		5,500		(1,457,060	)
GXO Logistics, Inc. (a)		500		(29,325	)
Landstar System, Inc.		700		(123,858	)
Matson, Inc.		2,400		(212,928	)
Old Dominion Freight Line, Inc.		2,400		(981,936	)
Ryder System, Inc.		100		(10,695	)
Saia, Inc. (a)		2,200		(877,030	)
Seanergy Maritime Holdings Corp.		770		(4,250	)
XPO, Inc. (a)		1,900		(141,854	)

				(6,401,837	)

Water — 0.0%
Cadiz, Inc. (a)		2,546		(8,427	)
California Water Service Group		1,100		(52,041	)

				(60,468	)

Total North America				(434,620,836	)

Oceania — 0.0%
Biotechnology — 0.0%
Alterity Therapeutics Ltd., ADR (a)		110		(270	)
Genetic Technologies Ltd., ADR (a)		1,000		(769	)
Immutep Ltd., ADR (a)		2,000		(3,800	)
Opthea Ltd., ADR (a)		100		(170	)

				(5,009	)

Machinery—Constr & Mining — 0.0%
Tritium DCFC Ltd. (a)		22,900		(6,934	)

Mining — 0.0%
BHP Group Ltd., ADR		2,200		(125,136	)

Oil & Gas — 0.0%
Imperial Petroleum, Inc. (a)		1,160		(1,833	)
Woodside Energy Group Ltd., ADR		5,100		(118,779	)

				(120,612	)

Pharmaceuticals — 0.0%
Kazia Therapeutics Ltd., ADR (a)		400		(400	)

Total Oceania				(258,091	)

South America — 0.0%
Aerospace/Defense — 0.0%
Embraer SA, ADR (a)		100		(1,372	)

See Notes to Consolidated Financial Statements.

139

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Agriculture — 0.0%
Adecoagro SA (a)		9,000	$	(105,210	)

Airlines — 0.0%
Azul SA, ADR (a)		13,400		(115,106	)

Beverages — 0.0%
Ambev SA, ADR		32,500		(83,850	)
Cia Cervecerias Unidas SA, ADR		800		(10,080	)

				(93,930	)

Biotechnology — 0.0%
Bioceres Crop Solutions Corp. (a)		900		(10,161	)

Chemicals — 0.0%
Sociedad Quimica y Minera de Chile SA, ADR		19,900		(1,187,433	)

Commercial Banks — 0.0%
Banco Bradesco SA, ADR		131,900		(375,915	)
Banco de Chile, ADR		100		(2,020	)
Banco Santander Chile, ADR		6,400		(117,376	)
Itau Unibanco Holding SA, ADR		138,200		(742,134	)

				(1,237,445	)

Computers — 0.0%
CI&T, Inc., Class A		300		(1,950	)

Distribution/Wholesale — 0.0%
Sendas Distribuidora SA, ADR		3,300		(40,194	)

Diversified Financial Services — 0.0%
Pagseguro Digital Ltd., Class A (a)		1,800		(15,498	)

Electric — 0.0%
Centrais Eletricas Brasileiras SA, ADR		14,200		(103,802	)

Forest Products & Paper — 0.0%
Suzano SA, ADR (a)		100		(1,075	)

Internet — 0.0%
Despegar.com Corp. (a)		1,700		(12,325	)

Iron/Steel — 0.0%
Gerdau SA, ADR		7,400		(35,298	)

Media — 0.0%
Liberty Latin America Ltd., Class C (a)		3,700		(30,192	)

Mining — 0.0%
Sigma Lithium Corp. (a)		16,000		(519,040	)

See Notes to Consolidated Financial Statements.

140

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Shares		Value
Oil & Gas — 0.0%
Cosan SA, ADR		2,000	$	(27,180	)
Ecopetrol SA, ADR		2,800		(32,424	)

				(59,604	)

Retail — 0.0%
Natura & Co. Holding SA, ADR (a)		100		(577	)

Software — 0.0%
Arco Platform Ltd., Class A (a)		1,900		(26,182	)

Water — 0.0%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR		18,400		(223,008	)

Total South America				(3,819,402	)

TOTAL COMMON STOCK (PROCEEDS $497,713,939 )				(478,296,037	)

	Principal Amount		Value

CORPORATE BONDS & NOTES — (0.7)%
Asia — (0.5)%
Commercial Banks — (0.3)%
Industrial & Commercial Bank of China Ltd., 3.20%, 12/31/49 (b)	$	12,800,000		(11,745,857	)

Internet — (0.2)%
Alibaba Group Holding Ltd.,
2.13%, 02/09/31 (b)		4,261,000		(3,324,537	)
3.40%, 12/06/27 (b)		5,765,000		(5,300,398	)

				(8,624,935	)

Total Asia				(20,370,792	)

Europe — (0.0)%
Commercial Banks — (0.0)%
Bank Gospodarstwa Krajowego, MTN, 5.38%, 05/22/33 (b),(j)		413,000		(389,252	)

Middle East — (0.0)%
Diversified Financial Services — (0.0)%
MDGH Ltd., MTN, 6.88%, 11/01/41 (b),(j)		533,000		(601,288	)

North America — (0.2)%
Oil & Gas — (0.2)%
Petroleos Mexicanos, 10.00%, 02/07/33 (b),(j)		8,815,000		(7,846,990	)

See Notes to Consolidated Financial Statements.

141

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
South America — (0.0)%
Oil & Gas — (0.0)%
Ecopetrol SA, 8.88%, 01/13/33 (b)	$	923,000	$	(901,578	)

TOTAL CORPORATE BONDS & NOTES (PROCEEDS $31,926,821)				(30,109,900	)


	Shares		Value

EXCHANGE-TRADED FUNDS — (0.2)%
Energy Select Sector SPDR Fund (b)		4,216		(381,084	)
SPDR S&P 500 ETF Trust		21,800		(9,319,064	)
SPDR S&P Biotech ETF (b)		32		(2,337	)
SPDR S&P Regional Banking ETF		24,563		(1,025,997	)

TOTAL EXCHANGE-TRADED FUNDS (PROCEEDS $11,103,868)				(10,728,482	)


	Principal Amount		Value

Mortgage-Backed Securities — (17.0)%
North America — (17.0)%
Collateralized Mortgage Obligation (Residential) — 0.0%
Alternative Loan Trust, Series 2006-OA16, Class A4B, 1 mo. TSFR + .61%, 5.93%, 10/25/46(b),(e)	$	1,344		(1,361	)

U.S. Government Sponsored Agency Security — (17.0)%
Federal National Mortgage Association, TBA, 30 Year Maturity, 6.00%, 10/01/53		700,000,000		(691,140,800	)

Total North America				(691,142,161	)

TOTAL MORTGAGE-BACKED SECURITIES (PROCEEDS $692,468,158)				(691,142,161	)

SOVEREIGN DEBT — (2.0)%
Bahrain Government International Bonds, 7.50%, 09/20/47 (b),(j)		3,215,000		(2,845,275	)
Brazilian Government International Bond,
5.00%, 01/27/45 (b)		827,000		(611,372	)
5.63%, 02/21/47 (b)		3,619,000		(2,864,508	)
6.00%, 10/20/33 (b)		4,125,000		(3,891,471	)
China Government International Bonds,
1.20%, 10/21/30 (b),(j)		1,000,000		(795,433	)
2.13%, 12/03/29 (b)		4,300,000		(3,726,740	)
Colombia Government International Bonds,
5.63%, 02/26/44 (b)		4,738,000		(3,383,777	)
8.00%, 04/20/33 (b)		2,997,000		(2,959,187	)

See Notes to Consolidated Financial Statements.

142

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value
Dominican Republic International Bonds, 6.00%, 02/22/33 (b),(j)	$	4,901,000	$	(4,321,506	)
Egypt Government International Bonds, 5.88%, 06/11/25 (b),(j)		2,637,000		(2,141,059	)
Mexico Government International Bonds,
4.28%, 08/14/41 (b)		1,153,000		(850,016	)
4.40%, 02/12/52 (b)		710,000		(491,206	)
6.34%, 05/04/53 (b)		8,757,000		(7,969,456	)
Nigeria Government International Bonds, 9.25%, 01/21/49 (b),(j)		1,093,000		(840,211	)
Peruvian Government International Bond,
3.00%, 01/15/34 (b)		6,918,000		(5,327,279	)
5.63%, 11/18/50 (b)		3,307,000		(3,053,962	)
Qatar Government International Bonds, 4.63%, 06/02/46 (b),(j)		800,000		(692,160	)
Republic of Poland Government International Bonds, 4.88%, 10/04/33 (b)		3,126,000		(2,907,180	)
Republic of South Africa Government International Bonds, 5.88%, 06/22/30 (b)		1,420,000		(1,255,067	)
Saudi Government International Bonds,
4.63%, 10/04/47 (b),(j)		852,000		(676,176	)
5.00%, 01/18/53 (b),(j)		2,485,000		(2,062,550	)
Turkey Government International Bonds,
6.00%, 01/14/41 (b)		956,000		(704,400	)
6.75%, 05/30/40 (b)		710,000		(564,417	)
7.25%, 12/23/23 (b)		2,386,000		(2,386,620	)
7.38%, 02/05/25 (b)		9,960,000		(9,975,538	)

TOTAL SOVEREIGN DEBT (PROCEEDS $ 69,135,345)				(67,296,566	)


	Contracts		Value

WARRANTS — 0.0%
North America — 0.0%
Galectin Therapeutics, Inc. (c)		1,340		0
Salarius Pharmaceuticals, Inc. (c)		1,000		0

Total North America				0

TOTAL WARRANTS (PROCEEDS $0)				0

See Notes to Consolidated Financial Statements.

143

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Security Description	Principal Amount		Value

U.S. TREASURY BONDS & NOTES — 0.0%
U.S. Treasury Bonds, 3.63%, 5/15/53 (b)			$	(551,013	)

TOTAL U.S. TREASURY BONDS & NOTES (PROCEEDS $553,821)				(551,013	)

RIGHTS — 0.0%
Amryt Pharma PLC (c)	$	2,000		(50	)
Amryt Pharma PLC (c)		2,000		(50	)

TOTAL RIGHTS (PROCEEDS $0)				(100	)

TOTAL SECURITIES SOLD SHORT — (31.3)% (PROCEEDS $1,302,901,952)			$	(1,278,124,259	)

Footnote Legend:

A balance indicated with a “0”, reflects either a zero balance or an amount that rounds to less than 1.

(a)

Non-income producing.

(b)

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

(c)

Security is valued using significant unobservable inputs.

(d)

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.

(e)

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, 2023.

(f)

Non-interest bearing bond.

(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)

Represents a step-up bond. Coupon rate increases in increments to maturity. Rate presented is as of September 30, 2023. Maturity date presented is the ultimate maturity.

(i)

All or a portion of the security represents an unsettled loan commitment at September 30, 2023 where the rate will be determined at time of settlement.

(j)

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 Unites States unless registered under the Securities Act of 1933, as amended, or otherwise exempt from registration.

(k)

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

(l)

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

(m)

A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.

See Notes to Consolidated Financial Statements.

144

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

(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, Atreides Co., Asgard Fixed Income Risk Premia Fund, Rokos Global Macro Fund Ltd., Centiva Offshore Fund LLP, Qube Torus and Statar Capital Class A, 1/2/2019, 12/30/2019, 7/1/2021, 8/2/2021, 9/1/2021, 6/1/2022, 7/1/2022 and 7/1/2022. Amounts to $401,189,980 and represents 9.8% of Net Assets.

(o)

Repurchase agreements may additionally have cash collateral held to meet collateral requirements.

(p)

Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

(q)

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

(r)

Security is perpetual in nature and has no stated maturity.

Options Written Contracts Outstanding at September 30, 2023


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

Exchange-Traded Call Options Written
BRENT CRUDE MAR24	100.00 USD	01/26/24		(77	)		(7,700	)	$	(89,030	)	$	(134,750	)	$	(45,720	)
CBOE SPX VOLATILITY INDEX MAR24	35.00 USD	03/20/24		(1,740	)		(60,900	)		(261,853	)		(214,020	)		47,833
CBOE SPX VOLATILITY INDX JUN 24	32.00 USD	06/18/24		(1,740	)		(55,680	)		(314,015	)		(307,980	)		6,035
CBOE SPX VOLATILITY INDX MAR 24	30.00 USD	03/20/24		(1,740	)		(52,200	)		(242,677	)		(281,880	)		(39,203	)
CBOE SPX VOLATILITY INDX MAR 24	31.00 USD	03/20/24		(1,740	)		(53,940	)		(263,557	)		(261,870	)		1,687
CRUDE OIL FUT OPT DEC23	200.00 USD	11/15/23		(60	)		(12,000	)		(34,094	)		(600	)		33,494
CRUDE OIL FUT OPT DEC24	150.00 USD	11/15/24		(100	)		(15,000	)		(52,703	)		(45,000	)		7,703
CRUDE OIL FUT OPT DEC24	165.00 USD	12/01/24		(25	)		(4,125	)		(12,410	)		(8,000	)		4,410
ISHARES IBOXX $ INVESTMENT GRADE CORPORATE BOND ETF	103.00 USD	12/15/23		(1,996	)		(205,588	)		(283,366	)		(311,376	)		(28,010	)
NAT GAS EURO OPT APR25	6.00 USD	04/01/25		(30	)		(180	)		(140,913	)		(53,100	)		87,813
NAT GAS EURO OPT APR26	8.00 USD	03/26/26		(25	)		(200	)		(53,500	)		(28,075	)		25,425
NAT GAS EURO OPT AUG25	6.00 USD	08/01/25		(30	)		(180	)		(140,912	)		(70,320	)		70,592
NAT GAS EURO OPT AUG26	8.00 USD	07/28/26		(25	)		(200	)		(53,500	)		(32,250	)		21,250
NAT GAS EURO OPT DEC23	5.00 USD	11/27/23		(30	)		(150	)		(105,343	)		(12,270	)		93,073
NAT GAS EURO OPT DEC25	6.00 USD	12/01/25		(30	)		(180	)		(140,912	)		(171,120	)		(30,208	)

See Notes to Consolidated Financial Statements.

145

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


	Strike	Expiration Date	Contracts			Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT DEC26	8.00 USD	11/24/26		(25	)		(200	)	$	(53,500	)	$	(89,825	)	$	(36,325	)
NAT GAS EURO OPT FEB24	6.00 USD	01/26/24		(50	)		(300	)		(141,554	)		(65,200	)		76,354
NAT GAS EURO OPT FEB25	6.00 USD	02/01/25		(30	)		(180	)		(140,912	)		(157,320	)		(16,408	)
NAT GAS EURO OPT FEB26	8.00 USD	01/27/26		(25	)		(200	)		(53,500	)		(123,275	)		(69,775	)
NAT GAS EURO OPT JAN24	3.70 USD	12/26/23		(50	)		(185	)		(364,054	)		(195,600	)		168,454
NAT GAS EURO OPT JAN25	6.00 USD	01/01/25		(30	)		(180	)		(140,912	)		(153,120	)		(12,208	)
NAT GAS EURO OPT JAN26	8.00 USD	12/26/25		(25	)		(200	)		(53,500	)		(126,800	)		(73,300	)
NAT GAS EURO OPT JUL25	6.00 USD	07/01/25		(30	)		(180	)		(140,912	)		(65,220	)		75,692
NAT GAS EURO OPT JUL26	8.00 USD	06/25/26		(25	)		(200	)		(53,500	)		(30,475	)		23,025
NAT GAS EURO OPT JUN25	6.00 USD	06/01/25		(30	)		(180	)		(140,913	)		(56,010	)		84,903
NAT GAS EURO OPT JUN26	8.00 USD	05/26/26		(25	)		(200	)		(53,500	)		(26,625	)		26,875
NAT GAS EURO OPT MAR24	3.15 USD	02/26/24		(5	)		(16	)		(39,485	)		(28,255	)		11,230
NAT GAS EURO OPT MAR24	3.25 USD	02/26/24		(75	)		(244	)		(583,281	)		(396,300	)		186,981
NAT GAS EURO OPT MAR24	5.50 USD	02/26/24		(108	)		(594	)		(172,065	)		(165,780	)		6,285
NAT GAS EURO OPT MAR24	6.00 USD	02/26/24		(135	)		(810	)		(239,456	)		(168,750	)		70,706
NAT GAS EURO OPT MAR24	7.00 USD	02/26/24		(67	)		(469	)		(102,984	)		(58,558	)		44,426
NAT GAS EURO OPT MAR25	6.00 USD	03/01/25		(30	)		(180	)		(140,912	)		(126,900	)		14,012
NAT GAS EURO OPT MAR26	8.00 USD	02/24/26		(25	)		(200	)		(53,500	)		(93,050	)		(39,550	)
NAT GAS EURO OPT MAY25	6.00 USD	05/01/25		(30	)		(180	)		(140,913	)		(48,960	)		91,953
NAT GAS EURO OPT MAY26	8.00 USD	04/27/26		(25	)		(200	)		(53,500	)		(24,275	)		29,225
NAT GAS EURO OPT NOV23	3.30 USD	10/26/23		(17	)		(56	)		(12,700	)		(12,257	)		443
NAT GAS EURO OPT NOV23	5.00 USD	10/26/23		(30	)		(150	)		(68,162	)		(540	)		67,622
NAT GAS EURO OPT NOV25	6.00 USD	11/01/25		(30	)		(180	)		(140,912	)		(119,670	)		21,242
NAT GAS EURO OPT NOV26	8.00 USD	10/27/26		(25	)		(200	)		(53,500	)		(61,475	)		(7,975	)
NAT GAS EURO OPT OCT25	6.00 USD	10/01/25		(30	)		(180	)		(140,912	)		(81,450	)		59,462

See Notes to Consolidated Financial Statements.

146

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


	Strike	Expiration Date	Contracts			Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT OCT26	8.00 USD	09/25/26		(25	)		(200	)	$	(53,500	)	$	(38,450	)	$	15,050
NAT GAS EURO OPT SEP25	6.00 USD	09/01/25		(30	)		(180	)		(140,912	)		(71,160	)		69,752
NAT GAS EURO OPT SEP26	8.00 USD	08/26/26		(25	)		(200	)		(53,500	)		(32,850	)		20,650
NG PEN FUTURES ICE LOTS DEC23	3.75 USD	11/27/23		(160	)		(600	)		(299,874	)		(70,680	)		229,194
NG PEN FUTURES ICE LOTS JAN24	7.00 USD	12/26/23		(480	)		(3,360	)		(419,621	)		(50,280	)		369,341
PRIMARY ALUMNM OPT DEC231	2,500.00 USD	12/06/23		(150	)		(375,000	)		(40,833	)		(42,225	)		(1,392	)
PRIMARY ALUMNM OPT NOV231	2,500.00 USD	11/01/23		(150	)		(375,000	)		(52,083	)		(10,012	)		42,071
SILVER JUL24	50.00 USD	06/25/24		(80	)		(4,000	)		(139,795	)		(34,800	)		104,995
VOLATILITY INDEX DEC23	33.00 USD	12/20/23		(2,610	)		(86,130	)		(275,279	)		(193,140	)		82,139

									$	(6,943,221	)	$	(4,951,898	)	$	1,991,323


Exchange-Traded Put Options Written
BRENT CRUDE FEB24	0.00 USD	01/19/24		(155	)		0		$	(10,424	)	$	(12,400	)	$	(1,976	)
BRENT CRUDE JAN24	0.00 USD	12/18/23		(155	)		0			(10,424	)		(9,300	)		1,124
BRENT CRUDE MAR24	0.00 USD	02/16/24		(155	)		0			(10,424	)		(15,500	)		(5,076	)
CBOE SPX VOLATILITY INDEX MAR24	16.00 USD	03/20/24		(3,480	)		(55,680	)		(421,862	)		(410,640	)		11,222
CBOE SPX VOLATILITY INDX JUN 24	17.00 USD	06/18/24		(1,740	)		(29,580	)		(280,955	)		(292,320	)		(11,365	)
CBOE SPX VOLATILITY INDX MAR 24	17.00 USD	03/20/24		(1,740	)		(29,580	)		(293,137	)		(293,190	)		(53	)
CRUDE OIL FUT OPT DEC23	85.00 USD	10/26/23		(258	)		(21,930	)		(954,182	)		(180,600	)		773,582
CRUDE OIL FUT OPT DEC23	45.00 USD	11/15/23		(60	)		(2,700	)		(208,694	)		(1,200	)		207,494
CRUDE OIL FUT OPT DEC24	47.00 USD	11/15/24		(100	)		(4,700	)		(408,703	)		(146,000	)		262,703
CRUDE OIL FUT OPT DEC24	50.00 USD	12/01/24		(25	)		(1,250	)		(107,410	)		(46,250	)		61,160
DJ EURO STOXX 50 NOV 23	4,025.00 EUR	11/17/23		(1,087	)		(4,375,175	)		(697,391	)		(478,080	)		219,311
DJ EURO STOXX 50 OCT 23	4,225.00 EUR	10/20/23		(1,000	)		(4,225,000	)		(596,388	)		(844,743	)		(248,355	)
NAT GAS EURO OPT APR24	2.00 USD	04/01/24		(4	)		(8	)		(3,748	)		(2,792	)		956
NAT GAS EURO OPT DEC23	2.00 USD	11/27/23		(19	)		(38	)		(19,526	)		(1,444	)		18,082

See Notes to Consolidated Financial Statements.

147

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


	Strike	Expiration Date	Contracts			Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT DEC23	3.50 USD	11/27/23		(200	)		(700	)	$	(1,079,662	)	$	(864,000	)	$	215,662
NAT GAS EURO OPT DEC23	3.55 USD	11/27/23		(10	)		(36	)		(66,471	)		(46,580	)		19,891
NAT GAS EURO OPT DEC23	3.75 USD	11/27/23		(35	)		(131	)		(260,648	)		(213,815	)		46,833
NAT GAS EURO OPT FEB24	3.55 USD	01/26/24		(30	)		(106	)		(213,812	)		(170,850	)		42,962
NAT GAS EURO OPT JAN24	2.50 USD	12/26/23		(25	)		(62	)		(17,927	)		(13,100	)		4,827
NAT GAS EURO OPT JAN24	2.70 USD	12/26/23		(40	)		(108	)		(39,883	)		(35,000	)		4,883
NAT GAS EURO OPT JUN24	2.00 USD	05/28/24		(1	)		(2	)		(797	)		(695	)		102
NAT GAS EURO OPT MAY24	2.00 USD	04/25/24		(1	)		(2	)		(797	)		(774	)		23
NAT GAS EURO OPT NOV23	2.00 USD	10/26/23		(127	)		(254	)		(54,239	)		(3,810	)		50,429
NAT GAS EURO OPT NOV23	2.10 USD	10/26/23		(25	)		(52	)		(16,927	)		(1,300	)		15,627
NAT GAS EURO OPT NOV23	2.15 USD	10/26/23		(10	)		(22	)		(1,971	)		(680	)		1,291
NAT GAS EURO OPT NOV23	2.20 USD	10/26/23		(25	)		(55	)		(18,877	)		(2,225	)		16,652
NAT GAS EURO OPT NOV23	2.30 USD	10/26/23		(132	)		(304	)		(63,965	)		(19,536	)		44,429
NAT GAS EURO OPT NOV23	2.35 USD	10/26/23		(25	)		(59	)		(8,427	)		(4,750	)		3,677
NAT GAS EURO OPT NOV23	2.40 USD	10/26/23		(2	)		(5	)		(474	)		(484	)		(10	)
NAT GAS EURO OPT NOV23	3.75 USD	10/26/23		(15	)		(56	)		(50,206	)		(125,955	)		(75,749	)
NG PEN FUTURES ICE LOTS DEC23	3.75 USD	11/27/23		(160	)		(600	)		(299,874	)		(244,360	)		55,514
S&P 500 INDEX DEC23	3,880.00 USD	12/15/23		(129	)		(333,680	)		(289,750	)		(337,980	)		(48,230	)
SPDR S&P 500 ETF TRUST	412.00 USD	10/13/23		(299	)		(123,188	)		(68,757	)		(36,777	)		31,980
VOLATILITY INDEX DEC23	15.00 USD	12/20/23		(2,610	)		(39,150	)		(251,789	)		(177,480	)		74,309

									$	(6,828,521	)	$	(5,034,610	)	$	1,793,911

See Notes to Consolidated Financial Statements.

148

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


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

OTC Call Options Written
AUD NZD FX OPTION CALL 1.084 11/1/23	COEX Partners Limited		1.08 AUD		11/01/23		(43,500,000	)		(47,154,000	)	$	(293,942	)	$	(112,321	)	$	181,621
ISHARES CHINA LARGE-CAP ETF OPTION CALL 44.85 12/15/23	Goldman Sachs International		44.85 USD		12/15/23		(1,146,566	)		(51,423,485	)		(745,268	)		(731	)		744,537
LME NICKEL 3MO CALL1	LCH Limited		60,000.00 USD		12/04/24		(1,260	)		(75,600,000	)		(1,008,000	)		(40,943	)		967,057
SHORT CMS CAP ON USD ICE SWAP RATE SWAPTION .0095 1/10/24	Morgan Stanley & Co. LLC		0.95 USD		01/10/24		(2,930,400,000	)		(2,783,880,000	)		(882,200	)		(55,180	)		827,020
USD CNH FX OPTION CALL 7.35 10/10/23	JPMorgan Chase Bank, N.A.		7.35 USD		10/10/23		(43,500,000	)		(319,725,000	)		(67,425	)		(32,451	)		34,974

												$	(2,996,835	)	$	(241,626	)	$	2,755,209


OTC Put Options Written
AUD NZD FX OPTION PUT 1.084 11/1/23	COEX Partners Limited		1.08 AUD		11/01/23		(43,500,000	)		(47,154,000	)	$	(269,728	)	$	(242,764	)	$	26,964
S&P 500 INDEX DEC23	JPMorgan Chase Bank, N.A.		3,800.00 USD		12/29/23		(80,812	)		(307,085,600	)		(2,020,302	)		(2,110,038	)		(89,736	)
USD BRL FX OPTION PUT 4.85 10/20/23	Citibank N.A.		4.85 USD		10/20/23		(17,400,000	)		(84,390,000	)		(103,269	)		(25,787	)		77,482

												$	(2,393,299	)	$	(2,378,589	)	$	14,710

Total Options Written Outstanding												$	(19,161,876	)	$	(12,606,723	)	$	6,555,153

At September 30, 2023 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)
ATI Holdings Acquisition, Inc. , 2023 2nd Lien Delayed Draw Term Loan, , 0.00, , 09/30/27		$	782,441		$	782,441		$	0

Total Unfunded Loan Commitment		$	782,441		$	782,441		$	0

Reverse Repurchase Agreements Outstanding at September 30, 2023


Counterparty	Interest Rate	Trade Rate	Maturity Date		Face Value		Face Value Including Accrued Interest
Barclays Capital, Inc.	4.08%	6/8/2023		10/3/2023	$	2,094,477	$	2,121,537
Barclays Capital, Inc.	5.60%	9/20/2023		10/2/2023		4,536,614		4,543,671
JPMorgan Chase Bank, N.A.	5.39%	9/28/2023		10/4/2023		756,272		756,612

See Notes to Consolidated Financial Statements.

149

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Counterparty	Interest Rate	Trade Rate	Maturity Date		Face Value		Face Value Including Accrued Interest
JPMorgan Chase Bank, N.A.	5.47%	9/27/2023		10/4/2023	$	795,766	$	796,250
JPMorgan Chase Bank, N.A.	5.47%	9/27/2023		10/4/2023		1,460,558		1,461,446
JPMorgan Chase Bank, N.A.	5.47%	9/27/2023		10/4/2023		1,871,244		1,872,381
JPMorgan Chase Bank, N.A.	5.47%	9/27/2023		10/4/2023		3,982,069		3,984,490
JPMorgan Chase Bank, N.A.	5.47%	9/27/2023		10/4/2023		13,178,079		13,186,088
JPMorgan Chase Bank, N.A.	5.60%	7/24/2023		10/2/2023		6,048,548		6,112,528

Total Reverse Repurchase Agreements Outstanding					$	34,723,627	$	34,835,003

Future Contracts Outstanding at September 30, 2023

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

Long Futures

1 Year Mid-Curve 3 Month Eurodollar Option

EUREX

1,265,064 EUR

12/07/23

8,655

3 Month Eurodollar

448

LIFFE

107,635,550 EUR

12/18/23

(116,245

)

3 Month Eurodollar

161

LIFFE

38,702,665 EUR

06/17/24

14,601

3 Month Eurodollar

658

LIFFE

159,660,633 EUR

09/15/25

(205,459

)

3 Month SOFR

CME

4,731,825 USD

06/19/24

(575

)

3 Month SOFR

CME

11,387,875 USD

09/18/24

(10,075

)

3 Month SOFR

387

CME

92,049,415 USD

12/18/24

(49,840

)

3 Month SOFR

199

CME

47,784,670 USD

12/17/25

(27,157

)

3 Month SOFR

CME

240,087 USD

03/18/26

Australian Dollar Currency

CME

1,162,080 USD

12/18/23

(180

)

Brent Crude

258

ICE

345,720 USD

10/26/23

717,240

Brent Crude

ICE

192,100 USD

10/26/23

(41,650

)

Brent Crude

154

ICE

16,464,510 USD

10/31/23

1,330,090

Brent Crude

688

ICE

62,663,576 USD

11/30/23

(495,896

)

Brent Crude

ICE

8,559,952 USD

12/28/23

(122,052

)

Brent Crude

261

ICE

978,750 USD

01/26/24

(214,020

)

Brent Crude

261

ICE

1,020,510 USD

01/26/24

208,800

Brent Crude

106

ICE

9,270,254 USD

01/31/24

22,766

Brent Crude

ICE

7,753,084 USD

02/29/24

(32,334

)

Brent Crude

ICE

41,075 USD

03/04/24

15,500

Brent Crude

ICE

4,450,540 USD

03/28/24

(65,560

)

Brent Crude

ICE

147,020 USD

10/31/24

17,780

Brent Crude

NYMEX

1,115,550 USD

12/01/24

202,850

British Pound Currency

ICE

618,450 USD

12/18/23

(7,950

)

CAC40 Index

ICE

2,482,774 EUR

10/20/23

(54,199

)

Canadian 10-Year Bond

CDE

2,607,660 CAD

12/18/23

(55,071

)

CBOE Volatility Index

520

CBOE

8,913,591 USD

10/18/23

327,433

CBOE Volatility Index

540

CBOE

9,819,016 USD

11/15/23

33,986

See Notes to Consolidated Financial Statements.

150

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

CBOE Volatility Index

434

CBOE

7,875,127 USD

12/20/23

86,039

Chicago CG Basis

ICE

82,125 USD

11/02/23

(100,312

)

Chicago CG Basis

ICE

65,488 USD

12/04/23

(25,962

)

Chicago CG Basis

ICE

65,488 USD

01/03/24

72,850

Chicago CG Basis

ICE

132,312 USD

01/31/24

61,806

Chicago CG Basis

279

ICE

111,987 USD

02/29/24

(50,375

)

Cocoa

ICE

2,896,598 USD

03/13/24

(154,198

)

Coffee ‘C’

234

ICE

13,205,553 USD

12/18/23

(380,890

)

Copper

408

COMEX

38,226,763 USD

12/27/23

(104,263

)

Corn

1,189

CBOT

29,494,762 USD

12/14/23

(1,151,975

)

Cotton No.2

ICE

603,210 USD

12/06/23

6,840

Cotton No.2

376

ICE

16,587,600 USD

03/06/24

(58,640

)

DAX Index

EUREX

2,781,362 EUR

12/15/23

(67,994

)

DJIA mini E-CBOT

116

CBOT

25,285,674 USD

12/15/23

(497,799

)

Dominion Sp

ICE

242,769 USD

10/03/23

8,331

Dominion Sp

ICE

1,356 USD

11/02/23

(1,721

)

Dominion Sp

150

ICE

277,087 USD

04/01/24

28,650

Dominion Sp

ICE

75,175 USD

07/01/24

3,294

Dominion Sp

ICE

120,125 USD

10/01/24

581

Dominion Sp

ICE

82,500 USD

11/04/24

(1,875

)

Dominion Sp

ICE

69,750 USD

04/01/25

9,750

Dominion Sp

ICE

72,075 USD

05/01/25

2,131

Dominion Sp

ICE

69,750 USD

06/01/25

(6,563

)

E-Mini Russell Index

225

ICE

35,729,106 USD

12/15/23

(386,616

)

E-Mini S&P 500 Index

CME

171,681,606 USD

12/15/23

(4,717,306

)

Euro Stoxx 50

110

EUREX

9,085,770 EUR

12/15/23

(183,210

)

Euro-Schatz

232

EUREX

24,331,040 EUR

12/07/23

28,165

FTSE 100 Index

LIFFE

6,541,854 GBP

12/15/23

(26,237

)

FTSE/MIB Index

ICE

2,152,850 EUR

12/15/23

(33,436

)

Gas Oil

ICE

3,177,675 USD

11/10/23

204,200

Gas Oil

578

ICE

53,668,294 USD

12/12/23

(102,144

)

Gas Oil

ICE

2,451,725 USD

01/11/24

(17,000

)

Gas Oil

ICE

2,867,350 USD

02/12/24

(35,350

)

Gasoline RBOB

NYMEX

11,277,289 USD

10/31/23

(997,831

)

Gasoline RBOB

NYMEX

9,083,796 USD

11/30/23

(695,724

)

Gasoline RBOB

NYMEX

1,004,678 USD

03/28/24

(53,138

)

Gasoline RBOB

NYMEX

1,395,870 USD

11/29/24

(37,212

)

Globex Natural Gas

NYMEX

1,827,600 USD

03/01/24

(121,000

)

Henry Hub

ICE

0 USD

10/03/23

155

Henry Hub

120

ICE

907,275 USD

10/27/23

(28,575

)

Henry Hub

ICE

4,650 USD

11/02/23

899

Henry Hub

620

ICE

7,739,072 USD

11/28/23

(808,712

)

Henry Hub

303

ICE

5,068,300 USD

01/01/24

(157,512

)

Henry Hub

ICE

491,187 USD

02/01/24

15,878

See Notes to Consolidated Financial Statements.

151

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

Henry Hub

341

ICE

3,857,407 USD

01/01/25

(85,947

)

Henry Hub

713

ICE

6,396,366 USD

01/01/26

2,320,059

Henry Hub

644

ICE

5,777,363 USD

02/01/26

1,781,587

Henry Hub

713

ICE

6,396,366 USD

03/01/26

972,489

Henry Hub

690

ICE

6,190,032 USD

04/01/26

(111,132

)

Henry Hub

713

ICE

6,396,366 USD

05/01/26

(157,616

)

Henry Hub

690

ICE

6,190,032 USD

06/01/26

59,643

Henry Hub

713

ICE

6,396,366 USD

07/01/26

298,704

Henry Hub

713

ICE

6,396,366 USD

08/01/26

330,789

Henry Hub

690

ICE

6,190,032 USD

09/01/26

264,918

Henry Hub

713

ICE

6,396,366 USD

10/01/26

446,651

Henry Hub

690

ICE

6,190,032 USD

11/01/26

1,079,118

Henry Hub

713

ICE

6,396,366 USD

12/01/26

1,835,219

Henry Physical Basis

ICE

17,825 USD

10/03/23

(1,163

)

Henry Physical Basis

ICE

0 USD

11/02/23

(2,775

)

Henry Swing

ICE

6,363 USD

10/02/23

500

Henry Swing

ICE

6,363 USD

10/02/23

500

Henry Swing

ICE

1,500 USD

10/03/23

3,375

HKG Hang Seng China Enterprises Index

HKFE

2,440,400 HKD

10/30/23

4,086

HKG Hang Seng Index

HKFE

7,094,800 HKD

10/30/23

7,764

HSC Basis

ICE

32,063 USD

11/02/23

(1,500

)

HSC Basis

ICE

46,539 USD

12/04/23

HSC Basis

ICE

21,750 USD

03/31/25

(2,625

)

HSC Basis

ICE

22,475 USD

04/30/25

(3,100

)

HSC Basis

ICE

21,750 USD

05/30/25

188

HSC Basis

ICE

22,475 USD

06/30/25

1,356

HSC Basis

ICE

22,475 USD

07/31/25

4,263

HSC Basis

ICE

22,475 USD

09/30/25

(6,006

)

ICE 3 Month Sonia

ICE

8,988,535 GBP

06/18/24

445

ICE 3 Month Sonia

256

ICE

60,524,569 GBP

09/17/24

133,029

ICE 3 Month Sonia

ICE

15,438,836 GBP

03/18/25

24,145

ICE 3 Month Sonia

351

ICE

83,914,700 GBP

12/16/25

(74,182

)

Japanese 10 Year Bond

OSE

3,944,970,000 JPY

12/20/23

(207,776

)

Lean Hogs

553

CME

16,525,765 USD

12/18/23

(476,875

)

Live Cattle

CME

1,484,200 USD

12/29/23

19,200

Live Cattle

1,170

CME

91,683,836 USD

02/29/24

(1,593,836

)

Long Gilt

LIFFE

189,885 GBP

12/27/23

(1,909

)

Mexican Peso Currency

CME

652,745 USD

12/18/23

(465

)

Michon Basis

ICE

29,250 USD

11/02/23

3,375

Michon Basis

ICE

27,203 USD

01/03/24

(1,085

)

Michon Basis

ICE

21,750 USD

03/31/25

8,625

Michon Basis

ICE

22,475 USD

04/30/25

4,844

Michon Basis

ICE

21,750 USD

05/30/25

1,500

See Notes to Consolidated Financial Statements.

152

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Description	Contracts		Exchange		Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Michon Basis		31		ICE		22,475 USD		06/30/25	$	5,425
Michon Basis		31		ICE		22,475 USD		07/31/25		4,456
Michon Basis		30		ICE		21,750 USD		08/29/25		(6,375	)
Michon Basis		31		ICE		22,475 USD		09/30/25		(6,588	)
MSCI Emerging Market Index		42		NYMEX		2,067,435 USD		12/15/23		(60,885	)
NASDAQ 100 E-Mini		96		CME		32,143,789 USD		12/15/23		(329,479	)
Natural Gas		10		NYMEX		322,300 USD		10/26/23		(29,400	)
Natural Gas		347		NYMEX		10,181,085 USD		10/27/23		(17,455	)
Natural Gas		104		NYMEX		3,318,325 USD		11/01/23		(272,165	)
Natural Gas		588		NYMEX		25,217,579 USD		01/01/24		(4,255,379	)
Natural Gas		31		NYMEX		1,101,010 USD		01/29/24		(16,940	)
Natural Gas		217		NYMEX		10,283,803 USD		02/01/24		(2,695,313	)
Natural Gas		65		NYMEX		2,184,672 USD		02/27/24		(91,672	)
Natural Gas		368		NYMEX		18,600,455 USD		03/01/24		(6,750,855	)
Natural Gas		103		NYMEX		3,226,727 USD		03/26/24		(141,877	)
Natural Gas		186		NYMEX		8,864,796 USD		04/01/24		(3,294,096	)
Natural Gas		19		NYMEX		1,352,966 USD		04/26/24		(25,927	)
Natural Gas		201		NYMEX		9,275,074 USD		05/01/24		(3,212,914	)
Natural Gas		273		NYMEX		11,620,027 USD		06/01/24		(3,017,797	)
Natural Gas		249		NYMEX		10,938,384 USD		07/01/24		(2,748,774	)
Natural Gas		9		NYMEX		323,614 USD		07/29/24		(24,904	)
Natural Gas		221		NYMEX		10,021,274 USD		08/01/24		(2,686,284	)
Natural Gas		7		NYMEX		396,834 USD		08/28/24		(1,314	)
Natural Gas		221		NYMEX		10,006,274 USD		09/01/24		(2,722,114	)
Natural Gas		105		NYMEX		4,621,350 USD		09/26/24		(59,700	)
Natural Gas		298		NYMEX		13,177,556 USD		10/01/24		(3,108,136	)
Natural Gas		67		NYMEX		3,418,990 USD		10/29/24		(166,060	)
Natural Gas		196		NYMEX		9,512,937 USD		11/01/24		(2,184,497	)
Natural Gas		123		NYMEX		5,795,725 USD		11/26/24		(683,845	)
Natural Gas		196		NYMEX		9,512,937 USD		12/01/24		(1,367,177	)
Natural Gas		45		NYMEX		2,044,676 USD		01/29/25		(104,276	)
Natural Gas		32		NYMEX		971,555 USD		02/01/25		408,285
Natural Gas		45		NYMEX		2,034,740 USD		02/26/25		(268,040	)
Natural Gas		32		NYMEX		971,555 USD		03/01/25		284,765
Natural Gas		37		NYMEX		1,680,524 USD		03/27/25		(384,784	)
Natural Gas		28		NYMEX		919,648 USD		04/01/25		60,912
Natural Gas		37		NYMEX		1,520,830 USD		04/28/25		(230,270	)
Natural Gas		28		NYMEX		919,648 USD		05/01/25		56,992
Natural Gas		38		NYMEX		1,735,267 USD		05/28/25		(357,767	)
Natural Gas		28		NYMEX		919,648 USD		06/01/25		95,352
Natural Gas		38		NYMEX		1,735,267 USD		06/26/25		(304,567	)
Natural Gas		28		NYMEX		919,648 USD		07/01/25		134,552
Natural Gas		39		NYMEX		1,780,469 USD		07/29/25		(294,959	)

See Notes to Consolidated Financial Statements.

153

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

Natural Gas

NYMEX

919,648 USD

08/01/25

146,872

Natural Gas

NYMEX

1,780,469 USD

08/27/25

(306,269

)

Natural Gas

NYMEX

919,648 USD

09/01/25

138,752

Natural Gas

NYMEX

1,780,469 USD

09/26/25

(273,899

)

Natural Gas

NYMEX

919,648 USD

10/01/25

161,992

Natural Gas

NYMEX

1,994,778 USD

10/29/25

(131,818

)

Natural Gas

NYMEX

971,555 USD

11/01/25

383,325

Natural Gas

NYMEX

2,034,740 USD

11/25/25

49,210

Natural Gas

NYMEX

971,555 USD

12/01/25

510,365

Natural Gas

NYMEX

2,034,693 USD

01/01/27

608,067

Natural Gas

NYMEX

2,034,693 USD

02/01/27

501,687

Natural Gas

NYMEX

2,034,693 USD

03/01/27

158,787

Natural Gas

NYMEX

2,034,693 USD

04/01/27

(185,733

)

Natural Gas

NYMEX

2,034,693 USD

05/01/27

(205,173

)

Natural Gas

NYMEX

2,034,693 USD

06/01/27

(142,533

)

Natural Gas

NYMEX

2,034,693 USD

07/01/27

(77,733

)

Natural Gas

NYMEX

2,034,693 USD

08/01/27

(58,293

)

Natural Gas

NYMEX

2,034,693 USD

09/01/27

(57,753

)

Natural Gas

NYMEX

2,034,693 USD

10/01/27

(12,933

)

Natural Gas

NYMEX

2,034,693 USD

11/01/27

192,807

Natural Gas

NYMEX

2,034,693 USD

12/01/27

409,887

New Zealand Dollar

ICE

3,191,460 USD

12/18/23

49,350

Nikkei Index

OSE

553,236,000 JPY

12/08/23

(77,730

)

NNG Ventura Basis

ICE

3,750 USD

11/02/23

(938

)

NY Harbor ULSD

NYMEX

8,658,316 USD

10/31/23

75,071

NY Harbor ULSD

NYMEX

47,438,188 USD

11/30/23

(90,134

)

OMXS30 Index

NASDAQ OMX

17,962,875 SEK

10/20/23

(22,962

)

Rockies Basis

ICE

108,888 USD

03/04/24

22,475

S&P ASX Share Price Index 200

SFE

7,620,900 AUD

12/21/23

(116,117

)

S&P TSX 60 Index

CDE

10,878,340 CAD

12/15/23

(214,717

)

Soybean

CBOT

470,100 USD

11/14/23

(23,850

)

Soybean

CBOT

3,245,636 USD

01/12/24

(203,561

)

Soybean

161

CBOT

6,551,057 USD

01/12/24

(442,717

)

Soybean Oil

CBOT

3,582,114 USD

12/14/23

(131,820

)

Sugar

ICE

634,334 USD

02/29/24

(11,525

)

Sugar

1,406

ICE

40,073,386 USD

04/30/24

(295,959

)

TETCO M3 Basis

ICE

126,000 USD

11/02/23

(184,500

)

TOPIX

OSE

94,985,000 JPY

12/08/23

(13,684

)

U.S. Treasury 10-Year Note

CBOT

10,129,625 USD

12/19/23

(187,875

)

U.S. Treasury 2-Year Note

170

CBOT

40,431,891 USD

12/29/23

(92,414

)

U.S. Treasury 5-Year Note

CBOT

3,084,063 USD

12/29/23

(28,641

)

U.S. Treasury Long Bond

CBOT

2,151,133 USD

12/19/23

(103,070

)

See Notes to Consolidated Financial Statements.

154

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

Western Hub Real-Time Peak Daily Mini

ICE

831,760 USD

01/03/24

17,040

Western Hub Real-Time Peak Daily Mini

ICE

377,790 USD

02/02/24

262,640

Western Hub Real-Time Peak Daily Mini

ICE

346,950 USD

03/04/24

157,500

Western Hub Real-Time Peak Daily Mini

ICE

1,155,638 USD

03/28/24

40,320

Western Hub Real-Time Peak Daily Mini

ICE

392,246 USD

04/02/24

23,911

Western Hub Real-Time Peak Daily Mini

ICE

354,660 USD

05/02/24

(47,840

)

Western Hub Real-Time Peak Daily Mini

ICE

377,790 USD

06/04/24

(69,580

)

Western Hub Real-Time Peak Daily Mini

ICE

353,600 USD

06/28/24

18,800

Western Hub Real-Time Peak Daily Mini

125

ICE

1,699,100 USD

07/02/24

(186,600

)

Western Hub Real-Time Peak Daily Mini

ICE

1,521,344 USD

07/31/24

190,696

Western Hub Real-Time Peak Daily Mini

125

ICE

1,665,118 USD

08/02/24

194,432

Western Hub Real-Time Peak Daily Mini

ICE

1,521,344 USD

08/30/24

(12,584

)

Western Hub Real-Time Peak Daily Mini

125

ICE

1,665,118 USD

09/04/24

(70,168

)

Western Hub Real-Time Peak Daily Mini

125

ICE

1,699,100 USD

10/02/24

(141,600

)

Western Hub Real-Time Peak Daily Mini

ICE

849,760 USD

10/02/24

63,200

Western Hub Real-Time Peak Daily Mini

ICE

1,032,332 USD

10/31/24

(32,274

)

Western Hub Real-Time Peak Daily Mini

ICE

362,370 USD

11/04/24

(56,400

)

Western Hub Real-Time Peak Daily Mini

ICE

897,680 USD

11/27/24

10,976

Western Hub Real-Time Peak Daily Mini

ICE

386,464 USD

12/03/24

(22,556

)

Western Hub Real-Time Peak Daily Mini

ICE

1,107,792 USD

12/31/24

188,160

Western Hub Real-Time Peak Daily Mini

ICE

393,210 USD

01/03/25

104,040

Western Hub Real-Time Peak Daily Mini

ICE

1,885,435 USD

02/04/25

86,645

See Notes to Consolidated Financial Statements.

155

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

Western Hub Real-Time Peak Daily Mini

ICE

1,051,364 USD

02/04/25

604,444

Western Hub Real-Time Peak Daily Mini

ICE

1,714,032 USD

03/04/25

(95,232

)

Western Hub Real-Time Peak Daily Mini

ICE

944,082 USD

03/05/25

445,192

Western Hub Real-Time Peak Daily Mini

ICE

1,091,594 USD

04/02/25

48,698

Western Hub Real-Time Peak Daily Mini

ICE

986,994 USD

05/02/25

(164,846

)

Western Hub Real-Time Peak Daily Mini

ICE

1,094,276 USD

06/03/25

(231,234

)

Western Hub Real-Time Peak Daily Mini

ICE

1,029,907 USD

07/02/25

(240,442

)

Western Hub Real-Time Peak Daily Mini

ICE

1,051,364 USD

08/04/25

(43,649

)

Western Hub Real-Time Peak Daily Mini

ICE

1,094,276 USD

09/03/25

(134,293

)

Western Hub Real-Time Peak Daily Mini

ICE

1,029,907 USD

10/02/25

(211,296

)

Western Hub Real-Time Peak Daily Mini

ICE

1,008,451 USD

11/04/25

(196,968

)

Western Hub Real-Time Peak Daily Mini

ICE

1,118,415 USD

11/26/25

(49,185

)

Western Hub Real-Time Peak Daily Mini

ICE

1,051,364 USD

01/05/26

277,164

Wheat

1,265

CBOT

38,889,250 USD

12/14/23

(4,639,375

)

WTI Crude

NYMEX

14,577,080 USD

10/20/23

403,270

WTI Crude

145

NYMEX

63,698,801 USD

11/20/23

(206,801

)

WTI Crude

NYMEX

4,328,890 USD

12/19/23

(66,870

)

WTI Crude

NYMEX

8,311,418 USD

01/22/24

(40,228

)

WTI Crude

NYMEX

9,908,790 USD

02/20/24

(10,950

)

WTI Crude

NYMEX

7,137,165 USD

03/20/24

(183,645

)

WTI Crude

133

NYMEX

10,864,290 USD

05/21/24

5,790

WTI Crude

NYMEX

66,980 USD

11/20/24

10,880

(47,352,487

)

Short Futures

1 Year Mid-Curve 3 Month Eurodollar Option

105

EUREX

12,241,550 EUR

12/07/23

92,827

3 Month Eurodollar

106

LIFFE

25,471,537 EUR

03/18/24

19,334

3 Month Eurodollar

168

LIFFE

40,557,250 EUR

09/16/24

75,435

3 Month Eurodollar

1,159

LIFFE

280,201,255 EUR

12/16/24

274,137

3 Month Eurodollar

260

LIFFE

62,912,398 EUR

03/17/25

5,707

See Notes to Consolidated Financial Statements.

156

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

3 Month Eurodollar

133

LIFFE

32,216,225 EUR

06/16/25

2,075

3 Month SOFR

CME

59,580,325 USD

03/20/24

13,825

3 Month SOFR

CME

10,671,875 USD

06/19/24

26,562

3 Month SOFR

CME

12,663,513 USD

09/18/24

100,526

3 Month SOFR

CME

6,461,837 USD

12/18/24

43,262

3 Month SOFR

CME

61,726,596 USD

03/19/25

187,146

3 Month SOFR

CME

119,906,687 USD

06/17/25

287,937

3 Month SOFR

CME

93,575,529 USD

09/17/25

87,654

3 Month SOFR

CME

480,425 USD

12/17/25

450

3 Month SOFR

CME

1,928,837 USD

06/17/26

7,637

3 Month SOFR

CME

2,171,162 USD

09/16/26

9,700

3 Month SOFR

CME

2,414,337 USD

12/16/26

12,712

3 Month SOFR

CME

1,924,062 USD

03/17/27

2,962

3 Month SOFR

CME

962,600 USD

06/16/27

2,250

3 Month SOFR

CME

963,600 USD

09/15/27

3,550

3 Month SOFR

CME

1,445,400 USD

12/15/27

5,850

3 Month SOFR

CME

720,362 USD

03/14/28

887

3 Month SOFR

CME

1,445,012 USD

09/19/28

7,637

3 Month SOFR

CME

480,400 USD

12/20/28

1,525

Aluminium

LME

808,969 USD

10/18/23

(68,156

)

Australian 10-Year Bond

SFE

10,793,648 AUD

12/15/23

172,443

Australian Dollar Currency

CME

8,438,829 USD

12/18/23

(17,221

)

Brent Crude

258

ICE

825,600 USD

10/26/23

(1,212,600

)

Brent Crude

ICE

81,600 USD

10/26/23

21,250

Brent Crude

662

ICE

61,165,262 USD

10/31/23

128,862

Brent Crude

NYMEX

1,570,450 USD

10/31/23

3,050

Brent Crude

261

ICE

1,560,780 USD

01/26/24

(297,540

)

Brent Crude

261

ICE

1,550,340 USD

01/26/24

300,150

Brent Crude

NYMEX

2,498,730 USD

01/31/24

43,970

Brent Crude

NYMEX

4,336,250 USD

04/30/24

69,750

Brent Crude

NYMEX

390,400 USD

10/31/25

(1,000

)

British Pound Currency

ICE

8,603,464 USD

12/18/23

132,776

California Carbon Allowance Vintage Specific 2023

3,059

ICE

91,525,940 USD

12/22/23

(20,769,950

)

Canadian Dollar Currency

CME

12,557,446 USD

12/19/23

5,496

CBOE Volatility Index

197

CBOE

3,742,431 USD

01/17/24

(20,210

)

CBOE Volatility Index

CBOE

778,210 USD

02/14/24

(51,750

)

CBOE Volatility Index

118

CBOE

2,220,546 USD

03/20/24

(92,029

)

Chicago CG Basis

ICE

62,194 USD

10/03/23

581

Chicago CG Basis

ICE

16,500 USD

03/28/24

10,500

Cocoa

ICE

1,922,663 USD

12/13/23

111,123

Coffee ‘C’

ICE

587,756 USD

12/18/23

39,694

Coffee ‘C’

266

ICE

15,122,894 USD

03/18/24

439,694

See Notes to Consolidated Financial Statements.

157

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

Copper

LME

832,100 USD

10/18/23

8,200

Copper

446

COMEX

42,025,341 USD

03/26/24

45,591

Corn

CBOT

509,500 USD

12/14/23

8,912

Corn

1,202

CBOT

30,623,930 USD

03/14/24

1,069,755

Cotton No.2

284

ICE

12,481,757 USD

12/06/23

106,457

DAX Index

EUREX

3,466,058 EUR

12/15/23

(28,854

)

Dominion Sp

155

ICE

353,904 USD

12/04/23

(34,216

)

Dominion Sp

ICE

126,131 USD

01/03/24

(16,081

)

Dominion Sp

248

ICE

400,016 USD

03/01/24

(41,966

)

E-Mini S&P 500 Index

CME

6,556,500 USD

12/15/23

68,250

E-Mini S&P Mid Cap 400 Index

CME

1,256,530 USD

12/15/23

(3,670

)

Euro Buxl

EUREX

1,486,100 EUR

12/07/23

18,798

Euro FX

CME

24,846,438 USD

12/18/23

172,375

Euro OAT

EUREX

3,629,780 EUR

12/07/23

60,242

Euro Stoxx 50

896

EUREX

37,816,835 EUR

12/15/23

157,525

Euro-BTP

EUREX

3,255,295 EUR

12/07/23

77,311

Euro-Bund

EUREX

6,552,905 EUR

12/07/23

127,827

Euro-Schatz

339

EUREX

35,614,610 EUR

12/07/23

24,317

FTSE 100 Index

358

LIFFE

27,743,306 GBP

12/15/23

343,002

FTSE Taiwan Index

SGX

1,526,520 USD

10/30/23

(12,480

)

Gas Oil

458

ICE

44,373,593 USD

11/10/23

119,343

Gasoline RBOB

NYMEX

8,343,223 USD

10/31/23

684,019

Gasoline RBOB

NYMEX

949,889 USD

11/30/23

61,740

Globex Natural Gas

NYMEX

3,343,800 USD

01/01/24

313,550

Globex Natural Gas

NYMEX

1,282,790 USD

02/01/24

(11,100

)

Globex Natural Gas

NYMEX

1,322,200 USD

04/01/24

64,300

Globex Natural Gas

NYMEX

867,700 USD

05/01/24

53,380

Globex Natural Gas

NYMEX

867,700 USD

06/01/24

16,930

Globex Natural Gas

NYMEX

866,800 USD

07/01/24

(21,230

)

Globex Natural Gas

NYMEX

866,800 USD

08/01/24

(29,330

)

Globex Natural Gas

NYMEX

866,800 USD

09/01/24

(23,120

)

Globex Natural Gas

NYMEX

866,800 USD

10/01/24

(45,530

)

Globex Natural Gas

NYMEX

384,981 USD

11/24/24

(26,309

)

Globex Natural Gas

NYMEX

453,900 USD

01/01/25

(32,740

)

Globex Natural Gas

NYMEX

453,900 USD

02/01/25

(20,420

)

Globex Natural Gas

NYMEX

453,900 USD

03/01/25

22,040

Globex Natural Gas

NYMEX

453,900 USD

04/01/25

68,680

Globex Natural Gas

NYMEX

453,900 USD

05/01/25

70,220

Globex Natural Gas

NYMEX

453,900 USD

06/01/25

55,150

Globex Natural Gas

NYMEX

453,900 USD

07/01/25

39,750

Globex Natural Gas

NYMEX

453,900 USD

08/01/25

34,910

Globex Natural Gas

NYMEX

453,900 USD

09/25/25

38,100

Globex Natural Gas

NYMEX

453,900 USD

10/01/25

28,970

See Notes to Consolidated Financial Statements.

158

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

Globex Natural Gas

NYMEX

453,900 USD

11/01/25

(11,840

)

Gold 100 OZ

COMEX

2,885,800 USD

12/27/23

86,650

Henry Hub

104

NYMEX

697,069 USD

10/26/23

(64,471

)

Henry Hub

240

ICE

1,817,325 USD

10/27/23

59,925

Henry Hub

NYMEX

537,769 USD

11/27/23

(174,311

)

Henry Hub

NYMEX

403,125 USD

12/26/23

19,887

Henry Hub

774

ICE

9,261,184 USD

02/01/24

2,494,489

Henry Hub

NYMEX

477,000 USD

02/26/24

50,350

Henry Hub

662

ICE

8,901,275 USD

03/01/24

2,823,525

Henry Hub

177

NYMEX

1,198,092 USD

03/28/24

(127,196

)

Henry Hub

356

ICE

7,248,815 USD

04/01/24

1,887,765

Henry Hub

158

NYMEX

1,052,742 USD

04/28/24

(138,578

)

Henry Hub

619

ICE

10,794,521 USD

05/01/24

3,322,381

Henry Hub

158

NYMEX

1,052,742 USD

05/28/24

(191,903

)

Henry Hub

596

ICE

10,447,103 USD

06/01/24

2,916,213

Henry Hub

158

NYMEX

1,052,742 USD

06/28/24

(246,413

)

Henry Hub

619

ICE

9,814,378 USD

07/01/24

2,685,471

Henry Hub

619

ICE

10,552,876 USD

08/01/24

2,587,276

Henry Hub

158

NYMEX

1,052,742 USD

08/01/24

(258,263

)

Henry Hub

596

ICE

7,787,528 USD

09/01/24

2,629,288

Henry Hub

158

NYMEX

1,052,742 USD

09/01/24

(249,178

)

Henry Hub

805

ICE

9,805,467 USD

10/01/24

2,219,612

Henry Hub

158

NYMEX

1,052,742 USD

10/01/24

(281,963

)

Henry Hub

1,140

ICE

13,764,008 USD

11/01/24

1,705,733

Henry Hub

1,158

ICE

12,811,236 USD

12/01/24

457,526

Henry Hub

NYMEX

685,095 USD

12/25/24

(66,985

)

Henry Hub

NYMEX

685,095 USD

01/28/25

(47,945

)

Henry Hub

140

ICE

1,546,832 USD

02/01/25

37,632

Henry Hub

NYMEX

685,095 USD

02/28/25

17,675

Henry Hub

155

ICE

1,712,564 USD

03/01/25

191,239

Henry Hub

NYMEX

685,095 USD

03/28/25

89,755

Henry Hub

120

ICE

1,352,846 USD

04/01/25

302,246

Henry Hub

NYMEX

685,095 USD

04/28/25

92,135

Henry Hub

124

ICE

1,397,941 USD

05/01/25

316,661

Henry Hub

NYMEX

685,095 USD

05/28/25

68,845

Henry Hub

120

ICE

1,352,846 USD

06/01/25

265,346

Henry Hub

124

ICE

1,397,941 USD

07/01/25

230,791

Henry Hub

NYMEX

685,095 USD

07/01/25

45,045

Henry Hub

124

ICE

1,397,941 USD

08/01/25

217,151

Henry Hub

NYMEX

685,095 USD

08/01/25

37,565

Henry Hub

120

ICE

1,352,846 USD

09/01/25

218,846

Henry Hub

NYMEX

685,095 USD

09/01/25

42,495

Henry Hub

124

ICE

1,397,941 USD

10/01/25

200,411

Henry Hub

NYMEX

685,095 USD

10/01/25

28,385

See Notes to Consolidated Financial Statements.

159

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

Henry Hub

150

ICE

1,657,320 USD

11/01/25

69,570

Henry Hub

NYMEX

685,095 USD

11/01/25

(34,685

)

Henry Hub

155

ICE

1,712,564 USD

12/01/25

(81,949

)

Henry Hub

NYMEX

685,095 USD

12/01/25

(102,175

)

Henry Hub

ICE

9,897 USD

01/01/27

(2,338

)

Henry Hub

ICE

39,590 USD

02/01/27

(7,380

)

Henry Hub

ICE

9,897 USD

03/01/27

(258

)

Henry Hub

ICE

19,795 USD

04/01/27

2,675

Henry Hub

ICE

9,897 USD

05/01/27

1,427

Henry Hub

ICE

19,795 USD

06/01/27

2,275

Henry Hub

ICE

9,897 USD

07/01/27

837

Henry Hub

ICE

9,897 USD

08/01/27

747

Henry Hub

ICE

19,795 USD

09/01/27

1,490

Henry Hub

ICE

9,897 USD

10/01/27

538

Henry Hub

ICE

19,795 USD

11/01/27

(830

)

Henry Hub

ICE

9,897 USD

12/01/27

(1,420

)

Henry Physical Basis

ICE

21,506 USD

12/04/23

(1,744

)

HSC Basis

ICE

18,212 USD

03/04/24

5,425

HSC Basis

ICE

17,250 USD

04/02/24

11,250

HSC Basis

ICE

17,825 USD

05/02/24

8,525

HSC Basis

ICE

17,250 USD

06/04/24

3,187

HSC Basis

ICE

17,825 USD

07/02/24

3,294

HSC Basis

ICE

17,825 USD

08/02/24

3,100

HSC Basis

ICE

17,250 USD

09/04/24

9,375

HSC Basis

ICE

17,825 USD

10/02/24

14,725

ICE 3 Month Sonia

342

ICE

81,130,645 GBP

12/17/24

(36,883

)

ICE 3 Month Sonia

233

ICE

55,461,388 GBP

06/17/25

(72,718

)

ICE 3 Month Sonia

254

ICE

60,574,784 GBP

09/16/25

(47,756

)

Japan Yen Currency

CME

15,262,815 USD

12/18/23

267,596

Japanese 10 Year Bond

OSE

1,604,192,855 JPY

12/20/23

64,460

Lean Hogs

702

CME

21,702,591 USD

02/16/24

516,231

Live Cattle

1,064

CME

81,334,363 USD

12/29/23

1,353,483

Long Gilt

LIFFE

3,704,960 GBP

12/27/23

39,922

Michon Basis

124

ICE

136,245 USD

10/03/23

26,505

Michon Basis

ICE

825 USD

10/03/23

(12,405

)

Michon Basis

ICE

1,356 USD

11/02/23

4,851

Michon Basis

186

ICE

59,869 USD

03/04/24

(9,881

)

Michon Basis

ICE

20,625 USD

03/28/24

(11,250

)

Michon Basis

ICE

21,312 USD

04/30/24

(6,200

)

Michon Basis

ICE

20,625 USD

05/31/24

(2,438

)

Michon Basis

ICE

21,312 USD

06/28/24

(581

)

Michon Basis

ICE

21,312 USD

07/31/24

(969

)

Michon Basis

ICE

20,625 USD

08/30/24

6,187

Michon Basis

ICE

21,312 USD

09/30/24

12,206

See Notes to Consolidated Financial Statements.

160

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

NASDAQ 100 E-Mini

CME

6,500,860 USD

12/15/23

256,930

Natural Gas

128

NYMEX

3,704,240 USD

10/27/23

(44,880

)

Natural Gas

NYMEX

13,555 USD

10/27/23

(1,090

)

Natural Gas

NYMEX

1,770,010 USD

11/27/23

80,890

Natural Gas

NYMEX

15,322,784 USD

11/28/23

253,184

Natural Gas

NYMEX

540,569 USD

11/28/23

(55,591

)

Natural Gas

NYMEX

6,777 USD

11/28/23

(1,503

)

Natural Gas

303

NYMEX

13,295,220 USD

12/27/23

853,370

Natural Gas

NYMEX

385,425 USD

01/29/24

755

Natural Gas

313

NYMEX

10,397,560 USD

02/27/24

318,960

Natural Gas

136

NYMEX

4,122,740 USD

03/26/24

49,540

Natural Gas

NYMEX

2,769,690 USD

05/29/24

28,320

Natural Gas

NYMEX

3,892,390 USD

06/26/24

11,370

Natural Gas

NYMEX

2,094,137 USD

07/29/24

3,167

Natural Gas

NYMEX

384,981 USD

12/01/24

(72,179

)

Natural Gas

NYMEX

3,563,700 USD

12/27/24

245,700

Natural Gas

NYMEX

389,660 USD

12/27/24

(52,740

)

Natural Gas

NYMEX

453,900 USD

01/01/25

(55,510

)

Natural Gas

NYMEX

3,968,800 USD

01/01/25

75,680

Natural Gas

NYMEX

389,660 USD

01/29/25

(41,540

)

Natural Gas

NYMEX

389,660 USD

02/26/25

(2,940

)

Natural Gas

NYMEX

389,660 USD

03/27/25

39,460

Natural Gas

NYMEX

389,660 USD

04/28/25

40,860

Natural Gas

NYMEX

389,660 USD

05/28/25

27,160

Natural Gas

NYMEX

389,660 USD

06/26/25

13,160

Natural Gas

NYMEX

389,660 USD

07/29/25

8,760

Natural Gas

NYMEX

389,660 USD

08/27/25

11,660

Natural Gas

NYMEX

389,660 USD

09/26/25

3,360

Natural Gas

NYMEX

389,660 USD

10/29/25

(33,740

)

Natural Gas

NYMEX

389,660 USD

11/25/25

(73,440

)

Natural Gas

NYMEX

121,200 USD

12/26/25

(25,500

)

Natural Gas

NYMEX

1,614,842 USD

12/29/25

(145,558

)

Natural Gas

138

NYMEX

5,035,763 USD

01/01/26

(1,712,437

)

Natural Gas

NYMEX

121,200 USD

01/27/26

(19,650

)

Natural Gas

NYMEX

1,472,542 USD

01/28/26

(76,808

)

Natural Gas

138

NYMEX

5,035,763 USD

02/01/26

(1,443,337

)

Natural Gas

NYMEX

121,200 USD

02/24/26

(2,820

)

Natural Gas

NYMEX

1,472,542 USD

02/25/26

108,322

Natural Gas

138

NYMEX

5,035,763 USD

03/01/26

(669,157

)

Natural Gas

NYMEX

121,200 USD

03/26/26

15,480

Natural Gas

NYMEX

1,472,942 USD

03/27/26

310,022

Natural Gas

138

NYMEX

5,035,763 USD

04/01/26

172,643

Natural Gas

NYMEX

121,200 USD

04/27/26

16,200

Natural Gas

NYMEX

1,472,542 USD

04/28/26

317,542

See Notes to Consolidated Financial Statements.

161

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

Natural Gas

138

NYMEX

5,035,763 USD

05/01/26

205,763

Natural Gas

NYMEX

121,200 USD

05/26/26

12,510

Natural Gas

NYMEX

1,472,942 USD

05/27/26

277,352

Natural Gas

138

NYMEX

5,035,763 USD

06/01/26

36,023

Natural Gas

NYMEX

121,200 USD

06/25/26

8,520

Natural Gas

NYMEX

1,472,542 USD

06/26/26

233,062

Natural Gas

138

NYMEX

5,035,763 USD

07/01/26

(147,517

)

Natural Gas

NYMEX

121,200 USD

07/28/26

7,980

Natural Gas

NYMEX

1,472,542 USD

07/29/26

227,122

Natural Gas

138

NYMEX

5,035,763 USD

08/01/26

(172,357

)

Natural Gas

NYMEX

121,200 USD

08/26/26

8,940

Natural Gas

NYMEX

1,472,942 USD

08/27/26

238,082

Natural Gas

138

NYMEX

5,035,763 USD

09/01/26

(128,197

)

Natural Gas

NYMEX

121,200 USD

09/25/26

6,030

Natural Gas

NYMEX

1,472,542 USD

09/28/26

205,672

Natural Gas

138

NYMEX

5,035,763 USD

10/01/26

(262,057

)

Natural Gas

NYMEX

121,200 USD

10/27/26

(5,220

)

Natural Gas

NYMEX

1,472,542 USD

10/28/26

81,922

Natural Gas

138

NYMEX

5,035,763 USD

11/01/26

(779,557

)

Natural Gas

NYMEX

121,200 USD

11/24/26

(17,340

)

Natural Gas

NYMEX

1,472,542 USD

11/25/26

(51,398

)

Natural Gas

138

NYMEX

5,035,763 USD

12/01/26

(1,337,077

)

Natural Gas

NYMEX

2,370,900 USD

12/29/26

(222,920

)

Natural Gas

NYMEX

2,370,900 USD

01/27/27

(118,510

)

Natural Gas

NYMEX

2,370,900 USD

02/24/27

218,040

Natural Gas

NYMEX

2,370,900 USD

03/29/27

556,180

Natural Gas

NYMEX

2,370,900 USD

04/28/27

575,260

Natural Gas

NYMEX

2,370,900 USD

05/26/27

513,780

Natural Gas

NYMEX

2,370,900 USD

06/28/27

450,180

Natural Gas

NYMEX

2,370,900 USD

07/28/27

431,100

Natural Gas

NYMEX

2,370,900 USD

08/27/27

430,570

Natural Gas

NYMEX

2,370,900 USD

09/28/27

386,580

Natural Gas

NYMEX

2,370,900 USD

10/27/27

184,650

Natural Gas

NYMEX

2,370,900 USD

11/26/27

(28,410

)

New Zealand Dollar

ICE

5,716,443 USD

12/18/23

(105,012

)

NY Harbor ULSD

231

NYMEX

32,021,475 USD

10/31/23

(946

)

NY Harbor ULSD

NYMEX

5,174,003 USD

12/29/23

23,795

Palladium

NYMEX

745,203 USD

12/27/23

(8,397

)

Panhandle Basis

ICE

5,363 USD

10/02/23

288

Panhandle Basis

ICE

5,363 USD

10/02/23

288

Panhandle Basis

ICE

17,250 USD

11/02/23

52,125

Panhandle Basis

ICE

31,775 USD

12/04/23

28,675

Panhandle Basis

ICE

31,775 USD

01/03/24

(85,250

)

Panhandle Basis

ICE

89,900 USD

01/31/24

(76,488

)

See Notes to Consolidated Financial Statements.

162

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Description

Contracts

Exchange

Notional
Amount

Expiration
Date

Value/
Unrealized
Appreciation
(Depreciation)

Panhandle Basis

ICE

53,087 USD

03/04/24

86,606

Platinum

NYMEX

1,452,065 USD

01/29/24

32,420

Rockies Basis

ICE

63,525 USD

04/02/24

16,275

Silver

COMEX

461,050 USD

12/27/23

12,050

Soybean

CBOT

3,076,875 USD

11/14/23

208,125

Soybean

156

CBOT

6,602,560 USD

12/14/23

465,240

Soybean Oil

CBOT

3,354,955 USD

01/12/24

108,019

Sugar

1,263

ICE

37,967,227 USD

02/29/24

509,678

Swiss Franc Currency

CME

5,754,650 USD

12/18/23

108,950

U.S. Treasury 10-Year Note

6,671

CBOT

767,349,664 USD

12/19/23

10,912,164

U.S. Treasury 2-Year Note

390

CBOT

233,471,705 USD

12/29/23

556,837

U.S. Treasury 5-Year Note

190

CBOT

81,594,484 USD

12/29/23

573,124

U.S. Treasury Long Bond

CBOT

16,715,926 USD

12/19/23

672,769

U.S. Treasury Ultra 10-Year Note

CBOT

6,085,094 USD

12/19/23

172,281

U.S. Treasury Ultra Long Bond

CBOT

20,934,574 USD

12/19/23

995,074

U.S. Treasury Ultra Long Bond

CBOT

2,293,531 USD

12/19/23

157,156

VSTOXX

523

EUREX

884,497 EUR

10/18/23

(43,573

)

VSTOXX

645

EUREX

1,089,526 EUR

12/20/23

(68,747

)

Waha Gas Basis

ICE

137,175 USD

02/29/24

21,700

Western Hub Real-Time Peak Daily Mini

ICE

732,000 USD

10/03/23

47,040

Western Hub Real-Time Peak Daily Mini

160

ICE

2,275,451 USD

11/02/23

(174,469

)

Western Hub Real-Time Peak Daily Mini

ICE

475,910 USD

12/04/23

(874

)

Western Hub Real-Time Peak Daily Mini

100

ICE

2,410,725 USD

01/31/24

(190,555

)

Western Hub Real-Time Peak Daily Mini

100

ICE

2,301,146 USD

02/29/24

86,906

Western Hub Real-Time Peak Daily Mini

ICE

1,044,349 USD

04/30/24

(32,824

)

Wheat

1,352

CBOT

43,252,162 USD

03/14/24

4,483,562

WTI Crude

544

NYMEX

48,898,255 USD

10/20/23

(491,505

)

WTI Crude

NYMEX

5,663,150 USD

11/20/24

57,230

WTI Crude

NYMEX

4,356,250 USD

11/20/25

(44,750

)

32,140,177

Total Futures Contracts Outstanding

(15,212,310

)

See Notes to Consolidated Financial Statements.

163

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Forward Foreign Currency Exchange Contracts Outstanding at September 30, 2023


Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD		10,875,000	ZAR		208,076,812	Goldman Sachs International		10/02/23	$	(114,731	)
XAU		1,740	USD		3,236,694	JPMorgan Chase Bank, N.A.		10/02/23		(20,078	)
BRL		7,500,000	USD		1,530,175	State Street Bank and Trust Company		10/03/23		(38,098	)
BRL		47,244,060	EUR		9,068,010	JPMorgan Chase Bank, N.A.		10/03/23		(188,250	)
EUR		8,848,770	BRL		47,231,195	JPMorgan Chase Bank, N.A.		10/03/23		(40,982	)
USD		1,488,095	BRL		7,500,000	State Street Bank and Trust Company		10/03/23		(3,982	)
BRL		65,243,781	USD		13,432,800	JPMorgan Chase Bank, N.A.		10/04/23		(455,106	)
ZAR		251,328,061	USD		13,309,260	JPMorgan Chase Bank, N.A.		10/04/23		(36,279	)
GBP		39,585,000	USD		48,467,518	JPMorgan Chase Bank, N.A.		10/04/23		(169,583	)
USD		2,176,740	ZAR		41,761,120	JPMorgan Chase Bank, N.A.		10/04/23		(28,722	)
USD		49,677,016	GBP		40,890,000	JPMorgan Chase Bank, N.A.		10/04/23		(213,157	)
JPY		1,725,720,913	EUR		10,962,000	JPMorgan Chase Bank, N.A.		10/06/23		(37,548	)
CHN		67,127,711	USD		9,181,980	JPMorgan Chase Bank, N.A.		10/10/23		17,125
EUR		4,350,000	JPY		681,847,623	JPMorgan Chase Bank, N.A.		10/10/23		32,568
USD		1,006,103	EUR		957,000	JPMorgan Chase Bank, N.A.		10/10/23		(5,971	)
BRL		47,321,098	EUR		8,848,770	JPMorgan Chase Bank, N.A.		10/13/23		40,445
USD		1,209,752	EUR		1,072,000	Citibank N.A.		10/17/23		75,732
USD		3,814,970	EUR		3,566,892	JPMorgan Chase Bank, N.A.		10/18/23		41,560
EUR		174,000	USD		184,720	Barclays Bank PLC		10/18/23		(645	)
BRL		21,663,000	USD		4,350,000	Citibank N.A.		10/24/23		(53,295	)
BRL		43,674,832	USD		8,700,000	JPMorgan Chase Bank, N.A.		10/24/23		(37,402	)
USD		9,145,400	EUR		8,193,000	State Street Bank And Trust Company		10/25/23		475,534
JPY		4,152,301,200	EUR		26,970,000	Nomura International PLC		10/26/23		(653,127	)

See Notes to Consolidated Financial Statements.

164

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD		1,457,160	ILS		5,385,000	State Street Bank and Trust Company		10/30/23	$	43,613
MXN		4,400,000	USD		250,834	State Street Bank and Trust Company		10/30/23		493
HKD		5,131,000	USD		657,770	State Street Bank and Trust Company		10/31/23		(2,172	)
USD		4,125,336	CHF		3,535,000	State Street Bank and Trust Company		10/31/23		251,947
USD		1,506,095	THB		51,400,000	State Street Bank and Trust Company		10/31/23		91,159
USD		13,503,831	CNH		95,518,000	State Street Bank And Trust Company		10/31/23		405,195
USD		2,291,444	AUD		3,367,419	State Street Bank and Trust Company		10/31/23		124,362
CZK		33,700,000	USD		1,543,957	State Street Bank And Trust Company		10/31/23		(85,043	)
SGD		6,187,500	USD		4,680,338	State Street Bank And Trust Company		10/31/23		(148,450	)
PHP		84,700,000	USD		1,552,419	State Street Bank and Trust Company		10/31/23		(55,507	)
USD		1,624,272	PEN		6,030,000	State Street Bank And Trust Company		10/31/23		34,811
PLN		6,200,000	USD		1,511,000	State Street Bank And Trust Company		10/31/23		(92,913	)
USD		1,121,563	CLP		957,200,000	State Street Bank And Trust Company		10/31/23		46,566
USD		1,238,483	HUF		435,500,000	State Street Bank and Trust Company		10/31/23		62,275
USD		1,609,497	TWD		50,100,000	State Street Bank And Trust Company		10/31/23		48,775
INR		900,400,000	USD		10,963,174	State Street Bank And Trust Company		10/31/23		(144,960	)
USD		798,121	NOK		8,013,334	State Street Bank and Trust Company		10/31/23		48,397
USD		304,789	ZAR		5,400,000	State Street Bank And Trust Company		10/31/23		20,277
USD		395,902	COP		1,637,100,000	State Street Bank And Trust Company		10/31/23		(2,019	)
IDR		23,768,300,000	USD		1,578,974	State Street Bank And Trust Company		10/31/23		(44,031	)
USD		1,092,937	SEK		11,409,273	State Street Bank And Trust Company		10/31/23		47,488
NOK		14,600,000	USD		1,432,265	State Street Bank And Trust Company		10/31/23		(66,295	)

See Notes to Consolidated Financial Statements.

165

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD		2,836,472	KRW		3,633,400,000	State Street Bank And Trust Company		10/31/23	$	146,591
USD		80,645	PHP		4,400,000	State Street Bank and Trust Company		10/31/23		2,883
KRW		1,400,000,000	USD		1,090,080	State Street Bank And Trust Company		10/31/23		(53,632	)
USD		5,220,858	SGD		7,000,000	State Street Bank And Trust Company		10/31/23		93,874
ZAR		31,100,000	USD		1,692,733	State Street Bank And Trust Company		10/31/23		(54,158	)
SEK		7,600,000	USD		724,750	State Street Bank and Trust Company		10/31/23		(28,350	)
COP		6,600,000,000	USD		1,605,320	State Street Bank And Trust Company		10/31/23		(1,093	)
PEN		900,000	USD		248,825	State Street Bank and Trust Company		10/31/23		(11,592	)
USD		3,374,590	INR		280,000,000	State Street Bank And Trust Company		10/31/23		10,418
HUF		144,000,000	USD		411,972	State Street Bank and Trust Company		10/31/23		(23,054	)
USD		937,163	CZK		20,700,000	State Street Bank and Trust Company		10/31/23		41,035
USD		1,000,614	PLN		4,100,000	State Street Bank and Trust Company		10/31/23		62,847
CHN		45,000,000	USD		6,167,068	State Street Bank and Trust Company		10/31/23		3,901
USD		174,070	EUR		158,000	Citibank N.A.		11/02/23		6,819
USD		998,497	GBP		782,000	Citibank N.A.		11/02/23		44,202
BRL		7,500,000	USD		1,481,481	State Street Bank and Trust Company		11/03/23		4,108
USD		1,040,975	EUR		939,000	Citibank N.A.		11/10/23		46,651
USD		1,107,062	GBP		865,000	Citibank N.A.		11/10/23		51,438
USD		17,422,589	AUD		26,791,000	State Street Bank And Trust Company		11/16/23		172,161
USD		3,067,168	EUR		2,876,000	State Street Bank And Trust Company		11/16/23		20,924
USD		2,872,985	EUR		2,637,000	Citibank N.A.		11/22/23		79,163
USD		2,400,000	CNH		17,447,124	HSBC Bank PLC		11/24/23		5,059
USD		1,650,000	CNH		11,970,743	Barclays Bank PLC		11/24/23		6,794
CNH		29,417,868	USD		4,054,933	HSBC Bank PLC		11/24/23		(16,785	)
USD		740,416	EUR		674,000	Citibank N.A.		12/01/23		26,055
USD		1,434,696	GBP		1,147,000	Citibank N.A.		12/07/23		34,714
USD		107,817	EUR		101,000	Citibank N.A.		12/15/23		679
CHN		19,042,038	USD		2,610,000	JPMorgan Chase Bank, N.A.		12/18/23		6,878

See Notes to Consolidated Financial Statements.

166

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Currency

Purchased

Amount in
Currency
Purchased

Currency

Sold

Amount in
Currency

Sold

Counterparty

Settlement

Date

Unrealized
Appreciation
(Depreciation)

USD

27,997,710

GBP

22,589,000

State Street Bank And
Trust Company

12/21/23

421,534

USD

1,000,311

EUR

941,000

Citibank N.A.

12/29/23

1,205

Total Forward Foreign Currency Exchange Contacts Outstanding

271,245

Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection) — Outstanding at September 30, 2023


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty		Notional Amount		Market Value		Upfront Premium Paid(Received)		Unrealized Appreciation (Depreciation)
Mexico Government International Bonds		1.00		3M	12/20/28		Intercontinental Exchange, Inc.		1,600,000 USD		18,485		3,837		14,648

Total Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection)										$	18,485	$	3,837	$	14,648

Centrally Cleared Credit Default Swaps on Index (Buy Protection) — Outstanding at September 30, 2023


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.40		5.00%		3M	6/20/2028	Barclays Bank PLC		13,700,000 USD	$	(250,503	)	$	(422,988	)	$	172,485
CDX.NA.HY.40		5.00%		3M	6/20/2028	Barclays Bank PLC		6,800,000 USD		(124,337	)		(202,300	)		77,963
CDX.NA.HY.40		5.00%		3M	6/20/2028	Intercontinental Exchange, Inc.		13,700,000 USD		(250,503	)		(332,979	)		82,476
CDX.NA.HY.40		5.00%		3M	6/20/2028	Intercontinental Exchange, Inc.		7,000,000 USD		(127,994	)		(187,775	)		59,781
CDX.EM.40		1.00%		3M	12/20/2028	Intercontinental Exchange, Inc.		59,700,000 USD		3,242,368			2,877,540			364,828
CDX.EM.40		1.00%		3M	12/20/2028	Morgan Stanley & Co. LLC		154,500,000 USD		8,391,053			7,941,300			449,753
CDX.NA.IG.40		1.00%		3M	12/20/2028	Intercontinental Exchange, Inc.		2,200,000 USD		(27,432	)		(27,779	)		347
iTraxx Europe Xover Series 40		5.00%		3M	12/20/2028	Barclays Bank PLC		7,000,000 EUR		(232,352	)		(222,178	)		(10,174	)
CMBX.NA.BBB-.8		3.00%		M	10/17/2057	Morgan Stanley Capital Services LLC		59,000 USD		(9,423	)		188,316			(197,739	)
CMBX.NA.BBB-.8		3.00%		M	10/17/2057	Morgan Stanley Capital Services LLC		2,160,000 USD		(344,988	)		(114,150	)		(230,838	)
CMBX.NA.BBB-.8		3.00%		M	10/17/2057	Morgan Stanley Capital Services LLC		(2,219,000) USD		354,411			363,361			(8,950	)
CMBX.NA.A.8		2.00%		M	10/17/2057	Goldman Sachs & Co., LLC		(505,000) USD		21,019			(4,332	)		25,351
CMBX.NA.A.8		2.00%		M	10/17/2057	Goldman Sachs & Co., LLC		73,000 USD		(3,039	)		2,046			(5,085	)
CMBX.NA.BBB-.9		3.00%		M	09/17/2058	Goldman Sachs International		12,000 USD		2,590			112			2,478
CMBX.NA.BBB-.9		3.00%		M	09/17/2058	Goldman Sachs International		62,000 USD		13,379			2,616			10,763
CMBX.NA.BBB-.9		3.00%		M	09/17/2058	Goldman Sachs International		3,000 USD		647			5			642

See Notes to Consolidated Financial Statements.

167

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Notional Amount		Market Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CMBX.NA.BBB-.9		3.00%		M	09/17/2058	Goldman Sachs International		100,000 USD	$	21,578	$	2,387	$	19,191

Total Centrally Cleared Credit Default Swaps on Index (Buy Protection)									$	10,676,474	$	9,863,202	$	813,272

Centrally Cleared Credit Default Swaps on Index (Sell Protection) — Outstanding at September 30, 2023


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Rating		Notional Amount¹		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.BBB-.9		3.00%		M	9/17/2058	JPMorgan Chase Bank N.A.		BBB		177,000 USD	$	(38,194	)	$	(910	)	$	(37,284	)
CDX.NA.HY.40		5.00%		3M	6/20/2028	Morgan Stanley & Co., Inc.		NR		25,080,000 USD		458,585			107,171			351,414
CDX.NA.HY.40		5.00%		3M	6/20/2028	Intercontinental Exchange, Inc.		NR		8,300,000 USD		151,764			201,357			(49,593	)
CDX.NA.HY.40		5.00%		3M	6/20/2028	Intercontinental Exchange, Inc.		NR		4,100,000 USD		74,968			117,260			(42,292	)
CDX.NA.HY.40		5.00%		3M	6/20/2028	Intercontinental Exchange, Inc.		NR		12,400,000 USD		226,733			352,470			(125,737	)
CDX.NA.HY.40		5.00%		3M	6/20/2028	Intercontinental Exchange, Inc.		NR		16,400,000 USD		299,872			264,040			35,832
CDX.NA.IG.41		1.00%		3M	12/20/2028	Royal Bank of Canada		NR		184,233,750 USD		2,297,233			2,456,944			(159,711	)
iTraxx Europe Series 40		1.00%		3M	12/20/2028	Intercontinental Exchange, Inc.		NR		51,450,000 EUR		545,049			585,929			(40,880	)
CMBX.NA.BBB-.10		3.00%		M	11/17/2059	Goldman Sachs & Co., LLC		BBB		(19,162,000) USD		(5,284,560	)		(712,649	)		(4,571,911	)
CMBX.NA.BBB-.10		3.00%		M	11/17/2059	Goldman Sachs & Co., LLC		BBB		7,363,000 USD		2,030,593			71,578			1,959,015
CMBX.NA.BBB-.10		3.00%		M	11/17/2059	Goldman Sachs & Co., LLC		BBB		6,747,000 USD		1,860,710			837,816			1,022,894
CMBX.NA.A.14		2.00%		M	12/16/2072	Goldman Sachs & Co., LLC		NR		(201,000) USD		19,622			0			19,622
CMBX.NA.A.14		2.00%		M	12/16/2072	Goldman Sachs & Co., LLC		NR		402,000 USD		(39,244	)		(28,350	)		(10,894	)

Total Centrally Cleared Credit Default Swaps on Index (Sell Protection)											$	2,603,131		$	4,252,656		$	(1,649,525	)

OTC Credit Default Swaps on Single-Name Issuer (Buy Protection) — Outstanding at September 30, 2023


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Notional Amount			Market Value			Upfront Premium Paid(Received)			Unrealized Appreciation (Depreciation)
Republic of China		1.00%		3M	12/20/2028	Goldman Sachs International		400,000	USD	$	(3,387	)	$	(580,137	)	$	576,750
Republic of Turkey		1.00%		3M	12/20/2027	Goldman Sachs International		1,500,000	USD		138,562			561,280			(422,718	)
Republic of China		1.00%		3M	12/20/2027	Citibank N.A.		36,100,000	USD		(420,250	)		(510,873	)		90,623
Republic of Egypt		1.00%		3M	12/20/2023	Bank of America N.A.		1,500,000	USD		27,989			52,500			(24,511	)

See Notes to Consolidated Financial Statements.

168

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Notional Amount			Market Value			Upfront Premium Paid(Received)			Unrealized Appreciation (Depreciation)
Republic of Turkey		1.00%		3M	06/20/2028	Goldman Sachs International		3,450,000	USD	$	372,676		$	381,542		$	(8,866	)
Republic of Brazil		1.00%		3M	06/20/2028	Intercontinental Exchange, Inc.		600,000	USD		16,311			17,633			(1,322	)
Republic of South Africa		1.00%		3M	12/20/2028	Goldman Sachs International		1,600,000	USD		122,330			360,871			(238,541	)
Republic of Peru		1.00%		3M	12/20/2028	Intercontinental Exchange, Inc.		5,800,000	USD		(40,798	)		(50,107	)		9,309
Republic of Chile		1.00%		3M	12/20/2028	Intercontinental Exchange, Inc.		11,100,000	USD		(141,801	)		(167,838	)		26,037
Republic of Peru		1.00%		3M	12/20/2028	Intercontinental Exchange, Inc.		2,600,000	USD		(18,289	)		(24,387	)		6,098
Mexico Government International Bonds		1.00%		3M	12/20/2028	Intercontinental Exchange, Inc.		4,400,000	USD		50,944			39,021			11,923
Mexico Government International Bonds		1.00%		3M	12/20/2028	Intercontinental Exchange, Inc.		4,100,000	USD		47,470			35,436			12,034
Republic of Saudi Arabia		1.00%		3M	12/20/2028	Intercontinental Exchange, Inc.		9,300,000	USD		(203,533	)		(219,313	)		15,780
Republic of Turkey		1.00%		3M	12/20/2028	Intercontinental Exchange, Inc.		2,100,000	USD		257,841			249,312			8,529
Mexico Government International Bonds		1.00%		3M	12/20/2028	Intercontinental Exchange, Inc.		5,200,000	USD		60,206			63,156			(2,950	)
Mexico Government International Bonds		1.00%		3M	12/20/2028	Intercontinental Exchange, Inc.		2,100,000	USD		24,314			25,503			(1,189	)
Mexico Government International Bonds		1.00%		3M	12/20/2028	Goldman Sachs International		4,200,000	USD		48,628			51,942			(3,314	)
Republic of South Africa		1.00%		3M	12/20/2028	Citibank N.A.		6,300,000	USD		481,675			483,330			(1,655	)

Total OTC Credit Default Swaps on Single-Name Issuer (Buy Protection)										$	820,888		$	768,871		$	52,017

OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) — Outstanding at September 30, 2023


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Republic of Turkey		1.00%		3M	12/20/2027	JPMorgan Chase Bank N.A.		1,500,000 USD	$	(138,562	)	$	0	$	(138,562	)
Petroleo Brasilerio S.A.		1.00%		3M	12/20/2023	HSBC Bank PLC		7,000,000 USD		15,254			16,689		(1,435	)

See Notes to Consolidated Financial Statements.

169

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Republic of Brazil		1.00%		3M	06/20/2028	Goldman Sachs International		600,000 USD	$	(16,311	)	$	(128,392	)	$	112,081

Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection)									$	(139,619	)	$	(111,703	)	$	(27,916	)

1	Using the higher of S&P’s or Moody’s rating. NR represents a security that is not rated.

2	The maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Variance/Volatility Swaps (Buy Contracts) — Outstanding at September 30, 2023


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
USD/CHF1		7.25		T	9/27/23	Morgan Stanley Capital Services LLC		13,104 USD	$	(45,012	)	$	0	$	(45,012	)
EURO STOXX 50 Index1		14.65		T	10/20/23	Goldman Sachs & Co., LLC		1,811 EUR		43,198			0		43,198
EURO STOXX 50 Index1		18.40		T	11/17/23	Goldman Sachs & Co., LLC		1,891 EUR		3,161			0		3,161

Total Variance/Volatility Swaps (Buy Contracts)									$	1,347		$	0	$	1,347

Variance/Volatility Swaps (Sell Contracts) — Outstanding at September 30, 2023


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Notional Amount				Market Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
J.P. Morgan US Short Vol Of Vol (JPOSSVV1) Index		26.47		T	12/20/2024	Goldman Sachs & Co., LLC		(1,012,500	)	USD	$	320,315	$	0	$	320,315
J.P. Morgan US Short Vol Of Vol (JPOSSVV1) Index		26.65		T	12/20/2024	Morgan Stanley Capital Services LLC		(700,000	)	USD		154,983		0		154,983
FTSE 100 Index		17.20		T	12/15/2023	Goldman Sachs & Co., LLC		(4,724	)	GBP		617,879		0		617,879
FTSE 100 Index		18.20		T	12/15/2023	Citibank N.A.		(1,511	)	GBP		322,388		0		322,388
XAU/USD		21.00		T	4/18/2024	JPMorgan Chase Bank N.A.		(2,143	)	USD		523,143		0		523,143
FTSE 100 Index		18.50		T	12/15/2023	JPMorgan Chase Bank N.A.		(5,743	)	GBP		1,257,374		0		1,257,374

See Notes to Consolidated Financial Statements.

170

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


Reference Obligation	Financing Fee		Payment Frequency		Maturity Date	Counterparty	Notional Amount				Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
J.P. Morgan US Short Vol Of Vol (JPOSSVV1) Index		27.24		T	12/20/2024	Goldman Sachs & Co., LLC		(500,000	)	USD	$	133,733		$	0	$	133,733
S&P 500 Index		25.50		T	12/15/2023	Citibank N.A.		(3,746	)	USD		1,504,288			0		1,504,288
FTSE 100 Index		18.30		T	12/22/2023	JPMorgan Chase Bank N.A.		(2,377	)	GBP		459,631			0		459,631
EURO STOXX 50 Index		19.80		T	3/15/2024	Goldman Sachs & Co., LLC		(4,394	)	EUR		275,211			0		275,211
S&P 500 Index		21.85		T	3/15/2024	Morgan Stanley Capital Services LLC		(3,432	)	USD		490,366			0		490,366
CBOT Corn Futures		28.95		T	11/24/2023	JPMorgan Chase Bank N.A.		(20,000	)	USD		7,859			0		7,859
S&P 500 Index		22.60		T	12/20/2024	JPMorgan Chase Bank N.A.		(3,850	)	USD		(167,571	)		0		(167,571	)
S&P 500 Index		20.75		T	3/15/2024	JPMorgan Chase Bank N.A.		(2,096	)	USD		155,866			0		155,866
S&P 500 Index		20.90		T	3/15/2024	JPMorgan Chase Bank N.A.		(2,081	)	USD		164,510			0		164,510
S&P 500 Index		21.70		T	3/15/2024	JPMorgan Chase Bank N.A.		(1,002	)	USD		108,708			0		108,708
USD/CHF		7.00		T	9/27/2023	Morgan Stanley Capital Services LLC		(190,000	)	USD		8,809			0		8,809
Correlation Swap		85.00		T	3/7/2024	Morgan Stanley Capital Services LLC		(128,250	)	USD		(582,760	)		0		(582,760	)
S&P 500 Index		20.50		T	6/21/2024	JPMorgan Chase Bank N.A.		(1,061	)	USD		(39,170	)		0		(39,170	)
S&P 500 Index		21.05		T	6/21/2024	JPMorgan Chase Bank N.A.		(2,067	)	USD		(39,164	)		0		(39,164	)
S&P 500 Index		21.60		T	6/21/2024	Citibank N.A.		(2,084	)	USD		(16,773	)		0		(16,773	)
S&P 500 Index		22.45		T	6/21/2024	JPMorgan Chase Bank N.A.		(1,938	)	USD		71,929			0		71,929

Total Variance/Volatility Swaps (Sell Contracts)											$	5,731,554		$	0	$	5,731,554

See Notes to Consolidated Financial Statements.

171

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

OTC Total Return Swaps Outstanding at September 30, 2023

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Buys

360 Security Technology, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

62,050 USD

666

37 Interactive Entertainment Network Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

28,452 USD

1,258

37 Interactive Entertainment Network Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

161,786 USD

1,022

Abcam PLC

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

10,085,961 USD

17,859

Activision Blizzard, Inc.

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

5,538,599 USD

76,767

ADD Industry Zhejiang Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

107 USD

Addsino Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

40,006 USD

450

Admiral Acquisition Ltd.

10/23/23

3.50%

Morgan Stanley Capital Services LLC

1,251,150 USD

(13,346

)

Admiral Acquisition Ltd.

10/23/23

3.50%

Morgan Stanley Capital Services LLC

76,988 USD

Advanced Technology & Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

356,357 USD

2,817

Advanced Technology & Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

380,261 USD

3,701

Aier Eye Hospital Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

370,972 USD

6,435

Aier Eye Hospital Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

338,382 USD

6,057

Aisino Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

366,883 USD

12,179

Aisino Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

299,583 USD

10,437

Albertsons Cos., Inc.

10/23/23

5.00%

Goldman Sachs International

5,625,398 USD

(101,971

)

Albertsons Cos., Inc.

10/23/23

5.00%

Goldman Sachs International

7,928,450 USD

(143,718

)

Alpha Group

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

46,150 USD

144

Amedisys, Inc.

10/23/23

5.00%

Goldman Sachs International

4,637,367 USD

(7,436

)

Amedisys, Inc.

10/23/23

5.00%

Goldman Sachs International

3,686,431 USD

(5,911

)

American Equity Investment Life Holding Co.

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

2,806,448 USD

(12,501

)

Amoy Diagnostics Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

125,984 USD

4,287

An Hui Wenergy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

113,154 USD

(1,877

)

See Notes to Consolidated Financial Statements.

172

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

An Hui Wenergy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

76,897 USD

(1,604

)

Anfu CE LINK Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

118 USD

Anhui Conch Cement Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,024 USD

(46

)

Anhui Construction Engineering Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

154,482 USD

467

Anhui Construction Engineering Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

267,188 USD

551

Anhui Coreach Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

344,101 USD

23,955

Anhui Coreach Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

179,695 USD

12,441

Anhui Expressway Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

124,877 USD

499

Anhui Expressway Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

80,630 USD

218

Anhui Fuhuang Steel Structure Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

33,507 USD

403

Anhui Fuhuang Steel Structure Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

128,915 USD

1,284

Anhui Golden Seed Winery Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

143 USD

)

Anhui Guangxin Agrochemical Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

5 USD

Anhui Gujing Distillery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

37,254 USD

(41

)

Anhui Gujing Distillery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,005 USD

(235

)

Anhui Huangshan Capsule Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,346 USD

100

Anhui Huangshan Capsule Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,044 USD

Anhui Jiangnan Chemical Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

55 USD

Anhui Ronds Science & Technology, Inc., Co.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

7,183 USD

Anhui Ronds Science & Technology, Inc., Co.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

35,949 USD

Anhui Sunhere Pharmaceutical Excipients Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29 USD

See Notes to Consolidated Financial Statements.

173

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Anhui Tongfeng Electronics Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

16,292 USD

175

Anhui Tongfeng Electronics Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

88,799 USD

852

Anhui Truchum Advanced Materials & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,669 USD

Anhui Truchum Advanced Materials & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

57,840 USD

512

Anhui Wanwei Updated High-Tech Material Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

91,131 USD

(577

)

Anhui Wanwei Updated High-Tech Material Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

115,158 USD

(817

)

Anhui Xinbo Aluminum Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

257,020 USD

2,182

Anhui Xinbo Aluminum Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

103,722 USD

1,018

Anhui Xinhua Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

47,102 USD

112

Anhui Xinhua Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

88,486 USD

1,071

Anhui Xinli Finance Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

364,277 USD

8,807

Anhui Xinli Finance Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

240,323 USD

5,945

Anji Foodstuff Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

13,185 USD

Anji Foodstuff Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,917 USD

Aofu Environmental Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

66,552 USD

(173

)

Aofu Environmental Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

93,887 USD

(48

)

Aoshikang Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

131,518 USD

3,466

Aoshikang Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

125,659 USD

3,591

See Notes to Consolidated Financial Statements.

174

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Apeloa Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

69,632 USD

366

Appotronics Corp., Ltd.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

2,740 USD

Argus Shanghai Textile Chemicals Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

62,749 USD

1,071

Argus Shanghai Textile Chemicals Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

45,499 USD

593

Astro-century Education & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,852 USD

1,180

Autel Intelligent Technology Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

369,091 USD

15,914

Autel Intelligent Technology Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

258,917 USD

8,011

Autobio Diagnostics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

21,268 USD

Autobio Diagnostics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

117,014 USD

Avary Holding Shenzhen Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

353,925 USD

7,335

Avary Holding Shenzhen Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

184,299 USD

3,857

AVICOPTER PLC

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,803 USD

Bafang Electric Suzhou Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

596 USD

Bank of Changsha Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

18,610 USD

Bank of Changsha Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

76,916 USD

Bank of Chengdu Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

171 USD

)

Bank of China Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,027 USD

(38

)

Bank of China Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

123,018 USD

291

Bank of Communications Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

23,735 USD

Bank of Guiyang Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

36,838 USD

(26

)

Bank of Nanjing Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

354,649 USD

1,448

Bank of Nanjing Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

184,678 USD

762

Bank of Xi’an Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

49 USD

See Notes to Consolidated Financial Statements.

175

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Baoji Titanium Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

58,045 USD

1,012

Baoji Titanium Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

22,558 USD

Baoshan Iron & Steel Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

64,839 USD

(1,722

)

Baoxiniao Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

17,079 USD

648

Baoxiniao Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

74 USD

Beibuwan Port Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

22,063 USD

(233

)

Beibuwan Port Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

54,521 USD

(324

)

Beijing Andawell Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

11,452 USD

Beijing Andawell Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,237 USD

Beijing Baolande Software Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

49,507 USD

865

Beijing Baolande Software Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

111,669 USD

1,668

Beijing Bohui Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

105,948 USD

1,080

Beijing Bohui Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

125,779 USD

1,162

Beijing Capital Development Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

3 USD

Beijing Dahao Technology Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

139 USD

Beijing Emerging Eastern Aviation Equipment Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

347,141 USD

13,836

Beijing Emerging Eastern Aviation Equipment Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

224,545 USD

8,982

Beijing Huaru Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

55,899 USD

1,359

Beijing Huaru Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,684 USD

333

See Notes to Consolidated Financial Statements.

176

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Beijing Inhand Networks Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

27,923 USD

2,117

Beijing Inhand Networks Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

133,182 USD

3,590

Beijing New Building Materials PLC

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

128,400 USD

(861

)

Beijing New Building Materials PLC

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,041 USD

(242

)

Beijing Sanyuan Foods Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,071 USD

(276

)

Beijing Sanyuan Foods Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

117,199 USD

(775

)

Beijing Science Sun Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

246,652 USD

4,064

Beijing Science Sun Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

248,727 USD

2,934

Beijing Shiji Information Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

2,973 USD

Beijing Shougang Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

649,612 USD

(10,786

)

Beijing Shougang Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

342,586 USD

(5,250

)

Beijing Sinnet Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

145,636 USD

2,222

Beijing Sinnet Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

49,470 USD

442

Beijing Strong Biotechnologies, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

246,796 USD

5,141

Beijing Strong Biotechnologies, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

175,526 USD

4,922

Beijing Teamsun Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

83 USD

Beijing Thunisoft Corp., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

7,967 USD

238

Beijing Tiantan Biological Products Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

55,073 USD

Beijing Tianyishangjia New Material Corp., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

217 USD

See Notes to Consolidated Financial Statements.

177

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Beijing Tieke Shougang Railway-Tech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,845 USD

497

Beijing Tieke Shougang Railway-Tech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

69,715 USD

769

Beijing Tricolor Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

32,441 USD

Beijing Tricolor Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

3,751 USD

Beijing UniStrong Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

57,004 USD

297

Beijing UniStrong Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,341 USD

116

Beijing United Information Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

192 USD

Beijing Urban Construction Investment & Development Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

32 USD

)

Beijing Winsunny Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

27,110 USD

842

Beijing Winsunny Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

150,015 USD

1,931

Beijing Yanjing Brewery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

478,975 USD

1,911

Beijing Yanjing Brewery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

204,693 USD

1,076

Beijing Yjk Building Software Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

69,625 USD

1,128

Beijing Yjk Building Software Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

21,585 USD

373

Beijing Zhidemai Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

141,718 USD

679

Beijing Zhidemai Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

73,962 USD

351

Beiqi Foton Motor Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

141,712 USD

(404

)

See Notes to Consolidated Financial Statements.

178

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Bestechnic Shanghai Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

51,012 USD

Betta Pharmaceuticals Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

168,875 USD

5,222

Beyondsoft Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

61,230 USD

2,034

BGRIMM Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

83 USD

BGT Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

9,935 USD

BGT Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

3,103 USD

Bichamp Cutting Technology Hunan Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

59 USD

)

Bluefocus Intelligent Communications Group Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

50,439 USD

3,283

Bluestar Adisseo Co.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

32,241 USD

(295

)

BOC International China Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

58,200 USD

(85

)

BOE Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,305 USD

558

BOE Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

257,604 USD

1,760

Bohai Leasing Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

2,448 USD

(65

)

Bohai Leasing Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

34,046 USD

(925

)

Bohai Leasing Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

182,709 USD

(4,204

)

Boji Medical & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

77 USD

Bozhon Precision Industry Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

667 USD

Brookfield Infrastructure Corp.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

0 USD

624,246

BTG Hotels Group Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

48 USD

)

By-health Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

348,139 USD

514

By-health Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

188,947 USD

595

C&D Holsin Engineering Consulting Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

32 USD

Cachet Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,536 USD

Caitong Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

80,202 USD

Camel Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,949 USD

187

Camel Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

40,465 USD

893

See Notes to Consolidated Financial Statements.

179

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Canature Health Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

45 USD

Canny Elevator Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

32,554 USD

(15

)

Canny Elevator Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

154,240 USD

891

Capri Holdings Ltd.

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

8,621,207 USD

42,818

CareRay Digital Medical Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

10,285 USD

(36

)

CareRay Digital Medical Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

1,625 USD

)

CB Equity Index Swap - CIEQSSU2

10/23/23

1.00%

Citibank N.A.

8,705,478 USD

14,508

CECEP Environmental Protection Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

3,593 USD

CECEP Solar Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

74,809 USD

(57

)

Ceepower Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

33 USD

CETC Cyberspace Security Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

377,325 USD

4,571

CETC Cyberspace Security Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

215,533 USD

3,903

CETC Digital Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

97 USD

)

Chahua Modern Housewares Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

21,369 USD

218

Chahua Modern Housewares Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

3,169 USD

Changchun BCHT Biotechnology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

46,048 USD

(142

)

Changchun Faway Automobile Components Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,716 USD

356

See Notes to Consolidated Financial Statements.

180

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Changchun Faway Automobile Components Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

164,188 USD

1,406

Changchun High & New Technology Industry Group, Inc.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

16,435 USD

692

Changgao Electric Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

15,522 USD

440

Changgao Electric Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,410 USD

Changhong Huayi Compressor Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,238 USD

Changhong Meiling Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,192 USD

133

Changhong Meiling Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

53,861 USD

789

Changjiang Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

62,239 USD

(778

)

Changzhou Aohong Electronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,980 USD

170

Changzhou Aohong Electronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

43,655 USD

943

Chengdu Guibao Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

19,872 USD

(83

)

Chengdu Guibao Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,599 USD

(45

)

Chengdu Huasun Technology Group, Inc. Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

57 USD

Chengdu Jiafaantai Education Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

237,828 USD

18,583

Chengdu Jiafaantai Education Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

230,282 USD

17,988

Chengdu Kanghong Pharmaceutical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

336,220 USD

6,206

Chengdu Kanghong Pharmaceutical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

315,253 USD

7,510

See Notes to Consolidated Financial Statements.

181

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Chengdu Leejun Industrial Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

198,283 USD

12,367

Chengdu Leejun Industrial Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

162,937 USD

9,869

Chengdu M&S Electronics Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

5,432 USD

Chengdu Tangyuan Electrical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

302,504 USD

13,422

Chengdu Tangyuan Electrical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

67,347 USD

2,805

Chengdu Xuguang Electronics Co., Ltd.

��

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

13,301 USD

117

Chengdu Yunda Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

23,260 USD

325

Chengdu Yunda Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

2,652 USD

Chengzhi Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

244,562 USD

(20

)

Chengzhi Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

241,277 USD

Chevron Corp.

10/23/23

5.00%

Goldman Sachs International

(4) USD

(647

)

China Automotive Engineering Research Institute Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

9,339 USD

China CAMC Engineering Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

31,039 USD

1,584

China CITIC Bank Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

46,801 USD

(205

)

China CITIC Bank Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,359 USD

(54

)

China Coal Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

318,561 USD

(266

)

China Coal Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

169,180 USD

(101

)

China Coal Xinji Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

549,972 USD

(2,333

)

China Coal Xinji Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

429,917 USD

(1,766

)

China Construction Bank Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

355,803 USD

5,685

China Construction Bank Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

189,505 USD

1,547

China Development Bank

10/23/23

1.00%

Morgan Stanley Capital Services LLC

2,067,290 CNY

(4,905

)

See Notes to Consolidated Financial Statements.

182

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

China Eastern Airlines Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

22,132 USD

China Energy Engineering Corp., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

26 USD

China Express Airlines Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

17,924 USD

)

China Express Airlines Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

14,177 USD

China Great Wall Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

187,143 USD

697

China Greatwall Technology Group Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

94 USD

China Hainan Rubber Industry Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

4,663 USD

(32

)

China International Capital Corp., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

30 USD

China Jushi Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

74,427 USD

China Jushi Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

38,802 USD

China Longyuan Power Group Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,812 USD

313

China Merchants Expressway Network & Technology Holdings Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

60,467 USD

(749

)

China Merchants Port Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

69,736 USD

(293

)

China Merchants Port Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

128,286 USD

(756

)

China Merchants Property Operation & Service Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,455 USD

(109

)

China Merchants Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,228 USD

(82

)

China Merchants Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

153,944 USD

(375

)

China National Accord Medicines Corp., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

283,119 USD

6,157

China National Accord Medicines Corp., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

358,396 USD

8,828

China National Electric Apparatus Research Institute Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

106,219 USD

2,435

See Notes to Consolidated Financial Statements.

183

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

China National Electric Apparatus Research Institute Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

107,033 USD

2,195

China National Software & Service Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,626 USD

155

China Nonferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

160,100 USD

315

China Nonferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

302,183 USD

(279

)

China Oilfield Services Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

18,474 USD

(42

)

China Oilfield Services Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

76,553 USD

(162

)

China Railway Construction Heavy Industry Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

15,820 USD

242

China Railway Group Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

44,850 USD

155

China Resource and Environment Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

15,660 USD

(60

)

China Resource and Environment Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

8,343 USD

(31

)

China Resources Sanjiu Medical & Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

102,940 USD

4,107

China South Publishing & Media Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

34,563 USD

102

China Southern Airlines Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

384,837 USD

(5,859

)

China Southern Airlines Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

303,580 USD

(3,448

)

China Southern Power Grid Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

32,595 USD

China Southern Power Grid Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

23,478 USD

158

China Suntien Green Energy Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,693 USD

(38

)

See Notes to Consolidated Financial Statements.

184

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

China Testing & Certification International Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

39,617 USD

617

China TransInfo Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

71,626 USD

1,119

China Tungsten And Hightech Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

235,350 USD

(2,019

)

China Tungsten And Hightech Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

142,843 USD

(1,461

)

China Vanke Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

9 USD

China-Singapore Suzhou Industrial Park Development Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

61,333 USD

(1,413

)

China-Singapore Suzhou Industrial Park Development Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

17,784 USD

(384

)

Chinook Therapeutics, Inc. (a)

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

62,921 USD

17,697

Chongqing Changjiang River Moulding Material Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

19 USD

Chongqing Chuanyi Automation Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

25,688 USD

2,019

Chongqing Chuanyi Automation Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

9 USD

Chongqing Gas Group Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

153,085 USD

511

Chongqing Gas Group Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

40,113 USD

144

Chongqing Qin’an M&E PLC

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

57,157 USD

766

Chongqing Qin’an M&E PLC

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

83,536 USD

982

Chongqing Zongshen Power Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

40,634 USD

1,352

Chongyi Zhangyuan Tungsten Industry Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

27,014 USD

See Notes to Consolidated Financial Statements.

185

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Chongyi Zhangyuan Tungsten Industry Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

14,288 USD

Chr Hansen Holding AS

10/23/23

1.00%

Goldman Sachs International

3,125,157 DKK

(43,105

)

Chr Hansen Holding AS

10/23/23

1.00%

Goldman Sachs International

4,277,986 DKK

(59,006

)

Chutian Dragon Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

95 USD

CIMC Vehicles Group Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

17,363 USD

188

Citic Pacific Special Steel Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

331,685 USD

(774

)

Citic Pacific Special Steel Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

134,687 USD

(31

)

CITIC Press Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,940 USD

198

CMOC Group Ltd.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

67 USD

)

CNSIG Inner Mongolia Chemical Industry Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

43 USD

COFCO Biotechnology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

39,931 USD

(672

)

COFCO Capital Holdings Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

135,846 USD

535

COFCO Technology & Industry Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

88 USD

Cofoe Medical Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

2,661 USD

CQ Pharmaceutical Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

19,154 USD

209

CQ Pharmaceutical Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

121,611 USD

1,569

Cre8 Direct Ningbo Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

268,050 USD

5,517

Cre8 Direct Ningbo Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

150,408 USD

2,790

Create Technology & Science Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

66 USD

Crown Advanced Material Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

3,243 USD

See Notes to Consolidated Financial Statements.

186

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

D&O Home Collection Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

19,754 USD

D&O Home Collection Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,187 USD

Daiwa House REIT Investment Corp.

10/23/23

5.50%

Morgan Stanley Capital Services LLC

75,969 USD

(62

)

Dalian Bio-Chem Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

87 USD

Dalian Sunasia Tourism Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

38,920 USD

253

Dalian Sunasia Tourism Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

19,455 USD

132

Daodaoquan Grain and Oil Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

70,497 USD

1,984

Daodaoquan Grain and Oil Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,519 USD

234

Daqin Railway Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

13,368 USD

(94

)

DaShenLin Pharmaceutical Group Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

42 USD

)

Datang International Power Generation Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

176,079 USD

(1,235

)

Datang International Power Generation Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

158,149 USD

(1,077

)

Dazhong Transportation Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

72,186 USD

(775

)

Dazhong Transportation Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

137,472 USD

(1,111

)

De Rucci Healthy Sleep Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

45,285 USD

(446

)

De Rucci Healthy Sleep Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

22,382 USD

(209

)

Dechra Pharmaceuticals PLC

10/23/23

5.50%

JPMorgan Chase Bank, N.A.

8,994,525 GBP

(28,191

)

DeHua TB New Decoration Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,331 USD

(60

)

DeHua TB New Decoration Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

80,851 USD

(633

)

Denbury, Inc.

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

9,589,963 USD

221,230

See Notes to Consolidated Financial Statements.

187

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

DHC Software Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

66 USD

Dianguang Explosion-Proof Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,398 USD

Dianguang Explosion-Proof Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,845 USD

Digital China Information Service Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

98 USD

Dirui Industrial Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

19,468 USD

423

Dnake Xiamen Intelligent Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

465,634 USD

16,403

Dnake Xiamen Intelligent Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

120,355 USD

3,765

Dongfang Electric Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

358,371 USD

(1,206

)

Dongfang Electric Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

187,090 USD

(521

)

Dongxing Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

75,305 USD

(1,062

)

Eaglerise Electric & Electronic China Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

110,104 USD

749

Eaglerise Electric & Electronic China Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

75,165 USD

712

Earthstone Energy, Inc.

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

908,483 USD

47,715

Eastern Pioneer Driving School Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

50,218 USD

526

Eastern Pioneer Driving School Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

70,658 USD

818

Ecovacs Robotics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

571 USD

)

Edan Instruments, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

105,219 USD

(194

)

Edan Instruments, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

54,429 USD

(111

)

Edifier Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

18,015 USD

EGing Photovoltaic Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

41,810 USD

735

Elegant Home-Tech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,352 USD

See Notes to Consolidated Financial Statements.

188

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Elegant Home-Tech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

9,524 USD

Elite Color Environmental Resources Science & Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

377,605 USD

12,777

Elite Color Environmental Resources Science & Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

197,336 USD

6,486

EMIS Group PLC

10/23/23

5.50%

Goldman Sachs International

3,613,009 GBP

22,412

EMIS Group PLC

10/23/23

5.50%

Goldman Sachs International

4,484,581 GBP

27,819

EMTEK Shenzhen Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,363 USD

Enjoyor Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

560 USD

Era Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

25,875 USD

405

Espressif Systems Shanghai Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

221,669 USD

892

Espressif Systems Shanghai Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

243,594 USD

1,224

Estun Automation Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

18,755 USD

(29

)

Eurocrane China Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

63 USD

Explosive Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

355,918 USD

6,699

Explosive Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

244,245 USD

4,693

FAW Jiefang Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

446,989 USD

179

FAW Jiefang Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

240,969 USD

FAWER Automotive Parts Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

11,356 USD

(121

)

FESCO Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

48,913 USD

876

FESCO Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

25,632 USD

464

Fibocom Wireless, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

402,966 USD

13,411

Fibocom Wireless, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

250,512 USD

9,919

Ficont Industry Beijing Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

10,143 USD

Ficont Industry Beijing Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

1,767 USD

First Tractor Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2 USD

See Notes to Consolidated Financial Statements.

189

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

FIYTA Precision Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

12,491 USD

179

FIYTA Precision Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

24,247 USD

337

Flat Glass Group Co., Ltd.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

252 USD

Focus Lightings Tech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

527,544 USD

16,398

Focus Lightings Tech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

189,168 USD

5,975

Foshan Electrical and Lighting Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

36,204 USD

401

Foshan Electrical and Lighting Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,506 USD

Foshan Nationstar Optoelectronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,856 USD

127

Foshan Nationstar Optoelectronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

32,009 USD

837

Foshan Yowant Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

57 USD

Friend Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

16,398 USD

183

Friend Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

2,379 USD

Fujian Star-net Communication Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

16,836 USD

420

Fujian Sunner Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

36,221 USD

(734

)

Fujian Sunner Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,073 USD

(21

)

Fujian Supertech Advanced Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,612 USD

Fujian Supertech Advanced Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

16,706 USD

233

Fujian Yanjing Huiquan Brewery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

19,611 USD

Fujian Yanjing Huiquan Brewery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

17,180 USD

132

Fushun Special Steel Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

76,212 USD

(780

)

See Notes to Consolidated Financial Statements.

190

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Fushun Special Steel Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10 USD

Fuxin Dare Automotive Parts Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

60,594 USD

1,581

Fuxin Dare Automotive Parts Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,131 USD

241

Gansu Engineering Consulting Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,979 USD

342

Gansu Engineering Consulting Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

12,836 USD

285

Gansu Shangfeng Cement Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

139,770 USD

Gansu Shangfeng Cement Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

27,479 USD

Ganyuan Foods Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

131 USD

Ganzhou Teng Yuan Cobalt New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,163 USD

(60

)

Ganzhou Teng Yuan Cobalt New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,199 USD

(128

)

GCI Liberty, Inc. (a)

10/23/23

1.00%

Goldman Sachs International

53,762 USD

(46,340

)

GD Power Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

129,645 USD

(60

)

GD Power Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

68,616 USD

Genbyte Technology, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,611 USD

279

Genbyte Technology, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

189,592 USD

7,561

Genbyte Technology, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

89,050 USD

3,696

GEPIC Energy Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

186,859 USD

(284

)

GEPIC Energy Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

232,900 USD

(379

)

GHT Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

119 USD

Giant Network Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

38,888 USD

442

Giant Network Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

212,279 USD

4,744

Glarun Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,714 USD

See Notes to Consolidated Financial Statements.

191

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Glarun Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

28,113 USD

228

Goldcard Smart Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

244,966 USD

7,276

Goldcard Smart Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

180,676 USD

5,965

Goldcup Electric Apparatus Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

411,195 USD

10,935

Goldcup Electric Apparatus Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

339,470 USD

10,112

Gongniu Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,416 USD

Grand Industrial Holding Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

3,312 USD

Grand Industrial Holding Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

486 USD

Greattown Holdings Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,197 USD

(18

)

Greattown Holdings Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,336 USD

(44

)

GRG Banking Equipment Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

2 USD

Grupo Traxion SAB de CV

10/23/23

5.50%

Morgan Stanley Capital Services LLC

173,119 USD

(1,098

)

GS Equtiy Index Swap - GSVICVS1

10/23/23

1.00%

Goldman Sachs International

8,311,938 USD

(22,900

)

Guangbo Group Stock Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

195,471 USD

2,811

Guangbo Group Stock Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

24,669 USD

Guangdong Anda Automation Solutions Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

31 USD

Guangdong Anjubao Digital Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

12,555 USD

Guangdong Anjubao Digital Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,943 USD

Guangdong Aofei Data Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

93 USD

See Notes to Consolidated Financial Statements.

192

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Guangdong Aofei Data Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

94 USD

Guangdong Baolihua New Energy Stock Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

557,196 USD

(11,188

)

Guangdong Baolihua New Energy Stock Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

255,662 USD

(5,277

)

Guangdong Biolight Meditech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

421,980 USD

9,183

Guangdong Biolight Meditech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

185,530 USD

4,133

Guangdong Champion Asia Electronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,872 USD

Guangdong Champion Asia Electronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

9,982 USD

Guangdong Chaohua Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

490,212 USD

8,244

Guangdong Chaohua Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

171,509 USD

3,075

Guangdong Dongfang Precision Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

58,978 USD

466

Guangdong Dongfang Precision Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

133,832 USD

1,223

Guangdong Dongpeng Holdings Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

26,719 USD

110

Guangdong Dongpeng Holdings Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

13,736 USD

(30

)

Guangdong Electric Power Development Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

5,448 USD

(53

)

Guangdong Ellington Electronics Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

32,415 USD

924

Guangdong Ellington Electronics Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

171,420 USD

3,919

Guangdong Enpack Packaging Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,097 USD

206

Guangdong Enpack Packaging Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

13,667 USD

126

See Notes to Consolidated Financial Statements.

193

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Guangdong Guanhao High-Tech Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

12 USD

Guangdong Haomei New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

368,456 USD

(717

)

Guangdong Haomei New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

188,766 USD

(399

)

Guangdong Homa Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,118 USD

275

Guangdong Hongda Holdings Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

15,354 USD

(82

)

Guangdong Hongda Holdings Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,356 USD

Guangdong Hongxing Industrial Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

320,743 USD

16,397

Guangdong Hongxing Industrial Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

107,150 USD

5,448

Guangdong Hoshion Industrial Aluminium Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

54 USD

Guangdong JingYi Metal Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

25,587 USD

323

Guangdong JingYi Metal Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

105,422 USD

1,008

Guangdong Nedfon Air System Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

1,733 USD

Guangdong Nedfon Air System Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

1,298 USD

Guangdong No 2 Hydropower Engineering Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

263,958 USD

2,218

Guangdong No 2 Hydropower Engineering Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

38,605 USD

375

Guangdong Piano Customized Furniture Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

16,402 USD

Guangdong Piano Customized Furniture Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,693 USD

GuangDong Rifeng Electric Cable Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

30,747 USD

(24

)

See Notes to Consolidated Financial Statements.

194

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

GuangDong Rifeng Electric Cable Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

16,021 USD

Guangdong Taienkang Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

102,409 USD

1,210

Guangdong Taienkang Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

61,572 USD

853

Guangdong Tapai Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,641 USD

Guangdong Tecsun Science & Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

69 USD

Guangdong Tengen Industrial Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

275,077 USD

5,994

Guangdong Tengen Industrial Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

161,949 USD

3,351

Guangdong Tianan New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

514,606 USD

13,524

Guangdong Tianan New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

318,523 USD

8,447

Guangdong Tianhe Agricultural Means of Production Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

130,840 USD

820

Guangdong Tianhe Agricultural Means of Production Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

68,129 USD

455

Guangdong Transtek Medical Electronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

117,108 USD

1,917

Guangdong Transtek Medical Electronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

54,628 USD

1,446

Guangdong Vanward New Electric Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

4,315 USD

Guangdong Yantang Dairy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

370,062 USD

6,474

Guangdong Yantang Dairy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

248,358 USD

4,258

Guangxi Energy Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

33 USD

Guangxi Liugong Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

50,790 USD

124

See Notes to Consolidated Financial Statements.

195

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Guangxi Liugong Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

66,069 USD

(359

)

Guangxi Wuzhou Communications Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,646 USD

Guangxi Wuzhou Communications Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

26,097 USD

100

Guangxi Wuzhou Zhongheng Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

33,636 USD

520

Guangxi Wuzhou Zhongheng Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

185,039 USD

1,047

Guangzhou Devotion Thermal Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

40 USD

Guangzhou Grandbuy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

166,000 USD

2,071

Guangzhou Grandbuy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

24,974 USD

146

Guangzhou Guangri Stock Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

4,262 USD

)

Guangzhou Guangri Stock Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

17,924 USD

Guangzhou Hengyun Enterprises Holdings Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

161,601 USD

738

Guangzhou Hengyun Enterprises Holdings Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

48,212 USD

268

Guangzhou Hi-Target Navigation Tech Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

4,813 USD

Guangzhou Jinzhong Auto Parts Manufacturing Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

33,328 USD

)

Guangzhou Jinzhong Auto Parts Manufacturing Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

17,940 USD

270

Guangzhou KDT Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

122,130 USD

686

Guangzhou KDT Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

148,986 USD

2,628

Guangzhou Lingnan Group Holdings Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

21,013 USD

174

See Notes to Consolidated Financial Statements.

196

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Guangzhou Lingnan Group Holdings Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,149 USD

127

Guangzhou Metro Design & Research Institute Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,542 USD

(44

)

Guangzhou Metro Design & Research Institute Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

340,810 USD

(3,724

)

Guangzhou Metro Design & Research Institute Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

80,670 USD

(1,133

)

Guangzhou Tongda Auto Electric Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

43,869 USD

(23

)

Guangzhou Tongda Auto Electric Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

5,434 USD

Guangzhou Yuexiu Capital Holdings Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

660,864 USD

(8,538

)

Guangzhou Yuexiu Capital Holdings Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

408,836 USD

(5,604

)

Guangzhou Zhujiang Brewery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

434,332 USD

(3,147

)

Guangzhou Zhujiang Brewery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

156,522 USD

(1,234

)

Guilin Sanjin Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

112,778 USD

3,123

Guilin Sanjin Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,821 USD

621

Guilin Seamild Foods Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

3,781 USD

)

Guizhou Tyre Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

369,530 USD

10,293

Guizhou Tyre Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

144,405 USD

4,123

Guizhou Xinbang Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

86,275 USD

Guizhou Xinbang Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

211,841 USD

622

Guizhou Yibai Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

472,328 USD

10,632

Guizhou Yibai Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

345,935 USD

8,463

See Notes to Consolidated Financial Statements.

197

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Guosen Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,779 USD

(14

)

Guosen Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,395 USD

(82

)

Guotai Epoint Software Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

166 USD

Guotai Junan Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

149,652 USD

(1,944

)

Guotai Junan Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

94,712 USD

(1,212

)

Hailir Pesticides and Chemicals Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

272,048 USD

2,663

Hailir Pesticides and Chemicals Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

258,226 USD

2,527

Haima Automobile Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

106,410 USD

379

Haima Automobile Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

69,833 USD

Hainan Haide Capital Management Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

138 USD

Hainan Strait Shipping Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

40 USD

)

Haitian Water Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,288 USD

Haitian Water Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

19,440 USD

130

Haitong Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5 USD

Haitong Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1 USD

Hangcha Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

431,529 USD

18,527

Hangcha Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

391,959 USD

18,898

Hangzhou Cable Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

83,644 USD

734

Hangzhou Cable Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

122,564 USD

1,223

Hangzhou Dadi Haiyang Environmental Protection Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

45,062 USD

(32

)

Hangzhou Dadi Haiyang Environmental Protection Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,143 USD

)

Hangzhou Dptech Technologies Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

36,542 USD

403

See Notes to Consolidated Financial Statements.

198

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Hangzhou Dptech Technologies Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,885 USD

Hangzhou First Applied Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

224 USD

Hangzhou Gaoxin Rubber & Plastic Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

16,489 USD

436

Hangzhou Gaoxin Rubber & Plastic Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,616 USD

Hangzhou Haoyue Personal Care Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,243 USD

Hangzhou Haoyue Personal Care Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

57,426 USD

(67

)

Hangzhou Hopechart IoT Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

603 USD

(21

)

Hangzhou Hopechart IoT Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

335 USD

(12

)

Hangzhou Huaguang Advanced Welding Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

164 USD

Hangzhou Huaxing Chuangye Communication Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

69 USD

Hangzhou IECHO Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,457 USD

1,489

Hangzhou IECHO Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

87,766 USD

1,777

Hangzhou Jizhi Mechatronic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

199 USD

Hangzhou Jizhi Mechatronic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

533 USD

Hangzhou Landscaping Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

18,249 USD

440

Hangzhou Landscaping Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,856 USD

Hangzhou Nbond Nonwovens Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

99 USD

Hangzhou Raycloud Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

148 USD

See Notes to Consolidated Financial Statements.

199

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Hangzhou Shunwang Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

21,697 USD

Hangzhou Shunwang Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

36,369 USD

276

Hangzhou Sunrise Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

25,123 USD

1,254

Hangzhou Sunrise Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

146,539 USD

4,828

Hangzhou Toka Ink Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

49,916 USD

(253

)

Hangzhou Toka Ink Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

28,851 USD

(163

)

Harbin Boshi Automation Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

59 USD

Harbin Medisan Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

215,535 USD

3,009

Harbin Medisan Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

70,501 USD

953

Harbin Pharmaceutical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

40,441 USD

558

Harbin Xinguang Optic-Electronics Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

117 USD

HBIS Resources Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

58,153 USD

(1,346

)

Hefei Department Store Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,972 USD

104

Hefei Jianghang Aircraft Equipment Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

143,165 USD

2,240

Hefei Urban Construction Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

81,797 USD

(572

)

Hefei Urban Construction Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

54,671 USD

(521

)

Henan Carve Electronics Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

290 USD

See Notes to Consolidated Financial Statements.

200

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Henan Mingtai Al Industrial Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

13,741 USD

Henan Pinggao Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,915 USD

934

Henan Pinggao Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

143,900 USD

3,282

Henan Yuguang Gold & Lead Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,272 USD

(13

)

Henan Yuguang Gold & Lead Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

13,983 USD

(41

)

Hengbao Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

94 USD

Hengdian Entertainment Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

55,160 USD

169

Hengdian Entertainment Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

98,275 USD

(504

)

Hengdian Group DMEGC Magnetics Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

657 USD

Hengdian Group DMEGC Magnetics Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

1,252 USD

Hengdian Group Tospo Lighting Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

166,445 USD

2,113

Hengdian Group Tospo Lighting Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

77,244 USD

676

Hengxin Shambala Culture Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

93 USD

Hexing Electrical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

198 USD

Hichain Logistics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

127,732 USD

1,179

Hichain Logistics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,258 USD

)

Highbroad Advanced Material Hefei Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

66,085 USD

2,617

Highbroad Advanced Material Hefei Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,219 USD

1,169

Hisense Home Appliances Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

134,212 USD

446

See Notes to Consolidated Financial Statements.

201

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Hisense Home Appliances Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

94,765 USD

418

HLA Group Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

168,730 USD

1,293

HLA Group Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

137,943 USD

1,040

HNAC Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

354,904 USD

7,967

HNAC Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

219,367 USD

6,790

Holly Futures Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

46,043 USD

267

Holly Futures Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

36,777 USD

372

Hongli Zhihui Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

386,075 USD

23,154

Hongli Zhihui Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

350,729 USD

21,003

Horizon Therapeutics Plc

10/23/23

5.00%

Goldman Sachs International

218,064 USD

359

Horizon Therapeutics Plc

10/23/23

5.00%

Goldman Sachs International

6,111,567 USD

10,054

Hostess Brands, Inc.

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

5,508,681 USD

(14,330

)

Hoyuan Green Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

428 USD

Hoyuan Green Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

233 USD

Huadian Heavy Industries Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

154,996 USD

844

Huadian Heavy Industries Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

76,769 USD

346

Huadian Power International Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

471,056 USD

(19,800

)

Huadian Power International Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

257,949 USD

(11,097

)

Huafeng Power Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

243,185 USD

7,129

Huafeng Power Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

131,226 USD

3,623

Huafon Chemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

301,452 USD

(2,147

)

Huafon Chemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

76,760 USD

(582

)

Huafon Microfibre Shanghai Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

32,230 USD

1,108

See Notes to Consolidated Financial Statements.

202

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Huafon Microfibre Shanghai Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

178,697 USD

3,640

Huaiji Dengyun Auto-Parts Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

347,669 USD

1,661

Huaiji Dengyun Auto-Parts Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

54,173 USD

223

Huaneng Power International, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

387,730 USD

(9,426

)

Huaneng Power International, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

327,657 USD

(6,949

)

Huangshan Novel Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

97 USD

Huangshan Tourism Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

137 USD

Huatai Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

42,437 USD

(1,311

)

Huatai Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

217 USD

)

Huayu Automotive Systems Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

18,904 USD

112

Huayu Automotive Systems Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

93,955 USD

357

Hubei Guangji Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

12,255 USD

)

Hubei Guangji Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,051 USD

Hubei Huarong Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

171,459 USD

4,191

Hubei Huarong Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

25,503 USD

600

Hubei Huitian New Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

26,661 USD

255

Hubei Jumpcan Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

657,793 USD

16,345

Hubei Jumpcan Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

408,015 USD

14,210

Hubei Kailong Chemical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

229,474 USD

4,511

Hubei Kailong Chemical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

193,153 USD

3,659

See Notes to Consolidated Financial Statements.

203

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Hubei Sanxia New Building Material Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

36,074 USD

(61

)

Hubei Sanxia New Building Material Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

41,609 USD

Hubei Shuanghuan Science and Technology Stock Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

64 USD

)

Humanwell Healthcare Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

44 USD

)

Hunan Aihua Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

9,861 USD

Hunan Aihua Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

47,867 USD

451

Hunan Jiudian Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

48,960 USD

1,854

Hunan Jiudian Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

12,792 USD

478

Hunan Kaimeite Gases Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

50 USD

)

Hunan Mendale Hometextile Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

105,346 USD

3,442

Hunan Mendale Hometextile Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,626 USD

587

Hunan Resun Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

19,069 USD

366

Hunan Resun Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

26,057 USD

362

Hunan Sundy Science and Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,551 USD

135

Hunan Sundy Science and Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,032 USD

Hunan TV & Broadcast Intermediary Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

219,254 USD

Hunan TV & Broadcast Intermediary Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

264,334 USD

608

Hunan Valin Steel Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

291,585 USD

(8,306

)

Hunan Valin Steel Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

232,951 USD

(4,773

)

See Notes to Consolidated Financial Statements.

204

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Hunan Yussen Energy Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

98 USD

)

HVSEN Biotechnology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

106 USD

Hwatsing Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

4,611 USD

318

Hytera Communications Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

37,850 USD

860

Hytera Communications Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

229,210 USD

7,068

IFE Elevators Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

141,699 USD

2,427

IFE Elevators Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

22,105 USD

373

IKD Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,704 USD

Industrial & Commercial Bank of China Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

360,628 USD

(1,045

)

Industrial & Commercial Bank of China Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

55,901 USD

(157

)

Industrial Securities Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

28,182 USD

Industrial Securities Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

156,546 USD

)

INKON Life Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

44,803 USD

(134

)

INKON Life Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

3,180 USD

)

Inner Mongolia Dazhong Mining Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

558,409 USD

(1,187

)

Inner Mongolia Dazhong Mining Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

381,988 USD

(676

)

Inner Mongolia Dian Tou Energy Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

36,348 USD

Inner Mongolia Dian Tou Energy Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

199,831 USD

(705

)

Insigma Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

1 USD

Intco Medical Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

331,646 USD

1,888

See Notes to Consolidated Financial Statements.

205

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Intco Medical Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

123,910 USD

324

Invengo Information Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

13,855 USD

607

Invengo Information Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,209 USD

IRICO Display Devices Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

264,081 USD

6,011

IRICO Display Devices Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

125,751 USD

2,522

iRobot Corp.

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

643,845 USD

10,006

iRobot Corp.

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

311,174 USD

4,836

J.P. Morgan US Short Index Swap - JPOSSVV1

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

6,624,198 USD

(979

)

JA Solar Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

340,316 USD

14,453

JA Solar Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

217,263 USD

8,977

Jade Bird Fire Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

121,643 USD

1,343

Jangho Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

300,245 USD

(3,311

)

Jangho Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

145,025 USD

(1,571

)

JCHX Mining Management Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,516 USD

(64

)

JCHX Mining Management Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

161,671 USD

362

Jiahe Foods Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

206,510 USD

1,467

Jiahe Foods Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

80,870 USD

596

Jiangling Motors Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

222,583 USD

2,406

Jiangling Motors Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

236,492 USD

3,912

Jiangshan Oupai Door Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

201,764 USD

(4,524

)

Jiangshan Oupai Door Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

138,822 USD

(4,429

)

Jiangsu Apon Medical Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

74,784 USD

1,185

See Notes to Consolidated Financial Statements.

206

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Jiangsu Apon Medical Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,882 USD

143

Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

79 USD

Jiangsu Boiln Plastics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

56,079 USD

215

Jiangsu Boiln Plastics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

13,381 USD

Jiangsu Bojun Industrial Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

258 USD

Jiangsu Canlon Building Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

113,409 USD

(2,041

)

Jiangsu Canlon Building Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

50,822 USD

(1,013

)

Jiangsu Changbao Steeltube Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

53,627 USD

746

Jiangsu Changbao Steeltube Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

70 USD

Jiangsu Changqing Agrochemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,366 USD

183

Jiangsu Changqing Agrochemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

122,487 USD

293

Jiangsu Dingsheng New Energy Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

254,729 USD

2,183

Jiangsu Dingsheng New Energy Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

131,989 USD

892

Jiangsu Eastern Shenghong Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

31,681 USD

103

Jiangsu Eastern Shenghong Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,331 USD

(11

)

Jiangsu Guomao Reducer Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

16,999 USD

1,200

Jiangsu Guoxin Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

43,398 USD

(94

)

Jiangsu Guoxin Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

120,811 USD

(181

)

Jiangsu Hanvo Safety Product Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

101 USD

See Notes to Consolidated Financial Statements.

207

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Jiangsu Jibeier Pharmaceutical Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

349 USD

Jiangsu Liba Enterprise JSC Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,891 USD

974

Jiangsu Liba Enterprise JSC Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

109,449 USD

4,459

Jiangsu Luokai Mechanical & Electrical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

162 USD

)

Jiangsu New Energy Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

151 USD

Jiangsu Phoenix Publishing & Media Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

237,293 USD

7,344

Jiangsu Phoenix Publishing & Media Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

147,297 USD

3,646

Jiangsu Rainbow Heavy Industries Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

242,699 USD

9,186

Jiangsu Rainbow Heavy Industries Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

133,793 USD

6,118

Jiangsu Rongtai Industry Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

165 USD

)

Jiangsu Safety Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

33 USD

)

Jiangsu Shemar Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

370,010 USD

7,355

Jiangsu Shemar Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

153,415 USD

3,175

Jiangsu Shuangxing Color Plastic New Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

51,345 USD

631

Jiangsu Tongli Risheng Machinery Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

50,965 USD

Jiangsu Tongli Risheng Machinery Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

52,262 USD

127

Jiangsu Tongling Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

257,317 USD

10,068

Jiangsu Tongling Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

160,117 USD

5,489

Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

35,103 USD

210

See Notes to Consolidated Financial Statements.

208

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,657 USD

172

Jiangsu Wujin Stainless Steel Pipe Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

193 USD

Jiangsu Wujin Stainless Steel Pipe Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

(43) USD

)

Jiangsu Yangnong Chemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

282 USD

Jiangsu Yangnong Chemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

282 USD

Jiangsu Yueda Investment Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

84,642 USD

914

Jiangsu Yueda Investment Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

176,927 USD

1,835

Jiangsu Yunyi Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,625 USD

320

Jiangsu Yunyi Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

14,173 USD

499

Jiangsu Yunyong Electronics & Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

693 USD

Jiangsu Yuxing Film Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,697 USD

)

Jiangsu Zhongchao Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

24,489 USD

503

Jiangsu Zhongchao Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

121,744 USD

2,612

Jiangxi Changyun Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

162,341 USD

4,700

Jiangxi Changyun Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

133,130 USD

3,658

Jiangxi Copper Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

111 USD

)

Jiangxi GETO New Materials Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

56,639 USD

(1,138

)

Jiangxi GETO New Materials Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

9,931 USD

(227

)

Jiangxi Guotai Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

379,621 USD

6,328

Jiangxi Guotai Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

307,016 USD

5,292

See Notes to Consolidated Financial Statements.

209

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Jiangxi Huangshanghuang Group Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,575 USD

147

Jiangxi Huangshanghuang Group Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

37,095 USD

432

Jiangxi Jovo Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

129 USD

Jiangxi Lianchuang Optoelectronic Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

48,034 USD

524

Jiangxi Synergy Pharmaceutical Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

96 USD

Jiangyin Haida Rubber and Plastic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

11,405 USD

Jiangyin Haida Rubber and Plastic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,562 USD

Jiangyin Hengrun Heavy Industries Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

120 USD

Jiangyin Pivot Automotive Products Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

15,815 USD

802

Jiangzhong Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

246 USD

Jianmin Pharmaceutical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

207,092 USD

5,249

Jianmin Pharmaceutical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

238,754 USD

6,255

Jilin Aodong Pharmaceutical Group Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

115 USD

Jinan Shengquan Group Share Holding Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

142 USD

Jinduicheng Molybdenum Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

107,613 USD

590

Jinduicheng Molybdenum Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

193,364 USD

703

JinFu Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,382 USD

104

See Notes to Consolidated Financial Statements.

210

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

JinFu Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,812 USD

Jinling Hotel Corp., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

35 USD

Jinling Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,631 USD

603

Jinling Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

153,771 USD

2,251

Jinyu Bio-Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

20 USD

Jinzai Food Group Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

14 USD

Jinzhou Yongshan Lithium Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

45 USD

)

Jinzhou Yongshan Lithium Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

16 USD

)

Jiu Sheng Electric Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

28,413 USD

Jiu Sheng Electric Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

3,369 USD

Jiujiang Shanshui Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,635 USD

180

Joinn Laboratories China Co., Ltd.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

62 USD

Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,581 USD

JRC Co., Ltd.

10/23/23

5.50%

Morgan Stanley Capital Services LLC

260,111 JPY

11,358

Jushri Technologies, Inc.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

130 USD

Kahoot! ASA

10/23/23

5.50%

JPMorgan Chase Bank, N.A.

719,409 NOK

14,243

Kailong High Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

41,533 USD

Kailong High Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

16,796 USD

Kairuide Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,001 USD

Kairuide Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,531 USD

Keeson Technology Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

14,812 USD

(126

)

Keeson Technology Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

77,351 USD

111

Kehua Data Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

27,608 USD

713

See Notes to Consolidated Financial Statements.

211

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Keshun Waterproof Technologies Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

34,469 USD

(69

)

Keshun Waterproof Technologies Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

29,012 USD

(75

)

Kingfa Sci & Tech Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

1,860 USD

KTK Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

225,620 USD

3,430

KTK Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

115,798 USD

1,719

Kuang-Chi Technologies Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

51,275 USD

917

Lakala Payment Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

194,580 USD

658

Lakala Payment Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

153,223 USD

423

Lakeland BanCorp, Inc.

10/23/23

5.00%

Goldman Sachs International

417,308 USD

(330

)

Lakeland BanCorp, Inc.

10/23/23

5.00%

Goldman Sachs International

571,192 USD

(452

)

Lancy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

41,560 USD

Lancy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

26,371 USD

Lens Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,469 USD

Lens Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,004 USD

208

Lepu Medical Technology Beijing Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

457,795 USD

11,663

Lepu Medical Technology Beijing Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

239,730 USD

5,908

Lets Holdings Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

11,162 USD

Lets Holdings Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,516 USD

Leyard Optoelectronic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

41,120 USD

1,256

Leyard Optoelectronic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

24,091 USD

316

Lianhe Chemical Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

43,663 USD

239

Liaoning Fu-An Heavy Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

137,109 USD

(790

)

Liaoning Fu-An Heavy Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

21,433 USD

(119

)

See Notes to Consolidated Financial Statements.

212

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Liaoning He Eye Hospital Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

54,907 USD

798

Liaoning He Eye Hospital Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

41,466 USD

676

Lifecome Biochemistry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

69,608 USD

171

Lifecome Biochemistry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

31,051 USD

127

Ligao Foods Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

68,867 USD

(24

)

Ligao Foods Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

65,491 USD

(134

)

Lihe Technology Hunan Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

683 USD

Lihe Technology Hunan Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

171 USD

Lily Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

36,859 USD

(534

)

Lily Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,789 USD

(83

)

Linewell Software Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

48 USD

Lingyi iTech Guangdong Co.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

184,455 USD

4,827

Lingyi iTech Guangdong Co.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

205,109 USD

3,124

Liuzhou Iron & Steel Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

279,685 USD

(11,087

)

Liuzhou Iron & Steel Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

269,332 USD

(10,821

)

Loctek Ergonomic Technology Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

44,395 USD

972

Longshine Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

165,377 USD

(657

)

Longshine Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

75,677 USD

(301

)

Longyan Kaolin Clay Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

31,793 USD

Longyan Kaolin Clay Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

40,994 USD

Luoyang Jianlong Micro-Nano New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,018 USD

Luoyang North Glass Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

368,215 USD

9,398

Luoyang North Glass Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

325,068 USD

8,352

Luxshare Precision Industry Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

271 USD

)

See Notes to Consolidated Financial Statements.

213

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Luyan Pharma Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

125 USD

Luyin Investment Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

231,544 USD

1,255

Luyin Investment Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

141,007 USD

622

Luzhou Laojiao Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

24,404 USD

(674

)

Mango Excellent Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

40,526 USD

947

Marssenger Kitchenware Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

14,056 USD

Marssenger Kitchenware Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

14,109 USD

Maxvision Technology Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

81,559 USD

2,151

Maxvision Technology Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

199,958 USD

4,244

Medicalsystem Biotechnology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,395 USD

353

Medicalsystem Biotechnology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

155,681 USD

1,349

Mega-info Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

19,467 USD

(162

)

Mega-info Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,474 USD

(44

)

MeiG Smart Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

69 USD

Meihua Holdings Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

156,141 USD

328

Meihua Holdings Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

80,643 USD

226

Meinian Onehealth Healthcare Holdings Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

22,705 USD

Memsensing Microsystems Suzhou China Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,176 USD

Metallurgical Corp. of China Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,021 USD

278

Metallurgical Corp. of China Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

165,638 USD

1,280

Mingchen Health Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

365,655 USD

(2,723

)

See Notes to Consolidated Financial Statements.

214

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Mingchen Health Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

187,228 USD

(1,156

)

Mingyue Optical Lens Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

402 USD

Miracll Chemicals Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

15,334 USD

)

Miracll Chemicals Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,279 USD

)

MLS Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

44,133 USD

469

Monalisa Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

197,225 USD

(4,822

)

Monalisa Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

103,189 USD

(2,505

)

MS Alpha Swap

10/23/23

1.00%

Morgan Stanley Capital Services LLC

165,462 USD

86,114

MS Alpha Swap

10/23/23

1.00%

Morgan Stanley Capital Services LLC

219,034,199 USD

786,027

MS Alpha Swap

10/23/23

1.00%

Morgan Stanley Capital Services LLC

144,077,422 USD

2,746,189

MYS Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

13,504 USD

125

MYS Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

55,671 USD

343

Nanfang Zhongjin Environment Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,370 USD

919

Nanfang Zhongjin Environment Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

164,342 USD

1,836

Nanhua Futures Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

386,905 USD

7,328

Nanhua Futures Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

330,391 USD

6,532

Nanjing Baose Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,095 USD

265

Nanjing Cosmos Chemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,252 USD

250

Nanjing Iron & Steel Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,123 USD

(176

)

Nanjing Julong Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

21,215 USD

249

Nanjing Julong Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

48,459 USD

460

Nanjing Port Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,038 USD

See Notes to Consolidated Financial Statements.

215

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Nanjing Shenghang Shipping Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

35,135 USD

Nanjing Shenghang Shipping Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,859 USD

(20

)

Nanjing Textiles Import & Export Corp., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

2,271 USD

Nanjing Textiles Import & Export Corp., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

349 USD

Nanjing Vishee Medical Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

3,765 USD

(19

)

Nanjing Vishee Medical Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

15,039 USD

(53

)

Nanjing Xinjiekou Department Store Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,891 USD

)

Nanjing Xinjiekou Department Store Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,562 USD

Nantong Haixing Electronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

57 USD

Nantong Jianghai Capacitor Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

359,114 USD

(1,548

)

Nantong Jianghai Capacitor Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

211,902 USD

(1,637

)

National Instruments Corp.

10/23/23

5.00%

Goldman Sachs International

2,437,456 USD

3,685

National Instruments Corp.

10/23/23

5.00%

Goldman Sachs International

3,683,419 USD

5,569

New China Life Insurance Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

179,821 USD

(311

)

New China Life Insurance Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

242,541 USD

(1,010

)

New Dazheng Property Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,359 USD

119

New Dazheng Property Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,720 USD

See Notes to Consolidated Financial Statements.

216

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

New Hope Dairy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

58,807 USD

(663

)

New Hope Dairy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,407 USD

(269

)

New Relic, Inc.

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

12,957,325 USD

40,990

Newland Digital Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

12,823 USD

739

NextGen Healthcare, Inc.

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

3,247,887 USD

11,476

Ningbo David Medical Device Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

27,659 USD

213

Ningbo David Medical Device Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

133,497 USD

1,528

Ningbo Energy Group Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

810 USD

Ningbo Homelink Eco-iTech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

95 USD

Ningbo Huaxiang Electronic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

47,685 USD

538

Ningbo Huaxiang Electronic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

278,646 USD

2,881

Ningbo Jintian Copper Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

335,356 USD

(1,219

)

Ningbo Jintian Copper Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

240,671 USD

(684

)

Ningbo Marine Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

60,683 USD

Ningbo Marine Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

65,480 USD

156

Ningbo Menovo Pharmaceutical Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

179 USD

Ningbo Runhe High-Tech Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,271 USD

244

Ningbo Shimao Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,188 USD

139

Ningbo Shimao Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

9,802 USD

Ningbo Solartron Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

3,529 USD

See Notes to Consolidated Financial Statements.

217

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Ningbo Sunrise Elc Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

159,571 USD

4,284

Ningbo Sunrise Elc Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

36,828 USD

791

Ningbo Tianyi Medical Appliance Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,434 USD

355

Ningbo Tianyi Medical Appliance Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

84,143 USD

351

Ningxia Jiaze New Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

205,669 USD

3,841

Ningxia Jiaze New Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

83,729 USD

1,583

Northeast Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

127,965 USD

(2,491

)

Northking Information Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

101,475 USD

558

Northking Information Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

38,777 USD

195

NOVA Technology Corp., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

287 USD

NSFOCUS Technologies Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,981 USD

NSFOCUS Technologies Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

36,788 USD

140

Ocean’s King Lighting Science & Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

399,151 USD

14,877

Ocean’s King Lighting Science & Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

262,120 USD

8,436

Offshore Oil Engineering Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

58,936 USD

(27

)

Offshore Oil Engineering Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

127,926 USD

1,337

OFILM Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

571,643 USD

48,374

OFILM Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

291,856 USD

23,720

See Notes to Consolidated Financial Statements.

218

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

OKE Precision Cutting Tools Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

490 USD

Olympic Circuit Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

162 USD

Oppein Home Group, Inc.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

13,769 USD

(37

)

Opple Lighting Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

106,702 USD

622

Opple Lighting Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

49,091 USD

315

Orient Securities Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

80 USD

Oriental Pearl Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

80 USD

Origin Energy Ltd.

10/23/23

3.50%

Goldman Sachs International

3,215,679 AUD

29,639

Origin Energy Ltd.

10/23/23

3.50%

Goldman Sachs International

4,401,872 AUD

40,572

Orinko Advanced Plastics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

51,663 USD

901

Orinko Advanced Plastics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

174,665 USD

3,279

Pansoft Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,105 USD

(98

)

Pansoft Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,557 USD

(53

)

People’s Insurance Co. Group of China Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

389,474 USD

(4,813

)

People’s Insurance Co. Group of China Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

322,038 USD

(4,503

)

PetroChina Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,914 USD

(88

)

PetroChina Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

124,182 USD

(178

)

PNM Resources, Inc.

10/23/23

5.00%

Goldman Sachs International

4,829,224 USD

(25,842

)

PNM Resources, Inc.

10/23/23

5.00%

Goldman Sachs International

6,610,576 USD

(35,374

)

Poly Developments and Holdings Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

530,179 USD

(17,024

)

Poly Developments and Holdings Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

359,671 USD

(9,173

)

Poly Union Chemical Holding Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

320,508 USD

5,866

Poly Union Chemical Holding Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

308,698 USD

6,165

Postal Savings Bank of China Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

379,213 USD

(2,723

)

See Notes to Consolidated Financial Statements.

219

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Postal Savings Bank of China Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

128,393 USD

(674

)

Primeton Information Technologies, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

321 USD

)

Proya Cosmetics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

16,265 USD

(129

)

Pulike Biological Engineering, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

284 USD

)

Qianhe Condiment and Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,722 USD

869

Qianhe Condiment and Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

109 USD

Qifeng New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

16 USD

Qijing Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

67,022 USD

1,652

Qijing Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

150,424 USD

2,581

Qingdao Baheal Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

24,269 USD

Qingdao Baheal Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

12,777 USD

Qingdao Citymedia Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

40,741 USD

875

Qingdao Doublestar Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

36,059 USD

377

Qingdao Doublestar Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

16,156 USD

177

Qingdao Gaoce Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

514 USD

Qingdao Richen Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,704 USD

Qingdao Richen Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

46,113 USD

Qingdao Rural Commercial Bank Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

12,703 USD

(105

)

Qingdao Rural Commercial Bank Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

74,345 USD

(431

)

Qingdao Sentury Tire Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,081 USD

)

Qingdao Topscomm Communication, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

276,817 USD

18,724

Qingdao Topscomm Communication, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

43,160 USD

3,047

Qingdao Victall Railway Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

137,693 USD

3,471

See Notes to Consolidated Financial Statements.

220

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Qingdao Vland Biotech, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

17,146 USD

Qingdao Vland Biotech, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

70,486 USD

218

Qingdao Zhongzi Zhongcheng Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,393 USD

)

Queclink Wireless Solutions Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

120 USD

Raytron Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

21,837 USD

368

Raytron Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

143,045 USD

1,934

RB Global, Inc.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

0 USD

Red Avenue New Materials Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

50,912 USD

5,257

Red Star Macalline Group Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

14,812 USD

108

Red Star Macalline Group Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6 USD

Renhe Pharmacy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,738 USD

1,174

Repsol SA

10/23/23

1.00%

Morgan Stanley Capital Services LLC

256,504 EUR

(1,300

)

Richinfo Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

31,995 USD

344

Richinfo Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

136,266 USD

1,602

Risen Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

35,810 USD

946

Risen Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

386,342 USD

5,195

RiseSun Real Estate Development Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

23,099 USD

278

Riyue Heavy Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

79,532 USD

5,042

Rizhao Port Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

33,209 USD

(227

)

Rizhao Port Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

180,591 USD

(1,348

)

Rongsheng Petrochemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

356,959 USD

(184

)

Rongsheng Petrochemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

186,293 USD

(78

)

Runjian Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

145 USD

SAIC Motor Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

68,552 USD

(64

)

Sailun Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

25,008 USD

889

Sangfor Technologies, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

113,449 USD

249

See Notes to Consolidated Financial Statements.

221

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Sangfor Technologies, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

59,895 USD

148

Sanhe Tongfei Refrigeration Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

347 USD

Sansteel Minguang Co., Ltd. Fujian

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,609 USD

(19

)

Sansteel Minguang Co., Ltd. Fujian

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,561 USD

)

Sanxiang Advanced Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

54 USD

Sany Heavy Industry Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

18,928 USD

)

Satellite Chemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

490,443 USD

(6,451

)

Satellite Chemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

189,229 USD

(2,290

)

SDIC Capital Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

61 USD

Seagen, Inc.

10/23/23

5.00%

Goldman Sachs International

3,240,942 USD

90,449

Seagen, Inc.

10/23/23

5.00%

Goldman Sachs International

5,319,909 USD

148,470

Seazen Holdings Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

72,091 USD

109

Seazen Holdings Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

72,325 USD

(125

)

Seibu Giken Co., Ltd.

10/23/23

5.50%

Morgan Stanley Capital Services LLC

401,729 USD

1,122

Servyou Software Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

405,781 USD

5,291

Servyou Software Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

356,344 USD

4,677

SG Micro Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

154,235 USD

(910

)

SG Micro Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

96,370 USD

(542

)

Shaanxi Coal Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

222,895 USD

(3,519

)

Shaanxi Coal Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

116,814 USD

(1,905

)

Shaanxi Construction Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

57 USD

)

Shaanxi Sirui Advanced Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

42,102 USD

827

Shaanxi Sirui Advanced Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

50,477 USD

849

See Notes to Consolidated Financial Statements.

222

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shan Xi Hua Yang New Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

38,398 USD

180

Shan Xi Hua Yang New Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,964 USD

Shandong Bailong Chuangyuan Bio-Tech Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

2,331 USD

Shandong Bohui Paper Industrial Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

388,402 USD

(1,886

)

Shandong Bohui Paper Industrial Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

128,606 USD

(427

)

Shandong Head Group Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

11,514 USD

220

Shandong Hi-speed Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

51,448 USD

114

Shandong Huifa Foodstuff Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

31,110 USD

(169

)

Shandong Huifa Foodstuff Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

16,166 USD

(64

)

Shandong Jinling Mining Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

32,705 USD

274

Shandong Jinling Mining Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

17,101 USD

212

Shandong Linglong Tyre Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

375,890 USD

1,630

Shandong Linglong Tyre Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

352,642 USD

152

Shandong Link Science and Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

121,316 USD

1,278

Shandong Link Science and Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,447 USD

Shandong Longertek Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

209,209 USD

Shandong Longertek Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,200 USD

Shandong Longquan Pipe Industry Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

82,789 USD

2,435

Shandong Longquan Pipe Industry Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

13,050 USD

207

Shandong Lukang Pharma

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

32,100 USD

392

See Notes to Consolidated Financial Statements.

223

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shandong Lukang Pharma

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

177,668 USD

767

Shandong Minhe Animal Husbandry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

156 USD

)

Shandong Nanshan Fashion Sci-tech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

24,921 USD

Shandong Nanshan Fashion Sci-tech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

9,843 USD

Shandong Pharmaceutical Glass Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

484,402 USD

7,469

Shandong Pharmaceutical Glass Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

422,062 USD

4,989

Shandong Publishing & Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,230 USD

265

Shandong Publishing & Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

18,738 USD

625

Shandong Sacred Sun Power Sources Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

13,231 USD

(27

)

Shandong Sacred Sun Power Sources Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,083 USD

Shandong Shanda Oumasoft Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

209,355 USD

21,555

Shandong Shanda Oumasoft Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

116,170 USD

10,901

Shandong Sinocera Functional Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

124,088 USD

(3,603

)

Shandong Sinocera Functional Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

27,355 USD

(789

)

Shandong Sito Biotechnology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

118,469 USD

1,594

Shandong Sito Biotechnology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

152,079 USD

2,711

Shandong Sunway Chemical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

237,470 USD

1,705

Shandong Sunway Chemical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

119,438 USD

673

See Notes to Consolidated Financial Statements.

224

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shandong Xiantan Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

58,217 USD

Shandong Yisheng Livestock & Poultry Breeding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

26,164 USD

(26

)

Shandong Yulong Gold Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

51,289 USD

1,863

Shandong Zhangqiu Blower Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

51,450 USD

957

Shanghai Acrel Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

55,011 USD

(464

)

Shanghai Acrel Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

28,675 USD

(296

)

Shanghai Aiko Solar Energy Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

224 USD

Shanghai Allist Pharmaceuticals Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

746 USD

110

Shanghai Anlogic Infotech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

19,174 USD

102

Shanghai Awinic Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

1,284 USD

(63

)

Shanghai Bairun Investment Holding Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

591,185 USD

(6,616

)

Shanghai Bairun Investment Holding Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

239,332 USD

(2,484

)

Shanghai Baosight Software Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

387,711 USD

1,364

Shanghai Baosight Software Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

358,533 USD

1,197

Shanghai Baosteel Packaging Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

8,932 USD

Shanghai Baosteel Packaging Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

1,368 USD

Shanghai Chinafortune Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

62,966 USD

(97

)

Shanghai Daimay Automotive Interior Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

41,349 USD

Shanghai Daimay Automotive Interior Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

35,115 USD

246

Shanghai Electric Power Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

115,527 USD

(1,617

)

Shanghai Electric Power Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,817 USD

(110

)

See Notes to Consolidated Financial Statements.

225

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shanghai Friendess Electronic Technology Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

129,175 USD

572

Shanghai Friendess Electronic Technology Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

124,865 USD

614

Shanghai Ganglian E-Commerce Holdings Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

234 USD

Shanghai Hanbell Precise Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

331,011 USD

13,495

Shanghai Hanbell Precise Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

165,636 USD

6,831

Shanghai Haohai Biological Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,536 USD

Shanghai Huace Navigation Technology Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

59 USD

Shanghai Huace Navigation Technology Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

238 USD

Shanghai Huafon Aluminium Corp.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

22,803 USD

239

Shanghai Huafon Aluminium Corp.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

35,173 USD

437

Shanghai International Port Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

76,901 USD

(752

)

Shanghai International Port Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

11,976 USD

(130

)

Shanghai Jinfeng Wine Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

28 USD

Shanghai Jinjiang International Hotels Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,239 USD

133

Shanghai Jinqiao Export Processing Zone Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

41,989 USD

(505

)

Shanghai Jinqiao Export Processing Zone Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

128 USD

)

See Notes to Consolidated Financial Statements.

226

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shanghai Laimu Electronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

59 USD

Shanghai Lily & Beauty Cosmetics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

226,616 USD

9,383

Shanghai Lily & Beauty Cosmetics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

90,824 USD

3,780

Shanghai LongYun Cultural Creation & Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,929 USD

621

Shanghai LongYun Cultural Creation & Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

86,296 USD

980

Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

59 USD

)

Shanghai Luoman Lighting Technologies, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

206 USD

Shanghai M&G Stationery, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

142,785 USD

(864

)

Shanghai M&G Stationery, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,475 USD

(141

)

Shanghai Mechanical and Electrical Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

47,958 USD

1,494

Shanghai Mechanical and Electrical Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

128,420 USD

1,822

Shanghai Model Organisms Center, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

9,682 USD

299

Shanghai Model Organisms Center, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

52,093 USD

583

Shanghai Newtouch Software Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,513 USD

3,311

Shanghai Newtouch Software Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,814 USD

204

Shanghai Pharmaceuticals Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

377,902 USD

6,867

Shanghai Pharmaceuticals Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

344,763 USD

6,240

See Notes to Consolidated Financial Statements.

227

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shanghai Pret Composites Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

378,934 USD

538

Shanghai Pret Composites Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

155,540 USD

(205

)

Shanghai Rongtai Health Technology Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,368 USD

Shanghai Rongtai Health Technology Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

33,968 USD

484

Shanghai Rural Commercial Bank Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,419 USD

(67

)

Shanghai Rural Commercial Bank Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

34,519 USD

(284

)

Shanghai Serum Bio-technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,836 USD

263

Shanghai Serum Bio-technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,594 USD

201

Shanghai Shyndec Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

62,304 USD

1,331

Shanghai Sinotec Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

154,344 USD

9,346

Shanghai Sinotec Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,420 USD

1,422

Shanghai SK Petroleum & Chemical Equipment Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

173,583 USD

3,216

Shanghai SK Petroleum & Chemical Equipment Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

173,339 USD

3,708

Shanghai SMI Holding Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

42 USD

Shanghai Smith Adhesive New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

38,057 USD

(45

)

Shanghai Smith Adhesive New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

3,202 USD

Shanghai STEP Electric Corp.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

16 USD

Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

32,542 USD

See Notes to Consolidated Financial Statements.

228

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

163,842 USD

247

Shanghai Wanye Enterprises Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

64,996 USD

772

Shanghai Weihong Electronic Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

159 USD

Shanghai Welltech Automation Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

43,243 USD

2,222

Shanghai Welltech Automation Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,782 USD

363

Shanghai Xinhua Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

62,047 USD

1,985

Shanghai Xinhua Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

60,601 USD

1,948

Shanghai Yaohua Pilkington Glass Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

51,685 USD

(238

)

Shanghai Yaohua Pilkington Glass Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,055 USD

(45

)

Shanghai Yaoji Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,646 USD

1,398

Shanghai Yaoji Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

71,456 USD

)

Shanghai Yongli Belting Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

9,232 USD

Shanghai Yongli Belting Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

37,021 USD

Shanghai Zhongzhou Special Alloy Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

31,976 USD

350

Shanghai Zhongzhou Special Alloy Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,197 USD

Shanghai Zijiang Enterprise Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

39,436 USD

(29

)

Shanghai Zijiang Enterprise Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

20,966 USD

(12

)

Shanxi Huaxiang Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

15,820 USD

(17

)

Shanxi Huaxiang Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

2,114 USD

See Notes to Consolidated Financial Statements.

229

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shanxi Huhua Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

303,567 USD

5,312

Shanxi Huhua Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

134,421 USD

2,484

Shanxi Lu’an Environmental Energy Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

16 USD

Sharetronic Data Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,903 USD

300

Sharetronic Data Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

21,418 USD

3,846

Shenergy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

34,035 USD

(303

)

Shenergy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

87 USD

)

Shenglan Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

453,764 USD

14,874

Shenglan Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

316,761 USD

10,698

Shengtak NewMaterial Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

82,972 USD

1,535

Shengtak NewMaterial Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,926 USD

471

Shenke Slide Bearing Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

214,478 USD

3,709

Shenke Slide Bearing Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

33,456 USD

600

Shennan Circuits Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

181,947 USD

2,158

Shennan Circuits Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

163,145 USD

910

Shenzhen Absen Optoelectronic Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

283,377 USD

16,467

Shenzhen Absen Optoelectronic Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

138,675 USD

7,680

Shenzhen Airport Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

368 USD

Shenzhen Aisidi Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

3,778 USD

)

Shenzhen Capol International & Associates Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

205,505 USD

(1,478

)

Shenzhen Capol International & Associates Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

34,845 USD

(241

)

Shenzhen Cheng Chung Design Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,652 USD

463

See Notes to Consolidated Financial Statements.

230

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shenzhen Cheng Chung Design Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,301 USD

100

Shenzhen Clou Electronics Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

10 USD

Shenzhen Crastal Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

68 USD

Shenzhen Deren Electronic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

381,676 USD

17,551

Shenzhen Deren Electronic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

209,067 USD

9,543

Shenzhen Energy Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

117,404 USD

(444

)

Shenzhen Energy Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

188,663 USD

(164

)

Shenzhen Etmade Automatic Equipment Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

27,068 USD

105

Shenzhen Etmade Automatic Equipment Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

14,274 USD

Shenzhen Everwin Precision Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

26 USD

Shenzhen Farben Information Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

48,161 USD

640

Shenzhen Fine Made Electronics Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

41,513 USD

Shenzhen Friendcom Technology Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

139,764 USD

4,236

Shenzhen Friendcom Technology Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

104,007 USD

3,749

Shenzhen Gas Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

132,078 USD

1,071

Shenzhen Genvict Technologies Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

62 USD

Shenzhen H&T Intelligent Control Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

485,317 USD

7,650

Shenzhen H&T Intelligent Control Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

370,156 USD

4,984

See Notes to Consolidated Financial Statements.

231

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shenzhen Hello Tech Energy Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

12,661 USD

(13

)

Shenzhen Hello Tech Energy Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

5,422 USD

)

Shenzhen Hemei Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

59,030 USD

933

Shenzhen Hemei Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

17,113 USD

214

Shenzhen Hopewind Electric Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

529,163 USD

19,859

Shenzhen Hopewind Electric Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

389,171 USD

17,080

Shenzhen Huakong SEG Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

20,245 USD

Shenzhen Huakong SEG Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

2,987 USD

Shenzhen Huaqiang Industry Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

77 USD

Shenzhen Huijie Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

166,783 USD

4,859

Shenzhen Huijie Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

318,292 USD

9,487

Shenzhen Jasic Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

364,549 USD

15,110

Shenzhen Jasic Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

331,829 USD

13,724

Shenzhen Jieshun Science And Technology Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

80,699 USD

1,896

Shenzhen Jieshun Science And Technology Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

39,595 USD

587

Shenzhen Jingquanhua Electronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

145 USD

Shenzhen Jufei Optoelectronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

33,259 USD

938

Shenzhen Kaifa Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

74,572 USD

1,063

Shenzhen King Explorer Science & Technology Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

102,760 USD

(61

)

Shenzhen King Explorer Science & Technology Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

46,641 USD

(53

)

See Notes to Consolidated Financial Statements.

232

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shenzhen Kingkey Smart Agriculture Times Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

59 USD

)

Shenzhen Kinwong Electronic Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

4,027 USD

Shenzhen Kinwong Electronic Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

5,539 USD

111

Shenzhen L&A Design Holding Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

55,192 USD

1,784

Shenzhen L&A Design Holding Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

9,406 USD

269

Shenzhen Laibao Hi-tech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

72,992 USD

2,387

Shenzhen Laibao Hi-tech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

75,343 USD

2,237

Shenzhen Liantronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

495,708 USD

14,107

Shenzhen Liantronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

269,303 USD

8,070

Shenzhen Longood Intelligent Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

25,443 USD

215

Shenzhen Longood Intelligent Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

28,406 USD

442

Shenzhen Magic Design & Decoration Engineering Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

34,606 USD

276

Shenzhen Magic Design & Decoration Engineering Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,625 USD

Shenzhen Microgate Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

461,277 USD

25,410

Shenzhen Microgate Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

168,275 USD

9,626

Shenzhen Minglida Precision Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

358 USD

)

Shenzhen MTC Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

317,835 USD

(1,557

)

Shenzhen MTC Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

269,568 USD

(1,236

)

Shenzhen New Nanshan Holding Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

65,490 USD

(1,014

)

See Notes to Consolidated Financial Statements.

233

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shenzhen Overseas Chinese Town Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

66,487 USD

(582

)

Shenzhen Properties & Resources Development Group Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

33,048 USD

125

Shenzhen Properties & Resources Development Group Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

27,068 USD

Shenzhen Salubris Pharmaceuticals Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

4 USD

Shenzhen SC New Energy Technology Corp.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

53,698 USD

373

Shenzhen Senior Technology Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

261,420 USD

908

Shenzhen Senior Technology Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

145,669 USD

508

Shenzhen Sine Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

22,848 USD

1,857

Shenzhen Sine Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

98,484 USD

1,261

Shenzhen Sinexcel Electric Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

55 USD

Shenzhen Sinovatio Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

292,923 USD

40,116

Shenzhen Sinovatio Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

191,930 USD

25,979

Shenzhen Sunlord Electronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

45,175 USD

2,075

Shenzhen Tagen Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

79,360 USD

(1,039

)

Shenzhen Topband Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

154,012 USD

(3,885

)

Shenzhen Topband Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

183,538 USD

(4,537

)

Shenzhen TVT Digital Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

375,056 USD

21,545

Shenzhen TVT Digital Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

187,786 USD

10,281

See Notes to Consolidated Financial Statements.

234

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shenzhen TXD Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

460,387 USD

14,188

Shenzhen TXD Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

253,617 USD

9,092

Shenzhen Weiguang Biological Products Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

244,634 USD

4,569

Shenzhen Weiguang Biological Products Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

100,813 USD

2,484

Shenzhen Woer Heat-Shrinkable Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

280,878 USD

7,723

Shenzhen Woer Heat-Shrinkable Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

332,434 USD

9,676

Shenzhen Wote Advanced Materials Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

29,895 USD

Shenzhen Wote Advanced Materials Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

15,801 USD

Shenzhen Xinhao Photoelectricity Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

35,266 USD

509

Shenzhen Xinhao Photoelectricity Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,563 USD

169

Shenzhen Xinyichang Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,100 USD

Shenzhen Yan Tian Port Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,407 USD

)

Shenzhen Yan Tian Port Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

15,156 USD

)

Shenzhen Yinghe Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

162 USD

Shenzhen Ysstech Info-tech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

32,719 USD

(98

)

Shenzhen Ysstech Info-tech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

178,677 USD

564

Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

362,252 USD

163

See Notes to Consolidated Financial Statements.

235

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

216,913 USD

(168

)

Shijiazhuang Kelin Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

173 USD

Shinva Medical Instrument Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

455,168 USD

8,723

Shinva Medical Instrument Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

388,171 USD

7,473

Shuangliang Eco-Energy Systems Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

15,152 USD

Sichuan Dowell Science and Technology, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

28,810 USD

720

Sichuan Dowell Science and Technology, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

120,349 USD

1,126

Sichuan EM Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

406,125 USD

30,418

Sichuan EM Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

371,272 USD

27,566

Sichuan Expressway Co., Ltd.

10/23/23

4.03%

JPMorgan Chase Bank, N.A.

239,867 USD

(2,463

)

Sichuan Expressway Co., Ltd.

10/23/23

4.03%

JPMorgan Chase Bank, N.A.

253,516 USD

(1,876

)

Sichuan Goldstone Asia Pharmaceutical, Inc.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

33 USD

Sichuan Hexie Shuangma Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

4,275 USD

Sichuan Jiuzhou Electric Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

76 USD

)

Sichuan Road and Bridge Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

55,263 USD

171

Sichuan Road and Bridge Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,112 USD

Sieyuan Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

67,469 USD

3,287

Silvery Dragon Prestressed Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

155,654 USD

2,023

Silvery Dragon Prestressed Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

48,205 USD

634

Simei Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

321,736 USD

11,476

Simei Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

117,973 USD

4,386

See Notes to Consolidated Financial Statements.

236

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Sineng Electric Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

313 USD

Sino Medical Sciences Technology, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

85 USD

Sinoma International Engineering Co.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

35,453 USD

530

Sinoma International Engineering Co.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

194,398 USD

1,918

Sinoma Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

342,301 USD

2,803

Sinoma Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

359,794 USD

3,044

Sinomach Precision Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

62,546 USD

265

Sinomach Precision Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

32,955 USD

153

Sinopec Oilfield Equipment Corp.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

303,106 USD

12,007

Sinopec Oilfield Equipment Corp.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

158,191 USD

6,745

Sinosun Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,576 USD

149

Sinosun Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

837 USD

Sinotrans Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

16,458 USD

Sinotruk Jinan Truck Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

200,253 USD

563

Sinotruk Jinan Truck Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

69,050 USD

308

SI-TECH Information Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

52 USD

Skshu Paint Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

214,996 USD

(2,952

)

Skshu Paint Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

112,070 USD

(1,460

)

Smo Clinplus Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

414 USD

Solareast Holdings Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

3,579 USD

)

Solareast Holdings Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

19,520 USD

)

Songcheng Performance Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

24,206 USD

388

Songz Automobile Air Conditioning Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

46,240 USD

189

Songz Automobile Air Conditioning Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,166 USD

100

See Notes to Consolidated Financial Statements.

237

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Sovos Brands, Inc.

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

8,374 USD

Splunk, Inc.

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

9,877,122 USD

102,832

Spring Airlines Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

743 USD

(24

)

Square Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

51,106 USD

255

Square Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

44,322 USD

268

Stanley Agricultural Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

102,135 USD

(104

)

Stanley Agricultural Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

121,249 USD

430

State Power Rixin Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

2,346 USD

(23

)

Sumec Corp., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

30,306 USD

(115

)

Sumec Corp., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

46,975 USD

(348

)

Sunflower Pharmaceutical Group Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

116 USD

Suning Universal Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

20 USD

Sunlour Pigment Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

140 USD

)

Sunrise Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

148,200 USD

1,306

Sunrise Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

45,658 USD

416

Sunshine Guojian Pharmaceutical Shanghai Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

65,557 USD

(1,029

)

Sunshine Guojian Pharmaceutical Shanghai Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

114,399 USD

(1,327

)

Sunvim Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

63,177 USD

(286

)

Sunvim Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

64,166 USD

186

Sunway Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

122,383 USD

1,501

Sunway Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

124,924 USD

1,643

Sunwoda Electronic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

118,043 USD

7,827

Sunyard Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

392,220 USD

10,852

Sunyard Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

275,590 USD

7,994

Suofeiya Home Collection Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

176,714 USD

1,171

Suofeiya Home Collection Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

175,537 USD

793

See Notes to Consolidated Financial Statements.

238

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Suzhou Dongshan Precision Manufacturing Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

17,237 USD

331

Suzhou Douson Drilling & Production Equipment Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

215 USD

Suzhou Etron Technologies Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

974 USD

Suzhou Hailu Heavy Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

118,094 USD

2,350

Suzhou Hailu Heavy Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

81,321 USD

1,968

Suzhou Hengmingda Electronic Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,018 USD

400

Suzhou Hengmingda Electronic Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,272 USD

Suzhou Keda Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,233 USD

Suzhou Keda Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

11,896 USD

Suzhou Longjie Special Fiber Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

19,403 USD

103

Suzhou Longjie Special Fiber Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

68,465 USD

739

Suzhou Novosense Microelectronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

64,973 USD

103

Suzhou Secote Precision Electronic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

21,566 USD

363

Suzhou Shihua New Material Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

248 USD

Suzhou Shijing Environmental Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

149 USD

Taiji Computer Corp., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

207,331 USD

Taiji Computer Corp., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

327,333 USD

2,378

See Notes to Consolidated Financial Statements.

239

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Taiwan Semiconductor Manufacturing Co., Ltd.

10/23/23

4.50%

Morgan Stanley Capital Services LLC

295,312 USD

(3,680

)

TangShan Port Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

70,396 USD

Tansun Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

146 USD

Tasly Pharmaceutical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

40,065 USD

3,073

Tatwah Smartech Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

28 USD

TCL Technology Group Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

94,216 USD

1,415

TCL Technology Group Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

165,497 USD

3,936

TCL Zhonghuan Renewable Energy Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

186,065 USD

231

TCL Zhonghuan Renewable Energy Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

170,834 USD

4,819

TDG Holdings Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

125 USD

Thinker Agricultural Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

141,928 USD

6,877

Thinker Agricultural Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

22,413 USD

833

Tian Di Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

28,887 USD

107

Tian Di Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

152,233 USD

243

Tianjin 712 Communication & Broadcasting Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

55,643 USD

Tianjin 712 Communication & Broadcasting Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

66,118 USD

(212

)

Tianjin Chase Sun Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

62,608 USD

1,930

Tianjin Guifaxiang 18th Street Mahua Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

59,714 USD

(257

)

See Notes to Consolidated Financial Statements.

240

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Tianjin Guifaxiang 18th Street Mahua Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,376 USD

(24

)

Tianjin Jinbin Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

329,939 USD

(1,323

)

Tianjin Jinbin Development Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

179,594 USD

(938

)

Tianjin Lisheng Pharmaceutical Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

17,103 USD

(64

)

Tianjin Lisheng Pharmaceutical Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

9,229 USD

(28

)

Tianjin Printronics Circuit Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

50,234 USD

707

Tianjin Printronics Circuit Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

15,164 USD

413

Tianjin Ringpu Bio-Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

25,802 USD

(274

)

Tianjin Ringpu Bio-Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,178 USD

(56

)

Tianjin Trolia Information Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

79,162 USD

2,918

Tianjin You Fa Steel Pipe Group Stock Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

46,907 USD

(84

)

Tianjin You Fa Steel Pipe Group Stock Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

18,753 USD

(51

)

Tianma Microelectronics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,247 USD

Tianneng Battery Group Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

915 USD

)

Tianrun Industry Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

177,947 USD

4,489

Tianrun Industry Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

122,971 USD

2,679

Tianshui Huatian Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

33,880 USD

(70

)

Tianyu Digital Technology Dalian Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

53,635 USD

1,875

See Notes to Consolidated Financial Statements.

241

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Tibet Cheezheng Tibetan Medicine Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

11,057 USD

)

Tibet Weixinkang Medicine Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

351,592 USD

14,811

Tibet Weixinkang Medicine Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

203,829 USD

8,424

Tieliu Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,884 USD

)

Tieliu Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

12,614 USD

Time Publishing and Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

25,867 USD

Time Publishing and Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

32,870 USD

Titan Wind Energy Suzhou Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

131 USD

Tofflon Science & Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

44,083 USD

Tofflon Science & Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,071 USD

Toly Bread Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

72,276 USD

(895

)

Toly Bread Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

72,097 USD

(1,024

)

Tongding Interconnection Information Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

78,605 USD

1,099

Tongding Interconnection Information Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

207,369 USD

4,995

Tongkun Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

41,717 USD

(116

)

Tongkun Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

227,172 USD

(592

)

Tongling Jingda Special Magnet Wire Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

183,807 USD

542

Tongling Jingda Special Magnet Wire Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

172,305 USD

625

Tongling Nonferrous Metals Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

575,158 USD

(5,601

)

Tongling Nonferrous Metals Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

295,958 USD

(4,213

)

Topchoice Medical Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

55,863 USD

(316

)

Topsec Technologies Group, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

22,588 USD

(17

)

See Notes to Consolidated Financial Statements.

242

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Topsec Technologies Group, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

17,186 USD

(12

)

Triangle Tyre Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

33,129 USD

Triangle Tyre Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,061 USD

Trina Solar Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

319 USD

Tsingtao Brewery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

275 USD

Tsingtao Brewery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

49,028 USD

U. S. Treasury Notes

10/23/23

1.00%

Barclays Bank PLC

30,929,425 USD

(34,077

)

U. S. Treasury Notes

10/23/23

1.00%

Barclays Bank PLC

8,287,294 USD

5,452

U. S. Treasury Notes

10/23/23

1.00%

Barclays Bank PLC

31,866,841 USD

(432,819

)

U. S. Treasury Notes

10/23/23

1.00%

Barclays Bank PLC

38,038,857 USD

(244,557

)

U.S. Treasury Bonds

10/23/23

1.00%

Barclays Bank PLC

15,567,635 USD

(835,806

)

U.S. Treasury Bonds

10/23/23

1.00%

Barclays Bank PLC

21,589,198 USD

(915,576

)

U.S. Treasury Bonds

10/23/23

1.00%

Barclays Bank PLC

20,857,111 USD

(457,161

)

Unilumin Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

509,644 USD

16,970

Unilumin Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

83 USD

Union Semiconductor Hefei Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

3,152 USD

Universal Scientific Industrial Shanghai Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

60 USD

Vantone Neo Development Group Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

14 USD

Var Energi ASA

10/23/23

3.50%

Morgan Stanley Capital Services LLC

194,248 NOK

14,702

Vatti Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

46,558 USD

359

Vatti Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

24,553 USD

213

VMware, Inc.

10/23/23

5.00%

Goldman Sachs International

3,772,214 USD

80,299

VMware, Inc.

10/23/23

5.00%

Goldman Sachs International

3,870,835 USD

82,399

Wangfujing Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

109,995 USD

(1,786

)

Wangli Security & Surveillance Product Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

259,861 USD

(3,986

)

See Notes to Consolidated Financial Statements.

243

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Wangli Security & Surveillance Product Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

127,986 USD

(2,086

)

Wanhua Chemical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

402,227 USD

(16,495

)

Wanhua Chemical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

364,656 USD

(15,200

)

Wave Cyber Shanghai Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

68,216 USD

3,067

Wave Cyber Shanghai Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

11,446 USD

521

Ways Electron Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

72,550 USD

3,772

Ways Electron Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

11,259 USD

591

Weichai Heavy Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

51,980 USD

545

Weichai Heavy Machinery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

46,508 USD

779

Weichai Power Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

111,443 USD

(1,481

)

Weifu High-Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

74,868 USD

(1,079

)

Weifu High-Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

47,158 USD

(494

)

Weihai Baihe Biology Technological Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

81,559 USD

(529

)

Weihai Baihe Biology Technological Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

178,337 USD

(436

)

Weihai Guangwei Composites Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

150 USD

Well Lead Medical Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

23,078 USD

Well Lead Medical Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

20,804 USD

Wenzhou Hongfeng Electrical Alloy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

22,604 USD

870

Wenzhou Hongfeng Electrical Alloy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

95,227 USD

1,636

Wenzhou Yuanfei Pet Toys Products Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

3,962 USD

Western Mining Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

42,183 USD

(312

)

See Notes to Consolidated Financial Statements.

244

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Western Mining Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

273,154 USD

(1,877

)

Western Region Gold Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,726 USD

(901

)

Westrock Co.

10/23/23

5.00%

JPMorgan Chase Bank, N.A.

5,733,221 USD

54,028

Whole Shine Medical Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,720 USD

(14

)

Willfar Information Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

4,037 USD

Willfar Information Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

2,423 USD

WindSun Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

92,701 USD

489

WindSun Science & Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

17,227 USD

Wingtech Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

322,689 USD

1,815

Wingtech Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

191,638 USD

794

Winner Information Technology, Inc.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

14,903 USD

(29

)

Winner Medical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

230 USD

)

Winning Health Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

18,173 USD

391

Wolong Electric Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

120,730 USD

2,962

Wonders Information Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,681 USD

182

Wuchan Zhongda Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

38,134 USD

(300

)

Wuchan Zhongda Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

256,082 USD

(1,562

)

Wuhan DR Laser Technology Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

696 USD

Wuhan Guide Infrared Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

134,361 USD

845

Wuhan Guide Infrared Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

60,040 USD

450

See Notes to Consolidated Financial Statements.

245

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Wuhan Huakang Century Medical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

135,226 USD

3,877

Wuhan Huakang Century Medical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

50,755 USD

1,326

Wuhan Raycus Fiber Laser Technologies Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

321,281 USD

11,039

Wuhan Raycus Fiber Laser Technologies Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

285,410 USD

12,914

Wuhan Sanzhen Industry Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,597 USD

(126

)

Wuhan Sanzhen Industry Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,944 USD

(356

)

Wuhan Xianglong Power Industry Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

20,053 USD

Wuhan Xianglong Power Industry Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

21,793 USD

Wuxi Autowell Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

479,564 USD

(2,324

)

Wuxi Autowell Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

391,154 USD

632

Wuxi Double Elephant Micro Fibre Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

288,413 USD

11,147

Wuxi Double Elephant Micro Fibre Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

179,499 USD

7,069

Wuxi Hodgen Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

40,139 USD

835

Wuxi Hodgen Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,297 USD

135

Wuxi Hyatech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

186 USD

Wuxi NCE Power Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

186 USD

Wuxi Taiji Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

738,371 USD

(3,416

)

Wuxi Taiji Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

432,754 USD

(2,396

)

Wuxi Zhenhua Auto Parts Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

157,913 USD

2,123

See Notes to Consolidated Financial Statements.

246

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Wuxi Zhenhua Auto Parts Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

159,867 USD

2,203

XCMG Construction Machinery Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

491,067 USD

(6,256

)

XCMG Construction Machinery Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

230,572 USD

(2,807

)

Xiamen Amoytop Biotech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

424,645 USD

5,127

Xiamen Amoytop Biotech Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

387,829 USD

4,710

Xiamen C & D, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

243,514 USD

(2,839

)

Xiamen C & D, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

205,625 USD

(6,009

)

Xiamen East Asia Machinery Industrial Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

141 USD

Xiamen International Airport Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

107 USD

Xiamen ITG Group Corp., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

12,118 USD

603

Xiamen Jihong Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

52,047 USD

(42

)

Xiamen Jihong Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

27,378 USD

(26

)

Xiamen R&T Plumbing Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

16,466 USD

Xiamen R&T Plumbing Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

8,567 USD

Xiangpiaopiao Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

27,625 USD

(58

)

Xiangpiaopiao Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

14,424 USD

(81

)

Xiangtan Electric Manufacturing Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

210 USD

)

Xiangyang Boya Precision Industrial Equipments Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

158 USD

Xilinmen Furniture Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,811 USD

Xinfengming Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,613 USD

(31

)

Xingtong Shipping Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

192 USD

(14

)

See Notes to Consolidated Financial Statements.

247

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Xingye Leather Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

50,040 USD

1,827

Xingye Leather Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,362 USD

Xinhua Winshare Publishing and Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,417 USD

Xinhua Winshare Publishing and Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

55,575 USD

2,019

Xinhua Winshare Publishing and Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

148,242 USD

2,617

Xinjiang Joinworld Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

222,072 USD

137

Xinjiang Tianshan Cement Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

331,767 USD

3,973

Xinjiang Tianshan Cement Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

70,574 USD

792

Xinxiang Richful Lube Additive Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

416 USD

Xiwang Foodstuffs Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,862 USD

(81

)

Xiwang Foodstuffs Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

2,026 USD

(66

)

Xuji Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

100,389 USD

3,940

Xuji Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

15,579 USD

615

Xylem, Inc.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

0 USD

Yantai China Pet Foods Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

127,686 USD

(709

)

Yantai China Pet Foods Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

73,253 USD

(592

)

Yantai Ishikawa Sealing Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,926 USD

YGSOFT, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

353,862 USD

8,955

YGSOFT, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

185,220 USD

4,652

Yixintang Pharmaceutical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

73,958 USD

349

Yixintang Pharmaceutical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

196 USD

Yizumi Holdings Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

284,551 USD

2,191

Yizumi Holdings Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

315,715 USD

6,660

YLZ Information Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

30,139 USD

165

See Notes to Consolidated Financial Statements.

248

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

YLZ Information Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,020 USD

Yonfer Agricultural Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

149,582 USD

883

Yonfer Agricultural Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

101,036 USD

200

Yongan Futures Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

182,455 USD

(693

)

Yongan Futures Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

95,911 USD

(350

)

Yongjin Technology Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

254 USD

)

Yonyou Network Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

62 USD

)

Youcare Pharmaceutical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

202,286 USD

18,478

Youcare Pharmaceutical Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

211,546 USD

18,073

Youyou Foods Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

24 USD

)

Yueyang Xingchang Petrochemical

10/23/23

4.00%

Morgan Stanley Capital Services LLC

5,445 USD

207

Yunda Holding Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

31,888 USD

105

Yunding Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

71 USD

Yunnan Botanee Bio-Technology Group Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

91 USD

)

Yunnan Chihong Z, Inc.&Germanium Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

11,294 USD

(140

)

Yunnan Copper Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

45 USD

Yunnan Energy Investment Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

255,654 USD

4,512

Yunnan Energy Investment Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

284,086 USD

5,152

Yunnan Energy New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

70,175 USD

(467

)

Yunnan Nantian Electronics Information Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

16,672 USD

135

Yunnan Tin Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

108,687 USD

(978

)

See Notes to Consolidated Financial Statements.

249

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

ZBOM Home Collection Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

110 USD

)

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

586,431 USD

(2,405

)

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

352,011 USD

(1,596

)

Zhe Jiang Li Zi Yuan Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

122,957 USD

613

Zhe Jiang Li Zi Yuan Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

55,890 USD

280

Zhe Jiang Taihua New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

136,009 USD

3,992

Zhefu Holding Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5 USD

Zhejiang Anglikang Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,236 USD

(131

)

Zhejiang Anglikang Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

769 USD

Zhejiang Ausun Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

37 USD

Zhejiang Biyi Electric Appliance Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

34,470 USD

1,530

Zhejiang Biyi Electric Appliance Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

157,743 USD

4,256

Zhejiang Century Huatong Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

124,756 USD

(105

)

Zhejiang Century Huatong Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

25,428 USD

(233

)

Zhejiang Cfmoto Power Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

11,787 USD

(270

)

Zhejiang Communications Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

32,033 USD

1,085

Zhejiang Communications Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

180,701 USD

3,584

Zhejiang Communications Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

976 USD

See Notes to Consolidated Financial Statements.

250

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Zhejiang Communications Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,138 USD

Zhejiang Conba Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

53 USD

Zhejiang Dibay Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

34,984 USD

Zhejiang Dibay Electric Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

74,013 USD

278

Zhejiang Dongwang Times Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

14,080 USD

)

Zhejiang Dongwang Times Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

4,744 USD

)

Zhejiang Double Arrow Rubber Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

123,191 USD

1,675

Zhejiang Double Arrow Rubber Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

185,206 USD

2,488

Zhejiang East Crystl Electronic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

47,177 USD

1,178

Zhejiang East Crystl Electronic Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,544 USD

238

Zhejiang Founder Motor Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

65,264 USD

(51

)

Zhejiang Founder Motor Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

39,856 USD

(98

)

Zhejiang Giuseppe Garment Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

18,442 USD

205

Zhejiang Giuseppe Garment Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

75,624 USD

843

Zhejiang Hailide New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

162,602 USD

2,150

Zhejiang Hailide New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

8,373 USD

Zhejiang Hisun Biomaterials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

360 USD

Zhejiang Hisun Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

15,618 USD

288

Zhejiang Hisun Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

110,077 USD

1,413

Zhejiang Huakang Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,857 USD

See Notes to Consolidated Financial Statements.

251

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Zhejiang Huakang Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

6,939 USD

Zhejiang Huamei Holding Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

4,257 USD

Zhejiang Huatie Emergency Equipment Science and Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

49,212 USD

201

Zhejiang Huatie Emergency Equipment Science and Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

47,986 USD

182

Zhejiang International Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

46,853 USD

299

Zhejiang International Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

37,835 USD

352

Zhejiang Jingsheng Mechanical & Electrical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

355,223 USD

(7,068

)

Zhejiang Jingsheng Mechanical & Electrical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

201,902 USD

(3,983

)

Zhejiang Jingxin Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

73,260 USD

2,653

Zhejiang Jiuzhou Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

336 USD

Zhejiang Jolly Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

124 USD

Zhejiang Kingland Pipeline & Technologies Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

131,335 USD

3,409

Zhejiang Kingland Pipeline & Technologies Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

24,987 USD

624

Zhejiang Medicine Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

5,052 USD

)

Zhejiang Medicine Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

27,552 USD

(25

)

Zhejiang Ming Jewelry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

270,797 USD

18,479

Zhejiang Ming Jewelry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

111,659 USD

8,180

See Notes to Consolidated Financial Statements.

252

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Zhejiang Narada Power Source Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,578 USD

248

Zhejiang Publishing & Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

13,112 USD

174

Zhejiang Publishing & Media Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

50,201 USD

678

Zhejiang Qianjiang Motorcycle Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

154,874 USD

(1,681

)

Zhejiang Qianjiang Motorcycle Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

97,122 USD

(1,305

)

Zhejiang Rongsheng Environmental Protection Paper Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

230,666 USD

(3,990

)

Zhejiang Rongsheng Environmental Protection Paper Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

266,442 USD

(3,869

)

Zhejiang Shapuaisi Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,187 USD

(33

)

Zhejiang Shapuaisi Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

29,663 USD

(99

)

Zhejiang Shengyang Science and Technology Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

60 USD

Zhejiang Tailin Bioengineering Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

165 USD

Zhejiang Taitan Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

67,723 USD

2,415

Zhejiang Taitan Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

10,567 USD

374

Zhejiang Tengen Electrics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

235,888 USD

7,672

Zhejiang Tengen Electrics Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

189,341 USD

5,247

Zhejiang Three Stars New Materials Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

132 USD

Zhejiang Tiantie Industry Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

67 USD

Zhejiang Walrus New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

44,084 USD

662

Zhejiang Walrus New Material Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

7,379 USD

See Notes to Consolidated Financial Statements.

253

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Zhejiang Wanfeng Auto Wheel Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

12,886 USD

103

Zhejiang Wanma Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

32,822 USD

1,379

Zhejiang Wanma Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

183,544 USD

5,507

Zhejiang Wecome Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,189 USD

116

Zhejiang Wecome Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

1,641 USD

Zhejiang Weiming Environment Protection Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

128,834 USD

1,298

Zhejiang Weiming Environment Protection Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

56,591 USD

551

Zhejiang Wellsun Intelligent Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

154,922 USD

6,210

Zhejiang Wellsun Intelligent Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

121,190 USD

5,460

Zhejiang Xianju Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

122,877 USD

1,002

Zhejiang Xianju Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

128,947 USD

1,956

Zhejiang Xinao Textiles, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

20,945 USD

(122

)

Zhejiang Xinao Textiles, Inc.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

10,802 USD

(59

)

Zhejiang Xinnong Chemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

24 USD

Zhejiang Yankon Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

54,250 USD

Zhejiang Yankon Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

133,729 USD

551

Zhejiang Yiming Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

230,887 USD

(1,817

)

Zhejiang Yiming Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

152,974 USD

(1,141

)

Zhejiang Yingfeng Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

145,617 USD

3,524

See Notes to Consolidated Financial Statements.

254

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Zhejiang Yingfeng Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

70,987 USD

1,683

Zhejiang Yonghe Refrigerant Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

37 USD

Zhejiang Zheneng Electric Power Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

367,665 USD

(10,340

)

Zhejiang Zheneng Electric Power Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

192,061 USD

(4,884

)

Zhejiang Zhengyuan Zhihui Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

53 USD

Zhejiang Zhongjian Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

218,642 USD

5,117

Zhejiang Zhongjian Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

34,134 USD

764

Zhejiang Zone-King Environmental Sci&Tech Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

122 USD

Zhengzhou Jiean Hi-Tech Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

178,454 USD

8,391

Zhengzhou Jiean Hi-Tech Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

28,179 USD

904

Zhenhai Petrochemical Engineering Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

66,154 USD

1,116

Zhenhai Petrochemical Engineering Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

62,251 USD

800

Zhewen Pictures Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

44,196 USD

Zhewen Pictures Group Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

54,140 USD

129

Zhiyang Innovation Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

34,076 USD

Zhiyang Innovation Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

36,094 USD

182

Zhongbai Holdings Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

62,501 USD

292

Zhongbai Holdings Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

15,916 USD

Zhonghong Pulin Medical Products Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

6,233 USD

See Notes to Consolidated Financial Statements.

255

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Zhongji Innolight Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

48,665 USD

2,085

Zhongjin Gold Corp., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

60 USD

)

Zhongjing Food Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,529 USD

Zhongshan Broad Ocean Motor Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

25,383 USD

159

Zhongshan Broad Ocean Motor Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

109,842 USD

622

Zhongtai Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

438,340 USD

1,422

Zhongtai Securities Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

129,441 USD

427

Zhongyan Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

90,587 USD

4,081

Zhongyan Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

14,821 USD

567

Zhongyuan Environment-Protection Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

338,465 USD

8,188

Zhongyuan Environment-Protection Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

178,171 USD

4,303

Zhuhai CosMX Battery Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,528 USD

165

Zhuhai Huafa Properties Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

23,730 USD

404

Zhuhai Rundu Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

71 USD

Zhuhai Sailong Pharmaceutical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

51 USD

Zhuzhou CRRC Times Electric Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

5,448 USD

)

Zhuzhou Kibing Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

214,021 USD

1,419

Zhuzhou Kibing Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

326,066 USD

1,640

Zhuzhou Smelter Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

78,422 USD

(1,121

)

Zhuzhou Smelter Group Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

46,999 USD

(662

)

Zhuzhou Times New Material Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

121 USD

See Notes to Consolidated Financial Statements.

256

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Zibo Qixiang Tengda Chemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

154,574 USD

(3,656

)

Zibo Qixiang Tengda Chemical Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

81,416 USD

(2,197

)

ZJMI Environmental Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

38,449 USD

371

ZJMI Environmental Energy Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

34,957 USD

276

Zkteco Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

15,476 USD

Zkteco Co., Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

32,995 USD

601

Zoomlion Heavy Industry Science and Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

261,388 USD

(201

)

Zoomlion Heavy Industry Science and Technology Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

210,124 USD

(517

)

Zoy Home Furnishing Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

5,478 USD

(18

)

Zoy Home Furnishing Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

3,068 USD

)

ZWSOFT Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

509,216 USD

1,191

ZWSOFT Co., Ltd.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

399,943 USD

1,091

ZYNP Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

237,886 USD

5,223

ZYNP Corp.

10/23/23

4.00%

JPMorgan Chase Bank, N.A.

179,350 USD

3,962

Total Buys

4,048,511

Sells

AerCap Holdings NV

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(900,812) USD

5,571

Apogee Therapeutics, Inc.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(613,312) USD

1,150

ARM Holdings PLC

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(4,784,975) USD

(8,597

)

Broadcom, Inc.

10/23/23

1.00%

Goldman Sachs International

(1,893,179) USD

(52,039

)

Broadcom, Inc.

10/23/23

1.00%

Goldman Sachs International

(2,661,979) USD

(68,138

)

Brookfield Asset Management Ltd.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

(197,903) USD

4,297

Brookfield Infrastructure Corp.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

(637,529) USD

14,908

See Notes to Consolidated Financial Statements.

257

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Cava Group, Inc.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(655,634) USD

(5,178

)

Crescent Energy Co.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(418,377) USD

(36,284

)

CSI 1000 Net Total Return Index

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

(16,023,636) USD

(126,654

)

CSI 1000 Net Total Return Index

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

(52,249,777) USD

(1,266,646

)

CSI 500 Net Total Return Index

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

(66,136,885) USD

(1,025,797

)

CSI 500 Net Total Return Index

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

(8,620,567) USD

(128,674

)

Dutch Bros, Inc.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(787,068) USD

497

Enbridge, Inc.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(1,044,435) USD

33,800

Exxon Mobil Corp.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

(9,542,294) USD

(234,483

)

Hayward Holdings, Inc.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(891,176) USD

(39,608

)

HilleVax, Inc.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(138,860) USD

(2,244

)

iShares iBoxx $ Investment Grade Corp.orate Bond ETF

10/23/23

1.00%

Barclays Bank PLC

(139,715,377) USD

1,610,903

iShares iBoxx High Yield Corp.orate Bond ETF

10/23/23

1.00%

Barclays Bank PLC

(50,931,518) USD

103,421

J M Smucker Co.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

(621,492) USD

26,116

Kodiak Gas Services, Inc.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(3,394) USD

(128

)

Novozymes AS

10/23/23

1.00%

Goldman Sachs International

(3,090,488) DKK

40,361

Novozymes AS

10/23/23

1.00%

Goldman Sachs International

(4,312,463) DKK

56,055

Permian Resources Corp.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

(901,129) USD

(45,429

)

Permian Resources Corp.

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

(223,803) USD

(12,400

)

PG&E Corp.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(1,488,829) USD

95,859

Provident Financial Services, Inc.

10/23/23

1.00%

Goldman Sachs International

(416,623) USD

2,707

See Notes to Consolidated Financial Statements.

258

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)

Reference
Instrument

Termination
Date

Payment
Frequency

Financing
Rate

Counterparty

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Provident Financial Services, Inc.

10/23/23

1.00%

Goldman Sachs International

(570,076) USD

3,704

Rollins, Inc.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(3,279,268) USD

52,724

Savers Value Village, Inc.

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(475,613) USD

12,672

Shenzhen Envicool Technology Co., Ltd.

10/23/23

4.00%

Morgan Stanley Capital Services LLC

(3,109) USD

173

Smurfit Kappa Group PLC

10/23/23

1.00%

JPMorgan Chase Bank, N.A.

(4,885,607) GBP

28,432

SPDR S&P 500 ETF Trust

10/23/23

1.00%

Morgan Stanley Capital Services LLC

(2,641,401) USD

23,941

Total Sells

(935,008

)

Total OTC Total Return Swaps Outstanding

3,113,503

Centrally Cleared Interest Rate Swaps Outstanding at September 30, 2023

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

USD SOFR

3.12%

M/M

06/16/2037

Morgan

Stanley & Co. LLC

2,300,000 USD

289,701

—

289,701

Pays

USD SOFR

2.81%

M/M

05/11/2032

Morgan

Stanley & Co. LLC

1,000,000 USD

102,128

—

102,128

Pays

USD SOFR

3.32%

M/M

09/22/2037

Bank of New York Mellon, LLC

2,800,000 USD

293,151

—

293,151

Pays

USD SOFR

2.22%

M/M

03/25/2037

Bank of New York Mellon, LLC

800,000 USD

173,585

—

173,585

Pays

USD SOFR

4.21%

M/M

04/18/2026

Citi Bank

N.A.

500,000 USD

8,960

—

8,960

Receives

CNY-CNREPOFIX

2.56%

M/M

12/21/2027

Merrill

Lynch,

Pierce,Fenner & Smith, Inc.

(30,000,000) CNY

40,443

—

40,443

Pays

USD SOFR

3.19%

M/M

12/01/2037

Bank of New York Mellon, LLC

3,000,000 USD

403,496

—

403,496

Receives

CNY-CNREPOFIX

2.90%

M/M

03/13/2028

Morgan

Stanley & Co. LLC

(8,500,000) CNY

28,645

—

28,645

Receives

CNY-CNREPOFIX

2.91%

M/M

03/15/2028

Morgan

Stanley & Co. LLC

(6,500,000) CNY

22,183

—

22,183

See Notes to Consolidated Financial Statements.

259

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (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

CNY-CNREPOFIX

2.88%

M/M

03/15/2028

Morgan

Stanley & Co. LLC

(31,000,000) CNY

100,657

—

100,657

Receives

CNY-CNREPOFIX

2.88%

M/M

03/15/2028

Morgan

Stanley & Co. LLC

(19,000,000) CNY

61,407

—

61,407

Pays

USD SOFR

3.34%

M/M

02/12/2035

Barclays

Bank PLC

500,000 USD

47,428

—

47,428

Pays

GBP SONIA

3.46%

M/M

02/08/2030

Citi Bank

N.A.

1,000,000 GBP

74,941

—

74,941

Pays

EUR-EURIBOR

2.94%

M/M

02/14/2029

Citi Bank

N.A.

1,000,000 EUR

8,818

—

8,818

Pays

USD SOFR

3.87%

M/M

02/23/2029

RBC Bank

4,000,000 USD

123,167

—

123,167

Pays

EUR-EURIBOR

2.96%

M/M

09/29/2028

Merrill

Lynch,

Pierce,Fenner & Smith, Inc.

706,000 EUR

15,354

—

15,354

Receives

USD SOFR

3.48%

M/M

04/20/2028

Barclays

Bank PLC

(759,000) USD

(34,873)

—

(34,873)

Pays

JPY TONA

0.34%

M/M

04/20/2028

BNP Paribas

163,000,000 JPY

7,627

—

7,627

Pays

JPY TONA

0.19%

M/M

04/20/2026

BNP Paribas

881,000,000 JPY

11,062

—

11,062

Pays

JPY TONA

0.34%

M/M

04/20/2028

BNP Paribas

810,000,000 JPY

38,908

—

38,908

Pays

USD SOFR

1.66%

M/M

06/17/2025

Morgan

Stanley & Co. LLC

10,000,000 USD

617,184

(2,766)

619,950

Pays

USD SOFR

2.72%

M/M

09/08/2028

Morgan

Stanley & Co. LLC

1,000,000 USD

87,023

(191)

87,214

Pays

USD SOFR

2.39%

M/M

11/16/2028

Morgan

Stanley & Co. LLC

4,000,000 USD

425,696

(930)

426,626

Pays

USD SOFR

1.81%

M/M

02/01/2024

Morgan

Stanley & Co. LLC

2,500,000 USD

49,033

(107)

49,140

Pays

USD SOFR

2.67%

M/M

09/13/2028

Morgan

Stanley & Co. LLC

2,500,000 USD

221,616

(306)

221,922

Pays

USD SOFR

2.38%

M/M

10/10/2023

Morgan

Stanley & Co. LLC

3,000,000 USD

21,716

(279)

21,995

Pays

USD SOFR

2.43%

M/M

10/11/2026

Morgan

Stanley & Co. LLC

3,000,000 USD

229,030

(796)

229,826

Pays

USD SOFR

1.58%

M/M

05/21/2025

Morgan

Stanley & Co. LLC

10,000,000 USD

640,629

(2,624)

643,253

Pays

USD SOFR

1.88%

M/M

01/24/2027

Morgan

Stanley & Co. LLC

1,500,000 USD

145,945

(243)

146,188

See Notes to Consolidated Financial Statements.

260

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (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

USD SOFR

2.22%

M/M

09/29/2024

Morgan

Stanley & Co. LLC

2,000,000 USD

67,413

(221)

67,634

Pays

USD SOFR

1.32%

M/M

02/28/2027

Morgan

Stanley & Co. LLC

5,000,000 USD

566,948

(1,378)

568,326

Pays

USD SOFR

1.46%

M/M

02/14/2024

Morgan

Stanley & Co. LLC

10,000,000 USD

213,177

(611)

213,788

Pays

USD SOFR

2.42%

M/M

09/22/2024

Morgan

Stanley & Co. LLC

2,000,000 USD

63,782

(262)

64,044

Pays

USD SOFR

1.61%

M/M

03/23/2027

Morgan

Stanley & Co. LLC

7,000,000 USD

716,938

(2,068)

719,006

Pays

USD SOFR

2.05%

M/M

11/30/2024

Morgan Stanley & Co. LLC

5,000,000 USD

215,746

(1,033)

216,779

Pays

USD SOFR

1.86%

M/M

12/26/2023

Morgan

Stanley & Co. LLC

8,000,000 USD

73,791

(619)

74,410

Pays

USD SOFR

1.62%

M/M

03/24/2027

Morgan

Stanley & Co. LLC

7,000,000 USD

715,221

(1,880)

717,101

Pays

USD SOFR

0.80%

M/M

01/13/2026

Morgan

Stanley & Co. LLC

80,000 USD

8,249

(21)

8,270

Pays

USD SOFR

0.95%

M/M

01/13/2027

Morgan

Stanley & Co. LLC

940,000 USD

120,085

(268)

120,353

Pays

USD SOFR

2.42%

M/M

10/24/2024

Morgan

Stanley & Co. LLC

2,000,000 USD

78,995

(394)

79,389

Pays

USD SOFR

2.35%

M/M

11/08/2024

Morgan

Stanley & Co. LLC

4,000,000 USD

160,479

(1,025)

161,504

Pays

USD SOFR

0.71%

M/M

01/22/2026

Morgan

Stanley & Co. LLC

20,000,000 USD

2,096,061

(5,364)

2,101,425

Pays

USD SOFR

2.72%

M/M

08/08/2028

Morgan

Stanley & Co. LLC

3,000,000 USD

264,980

(632)

265,612

Pays

USD SOFR

2.45%

M/M

10/18/2024

Morgan

Stanley & Co. LLC

4,000,000 USD

156,970

(751)

157,721

Pays

USD SOFR

2.58%

M/M

08/05/2025

Morgan

Stanley & Co. LLC

7,000,000 USD

368,345

(1,844)

370,189

See Notes to Consolidated Financial Statements.

261

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (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

USD SOFR

2.83%

M/M

07/29/2029

Morgan

Stanley & Co. LLC

3,000,000 USD

286,200

(725)

286,925

Pays

USD SOFR

2.37%

M/M

11/01/2024

Morgan

Stanley & Co. LLC

2,000,000 USD

80,073

(394)

80,467

Receives

USD SOFR

0.98%

M/M

03/25/2030

Morgan

Stanley & Co. LLC

(3,000,000) USD

(369,819)

—

(369,819)

Pays

USD SOFR

3.21%

M/M

05/25/2033

Morgan

Stanley & Co. LLC

2,000,000 USD

172,150

—

172,150

Pays

USD SOFR

2.30%

M/M

01/26/2025

Morgan Stanley & Co. LLC

900,000 USD

39,430

—

39,430

Pays

USD SOFR

2.40%

M/M

01/25/2027

Morgan

Stanley & Co. LLC

2,900,000 USD

209,193

—

209,193

Pays

USD SOFR

1.56%

M/M

09/26/2026

Morgan

Stanley & Co. LLC

1,800,000 USD

154,388

—

154,388

Pays

USD SOFR

2.27%

M/M

01/25/2026

Morgan

Stanley & Co. LLC

2,000,000 USD

123,904

—

123,904

Pays

USD SOFR

1.24%

M/M

04/19/2028

Morgan

Stanley & Co. LLC

700,000 USD

96,296

—

96,296

Pays

USD SOFR

1.62%

M/M

07/25/2026

Morgan

Stanley & Co. LLC

1,900,000 USD

165,671

—

165,671

Pays

USD SOFR

1.90%

M/M

08/27/2029

Morgan

Stanley & Co. LLC

1,650,000 USD

212,644

—

212,644

Pays

USD SOFR

3.17%

M/M

05/04/2032

Merrill

Lynch,

Pierce,Fenner & Smith, Inc.

6,500,000 USD

570,007

—

570,007

Pays

USD SOFR

0.66%

M/M

03/11/2035

Morgan

Stanley & Co. LLC

1,500,000 USD

489,691

—

489,691

Pays

EUR-EURIBOR

3.16%

M/M

05/12/2026

Merrill

Lynch,

Pierce,Fenner & Smith, Inc.

318,000 EUR

4,573

—

4,573

Pays

EUR-EURIBOR

2.97%

M/M

05/12/2029

Merrill

Lynch,

Pierce,Fenner & Smith, Inc.

140,000 EUR

3,505

—

3,505

See Notes to Consolidated Financial Statements.

262

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (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

USD SOFR

3.25%

M/M

05/17/2028

BNP Paribas

(250,000) USD

(13,900)

—

(13,900)

Pays

JPY TONA

0.15%

M/M

05/18/2026

BNP Paribas

1,000,000,000 JPY

24,237

—

24,237

Pays

JPY TONA

0.27%

M/M

05/17/2028

LCH Limited

275,000,000 JPY

20,857

—

20,857

Receives

CNY-

CNREPOFIX

2.59%

M/M

06/21/2028

Merrill

Lynch,

Pierce,Fenner & Smith, Inc.

(75,000,000) CNY

103,895

—

103,895

Pays

USD SOFR

3.49%

M/M

06/30/2038

Bank of New York Mellon, LLC

8,000,000 USD

765,688

—

765,688

Receives

USD SOFR

4.37%

M/M

07/27/2026

BNP Paribas

(1,280,000) USD

(13,250)

—

(13,250)

Receives

USD SOFR

3.93%

M/M

07/27/2028

BNP Paribas

(920,000) USD

(20,738)

—

(20,738)

Pays

USD SOFR

3.61%

M/M

07/27/2038

BNP Paribas

350,000 USD

26,648

—

26,648

Pays

JPY TONA

0.15%

M/M

07/27/2026

BNP Paribas

172,000,000 JPY

5,914

—

5,914

Pays

JPY TONA

0.28%

M/M

07/27/2028

BNP Paribas

480,000,000 JPY

40,327

—

40,327

Receives

CNY-

CNREPOFIX

2.41%

M/M

12/20/2028

Intercontinental Exchange,

Inc.

(32,500,000) CNY

(1,923)

—

(1,923)

Receives

USD SOFR

3.98%

M/M

10/10/2033

Barclays

Bank PLC

(29,248,168) USD

(683,862)

—

(683,862)

Receives

USD SOFR

4.01%

M/M

10/10/2033

Barclays

Bank PLC

(21,008,202) USD

(427,799)

—

(427,799)

Receives

USD SOFR

4.06%

M/M

10/10/2033

Barclays

Bank PLC

(33,034,099) USD

(562,394)

—

(562,394)

Pays

USD SOFR

4.01%

M/M

10/10/2033

Barclays

Bank PLC

33,034,099 USD

688,634

—

688,634

Receives

USD SOFR

4.17%

M/M

10/10/2033

Morgan

Stanley & Co. LLC

(34,518,778) USD

(266,910)

—

(266,910)

Receives

USD SOFR

4.14%

M/M

10/10/2033

Barclays

Bank PLC

(52,483,389) USD

(528,270)

—

(528,270)

Receives

USD SOFR

4.20%

M/M

10/10/2033

Barclays

Bank PLC

(36,820,030) USD

(198,798)

—

(198,798)

Receives

USD SOFR

4.24%

M/M

10/10/2033

Barclays

Bank PLC

(10,170,049) USD

(23,818)

—

(23,818)

Pays

JPY TONA

0.69%

M/M

09/29/2027

BNP Paribas

1,866,000,000 JPY

10,825

—

10,825

Pays

USD SOFR

3.96%

M/M

09/29/2027

Morgan

Stanley & Co. LLC

3,200,000 USD

(2,482)

(308)

(2,174)

Pays

JPY TONA

0.71%

M/M

09/29/2027

BNP Paribas

1,866,000,000 JPY

6,717

—

6,717

Receives

USD SOFR

4.25%

M/M

10/10/2033

Barclays

Bank PLC

(7,349,159) USD

(13,073)

—

(13,073)

Receives

USD SOFR

4.31%

M/M

10/10/2033

Barclays

Bank PLC

(7,349,159) USD

24,768

—

24,768

Receives

CNY-

CNREPOFIX

2.46%

M/M

12/20/2028

Morgan

Stanley & Co. LLC

(100,000,000) CNY

26,150

—

26,150

Receives

USD SOFR

5.07%

M/M

09/29/2025

Morgan

Stanley & Co. LLC

(4,620,000) USD

7,540

—

7,540

See Notes to Consolidated Financial Statements.

263

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (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	USD SOFR		4.32%	M/M	10/10/2033	Barclays Bank PLC		(2,783,772) USD	$	11,621	$	—	$	11,621
Pays	USD SOFR		4.23%	M/M	10/10/2033	Morgan Stanley & Co. LLC		4,602,503 USD		12,630		—		12,630
Receives	USD SOFR		4.26%	M/M	10/10/2033	Morgan Stanley & Co. LLC		(4,602,503) USD		(8,187)		—		(8,187)

Total Centrally Cleared Interest Rate Swaps Outstanding									$	11,390,793	$	(28,040)	$	11,418,833

^	A balance indicated with a “0”, reflects either a zero balance or an amount that rounds to less than 1.

(a)	Security is valued using significant unobservable inputs.


Abbreviation Legend:
	M	Monthly
	1Y	Yearly
	3M	Quarterly
	ADR	American Depository Receipt
	ASX	Australian Securities Exchange
	CBOE	Chicago Board Options Exchange
	CBOT	Chicago Board of Trade
	CDE	Montreal Exchange
	CME	Chicago Mercantile Exchange
	CNY-CNREPOFIX	CFXS-Reuters to the floating-rate-index
	COMEX	Commodities Exchange Center
	ETF	Exchange-Traded Fund
	Eurex	Eurex Exchange
	EURIBOR	Euro Interbank Offered Rate
	FTSE	Financial Times and Stock Exchange
	FX	Foreign Exchange
	HKFE	Hong Kong Futures Exchange Ltd.
	ICE	Ice Futures Europe
	LIBOR	London Interbank Offered Rate
	LIFFE	London International Financial Futures and Options Exchange
	LME	London Metal Exchange
	MTN	Medium Term Note
	Nasdaq-OMX	NASDAQ OMX Stockholm
	NYMEX	New York Mercantile Exchange
	OSE	Osaka Exchange
	OTC	Over the Counter
	PIK	Payment in Kind
	REIT	Real Estate Investment Trust
	S&P	Standard and Poor
	SFE	ASX Trade24
	SGX	Singapore Exchange
	SPDR	Standard and Poor’s Depository Receipt
	SICAV	Société d’investissement à Capital Variable

See Notes to Consolidated Financial Statements.

264

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

September 30, 2023 (Unaudited)


	SOFR	Secured Overnight Financing Rate
	SONIA	Sterling Overnight Index Average
	T	At Maturity
	TBA	To Be Announced
Currency Legend:
	AUD	Australian Dollar
	BRL	Brazilian Real
	CAD	Canadian Dollar
	CHF	Swiss Franc
	CLP	Chilean Peso
	CNY	Chinese Yuan
	COP	Colombian Peso
	CZK	Czech Koruna
	DKK	Danish Krone
	EUR	Euro
	GBP	British Pound
	HKD	Hong Kong Dollar
	HUF	Hungarian Forint
	IDR	Indonesian Rupiah
	ILS	Israeli Shekel
	INR	Indian Rupee
	JPY	Japanese Yen
	KRW	South Korean Won
	MXN	Mexican Peso
	NOK	Norwegian Krone
	PEN	Peruvian Nuevo Sol
	PHP	Philippine Peso
	PLN	Polish Zloty
	SEK	Swedish Krona
	SGD	Singapore Dollar
	THB	Thai Baht
	TRY	Turkish Lira
	TWD	Taiwanese Dollar
	USD	United States Dollar
	XAU	Gold Spot
	ZAR	South African Rand

See Notes to Consolidated Financial Statements.

265

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Statement of Assets and Liabilities As of September 30, 2023 (Unaudited)


Assets:
Investments in securities, at fair value (cost $5,579,260,997)	$	5,578,707,493
Cash		418,566,167
Cash denominated in foreign currencies (cost of $19,103,860)		18,845,939
Segregated cash balance with broker for securities sold short		474,040,339
Segregated cash balance with custodian for derivative financial instruments		436,074,068
Segregated cash balance with counterparties for futures contracts		131,844,245
Segregated cash balance with counterparties for centrally cleared derivatives		12,247,099
Segregated cash balance with counterparties for OTC Derivatives		6,258,319
Segregated cash balance with counterparties for TBAs		32,506,253
Unrealized appreciation on forward foreign currency exchange contracts		3,198,255
Income receivable		29,061,938
Receivable for investments sold		2,234,286,734
Receivable for Fund shares sold		1,461,887
Receivable for periodic payments from swap contracts		14,418,365
Variation margin receivable on futures		11,995,107
Variation margin receivable on centrally cleared swaps		13,818,594
Swap contracts, at fair value (net premiums paid $2,338,215)		18,455,577
Prepaid expenses and other assets		183,775

Total assets		9,435,970,154

Liabilities:
Securities sold short, at fair value (proceeds of $1,302,901,952)		1,278,124,259
Cash received as collateral from custodian for derivative financial instruments		24,004,195
Cash received as collateral from counterparty for centrally cleared derivatives		43,913,799
Cash received as collateral from counterparty for futures contracts		685
Cash received as collateral for repurchase agreements		1,618,000
Cash received as collateral from counterparty for OTC derivatives		2,514,844
Options written, at fair value (premiums received $19,161,876)		12,606,723
Unrealized depreciation on forward foreign currency exchange contracts		2,927,010
Payable for reverse repurchase agreements		34,835,003
Payable for investments purchased		3,870,053,470
Payable for Fund shares redeemed		7,645,172
Payable for periodic payments from swap contracts		1,054,790
Variation margin payable on futures		27,207,417
Variation margin payable on centrally cleared swaps		1,975,458
Swap contracts, at fair value (net premiums received $1,681,047)		8,927,904
Dividend and interest income payable on securities sold short		3,441,818
Management fee payable		20,027,211
Payable to Affiliate		552,438
Accrued expenses and other liabilities		14,093,867

Total liabilities		5,355,524,063

Net assets	$	4,080,446,091

See Notes to Consolidated Financial Statements.

266

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Statement of Assets and Liabilities (Continued)

As of September 30, 2023 (Unaudited)


Net Assets Consist of:
Paid-in capital	$	4,947,192,291
Total distributable earnings (loss)		(866,746,200	)

Net assets	$	4,080,446,091

Net Asset Value:
Class I Shares
Net Assets	$	2,873,996,261
Class I Shares outstanding, no par value, unlimited shares authorized		272,338,866

Net asset value per share	$	10.55

Class D Shares
Net Assets	$	18,137,158
Class D Shares outstanding, no par value, unlimited shares authorized		1,725,853

Net asset value per share	$	10.51

Class Y Shares
Net Assets	$	1,188,312,672
Class Y Shares outstanding, no par value, unlimited shares authorized		113,272,325

Net asset value per share	$	10.49

See Notes to Consolidated Financial Statements.

267

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Statement of Operations

For the Six-Months Ended September 30, 2023 (Unaudited)


Investment Income:
Interest (including net foreign taxes withheld of $50,041)	$	99,870,108
Dividends (including net foreign taxes withheld of $57,582)		4,445,414
Other Income		12,627,859

Total income		116,943,381

Expenses:
Management fees	$	40,486,325
Administration fees		2,584,159
Custodian fees		737,406
Trustees’ fees		505,508
Distribution fees - Class D		23,724
Shareholder service fees		1,459,341
Registration fees		99,226
Printing and postage fees		304,391
Professional fees		2,832,269
Dividends and interest on securities sold short		12,637,193
Line of credit fee		702,501
Interest fees		544,409
Other		3,917,964

Total expenses		66,834,416

Net investment income		50,108,965

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments in securities		(116,891,183	)
Net realized gain (loss) on securities sold short		14,857,454
Net realized gain (loss) on forward foreign currency exchange contracts		4,652,125
Net realized gain (loss) on foreign currency transactions		(42,401	)
Net realized gain (loss) on futures contracts		94,461,316
Net realized gain (loss) on options written		(10,310,519	)
Net realized gain (loss) on swap contracts		3,200,180
Net change in unrealized appreciation (depreciation) on investments in securities		103,884,217
Net change in unrealized appreciation (depreciation) on securities sold short		12,060,291
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		(1,120,500	)
Net change in unrealized appreciation (depreciation) on foreign currency translations		(3,116,622	)
Net change in unrealized appreciation (depreciation) on futures contracts		(31,462,731	)
Net change in unrealized appreciation (depreciation) on options written		17,947,881
Net change in unrealized appreciation (depreciation) on swap contracts		9,946,218

Net realized and unrealized gain		98,065,726

Net increase in net assets resulting from operations	$	148,174,691

See Notes to Consolidated Financial Statements.

268

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Statement of Changes in Net Assets


	Six-Months Ended 9/30/2023 (unaudited)			Year Ended 3/31/2023
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	50,108,965		$	7,487,839
Net realized gain (loss)		(10,073,028	)		(227,423,568	)
Net change in unrealized appreciation (depreciation)		108,138,754			67,193,679

Net increase (decrease) in net assets resulting from operations		148,174,691			(152,742,050	)

Capital Transactions:
Shareholder subscriptions:
Proceeds from sale of Class I Shares		210,694,459			961,246,522
Proceeds from sale of Class D Shares		2,079,734			8,860,599
Proceeds from sale of Class Y Shares		189,687,438			100,379,829
Shareholder redemptions:
Cost of Class I Shares redeemed		(802,948,365	)		(1,445,051,982	)
Cost of Class D Shares redeemed		(4,754,962	)		(13,507,148	)
Cost of Class Y Shares redeemed		(92,633,962	)		(260,497,584	)

Net increase (decrease) in net assets resulting from capital transactions		(497,875,658	)		(648,569,764	)

Net increase (decrease) in net assets		(349,700,967	)		(801,311,814	)

Net Assets:
Beginning of period		4,430,147,058			5,231,458,872

End of period	$	4,080,446,091		$	4,430,147,058


Share Transactions:
Class I Shares
Beginning of period		329,480,464			377,678,111
Shares issued		20,426,079			94,823,586
Shares redeemed		(77,567,677	)		(143,021,233	)

Net change in shares resulting from share transactions		(57,141,598	)		(48,197,647	)

End of period		272,338,866			329,480,464

Class D Shares
Beginning of period		1,985,357			2,445,310
Shares issued		202,394			879,179
Shares redeemed		(461,898	)		(1,339,132	)

Net change in shares resulting from share transactions		(259,504	)		(459,953	)

End of period		1,725,853			1,985,357

Class Y Shares
Beginning of period		103,832,078			119,885,251
Shares issued		18,449,010			9,990,118
Shares redeemed		(9,008,763	)		(26,043,291	)

Net change in shares resulting from share transactions		9,440,247			(16,053,173	)

End of period		113,272,325			103,832,078

See Notes to Consolidated Financial Statements.

269

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Statement of Cash Flows

For the Six Months Ended September 30, 2023 (Unaudited)


Cash Flows from Operating Activities:
Net increase in net assets resulting from operations	$	148,174,691
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used) by operating activities:
Purchases of investments in securities		(20,985,576,276	)
Proceeds from disposition of investments in securities		20,743,065,792
Proceeds from securities sold short		5,537,039,759
Payments to cover securities sold short		(5,642,593,389	)
Purchase of short-term investments, net		(1,505,163	)
Premiums paid on closing options written		(103,655,125	)
Proceeds from premiums received from options written		90,031,594
Net realized loss on investments in securities		116,891,183
Net realized gain on securities sold short		(14,857,454	)
Net realized loss on options written		10,310,519
Net change in accretion of bond discount and amortization of bond and swap premium		1,474,551
Net change in unrealized appreciation on investments in securities		(103,884,217	)
Net change in unrealized appreciation on securities sold short		(12,060,291	)
Net change in unrealized appreciation on options written		(17,947,881	)
Net change in unrealized depreciation on repurchase agreements		230,614
Changes in assets and liabilities:
(Increase) decrease in assets:
Unrealized appreciation on forward foreign currency exchange contracts		1,420,272
Income receivable		(5,057,500	)
Receivable for periodic payments from swap contracts		11,663,741
Variation margin receivable on futures		28,070,541
Variation margin receivable on centrally cleared swaps		(13,070,898	)
Swap contracts, at fair value		6,516,563
Prepaid expenses and other assets		(37,425	)
Increase (decrease) in liabilities:
Cash received as collateral for repurchase agreements		402,000
Cash received as collateral from custodian for derivative financial instruments		19,345,379
Cash received as collateral from counterparty for OTC derivatives		1,575,281
Cash received as collateral from counterparty for centrally cleared derivatives		1,866,536
Cash received as collateral from counterparty for futures contracts		(3,742,929	)
Unrealized depreciation on forward foreign currency exchange contracts		(299,772	)
Swap contracts, at fair value		(10,491,768	)
Variation margin payable on futures		24,820,342
Variation margin payable on centrally cleared swaps		(38,300,163	)
Payable for periodic payments from swap contracts		(33,446,517	)
Dividend and interest income payable on securities sold short		141,744
Interest payable on reverse repurchase agreements		(57,944	)
Management fee payable		(1,182,873	)
Payable to Affiliate		(271,667	)
Accrued expenses and other liabilities		3,994,557

Net cash (used) by operating activities	$	(241,003,593	)

Cash Flows from Financing Activities
Proceeds from shares sold		406,685,844
Cost of shares repurchased		(900,372,382	)
Proceeds from reverse repurchase agreements		871,392,000
Repayment of reverse repurchase agreements		(896,071,845	)

Net cash provided (used) by financing activities		(518,366,383	)

Net increase (decrease) in unrestricted and restricted cash and foreign currency		(759,369,976	)
Unrestricted and restricted cash and foreign currency, beginning of period		2,289,752,405

Unrestricted and restricted cash and foreign currency, end of period	$	1,530,382,429

Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	602,353

See Notes to Consolidated Financial Statements.

270

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Statement of Cash Flows (Continued)

For the Six Months Ended September 30, 2023 (Unaudited)

Reconciliation of unrestricted and restricted cash to the Consolidated Statements of Assets and Liabilities


	Six Months Ended September 30, 2023			Year Ended March 31, 2023
Cash		$	418,566,167		$	1,216,386,090
Foreign currency at value			18,845,939			23,963,340
Cash Pledged
Securities sold short			474,040,339			491,909,326
Derivative financial instruments			436,074,068			342,241,522
Futures contracts			131,844,245			133,818,926
Centrally cleared derivatives			12,247,099			69,211,729
OTC derivatives			6,258,319			12,155,472
TBAs			32,506,253			—
Reverse repurchase agreements			—			66,000

		$	1,530,382,429		$	2,289,752,405

See Notes to Consolidated Financial Statements.

271

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Financial Highlights

(For Shares Outstanding Throughout the Period)


	Class I
	Six Months Ended 9/30/2023 (unaudited)			Year Ended 3/31/2023			Year Ended 3/31/2022			Year Ended 3/31/2021				Year Ended 3/31/2020			Year Ended 3/31/2019
Net Asset Value, Beginning of Period	$	10.19		$	10.48		$	10.44		$	9.08			$	10.76		$	10.67
Income (Loss) From Investment Operations:
Net investment income (loss)¹		0.12			0.01			(0.09	)		0.08				0.15			0.10
Net realized and unrealized gain (loss)		0.24			(0.30	)		0.31			1.60				(1.44	)		0.19

Total From Investment Operations		0.36			(0.29	)		0.22			1.68				(1.29	)		0.29

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

Total Distributions		—			—			(0.18	)		(0.32	)			(0.39	)		(0.20	)

Net Asset Value, End of Period	$	10.55		$	10.19		$	10.48		$	10.44			$	9.08		$	10.76

Total Return		3.53	%²		(2.77	)%		2.09	%		18.34	%			(12.32	)%		2.76	%


Ratios to Average Net Assets:³
Total expenses before recoupment (reimbursement) from Investment Adviser		1.25	%⁴		1.51	%		0.96	%		0.80	%			0.94	%		1.33	%
Management Fees		1.89	%⁴		1.88	%		1.87	%		1.87	%			1.85	%		1.86	%

Net expenses after recoupment (reimbursement) from Investment Adviser⁵		3.14	%⁴		3.39	%		2.83	%		2.67	%			2.79	%		3.19	%

Net investment income (loss)		2.32	%⁴		0.13	%		(0.83	)%		0.77	%			1.43	%		0.94	%
													��
Supplemental Data:
Net assets, end of period (in thousands)	$	2,873,996		$	3,358,347		$	3,958,328		$	3,637,018			$	4,734,372		$	5,292,572
Portfolio turnover		395	%⁶		846	%⁶		193	%		135	%			193	%		203	%

¹	Calculated using average shares outstanding during the period.

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

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

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

⁵	There have been no recoupments (reimbursements) from Investment Adviser in the years shown. See Note 7.

⁶	Including TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 92% for the six months ended 9/30/2023 and 182% for the year ended 3/31/23.

See Notes to Consolidated Financial Statements.

272

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Financial Highlights (Continued)

(For Shares Outstanding Throughout the Period)


	Class D
	Six Months Ended 9/30/2023 (unaudited)			Year Ended 3/31/2023			Year Ended 3/31/2022			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2019
Net Asset Value, Beginning of Period	$	10.16		$	10.48		$	10.47		$	9.10		$	10.73		$	10.64
Income (Loss) From Investment Operations:
Net investment income (loss)¹		0.10			(0.01	)		(0.12	)		0.05			0.13			0.06
Net realized and unrealized gain (loss)		0.25			(0.31	)		0.31			1.60			(1.46	)		0.20

Total From Investment Operations		0.35			(0.32	)		0.19			1.65			(1.33	)		0.26

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

Total Distributions		—			—			(0.18	)		(0.28	)		(0.30	)		(0.17	)

Net Asset Value, End of Period	$	10.51		$	10.16		$	10.48		$	10.47		$	9.10		$	10.73

Total Return		3.44	%²		(3.05	)%		1.70	%		18.07	%		(12.60	)%		2.50	%


Ratios to Average Net Assets:³
Total expenses before recoupment (reimbursement) from Investment Adviser		1.53	%⁴		1.78	%		1.27	%		1.07	%		1.18	%		1.71	%
Management Fees		1.89	%⁴		1.88	%		1.87	%		1.87	%		1.85	%		1.86	%

Net expenses after recoupment (reimbursement) from Investment Adviser⁵		3.42	%⁴		3.66	%		3.14	%		2.94	%		3.03	%		3.57	%

Net investment income (loss)		2.04	%⁴		(0.14	)%		(1.14	)%		0.51	%		1.19	%		0.57	%

Supplemental Data:
Net assets, end of period (in thousands)	$	18,137		$	20,179		$	25,626		$	27,031		$	40,987		$	297,086
Portfolio turnover		395	%⁶		846	%⁶		193	%		135	%		193	%		203	%

¹	Calculated using average shares outstanding during the period.

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

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

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

⁵	There have been no recoupments (reimbursements) from Investment Adviser in the years shown. See Note 7.

⁶	Including TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 92% for the six months ended 9/30/2023 and 182% for the year ended 3/31/23.

See Notes to Consolidated Financial Statements.

273

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Financial Highlights (Continued)

(For Shares Outstanding Throughout the Period)


	Class Y
	Six Months Ended 9/30/2023 (unaudited)			Year Ended 3/31/2023			Year Ended 3/31/2022			Year Ended 3/31/2021			Year Ended 3/31/2020			Year Ended 3/31/2019
Net Asset Value, Beginning of Period	$	10.13		$	10.41		$	10.36		$	9.02		$	10.68		$	10.59
Income From Investment Operations:
Net investment income (loss)¹		0.12			0.02			(0.08	)		0.08			0.16			0.09
Net realized and unrealized gain (loss)		0.24			(0.30	)		0.31			1.59			(1.42	)		0.21

Total From Investment Operations		0.36			(0.28	)		0.23			1.67			(1.26	)		0.30

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

Total Distributions		—			—			(0.18	)		(0.33	)		(0.40	)		(0.21	)

Net Asset Value, End of Period	$	10.49		$	10.13		$	10.41		$	10.36		$	9.02		$	10.68

Total Return		3.55	%²		(2.69	)%		2.10	%		18.49	%		(12.25	)%		2.85	%


Ratios to Average Net Assets:³
Total expenses before recoupment (reimbursement) from Investment Adviser		1.17	%⁴		1.44	%		0.86	%		0.72	%		0.83	%		1.39	%
Management Fees		1.89	%⁴		1.88	%		1.87	%		1.87	%		1.85	%		1.86	%

Net expenses after recoupment (reimbursement) from Investment Adviser⁵		3.06	%⁴		3.32	%		2.73	%		2.59	%		2.68	%		3.25	%

Net investment income (loss)		2.39	%⁴		0.22	%		(0.72	)%		0.85	%		1.54	%		0.89	%

Supplemental Data:
Net assets, end of period (in thousands)	$	1,188,313		$	1,051,621		$	1,247,505		$	1,341,439		$	1,752,913		$	1,619,797
Portfolio turnover		395	%⁶		846	%⁶		193	%		135	%		193	%		203	%

¹	Calculated using average shares outstanding during the period.

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

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

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

⁵	There have been no recoupments (reimbursements) from Investment Adviser in the years shown. See Note 7.

⁶	Including TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 92% for the six months ended 9/30/2023 and 182% for the year ended 3/31/23.

See Notes to Consolidated Financial Statements.

274

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements

For the Six-Months Ended September 30, 2023 (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, 2023, 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, 2023, 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 objective 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 generally employing alternative investment strategies. 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 implements its investment strategy in coordination with the Investment Adviser in the Investment Adviser’s discretion. The Investment Adviser has the responsibility to oversee each Sub-Adviser (subject to the ultimate 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,

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For the Six-Months Ended September 30, 2023 (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 and cash flows of the Subsidiaries. All material intercompany balances and transactions have been eliminated.

3. Significant Accounting Policies

Valuation Policy

The net asset values (“NAV”) of the Fund’s shares are 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 market value if market quotations are readily available, and otherwise at fair value as determined in good faith by the Board of the Fund, or its designee. The Board has delegated to the Custodian and the Investment Adviser day-to-day responsibility for implementing the Valuation Procedures. Effective August 4, 2022, and in accordance with Rule 2a-5 under the 1940 Act, the Board also designated the Investment Adviser as the “valuation designee” of the Fund. Each of the Board and the Investment Adviser has established procedures for determining the value of the Fund’s portfolio securities, including securities sold short, derivative financial instruments and other investments (together, the “investments”) (together, the “Valuation Procedures”). 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 Investment Adviser as the valuation designee, in good faith, and such determinations will be subject to oversight by 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.

276

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Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Accordingly, a security will not be considered to have readily available market quotations if its value is not determined solely by reference to Level 1 inputs in the fair value hierarchy outlined in U.S. GAAP, 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 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.

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 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.

277

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Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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, 2023, the total fair value of Level 3 investments was $100,052,145. 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.

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, 2023, no Fair Value Factor was applied.

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, 2023, the Fund did not have any investment in short-term investments.

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.

278

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Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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. 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 investment 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 Business Day, the Investment Adviser shall estimate fair value in good faith and in a manner consistent with the Valuation Procedures.

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

279

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Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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, 2023, the Fund had an outstanding commitment of $782,441 related to held unfunded 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.

Commodities

The Fund is permitted to invest in California Carbon Allowances (“CCAs”) or futures on CCAs, which are generally treated as commodity interests in this report. CCA and other allowances (collectively, “Allowances”) are valued according to their vintage based on market price or the number of 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

280

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

market. These contracts result in the delivery of an Allowance at expiry. The ICE 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 ICE’s market rules. ICE lists separate CCAs by vintage, (e.g. 2020 Vintage, 2022 Vintage and 2023 Vintage). The most traded ICE CCA contracts allow delivery of the indicated vintage or an earlier vintage; hence a 2022 Vintage Allowance can be delivered against the 2023 Vintage Contract. This flexibility means futures contracts on earlier vintages are usually more liquid than, and worth at least as much as, later vintages.

Repurchase Agreements

The Fund may invest in repurchase agreements, which are short term investments whereby the Fund acquires ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Fund’s policy that the repurchase agreement be fully collateralized and that its custodian take possession of the underlying collateral securities. The repurchase counterparty has the ability to request additional collateral depending on the market value of the collateral security compared to the principal amount of the repurchase transaction in line with the agreement. To the extent that any repurchase transaction exceeds one Business Day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. The information required to be disclosed by FASB Accounting Standards Update No. 2011-11 for the Fund’s investments in repurchase agreements as of September 30, 2023, including the fair value of the repurchase agreement and the amount of collateral, can be found in the Fund’s Consolidated Schedule of Investments.

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 agreement, face value approximates fair value. As of September 30, 2023, the face value of open reverse repurchase agreements for the Fund was $34,723,627. The weighted average daily balances of reverse repurchase agreements outstanding for the Fund during the six-months ended September 30, 2023 was approximately $37,342,380 at a weighted average weekly interest rate of 5.00%.

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 Securities Lending below).

281

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (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⁾
Barclays Capital		$	(6,665,208	)		$	6,665,208		$	—		$	—
JPMorgan Chase Bank, N.A.			(28,169,795	)			28,110,979			58,816			—

Total		$	(34,835,003	)		$	34,776,187		$	58,816		$	—

⁽¹⁾	Additional required collateral pledged is not shown for financial reporting purposes. The total fair value of non-cash and cash collateral received at September 30, 2023 was $35,513,131 and $1,618,000, respectively.

⁽²⁾	The total fair value of non-cash collateral in the table above includes securities valued at $34,835,003 that have been pledged and received as collateral on a reverse repurchase agreement.

⁽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, 2023
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	—	$	6,182,276	$	—	$	—	$	6,182,276
Sovereign Debt		—		7,044,332		—		—		7,044,332
U.S. Treasury Obligations		—		21,549,579		—		—		21,549,579
Collateral Cash		58,816		—		—		—		58,816

Total	$	58,816	$	34,776,187	$	—	$	—	$	34,835,003

Gross amount of recognized liabilities for reverse repurchase agreements									$	34,835,003

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.

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For the Six-Months Ended September 30, 2023 (Unaudited)

Cash

At September 30, 2023, the Fund had $418,566,167 in domestic cash and $18,845,939 in foreign cash held at State Street Bank and Trust Company. These balances, at period end, exceeded insured limits.

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.

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, 2020, October 31, 2021, and October 31, 2022, 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.

283

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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, 2023, 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 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.

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 right 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, 2023, there were no securities on loan.

284

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Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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.

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.

Interbank Offered Rates Transition

Certain jurisdictions are currently reforming or phasing out their benchmark interest rates, most notably the London Interbank Offered Rates (“LIBOR”) across multiple currencies. Most such reforms and phase outs, including all tenors of U.S. dollar LIBOR, became effective on or prior to June 30, 2023, though some rates may persist on a synthetic basis through September 2024. The Fund has taken steps to prepare for and mitigate the impact of changing base rates and continues to manage transition efforts and evaluate the impact of prospective changes on existing transactions and contractual arrangements.

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 six months ended are disclosed in the Consolidated Schedule of Investments.

285

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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 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.

286

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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 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, credit default, variance and volatility 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

287

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

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For the Six-Months Ended September 30, 2023 (Unaudited)

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.

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 a Swap 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 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 swaps 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.

288

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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 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 may 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.

Variance Swaps: A variance swap is a negotiated contract used to hedge or speculate on the magnitude of a price movement of an underlying asset, which can include exchange rates, interest rates, commodity price or the price of an index, i.e. the variance is the difference between an expected result and the actual result.

Volatility Swaps: A volatility swap is a negotiated contract with a payoff based on the realized volatility of an underlying asset where the realized amount is the difference between the realized volatility and the volatility strike or predetermined fixed volatility level.

Interest rate swaps, total return swaps, credit default swaps, variance swaps, and volatility swaps outstanding at the six months ended are listed at the end of the Fund’s Consolidated Schedule of Investments.

289

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

At September 30, 2023, 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)		14,560,889	Centrally cleared swaps, at fair value^(c)		(3,170,096	)
	Swap contracts, at fair value^(b)		5,451	Swap contracts, at fair value^(b)		(2,924,901	)
	Unrealized appreciation on futures contracts^(c)		16,105,377	Unrealized depreciation on futures contracts^(c)		(1,317,646	)
	Purchased options, at fair value^(d)		6,151,985	Options written, at value		(55,180	)
Equity	Swap contracts, at fair value^(b)		16,769,262	Swap contracts, at fair value^(b)		(5,020,075	)
	Unrealized appreciation on futures contracts^(c)		1,285,015	Unrealized depreciation on futures contracts^(c)		(7,123,684	)
	Purchased options, at fair value^(d)		17,827,616	Options written, at value		(6,552,245	)
Commodity	Swap contracts, at fair value^(b)		7,859	Swap contracts, at fair value^(b)		—
	Unrealized appreciation on futures contracts^(c)		68,956,910	Unrealized depreciation on futures contracts^(c)		(93,723,997	)
	Purchased options, at fair value^(d)		7,952,131	Options written, at value		(5,585,975	)
Credit	Centrally cleared swaps, at fair value^(c)		20,030,659	Centrally cleared swaps, at fair value^(c)		(6,732,569	)
	Swap contracts, at fair value^(b)		1,664,200	Swap contracts, at fair value^(b)		(982,931	)
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		3,198,255	Unrealized depreciation on forward foreign currency exchange contracts		(2,927,010	)
	Unrealized appreciation on futures contracts^(c)		736,543	Unrealized depreciation on futures contracts^(c)		(130,828	)
	Swap contracts, at fair value^(b)		8,808	Swap contracts, at fair value^(b)		—
	Purchased options, at fair value^(d)		8,318,032	Options written, at value		(413,323	)

Total		$	183,578,992		$	(136,660,460	)

Amounts not subject to MNA⁽¹⁾			132,719,841			(122,185,331	)

Total Gross amounts subject to MNA		$	50,859,151		$	(14,475,129	)

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

290

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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, 2023:


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		—			310,172,407				(2,165,580	)			(472,381	)
Future contracts		—			2,574,314,296				50,367,539				11,728,847
Purchased options^(d)		4,678,022,857			519,591				4,290,562				(1,607,839	)
Options written		(4,378,180,000	)		(215,113	)			(367,403	)			827,021
Equity
Swap contracts		—			1,011,650,434				24,632,395				2,517,897
Future contracts		—			229,969,275				(1,001,132	)			(3,412,146	)
Purchased options^(d)		123,681,587			(6,200,796	)			(7,012,902	)			12,218,967
Options written		(2,767,143	)		1,017,558				(4,081,687	)			(1,216,069	)
Commodity
Swap contracts		—			20,891				—				7,859
Future contracts		—			1,840,939,420				44,627,060				(40,255,553	)
Purchased options^(d)		17,399			(8,272,439	)			(16,373,494	)			307,959
Options written		(9,420	)		(3,313,781	)			(7,050,014	)			18,202,888
Credit
Swap contracts		—			467,378,509				(19,225,878	)			7,884,035
Foreign Exchange
Forward foreign currency exchange Contracts		—			267,571,349				4,652,125				(1,120,500	)
Swap Contracts		—			70,584				(40,757	)			8,808
Future contracts		—			57,145,898				467,849				476,121
Purchased options^(d)		185,006,023			(1,967,960	)			(4,952,256	)			213,612
Options written		(67,114,286	)		(449,288	)			1,188,585				134,041

Total								$	67,955,012			$	6,443,567

^(a)	Averages are based on monthly activity levels during the six-months ended September 30, 2023.

^(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

291

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

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For the Six-Months Ended September 30, 2023 (Unaudited)

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 SLAs 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, 2023.

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, 2023:


			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⁾
Bank of America, N.A.	$	10,282	$	—		$	—		$	—	$	10,282
Deutsche Bank AG		1,940,575		—			—			—		1,940,575
Goldman Sachs International		15,047,996		(731	)		(4,230,000	)		—		10,817,265
Morgan Stanley & Co. LLC		5,982,595		(55,179	)		(2,513,061	)		—		3,414,355
Morgan Stanley Capital Services LLC		1,125,537		(106,545	)		(1,018,992	)		—		—

Cayman Subsidiary
Bank of America N.A.		27,989		—			—			—		27,989
Barclays Bank PLC		6,794		(645	)		—			—		6,149
Citibank N.A.		6,896,880		(516,105	)		(522,601	)		—		5,858,174
Goldman Sachs & Co., LLC		1,393,497		—			—			—		1,393,497
Goldman Sachs International		682,196		(157,328	)		(524,868	)		—		—
HSBC Bank PLC		20,314		(16,786	)		—			—		3,528
Intercontinental Exchange, Inc.		457,086		(404,422	)							52,664
J.P. Morgan Securities LLC		634,605		—			—			—		634,605
JPMorgan Chase Bank, N.A.		3,021,444		(1,650,978	)		—			—		1,370,466
Morgan Stanley & Co. LLC		27,838		—			—			—		27,838
Morgan Stanley Capital Services LLC		967,090		(637,658	)		—			—		329,432
Nomura Securities International, Inc.		643,902		—			—			—		643,902
Prime CODEX		57,415		(57,415	)							—
State Street Bank and Trust Company		1,591,017		(855,346	)		—			—		735,671

292

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)


			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⁾

Domestic Subsidiary IV
Barclays Bank PLC	$	1,719,776	$	(1,719,776	)	$	—		$	—	$	—
Citibank N.A.		36,571		—			—			—		36,571
Citigroup Global Markets, Inc.		128,942		—			—			—		128,942
Goldman Sachs & Co., LLC		40,447		—			—			—		40,447
Goldman Sachs International		644,553		(590,311	)		—			—		54,242
JPMorgan Chase Bank, N.A.		3,902,310		(3,390,240	)		—			—		512,070
Morgan Stanley Capital Services LLC		2,761,347		(1,264	)		(2,760,083	)		—		—
State Street Bank and Trust Company		1,090,153		—			—			—		1,090,153

	$	50,859,151	$	(10,160,729	)	$	(11,569,605	)	$	—	$	29,128,817


					Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
	Gross Amount of Liabilities 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⁾
Goldman Sachs International		$	(731	)		$	731		$	—		$	—		$	—
JPMorgan Chase Bank, N.A.			(2,122,438	)			—			—			—			(2,122,438	)
Morgan Stanley & Co. LLC			(55,180	)			55,180			—			—			—
Morgan Stanley Capital Services LLC			(106,545	)			106,545			—			—			—

Cayman Subsidiary
Barclays Bank PLC			(645	)			645			—			—			—
Citibank N.A.			(516,105	)			516,105			—			—			—
Goldman Sachs International			(157,328	)			157,328			—			—			—
HSBC Bank PLC			(16,786	)			16,786			—			—			—
JPMorgan Chase Bank, N.A.			(1,650,978	)			1,650,978			—			—			—
Intercontinental Exchange, Inc.			(404,422	)			404,422			—			—			—
LCH Limited			(40,943	)			—			—			—			(40,943	)
Morgan Stanley Capital Services LLC			(637,658	)			637,658			—			—			—
Nomura International PLC			(653,127	)			—			—			—			(653,127	)
Prime CODEX			(355,086	)			57,415			—			—			(297,671	)
State Street Bank and Trust Company			(855,346	)			855,346			—			—			—

293

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)


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

Domestic Subsidiary IV
Barclays Bank PLC		$	(2,919,996	)		$	1,719,776		$	—		$	—		$	(1,200,220	)
Goldman Sachs International			(590,311	)			590,311			—			—			—
JPMorgan Chase Bank, N.A.			(3,390,240	)			3,390,240			—			—			—
Morgan Stanley Capital Services LLC			(1,264	)			1,264			—			—			—

		$	(14,475,129	)		$	10,160,730		$	—		$	—		$	(4,314,399	)

⁽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, 2023:


Assets:	Level 1			Level 2			Level 3			Total
Investments in Securities:
Common Stock		$	671,615,734		$	—		$	2,472,772		$	674,088,506
Preferred Stock			—			—			8,899,988			8,899,988
Asset-Backed Securities			—			208,158,192			—			208,158,192
Convertible Bonds			—			1,094,701			—			1,094,701
Bank Debt			—			75,583,253			87,416,883			163,000,136
Corporate Bonds & Notes			—			506,198,596			115,540			506,314,136
Sovereign Debt			—			162,878,086			—			162,878,086
Mortgage-Backed Securities			—			2,644,610,752			—			2,644,610,752
Municipals			—			249,374			—			249,374
U.S. Treasury Notes			—			188,830,852			—			188,830,852
Exchange-Traded Funds			49,666,220			—			—			49,666,220
Undertakings For Collective Investment in Transferable Securities			165,443,989			—			—			165,443,989
Warrants			508,313			18,901			1,185,555			1,712,769
Rights			—			—			1,294			1,294
Commodities			—			237,430,258			—			237,430,258

294

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)


Assets:	Level 1				Level 2				Level 3				Total
Repurchase Agreements		$	—			$	124,888,496			$	—			$	124,888,496
Purchased Options			11,044,444				29,205,320				—				40,249,764
Subtotal		$	898,278,700			$	4,179,146,781			$	100,092,032			$	5,177,517,513
Investments Valued at NAV															401,189,980
Total Investments in Securities		$	898,278,700			$	4,179,146,781			$	100,092,032			$	5,578,707,493
Other Financial Instruments:
Futures Contracts			87,083,845				—				—				87,083,845
Forward Foreign Currency Exchange Contracts			—				3,198,255				—				3,198,255
Centrally Cleared Credit Default Swaps			—				20,030,659				—				20,030,659
OTC Credit Default Swaps			—				1,664,200				—				1,664,200
OTC Total Return Swaps			—				10,150,329				17,697				10,168,026
Variance Swaps			—				6,623,351				—				6,623,351
Centrally Cleared Interest Rate Swaps			—				14,560,889				—				14,560,889
Total Investments in Securities and Other Financial Instruments		$	985,362,545			$	4,235,374,464			$	100,109,729			$	5,722,036,718

Liabilities:	Level 1				Level 2				Level 3				Total
Securities Sold Short:
Common Stock		$	(478,284,893	)		$	—			$	(11,144	)		$	(478,296,037	)
Corporate Bonds & Notes			—				(30,109,900	)			—				(30,109,900	)
Exchange-Traded Funds			(10,728,482	)			—				—				(10,728,482	)
Mortgage-Backed Securities			—				(691,142,161	)			—				(691,142,161	)
Sovereign Debt			—				(67,296,566	)			—				(67,296,566	)
U.S.Treasury Notes			—				(551,013	)			—				(551,013	)
Warrants^			—				—				0				0
Rights			—				—				( 100	)			( 100	)
Total Securities Sold Short			(489,013,375	)			(789,099,640	)			(11,244	)			(1,278,124,259	)
Other Financial Instruments:
Options Written			(9,986,508	)			(2,620,215	)			—				(12,606,723	)
Reverse Repurchase Agreements			—				(34,835,003	)			—				(34,835,003	)
Futures Contracts			(102,296,155	)			—				—				(102,296,155	)
Forward Foreign Currency Exchange Contracts			—				(2,927,010	)			—				(2,927,010	)
Centrally Cleared Credit Default Swaps			—				(6,732,569	)			—				(6,732,569	)
OTC Credit Default Swaps			—				(982,931	)			—				(982,931	)
OTC Total Return Swaps			—				(7,008,183	)			(46,340	)			(7,054,523	)
Variance Swaps			—				(890,450	)		��	—				(890,450	)
Centrally Cleared Interest Rate Swaps			—				(3,170,096	)			—				(3,170,096	)
Total Securities Sold Short and Other Financial Instruments		$	(601,296,038	)		$	(848,266,097	)		$	(57,584	)		$	(1,449,619,719	)

^	A balance indicated with a “0”, reflects either a zero balance or an amount that rounds to less than 1.

295

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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.

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
Commencement
Date

Amount $

Redemption
Restriction
Term

Amount $

Event-Driven⁽¹⁾

25,558,219

2,319,130

N/A

27,554,818

Semi-Annual

—

29,873,948

Macro Strategies⁽²⁾

N/A

120,343,493

Monthly with
90 day’s
notice

—

120,343,493

Macro

Strategies⁽²⁾

N/A

126,281,972

Daily with 6
day’s notice

—

126,281,972

Macro-Strategies⁽²⁾

N/A

32,272,047

Quarterly

—

32,272,047

Macro-Strategies⁽²⁾

N/A

61,584,643

Monthly

—

61,584,643

Equity Hedge⁽³⁾

N/A

30,833,877

Monthly

—

30,833,877

⁽¹⁾	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.

⁽²⁾	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.

⁽³⁾

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.

296

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

(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 when known.

(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 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			Rights			Common Stocks Sold Short				Rights Sold Short				OTC Total Return Swap				Total
Balance as of March 31, 2023		$	1,414,687		$	9,088,567			$	60,165,104			$	125,350			$	246,796		$	—		$	(11,144	)		$	—			$	—			$	71,029,360
Transfers In			—			—				23,623,422				—				—			—			—				—				(53,762	)			23,569,660
Transfers Out			—			—				(8,401,687	)			—				—			—			—				—				—				(8,401,687	)
Purchases			778,440			—				39,938,668				—				—			1,294			6,245				—				—				40,724,647
Sales			—			—				(25,216,902	)			(2,613	)			—			—			(2,192	)			—				(62,922	)			(25,284,629	)
Amortization			—			—				356,919				—				—			—			—				—				—				356,919
Net realized gain (loss)			285			—				(5,243,745	)			—				—			—			(285	)			—				62,922				(5,180,823	)
Net change in unrealized appreciation (depreciation)			279,360			(188,579	)			2,195,104				(7,197	)			938,759			—			(3,768	)			(100	)			25,119				3,238,698

Balance as of September 30, 2023		$	2,472,772		$	8,899,988			$	87,416,883			$	115,540			$	1,185,555		$	1,294		$	(11,144	)		$	(100	)		$	(28,643	)		$	100,052,145

Net change in unrealized appreciation (depreciation) related to investments still held as of September 30, 2023		$	279,360		$	(188,578	)		$	(421,819	)		$	(7,197	)		$	938,759		$	—		$	(3,768	)		$	(100	)		$	25,119			$	621,776

297

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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, 2023.

Assets

Valuation

Technique

Unobservable

Inputs

Fair Value at
September 30,
2023

Range of Inputs

(Weighted

Average)

Investments in Securities and Other Financial Instruments:

Bank Debt

Broker-dealer

Quotations

Indicative Bid

55,181,857

N/A

Comparable Company Multiples

EBITDA Multiples

20,959,029

9.5x

(a)

EBITDA Multiples

8,303,597

10.0x

(a)

Distribution Analysis

Expected Distribution Proceeds

2,972,400

N/A

Common Stock

Broker-dealer Quotations

Indicative Bid

2,472,772

N/A

Corporate Bonds & Notes

Broker-dealer Quotations

Indicative Bid

115,540

N/A

Preferred Stock

Broker-dealer Quotations

Indicative Bid

7,326,824

N/A

Comparable Company Multiples

EBITDA Multiples

1,573,164

9.5x

(a)

Rights

Broker-dealer Quotations

Indicative Bid

1,294

N/A

Warrants

Distribution Analysis

Expected Distribution Proceeds

1,185,555

N/A

OTC Total Return Swaps

Broker-dealer Quotations

Indicative Bid

17,697

N/A

Total Investments in Securities and Other Financial Instruments

100,109,729

Liabilities

Valuation

Technique

Unobservable

Inputs

Fair Value at
September 30,
2023

Range of Inputs

(Weighted

Average)

Securities Sold Short and Other Financial Instruments:

Common Stock Sold Short

Broker-dealer Quotations

Indicative Bid

(11,144

)

N/A

Rights Sold Short

Broker-dealer Quotations

Indicative Bid

(100

)

N/A

Warrants Sold Short

Broker-dealer Quotations

Indicative Bid

N/A

OTC Total Return Swaps

Broker-dealer Quotations

Indicative Bid

(46,340

)

N/A

Total Securities Sold Short and Other Financial Instruments:

(57,584

)

^(a)	A significant change in unobservable input would have resulted in a correlated significant change to value.

^	A balance indicated with a “0”, reflects either a zero balance or an amount that rounds to less than 1.

298

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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, 2023, 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 Blackstone Securities Partners L.P. (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 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, 2023, the Fund paid the Investment Adviser $40,486,234 in management fees. From this amount, the Investment Adviser paid $21,800,894 in sub-advisory fees to non-affiliated Sub-Advisers with respect to the Fund, which amounted to 1.01% (annualized) of the Fund’s average daily net assets. The Investment Adviser paid $1,590,369 in sub-advisory fees with respect to the Fund to Blackstone Real Estate Special Situations Advisors L.L.C., Blackstone Liquid Credit Strategies LLC and Blackstone Strategic Alliance Master Fund XXI LP, respectively, both indirect wholly-owned subsidiaries of Blackstone and affiliates of the Investment Adviser, which amounted to 0.07% (annualized) of the Fund’s average daily net assets.

299

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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, 2025 upon written notice to the Fund. This agreement cannot be terminated prior to August 31, 2025 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 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, 2023, 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, 2023, the Fund has an amount payable to FINCO of $512,506.

300

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

Blackstone Administrative Services Partnership L.P. (“BASP”), an affiliate of the Fund, pays certain expenses on behalf of the Fund. The Fund reimburses BASP for such expenses paid on behalf of the Fund. BASP does not charge any fees for providing such administrative services. At six months ended September 30, 2023, the Fund has an amount payable to BASP of $39,932.

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. At six months ended September 30, 2023, the amounts related to Arcesium are included in the amount payable to FINCO and BAAM.

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. Principal Investment Risks

The investment program of the Fund entails substantial risks and includes alternative investment and trading strategies not employed by traditional mutual funds. An investor may lose part or all of your investment and/or your investment may not perform as well as other similar investments. An investment in the Fund should be viewed only as part of an overall investment program. No assurance can be given that the Fund’s investment program will be successful. The following is a summary description of some, but not all, of the principal risks of investing in the Fund, including the indirect risks associated with the Fund’s investments in the Subsidiaries and Investee Funds. Any decision to invest in the Fund should be made after a review of the full set of principal risks in the Fund’s prospectus and should take into account that the Fund may make virtually any kind of investment, and be subject to related risks, which can be substantial. The relative significance of the principal risks identified below, at any given time, will vary depending on the specific composition of the Fund’s investment portfolio from time to time and the allocation of the Fund’s assets among the various investment strategies, which may change frequently and/or significantly over time. As applicable, references in these Risks to the “Fund” mean any one or more of the Fund, Subsidiaries, and Investments in Investee Funds, and references to a “Manager” mean any one or more of the Investment Adviser, Sub-Advisers, and advisers to the Investee Funds.

Market Risk and Selection Risk. The Fund is subject to market risk and selection risk. Market risk is the risk that one or more markets in which the Fund invests will decline in value, including the possibility that the markets will decline sharply and unpredictably. While a Manager may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. Significant shocks to or disruptions of the financial markets, including those caused by epidemics and pandemics, economic, natural, and man-made disasters, government action, war, or significant geopolitical events, could adversely affect the liquidity and volatility of securities held by the Fund. Market environment changes may adversely affect the performance of a model and amplify losses. Selection risk is the risk that the securities held by the Fund will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies.

Counterparty Credit Risk. The stability and liquidity of many derivative and securities lending transactions depend in large part on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore,

301

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

there is a risk that a counterparty could become the subject of insolvency proceedings, and that the recovery of securities and other assets from such counterparty will be delayed or be of a value less than the value of the securities or assets originally entrusted to such counterparty. At times, including when the Fund has entered into a Basket Swap, the Fund will have significant exposure to a single counterparty.

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 Investee Funds are sometimes illiquid and some Investee 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.

Equity Securities Risk. Common and preferred stocks represent equity ownership in a company. Stock markets are volatile. The prices of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

Derivatives Risk. The use of derivatives involves the risk that their value may not move as expected relative to the value of the relevant underlying assets, rates, or indices. The Fund invests in derivatives for hedging and non-hedging purposes. Derivatives can be volatile and illiquid, are subject to counterparty credit risk, and may create investment exposure greater than the initial investment.

Structured Products Risk. Holders of structured products bear risks of the underlying investments, index, or reference obligation and are subject to counterparty credit, valuation, and liquidity risks. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Certain structured products may be thinly traded or have a limited trading market. In addition to the general risks associated with debt securities discussed herein, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the reference securities may decline in value or default; the possibility that changes in the reference instrument will reduce the interest rate and principal amount payable on maturity; and the possibility that the position is subordinate to other classes. Structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero. Structured products may be less liquid than other types of securities and more volatile than the reference instrument.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may decline. This risk is more prevalent with respect to debt securities held by the Fund. Inflation creates uncertainty over the future real value (after inflation) of an investment. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of

302

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

shareholders’ investments in the Funds. For example, wages and prices of inputs increase during periods of inflation, which can negatively impact returns on investments. In an attempt to stabilize inflation, countries may impose wage and price controls or otherwise intervene in the economy. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Investors’ expectation of future inflation can also impact the current value of portfolio investments, resulting in lower asset values and potential losses. This risk is elevated compared to historical market conditions because of recent monetary policy measures, the current interest rate environment, and the historically high prevailing inflation rates.

Risks Specific to Investments in Investee Funds. In addition to risks relating to their direct investments, Investee Funds often involve additional special risks not present in direct investments. Investors in the Fund bear two layers of fees and expenses at both the Fund level and the Investee Fund level. The Fund’s investments in Investee Funds are priced, in the absence of readily available market values, based on estimates of fair value, which may prove to be inaccurate; these valuations are used to calculate fees payable to the Investment Adviser and the net asset value of the Fund’s shares. The Investment Adviser is also dependent on information, including performance information, provided by the Investee Funds, which if inaccurate could adversely affect the Investment Adviser’s ability to accurately value the Fund’s shares. Some Investee Funds are not registered as investment companies under the 1940 Act, and therefore, the Fund is not able to avail itself of the protections of the 1940 Act with respect to such investments. Certain Investee Funds, including unaffiliated hedge funds and UCITS funds, are also subject to transfer or redemption restrictions that impair the liquidity of these investments, and some Investee Funds may suspend the withdrawal rights of their shareholders, including the Fund, from time to time. Incentive fees charged by advisors of Investee Funds also may create incentives for such advisors to make investments that are riskier or more speculative than in the absence of these fees. To the extent an Investee Fund invests in a special situation investment (an investment in securities or other instruments that an Investee Fund determines to be illiquid or lacking a readily ascertainable fair value and which the Investee Fund designates as a special situation investment), the Fund’s ownership interest with respect to such special situation investment generally may not be withdrawn until the special situation investment, or a portion thereof, is realized or deemed realized. The Fund also may purchase non-voting securities of, or to contractually forego the right to vote in respect of, Investee Funds in order to prevent the Fund from becoming an “affiliated person” of the Investee Fund for purposes of the 1940 Act and becoming subject to the prohibitions on transactions with affiliated persons contained in the 1940 Act. Consequently, the Fund will not be able to vote to the full extent of its economic interest on matters that require approval of investors in each Investee Fund, including matters that could adversely affect the Fund’s investment.

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, 2023 were as follows:


	Purchases						Sales
	Long-Term			U.S. Government			Long-Term			U.S. Government
Including TBAs		$	3,533,099,939		$	18,943,067,772		$	2,635,791,222		$	18,651,432,127
Excluding TBAs			3,533,099,939			98,642,720			2,635,791,222			38,847,705

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, 2022. The Fund intends to

303

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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. 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, 2023, 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)

$4,541,406,973

$101,379,373

$(328,399,730)

$(227,020,357)

12. Borrowings Under Credit Facility

As of September 30, 2023, the Fund had a secured revolving borrowing facility (the “Facility”) with State Street Bank and Trust Company (the “Bank”) in an aggregate principal amount of up to $400,000,000, subject to a maximum loan value of not more than 25% of the Fund’s NAV (the “Aggregate Commitment Amount”). The aggregate principal amount was reduced from $500,000,000 to $400,000,000 upon renewal of the credit agreement on April 6, 2023. 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 1.35% plus the Overnight Bank Funding Rate (5.32% at September 30, 2023). 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 4, 2024, 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, 2023, the Fund made no borrowings under the Facility.

304

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

For the Six-Months Ended September 30, 2023 (Unaudited)

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.

305

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Shareholder Fee Example (Unaudited)

As a shareholder of the 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, 2023. 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 4/1/2023		Ending Account Value 9/30/2023		Expenses Paid During Period¹		Annualized Expense Ratio
Class I
Actual		$1,000.00		$1,035.30		$12.31		2.42%
Hypothetical (assuming a 5% return before expenses)		$1,000.00		$1,012.90		$12.18		2.42%

Class D
Actual		$1,000.00		$1,034.40		$13.73		2.70%
Hypothetical (assuming a 5% return before expenses)		$1,000.00		$1,011.50		$13.58		2.70%

Class Y
Actual		$1,000.00		$1,035.50		$11.96		2.35%
Hypothetical (assuming a 5% return before expenses)		$1,000.00		$1,013.25		$11.83		2.35%

¹	Expenses are calculated using the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half-year period).

306

Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information

September 30, 2023 (Unaudited)

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 Fund’s officers (“Officers”) 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 six-month 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:

•

Aperture Investors, LLC (until October 4, 2023)

•

Bayforest Capital Limited

•

Bayview Asset Management, LLC (“Bayview”)

•

Blackstone Liquid Credit Strategies LLC

•

Blackstone Real Estate Special Situations Advisors L.L.C.

•

Caspian Capital LP

•

Clear Sky Advisers, LLC

•

D.E. Shaw Investment Management, L.L.C.

•

Emso Asset Management Limited (until July 28, 2023)

•

Endeavour Capital Advisors Inc.

•

Fir Tree Capital Management LP

•

Fort Baker Capital Management LP

•

Jasper Capital Hong Kong Limited

•

Magnetar Asset Management LLC

•

Maren Capital LLC (“Maren”) (effective August 21, 2023)

•

Mariner Investment Group, LLC

•

Melqart Asset Management (UK) Limited

•

Merritt Point Partners LLC

•

Mesarete Capital LLP

•

Nephila Capital Ltd. (“Nephila”)

•

North Reef Capital Management LP

•

Sage Rock Capital Management LP

•

Seiga Asset Management Limited

•

Seven Grand Managers LLC

•

TrailStone Commodity Trading US, LLC

•

Two Sigma Advisers, LP

•

Varick Capital Partners LP (“Varick”) (effective August 1, 2023)

•

Waterfall Asset Management, LLC

Compensation for Trustees and Officers

Each of the Independent Trustees is paid by the Fund Complex (as defined below) at the annualized equivalent of the rates included below per fiscal year in the aggregate for services to the Fund Complex

307

Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2023 (Unaudited)

(including the Subsidiaries). Mr. Brown is treated as an “interested person” (as defined in the 1940 Act) of the Fund (an “Interested Trustee”) due to a family member’s relationship with a Sub-Adviser. For his service to the Fund as an Interested Trustee, Mr. Brown is paid by the Fund Complex (excluding the Subsidiaries) rate of $129,000 per fiscal year in the aggregate.

The Chairpersons of the Board of Trustees 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 any other funds in the Fund Complex 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 payment of all or part of the compensation payable for such Trustee’s services and thereby shares in the experience alongside the Fund’s shareholders as the compensation deferred increases or decreases depending on the investment performance of the Fund. Deferred amounts remain in the Fund until distributed in accordance with the provisions of the Trust’s Deferred Compensation Plan. Pursuant to the Deferred Compensation Plan, payments due under the Deferred Compensation Plan are unsecured obligations of the Trust.

The Fund Complex also paid for a portion of the compensation of the Fund’s Chief Compliance Officer during the six months ended September 30, 2023. 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 six months ended September 30, 2023, 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
Frank J. Coates²		$	92,922		$	92,922
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
John M. Brown		$	64,795		$	64,795
Peter Koffler			None			None

Officers:


Compensated Officer	Aggregate Compensation From the Fund			Total Compensation From the Fund Complex¹
Chief Compliance Officer		$	50,000		$	50,000

308

Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2023 (Unaudited)

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 each Trustee serves as trustee. For the purpose of this table, ‘Fund’ includes the Fund and its Subsidiaries; “Fund Complex” consists of the Fund, the Subsidiaries, Blackstone Floating Rate Enhanced Income Fund, Blackstone Long-Short Credit Income Fund, Blackstone Private Credit 2027 Term Fund, Blackstone Secured Lending Fund, Blackstone Senior Floating Rate 2027 Term Fund, Blackstone Strategic Credit Fund, SPDR Blackstone High Income ETF, and SPDR Blackstone Senior Loan ETF. Other than the Fund and the Subsidiaries, no funds in the Fund Complex pay compensation to the Trustees or Officers of the Fund. Certain of the Independent Trustees have elected to defer all or part of their total compensation for the six months ended September 30, 2023, under the Trust’s Deferred Compensation Plan. Amounts deferred for the six months ended September 30, 2023 by Mssrs. Gilbert and Lawler and by Ms. Leopold were $37,500, $75,000, and $16,500, respectively.

²	Mr. Coates has served as Chair of the Board since February 21, 2023.

Form N-PORT Filings

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. 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 most recent 12-month period ended June 30 is 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 in-person on May 16-17, 2023, virtually on July 19, 2023, and in-person on August 15-16, 2023, 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”) and (ii) certain new investment sub-advisory agreements (the “New Sub-Advisory Agreements” and together with the Continued Sub-Advisory Agreements, the “Sub-Advisory Agreements”) between BAIA and each of the following sub-advisers (the “Sub-Advisers”):

Continued Sub-Advisory Agreements (approved at May meeting)

•

Bayforest Capital Limited

•

Caspian Capital LP

•

Magnetar Asset Management LLC

•

Mesarete Capital LLP

•

D.E. Shaw Investment Management, L.L.C.

•

Two Sigma Advisers, LP

•

TrailStone Commodity Trading US, LLC

309

Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2023 (Unaudited)

New Sub-Advisory Agreement (approved at July meeting)

•

Varick

Continued Sub-Advisory Agreements (approved at August meeting)

•

Bayview

•

Nephila

New Sub-Advisory Agreement (approved at August meeting)

•

Maren

The Board held its July 2023 meeting virtually by video conference following BAIA’s determination that it was necessary and appropriate to hold the meeting via video conference in order to allow the Fund to promptly enter into a sub-advisory agreement without incurring unnecessary delay or expense. The Board noted that, in holding the July 2023 meeting virtually, BAIF and BAIA relied on an exemptive order that BAIF and BAIA have obtained from the SEC, pursuant to which the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, provided that the Trustees are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting and the other conditions in the exemptive order are met. The Board noted that BAIA and the Fund additionally relied on a separate 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, approve 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 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 Sub-Adviser.

The information the Board received in connection with the consideration of the Continued Sub-Advisory Agreements for each of the Sub-Advisers considered at the May meeting and the August meeting generally included, among other things:

(1)

a Manager Investment Review, which covered, among other things, summary information regarding each 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 Sub-Adviser that had, presently or in the past, been allocated Fund assets; and

(3)

a completed sub-adviser 15(c) questionnaire, any follow-up responses thereto, which provided each Sub-Adviser’s responses to the Independent Trustees’ request for information.

310

Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2023 (Unaudited)

The information the Board received in connection with the consideration of the New Sub-Advisory Agreements at its July 2023 meeting and August 2023 meeting generally included:

(1)

(2)

a completed sub-adviser 15(c) questionnaire, any follow-up responses thereto, which provided each Sub-Adviser’s responses to the Independent Trustees’ request for information; and

(3)

information regarding each Sub-Adviser’s affiliates.

Additionally, for each New Sub-Adviser, the Board received a copy of the Sub-Adviser’s compliance program under Rule 38a-1 under the 1940 Act and code of ethics.

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 Sub-Advisers would be paid by BAIA from the investment 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 and each New Sub-Advisory Agreement on the basis of the following factors, among others, for each Sub-Adviser:

Nature, Extent, and Quality of the Services

Except as otherwise noted, the Board considered with respect to each Sub-Adviser, (either at the relevant meeting or by reference to the most recent approval of the Sub-Adviser’s prior sub-advisory agreement):

(1)

the Sub-Adviser’s personnel, operations, and, where available, financial condition;

(2)

the Sub-Adviser’s investment expertise and strengths;

(3)

where applicable, the percentage of Fund assets that are, previously were, and/or potentially would be allocated to the Sub-Adviser;

(4)

where applicable, the investment return on other assets that are, or were previously, managed by the Sub-Adviser and related investment risks;

(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 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 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.

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Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2023 (Unaudited)

The Board concluded that the nature, extent, and quality of the sub-advisory services to be provided by each Sub-Adviser were appropriate and thus supported a decision to approve or continue the Sub-Advisory Agreements.

Investment Performance of the Sub-Advisers

The Board considered the investment performance of each Sub-Adviser. With respect to each Sub-Adviser that previously had been allocated a portion of the Fund’s assets, the Board considered information about the performance record of the Fund’s assets managed by such Sub-Adviser (net of trading expenses and sub-advisory fees but gross of investment management fees paid to BAIA and other 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 Sub-Advisers, the Sub-Adviser’s hedge fund strategy. In addition the Board considered information about performance and risk measurements of the assets that are or were managed by the Sub-Adviser, if any, the custom index, and, if applicable, the 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 applicable Sub-Advisers was generally satisfactory and that the Sub-Advisers were capable of providing reasonable investment performance to the Fund. The Board noted that, because Varick and Maren had not yet managed assets of the Fund, there was no prior performance with respect to the Fund assets to consider.

Costs of Services and Profitability

In analyzing the cost of services and profitability of each Sub-Adviser, the Board considered (i) each Sub-Adviser’s sub-advisory fee or proposed sub-advisory fee for managing the allocated Fund assets, including any fee breakpoints or fulcrum fee arrangements; (ii) each 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 Sub-Adviser from providing sub-advisory services to the Fund. The Board considered the specific resources that each 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 Sub-Adviser’s investment process is or would be scalable. The Board also took into account the entrepreneurial, business, and other risks each Sub-Adviser has undertaken, or would undertake, in serving as a sub-adviser to the Fund.

The Board noted that the compensation paid to each Sub-Adviser was paid by BAIA, not the Fund, and, accordingly, that the retention of each 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-Adviser’s Sub-Advisory Agreement were the result of separate arm’s-length negotiations between BAIA and the Sub-Adviser. The Board considered information comparing the sub-advisory fees to the fees that each Sub-Adviser charges for providing investment advisory services to certain other clients. The Board also considered information regarding the impact that retaining the 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 Sub-Advisers based on allocations of Fund assets among all the Sub-Advisers. The Board concluded that the level of investment sub-advisory fees was appropriate in light of the services to be provided.

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Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2023 (Unaudited)

Economies of Scale

The Board considered various financial and economic considerations relating to the arrangement with each Sub-Adviser, including economies of scale and the current and proposed breakpoints in the sub-advisory fees for certain Sub-Advisers. The Board noted challenges in identifying and measuring economies of scale, both generally and given the Fund’s multi-manager structure and the different sub-adviser fee levels and fee structures. 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 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 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 result in BAIA bearing any of the Fund’s expenses.

Other Benefits

The Board considered other potential benefits that each Sub-Adviser may receive from serving as a sub-adviser to 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 Sub-Adviser benefited from its relationship with BAIA or BAAM. The Board concluded that other ancillary or “fall out” benefits derived by each 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-Adviser’s Sub-Advisory Agreement. After discussion, the Board concluded that the terms of each Sub-Adviser’s 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-Adviser’s 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 Sub-Adviser provides or were proposed to provide to the Fund and in light of the other factors described above that the Board deemed relevant. The Board noted that both BAIA and the Board had previously determined, or determined at the meetings, that each 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 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(b) under the 1940 Act. The Board based its approval or continuation of each 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 also gave due consideration to the recommendations of BAIA, which in each case recommended continuation or approval (as applicable) of the proposed sub-advisory arrangements as in the best interests of the Fund and its shareholders, and BAIA’s belief that the arrangements do not present any conflict of interest from which BAIA or any Sub-Adviser derives an inappropriate advantage. The Board was assisted by the advice of independent legal counsel in approving each Sub-Adviser’s Sub-Advisory Agreement.

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Blackstone Alternative Investment Funds and Subsidiaries

Supplemental Information (Continued)

September 30, 2023 (Unaudited)

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.

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Blackstone

Rev November 2022



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

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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 Long-Short Credit Income Fund, Blackstone Private Credit Fund, Blackstone Secured Lending Fund, Blackstone Senior Floating Rate Term Fund, Blackstone Strategic Credit Fund, and SPDR Blackstone High Income ETF, SPDR Blackstone Senior Loan ETF.
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 licence 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.

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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).

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

Frank J. Coates, Chair

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, Co-President (Co-Principal Executive Officer)

Sarah Kassman, Secretary

Peter Koffler, Co-President (Co-Principal Executive Officer)

Stephen Adams, Chief Legal Officer

Thomas Procida, Treasurer (Principal Financial and Accounting Officer)

William Renahan, Chief Compliance Officer

Sherilene Sibadan, Anti-Money Laundering Officer

Stacey Weckstein, Interim Secretary

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 officers and principal financial officer, 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 a 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.

(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, Co-President (Co-Principal Executive Officer)*

Date November 29, 2023

By (Signature and Title)		/s/ Peter Koffler
		*Peter Koffler, Co-President (Co-Principal Executive Officer)*

Date November 29, 2023

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, Co-President (Co-Principal Executive Officer)*

Date November 29, 2023

By (Signature and Title)		/s/ Peter Koffler
		*Peter Koffler, Co-President (Co-Principal Executive Officer)*

Date November 29, 2023

By (Signature and Title)		/s/ Thomas Procida
		*Thomas Procida, Treasurer (Principal Financial and Accounting Officer)*

Date November 29, 2023

Blackstone Alternative Investment Funds N-CSRSCertified semi-annual shareholder report (management investment company)