UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

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: December 31, 2014

Item 1. The Consolidated Schedule of Investments.

The Consolidated Schedule of Investments is attached herewith.

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments

December 31, 2014 (Unaudited)

Security Description	Shares		Value
INVESTMENTS IN SECURITIES — 86.6%
COMMON STOCK — 45.8%
Argentina — 0.0%
Iron & Steel — 0.0%
Ternium SA ADR		2,700	$	47,628
Total Argentina				47,628
Bahamas — 0.0%
Transportation & Logistics — 0.0%
Ultrapetrol Bahamas Ltd. (a)		1,300		2,782
Total Bahamas				2,782
Belgium — 0.1%
Consumer Products — 0.0%
Anheuser-Busch InBev NV		3,585		403,460
Insurance — 0.1%
Ageas		35,139		1,249,374
Total Belgium				1,652,834
Bermuda — 0.1%
Insurance — 0.0%
Blue Capital Reinsurance Holdings Ltd.		1,300		23,075
Media — 0.0%
Global Sources Ltd. (a)		85		540
Transportation & Logistics — 0.1%
Golar LNG Ltd. (c)		23,117		843,077
Teekay Corp. (d)		13,400		681,926
				1,525,003
Total Bermuda				1,548,618
Brazil — 0.0%
Banking — 0.0%
Banco Santander Brasil SA ADR		7,900		39,658
Insurance — 0.0%
Brasil Insurance Participacoes e Administracao SA		43,000		55,000
Oil, Gas & Coal — 0.0%
Cosan Ltd. A Shares		12,571		97,425
Utilities — 0.0%
Cia Energetica de Minas Gerais ADR (d)		43,500		216,195
Total Brazil				408,278
Canada — 0.2%
Asset Management — 0.0%
Restaurant Brands International (a)		1,203		46,965
Biotechnology & Pharmaceutical — 0.0%
QLT, Inc. (a)		3,800		15,238
Consumer Products — 0.0%
Cott Corp. (d)		17,600		121,088
Design Manufacturing & Distribution — 0.0%
Celestica, Inc. (a),(d)		3,100		36,394

See Notes to Consolidated Schedule of Investments.

1

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Hardware — 0.0%
Sierra Wireless, Inc. (a)		300	$	14,217
Media — 0.0%
Points International Ltd. (a)		200		2,558
Metals & Mining — 0.1%
Alamos Gold, Inc. (a)		3,400		24,242
Dominion Diamond Corp. (a),(d)		13,300		238,868
Fortuna Silver Mines, Inc. (a)		500		2,275
Kinross Gold Corp. (a),(d)		109,800		309,636
MFC Industrial Ltd. (d)		800		5,664
Nevsun Resources Ltd.		12,100		47,069
Silvercorp Metals, Inc.		800		1,040
Taseko Mines Ltd. (a),(d)		2,200		2,266
				631,060
Oil, Gas & Coal — 0.0%
Advantage Oil & Gas Ltd. (a),(d)		8,500		40,715
Bellatrix Exploration Ltd. (a)		100		364
Enerplus Corp.		2,700		25,920
Gran Tierra Energy, Inc. (a),(d)		42,000		161,700
Precision Drilling Corp. (d)		16,400		99,384
TransGlobe Energy Corp. (d)		3,100		12,834
				340,917
Renewable Energy — 0.1%
Canadian Solar, Inc. (a),(d)		48,800		1,180,472
Waste & Environmental Service Equipment & Facility — 0.0%
Progressive Waste Solutions Ltd. (d)		9,200		276,736
Total Canada				2,665,645
Chile — 0.0%
Real Estate — 0.0%
Parque Arauco SA		82,892		158,982
Total Chile				158,982
China — 1.1%
Asset Management — 0.0%
Noah Holdings Ltd. ADR (a)		100		2,090
Automotive — 0.0%
China Automotive Systems, Inc. (d)		2,600		18,434
Biotechnology & Pharmaceutical — 0.0%
Sinovac Biotech Ltd. (a)		1,900		9,937
Consumer Services — 0.1%
New Oriental Education & Technology Group, Inc. ADR (a),(d)		28,900		589,849
Design Manufacturing & Distribution — 0.0%
Nam Tai Property, Inc.		10,700		50,825
Health Care Facilities/Services — 0.0%
WuXi PharmaTech Cayman, Inc. ADR (a),(d)		8,000		269,360
Insurance — 0.0%
CNinsure, Inc. ADR (a),(d)		3,700		24,531
Machinery — 0.0%
Hollysys Automation Technologies Ltd. (a)		400		9,772
Media — 0.5%
Baidu, Inc. ADR (a),(d)		12,811		2,920,524
Leju Holdings Ltd. ADR (a)		5		54
SouFun Holdings Ltd. ADR		300		2,217

See Notes to Consolidated Schedule of Investments.

2

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Tencent Holdings Ltd.		217,000	$	3,139,756
Zhaopin Ltd. ADR (a),(d)		1,340		20,341
				6,082,892
Medical Equipment/Devices — 0.0%
Mindray Medical International Ltd. ADR		5,900		155,760
Metals & Mining — 0.0%
Aluminum Corp. of China Ltd. ADR (a)		400		4,608
Passenger Transportation — 0.0%
China Southern Airlines Co. Ltd. ADR		800		19,120
Guangshen Railway Co. Ltd. ADR		200		4,826
				23,946
Real Estate — 0.0%
Xinyuan Real Estate Co. Ltd. ADR (d)		13,500		31,860
Renewable Energy — 0.0%
JA Solar Holdings Co. Ltd. ADR (a),(d)		7,900		64,661
Trina Solar Ltd. ADR (a),(d)		16,000		148,160
				212,821
Retail Discretionary — 0.1%
Alibaba Group Holding Ltd. ADR (a),(e)		7,023		729,971
Software — 0.4%
NetEase, Inc. ADR		400		39,656
Perfect World Co. Ltd. ADR (d)		16,600		261,616
YY, Inc. ADR (a),(c)		86,730		5,406,748
				5,708,020
Total China				13,924,676
Colombia — 0.0%
Oil, Gas & Coal — 0.0%
Pacific Rubiales Energy Corp.		5,526		34,199
Total Colombia				34,199
Czech Republic — 0.0%
Media — 0.0%
Central European Media Enterprises Ltd. A Shares (a)		1,600		5,136
Total Czech Republic				5,136
Denmark — 0.1%
Banking — 0.1%
Jyske Bank A/S (a)		20,785		1,050,606
Commercial Services — 0.0%
ISS A/S (a)		8,813		252,958
Total Denmark				1,303,564
France — 0.2%
Banking — 0.2%
BNP Paribas SA		17,830		1,052,578
Credit Agricole SA		108,149		1,396,043
Societe Generale SA		16,319		682,953
Total France				3,131,574
Germany — 1.1%
Automotive — 0.0%
Volkswagen AG		542		117,507

See Notes to Consolidated Schedule of Investments.

3

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Biotechnology & Pharmaceutical — 0.3%
Merck KGaA		31,920	$	3,003,938
Health Care Facilities/Services — 0.7%
Fresenius SE & Co. KGaA		173,838		9,038,540
Real Estate — 0.1%
Deutsche Annington Immobilien SE		18,496		627,970
Deutsche Wohnen AG		5,083		119,907
GAGFAH SA (a)		25,034		559,068
LEG Immobilien AG		4,314		321,366
				1,628,311
Total Germany				13,788,296
Greece — 0.3%
Banking — 0.2%
Alpha Bank AE (a)		1,691,872		950,395
Eurobank Ergasias SA (a)		3,490,778		779,808
Piraeus Bank SA (a)		703,660		765,676
				2,495,879
Real Estate — 0.1%
Grivalia Properties REIC		68,589		629,897
Transportation & Logistics — 0.0%
Aegean Marine Petroleum Network, Inc.		1,000		14,020
Costamare, Inc. (d)		6,100		107,421
Diana Shipping, Inc. (a),(d)		4,200		28,182
Paragon Shipping, Inc. A Shares (a),(d)		400		1,084
Safe Bulkers, Inc. (d)		11,100		43,401
StealthGas, Inc. (a)		2,100		13,251
				207,359
Total Greece				3,333,135
Hong Kong — 0.1%
Consumer Services — 0.0%
Nord Anglia Education, Inc. (a)		100		1,908
Gaming, Lodging & Restaurants — 0.0%
Sands China Ltd.		133,200		649,287
Insurance — 0.1%
AIA Group Ltd.		135,600		747,897
Total Hong Kong				1,399,092
India — 0.0%
Metals & Mining — 0.0%
Sesa Sterlite Ltd. ADR (d)		20		272
Total India				272
Ireland — 0.4%
Biotechnology & Pharmaceutical — 0.3%
Shire PLC ADR		16,981		3,609,142
Insurance — 0.0%
XL Group PLC		4,600		158,102
Medical Equipment/Devices — 0.0%
Trinity Biotech PLC ADR		1,100		19,261
Real Estate — 0.1%
Hibernia REIT PLC (a)		468,036		614,486

See Notes to Consolidated Schedule of Investments.

4

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Software — 0.0%
King Digital Entertainment PLC (d)		19,300	$	296,448
Total Ireland				4,697,439
Israel — 0.5%
Banking — 0.1%
Israel Discount Bank Ltd. A Shares (a)		484,166		772,996
Biotechnology & Pharmaceutical — 0.4%
Teva Pharmaceutical Industries Ltd. ADR (e)		96,145		5,529,299
Electrical Equipment — 0.0%
Orbotech Ltd. (a),(d)		7,900		116,920
Hardware — 0.0%
AudioCodes Ltd. (a)		1,000		4,540
Ceragon Networks Ltd. (a)		100		101
Radware Ltd. (a)		3,300		72,666
				77,307
Medical Equipment/Devices — 0.0%
Syneron Medical Ltd. (a)		900		8,397
Semiconductors — 0.0%
Nova Measuring Instruments Ltd. (a)		2,800		29,092
Tower Semiconductor Ltd. (a)		7,000		93,310
				122,402
Software — 0.0%
Check Point Software Technologies Ltd. (a)		2,400		188,568
Cimatron Ltd. (a)		200		1,766
CyberArk Software Ltd. (a)		3,100		122,915
Sapiens International Corp. NV (a)		100		737
				313,986
Technology Services — 0.0%
ClickSoftware Technologies Ltd. (a),(d)		800		5,744
Magic Software Enterprises Ltd.		1,200		7,140
				12,884
Telecommunications — 0.0%
Partner Communications Co. Ltd. ADR (a)		1,300		6,578
Total Israel				6,960,769
Italy — 0.4%
Asset Management — 0.1%
Anima Holding SpA (a)		180,622		908,668
Banking — 0.3%
Banca Generali SpA		22,206		617,620
Banca Popolare di Milano Scarl (a),(e)		3,923,181		2,555,689
FinecoBank SpA (a)		162,130		913,505
				4,086,814
Home & Office Products — 0.0%
De’ Longhi SpA		7,347		132,671
Technology Services — 0.0%
Cerved Information Solutions SpA (a)		35,971		189,962
Total Italy				5,318,115
Japan — 2.4%
Automotive — 0.7%
Aisin Seiki Co. Ltd.		1,011		36,324

See Notes to Consolidated Schedule of Investments.

5

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Honda Motor Co. Ltd.		1,015	$	29,778
Mazda Motor Corp. (c)		188,000		4,514,927
Toyota Motor Corp.		75,130		4,681,902
				9,262,931
Banking — 0.4%
Mitsubishi UFJ Financial Group, Inc.		835,237		4,588,980
Mizuho Financial Group, Inc.		18,425		30,886
Shinsei Bank Ltd.		408,000		710,090
Sumitomo Mitsui Financial Group, Inc.		854		30,874
Sumitomo Mitsui Financial Group, Inc. ADR		7,400		53,872
				5,414,702
Distributors—Consumer Staples — 0.2%
Mitsubishi Corp.		154,400		2,825,538
Electrical Equipment — 0.4%
Daikin Industries Ltd. (c)		26,800		1,718,524
Hitachi Ltd.		198,000		1,461,391
Mitsubishi Heavy Industries Ltd.		442,842		2,443,861
				5,623,776
Institutional Financial Service — 0.0%
Daiwa Securities Group, Inc.		4,361		34,147
Insurance — 0.1%
Tokio Marine Holdings, Inc.		26,900		873,650
Machinery — 0.2%
Kubota Corp. (c)		185,127		2,687,076
Passenger Transportation — 0.0%
Japan Airlines Co. Ltd.		1,700		50,403
Real Estate — 0.2%
Mitsubishi Estate Co. Ltd.		27,000		568,913
Mitsui Fudosan Co. Ltd.		33,000		884,913
Sumitomo Realty & Development Co. Ltd.		23,000		783,591
				2,237,417
Specialty Finance — 0.0%
Orix Corp. ADR		200		12,506
Telecommunications — 0.2%
Nippon Telegraph & Telephone Corp.		42,000		2,145,469
Total Japan				31,167,615
Jersey — 0.0%
Metals & Mining — 0.0%
Randgold Resources Ltd. ADR		1,800		121,338
Total Jersey				121,338
Luxembourg — 0.0%
Commercial Services — 0.0%
Atento SA (a)		100		1,045
Total Luxembourg				1,045
Mexico — 0.1%
Banking — 0.0%
Grupo Financiero Banorte SAB de CV O Shares		3,226		17,755
Engineering & Construction Services — 0.0%
OHL Mexico SAB de CV (a)		146,579		271,723

See Notes to Consolidated Schedule of Investments.

6

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Gaming, Lodging & Restaurants — 0.0%
Hoteles City Express SAB de CV (a)		54,659	$	86,247
Real Estate — 0.1%
Corp. Inmobiliaria Vesta SAB de CV		69,002		136,940
Mexico Real Estate Management SA de CV		19,769		33,860
Prologis Property Mexico SA de CV		57,746		106,813
				277,613
Specialty Finance — 0.0%
Concentradora Hipotecaria SAPI de CV (a)		85,389		142,317
Total Mexico				795,655
Netherlands — 0.6%
Banking — 0.1%
ING Groep NV CVA (a)		124,356		1,606,637
Containers & Packaging — 0.0%
Constellium NV Class A (a)		500		8,215
Institutional Financial Service — 0.1%
KAS Bank NV CVA		49,895		597,912
Insurance — 0.2%
Aegon NV (d)		17,687		132,652
Delta Lloyd NV		89,344		1,964,706
				2,097,358
Media — 0.0%
Yandex NV A Shares (a)		3,000		53,880
Oil, Gas & Coal — 0.0%
Royal Dutch Shell PLC ADR		3,700		247,715
Specialty Finance — 0.2%
AerCap Holdings NV (a)		75,318		2,923,845
Total Netherlands				7,535,562
Norway — 0.1%
Oil, Gas & Coal — 0.1%
North Atlantic Drilling Ltd.		1,000		1,630
Seadrill Ltd.		26,100		311,634
Statoil ASA ADR (d)		29,900		526,539
Total Norway				839,803
Poland — 0.1%
Banking — 0.1%
Alior Bank SA (a)		41,562		911,220
Total Poland				911,220
Portugal — 0.0%
Telecommunications — 0.0%
Portugal Telecom SGPS SA ADR (d)		1,700		1,802
Total Portugal				1,802
Puerto Rico — 0.0%
Banking — 0.0%
First BanCorp (a)		5,200		30,524
Popular, Inc. (a)		400		13,620
				44,144
Health Care Facilities/Services — 0.0%
Triple-S Management Corp. B Shares (a),(d)		2,500		59,775

See Notes to Consolidated Schedule of Investments.

7

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Total Puerto Rico			$	103,919
Republic of Korea — 0.0%
Automotive — 0.0%
Hyundai Motor Co.		581		88,751
Hardware — 0.0%
Samsung Electronics Co. Ltd.		203		244,056
Semiconductors — 0.0%
Magnachip Semiconductor Corp. (a),(d)		300		3,897
Telecommunications — 0.0%
KT Corp. ADR		100		1,412
Utilities — 0.0%
Korea Electric Power Corp. ADR (a)		6,000		116,160
Total Republic of Korea				454,276
Singapore — 0.0%
Real Estate — 0.0%
Ascendas Real Estate Investment Trust		19,008		34,096
CapitaCommercial Trust		38,522		50,859
CapitaMall Trust		13,906		21,351
Mapletree Logistics Trust		38,091		34,010
Suntec Real Estate Investment Trust		16,937		25,055
				165,371
Semiconductors — 0.0%
Kulicke & Soffa Industries, Inc. (a),(d)		18,400		266,064
Total Singapore				431,435
South Africa — 0.1%
Metals & Mining — 0.1%
Gold Fields Ltd. ADR (d)		70,100		317,553
Harmony Gold Mining Co. Ltd. ADR (a),(d)		53,200		100,548
				418,101
Oil, Gas & Coal — 0.0%
Sasol Ltd. ADR		2,000		75,940
Specialty Finance — 0.0%
Net 1 UEPS Technologies, Inc. (a),(d)		23,300		265,620
Total South Africa				759,661
Spain — 0.0%
Banking — 0.0%
Banco Bilbao Vizcaya Argentaria SA ADR		97		911
Biotechnology & Pharmaceutical — 0.0%
Grifols SA ADR (d)		5,300		180,147
Total Spain				181,058
Sweden — 0.0%
Telecommunications — 0.0%
Com Hem Holding AB (a)		17,723		143,229
Total Sweden				143,229
Switzerland — 1.2%
Asset Management — 0.6%
Julius Baer Group Ltd.		22,520		1,028,218
UBS Group AG		406,637		6,989,968
				8,018,186

See Notes to Consolidated Schedule of Investments.

8

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Biotechnology & Pharmaceuticals — 0.4%
Novartis AG (e)		55,600	$	5,156,537
Roche Holding AG		1,485		402,349
				5,558,886
Electrical Equipment — 0.0%
TE Connectivity Ltd.		2,800		177,100
Hardware — 0.0%
Logitech International SA		100		1,343
Insurance — 0.1%
Swiss Life Holding AG		2,587		611,442
Retail Discretionary — 0.0%
Dufry AG (a)		1,683		251,548
Specialty Finance — 0.0%
Cembra Money Bank AG		4,570		251,184
Transportation & Logistics — 0.1%
Flughafen Zuerich AG		720		481,508
Total Switzerland				15,351,197
Taiwan — 0.0%
Semiconductors — 0.0%
ChipMOS Technologies Bermuda Ltd. (d)		6,400		149,248
Silicon Motion Technology Corp. ADR (d)		2,400		56,760
United Microelectronics Corp. ADR		100		227
Total Taiwan				206,235
Thailand — 0.0%
Design Manufacturing & Distribution — 0.0%
Fabrinet (a)		1,500		26,610
Total Thailand				26,610
United Kingdom — 2.0%
Biotechnology & Pharmaceutical — 0.0%
GlaxoSmithKline PLC ADR (d)		6,300		269,262
Commercial Services — 0.0%
SSP Group PLC (a)		37,981		174,632
Insurance — 0.1%
Aviva PLC ADR		10,469		155,988
St James’s Place PLC		80,019		1,008,950
				1,164,938
Media — 1.4%
Liberty Global PLC (a)		271,730		13,127,276
Liberty Global PLC A Shares (a),(d)		83,875		4,210,945
				17,338,221
Medical Equipment/Devices — 0.0%
Smith & Nephew PLC ADR		11,800		433,532
Oil, Gas & Coal — 0.1%
BP PLC ADR (d)		26,100		994,932
Real Estate — 0.2%
Kennedy Wilson Europe Real Estate PLC		117,320		1,929,121
Recreation Facilities & Services — 0.0%
Manchester United PLC Class A (a)		800		12,720

See Notes to Consolidated Schedule of Investments.

9

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Semiconductors — 0.1%
ARM Holdings PLC ADR (e)		35,204	$	1,629,945
Telecommunications — 0.1%
BT Group PLC ADR		1,300		80,587
Vodafone Group PLC ADR (d)		49,000		1,674,330
				1,754,917
Transportation & Logistics — 0.0%
Navigator Holdings Ltd. (a)		1,000		21,060
Total United Kingdom				25,723,280
United States — 34.6%
Aerospace & Defense — 0.3%
AAR Corp.		200		5,556
Aerovironment, Inc. (a),(d)		3,800		103,550
Alliant Techsystems, Inc. (d)		5,411		629,029
Ducommun, Inc. (a)		100		2,528
Exelis, Inc. (d)		38,600		676,658
General Dynamics Corp.		400		55,048
Huntington Ingalls Industries, Inc.		100		11,246
L-3 Communications Holdings, Inc.		1,500		189,315
Moog, Inc. Class A (a)		300		22,209
Orbital Sciences Corp. (a),(d)		10,000		268,900
Precision Castparts Corp. (d),(e)		4,901		1,180,553
Spirit AeroSystems Holdings, Inc. Class A (a),(d)		6,700		288,368
TransDigm Group, Inc. (d)		2,700		530,145
				3,963,105
Apparel & Textile Products — 0.0%
Columbia Sportswear Co.		100		4,454
Perry Ellis International, Inc. (a),(d)		4,500		116,685
Skechers U.S.A., Inc. Class A (a)		3,500		193,375
				314,514
Asset Management — 1.3%
American Capital Ltd. (a),(d)		109,974		1,606,720
Apollo Investment Corp. (d)		62,100		460,782
Ares Capital Corp. (d)		134,600		2,100,433
BlackRock Kelso Capital Corp.		29,900		245,180
Caesars Acquisition Co. Class A (a)		4,600		47,426
Calamos Asset Management, Inc. Class A (d)		5,900		78,588
Carlyle Group LP		6,261		172,178
Charles Schwab Corp. (c),(d)		245,440		7,409,834
Fidus Investment Corp.		5,900		87,615
Fifth Street Finance Corp.		5,600		44,856
Firsthand Technology Value Fund, Inc.		400		7,460
Garrison Capital, Inc. (d)		3,000		43,320
Gladstone Capital Corp. (d)		7,900		65,333
Gladstone Investment Corp. (d)		8,500		59,500
Horizon Technology Finance Corp. (d)		2,500		34,975
Janus Capital Group, Inc.		44,700		721,011
KCAP Financial, Inc. (d)		17,200		117,304
Legg Mason, Inc. (d)		18,662		995,991
MCG Capital Corp.		300		1,149
Medallion Financial Corp. (d)		11,800		118,118
MVC Capital, Inc.		700		6,881
OHA Investment Corp. (d)		4,900		22,981
PennantPark Investment Corp. (d)		38,100		363,093
Solar Capital Ltd. (d)		16,200		291,762
Solar Senior Capital Ltd. (d)		4,200		62,874
Stellus Capital Investment Corp. (d)		1,300		15,314

See Notes to Consolidated Schedule of Investments.

10

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
THL Credit, Inc.		1,700	$	19,992
TICC Capital Corp. (d)		27,400		206,322
Triangle Capital Corp.		1,200		24,348
WhiteHorse Finance, Inc.		2,853		32,952
WisdomTree Investments, Inc.		45,614		714,999
				16,179,291
Automotive — 0.1%
American Axle & Manufacturing Holdings, Inc. (a)		800		18,072
BorgWarner, Inc. (d),(e)		21,349		1,173,128
Johnson Controls, Inc.		2,900		140,186
Lear Corp.		100		9,808
Modine Manufacturing Co. (a)		1,900		25,840
Motorcar Parts of America, Inc. (a)		200		6,218
Tenneco, Inc. (a)		1,000		56,610
Tower International, Inc. (a),(d)		7,300		186,515
Visteon Corp. (a)		200		21,372
				1,637,749
Banking — 2.3%
Ameris Bancorp		100		2,564
Arrow Financial Corp.		302		8,302
Astoria Financial Corp.		1,600		21,376
Bancorp, Inc. (a)		2,400		26,136
Bank Mutual Corp. (d)		5,900		40,474
Bank of Kentucky Financial Corp.		100		4,827
BankUnited, Inc.		41,651		1,206,629
BBCN Bancorp, Inc.		600		8,628
Beneficial Mutual Bancorp, Inc. (a),(d)		51,939		637,292
Blue Hills Bancorp, Inc. (a),(d)		5,400		73,332
Boston Private Financial Holdings, Inc.		4,800		64,656
Cathay General Bancorp		1,000		25,590
Centerstate Banks, Inc. (d)		1,075		12,803
Central Pacific Financial Corp.		4,300		92,450
Charter Financial Corp.		3,100		35,495
Chemical Financial Corp. (d)		2,900		88,856
Citigroup, Inc. (d)		139,439		7,545,044
City Holding Co.		700		32,571
Comerica, Inc. (d)		47,500		2,224,900
Cullen/Frost Bankers, Inc.		100		7,064
Dime Community Bancshares, Inc.		1,400		22,792
East West Bancorp, Inc.		8,400		325,164
EverBank Financial Corp. (d)		46,810		892,199
Farmers Capital Bank Corp. (a)		100		2,329
Fidelity Southern Corp.		2,200		35,442
Fifth Third Bancorp (d)		5,500		112,062
First Busey Corp.		1,500		9,765
First Citizens BancShares, Inc. Class A		5,543		1,401,215
First Connecticut Bancorp Inc./Farmington		100		1,632
First Financial Northwest, Inc.		500		6,020
First Interstate BancSystem, Inc. Class A		5,100		141,882
First Republic Bank (d)		13,958		727,491
First Security Group, Inc. (a)		1,800		4,068
Franklin Financial Corp. (a)		600		12,708
Heritage Commerce Corp.		1,100		9,713
HomeTrust Bancshares, Inc. (a),(d)		1,500		24,990
Hudson City Bancorp, Inc.		3,000		30,360
Hudson Valley Holding Corp.		1,500		40,740
Independent Bank Corp. (d)		2,500		32,625
Independent Bank Group, Inc.		200		7,812
Intervest Bancshares Corp.		300		3,015
Investors Bancorp, Inc.		10		112

See Notes to Consolidated Schedule of Investments.

11

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
JPMorgan Chase & Co.		3,079	$	192,684
Legacy Texas Financial Group		800		19,080
Macatawa Bank Corp.		100		544
Meridian Bancorp, Inc. (a),(d)		8,700		97,614
National Bankshares, Inc.		100		3,039
Northrim BanCorp, Inc.		100		2,624
Oritani Financial Corp. (d)		2,400		36,960
Pacific Continental Corp.		100		1,418
Pacific Premier Bancorp, Inc. (a)		300		5,199
Park Sterling Corp.		400		2,940
PNC Financial Services Group, Inc. (d)		32,370		2,953,115
Preferred Bank		600		16,734
Prosperity Bancshares, Inc.		300		16,608
Provident Financial Holdings, Inc.		600		9,078
Renasant Corp.		200		5,786
S&T Bancorp, Inc.		400		11,924
Signature Bank (a)		500		62,980
Southwest Bancorp, Inc.		2,900		50,344
Square 1 Financial, Inc. (a)		600		14,820
State Bank Financial Corp.		2,800		55,944
Sterling Bancorp		11,739		168,807
Susquehanna Bancshares, Inc.		800		10,744
SVB Financial Group (a)		900		104,463
Talmer Bancorp, Inc. Class A (d)		46,500		652,860
TCF Financial Corp.		4,000		63,560
Territorial Bancorp, Inc. (d)		1,000		21,550
Towne Bank		1,700		25,704
Trico Bancshares		1,100		27,170
TriState Capital Holdings, Inc. (a),(d)		4,400		45,056
TrustCo Bank Corp.		700		5,082
Union Bankshares Corp. (d)		238		5,731
United Community Financial Corp.		200		1,074
United Financial Bancorp, Inc. (d)		20		287
Univest Corp. of Pennsylvania		1,000		20,240
Valley National Bancorp		12		117
Wells Fargo & Co. (d)		134,784		7,388,859
WesBanco, Inc.		1,500		52,200
Western Alliance Bancorp (a)		1,500		41,700
Westfield Financial, Inc. (d)		1,500		11,010
Wilshire Bancorp, Inc.		2,800		28,364
Yadkin Financial Corp. (a)		200		3,930
Zions BanCorp. (d)		65,649		1,871,653
				30,112,721
Biotechnology & Pharmaceuticals — 7.8%
AbbVie, Inc. (d)		5,576		364,894
Achillion Pharmaceuticals, Inc. (a),(c)		19,181		234,967
Actavis PLC (a),(c),(e)		30,230		7,781,504
Alexion Pharmaceuticals, Inc. (a),(d),(e)		16,800		3,108,504
Alimera Sciences, Inc. (a)		200		1,108
Allergan, Inc. (d)		54,353		11,554,904
Amicus Therapeutics, Inc. (a),(d)		2,200		18,304
Anacor Pharmaceuticals, Inc. (a)		1,200		38,700
Anika Therapeutics, Inc. (a),(d)		1,400		57,036
ArQule, Inc. (a)		2,600		3,172
BioCryst Pharmaceuticals, Inc. (a),(d)		1,400		17,024
BioSpecifics Technologies Corp. (a)		400		15,448
Cambrex Corp. (a),(d)		3,900		84,318
Celgene Corp. (a),(e)		18,600		2,080,596
Cempra, Inc. (a)		700		16,457
Depomed, Inc. (a),(d)		11,300		182,043
Dyax Corp. (a),(d)		42,700		600,362

See Notes to Consolidated Schedule of Investments.

12

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Emergent Biosolutions, Inc. (a)		400	$	10,892
Endo International PLC (a),(c),(e)		88,256		6,365,023
Enzon Pharmaceuticals, Inc. (a)		400		436
Geron Corp. (a)		3,600		11,700
Gilead Sciences, Inc. (a),(d),(e)		83,305		7,852,329
Hospira, Inc. (a)		5,100		312,375
Immunomedics, Inc. (a)		100		480
Incyte Corp. (a),(d),(e)		32,800		2,398,008
Lannett Co., Inc. (a)		1,200		51,456
Ligand Pharmaceuticals, Inc. (a)		600		31,926
Mallinckrodt PLC (a),(c),(d),(e)		142,662		14,127,818
Medivation, Inc. (a),(c),(d),(e)		58,400		5,817,224
Merrimack Pharmaceuticals, Inc. (a)		11,900		134,470
Momenta Pharmaceuticals, Inc. (a)		900		10,836
Mylan, Inc. (a),(c),(d),(e)		36,000		2,029,320
NewLink Genetics Corp. (a)		300		11,925
NPS Pharmaceuticals, Inc. (a)		100		3,577
Omega Protein Corp. (a),(d)		2,500		26,425
Omeros Corp. (a),(d)		2,200		54,516
Pfizer, Inc. (e)		180,662		5,627,621
Phibro Animal Health Corp. Class A		2,400		75,720
Portola Pharmaceuticals, Inc. (a)		100		2,832
Pozen, Inc. (a),(d)		1,900		15,200
Puma Biotechnology, Inc. (a)		200		37,854
Receptos, Inc. (a)		1,100		134,761
Rigel Pharmaceuticals, Inc. (a),(d)		8,400		19,068
Salix Pharmaceuticals Ltd. (a),(c),(d),(e)		110,550		12,706,617
Sciclone Pharmaceuticals, Inc. (a),(d)		5,200		45,552
Sucampo Pharmaceuticals, Inc. Class A (a)		500		7,140
Sunesis Pharmaceuticals, Inc. (a)		2,700		6,885
Targacept, Inc. (a),(d)		7,900		20,777
USANA Health Sciences, Inc. (a)		1,200		123,108
Valeant Pharmaceuticals International, Inc. (a),(d),(e)		99,796		14,281,806
Vical, Inc. (a)		400		420
XenoPort, Inc. (a)		3,000		26,310
XOMA Corp. (a)		100		359
Zoetis, Inc. (d),(e)		52,200		2,246,166
				100,788,273
Chemicals — 0.2%
Air Products & Chemicals, Inc.		259		37,356
Cabot Corp.		300		13,158
Calgon Carbon Corp. (a)		1,700		35,326
Cytec Industries, Inc.		1,000		46,170
FutureFuel Corp.		100		1,302
GrafTech International Ltd. (a)		100		506
Innophos Holdings, Inc.		1,600		93,520
Intrepid Potash, Inc. (a),(d)		5,300		73,564
Kraton Performance Polymers, Inc. (a),(d)		1,800		37,422
Lydall, Inc. (a)		900		29,538
LyondellBasell Industries NV Class A		12,600		1,000,314
Minerals Technologies, Inc.		100		6,945
Mosaic Co.		6,800		310,420
OM Group, Inc. (d)		3,400		101,320
OMNOVA Solutions, Inc. (a),(d)		1,800		14,652
Quaker Chemical Corp.		500		46,020
Rockwood Holdings, Inc. (d)		9,100		717,080
Stepan Co.		1,900		76,152
Westlake Chemical Corp.		300		18,327
				2,659,092

See Notes to Consolidated Schedule of Investments.

13

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Commercial Services — 0.2%
ARC Document Solutions, Inc. (a),(d)		4,900	$	50,078
Barrett Business Services, Inc.		100		2,740
Brink’s Co.		4,100		100,081
CBIZ, Inc. (a)		300		2,568
CDI Corp. (d)		700		12,397
CDK Global, Inc.		1,433		58,409
Civeo Corp.		1,000		4,110
Collectors Universe, Inc. (d)		1,200		25,032
Computer Task Group, Inc. (d)		5,100		48,603
CorVel Corp. (a)		100		3,722
Courier Corp.		100		1,492
CRA International, Inc. (a)		4,000		121,280
Ennis, Inc.		700		9,429
Franklin Covey Co. (a)		200		3,872
FTI Consulting, Inc. (a)		3,400		131,342
Hackett Group, Inc. (d)		2,700		23,733
Heidrick & Struggles International, Inc.		500		11,525
Insperity, Inc.		1,800		61,002
Intersections, Inc. (d)		4,300		16,813
KAR Auction Services, Inc.		10,600		367,290
Kforce, Inc.		100		2,413
Korn/Ferry International (a)		700		20,132
Navigant Consulting, Inc. (a),(d)		4,500		69,165
PRGX Global, Inc. (a),(d)		5,400		30,888
Resources Connection, Inc.		300		4,935
ServiceMaster Global Holdings, Inc. (a),(d)		2,900		77,633
Towers Watson & Co. Class A		5,500		622,435
TrueBlue, Inc. (a)		3,300		73,425
				1,956,544
Construction Materials — 0.1%
Continental Building Products, Inc. (a)		4,200		74,466
Eagle Materials, Inc.		1,600		121,648
Headwaters, Inc. (a),(d)		7,400		110,926
MDU Resources Group, Inc.		6,800		159,800
Trex Co., Inc. (a)		100		4,258
Universal Forest Products, Inc.		100		5,320
US Concrete, Inc. (a)		100		2,845
Vulcan Materials Co. (d)		3,600		236,628
				715,891
Consumer Products — 0.3%
Alliance One International, Inc. (a)		600		948
Archer-Daniels-Midland Co.		300		15,600
Central Garden and Pet Co. Class A (a)		1,200		11,460
Chiquita Brands International, Inc. (a)		3,600		52,056
Coca-Cola Enterprises, Inc.		4,247		187,802
Coty, Inc. Class A (a)		22,100		456,586
Female Health Co.		600		2,352
Herbalife Ltd.		400		15,080
Inventure Foods, Inc. (a),(d)		2,000		25,480
John B Sanfilippo & Son, Inc. (a)		500		22,750
Mead Johnson Nutrition Co. (e)		15,726		1,581,092
Molson Coors Brewing Co. Class B		1,666		124,150
Mondelez International, Inc. Class A (d)		13,753		499,578
Philip Morris International, Inc. (d)		4,500		366,525
PICO Holdings, Inc. (a)		400		7,540
Pilgrim’s Pride Corp. (a),(d)		6,900		226,251
Revlon, Inc. Class A (a)		600		20,496

See Notes to Consolidated Schedule of Investments.

14

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Spectrum Brands Holdings, Inc.		300	$	28,704
Vector Group Ltd. (d)		4,526		96,449
				3,740,899
Consumer Services — 0.1%
American Public Education, Inc. (a)		4,900		180,663
Apollo Education Group, Inc. (a)		7,400		252,414
Bridgepoint Education, Inc. (a),(d)		2,500		28,300
Capella Education Co.		800		61,568
Career Education Corp. (a)		200		1,392
Carriage Services, Inc. (d)		500		10,475
Corinthian Colleges, Inc. (a)		200		13
Grand Canyon Education, Inc. (a),(d)		5,000		233,300
ITT Educational Services, Inc. (a)		1,000		9,610
K12, Inc. (a)		100		1,187
Universal Technical Institute, Inc.		400		3,936
				782,858
Containers & Packaging — 0.2%
Berry Plastics Group, Inc. (a),(d)		61,900		1,952,945
Crown Holdings, Inc. (a),(d)		3,000		152,700
Owens-Illinois, Inc. (a)		2,300		62,077
Sealed Air Corp.		10,100		428,543
				2,596,265
Design Manufacturing & Distribution — 0.1%
Anixter International, Inc. (a),(d)		1,700		150,382
Benchmark Electronics, Inc. (a),(d)		1,800		45,792
CTS Corp.		300		5,349
Flextronics International Ltd. (a),(d)		67,800		758,004
Jabil Circuit, Inc.		6,500		141,895
Plexus Corp. (a)		2,100		86,541
				1,187,963
Distributors—Consumer Staples — 0.0%
Andersons, Inc. (d)		1,900		100,966
Core-Mark Holding Co., Inc.		200		12,386
				113,352
Distributors—Discretionary — 0.0%
Ingram Micro, Inc. Class A (a)		4,900		135,436
Insight Enterprises, Inc. (a),(d)		3,800		98,382
ScanSource, Inc. (a),(d)		2,500		100,400
				334,218
Electrical Equipment — 0.9%
Acuity Brands, Inc.		2,500		350,175
Allegion PLC (d)		15,840		878,486
American Science & Engineering, Inc.		400		20,760
Argan, Inc. (d)		1,400		47,096
Checkpoint Systems, Inc. (a),(d)		4,800		65,904
China Recycling Energy Corp. (a)		400		301
FARO Technologies, Inc. (a)		2,400		150,432
General Electric Co.		20,066		507,068
Global Power Equipment Group, Inc.		400		5,524
Ingersoll-Rand PLC		75,328		4,775,042
Itron, Inc. (a),(d)		400		16,916
Keysight Technologies, Inc. (a),(d),(e)		151,100		5,102,647

See Notes to Consolidated Schedule of Investments.

15

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
OSI Systems, Inc. (a)		700	$	49,539
Rockwell Automation, Inc.		1,700		189,040
				12,158,930
Engineering & Construction Services — 0.3%
AECOM Technology Corp. (a),(d)		21,832		663,038
Chicago Bridge & Iron Co. NV		100		4,198
Comfort Systems USA, Inc. (d)		2,400		41,088
Dycom Industries, Inc. (a)		500		17,545
EMCOR Group, Inc.		100		4,449
Fluor Corp. (d)		12,600		763,938
Great Lakes Dredge & Dock Corp. (a)		2,900		24,824
Jacobs Engineering Group, Inc. (a),(d)		26,500		1,184,285
KBR, Inc. (d)		76,000		1,288,200
Kimball International, Inc. Class B (d)		2,300		20,976
Mistras Group, Inc. (a),(d)		500		9,165
MYR Group, Inc. (a)		500		13,700
Orion Marine Group, Inc. (a)		6,200		68,510
Quanta Services, Inc. (a)		400		11,356
Team, Inc. (a)		500		20,230
Tutor Perini Corp. (a),(d)		1,900		45,733
				4,181,235
Forest & Paper Products — 0.0%
Domtar Corp.		2,400		96,528
Mercer International, Inc. (a),(d)		11,100		136,419
PH Glatfelter Co.		100		2,557
Resolute Forest Products, Inc. (a),(d)		200		3,522
				239,026
Gaming, Lodging & Restaurants — 1.1%
Belmond Ltd. Class A (a)		700		8,659
BJ’s Restaurants, Inc. (a)		800		40,168
Bloomin’ Brands, Inc. (a),(d)		45,100		1,116,676
Bravo Brio Restaurant Group, Inc. (a)		5,400		75,114
Buffalo Wild Wings, Inc. (a),(d)		5,000		901,900
Carnival PLC ADR		200		8,998
Chipotle Mexican Grill, Inc. (a),(d)		1,900		1,300,569
Churchill Downs, Inc.		4,000		381,200
Cracker Barrel Old Country Store, Inc.		900		126,684
Denny’s Corp. (a),(d)		42,800		441,268
DineEquity, Inc. (d)		3,400		352,376
Domino’s Pizza, Inc. (d)		15,200		1,431,384
Dunkin’ Brands Group, Inc.		3,200		136,480
Hilton Worldwide Holdings, Inc. (a)		1,200		31,308
Hyatt Hotels Corp. Class A (a),(d)		6,200		373,302
Isle of Capri Casinos, Inc. (a),(d)		3,500		29,295
Jack in the Box, Inc.		1,600		127,936
Jamba, Inc. (a)		100		1,509
La Quinta Holdings, Inc. (a)		25,600		564,736
Marriott International, Inc. Class A (d)		26,400		2,059,992
MGM Resorts International (a),(d)		56,900		1,216,522
Monarch Casino & Resort, Inc. (a)		1,700		28,203
Morgans Hotel Group Co. (a),(d)		6,900		54,096
Noodles & Co. (a)		200		5,270
Papa John’s International, Inc.		2,600		145,080
Penn National Gaming, Inc. (a),(d)		27,400		376,202
Popeyes Louisiana Kitchen, Inc. (a)		2,100		118,167
Potbelly Corp. (a)		500		6,435
Red Robin Gourmet Burgers, Inc. (a)		1,000		76,975
Royal Caribbean Cruises Ltd.		400		32,972
Ruby Tuesday, Inc. (a)		5,300		36,252

See Notes to Consolidated Schedule of Investments.

16

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Ruth’s Hospitality Group, Inc. (d)		1,400	$	21,000
Starwood Hotels & Resorts Worldwide, Inc. (d)		8,500		689,095
Wynn Resorts Ltd. (d)		15,800		2,350,408
				14,666,231
Hardware — 0.6%
Apple, Inc. (d),(e)		9,685		1,069,030
Aviat Networks, Inc. (a)		1,400		2,100
Brocade Communications Systems, Inc. (d)		13,700		162,208
Clearfield, Inc. (a)		600		7,386
CommScope Holding Co., Inc. (a),(d)		7,000		159,810
Comtech Telecommunications Corp. (d)		3,100		97,712
Daktronics, Inc. (d)		1,100		13,761
Datalink Corp. (a)		1,300		16,770
Dolby Laboratories, Inc. Class A (d)		5,900		254,408
DTS, Inc. (a)		100		3,075
Eastman Kodak Co. (a)		100		2,171
Electronics For Imaging, Inc. (a)		100		4,283
F5 Networks, Inc. (a)		300		39,140
Harmonic, Inc. (a),(d)		600		4,206
Harris Corp.		1,364		97,962
Hutchinson Technology, Inc. (a)		4,600		16,100
Imation Corp. (a)		1,800		6,822
Immersion Corp. (a)		1,700		16,099
Juniper Networks, Inc.		4,500		100,440
Knowles Corp. (a)		1,100		25,905
KVH Industries, Inc. (a)		400		5,060
Mercury Systems, Inc. (a),(d)		4,500		62,640
NetApp, Inc.		400		16,580
Novatel Wireless, Inc. (a)		100		322
PC-Tel, Inc.		1,000		8,660
QLogic Corp. (a),(d)		32,100		427,572
Quantum Corp. (a)		200		352
Radisys Corp. (a)		200		468
Sanmina Corp. (a),(d)		3,800		89,414
Seagate Technology PLC (d)		25,500		1,695,750
ShoreTel, Inc. (a),(d)		3,200		23,520
Skullcandy, Inc. (a),(d)		2,200		20,218
Super Micro Computer, Inc. (a)		1,700		59,296
Telenav, Inc. (a),(d)		700		4,669
VeriFone Systems, Inc. (a)		300		11,160
ViaSat, Inc. (a),(d)		3,300		207,999
Vicor Corp. (a)		700		8,470
VOXX International Corp. (a),(d)		1,700		14,892
Westell Technologies, Inc. Class A (a)		200		300
Western Digital Corp. (d)		24,700		2,734,290
				7,491,020
Health Care Facilities/Services — 1.9%
Alliance HealthCare Services, Inc. (a)		1,400		29,386
Amedisys, Inc. (a),(d)		2,400		70,440
AmerisourceBergen Corp. (d)		2,200		198,352
Bio-Reference Laboratories, Inc. (a)		700		22,491
Cardinal Health, Inc. (e)		37,300		3,011,229
Cigna Corp.		200		20,582
Covance, Inc. (a)		600		62,304
Digirad Corp. (d)		2,200		9,592
Five Star Quality Care, Inc. (a),(d)		3,300		13,695
Genomic Health, Inc. (a)		500		15,985
Gentiva Health Services, Inc. (a)		1,000		19,050
HCA Holdings, Inc. (a),(d)		67,170		4,929,607
Health Net, Inc. (a),(d)		2,200		117,766

See Notes to Consolidated Schedule of Investments.

17

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Healthways, Inc. (a)		2,200	$	43,736
IPC Healthcare, Inc. (a)		1,200		55,068
Laboratory Corp. of America Holdings (a),(c),(d),(e)		34,100		3,679,390
LHC Group, Inc. (a)		100		3,118
Magellan Health, Inc. (a),(d)		400		24,012
McKesson Corp. (d),(e)		15,900		3,300,522
Omnicare, Inc. (c),(d),(e)		75,525		5,508,038
Premier, Inc. Class A (a)		400		13,412
Quintiles Transnational Holdings, Inc. (a)		400		23,548
RadNet, Inc. (a),(d)		2,700		23,058
Select Medical Holdings Corp. (d)		10,600		152,640
Skilled Healthcare Group, Inc. Class A (a)		3,800		32,566
Team Health Holdings, Inc. (a)		500		28,765
Universal American Corp. (a),(d)		800		7,424
Universal Health Services, Inc. Class B (d),(e)		29,800		3,315,548
				24,731,324
Home & Office Products — 0.3%
ACCO Brands Corp. (a),(d)		8,500		76,585
American Woodmark Corp. (a),(d)		2,500		101,100
Blount International, Inc. (a),(d)		2,100		36,897
Century Communities, Inc. (a)		800		13,824
Griffon Corp.		100		1,330
Herman Miller, Inc.		1,400		41,202
La-Z-Boy, Inc.		100		2,684
Masco Corp. (d)		45,400		1,144,080
PulteGroup, Inc. (d)		13,700		294,002
Select Comfort Corp. (a),(d)		6,900		186,507
Toll Brothers, Inc. (a)		6,900		236,463
Whirlpool Corp. (d),(e)		8,192		1,587,118
				3,721,792
Industrial Services — 0.2%
Furmanite Corp. (a),(d)		3,100		24,242
H&E Equipment Services, Inc. (d)		900		25,281
HD Supply Holdings, Inc. (a),(d)		83,389		2,459,142
				2,508,665
Institutional Financial Service — 0.1%
Greenhill & Co., Inc. (d)		4,300		187,480
INTL. FCStone, Inc. (a)		100		2,057
Investment Technology Group, Inc. (a)		2,100		43,722
Moelis & Co. Class A		3,900		136,227
Northern Trust Corp. (d)		11,184		753,801
Raymond James Financial, Inc. (d)		12,909		739,557
				1,862,844
Insurance — 1.3%
Aflac, Inc. (d)		4,300		262,687
Allstate Corp. (d)		10,571		742,613
Ambac Financial Group, Inc. (a)		200		4,900
American International Group, Inc. (d)		63,633		3,564,084
Ameriprise Financial, Inc.		8,926		1,180,463
AMERISAFE, Inc.		200		8,472
AmTrust Financial Services, Inc.		30		1,687
Assured Guaranty Ltd.		123,792		3,217,354
Crawford & Co. Class B		200		2,056
Employers Holdings, Inc.		4,800		112,848
FBL Financial Group, Inc. Class A (d)		1,200		69,636
Genworth Financial, Inc. Class A (a),(d)		84,000		714,000
Hanover Insurance Group, Inc.		400		28,528

See Notes to Consolidated Schedule of Investments.

18

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Hartford Financial Services Group, Inc.		40,994	$	1,709,040
Maiden Holdings Ltd.		3,000		38,370
National General Holdings Corp.		100		1,861
NMI Holdings, Inc. Class A (a)		700		6,391
OneBeacon Insurance Group Ltd. Class A		700		11,340
Primerica, Inc.		15,052		816,722
Principal Financial Group, Inc. (d)		13,821		717,863
Progressive Corp.		700		18,893
Prudential Financial, Inc. (d)		7,417		670,942
RPX Corp. (a),(d)		4,700		64,766
Selective Insurance Group, Inc.		1,700		46,189
State Auto Financial Corp.		1,264		28,086
Symetra Financial Corp.		300		6,915
Third Point Reinsurance Ltd. (a),(d)		4,700		68,103
United Fire Group, Inc.		100		2,973
United Insurance Holdings Corp.		200		4,390
Universal Insurance Holdings, Inc.		4,300		87,935
Voya Financial, Inc. (d)		61,300		2,597,894
				16,808,001
Iron & Steel — 0.0%
Northwest Pipe Co. (a)		100		3,012
Shiloh Industries, Inc. (a)		800		12,584
SunCoke Energy, Inc.		200		3,868
				19,464
Leisure Products — 0.0%
Arctic Cat, Inc.		200		7,100
Black Diamond, Inc. (a)		1,300		11,375
Fox Factory Holding Corp. (a)		600		9,738
JAKKS Pacific, Inc. (a)		500		3,400
Johnson Outdoors, Inc. Class A		100		3,120
Nautilus, Inc. (a)		300		4,554
				39,287
Machinery — 0.1%
AGCO Corp.		500		22,600
Alamo Group, Inc.		200		9,688
Altra Industrial Motion Corp.		700		19,873
China Yuchai International Ltd.		3,000		57,000
CIRCOR International, Inc.		2,000		120,560
Federal Signal Corp.		200		3,088
Flowserve Corp.		2,900		173,507
Graham Corp.		100		2,877
Hyster-Yale Materials Handling, Inc.		100		7,320
Intevac, Inc. (a)		800		6,216
Joy Global, Inc. (d)		8,100		376,812
MTS Systems Corp.		100		7,503
Parker-Hannifin Corp. (d)		1,000		128,950
Rofin-Sinar Technologies, Inc. (a),(d)		4,100		117,957
Titan International, Inc.		300		3,189
Xerium Technologies, Inc. (a)		800		12,624
				1,069,764
Manufactured Goods — 0.0%
Aegion Corp. (a),(d)		1,500		27,915
Ampco-Pittsburgh Corp. (d)		1,500		28,875
Chart Industries, Inc. (a)		4,500		153,900
Dynamic Materials Corp. (d)		900		14,418
Gibraltar Industries, Inc. (a)		300		4,878

See Notes to Consolidated Schedule of Investments.

19

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Insteel Industries, Inc.		300	$	7,074
Rogers Corp. (a)		600		48,864
				285,924
Media — 3.3%
Alliance Data Systems Corp. (a)		41		11,728
AOL, Inc. (a)		900		41,553
Bankrate, Inc. (a)		1,700		21,131
Bazaarvoice, Inc. (a)		700		5,628
Boingo Wireless, Inc. (a),(d)		5,100		39,117
Charter Communications, Inc. Class A (a),(c)		17,591		2,931,012
Clear Channel Outdoor Holdings, Inc. Class A (d)		8,000		84,720
Comcast Corp. Class A (d),(e)		204,509		11,863,567
Dice Holdings, Inc. (a),(d)		15,200		152,152
DIRECTV (a),(d)		16,400		1,421,880
DISH Network Corp. Class A (a),(d)		29,600		2,157,544
EchoStar Corp. Class A (a)		1,400		73,500
Entravision Communications Corp. Class A		100		648
Eros International PLC (a)		700		14,812
EW Scripps Co. Class A (a)		700		15,645
Expedia, Inc.		600		51,216
Facebook, Inc. Class A (a),(d),(e)		100,114		7,810,894
Google, Inc. Class A (a)		436		231,368
Google, Inc. Class C (a),(d)		1,075		565,880
GrubHub, Inc. (a),(d)		3,800		138,016
Harte-Hanks, Inc. (d)		4,400		34,056
HealthStream, Inc. (a)		400		11,792
Houghton Mifflin Harcourt Co. (a)		9,700		200,887
IAC/InterActiveCorp		5,800		352,582
Journal Communications, Inc. Class A (a),(d)		6,300		72,009
Liberty Ventures Series A (a)		2,500		94,300
Martha Stewart Living Omnimedia, Inc. Class A (a)		100		431
McClatchy Co. Class A (a)		3,100		10,292
MDC Partners, Inc. Class A		250		5,680
Monster Worldwide, Inc. (a),(d)		16,200		74,844
National CineMedia, Inc. (d)		12,300		176,751
News Corp. Class A (a),(d)		78,700		1,234,803
Nexstar Broadcasting Group, Inc. Class A (d)		11,400		590,406
Orbitz Worldwide, Inc. (a),(d)		28,500		234,555
QuinStreet, Inc. (a)		300		1,821
Starz Class A (a)		201		5,970
TechTarget, Inc. (a),(d)		4,500		51,165
Time Warner Cable, Inc. (d)		21,200		3,223,672
Time, Inc. (a),(d)		3,500		86,135
Trulia, Inc. (a),(d)		3,400		156,502
Twenty-First Century Fox, Inc. Class A (c),(d)		100,563		3,862,122
VeriSign, Inc. (a),(d)		7,500		427,500
Walt Disney Co.		5,122		482,441
XO Group, Inc. (a)		2,000		36,420
Yahoo!, Inc. (a),(d)		59,000		2,980,090
				42,039,237
Medical Equipment/Devices — 3.1%
ABIOMED, Inc. (a)		1,600		60,896
Affymetrix, Inc. (a)		13,000		128,310
Agilent Technologies, Inc. (d),(e)		97,400		3,987,556
Alphatec Holdings, Inc. (a)		100		141
AngioDynamics, Inc. (a),(d)		6,300		119,763
Boston Scientific Corp. (a),(d),(e)		402,100		5,327,825
CONMED Corp. (d)		300		13,488
Covidien PLC (d)		59,211		6,056,101
CR Bard, Inc. (d)		1,200		199,944

See Notes to Consolidated Schedule of Investments.

20

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
CryoLife, Inc.		3,400	$	38,522
Cutera, Inc. (a)		600		6,408
Cyberonics, Inc. (a),(d)		10,600		590,208
Danaher Corp. (d),(e)		32,600		2,794,146
Edwards Lifesciences Corp. (a),(d)		7,000		891,660
Exactech, Inc. (a)		1,100		25,927
GenMark Diagnostics, Inc. (a)		1,700		23,137
Globus Medical, Inc. Class A (a)		4,700		111,719
Harvard Bioscience, Inc. (a)		600		3,402
ICU Medical, Inc. (a),(d)		2,400		196,560
Illumina, Inc. (a),(c),(d),(e)		27,500		5,075,950
Inogen, Inc. (a)		2,600		81,562
Intuitive Surgical, Inc. (a),(d),(e)		4,100		2,168,654
Luminex Corp. (a),(d)		1,500		28,140
Masimo Corp. (a),(d)		8,000		210,720
Meridian Bioscience, Inc.		2,100		34,566
Merit Medical Systems, Inc. (a)		700		12,131
Nanosphere, Inc. (a)		800		314
NuVasive, Inc. (a)		500		23,580
NxStage Medical, Inc. (a)		400		7,172
OraSure Technologies, Inc. (a)		4,300		43,602
Orthofix International NV (a),(d)		4,400		132,264
Pacific Biosciences of California, Inc. (a)		1,500		11,760
RTI Surgical, Inc. (a),(d)		1,800		9,360
St Jude Medical, Inc. (d),(e)		3,600		234,108
SurModics, Inc. (a)		400		8,840
Thermo Fisher Scientific, Inc. (d),(e)		42,800		5,362,412
Tornier NV (a),(d)		12,900		328,950
Vascular Solutions, Inc. (a)		800		21,728
Waters Corp. (a),(e)		1,200		135,264
Wright Medical Group, Inc. (a),(d)		45,400		1,219,898
Zeltiq Aesthetics, Inc. (a)		3,600		100,476
Zimmer Holdings, Inc. (d),(e)		39,900		4,525,458
				40,352,622
Metals & Mining — 0.0%
Century Aluminum Co. (a),(d)		3,300		80,520
Encore Wire Corp.		1,600		59,728
Royal Gold, Inc.		1,100		68,970
				209,218
Oil, Gas & Coal — 2.2%
Anadarko Petroleum Corp.		794		65,505
Baker Hughes, Inc. (d)		215,325		12,073,273
California Resources Corp. (a)		5,600		30,856
Cameron International Corp. (a)		4,900		244,755
Cheniere Energy, Inc. (a),(d)		20,500		1,443,200
Cimarex Energy Co.		200		21,200
Clayton Williams Energy, Inc. (a),(d)		2,500		159,500
Cloud Peak Energy, Inc. (a),(d)		9,600		88,128
ConocoPhillips		1,900		131,214
CVR Energy, Inc. (d)		4,100		158,711
Dawson Geophysical Co.		3,700		45,251
Denbury Resources, Inc.		17,200		139,836
Devon Energy Corp.		700		42,847
Diamond Offshore Drilling, Inc.		3,900		143,169
Energen Corp.		200		12,752
Energy Transfer Equity LP		2,011		115,391
Ensco PLC Class A		900		26,955
EOG Resources, Inc.		1,502		138,289
EP Energy Corp. Class A (a)		100		1,044
EQT Corp. (d)		10,600		802,420

See Notes to Consolidated Schedule of Investments.

21

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Evolution Petroleum Corp. (d)		500	$	3,715
Frank’s International NV		3,600		59,868
Gulf Island Fabrication, Inc.		300		5,817
Halliburton Co. (d)		76,500		3,008,745
Helmerich & Payne, Inc. (d)		6,300		424,746
Key Energy Services, Inc. (a)		2,200		3,674
Marathon Oil Corp. (d)		24,300		687,447
Marathon Petroleum Corp. (d)		12,800		1,155,328
Matrix Service Co. (a)		1,900		42,408
McDermott International, Inc. (a)		2,600		7,566
Mitcham Industries, Inc. (a)		600		3,558
MRC Global, Inc. (a)		1,800		27,270
Murphy Oil Corp. (d)		6,000		303,120
Nabors Industries Ltd. (d)		58,300		756,734
National Oilwell Varco, Inc. (d)		2,300		150,719
Natural Gas Services Group, Inc. (a)		300		6,912
Newfield Exploration Co. (a),(d)		15,800		428,496
Noble Corp. PLC		14,000		231,980
NOW, Inc. (a)		1,500		38,595
ONEOK, Inc.		5,100		253,929
Patterson-UTI Energy, Inc.		2,200		36,498
Penn Virginia Corp. (a)		500		3,340
Pioneer Natural Resources Co.		159		23,667
SEACOR Holdings, Inc. (a)		100		7,381
Southwestern Energy Co. (a),(d)		69,300		1,891,197
Targa Resources Corp. (d)		2,200		233,310
Tesco Corp. (d)		3,400		43,588
Tesoro Corp.		1,200		89,220
TETRA Technologies, Inc. (a)		100		668
Unit Corp. (a),(d)		1,400		47,740
Valero Energy Corp. (d)		29,300		1,450,350
Vantage Drilling Co. (a)		400		196
Warren Resources, Inc. (a),(d)		16,100		25,921
Westmoreland Coal Co. (a),(d)		2,000		66,420
Whiting Petroleum Corp. (a),(d)		16,849		556,017
WPX Energy, Inc. (a),(d)		21,800		253,534
				28,213,970
Passenger Transportation — 0.3%
American Airlines Group, Inc. (d)		23,200		1,244,216
Hawaiian Holdings, Inc. (a),(d)		17,000		442,850
JetBlue Airways Corp. (a)		14,300		226,798
Republic Airways Holdings, Inc. (a)		400		5,836
Southwest Airlines Co. (d)		17,400		736,368
Spirit Airlines, Inc. (a),(d)		9,738		735,998
United Continental Holdings, Inc. (a)		100		6,689
				3,398,755
Real Estate — 1.6%
Agree Realty Corp.		2,600		80,834
American Assets Trust, Inc.		100		3,981
American Residential Properties, Inc. (a),(d)		200		3,514
Armada Hoffler Properties, Inc. (d)		10,300		97,747
Ashford Hospitality Prime, Inc.		1,300		22,308
Aviv REIT, Inc.		8,100		279,288
Capital Senior Living Corp. (a)		1,300		32,383
Cedar Realty Trust, Inc.		1,300		9,542
Chambers Street Properties		400		3,224
Crown Castle International Corp. (e)		13,087		1,029,947
Equity LifeStyle Properties, Inc.		1,000		51,550
FelCor Lodging Trust, Inc.		6,400		69,248
Forest City Enterprises, Inc. Class A (a),(d)		95,204		2,027,845

See Notes to Consolidated Schedule of Investments.

22

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Franklin Street Properties Corp.		600	$	7,362
Gladstone Commercial Corp. (d)		7,200		123,624
iStar Financial, Inc. (a)		13,500		184,275
Kennedy-Wilson Holdings, Inc. (d)		35,597		900,604
Lamar Advertising Co. Class A (c)		199,967		10,726,230
Omega Healthcare Investors, Inc. (d)		7,100		277,397
Parkway Properties Inc./Md		38		699
Realogy Holdings Corp. (a),(c)		85,855		3,819,689
Rouse Properties, Inc.		2,900		53,708
Sabra Health Care REIT, Inc.		1,700		51,629
Select Income REIT (d)		2,600		63,466
Strategic Hotels & Resorts, Inc. (a)		44		582
Taubman Centers, Inc.		1,200		91,704
Terreno Realty Corp.		1,100		22,693
Urstadt Biddle Properties, Inc. Class A		1,100		24,068
				20,059,141
Recreation Facilities & Services — 0.1%
Carmike Cinemas, Inc. (a),(d)		2,200		57,794
ClubCorp Holdings, Inc.		5,500		98,615
Diamond Resorts International, Inc. (a),(d)		3,000		83,700
International Speedway Corp. Class A		100		3,165
Madison Square Garden Co. Class A (a)		2,500		188,150
Marcus Corp.		400		7,404
SeaWorld Entertainment, Inc.		14,800		264,920
Six Flags Entertainment Corp.		4,600		198,490
Speedway Motorsports, Inc.		1,800		39,366
Town Sports International Holdings, Inc. (d)		3,700		22,015
				963,619
Renewable Energy — 0.0%
Broadwind Energy, Inc. (a)		1,000		5,390
First Solar, Inc. (a)		1,800		80,271
Renewable Energy Group, Inc. (a)		900		8,739
REX American Resources Corp. (a),(d)		2,900		179,713
				274,113
Retail—Consumer Staples — 0.4%
CVS Health Corp. (d)		6,981		672,340
Dollar General Corp. (a)		44,893		3,173,935
Pantry, Inc. (a)		2,300		85,238
Rite Aid Corp. (a),(d)		228,400		1,717,568
TravelCenters of America LLC (a),(d)		6,100		76,982
				5,726,063
Retail Discretionary — 0.7%
1-800-Flowers.com, Inc. Class A (a),(d)		5,300		43,672
Asbury Automotive Group, Inc. (a)		800		60,736
Ascena Retail Group, Inc. (a)		7,300		91,688
Avis Budget Group, Inc. (a),(d)		300		19,899
Beacon Roofing Supply, Inc. (a)		300		8,340
Big 5 Sporting Goods Corp. (d)		8,200		119,966
Boise Cascade Co. (a)		2,000		74,300
Brown Shoe Co., Inc.		1,500		48,225
Burlington Stores, Inc. (a),(d)		21,400		1,011,364
Citi Trends, Inc. (a),(d)		4,900		123,725
eBay, Inc. (a)		2,302		129,188
EVINE Live, Inc. (a)		500		3,295
Ezcorp, Inc. Class A (a),(d)		600		7,050
Gap, Inc.		100		4,211
GNC Holdings, Inc. Class A		3,668		172,249

See Notes to Consolidated Schedule of Investments.

23

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Gordmans Stores, Inc. (a),(d)		1,100	$	3,003
Hibbett Sports, Inc. (a)		400		19,372
Home Depot, Inc. (d)		10,400		1,091,688
Kirkland’s, Inc. (a)		1,100		26,004
L Brands, Inc. (d)		34,700		3,003,285
Lands’ End, Inc. (a)		100		5,396
Liberty Interactive Corp. Class A (a)		500		14,710
Liquidity Services, Inc. (a)		100		817
Lowe’s Cos., Inc. (d)		4,093		281,598
Lulemon Athletica, Inc. (a),(d)		6,900		384,951
MarineMax, Inc. (a),(d)		3,100		62,155
New York & Co., Inc. (a)		300		792
Overstock.com, Inc. (a)		5,700		138,339
PetMed Express, Inc.		600		8,622
PHH Corp. (a)		3,500		83,860
Shoe Carnival, Inc.		700		17,983
Stage Stores, Inc.		100		2,070
Staples, Inc.		12,100		219,252
Stein Mart, Inc.		1,300		19,006
Tilly’s, Inc. Class A (a)		1,800		17,442
TJX Cos., Inc.		3,900		267,462
Tuesday Morning Corp. (a)		800		17,360
Ulta Salon Cosmetics & Fragrance, Inc. (a),(d)		13,400		1,713,056
United Online, Inc. (d)		3,342		48,626
Williams-Sonoma, Inc. (d)		1,958		148,182
				9,512,939
Semiconductors — 1.1%
Alpha & Omega Semiconductor Ltd. (a)		1,900		16,815
Applied Materials, Inc. (d),(e)		46,999		1,171,215
Axcelis Technologies, Inc. (a),(d)		200		512
Cabot Microelectronics Corp. (a)		1,000		47,320
Cascade Microtech, Inc. (a)		600		8,766
CEVA, Inc. (a)		700		12,698
Coherent, Inc. (a)		100		6,072
Cohu, Inc.		2,400		28,560
Cree, Inc. (a),(d)		18,000		579,960
Cypress Semiconductor Corp.		24,600		351,288
Diodes, Inc. (a)		300		8,271
DSP Group, Inc. (a)		800		8,696
Entegris, Inc. (a)		100		1,321
Entropic Communications, Inc. (a)		900		2,277
FormFactor, Inc. (a),(d)		2,800		24,080
Freescale Semiconductor Ltd. (a)		4,300		108,489
GSI Technology, Inc. (a)		518		2,585
Inphi Corp. (a)		100		1,848
Integrated Device Technology, Inc. (a),(d)		2,600		50,960
Integrated Silicon Solution, Inc.		300		4,971
Kemet Corp. (a),(d)		1,300		5,460
KLA-Tencor Corp. (d)		13,200		928,224
Lattice Semiconductor Corp. (a),(d)		12,600		86,814
M/A-COM Technology Solutions Holdings, Inc. (a)		300		9,384
Marvell Technology Group Ltd.		800		11,600
Maxim Integrated Products, Inc. (e)		28,190		898,415
Micron Technology, Inc. (a),(d)		94,084		3,293,881
MKS Instruments, Inc.		1,200		43,920
Monolithic Power Systems, Inc.		400		19,896
Nanometrics, Inc. (a)		300		5,046
Newport Corp. (a),(d)		2,800		53,508
NVE Corp. (a)		200		14,158
Pericom Semiconductor Corp. (a)		5,700		77,178
Photronics, Inc. (a),(d)		6,300		52,353

See Notes to Consolidated Schedule of Investments.

24

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Qualcomm, Inc.		4,566	$	339,391
Rambus, Inc. (a),(d)		600		6,654
RF Micro Devices, Inc. (a),(d)		139,200		2,309,328
Richardson Electronics Ltd. (d)		1,000		10,000
Rudolph Technologies, Inc. (a),(d)		2,700		27,621
Sigma Designs, Inc. (a),(d)		4,600		34,040
Silicon Image, Inc. (a),(d)		4,500		24,840
Silicon Laboratories, Inc. (a),(d)		900		42,858
Spansion, Inc. Class A (a)		15,100		516,722
Tessera Technologies, Inc.		600		21,456
TriQuint Semiconductor, Inc. (a),(d)		115,800		3,190,290
Ultra Clean Holdings, Inc. (a),(d)		3,500		32,480
Ultratech, Inc. (a),(d)		2,800		51,968
				14,544,189
Software — 0.7%
Actuate Corp. (a),(d)		10,600		69,960
Acxiom Corp. (a),(d)		3,900		79,053
Adobe Systems, Inc. (a),(d)		5,200		378,040
Advent Software, Inc. (d)		2,500		76,600
Agilysys, Inc. (a)		700		8,813
American Software, Inc. Class A		300		2,733
Autodesk, Inc. (a),(d)		13,700		822,822
AVG Technologies NV (a),(d)		4,700		92,778
BroadSoft, Inc. (a)		1,100		31,922
Calix, Inc. (a)		900		9,018
Callidus Software, Inc. (a)		2,500		40,825
Carbonite, Inc. (a)		2,300		32,821
CommVault Systems, Inc. (a),(d)		400		20,676
Constant Contact, Inc. (a)		2,600		95,420
Digi International, Inc. (a)		2,600		24,154
Ebix, Inc.		800		13,592
Envestnet, Inc. (a)		18,378		903,095
Epiq Systems, Inc.		200		3,416
Infoblox, Inc. (a)		6,600		133,386
Intralinks Holdings, Inc. (a)		7,500		89,250
Limelight Networks, Inc. (a),(d)		2,400		6,648
Lionbridge Technologies, Inc. (a),(d)		3,300		18,975
Merge Healthcare, Inc. (a)		9,000		32,040
Microsoft Corp. (d)		8,000		371,600
MicroStrategy, Inc. Class A (a)		100		16,240
Model N, Inc. (a)		3,700		39,294
Monotype Imaging Holdings, Inc.		2,300		66,309
Palo Alto Networks, Inc. (a),(d)		7,500		919,275
PDF Solutions, Inc. (a)		1,700		25,262
Progress Software Corp. (a)		3,600		97,272
Quality Systems, Inc. (d)		7,000		109,130
Qualys, Inc. (a)		400		15,100
Rackspace Hosting, Inc. (a)		5,100		238,731
RealNetworks, Inc. (a),(d)		3,300		23,232
salesforce.com, Inc. (a),(d),(e)		20,404		1,210,161
Seachange International, Inc. (a)		3,100		19,778
ServiceNow, Inc. (a),(e)		14,135		959,060
Support.com, Inc. (a)		2,500		5,275
VASCO Data Security International, Inc. (a),(d)		300		8,463
Veeva Systems, Inc. Class A (a)		4,700		124,127
VMware, Inc. Class A (a),(d)		16,400		1,353,328
Zendesk, Inc. (a)		1,100		26,807
				8,614,481
Specialty Finance — 0.5%
AG Mortgage Investment Trust, Inc.		200		3,714

See Notes to Consolidated Schedule of Investments.

25

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
American Capital Agency Corp. (d)		55,435	$	1,210,146
American Capital Mortgage Investment Corp. (d)		7,400		139,416
Annaly Capital Management, Inc.		5,400		58,374
Apollo Commercial Real Estate Finance, Inc. (d)		8,600		140,696
Arbor Realty Trust, Inc. (d)		4,000		27,080
Arlington Asset Investment Corp. Class A		4,600		122,406
Cash America International, Inc.		1,000		22,620
Cherry Hill Mortgage Investment Corp. (d)		2,300		42,527
Chimera Investment Corp. (d)		282,000		896,760
CIT Group, Inc.		8,651		413,777
Consumer Portfolio Services, Inc. (a),(d)		2,000		14,720
Dynex Capital, Inc.		10,800		89,100
Ellington Residential Mortgage REIT (d)		5,800		94,366
Essent Group Ltd. (a)		300		7,713
Fiserv, Inc. (a),(d)		5,600		397,432
Five Oaks Investment Corp.		1,300		14,040
FleetCor Technologies, Inc. (a),(d)		2,000		297,420
FNFV Group (a)		34		535
Global Cash Access Holdings, Inc. (a),(d)		16,600		118,690
Ladder Capital Corp. (a)		100		1,961
MasterCard, Inc. Class A (e)		10,193		878,229
MFA Financial, Inc.		300		2,397
New Residential Investment Corp.		48,250		616,153
Newcastle Investment Corp.		283		1,271
On Deck Capital, Inc. (a)		556		12,471
Orchid Island Capital, Inc.		2,600		33,930
PennyMac Mortgage Investment Trust (d)		17,600		371,184
SLM Corp.		900		9,171
Springleaf Holdings, Inc. (a)		200		7,234
Stewart Information Services Corp.		600		22,224
Walker & Dunlop, Inc. (a)		5,700		99,978
ZAIS Financial Corp. (d)		1,400		24,150
				6,191,885
Technology Services — 0.1%
Amdocs Ltd.		500		23,327
CACI International, Inc. Class A (a)		100		8,618
CDW Corp.		200		7,034
Ciber, Inc. (a),(d)		5,000		17,750
Cognizant Technology Solutions Corp. Class A (a)		1,100		57,926
comScore, Inc. (a)		1,400		65,002
Cubic Corp.		3,300		173,712
EPAM Systems, Inc. (a)		2,700		128,925
ExlService Holdings, Inc. (a),(d)		4,600		132,066
Leidos Holdings, Inc.		12,400		539,648
Luxoft Holding, Inc. (a)		7,700		296,527
ManTech International Corp. Class A		600		18,138
MAXIMUS, Inc.		600		32,904
NIC, Inc. (d)		3,000		53,970
Perficient, Inc. (a),(d)		2,900		54,027
Sykes Enterprises, Inc. (a)		3,600		84,492
TeleTech Holdings, Inc. (a)		200		4,736
Unisys Corp. (a)		700		20,636
				1,719,438
Telecommunications — 0.4%
Cincinnati Bell, Inc. (a)		100		319
Cogent Communications Holdings, Inc.		400		14,156
Consolidated Communications Holdings, Inc. (d)		1,800		50,094
Equinix, Inc. (d)		3,448		781,765
FairPoint Communications, Inc. (a),(d)		2,900		41,209
General Communication, Inc. Class A (a),(d)		9,700		133,375

See Notes to Consolidated Schedule of Investments.

26

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Hawaiian Telcom Holdco, Inc. (a)		1,100	$	30,327
IDT Corp. Class B		1,100		22,341
Inteliquent, Inc.		16,200		318,006
Internap Corp. (a)		4,100		32,636
Level 3 Communications, Inc. (a),(d)		24,050		1,187,589
Lumos Networks Corp.		700		11,774
ORBCOMM, Inc. (a)		100		654
Premiere Global Services, Inc. (a),(d)		2,300		24,426
Shenandoah Telecommunications Co.		200		6,250
Spok Holdings, Inc. (d)		800		13,888
T-Mobile US, Inc. (a),(d)		101,180		2,725,789
TeleCommunication Systems, Inc. Class A (a)		600		1,872
West Corp. (d)		1,300		42,900
Zix Corp. (a),(d)		4,800		17,280
				5,456,650
Transportation & Logistics — 0.1%
Air Transport Services Group, Inc. (a),(d)		4,100		35,096
ArcBest Corp.		100		4,637
Atlas Air Worldwide Holdings, Inc. (a)		700		34,510
Con-way, Inc. (d)		2,400		118,032
Quality Distribution, Inc. (a),(d)		7,600		80,864
Saia, Inc. (a)		200		11,072
Scorpio Bulkers, Inc. (a)		13,500		26,595
Stamps.com, Inc. (a)		2,700		129,573
Swift Transportation Co. (a)		14,400		412,272
Union Pacific Corp.		3,144		374,545
UTi Worldwide, Inc. (a),(d)		4,200		50,694
				1,277,890
Transportation Equipment — 0.1%
Allison Transmission Holdings, Inc.		24,200		820,380
Spartan Motors, Inc.		200		1,052
				821,432
Utilities — 0.1%
California Water Service Group		3,000		73,830
Calpine Corp. (a)		1,000		22,130
CenterPoint Energy, Inc. (d)		17,900		419,397
Integrys Energy Group, Inc.		2,200		171,270
Middlesex Water Co.		400		9,224
Pinnacle West Capital Corp. (d)		34		2,322
Unitil Corp.		500		18,335
				716,508
Waste & Environmental Service Equipment & Facility — 0.0%
Casella Waste Systems, Inc. Class A (a),(d)		4,800		19,392
Ceco Environmental Corp. (d)		42		653
Fuel Tech, Inc. (a)		100		383
Waste Connections, Inc.		500		21,995
				42,423
Total United States				447,000,815
TOTAL COMMON STOCK (COST $578,646,497)				592,136,789
PREFERRED STOCK — 0.0%
Germany — 0.0%
Automotive — 0.0%
Volkswagen AG Preference Shares		1,365		303,379

See Notes to Consolidated Schedule of Investments.

27

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Total Germany			$	303,379
Republic of Korea — 0.0%
Hardware — 0.0%
Samsung Electronics Co. Ltd. Preference Shares		143		134,501
Total Republic of Korea				134,501
TOTAL PREFERRED STOCK (COST $458,422)				437,880
Security Description	Principal Amount		Value
ASSET-BACKED SECURITIES — 8.9%
Cayman Islands — 6.2%
ABCLO Ltd., Series 2007-1A, Class C, 2.08%, 04/15/21 (b),(e),(f)	$	1,000,000	$	982,700
ALESCO Preferred Funding VII Ltd., Series 7A, Class A1B, 0.65%, 07/23/35 (b),(e),(f)		2,439,912		2,073,925
ALESCO Preferred Funding XIII Ltd., Series 13A, Class A2, 0.65%, 09/23/37 (b),(e),(f)		2,067,000		1,271,205
Arbor Realty Mortgage Securities LLC, Series 2006-1A, Class A2, 0.54%, 01/26/42 (b),(e),(f),(k)		4,627,000		4,474,309
Atlas Senior Loan Fund II Ltd., Series 2012-2A, Class D, 4.48%, 01/30/24 (b),(e),(f)		500,000		488,200
Babson CLO Ltd., Series 2013-IA, Class D, 3.73%, 04/20/25 (b),(e),(f)		300,000		288,300
Bridgeport CLO Ltd., Series 2006-1A, Class C, 1.73%, 07/21/20 (b),(e),(f)		2,000,000		1,856,400
ColumbusNova CLO IV Ltd., Series 2007-2A, Class D, 4.73%, 10/15/21 (b),(e),(f)		850,000		842,690
ColumbusNova CLO Ltd., Series 2007-1A, Class E, 3.83%, 05/16/19 (b),(e),(f)		539,000		519,111
Comstock Funding Ltd., Series 2006-1A, Class C, 1.98%, 05/30/20 (b),(e),(f)		1,500,000		1,445,850
Crown Point CLO Ltd., Series 2012-1A, Class B1L, 5.23%, 11/21/22 (b),(e),(f)		500,000		500,550
Cutwater Ltd., Series 2014-1A, Class C, 3.93%, 07/15/26 (b),(e),(f)		2,203,000		2,030,064
Duane Street CLO V Ltd., Series 2007-5A, Class B, 7.98%, 10/14/21 (b),(e),(f),(g)		1,533,000		1,535,146
Eaton Vance CDO VIII Ltd., Series 2006-8A, Class D, 3.65%, 08/15/22 (b),(e),(f)		400,000		383,560
Fairway Loan Funding Co., Series 2006-1A, Class B2L, 4.03%, 10/17/18 (b),(e),(f)		5,400,000		5,373,000
Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class D, 5.73%, 04/20/23 (b),(e),(f)		1,400,000		1,390,620
Galaxy VIII CLO Ltd., Series 2007-8A, Class E, 3.58%, 04/25/19 (b),(e),(f)		999,000		967,631
Galaxy XIV CLO Ltd., Series 2012-14A, Class D, 4.63%, 11/15/24 (b),(e),(f)		2,600,000		2,602,600
Golub Capital Partners CLO Ltd., Series 2011-10AR, Class DR, 4.08%, 10/20/21 (b),(e),(f)		750,000		735,900
Gramercy Real Estate CDO Ltd., Series 2007-1A, Class A1, 0.51%, 08/15/56 (b),(e),(f)		1,486,501		1,323,878
Harbourview CDO III Ltd., Series 3A, Class A, 1.21%, 09/15/31 (b),(e),(f),(g)		3,077,357		2,789,624
ING IM CLO Ltd., Series 2011-1A, Class D, 4.75%, 06/22/21 (b),(e),(f)		4,610,000		4,497,977
JFIN CLO Ltd., Series 2007-1A, Class D, 3.03%, 07/20/21 (b),(e),(f)		1,500,000		1,470,750
Katonah Ltd., Series 2007-10A, Class E, 4.24%, 04/17/20 (b),(e),(f)		1,805,000		1,734,064
Kingsland IV Ltd., Series 2007-4A, Class E, 3.58%, 04/16/21 (b),(e),(f)		628,000		579,016
KKR CLO 10 Ltd., Series 10, Class D, 3.98%, 12/15/25 (b),(e),(f)		1,200,000		1,113,840
LightPoint CLO V, Series 2006-5A, Class D, 3.88%, 08/05/19 (b),(e),(f)		670,000		647,488
MidOcean Credit CLO III,
Series 2014-3A, Class D, 3.98%, 07/21/26 (b),(e),(f)		3,268,000		3,039,567
Series 2014-3A, Class E, 5.48%, 07/21/26 (b),(e),(f)		2,594,000		2,259,893
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class C, 4.23%, 01/15/24 (b),(e),(f)		350,000		344,295
Octagon Investment Partners XX Ltd.,
Series 2014-1A, Class D, 3.89%, 08/12/26 (b),(e),(f)		1,156,000		1,100,628
Series 2014-1A, Class E, 5.49%, 08/12/26 (b),(e),(f)		875,000		790,825
OZLM Funding V Ltd., Series 2013-5A, Class C, 3.73%, 01/17/26 (b),(e),(f)		2,050,000		1,916,545
OZLM VII Ltd., Series 2014-7A, Class C, 3.86%, 07/17/26 (b),(e),(f)		1,300,000		1,223,430
Preferred Term Securities X Ltd. / Preferred Term Securities X, Inc., 0.97%, 07/03/33 (b),(e),(f)		674,430		606,987
Preferred Term Securities XXIV Ltd/Preferred Term Securities XXIV, Inc., 0.54%, 03/22/37 (b),(e),(f)		3,770,538		2,865,609
RAIT CRE CDO I Ltd., Series 2006-1A, Class A2, 0.52%, 11/20/46 (b),(e),(f),(g)		474,000		385,599
Red River CLO Ltd., Series 1A, Class D, 1.88%, 07/27/18 (b),(e),(f)		5,500,000		5,254,150
SRERS-2011 Funding Ltd., Series 2011-RS, Class A1B1, 0.41%, 05/09/46 (b),(e),(f)		7,104,820		6,733,238
Symphony CLO IX LP, Series 2012-9A, Class D, 4.48%, 04/16/22 (b),(e),(f)		3,350,000		3,346,650
Symphony CLO IX LP, Series 2012-9A, Class E, 5.23%, 04/16/22 (b),(e),(f)		500,000		470,950
Symphony CLO VII Ltd., Series 2011-7A, Class E, 3.83%, 07/28/21 (b),(e),(f)		1,000,000		999,400
Symphony CLO XII Ltd., Series 2012-9A, Class E, 5.23%, 04/16/22 (b),(e),(f)		1,000,000		971,400
Trapeza CDO XIII Ltd., Series 2007-13A, Class A3, 0.66%, 11/09/42 (b),(e),(f)		863,000		483,280

See Notes to Consolidated Schedule of Investments.

28

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount			Value
Venture XI CDO Ltd., Series 2012-11A, Class D, 5.23%, 11/14/22 (b),(e),(f)	$	2,500,000		$	2,506,250
WhiteHorse VI Ltd., Series 2012-1A, Class B2L, 5.48%, 02/03/25 (b),(e),(f)		396,000			365,231
WhiteHorse VI Ltd., Series 2013-1A, Class B2L, 4.96%, 11/24/25 (b),(e),(f)		417,000			363,749
Total Cayman Islands					79,946,074
United States — 2.7%
AmeriCredit Automobile Receivables Trust, Series 2012-4, Class E, 3.82%, 02/10/20 (b),(e)		2,500,000			2,564,750
Ares IIIR/IVR CLO Ltd., Series 2007-3RA, Class E, 3.73%, 04/16/21 (b),(e),(f)		436,000			416,467
Countrywide Home Equity Loan Trust, Series 2004-P, Class 2A, 0.48%, 03/15/34 (e),(f)		7,221			6,142
CPS Auto Receivables Trust,
Series 2014-B, Class D, 4.62%, 05/15/20 (b),(e)		433,000			429,276
Series 2014-C, Class D, 4.83%, 08/17/20 (b),(e)		881,000			869,988
DT Auto Owner Trust, Series 2014-3A, Class D, 4.47%, 11/15/21 (b),(e)		1,300,000			1,299,740
Education Funding LLC, Series 2006-1A, Class A2, 0.48%, 10/25/29 (b),(e),(f)		2,744,437			2,533,116
Exeter Automobile Receivables Trust,
Series 2013-2A, Class D, 6.81%, 08/17/20 (b),(e)		2,100,000			2,196,810
Series 2014-3A, Class C, 4.17%, 06/15/20 (b),(e)		2,600,000			2,594,800
FFCA Secured Lending Corp., Series 1999-2, Class WA1C, 7.85%, 05/18/26 (b),(e),(g)		189,692			194,548
Fraser Sullivan CLO II Ltd., Series 2006-2A, Class E, 3.75%, 12/20/20 (b),(e),(f)		2,284,000			2,194,924
Harch CLO III Ltd., Series 2007-1A, Class E, 3.98%, 04/17/20 (b),(e),(f)		2,451,000			2,333,842
HSI Asset Securitization Corp. Trust, Series 2005-I1, Class 2A3, 0.46%, 11/25/35 (e),(f)		1,007,552			955,663
InCaps Funding II Ltd. / InCaps Funding II Corp., 1.43%, 01/15/34 (b),(e),(f),(g)		1,186,845			1,133,437
Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE3, Class A2C, 0.33%, 04/25/36 (e),(f)		1,003,125			970,524
Nationstar Home Equity Loan Trust, Series 2007-C, Class 2AV2, 0.30%, 06/25/37 (e),(f)		4,156,849			3,980,183
OneMain Financial Issuance Trust, Series 2014-2A, Class A SEQ, 2.47%, 09/18/24 (b),(e)		3,150,000			3,147,480
Preferred Term Securities XVII Ltd. / Preferred Term Securities XVII, Inc., 0.74%, 06/23/35 (b),(e),(f)		945,000			590,625
SLM Private Credit Student Loan Trust, Series 2004-A, Class C, 1.19%, 06/15/33 (e),(f)		101,952			92,807
Soundview Home Loan Trust, Series 2007-OPT3, Class 2A2, 0.30%, 08/25/37 (e),(f)		2,896,967			2,805,712
Venture IX CDO Ltd., Series 2007-9A, Class D, 4.38%, 10/12/21 (b),(e),(f)		1,500,000			1,500,000
Westgate Resorts LLC, Series 2014-1A, Class C, 5.50%, 12/20/26 (b),(e)		2,616,672			2,604,635
Total United States					35,415,469
TOTAL ASSET-BACKED SECURITIES (COST $115,785,859)					115,361,543
CONVERTIBLE BONDS — 0.7%
France — 0.2%
Auto Parts Manufacturing — 0.2%
Faurecia REG S, 3.25%, 01/01/18 (e)		5,468,800	EUR		2,168,562
Total France					2,168,562
Germany — 0.2%
Automobiles Manufacturing — 0.2%
Volkswagen International Finance NV Co. REG S, 5.50%, 11/09/15 (e)		1,600,000	EUR		2,141,305
Total Germany					2,141,305
Spain — 0.3%
Wireless Telecommunication Services — 0.3%
Telefonica Participacion Co. REG S, 4.90%, 09/25/17 (e),(d)		3,600,000	EUR		4,360,537
Total Spain					4,360,537
TOTAL CONVERTIBLE BONDS (COST $9,709,471)					8,670,404
BANK LOANS — 1.5%
Netherlands — 0.2%
Exploration & Production — 0.2%
Endeavour International Holding BV (e),(f),(g)	$	2,761,412			2,443,849
Transportation & Logistics — 0.0%
Ceva Intercompany B.V. (e),(f),(g)		95,344			88,670
Total Netherlands					2,532,519

See Notes to Consolidated Schedule of Investments.

29

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount			Value
United Kingdom — 0.1%
Transportation & Logistics — 0.1%
CEVA Group PLC,
1.00%, 03/19/21 (e),(f),(g)	$	91,096		$	84,719
9.00%, 09/01/21 (b),(e)		1,519,000			1,427,860
Ceva Logistics (e),(f),(g)		16,439			15,288
Ceva Logistics U.S. Holdings (e),(f),(g)		131,509			122,303
Total United Kingdom					1,650,170
United States — 1.2%
Financial Services — 1.2%
MF Global Finance USA, Inc., 1.000%, 06/15/15 (e),(f),(g),(h)		25,000,000			15,177,000
Publishing & Broadcasting — 0.0%
Clear Channel Communications (e),(f),(g)		334,527			314,693
Total United States					15,491,693
TOTAL BANK LOANS (COST $20,685,008)					19,674,382
CORPORATE BONDS & NOTES — 6.1%
Brazil — 0.4%
Banks — 0.3%
Banco Bradesco SA REG S, 5.90%, 01/16/21		1,040,000			1,086,800
Banco do Brasil SA/Cayman REG S, 5.88%, 01/26/22		980,000			956,725
Banco Estado Rio Grande Sul SA REG S, 7.38%, 02/02/22		100,000			101,664
Banco Votorantim SA REG S, 7.38%, 01/21/20		770,000			814,275
Itau Unibanco Holding SA REG S,
6.20%, 12/21/21		300,000			314,814
5.75%, 01/22/21		380,000			394,250
6.20%, 04/15/20		470,000			497,025
					4,165,553
Food & Beverage — 0.1%
Cosan Luxembourg SA REG S, 5.00%, 03/14/23		410,000			364,900
Cosan Overseas Ltd. REG S, 8.25%, 11/29/49		100,000			100,500
					465,400
Total Brazil					4,630,953
British Virgin Islands — 0.0%
Oil & Gas Services — 0.0%
Sea Trucks Group Ltd. REG S (b),(g)		750,000			532,500
Total British Virgin Islands					532,500
Canada — 0.1%
Oil & Gas Services — 0.0%
Sanjel Corp. REG S, 7.50%, 06/19/19 (b)		200,000			150,000
Publishing & Broadcasting — 0.1%
Postmedia Network, Inc., 12.50%, 07/15/18 (d),(e)		875,000			916,562
Total Canada					1,066,562
France — 0.2%
Property & Casualty — 0.2%
Groupama SA REG S, 6.38%, 05/29/49 (e),(f),(i)		2,300,000	EUR		2,802,597
Total France					2,802,597
Germany — 0.4%
Auto Parts Manufacturing — 0.0%
Schaeffler Holding Finance BV, PIK, 6.75%, 11/15/22 (b),(c),(e)	$	274,000			286,330
Banks — 0.4%
HSH Nordbank AG, MTN,

See Notes to Consolidated Schedule of Investments.

30

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount			Value
0.88%, 02/14/17 (e),(f)		2,416,000	EUR		2,404,563
0.92%, 02/14/17 (e),(f)		2,031,000	EUR		2,021,386
					4,425,949
Total Germany					4,712,279
Ireland — 0.1%
Bank — 0.1%
UT2 Funding PLC, 5.32%, 06/30/16 (e)		1,350,000	EUR		1,659,705
Total Ireland					1,659,705
Luxembourg — 0.1%
Wireless Telecommunication Services — 0.1%
Intelsat Jackson Holdings SA, 5.50%, 08/01/23 (c),(e)	$	660,000		$	655,974
Intelsat Luxembourg SA, 7.75%, 06/01/21 (e)		1,080,000			1,082,700
Total Luxembourg					1,738,674
Mexico — 0.0%
Oil & Gas Services — 0.0%
Oro Negro Drilling Pte Ltd. REG S (b)		200,000			168,000
Total Mexico					168,000
Poland — 0.1%
Food & Beverage — 0.1%
CEDC Finance Corp. International, Inc. (e),(f),(j)		1,365,436			1,174,275
Total Poland					1,174,275
Sweden — 0.1%
Chemicals — 0.1%
Perstorp Holding AB (b),(e)		598,000			587,535
Total Sweden					587,535
United Kingdom — 0.1%
Financial Services — 0.1%
Depfa Funding III LP REG S, 1.72%, 06/29/49 (e),(f),(i)		1,728,000	EUR		1,156,305
Total United Kingdom					1,156,305
United States — 4.0%
Advertising & Marketing — 0.1%
Visant Corp., 10.00%, 10/01/17 (d),(e)	$	927,000			811,125
Aerospace & Defense — 0.0%
KLX, Inc., 5.88%, 12/01/22 (b),(e)		260,000			262,600
Moog, Inc., 5.25%, 12/01/22 (b),(e)		135,000			136,688
					399,288
Auto Parts Manufacturing — 0.1%
Dana Holding Corp., 5.50%, 12/15/24 (e)		260,000			262,600
Nexteer Automotive Group Ltd., 5.88%, 11/15/21 (b),(d),(e)		500,000			500,000
					762,600
Cable & Satellite — 0.2%
CCOH Safari LLC, 5.75%, 12/01/24 (d),(e)		1,210,000			1,223,612
DISH DBS Corp.,
5.13%, 05/01/20 (d),(e)		132,000			132,990
5.88%, 11/15/24 (b),(e)		1,593,000			1,600,965
					2,957,567

See Notes to Consolidated Schedule of Investments.

31

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount		Value
Casinos & Gaming — 0.1%
MGM Resorts International, 6.00%, 03/15/23 (c),(e)	$	390,000	$	391,950
Scientific Games International, Inc., 7.00%, 01/01/22 (b),(d),(e)		250,000		253,125
				645,075
Communications Equipment — 0.1%
Avaya, Inc., 9.00%, 04/01/19 (b),(d),(e)		1,160,000		1,186,100
Construction Materials Manufacturing — 0.0%
Building Materials Corp. of America, 5.38%, 11/15/24 (b),(e)		470,000		468,825
Consumer Finance — 0.1%
DFC Finance Corp., 10.50%, 06/15/20 (b),(e)		1,471,000		1,246,672
Springleaf Finance Corp., 5.25%, 12/15/19 (e)		260,000		254,800
				1,501,472
Consumer Services — 0.1%
ADT Corp. (The), 5.25%, 03/15/20 (c),(e)		260,000		263,250
RR Donnelley & Sons Co., 6.00%, 04/01/24 (c),(d),(e)		660,000		650,100
				913,350
Containers & Packaging — 0.1%
Owens-Brockway Glass Container Inc.,
5.00%, 01/15/22 (b),(c),(e)		135,000		137,700
5.38%, 01/15/25 (b),(e)		135,000		136,350
Sealed Air Corp., 5.13%, 12/01/24 (b),(c),(e)		330,000		333,300
				607,350
Department Store — 0.0%
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/21 (b),(c),(e)		520,000		549,900
Financial Services — 0.8%
E*TRADE Financial Corp., 5.38%, 11/15/22 (c),(e)		495,000		506,137
MF Global Holdings Ltd.,
1.88%, 02/01/16 (a),(e),(g),(h)		18,472,000		5,541,600
3.38%, 08/01/18 (a),(e),(g),(h)		6,000,000		1,800,000
6.25%, 08/08/16 (a),(e),(g),(h)		4,000,000		1,240,000
ROC Finance LLC / ROC Finance 1 Corp., 12.13%, 09/01/18 (b),(d),(e)		920,000		970,600
				10,058,337
Food & Beverage — 0.1%
Cott Beverages, Inc.,
5.38%, 07/01/22 (b),(e)		606,000		556,005
6.75%, 01/01/20 (b),(c),(e)		390,000		390,000
				946,005
Hardware — 0.0%
CDW LLC / CDW Finance Corp., 5.50%, 12/01/24 (e)		390,000		390,488
Health Care Facilities/Services — 0.2%
Envision Healthcare Corp., 5.13%, 07/01/22 (b),(d),(e)		535,000		530,987
Kindred Escrow Corp. II,
8.00%, 01/15/20 (b),(e)		760,000		807,500
8.75%, 01/15/23 (b),(c),(e)		1,000,000		1,076,250
Tenet Healthcare Corp., 4.38%, 10/01/21 (c),(e)		660,000		655,050
				3,069,787
Home Improvement — 0.1%
Griffon Corp., 5.25%, 03/01/22 (d),(e)		705,000		665,344

See Notes to Consolidated Schedule of Investments.

32

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount		Value
Industrial Other — 0.1%
HD Supply, Inc., 5.25%, 12/15/21 (b),(e)	$	260,000	$	264,550
SGH Escrow Corp., 10.00%, 01/15/19 (b),(e)		625,000		596,875
				861,425
Metals & Mining — 0.0%
AK Steel Corp., 7.63%, 10/01/21 (e)		115,000		105,513
Oil, Gas & Coal — 0.0%
SM Energy Co., 6.13%, 11/15/22 (b),(c),(e)		495,000		465,300
Pharmaceuticals — 0.1%
Endo Finance LLC / Endo Finco, Co., 5.38%, 01/15/23 (b),(e)		660,000		646,800
Pipeline — 0.0%
Tesoro Logistics LP / Tesoro Logistics Finance Corp., 6.25%, 10/15/22 (b),(d),(e)		235,000		234,413
Power Generation — 0.1%
Dynegy Finance I/II, Inc., 7.63%, 11/01/24 (b),(e)		173,000		176,460
Dynegy Finance II/II, Inc., 7.38%, 11/01/22 (b),(e)		1,272,000		1,294,260
				1,470,720
Publishing & Broadcasting — 0.5%
American Media, Inc., 11.50%, 12/15/17 (d),(e)		2,890,000		2,861,100
Knight Ridder, Inc., 5.75%, 09/01/17 (e)		586,000		621,160
LBI Media, Inc.,
10.00%, 04/15/19 (b),(e)		1,985,000		2,064,400
13.50%, 04/15/20 (b),(e)		594,000		591,030
Lee Enterprises, Inc., 9.50%, 03/15/22 (b),(e)		115,000		118,019
McClatchy Co. (The), 9.00%, 12/15/22 (e)		480,000		522,600
				6,778,309
Real Estate — 0.0%
Kennedy-Wilson, Inc., 5.88%, 04/01/24 (e)		495,000		496,237
Retail – Consumer Discretionary — 0.6%
Claire’s Stores, Inc., 9.00%, 03/15/19 (b),(e)		1,746,000		1,719,810
DriveTime Automotive Group, Inc. / DT Acceptance Corp., 8.00%, 06/01/21 (b),(e)		5,809,000		5,220,839
Group 1 Automotive, Inc., 5.00%, 06/01/22 (b),(e)		500,000		488,750
Michaels Stores, Inc., 5.88%, 12/15/20 (b),(d),(e)		705,000		712,050
				8,141,449
Software & Services — 0.1%
IHS, Inc., 5.00%, 11/01/22 (b),(d),(e)		470,000		465,300
MSCI, Inc., 5.25%, 11/15/24 (b),(d),(e)		680,000		703,800
				1,169,100
Supermarkets — 0.0%
SUPERVALU, Inc., 7.75%, 11/15/22 (e)		495,000		485,100
Travel & Lodging — 0.1%
NCL Corp. Ltd., 5.25%, 11/15/19 (b),(d),(e)		690,000		695,175
Utilities — 0.1%
CESP Companhia Energetica de Tranche TR 00007 REG S, 9.75%, 01/15/15 (g)		1,086,000		657,030
Wireless Telecommunication Services — 0.2%
Equinix, Inc., 5.38%, 01/01/22 (c),(e)		660,000		666,204
Frontier Communications Corp.,
6.88%, 01/15/25 (c),(d),(e)		660,000		660,000
7.13%, 01/15/23 (e)		480,000		488,400

See Notes to Consolidated Schedule of Investments.

33

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount			Value
Sprint Corp., 7.88%, 09/15/23 (e)	$	720,000		$	710,784
Windstream Corp., 7.50%, 06/01/22 (e)		608,000			606,480
					3,131,868
Total United States					51,271,052
Venezuela — 0.5%
Integrated Oil — 0.5%
Petroleos de Venezuela SA REG S, 6.00%, 05/16/24 – 11/15/26		19,055,000			7,002,055
Total Venezuela					7,002,055
TOTAL CORPORATE BONDS & NOTES (COST $85,125,411)					78,502,492
FOREIGN GOVERNMENT — 3.9%
Argentina Boden Bonds, 7.00%, 10/03/15		7,988,000	USD		7,884,156
Argentina Bonar Bonds, 7.00%, 04/17/17		4,959,000	USD		4,760,640
Argentine Republic Government International Bond, 8.28%, 12/31/33 (a),(h),(k)		6,895,223	USD		6,153,986
Argentine Republic Government International Bond, 8.28%, 12/31/33 (a),(h)		4,253,783	USD		3,700,791
European Investment Bank, 9.00%, 03/31/21		16,000,000	ZAR		1,449,907
European Investment Bank REG S, 8.50%, 09/17/24		8,000,000	ZAR		689,521
Hungary Government International Bond, 5.38%, 03/25/24		6,476,000	USD		7,010,270
Malaysia Government Bond, 3.49%, 03/31/20		6,310,000	MYR		1,766,042
Mexican Bonos, 6.50%, 06/10/21		24,000,000	MXN		1,708,382
Pakistan Government International Bond REG S, 6.75%, 12/03/19		2,924,000	USD		2,847,391
Peruvian Government International Bond REG S, 5.70%, 08/12/24		846,000	PEN		283,922
Poland Government Bond, 3.75%, 04/25/18		6,950,000	PLN		2,071,328
Russian Federal Bond – OFZ, 6.80%, 12/11/19		59,500,000	RUB		710,082
Slovenia Government International Bond REG S, 5.25%, 02/18/24		6,261,000	USD		6,879,274
Thailand Government Bond, 3.63%, 06/16/23		32,000,000	THB		1,042,697
Turkey Government Bond,
9.00%, 03/08/17		980,000	TRY		429,856
10.50%, 01/15/20		3,175,000	TRY		1,508,246
TOTAL FOREIGN GOVERNMENT (COST $52,468,560)					50,896,491
MORTGAGE-BACKED SECURITIES — 16.7%
Cayman Islands — 0.6%
Collateralized Debt Obligation (Commercial) — 0.2%
NorthStar, Series 2013-1A, Class B, 5.17%, 08/25/29 (b),(e),(f)	$	1,000,000			1,002,700
Resource Capital Corp. Ltd., Series 2014-CRE2, Class B, 2.66%, 04/15/32 (b),(e),(f)		1,329,000			1,314,647
					2,317,347
Commercial Mortgage-Backed Security — 0.4%
PFP III Ltd., Series 2014-1, Class D, 4.26%, 06/14/31 (b),(e),(f)		5,300,000			5,259,720
Total Cayman Islands					7,577,067
United States — 16.1%
Collateralized Mortgage Obligation (Residential) — 10.1%
Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A1, 2.79%, 05/25/35 (e),(f)		2,143,569			2,116,560
Banc of America Alternative Loan Trust, Series 2005-6, Class 2CB2, 6.00%, 07/25/35 (e)		770,748			733,752
Banc of America Funding Trust,
Series 2006-A, Class 3A2, 2.75%, 02/20/36 (e),(f)		1,213,322			995,652
Series 2006-H, Class 2A3, 2.74%, 09/20/46 (e),(f)		6,131,647			5,215,579
Series 2006-I, Class 6A1, 0.36%, 10/20/46 (e),(f)		773,812			609,068
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust, Series 2005-7, Class 1A4, 5.50%, 10/25/35 (e)		641,443			644,329
Citicorp Mortgage Securities Trust,
Series 2006-3, Class 1A10, 6.25%, 06/25/36 (e)		3,523,715			3,600,179
Series 2007-1, Class 1A3, 5.75%, 01/25/37 (e)		881,955			896,948
Connecticut Avenue Securities,
Series 2014-C02, Class 1M2, 2.77%, 05/25/24 (e),(f),(k)		7,651,567			6,692,826

See Notes to Consolidated Schedule of Investments.

34

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount		Value
Series 2014-C03, Class 1M2, 3.17%, 07/25/24 (e),(f),(k)	$	10,739,817	$	9,679,797
Series 2014-C03, Class 2M2, 3.07%, 07/25/24 (e),(f),(k)		23,987,452		21,509,548
Series 2014-C04, Class 2M2, 5.16%, 11/25/24 (e),(f),(k)		1,365,420		1,384,809
Countrywide Alternative Loan Trust, Series 2005-J2, Class 1A5, 0.67%, 04/25/35 (e),(f)		1,106,521		977,833
Countrywide Asset-Backed Certificates, Series 2006-BC4, Class 2A2, 0.33%, 11/25/36 (e),(f)		2,355,026		2,179,576
Countrywide Home Loans Mortgage Pass-Through Trust, Series 2005-19, Class 1A1, 5.50%, 08/25/35 (e)		296,400		297,022
CV Mortgage Loan Trust, Series 2013-1, Class NOTE, 4.31%, 12/25/43 (b),(e),(f),(j)		600,545		601,146
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA7, Class 2A1, 2.24%, 09/25/35 (e),(f)		6,196,435		5,543,950
GSR Mortgage Loan Trust, Series 2005-AR6, Class 3A2, 2.64%, 09/25/35 (e),(f)		474,335		458,824
JP Morgan Alternative Loan Trust,
Series 2005-A2, Class 1A1, 0.69%, 01/25/36 (e),(f)		131,376		120,209
Series 2006-S4, Class A3A, 5.78%, 12/25/36 (e),(f),(j)		632,353		592,199
Series 2006-S4, Class A6, 5.71%, 12/25/36 (e),(f),(j)		447,148		432,482
JP Morgan Mortgage Acquisition Trust, Series 2007-CH1, Class AF3 SEQ, 5.08%, 11/25/36 (e),(f),(j)		638,049		656,553
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A6, 2.58%, 07/25/35 (e),(f)		302,843		291,790
Morgan Stanley Mortgage Loan Trust, Series 2005-11AR, Class A1, 0.45%, 01/25/36 (e),(f)		1,150,497		862,873
PHH Mortgage Trust, Series 2008-CIM1, Class 21A2, 6.00%, 05/25/38 (e)		448,807		461,329
Structured Agency Credit Risk,
Series 2013-DN2, Class M2, 4.41%, 11/25/23 (e),(f),(k)		17,722,350		17,958,057
Series 2014-DN3, Class M2, 2.57%, 08/25/24 (e),(f),(k)		2,500,000		2,484,750
Series 2014-DN4, Class M3, 4.72%, 10/25/24 (e),(f)		3,299,885		3,254,347
Series 2014-HQ1, Class M2, 2.67%, 08/25/24 (e),(f),(k)		7,500,000		7,461,000
Series 2014-HQ2, Class M3, 3.92%, 09/25/24 (e),(f),(k)		3,909,266		3,567,987
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-4XS, Class 1A3, 5.00%, 03/25/35 (e),(f),(j)		436,247		449,727
Structured Asset Securities Corp. Trust, Series 2005-6, Class 2A1, 5.50%, 05/25/35 (e)		540,727		555,705
WaMu Mortgage Pass-Through Certificates Trust,
Series 2006-AR11, Class 3A1A, 1.03%, 09/25/46 (e),(f)		7,253,961		6,070,115
Series 2006-AR19, Class 1A, 0.85%, 01/25/47 (e),(f)		3,728,781		3,064,685
Series 2006-AR7, Class 2A, 1.09%, 07/25/46 (e),(f)		5,194,865		4,413,038
Series 2006-AR9, Class 1A, 1.11%, 08/25/46 (e),(f)		8,292,644		7,355,575
Series 2007-OA1, Class A1A, 0.81%, 02/25/47 (e),(f)		5,347,259		4,394,377
Wells Fargo Mortgage Backed Securities Trust,
Series 2005-9, Class 1A12, 5.50%, 10/25/35 (e)		151,109		154,101
Series 2005-AR9, Class 3A2, 2.61%, 06/25/34 (e),(f)		457,678		454,108
Series 2006-13, Class A5, 6.00%, 10/25/36 (e)		486,991		499,896
Series 2007-12, Class A6, 5.50%, 09/25/37 (e)		335,191		347,325
Series 2007-14, Class 1A1, 6.00%, 10/25/37 (e)		602,050		605,180
Series 2007-16, Class 1A7, 6.00%, 12/28/37 (e)		393,286		408,663
				131,053,469
Commercial Mortgage-Backed Securities — 6.0%
BAMLL Commercial Mortgage Securities Trust,
Series 2013-DSNY, Class F, 3.66%, 09/15/26 (b),(e),(f)		900,000		900,630
Series 2014-ICTS, Class E, 3.11%, 06/15/28 (b),(e),(f)		900,000		891,450
Series 2014-INLD, Class D, 3.66%, 12/15/29 (b),(e),(f)		2,400,000		2,400,000
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PW10, Class AJ, 5.43%, 12/11/40 (e),(f)		1,353,000		1,316,198
Boca Hotel Portfolio Trust, Series 2013-BOCA, Class E, 3.91%, 08/15/26 (b),(e),(f)		1,000,000		1,000,200
CD Commercial Mortgage Trust, Series 2007-CD4, Class AJ, 5.40%, 12/11/49 (e),(f),(k)		3,463,000		2,870,134
CGBAM Commercial Mortgage Trust, Series 2014-HD, Class E, 3.16%, 02/15/31 (b),(e),(f)		405,000		400,788
Commercial Mortgage Trust,
Series 2000-C1, Class G, 6.85%, 08/15/33 (b),(e),(f)		429,422		438,010
Series 2014-CR18, Class XA, 1.30%, 07/15/47 (e),(f),(k)		43,989,386		3,457,566
Series 2014-LC17, Class XA, 1.04%, 10/10/47 (e),(f)		5,275,000		319,665
Series 2014-PAT, Class E, 3.31%, 08/13/27 (b),(e),(f)		4,800,000		4,803,360
Series 2014-UBS4, Class D, 4.84%, 08/10/47 (b),(e),(f)		2,940,000		2,696,568
Series 2014-UBS4, Class XA, 1.29%, 08/10/47 (e),(f),(k)		71,585,000		5,955,872
Series 2014-UBS5, Class XA, 1.11%, 09/10/47 (e),(f)		10,969,268		752,492

See Notes to Consolidated Schedule of Investments.

35

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount		Value
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-C3, Class H, 5.16%, 05/15/38 (b),(e),(f)	$	76,334	$	75,952
Credit Suisse Commercial Mortgage Trust,
Series 2006-C4, Class AJ, 5.54%, 09/15/39 (e),(f)		3,200,000		3,212,800
Series 2007-C1, Class AMFL, 0.35%, 02/15/40 (e),(f)		39,000		34,371
Commercial Mortgage Trust,
Series 2005-GG5, Class AJ, 5.24%, 04/10/37 (e),(f),(k)		1,945,000		1,956,865
Series 2007-GG11, Class AJ, 6.05%, 12/10/49 (e),(f)		5,170,000		5,439,874
GE Capital Commercial Mortgage Corp., Series 2005-C3, Class G, 5.16%, 07/10/45 (b),(e),(f)		1,500,000		1,505,550
GS Mortgage Securities Corp. III, Series 2005-GG4, Class D, 4.94%, 07/10/39 (e),(f)		72,000		68,926
HILT Mortgage Trust, Series 2014-ORL, Class E, 2.16%, 07/15/29 (b),(e),(f)		810,000		810,648
Hilton USA Trust, Series 2013-HLF, Class EFL, 3.91%, 11/05/30 (b),(e),(f)		3,380,145		3,380,145
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2005-CB13, Class AJ, 5.31%, 01/12/43 (e),(f)		571,000		561,407
Series 2006-CB15, Class AM, 5.86%, 06/12/43 (e),(f)		3,200,000		3,276,800
Series 2006-LDP8, Class C, 5.55%, 05/15/45 (e),(f)		1,300,000		1,290,250
Series 2013-JWRZ, Class E, 3.90%, 04/15/30 (b),(e),(f)		600,000		600,780
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C21, Class XA, 1.13%, 08/15/47 (e),(f)		8,426,363		661,470
Series 2014-C22, Class XA, 0.99%, 09/15/47 (e),(f)		8,228,000		559,504
LB-UBS Commercial Mortgage Trust,
Series 2007-C1, Class AJ, 5.48%, 02/15/40 (e)		1,100,000		1,145,540
Series 2007-C7, Class AJ, 6.25%, 09/15/45 (e),(f)		4,900,000		5,204,780
Merrill Lynch Mortgage Trust, Series 2005-CKI1, Class D, 5.29%, 11/12/37 (e),(f)		1,234,000		1,240,047
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C15, Class D, 4.90%, 04/15/47 (b),(e),(f),(k)		1,680,000		1,585,584
Series 2014-C17, Class XA, 1.29%, 08/15/47 (e),(f)		15,935,075		1,250,903
Series 2014-C18, Class D, 3.39%, 10/15/47 (b),(e)		2,545,000		2,076,466
Series 2014-C18, Class XA, 1.00%, 10/15/47 (e),(f)		6,265,000		348,334
Series 2014-C19, Class D, 3.25%, 12/15/47 (b),(e),(k)		4,225,000		3,361,832
Series 2014-C19, Class XA, 1.17%, 12/15/47 (e),(f),(k)		21,530,000		1,603,985
Morgan Stanley Capital I Trust, Series 2007-T25, Class AJ, 5.57%, 11/12/49 (e),(f)		6,000,000		6,135,600
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class AJ, 5.66%, 04/15/47 (e),(f)		1,600,000		1,655,840
WFRBS Commercial Mortgage Trust, Series 2014-C22, Class XA, 0.97%, 09/15/57 (e),(f)		5,425,000		358,050
				77,605,236
Total United States				208,658,705
TOTAL MORTGAGE-BACKED SECURITIES (COST $219,479,940)				216,235,772
U.S. GOVERNMENT SPONSORED AGENCY SECURITIES — 2.3%
United States — 2.3%
Interest Only Collateralized Mortgage Obligations (Residential) — 1.6%
Federal Home Loan Mortgage Corp.,
Series 4029, Class MI, 4.00%, 04/15/41 (e)		15,241,976		2,722,217
Series 4123, Class IP SEQ, 4.50%, 07/15/42 (e)		5,002,114		1,118,473
Series 4141, Class HI, 3.50%, 10/15/42 (e)		12,463,545		2,088,890
Series 4172, Class PI, 3.00%, 07/15/40 (e)		21,393,398		2,199,241
Series 4194, Class GI, 4.00%, 04/15/43 (e)		13,212,558		2,532,847
Series 4257, Class IK, 4.00%, 12/15/42 (e)		13,798,931		2,883,977
Federal National Mortgage Association,
Series 2012-12, Class PI, 4.50%, 08/25/40 (e)		12,926,877		2,288,057
Series 2012-148, Class CI, 3.00%, 11/25/42 (e)		18,208,469		2,052,095
Series 2013-54, Class IN, 3.50%, 03/25/43 (e)		14,800,816		2,189,041
Series 2013-83, Class PI, 3.00%, 10/25/41 (e)		9,519,637		990,042
				21,064,880
Inverse Interest Only Collateralized Mortgage Obligations (Residential) — 0.7%
Federal Home Loan Mortgage Corp.,
Series 4094, Class SK, 5.89%, 08/15/42 (e),(f)		1,498,460		342,398
Series 4132, Class ES, 5.99%, 11/15/42 (e),(f)		5,268,026		1,259,058
Federal National Mortgage Association,

See Notes to Consolidated Schedule of Investments.

36

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount			Value
Series 2012-111, Class ES, 5.98%, 12/25/41 (e),(f)	$	10,040,940		$	1,828,455
Series 2013-84, Class PS, 5.98%, 11/25/42 (e),(f)		13,543,095			2,380,876
Series 2014-73, Class AS, 5.88%, 11/25/44 (e),(f)		4,614,610			1,169,804
Government National Mortgage Association,
Series 2009-101, Class SB, 6.28%, 08/20/39 (e),(f)		3,491,567			534,559
Series 2010-61, Class SJ, 5.89%, 05/16/40 (e),(f)		3,512,659			585,209
Series 2011-56, Class SI, 6.48%, 04/20/41 (e),(f)		3,034,781			576,609
					8,676,968
Total United States					29,741,848
TOTAL U.S. GOVERNMENT SPONSORED AGENCY SECURITIES (COST $29,670,464)					29,741,848
Security Description	Shares			Value
EXCHANGE-TRADED FUNDS — 0.2%
Financial Select Sector SPDR Fund		9,685			239,510
iShares China Large-Cap ETF		5,026			209,182
iShares MSCI Japan ETF		49,245			553,514
iShares Russell 2000 ETF		12,829			1,535,246
TOTAL EXCHANGE-TRADED FUND (COST $2,459,404)					2,537,452
Security Description	Contracts			Value
PURCHASED OPTIONS — 0.5%
Exchange-Traded Call Options — 0.3%
Alstom SA Strike Price 27.00 EUR Expires 01/16/15		300			14,339
DAX Index Strike Price 10,200.00 EUR Expires 01/16/15		499			90,874
Facebook, Inc. Strike Price 60.00 USD Expires 01/15/16		404			884,760
Facebook, Inc. Strike Price 90.00 USD Expires 03/20/15		723			79,530
Facebook, Inc. Strike Price 80.00 USD Expires 01/15/16		139			135,664
Hertz Global Holdings, Inc. Strike Price 29.00 USD Expires 03/20/15		2,265			158,550
Lamar Advertising Co. Strike Price 52.50 USD Expires 01/17/15		56			9,240
Yahoo, Inc. Strike Price 35.00 USD Expires 01/15/16		963			1,690,065
					3,063,022
Exchange-Traded Put Options — 0.1%
Euro Stoxx 50 Index Strike Price 3,150.00 EUR Expires 01/16/15		29			22,529
Euro Stoxx 50 Index Strike Price 3,125.00 EUR Expires 01/16/15		18			11,391
Euro Stoxx 50 Index Strike Price 3,100.00 EUR Expires 02/20/15		10			11,278
FTSE 100 Index Strike Price 6,550.00 GBP Expires 02/20/15		6			14,027
Industrial Select Sector SPDR Strike Price 56.00 USD Expires 01/17/15		196			10,780
iShares Russell 2000 ETF Strike Price 109.00 USD Expires 04/17/15		519			125,079
S&P 500 Index Strike Price 1,825.00 USD Expires 03/20/15		96			155,520
S&P 500 Index Strike Price 1,960.00 USD Expires 01/02/15		410			12,300
S&P 500 Index Strike Price 2,000.00 USD Expires 01/30/15		46			87,400
S&P 500 Index Strike Price 2,070.00 USD Expires 01/02/15		57			87,153
S&P 500 Index Strike Price 1,975.00 USD Expires 03/20/15		116			406,000
Telefonica SA Strike Price 13.00 EUR Expires 01/16/15		527			71,741
					1,015,198
Security Description	Notional Amount			Value
FX OTC Call Options — 0.1%
USD/BRL Currency Strike Price 2.80 BRL Expires 12/31/15 Counterparty Morgan Stanley Capital Services LLC		835,400	USD		67,386
USD/BRL Currency Strike Price 2.60 BRL Expires 12/31/15 Counterparty JPMorgan Chase Bank, N.A.		1,895,400	USD		238,286
USD/CNH Currency Strike Price 6.40 CNH Expires 11/05/15 Counterparty Morgan Stanley Capital Services LLC		7,660,200	USD		83,618

See Notes to Consolidated Schedule of Investments.

37

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Notional Amount			Value
USD/CNH Currency Strike Price 6.40 CNH Expires 11/06/17 Counterparty Morgan Stanley Capital Services LLC		6,010,000	USD	$	224,266
USD/CNH Currency Strike Price 6.80 CNH Expires 11/05/15 Counterparty Morgan Stanley Capital Services LLC		12,140,000	USD		60,856
USD/CNH Currency Strike Price 6.90 CNH Expires 11/06/17 Counterparty Morgan Stanley Capital Services LLC		670,000	USD		13,004
USD/CNH Currency Strike Price 6.30 CNH Expires 11/05/15 Counterparty JPMorgan Chase Bank, N.A.		9,340,000	USD		153,571
					840,987
FX OTC Put Options — 0.0%
EUR/CHF Currency Strike Price 1.18 CHF Expires 09/21/15 Counterparty JPMorgan Chase Bank, N.A.		6,859,016	EUR		77,673
EUR/USD Currency Strike Price 1.25 USD Expires 01/05/15 Counterparty JPMorgan Chase Bank, N.A.		2,988,006	EUR		115,330
USD/BRL Currency Strike Price 2.40 BRL Expires 12/31/15 Counterparty Morgan Stanley Capital Services LLC		1,895,400	USD		3,714
					196,717
OTC Call Options — 0.0%
Lamar Advertising Co. Strike Price 52.50 USD Expires 01/16/15 Counterparty Morgan Stanley & Co. International PLC		465	USD		69,311
Mallinckrodt PLC Strike Price 100.00 USD Expires 01/16/15 Counterparty Morgan Stanley & Co. International PLC		1,165	USD		246,493
					315,804
OTC Put Options — 0.0%
Financial Select Sector SPDR Fund Strike Price 21.84 USD Expires 03/18/15 Counterparty Morgan Stanley & Co. LLC		4,134	USD		70,316
TOTAL PURCHASED OPTIONS (PREMIUMS PAID $5,644,845)					5,502,044
TOTAL INVESTMENTS IN SECURITIES— 86.6% (COST $1,120,133,881) (l)				$	1,119,697,097
TOTAL SECURITIES SOLD SHORT— (22.2)% (PROCEEDS $297,398,151)					(287,153,352	)
Other Assets (m) — 35.6%					460,723,349
Net Assets — 100.0%				$	1,293,267,094
* As of December 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost				$	1,120,133,881
Gross unrealized appreciation				$	36,743,399
Gross unrealized depreciation					(37,180,183	)
Net unrealized depreciation				$	(436,784	)
Security Description	Shares			Value
SECURITIES SOLD SHORT — (22.2)%
COMMON STOCK — (18.4)%
Argentina — (0.0)%
Gaming, Lodging & Restaurants — (0.0)%
Arcos Dorados Holdings, Inc. A Shares		8,500			(45,985	)
Total Argentina					(45,985	)

See Notes to Consolidated Schedule of Investments.

38

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Belgium — (0.1)%
Consumer Products — (0.1)%
Anheuser-Busch InBev NV ADR		9,400	$	(1,055,808	)
Software — (0.0)%
Materialise NV ADR		1,400		(13,328	)
Total Belgium				(1,069,136	)
Bermuda — (0.0)%
Insurance — (0.0)%
Montpelier Re Holdings Ltd.		12,200		(437,004	)
Transportation & Logistics — (0.0)%
Golar LNG Ltd.		11,600		(423,052	)
Total Bermuda				(860,056	)
Brazil — (0.2)%
Banking — (0.0)%
Banco Bradesco SA ADR		3,300		(44,121	)
Itau Unibanco Holding SA ADR		5,400		(70,254	)
				(114,375	)
Chemicals — (0.0)%
Braskem SA ADR		2,300		(29,693	)
Consumer Products — (0.0)%
AMBEV SA ADR		46,800		(291,096	)
BRF SA ADR		400		(9,340	)
				(300,436	)
Iron & Steel — (0.0)%
Cia Siderurgica Nacional SA ADR		77,300		(160,784	)
Vale SA ADR		17,800		(145,604	)
				(306,388	)
Oil, Gas & Coal — (0.2)%
Cosan Ltd. A Shares		2,800		(21,700	)
Petroleo Brasileiro SA ADR		237,500		(1,733,750	)
Ultrapar Participacoes SA ADR		200		(3,814	)
				(1,759,264	)
Passenger Transportation — (0.0)%
Gol Linhas Aereas Inteligentes SA ADR		12,500		(71,875	)
Telecommunications — (0.0)%
Oi SA ADR		18,170		(57,962	)
Telefonica Brasil SA ADR		1,300		(22,984	)
				(80,946	)
Utilities — (0.0)%
Cia Paranaense de Energia ADR		2,000		(26,340	)
Total Brazil				(2,689,317	)
Canada — (0.4)%
Apparel & Textile Products — (0.0)%
Gildan Activewear, Inc.		1,100		(62,205	)
Automotive — (0.0)%
Westport Innovations, Inc.		7,800		(29,172	)
Banking — (0.2)%
Bank of Montreal		11,800		(834,614	)
Bank of Nova Scotia		3,100		(176,948	)
Canadian Imperial Bank of Commerce		4,800		(412,560	)

See Notes to Consolidated Schedule of Investments.

39

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Royal Bank of Canada		200	$	(13,814	)
Toronto-Dominion Bank		12,800		(611,584	)
				(2,049,520	)
Biotechnology & Pharmaceuticals — (0.0)%
Oncolytics Biotech, Inc.		300		(159	)
Tekmira Pharmaceuticals Corp.		500		(7,575	)
				(7,734	)
Hardware — (0.0)%
Blackberry Ltd.		34,100		(374,418	)
DragonWave, Inc.		100		(96	)
				(374,514	)
Industrial Services — (0.0)%
Ritchie Bros Auctioneers, Inc.		1,200		(32,268	)
Iron & Steel — (0.0)%
Turquoise Hill Resources Ltd.		176,400		(546,840	)
Media — (0.0)%
Shaw Communications, Inc. Class B		2,900		(78,271	)
Metals & Mining — (0.1)%
Agnico Eagle Mines Ltd.		300		(7,467	)
AuRico Gold, Inc.		23,800		(78,064	)
Barrick Gold Corp.		8,600		(92,450	)
Endeavour Silver Corp.		11,600		(25,056	)
First Majestic Silver Corp.		900		(4,518	)
New Gold, Inc.		400		(1,720	)
North American Palladium Ltd.		26,900		(3,612	)
NOVAGOLD Resources, Inc.		21,700		(64,015	)
Pan American Silver Corp.		5,300		(48,760	)
Primero Mining Corp.		2,883		(11,071	)
Rubicon Minerals Corp.		100		(97	)
Sandstorm Gold Ltd.		400		(1,360	)
Seabridge Gold, Inc.		27,200		(205,360	)
Silver Standard Resources, Inc.		1,200		(6,006	)
Silver Wheaton Corp.		2,200		(44,726	)
Tanzanian Royalty Exploration Corp.		1,700		(1,103	)
				(595,385	)
Oil, Gas & Coal — (0.0)%
Baytex Energy Corp.		100		(1,661	)
Enbridge, Inc.		2,300		(118,243	)
Pengrowth Energy Corp.		3,800		(11,818	)
Penn West Petroleum Ltd.		14,800		(30,784	)
Talisman Energy, Inc.		600		(4,698	)
				(167,204	)
Real Estate — (0.0)%
Brookfield Asset Management, Inc. Class A		5,100		(255,663	)
Renewable Energy — (0.0)%
Ballard Power Systems, Inc.		11,000		(21,780	)
Software — (0.0)%
Open Text Corp.		1,800		(104,868	)
Technology Services — (0.0)%
CGI Group, Inc. Class A		700		(26,712	)
Telecommunications — (0.1)%
BCE, Inc.		16,200		(742,932	)

See Notes to Consolidated Schedule of Investments.

40

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Rogers Communications, Inc. Class B		2,900	$	(112,694	)
TELUS Corp.		200		(7,208	)
				(862,834	)
Transportation & Logistics — (0.0)%
Canadian National Railway Co.		2,400		(165,384	)
Total Canada				(5,380,354	)
Chile — (0.0)%
Banking — (0.0)%
Banco Santander Chile ADR		200		(3,944	)
Passenger Transportation — (0.0)%
Latam Airlines Group SA ADR		41,562		(497,913	)
Retail – Consumer Staples — (0.0)%
Cencosud SA ADR		500		(3,845	)
Total Chile				(505,702	)
China — (0.4)%
Automotive — (0.0)%
Kandi Technologies Group, Inc.		5,500		(77,055	)
Consumer Services — (0.0)%
Tarena International, Inc. ADR		500		(5,550	)
Gaming, Lodging & Restaurants — (0.0)%
500.com Ltd. Class A ADR		1,900		(32,965	)
China Lodging Group Ltd. ADR		200		(5,256	)
				(38,221	)
Media — (0.3)%
58.com, Inc. ADR		1,200		(49,860	)
iDreamsky Technology Ltd. ADR		100		(1,708	)
Leju Holdings Ltd. ADR		1,300		(13,988	)
Qihoo 360 Technology Co. Ltd. ADR		1,200		(68,712	)
Qunar Cayman Islands Ltd. ADR		2,600		(73,918	)
Renren, Inc. ADR		100		(251	)
SINA Corp.		11,100		(415,251	)
Weibo Corp. ADR		4,100		(58,384	)
Xunlei Ltd. ADR		700		(5,110	)
Youku Tudou, Inc. ADR		148,500		(2,644,785	)
				(3,331,967	)
Oil, Gas & Coal — (0.1)%
China Petroleum & Chemical Corp. ADR		300		(24,303	)
CNOOC Ltd. ADR		1,600		(216,704	)
PetroChina Co. Ltd. ADR		3,700		(410,552	)
Yanzhou Coal Mining Co. Ltd. ADR		2,000		(16,860	)
				(668,419	)
Renewable Energy — (0.0)%
JinkoSolar Holding Co. Ltd. ADR		7,400		(145,854	)
ReneSola Ltd. ADR		20,800		(29,328	)
Yingli Green Energy Holding Co. Ltd. ADR		25,900		(60,865	)
				(236,047	)
Retail Discretionary — (0.0)%
Alibaba Group Holding Ltd. ADR		200		(20,788	)
E-Commerce China Dangdang, Inc. A Shares ADR		10,000		(92,900	)

See Notes to Consolidated Schedule of Investments.

41

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
JD.com, Inc. ADR		14,800	$	(342,472	)
LightInTheBox Holding Co. Ltd. ADR		800		(5,024	)
				(461,184	)
Software — (0.0)%
NQ Mobile, Inc. ADR		10,000		(39,100	)
Telecommunications — (0.0)%
China Mobile Ltd. ADR		600		(35,292	)
Utilities — (0.0)%
Huaneng Power International, Inc. ADR		500		(27,085	)
Total China				(4,919,920	)
Colombia — (0.1)%
Banking — (0.1)%
Bancolombia SA ADR		11,800		(564,984	)
Passenger Transportation — (0.0)%
Avianca Holdings SA ADR		5,200		(60,996	)
Total Colombia				(625,980	)
Cyprus — (0.0)%
Oil, Gas & Coal — (0.0)%
Ocean Rig UDW, Inc.		8,200		(76,096	)
Total Cyprus				(76,096	)
Denmark — (0.2)%
Biotechnology & Pharmaceutical — (0.2)%
Novo Nordisk A/S B Shares		45,900		(1,941,559	)
Total Denmark				(1,941,559	)
Germany — (0.1)%
Banking — (0.1)%
Deutsche Bank AG		23,600		(708,472	)
Software — (0.0)%
SAP SE ADR		8,600		(598,990	)
Total Germany				(1,307,462	)
Greece — (0.0)%
Banking — (0.0)%
National Bank of Greece SA ADR		3,400		(6,086	)
Oil, Gas & Coal — (0.0)%
DryShips, Inc.		3,300		(3,498	)
Transportation & Logistics — (0.0)%
Diana Containerships, Inc.		1,100		(2,068	)
Star Bulk Carriers Corp.		200		(1,312	)
				(3,380	)
Total Greece				(12,964	)
India — (0.0)%
Banking — (0.0)%
HDFC Bank Ltd. ADR		2,400		(121,800	)
Technology Services — (0.0)%
Wipro Ltd. ADR		1,900		(21,508	)
Total India				(143,308	)

See Notes to Consolidated Schedule of Investments.

42

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Ireland — (0.0)%
Banking — (0.0)%
Bank of Ireland ADR		900	$	(13,698	)
Biotechnology & Pharmaceutical — (0.0)%
Amarin Corp. PLC ADR		138,100		(135,297	)
Specialty Finance — (0.0)%
Fly Leasing Ltd. ADR		500		(6,575	)
Transportation & Logistics — (0.0)%
Ardmore Shipping Corp.		1,000		(11,970	)
Total Ireland				(167,540	)
Israel — (0.0)%
Consumer Products — (0.0)%
SodaStream International Ltd.		900		(18,108	)
Electrical Equipment — (0.0)%
Camtek Ltd.		100		(301	)
Media — (0.0)%
Wix.com Ltd.		800		(16,800	)
Semiconductors — (0.0)%
On Track Innovations Ltd.		100		(165	)
Total Israel				(35,374	)
Japan — (0.0)%
Automotive — (0.0)%
Toyota Motor Corp. ADR		1,900		(238,412	)
Hardware — (0.0)%
Canon, Inc. ADR		300		(9,498	)
Total Japan				(247,910	)
Monaco — (0.1)%
Transportation & Logistics — (0.1)%
GasLog Ltd.		13,100		(266,585	)
Scorpio Tankers, Inc.		37,000		(321,530	)
Total Monaco				(588,115	)
Netherlands — (0.0)%
Banking — (0.0)%
ING Groep NV ADR		10,100		(130,997	)
Biotechnology & Pharmaceutical — (0.0)%
Prosensa Holding NV		200		(3,750	)
Telecommunications — (0.0)%
VimpelCom Ltd. ADR		49,100		(204,993	)
Total Netherlands				(339,740	)
Norway — (0.0)%
Transportation & Logistics — (0.0)%
Frontline Ltd.		3,700		(9,287	)
Total Norway				(9,287	)
Panama — (0.0)%
Banking — (0.0)%
Banco Latinoamericano de Comercio Exterior SA E Shares		1,300		(39,130	)
Total Panama				(39,130	)

See Notes to Consolidated Schedule of Investments.

43

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Peru — (0.1)%
Banking — (0.1)%
Credicorp Ltd.		3,700	$	(592,666	)
Total Peru				(592,666	)
Philippines — (0.0)%
Telecommunications — (0.0)%
Philippine Long Distance Telephone Co. ADR		300		(18,987	)
Total Philippines				(18,987	)
Puerto Rico — (0.0)%
Banking — (0.0)%
Doral Financial Corp.		100		(395	)
Total Puerto Rico				(395	)
Republic of Korea — (0.0)%
Banking — (0.0)%
KB Financial Group, Inc. ADR		100		(3,262	)
Total Republic of Korea				(3,262	)
Spain — (0.0)%
Banking — (0.0)%
Banco Santander SA ADR		1		(8	)
Total Spain				(8	)
Sweden — (0.0)%
Automotive — (0.0)%
Autoliv, Inc.		4,100		(435,092	)
Hardware — (0.0)%
Telefonaktiebolaget LM Ericsson ADR		3,400		(41,140	)
Total Sweden				(476,232	)
Switzerland — (0.1)%
Chemicals — (0.0)%
Syngenta AG ADR		400		(25,696	)
Institutional Financial Service — (0.1)%
Credit Suisse Group AG ADR		21,100		(529,188	)
Semiconductors — (0.0)%
STMicroelectronics NV		200		(1,494	)
Total Switzerland				(556,378	)
Taiwan — (0.0)%
Telecommunications — (0.0)%
Chunghwa Telecom Co. Ltd. ADR		200		(5,886	)
Total Taiwan				(5,886	)
Turkey — (0.0)%
Telecommunications — (0.0)%
Turkcell Iletisim Hizmetleri AS ADR		900		(13,608	)
Total Turkey				(13,608	)
United Kingdom — (0.1)%
Banking — (0.0)%
Barclays PLC ADR		9,228		(138,512	)
Lloyds Banking Group plc ADR		1,000		(4,640	)
Royal Bank of Scotland Group PLC ADR		1,700		(20,587	)
				(163,739	)

See Notes to Consolidated Schedule of Investments.

44

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Consumer Products — (0.1)%
Diageo PLC ADR		8,600	$	(981,174	)
Unilever NV		3,223		(125,826	)
				(1,107,000	)
Insurance — (0.0)%
Prudential PLC ADR		252		(11,635	)
Machinery — (0.0)%
CNH Industrial NV		35		(282	)
Media — (0.0)%
WPP PLC ADR		200		(20,820	)
Semiconductors — (0.0)%
ARM Holdings PLC ADR		900		(41,670	)
Total United Kingdom				(1,345,146	)
United States — (16.5)%
Aerospace & Defense — (0.3)%
B/E Aerospace, Inc.		100		(5,802	)
GenCorp, Inc.		6,500		(118,950	)
Smith & Wesson Holding Corp.		1,200		(11,364	)
Sturm Ruger & Co., Inc.		1,700		(58,871	)
Taser International, Inc.		7,800		(206,544	)
United Technologies Corp.		26,800		(3,082,000	)
				(3,483,531	)
Apparel & Textile Products — (0.1)%
Hanesbrands, Inc.		8,000		(892,960	)
Iconix Brand Group, Inc.		25,000		(844,750	)
Quiksilver, Inc.		4,200		(9,282	)
Steven Madden Ltd.		100		(3,183	)
Wolverine World Wide, Inc.		1,500		(44,205	)
				(1,794,380	)
Asset Management — (0.6)%
Acacia Research Corp.		2,900		(49,126	)
Artisan Partners Asset Management, Inc. Class A		17,000		(859,010	)
Cohen & Steers, Inc.		800		(33,664	)
Eaton Vance Corp.		100		(4,093	)
Home Loan Servicing Solutions Ltd.		38,500		(751,520	)
Janus Capital Group, Inc.		186,300		(3,005,019	)
Leucadia National Corp.		112,500		(2,522,250	)
Medley Capital Corp.		13,700		(126,588	)
T Rowe Price Group, Inc.		400		(34,344	)
				(7,385,614	)
Automotive — (0.1)%
Dorman Products, Inc.		200		(9,654	)
Federal-Mogul Holdings Corp.		1,300		(20,917	)
Ford Motor Co.		85,300		(1,322,150	)
Gentherm, Inc.		400		(14,648	)
Quantum Fuel Systems Technologies Worldwide, Inc.		12,600		(26,334	)
				(1,393,703	)
Banking — (0.5)%
Banc of California, Inc.		3,500		(40,145	)
Bank of America Corp.		165,700		(2,964,373	)
Citigroup, Inc.		39,600		(2,142,756	)
ConnectOne Bancorp, Inc.		23		(437	)
Heritage Financial Corp.		9		(158	)
MB Financial, Inc.		22		(723	)

See Notes to Consolidated Schedule of Investments.

45

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
PacWest Bancorp		10,157	$	(461,737	)
PNC Financial Services Group, Inc.		2,300		(209,829	)
Synovus Financial Corp.		5,100		(138,159	)
Umpqua Holdings Corp.		11,765		(200,122	)
United Bankshares, Inc.		1,546		(57,898	)
				(6,216,337	)
Biotechnology & Pharmaceuticals — (2.5)%
ACADIA Pharmaceuticals, Inc.		35,300		(1,120,775	)
AcelRx Pharmaceuticals, Inc.		1,700		(11,441	)
Achillion Pharmaceuticals, Inc.		9,900		(121,275	)
Actavis PLC		3,000		(772,230	)
Aegerion Pharmaceuticals, Inc.		19,500		(408,330	)
Aerie Pharmaceuticals, Inc.		600		(17,514	)
Agenus, Inc.		500		(1,985	)
Akorn, Inc.		4,300		(155,660	)
Albany Molecular Research, Inc.		800		(13,024	)
Alder Biopharmaceuticals, Inc.		200		(5,818	)
Amgen, Inc.		6,300		(1,003,527	)
Ampio Pharmaceuticals, Inc.		25,400		(87,122	)
Antares Pharma, Inc.		2,200		(5,654	)
Apricus Biosciences, Inc.		100		(100	)
Aratana Therapeutics, Inc.		200		(3,564	)
Arena Pharmaceuticals, Inc.		37,800		(131,166	)
ARIAD Pharmaceuticals, Inc.		1,900		(13,053	)
Arrowhead Research Corp.		6,400		(47,232	)
Assembly Biosciences, Inc.		200		(1,572	)
Avanir Pharmaceuticals, Inc.		200		(3,390	)
BioMarin Pharmaceutical, Inc.		19,800		(1,789,920	)
BioTime, Inc.		100		(373	)
Bristol-Myers Squibb Co.		19,900		(1,174,697	)
Catalyst Pharmaceutical Partners, Inc.		1,700		(5,049	)
Cel-Sci Corp.		100		(58	)
Celgene Corp.		11,200		(1,252,832	)
Celldex Therapeutics, Inc.		10,600		(193,450	)
Celsion Corp.		3,700		(8,621	)
Clovis Oncology, Inc.		3,900		(218,400	)
CombiMatrix Corp.		300		(387	)
Coronado Biosciences, Inc.		5,500		(13,420	)
CTI BioPharma Corp.		15,500		(36,580	)
Cubist Pharmaceuticals, Inc.		7,600		(764,940	)
CytRx Corp.		46,200		(126,588	)
DARA BioSciences, Inc.		300		(264	)
Discovery Laboratories, Inc.		900		(1,044	)
Dynavax Technologies Corp.		110		(1,854	)
Eli Lilly & Co.		43,700		(3,014,863	)
Enanta Pharmaceuticals, Inc.		1,700		(86,445	)
Endo International PLC		21,900		(1,579,428	)
Endocyte, Inc.		13,800		(86,802	)
Exelixis, Inc.		19,200		(27,648	)
Galectin Therapeutics, Inc.		900		(3,123	)
Galena Biopharma, Inc.		41,800		(63,118	)
Halozyme Therapeutics, Inc.		19,400		(187,210	)
Horizon Pharma plc		200		(2,578	)
Idera Pharmaceuticals, Inc.		8,900		(39,249	)
IGI Laboratories, Inc.		900		(7,920	)
ImmunoGen, Inc.		2,000		(12,200	)
Incyte Corp.		45,500		(3,326,505	)
Inovio Pharmaceuticals, Inc.		20,000		(183,600	)
Insmed, Inc.		1,000		(15,470	)
Intercept Pharmaceuticals, Inc.		4,400		(686,400	)
Intrexon Corp.		3,100		(85,343	)

See Notes to Consolidated Schedule of Investments.

46

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Ironwood Pharmaceuticals, Inc.		17,900	$	(274,228	)
Isis Pharmaceuticals, Inc.		16,300		(1,006,362	)
Johnson & Johnson		23,900		(2,499,223	)
Karyopharm Therapeutics, Inc.		1,200		(44,916	)
Keryx Biopharmaceuticals, Inc.		71,000		(1,004,650	)
Kite Pharma, Inc.		600		(34,602	)
La Jolla Pharmaceutical Co.		200		(3,690	)
MannKind Corp.		18,200		(94,913	)
Mast Therapeutics, Inc.		2,700		(1,512	)
Merck & Co., Inc.		35,800		(2,033,082	)
NanoViricides, Inc.		400		(1,088	)
Neuralstem, Inc.		5,300		(14,416	)
Northwest Biotherapeutics, Inc.		600		(3,210	)
Opexa Therapeutics, Inc.		400		(288	)
Orexigen Therapeutics, Inc.		42,900		(259,974	)
Organovo Holdings, Inc.		16,100		(116,725	)
OXiGENE, Inc.		9,200		(14,812	)
Pacira Pharmaceuticals, Inc.		100		(8,866	)
Peregrine Pharmaceuticals, Inc.		10,400		(14,456	)
Pernix Therapeutics Holdings, Inc.		100		(939	)
Perrigo Co. PLC		23,556		(3,937,621	)
Prestige Brands Holdings, Inc.		2,300		(79,856	)
Raptor Pharmaceutical Corp.		4,200		(44,184	)
Repros Therapeutics, Inc.		8,100		(80,757	)
Rexahn Pharmaceuticals, Inc.		17,700		(12,390	)
Rock Creek Pharmaceuticals, Inc.		1,000		(182	)
Salix Pharmaceuticals Ltd.		2,600		(298,844	)
Sarepta Therapeutics, Inc.		25,500		(368,985	)
Spectrum Pharmaceuticals, Inc.		600		(4,158	)
StemCells, Inc.		3,400		(3,193	)
Synergy Pharmaceuticals, Inc.		47,800		(145,790	)
Synta Pharmaceuticals Corp.		16,700		(44,255	)
Synthetic Biologics, Inc.		400		(584	)
Tenax Therapeutics, Inc.		2,400		(9,216	)
TG Therapeutics, Inc.		200		(3,168	)
TherapeuticsMD, Inc.		13,700		(60,965	)
Theravance, Inc.		12,500		(176,875	)
Threshold Pharmaceuticals, Inc.		700		(2,226	)
Vanda Pharmaceuticals, Inc.		14,300		(204,776	)
Venaxis, Inc.		100		(177	)
VIVUS, Inc.		24,300		(69,984	)
Zogenix, Inc.		1,000		(1,370	)
ZS Pharma, Inc.		100		(4,157	)
				(31,906,476	)
Chemicals — (0.2)%
American Vanguard Corp.		100		(1,162	)
EI du Pont de Nemours & Co.		39,300		(2,905,842	)
LSB Industries, Inc.		200		(6,288	)
Olin Corp.		1,400		(31,878	)
Rentech, Inc.		5,800		(7,308	)
Trinseo SA		1,800		(31,410	)
Tronox Ltd. Class A		3,800		(90,744	)
Valhi, Inc.		800		(5,128	)
				(3,079,760	)
Commercial Services — (0.1)%
Brady Corp. Class A		100		(2,734	)
Care.com, Inc.		1,400		(11,592	)
Healthcare Services Group, Inc.		1,800		(55,674	)
HMS Holdings Corp.		60,000		(1,268,400	)
InterCloud Systems, Inc.		11,900		(34,748	)

See Notes to Consolidated Schedule of Investments.

47

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Odyssey Marine Exploration, Inc.		600	$	(558	)
On Assignment, Inc.		400		(13,276	)
				(1,386,982	)
Construction Materials — (0.1)%
Louisiana-Pacific Corp.		9,900		(163,944	)
Martin Marietta Materials, Inc.		6,130		(676,262	)
USG Corp.		6,300		(176,337	)
				(1,016,543	)
Consumer Products — (0.4)%
22nd Century Group, Inc.		2,000		(3,300	)
B&G Foods, Inc.		100		(2,990	)
Church & Dwight Co., Inc.		200		(15,762	)
Clearwater Paper Corp.		2,300		(157,665	)
Darling Ingredients, Inc.		2,000		(36,320	)
Diamond Foods, Inc.		1,200		(33,876	)
Flowers Foods, Inc.		2,500		(47,975	)
Harbinger Group, Inc.		100		(1,416	)
Hormel Foods Corp.		3,400		(177,140	)
Ingredion, Inc.		3,100		(263,004	)
JM Smucker Co.		2,000		(201,960	)
Kellogg Co.		22,500		(1,472,400	)
Keurig Green Mountain, Inc.		12,800		(1,694,656	)
Kraft Foods Group, Inc.		8,800		(551,408	)
McCormick & Co., Inc.		500		(37,150	)
Molson Coors Brewing Co. Class B		1,100		(81,972	)
Post Holdings, Inc.		10,200		(427,278	)
Senomyx, Inc.		1,600		(9,616	)
Snyder’s-Lance, Inc.		1,600		(48,880	)
TreeHouse Foods, Inc.		1,100		(94,083	)
WhiteWave Foods Co.		2,600		(90,974	)
				(5,449,825	)
Consumer Services — (0.0)%
Lincoln Educational Services Corp.		700		(1,974	)
Weight Watchers International, Inc.		7,000		(173,880	)
				(175,854	)
Containers & Packaging — (0.0)%
ZAGG, Inc.		200		(1,358	)
Distributors—Consumer Staples — (0.0)%
Sysco Corp.		100		(3,969	)
Distributors—Discretionary — (0.2)%
Fastenal Co.		44,300		(2,106,908	)
Genuine Parts Co.		1,400		(149,198	)
LKQ Corp.		2,600		(73,112	)
Tech Data Corp.		100		(6,323	)
				(2,335,541	)
Electrical Equipment — (0.0)%
Capstone Turbine Corp.		49,800		(36,817	)
Cognex Corp.		2,700		(111,591	)
Generac Holdings, Inc.		2,200		(102,872	)
General Cable Corp.		1,500		(22,350	)
Revolution Lighting Technologies, Inc.		3,600		(4,860	)
				(278,490	)

See Notes to Consolidated Schedule of Investments.

48

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Engineering & Construction Services — (0.0)%
Kratos Defense & Security Solutions, Inc.		3,800	$	(19,076	)
Gaming, Lodging & Restaurants — (0.4)%
Boyd Gaming Corp.		45,700		(584,046	)
Caesars Entertainment Corp.		13,000		(203,970	)
McDonald’s Corp.		32,200		(3,017,140	)
Pinnacle Entertainment, Inc.		22,400		(498,400	)
Scientific Games Corp. Class A		18,900		(240,597	)
Sonic Corp.		30,300		(825,069	)
Zoe’s Kitchen, Inc.		100		(2,991	)
				(5,372,213	)
Hardware — (0.4)%
3D Systems Corp.		19,500		(640,965	)
Aerohive Networks, Inc.		3,300		(15,840	)
Alliance Fiber Optic Products, Inc.		2,000		(29,020	)
Ciena Corp.		27,800		(539,598	)
Diebold, Inc.		19,700		(682,408	)
Digital Ally, Inc.		100		(1,532	)
Emulex Corp.		600		(3,402	)
ExOne Co.		8,600		(144,480	)
Extreme Networks, Inc.		2,800		(9,884	)
Garmin Ltd.		6,400		(338,112	)
Gigamon, Inc.		7,600		(134,748	)
InterDigital, Inc.		1,900		(100,510	)
Ixia		500		(5,625	)
MicroVision, Inc.		7,000		(12,180	)
Mitel Networks Corp.		400		(4,276	)
Neonode, Inc.		6,700		(22,646	)
Nimble Storage, Inc.		1,200		(33,000	)
Procera Networks, Inc.		2,800		(20,132	)
Riverbed Technology, Inc.		41,465		(846,301	)
Ruckus Wireless, Inc.		5,400		(64,908	)
Silicon Graphics International Corp.		300		(3,414	)
Stratasys Ltd.		16,400		(1,363,004	)
Synaptics, Inc.		300		(20,652	)
Turtle Beach Corp.		2,000		(6,380	)
Ubiquiti Networks, Inc.		11,400		(337,896	)
Uni-Pixel, Inc.		3,900		(22,191	)
Violin Memory, Inc.		6,900		(33,051	)
Vocera Communications, Inc.		500		(5,210	)
Zhone Technologies, Inc.		3,800		(6,726	)
				(5,448,091	)
Health Care Facilities/Services — (0.8)%
Acadia Healthcare Co., Inc.		3,200		(195,872	)
Adeptus Health, Inc. Class A		400		(14,960	)
AmerisourceBergen Corp.		28,300		(2,551,528	)
BioScrip, Inc.		30,400		(212,496	)
Catamaran Corp.		2,000		(103,500	)
Community Health Systems, Inc.		7,100		(382,832	)
Kindred Healthcare, Inc.		7,600		(138,168	)
NeoStem, Inc.		14,600		(55,042	)
PAREXEL International Corp.		1,400		(77,784	)
Quest Diagnostics, Inc.		46,500		(3,118,290	)
Tenet Healthcare Corp.		4,900		(248,283	)
UnitedHealth Group, Inc.		30,700		(3,103,463	)
				(10,202,218	)
Home & Office Products — (0.2)%
Beazer Homes USA, Inc.		600		(11,616	)

See Notes to Consolidated Schedule of Investments.

49

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Green Brick Partners, Inc.		3,300	$	(27,060	)
Hovnanian Enterprises, Inc. Class A		85,300		(352,289	)
KB Home		21,800		(360,790	)
Leggett & Platt, Inc.		3,300		(140,613	)
Masonite International Corp.		9,500		(583,870	)
MDC Holdings, Inc.		14,400		(381,168	)
Meritage Homes Corp.		1,100		(39,589	)
Ryland Group, Inc.		2,100		(80,976	)
Standard Pacific Corp.		100		(729	)
Taylor Morrison Home Corp. Class A		2,500		(47,225	)
TRI Pointe Homes, Inc.		64,400		(982,100	)
William Lyon Homes Class A		2,900		(58,783	)
				(3,066,808	)
Industrial Services — (0.0)%
Applied Industrial Technologies, Inc.		100		(4,559	)
MSC Industrial Direct Co., Inc. Class A		1,300		(105,625	)
TAL International Group, Inc.		1,100		(47,927	)
Titan Machinery, Inc.		1,500		(20,910	)
WW Grainger, Inc.		400		(101,956	)
				(280,977	)
Institutional Financial Service — (0.3)%
CBOE Holdings, Inc.		1,700		(107,814	)
FXCM, Inc. Class A		12,500		(207,125	)
Goldman Sachs Group, Inc.		16,200		(3,140,046	)
Intercontinental Exchange, Inc.		31		(6,798	)
Morgan Stanley		5,500		(213,400	)
Raymond James Financial, Inc.		700		(40,103	)
RCS Capital Corp. Class A		3,800		(46,512	)
				(3,761,798	)
Insurance — (0.3)%
ACE Ltd.		200		(22,976	)
American International Group, Inc.		300		(16,803	)
Berkshire Hathaway, Inc. Class B		20,000		(3,003,000	)
CNO Financial Group, Inc.		200		(3,444	)
HCC Insurance Holdings, Inc.		500		(26,760	)
HCI Group, Inc.		900		(38,916	)
Markel Corp.		300		(204,852	)
MBIA, Inc.		4,800		(45,792	)
Radian Group, Inc.		800		(13,376	)
Torchmark Corp.		49		(2,654	)
Travelers Cos., Inc.		5,000		(529,250	)
				(3,907,823	)
Iron & Steel — (0.1)%
AK Steel Holding Corp.		75,500		(448,470	)
AM Castle & Co.		500		(3,990	)
Cliffs Natural Resources, Inc.		35,400		(252,756	)
				(705,216	)
Leisure Products — (0.1)%
Callaway Golf Co.		300		(2,310	)
Hasbro, Inc.		14,200		(780,858	)
Winnebago Industries, Inc.		500		(10,880	)
				(794,048	)
Machinery — (0.1)%
Adept Technology, Inc.		2,000		(17,360	)
Arotech Corp.		800		(1,856	)

See Notes to Consolidated Schedule of Investments.

50

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Briggs & Stratton Corp.		6,300	$	(128,646	)
Colfax Corp.		3,500		(180,495	)
Deere & Co.		12,700		(1,123,569	)
Graco, Inc.		300		(24,054	)
Nordson Corp.		800		(62,368	)
Power Solutions International, Inc.		400		(20,644	)
				(1,558,992	)
Manufactured Goods — (0.0)%
EnPro Industries, Inc.		1,900		(119,244	)
Global Brass & Copper Holdings, Inc.		1,200		(15,792	)
Proto Labs, Inc.		1,900		(127,604	)
				(262,640	)
Media — (1.0)%
Angie’s List, Inc.		12,700		(79,121	)
Borderfree, Inc.		200		(1,792	)
Brightcove, Inc.		2,000		(15,560	)
CBS Corp. Class B		100		(5,534	)
Coupons.com, Inc.		1,700		(30,175	)
Covisint Corp.		1,522		(4,033	)
Cumulus Media, Inc. Class A		76,900		(325,287	)
Demand Media, Inc.		660		(4,039	)
Dex Media, Inc.		2,100		(18,837	)
DreamWorks Animation SKG, Inc. Class A		5,800		(129,514	)
Everyday Health, Inc.		500		(7,375	)
Groupon, Inc.		58,000		(479,080	)
Liberty Media Corp.		33		(1,164	)
Lions Gate Entertainment Corp.		5,200		(166,504	)
LiveDeal, Inc.		1,000		(3,140	)
Marin Software, Inc.		2,400		(20,304	)
MeetMe, Inc.		4,700		(7,191	)
Millennial Media, Inc.		50,500		(80,800	)
Pandora Media, Inc.		114,000		(2,032,620	)
RealD, Inc.		400		(4,720	)
Rocket Fuel, Inc.		4,400		(70,928	)
Rubicon Project, Inc.		100		(1,614	)
Shutterfly, Inc.		2,700		(112,576	)
Sirius XM Holdings, Inc.		200		(700	)
Tremor Video, Inc.		100		(287	)
Twenty-First Century Fox, Inc. Class A		17,300		(664,407	)
Twitter, Inc.		51,700		(1,854,479	)
WebMD Health Corp.		200		(7,910	)
World Wrestling Entertainment, Inc. Class A		9,500		(117,230	)
Yahoo!, Inc.		77,049		(3,891,745	)
Yelp, Inc.		43,200		(2,364,336	)
YOU On Demand Holdings, Inc.		200		(412	)
				(12,503,414	)
Medical Equipment/Devices — (2.2)%
Abaxis, Inc.		11,800		(670,594	)
Abbott Laboratories		36,400		(1,638,728	)
Alere, Inc.		200		(7,600	)
Baxter International, Inc.		13,900		(1,018,731	)
Becton Dickinson and Co.		14,700		(2,045,652	)
Biolase, Inc.		3,646		(9,589	)
BioTelemetry, Inc.		3,600		(36,108	)
Cardiovascular Systems, Inc.		100		(3,008	)
Cerus Corp.		12,700		(79,248	)
Cooper Cos., Inc.		13,400		(2,172,006	)
Cytori Therapeutics, Inc.		400		(196	)
DENTSPLY International, Inc.		53,000		(2,823,310	)

See Notes to Consolidated Schedule of Investments.

51

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Edwards Lifesciences Corp.		9,800	$	(1,248,324	)
Endologix, Inc.		2,500		(38,225	)
EnteroMedics, Inc.		1,800		(2,556	)
Exact Sciences Corp.		100		(2,744	)
Fluidigm Corp.		200		(6,746	)
Foundation Medicine, Inc.		100		(2,222	)
ImmunoCellular Therapeutics Ltd.		7,700		(5,621	)
Insulet Corp.		12,400		(571,144	)
IsoRay, Inc.		12,400		(18,104	)
K2M Group Holdings, Inc.		700		(14,609	)
Medtronic, Inc.		73,181		(5,283,668	)
Navidea Biopharmaceuticals, Inc.		11,500		(21,735	)
OPKO Health, Inc.		43,700		(436,563	)
QIAGEN NV		26,903		(631,144	)
Rockwell Medical, Inc.		14,200		(145,976	)
Sequenom, Inc.		4,700		(17,390	)
Sirona Dental Systems, Inc.		19,800		(1,729,926	)
Spectranetics Corp.		4,200		(145,236	)
St Jude Medical, Inc.		23,000		(1,495,690	)
Stereotaxis, Inc.		1,400		(2,072	)
Sunshine Heart, Inc.		200		(848	)
TearLab Corp.		6,800		(18,020	)
Thoratec Corp.		900		(29,214	)
Unilife Corp.		8,000		(26,800	)
Varian Medical Systems, Inc.		47,300		(4,091,923	)
Volcano Corp.		2,200		(39,336	)
Waters Corp.		19,300		(2,175,496	)
				(28,706,102	)
Metals & Mining — (0.1)%
Allied Nevada Gold Corp.		103,400		(89,958	)
Gold Resource Corp.		3,200		(10,816	)
Golden Star Resources Ltd.		13,500		(2,835	)
Hecla Mining Co.		50,800		(141,732	)
McEwen Mining, Inc.		7,800		(8,658	)
Midway Gold Corp.		3,700		(2,738	)
Molycorp, Inc.		89,900		(79,166	)
Noranda Aluminum Holding Corp.		2,100		(7,392	)
Paramount Gold and Silver Corp.		6,700		(6,834	)
Southern Copper Corp.		6,800		(191,760	)
Thompson Creek Metals Co., Inc.		26,200		(43,754	)
Uranerz Energy Corp.		2,200		(2,464	)
Uranium Energy Corp.		19,500		(34,125	)
Uranium Resources, Inc.		100		(186	)
US Silica Holdings, Inc.		7,100		(182,399	)
				(804,817	)
Oil, Gas & Coal — (1.3)%
Abraxas Petroleum Corp.		800		(2,352	)
Alon USA Energy, Inc.		30,900		(391,503	)
Alpha Natural Resources, Inc.		133,100		(222,277	)
Arch Coal, Inc.		200,100		(356,178	)
Basic Energy Services, Inc.		2,200		(15,422	)
Bill Barrett Corp.		400		(4,556	)
Bonanza Creek Energy, Inc.		5,900		(141,600	)
Callon Petroleum Co.		100		(545	)
Clean Energy Fuels Corp.		9,000		(44,955	)
Cobalt International Energy, Inc.		141,400		(1,257,046	)
Comstock Resources, Inc.		32,600		(222,006	)
Diamondback Energy, Inc.		700		(41,846	)
Eclipse Resources Corp.		10,300		(72,409	)
Emerald Oil, Inc.		65,300		(78,360	)

See Notes to Consolidated Schedule of Investments.

52

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Enbridge Energy Management LLC		1	$	(39	)
Energy XXI Ltd.		115,089		(375,190	)
EXCO Resources, Inc.		177,100		(384,307	)
Exterran Holdings, Inc.		2,700		(87,966	)
Flotek Industries, Inc.		4,300		(80,539	)
FMSA Holdings, Inc.		200		(1,384	)
FX Energy, Inc.		5,300		(8,215	)
Gastar Exploration, Inc.		800		(1,928	)
Goodrich Petroleum Corp.		7,900		(35,076	)
Gulfport Energy Corp.		100		(4,174	)
Halcon Resources Corp.		25,000		(44,500	)
Halliburton Co.		181,132		(7,123,922	)
Harvest Natural Resources, Inc.		300		(543	)
Hercules Offshore, Inc.		33,900		(33,900	)
ION Geophysical Corp.		13,000		(35,750	)
Jones Energy, Inc.		200		(2,282	)
Kinder Morgan, Inc.		44,684		(1,890,580	)
Kosmos Energy Ltd.		5,700		(47,823	)
Laredo Petroleum, Inc.		200		(2,070	)
LinnCo LLC		6,601		(68,452	)
Magnum Hunter Resources Corp.		86,566		(271,817	)
Matador Resources Co.		300		(6,069	)
Midstates Petroleum Co., Inc.		26,200		(39,562	)
Miller Energy Resources, Inc.		2,600		(3,250	)
Nuverra Environmental Solutions, Inc.		9,570		(53,114	)
Oasis Petroleum, Inc.		200		(3,308	)
Pacific Drilling SA		5,800		(26,912	)
Parsley Energy, Inc. Class A		200		(3,192	)
PBF Energy, Inc. Class A		28,500		(759,240	)
Peabody Energy Corp.		111,000		(859,140	)
PetroQuest Energy, Inc.		1,000		(3,740	)
Pioneer Energy Services Corp.		300		(1,662	)
Quicksilver Resources, Inc.		86,600		(17,164	)
Resolute Energy Corp.		4,800		(6,336	)
Rex Energy Corp.		2,300		(11,730	)
Rice Energy, Inc.		3,600		(75,492	)
Rosetta Resources, Inc.		7,400		(165,094	)
Sanchez Energy Corp.		22,500		(209,025	)
SandRidge Energy, Inc.		45,100		(82,082	)
SemGroup Corp. Class A		800		(54,712	)
Swift Energy Co.		300		(1,215	)
Synergy Resources Corp.		11,000		(137,940	)
Transocean Ltd.		100		(1,833	)
Triangle Petroleum Corp.		9,900		(47,322	)
Ultra Petroleum Corp.		20,300		(267,148	)
VAALCO Energy, Inc.		100		(456	)
W&T Offshore, Inc.		13,600		(99,824	)
Walter Energy, Inc.		91,200		(125,856	)
Western Refining, Inc.		700		(26,446	)
ZaZa Energy Corp.		20		(50	)
				(16,440,426	)
Real Estate — (0.8)%
American Campus Communities, Inc.		2,900		(119,944	)
American Realty Capital Properties, Inc.		213,760		(1,934,528	)
AvalonBay Communities, Inc.		100		(16,339	)
BioMed Realty Trust, Inc.		1,700		(36,618	)
Brookdale Senior Living, Inc.		19,706		(722,619	)
Camden Property Trust		36,300		(2,680,392	)
Campus Crest Communities, Inc.		57,700		(421,787	)
CatchMark Timber Trust, Inc. Class A		700		(7,924	)
Corrections Corp. of America		100		(3,634	)

See Notes to Consolidated Schedule of Investments.

53

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
CubeSmart		500	$	(11,035	)
Education Realty Trust, Inc.		18,500		(676,915	)
Essex Property Trust, Inc.		400		(82,640	)
Forestar Group, Inc.		100		(1,540	)
Gaming and Leisure Properties, Inc.		632		(18,543	)
Government Properties Income Trust		3,800		(87,438	)
Gramercy Property Trust, Inc.		12,100		(83,490	)
Highwoods Properties, Inc.		5,800		(256,824	)
Home Properties, Inc.		100		(6,560	)
Independence Realty Trust, Inc.		800		(7,448	)
Kite Realty Group Trust		850		(24,429	)
Lexington Realty Trust		4,000		(43,920	)
Liberty Property Trust		3,800		(142,994	)
Macerich Co.		100		(8,341	)
Mid-America Apartment Communities, Inc.		76		(5,676	)
Monmouth Real Estate Investment Corp.		500		(5,535	)
National Retail Properties, Inc.		8,900		(350,393	)
New York REIT, Inc.		7,200		(76,248	)
Physicians Realty Trust		12,800		(212,480	)
Plum Creek Timber Co., Inc.		5,900		(252,461	)
Realty Income Corp.		21,500		(1,025,765	)
Regency Centers Corp.		1,100		(70,158	)
Retail Opportunity Investments Corp.		200		(3,358	)
Rexford Industrial Realty, Inc.		2,000		(31,420	)
Ryman Hospitality Properties, Inc.		4,100		(216,234	)
Senior Housing Properties Trust		7,600		(168,036	)
STAG Industrial, Inc.		200		(4,900	)
Sunstone Hotel Investors, Inc.		9,800		(161,798	)
Tanger Factory Outlet Centers, Inc.		2,200		(81,312	)
Ventas, Inc.		5,600		(401,520	)
Vornado Realty Trust		1,500		(176,565	)
Washington Real Estate Investment Trust		300		(8,298	)
				(10,648,059	)
Recreation Facilities & Services — (0.0)%
AMC Entertainment Holdings, Inc. Class A		600		(15,708	)
SFX Entertainment, Inc.		600		(2,718	)
				(18,426	)
Renewable Energy — (0.3)%
American Superconductor Corp.		200		(148	)
Ascent Solar Technologies, Inc.		200		(214	)
EnerSys		100		(6,172	)
Enphase Energy, Inc.		8,400		(120,036	)
FuelCell Energy, Inc.		68,700		(105,798	)
Gevo, Inc.		2,400		(768	)
Ocean Power Technologies, Inc.		300		(191	)
Pacific Ethanol, Inc.		32,800		(338,824	)
Plug Power, Inc.		46,700		(140,100	)
Silver Spring Networks, Inc.		2,300		(19,389	)
SolarCity Corp.		35,600		(1,903,888	)
Solazyme, Inc.		20,500		(52,890	)
SunEdison, Inc.		16,200		(316,062	)
SunPower Corp.		20,800		(537,264	)
TerraForm Power, Inc. Class A		600		(18,528	)
Vivint Solar, Inc.		500		(4,610	)
				(3,564,882	)
Retail—Consumer Staples — (0.0)%
Big Lots, Inc.		300		(12,006	)
Fairway Group Holdings Corp.		1,800		(5,670	)
Five Below, Inc.		2,000		(81,660	)

See Notes to Consolidated Schedule of Investments.

54

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Roundy’s, Inc.		20,800	$	(100,672	)
SpartanNash Co.		100		(2,614	)
Wal-Mart Stores, Inc.		700		(60,116	)
Whole Foods Market, Inc.		600		(30,252	)
				(292,990	)
Retail Discretionary — (1.0)%
Aeropostale, Inc.		41,000		(95,120	)
American Apparel, Inc.		20,000		(20,600	)
Barnes & Noble, Inc.		2,700		(62,694	)
bebe stores, Inc.		8,200		(17,958	)
Blyth, Inc.		900		(8,235	)
Bon-Ton Stores, Inc.		12,400		(91,884	)
Buckle, Inc.		3,500		(183,820	)
Cabela’s, Inc.		42,100		(2,219,091	)
CarMax, Inc.		7,000		(466,060	)
Chegg, Inc.		3,100		(21,421	)
Children’s Place, Inc.		5,100		(290,700	)
Container Store Group, Inc.		7,000		(133,910	)
Dillard’s, Inc. Class A		300		(37,554	)
Francesca’s Holdings Corp.		10,700		(178,690	)
Genesco, Inc.		500		(38,310	)
Group 1 Automotive, Inc.		200		(17,924	)
Guess?, Inc.		100		(2,108	)
Hertz Global Holdings, Inc.		22,300		(556,162	)
HSN, Inc.		200		(15,200	)
JC Penney Co., Inc.		4,400		(28,512	)
Kohl’s Corp.		50,200		(3,064,208	)
Lumber Liquidators Holdings, Inc.		6,800		(450,908	)
Macy’s, Inc.		19,800		(1,301,850	)
Men’s Wearhouse, Inc.		5,000		(220,750	)
Nordstrom, Inc.		3,900		(309,621	)
Office Depot, Inc.		3		(26	)
RadioShack Corp.		9,800		(3,626	)
Sears Holdings Corp.		6,400		(211,072	)
Sportsman’s Warehouse Holdings, Inc.		1,900		(13,908	)
Tile Shop Holdings, Inc.		5,000		(44,400	)
Tractor Supply Co.		41,500		(3,271,030	)
Vitamin Shoppe, Inc.		100		(4,858	)
zulily, Inc. Class A		600		(14,040	)
				(13,396,250	)
Semiconductors — (0.2)%
Advanced Micro Devices, Inc.		80,900		(216,003	)
Amkor Technology, Inc.		300		(2,130	)
ANADIGICS, Inc.		200		(150	)
Applied Micro Circuits Corp.		17,000		(110,840	)
Atmel Corp.		1,300		(10,913	)
International Rectifier Corp.		10,300		(410,970	)
InvenSense, Inc.		33,600		(546,336	)
Lam Research Corp.		1,000		(79,340	)
Mattson Technology, Inc.		300		(1,020	)
Maxim Integrated Products, Inc.		4,000		(127,480	)
OmniVision Technologies, Inc.		900		(23,400	)
ParkerVision, Inc.		2,500		(2,275	)
Pixelworks, Inc.		20,600		(93,936	)
QuickLogic Corp.		8,000		(25,120	)
Rubicon Technology, Inc.		5,600		(25,592	)
Semtech Corp.		400		(11,028	)

See Notes to Consolidated Schedule of Investments.

55

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Teradyne, Inc.		4,400	$	(87,076	)
Universal Display Corp.		15,700		(435,675	)
				(2,209,284	)
Software — (0.5)%
2U, Inc.		100		(1,966	)
8x8, Inc.		500		(4,580	)
A10 Networks, Inc.		4,700		(20,492	)
Amber Road, Inc.		400		(4,088	)
ANSYS, Inc.		100		(8,200	)
Benefitfocus, Inc.		1,400		(45,976	)
Castlight Health, Inc. Class B		100		(1,170	)
ChannelAdvisor Corp.		6,400		(138,112	)
Cornerstone OnDemand, Inc.		3,700		(130,240	)
Datawatch Corp.		1,200		(10,788	)
Dealertrack Technologies, Inc.		15,100		(669,081	)
Digital River, Inc.		2,300		(56,879	)
E2open, Inc.		500		(4,805	)
FireEye, Inc.		28,500		(900,030	)
Five9, Inc.		1,000		(4,480	)
Glu Mobile, Inc.		141,600		(552,240	)
Imperva, Inc.		5,100		(252,093	)
Jive Software, Inc.		7,700		(46,431	)
KEYW Holding Corp.		2,500		(25,950	)
LogMeIn, Inc.		20,400		(1,006,536	)
Digital Turbine Inc.		592		(1,971	)
Manhattan Associates, Inc.		300		(12,216	)
Mavenir Systems, Inc.		100		(1,356	)
Mentor Graphics Corp.		1,100		(24,112	)
Mitek Systems, Inc.		4,000		(13,240	)
MobileIron, Inc.		300		(2,988	)
Rally Software Development Corp.		7,200		(81,864	)
Rosetta Stone, Inc.		100		(976	)
salesforce.com, Inc.		2,400		(142,344	)
Solera Holdings, Inc.		36,500		(1,868,070	)
Tangoe, Inc.		4,700		(61,241	)
Textura Corp.		2,000		(56,940	)
Verint Systems, Inc.		200		(11,656	)
VirnetX Holding Corp.		4,800		(26,352	)
Vringo, Inc.		59,900		(32,951	)
Zynga, Inc. Class A		134,800		(358,568	)
				(6,580,982	)
Specialty Finance — (0.5)%
Air Lease Corp.		400		(13,724	)
Ally Financial, Inc.		2,300		(54,326	)
Apollo Residential Mortgage, Inc.		17,200		(271,244	)
Ares Commercial Real Estate Corp.		10,000		(114,800	)
ARMOUR Residential REIT, Inc.		209,635		(771,457	)
Blackstone Mortgage Trust, Inc. Class A		2,100		(61,194	)
CAI International, Inc.		4,500		(104,400	)
Credit Acceptance Corp.		200		(27,282	)
CYS Investments, Inc.		115,600		(1,008,032	)
Ellie Mae, Inc.		3,200		(129,024	)
Encore Capital Group, Inc.		4,100		(182,040	)
First American Financial Corp.		500		(16,950	)
GATX Corp.		2,000		(115,080	)
Heartland Payment Systems, Inc.		100		(5,395	)
Higher One Holdings, Inc.		800		(3,368	)
Invesco Mortgage Capital, Inc.		6,196		(95,790	)
JAVELIN Mortgage Investment Corp.		6,810		(70,620	)
JG Wentworth Co. Class A		400		(4,264	)

See Notes to Consolidated Schedule of Investments.

56

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
MoneyGram International, Inc.		5,000	$	(45,450	)
Nationstar Mortgage Holdings, Inc.		11,300		(318,547	)
New York Mortgage Trust, Inc.		6,000		(46,260	)
Ocwen Financial Corp.		26,800		(404,680	)
PRA Group, Inc.		3,045		(176,397	)
RAIT Financial Trust		16,900		(129,623	)
Redwood Trust, Inc.		26,500		(522,050	)
Regional Management Corp.		2,200		(34,782	)
Resource Capital Corp.		800		(4,032	)
Stonegate Mortgage Corp.		700		(8,372	)
Walter Investment Management Corp.		34,900		(576,199	)
Western Asset Mortgage Capital Corp.		60,835		(894,274	)
Xoom Corp.		11,200		(196,112	)
				(6,405,768	)
Technology Services — (0.1)%
Bottomline Technologies de, Inc.		4,300		(108,704	)
Cyan, Inc.		400		(1,000	)
iGATE Corp.		1,000		(39,480	)
MarketAxess Holdings, Inc.		100		(7,171	)
Sapient Corp.		39,000		(970,320	)
ServiceSource International, Inc.		100		(468	)
Spherix, Inc.		200		(216	)
Thomson Reuters Corp.		8,500		(342,890	)
				(1,470,249	)
Telecommunications — (0.1)%
Alaska Communications Systems Group, Inc.		700		(1,253	)
DigitalGlobe, Inc.		34,900		(1,080,853	)
EarthLink Holdings Corp.		2,900		(12,731	)
Global Eagle Entertainment, Inc.		2,100		(28,581	)
Globalstar, Inc.		1,400		(3,850	)
Gogo, Inc.		48,000		(793,440	)
Intelsat SA		400		(6,944	)
NTELOS Holdings Corp.		600		(2,514	)
Sprint Corp.		1,100		(4,565	)
WidePoint Corp.		100		(138	)
				(1,934,869	)
Transportation & Logistics — (0.2)%
Baltic Trading Ltd.		31,600		(79,316	)
Genesee & Wyoming, Inc. Class A		2,600		(233,792	)
Heartland Express, Inc.		600		(16,206	)
Macquarie Infrastructure Co. LLC		6,100		(433,649	)
Nordic American Tankers Ltd.		68,700		(691,809	)
United Parcel Service, Inc. Class B		3,200		(355,744	)
XPO Logistics, Inc.		16,200		(662,256	)
				(2,472,772	)
Transportation Equipment — (0.2)%
American Railcar Industries, Inc.		800		(41,200	)
Clean Diesel Technologies, Inc.		300		(543	)
Navistar International Corp.		13,100		(438,588	)
Trinity Industries, Inc.		60,200		(1,686,202	)
Wabash National Corp.		2,400		(29,664	)
				(2,196,197	)
Utilities — (0.2)%
Aqua America, Inc.		100		(2,670	)
Atlantic Power Corp.		61,700		(167,207	)
Consolidated Edison, Inc.		100		(6,601	)

See Notes to Consolidated Schedule of Investments.

57

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Exelon Corp.		2,000	$	(74,160	)
Great Plains Energy, Inc.		900		(25,569	)
Hawaiian Electric Industries, Inc.		26,100		(873,828	)
Laclede Group, Inc.		9,600		(510,720	)
Northeast Utilities		800		(42,816	)
NRG Energy, Inc.		20,900		(563,255	)
NRG Yield, Inc. Class A		1,100		(51,854	)
ONE Gas, Inc.		100		(4,122	)
Portland General Electric Co.		900		(34,047	)
Questar Corp.		100		(2,528	)
SCANA Corp.		1,400		(84,560	)
TECO Energy, Inc.		200		(4,098	)
Westar Energy, Inc.		5,500		(226,820	)
WGL Holdings, Inc.		100		(5,462	)
				(2,680,317	)
Waste & Environmental Service Equipment & Facility — (0.0)%
US Ecology, Inc.		1,300		(52,156	)
Vertex Energy, Inc.		600		(2,514	)
				(54,670	)
Total United States				(213,668,737	)
TOTAL COMMON STOCK (PROCEEDS $248,749,649)				(237,686,240	)
Security Description	Principal Amount		Value
CORPORATE BONDS & NOTES — (0.2)%
United States — (0.2)%
Apparel & Textile Products — (0.1)%
William Carter Co. (The), 5.25%, 08/15/21 (e)	$	850,000		(884,000	)
Casinos & Gaming — (0.0)%
Scientific Games International, 10.00%, 12/01/22 (b),(e)		760,000		(703,950	)
Consumer Products — (0.0)%
American Achievement Corp., 10.88%, 04/15/16 (b),(e)		790,000		(760,375	)
Exploration & Production — (0.1)%
California Resources Corp., 6.00%, 11/15/24 (b),(e)		1,020,000		(872,100	)
Total United States				(3,220,425	)
TOTAL CORPORATE BONDS & NOTES (PROCEEDS $3,208,321)				(3,220,425	)
Security Description	Shares		Value
EXCHANGE-TRADED FUNDS — (3.6)%
Alerian MLP ETF		14,529		(254,548	)
Consumer Staples Select Sector SPDR Fund		5,230		(253,603	)
Energy Select Sector SPDR Fund		1,616		(127,922	)
Financial Select Sector SPDR Fund		274,716		(6,793,727	)
Health Care Select Sector SPDR Fund		44,200		(3,022,396	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		22,468		(2,682,904	)
iShares Nasdaq Biotechnology ETF		16,012		(4,857,240	)
iShares Russell 2000 ETF		39,516		(4,728,880	)
Powershares QQQ Trust Series 1		200		(20,650	)
SPDR S&P 500 ETF Trust		21,300		(4,377,150	)
SPDR S&P Biotech ETF		5,500		(1,026,520	)

See Notes to Consolidated Schedule of Investments.

58

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
SPDR S&P Regional Banking ETF		197,634	$	(8,043,704	)
Vanguard FTSE Developed Markets ETF		265,508		(10,057,443	)
TOTAL EXCHANGE-TRADED FUNDS (PROCEEDS $45,440,180)				(46,246,687	)
TOTAL SECURITIES SOLD SHORT— (22.2)% (PROCEEDS $297,398,150)				(287,153,352	)

Footnote Legend:

(a) Non-income producing.

(b) 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.

(c) All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.

(d) All or a portion of this security is pledged as collateral for derivative financial instruments.

(e) Security is held by a consolidated wholly-owned subsidiary of Blackstone Alternative Multi-Manager Fund.

(f) Variable/floating interest rate security. Rate presented is as of December 31, 2014.

(g) Security considered illiquid.

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

(i) Security is perpetual in nature and has no stated maturity.

(j) Represents a step-up bond. Coupon rate increases in increments to maturity. Rate presented is as of December 31, 2014. Maturity date presented is the ultimate maturity.

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

(l) Approximates cost for federal tax purposes.

(m) Assets, other than investments in securities, less liabilities, other than securities sold short. A significant portion of this balance represents cash collateral.

Options Written Contracts Outstanding at December 31, 2014

	Strike Index		Expiration Date	Contracts		Premium (Received)			Market Value			Unrealized Appreciation (Depreciation)
Exchange-Traded Call Options Written
Alstom SA		28.00 EUR	02/20/15		300	$	(15,744	)	$	(18,332	)	$	(2,588	)
Dollar General Corp.		75.00 USD	02/20/15		871		(195,465	)		(162,877	)		32,588
Qualcomm, Inc.		75.00 USD	02/20/15		8		(1,199	)		(1,944	)		(745	)
WisdomTree Investments, Inc.		17.50 USD	01/17/15		228		(10,260	)		(2,280	)		7,980
						$	(222,668	)	$	(185,433	)	$	37,235
Exchange-Traded Put Options Written
Alstom SA		26.00 EUR	02/20/15		300	$	(27,792	)	$	(24,504	)	$	3,288
Dollar General Corp.		65.00 USD	02/20/15		871		(207,235	)		(117,585	)		89,650
S&P 500 Index		1,625.00 USD	03/20/15		96		(68,160	)		(58,080	)		10,080
						$	(303,187	)	$	(200,169	)	$	103,018

	Counterparty	Strike Index		Expiration Date		Notional Amount		Premium (Received)			Market Value			Unrealized Appreciation (Depreciation)
FX OTC Call Options Written
USD/BRL Currency	Morgan Stanley Capital Services LLC		2.60 BRL		12/31/15		1,895,400 USD	$	(169,228	)	$	(237,698	)	$	(68,470	)
USD/CNH Currency	Morgan Stanley Capital Services LLC		6.90 CNH		11/06/17		6,010,000 USD		(98,556	)		(116,641	)		(18,085	)
USD/CNH Currency	Morgan Stanley Capital Services LLC		6.30 CNH		11/05/15		9,340,000 USD		(132,994	)		(153,273	)		(20,279	)
USD/CNH Currency	Morgan Stanley Capital Services LLC		6.40 CNH		11/05/15		7,660,200 USD		(64,958	)		(83,513	)		(18,555	)

See Notes to Consolidated Schedule of Investments.

59

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

	Counterparty	Strike Index		Expiration Date		Notional Amount		Premium (Received)			Market Value			Unrealized Appreciation (Depreciation)
USD/CNH Currency	Morgan Stanley Capital Services LLC		6.40 CNH		11/06/17		670,000 USD	$	(23,628	)	$	(25,005	)	$	(1,377	)
USD/CNH Currency	Morgan Stanley Capital Services LLC		6.80 CNH		11/05/15		2,800,000USD		(15,290	)		(14,052	)		1,238
USD/CNH Currency	JPMorgan Chase Bank, N.A.		6.80 CNH		11/05/15		9,340,000USD		(57,348	)		(46,873	)		10,475
								$	(562,002	)	$	(677,055	)	$	(115,053	)
FX OTC Put Options Written
USD/BRL Currency	Morgan Stanley Capital Services LLC		2.60 BRL		12/31/15		835,400 USD	$	(18,512	)	$	(8,770	)	$	9,742
USD/BRL Currency	JPMorgan Chase Bank, N.A.		2.40 BRL		12/31/15		1,895,400 USD		(55,558	)		(3,698	)		51,860
								$	(74,070	)	$	(12,468	)	$	61,602
Total Options Written Outstanding								$	(1,161,927	)	$	(1,075,125	)	$	86,802

Reverse Repurchase Agreements Outstanding at December 31, 2014

Counterparty	Interest Rate	Trade Date		Maturity Date		Face Value		Face Value Including Accrued Interest
Bank of America Merrill Lynch	1.76%		12/08/14		01/08/15	$	2,693,000	$	2,695,854
Bank of America Merrill Lynch	1.75%		12/01/14		01/05/15		1,919,000		1,921,892
Bank of America Merrill Lynch	1.76%		12/03/14		01/05/15		1,472,000		1,474,087
Bank of America Merrill Lynch	1.66%		12/04/14		01/06/15		3,901,000		3,906,037
Bank of America Merrill Lynch	1.66%		12/19/14		01/20/15		2,680,000		2,681,607
Bank of America Merrill Lynch	1.84%		12/05/14		03/05/15		967,000		968,334
Bank of America Merrill Lynch	1.83%		11/06/14		02/06/15		4,335,000		4,347,340
Bank of America Merrill Lynch	1.66%		12/15/14		01/15/15		2,691,000		2,693,109
Bank of America Merrill Lynch	1.83%		11/06/14		02/06/15		4,907,000		4,920,969
Bank of America Merrill Lynch	1.84%		12/17/14		03/17/15		769,000		769,590
Bank of America Merrill Lynch	1.83%		11/05/14		02/05/15		1,856,000		1,861,378
Bank of America Merrill Lynch	1.66%		12/15/14		01/15/15		4,154,000		4,157,256
Bank of America Merrill Lynch	1.83%		10/31/14		01/30/15		4,105,000		4,117,938
Bank of America Merrill Lynch	1.64%		12/19/14		03/19/15		889,000		889,526
Bank of America Merrill Lynch	1.84%		12/19/14		03/19/15		2,022,000		2,023,344
Bank of America Merrill Lynch	1.51%		12/17/14		01/16/15		1,130,000		1,130,711
Bank of America Merrill Lynch	1.83%		11/06/14		02/06/15		7,692,000		7,713,897
Bank of America Merrill Lynch	1.56%		12/15/14		01/15/15		1,970,000		1,971,451
Bank of America Merrill Lynch	1.56%		12/15/14		01/15/15		5,975,000		5,979,402
Bank of America Merrill Lynch	1.78%		10/29/14		01/29/15		5,076,000		5,092,063
Credit Suisse Securities (USA) LLC	1.48%		11/04/14		02/04/15		3,267,000		3,274,801
Credit Suisse Securities (USA) LLC	1.48%		11/04/14		02/04/15		4,862,000		4,873,610
Credit Suisse Securities (Europe) Limited	3.50%		12/05/14		12/07/15		5,054,198		5,040,931
Total Reverse Repurchase Agreements Outstanding						$	74,386,198	$	74,505,127

Futures Contracts Outstanding at December 31, 2014

Description	Number of Contracts	Exchange	Notional Amount		Expiration Date		Unrealized Appreciation (Depreciation)
Long Futures
90 Day Eurodollar	600	CME		150,000,000 USD		06/13/16	$	(137,167	)
90 Day Sterling	656	ICE		82,000,000 GBP		06/15/16		40,954
Australia 10-Year Bond	281	SFE		28,100,000 AUD		03/16/15		461,693
Bankers’ Acceptance	735	CDE		183,750,000 CAD		06/13/16		(24,067	)

See Notes to Consolidated Schedule of Investments.

60

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Description	Number of Contracts	Exchange	Notional Amount		Expiration Date		Unrealized Appreciation (Depreciation)
Brent Crude	2	ICE		2,000 USD		01/15/15	$	(23,895	)
Cocoa	142	ICE		1,420 USD		03/16/15		28,584
Coffee	28	ICE		1,050,000 USD		03/19/15		(197,389	)
Cotton No. 2	138	ICE		6,900,000 USD		03/09/15		(98,555	)
Euro-BTP	369	Eurex		36,900,000 EUR		03/06/15		557,160
Euro-Oat	115	Eurex		11,500,000 EUR		03/06/15		294,891
Gold 100 OZ	66	COMEX		6,600 USD		02/25/15		(92,186	)
Hang Seng Index	35	HKFE		1,750 HKD		01/29/15		119,396
IBEX 35 Index	85	MEFF		850 EUR		01/16/15		116,276
Live Cattle	96	CME		3,840,000 USD		04/30/15		(240,966	)
Long Gilt	274	ICE		27,400,000 GBP		03/27/15		1,081,265
Mex Bolsa Index	470	MexDer		4,700 MXN		03/20/15		726,654
NASDAQ 100 E-Mini	86	CME		1,720 USD		03/20/15		(378	)
Natural Gas	61	NYMEX		610,000 USD		03/27/15		(339,300	)
NY Harbor ULSD	52	NYMEX		2,184,000 USD		01/30/15		(335,915	)
OMXS30 Index	81	Nasdaq OMX		8,100 SEK		01/16/15		20,466
RBOB Gasoline	89	NYMEX		3,738,000 USD		01/30/15		(573,878	)
S&P 500 E-Mini	68	CME		3,400 USD		03/20/15		96,209
S&P/TSX 60 Index	59	CDE		11,800 CAD		03/19/15		430,485
SGX CNX Nifty	144	SGX		288 USD		01/29/15		8,320
Soybean	65	CBOT		325,000 USD		03/13/15		(104,882	)
Soybean Meal	132	CBOT		13,200 USD		03/13/15		(183,651	)
SPI 200	192	SFE		4,800 AUD		03/19/15		893,816
Sugar 11	10	ICE		1,120,000 USD		02/27/15		(12,544	)
Topix Index	4	OSE		40,000 JPY		03/12/15		(10,816	)
U.S. Treasury 10-Year Note	101	CBOT		10,100,000 USD		03/20/15		28,465
Total Buys							$	2,529,045
Short Futures
3 Month Euribor	1,434	LIF		358,500,000 EUR		03/14/16	$	(219,140	)
3 Month Euro Swiss	2,215	LIF		553,750,000 CHF		06/15/15		(864,877	)
90 Day Bank Bill	312	SFE		312,000,000 AUD		06/11/15		(102,043	)
90 Day Eurodollar	3	CME		750,000 USD		03/18/19		(4,933	)
90 Day Eurodollar	4	CME		1,000,000 USD		06/18/18		(3,910	)
90 Day Eurodollar	3	CME		750,000 USD		09/17/18		(4,358	)
90 Day Eurodollar	2	CME		500,000 USD		12/17/18		(2,968	)
90 Day Eurodollar	2	CME		500,000 USD		06/17/19		(3,280	)
90 Day Eurodollar	7	CME		1,750,000 USD		03/16/20		(9,855	)
90 Day Eurodollar	4	CME		1,000,000 USD		06/15/20		(6,123	)
90 Day Eurodollar	7	CME		1,750,000 USD		03/14/16		(1,443	)
90 Day Eurodollar	6	CME		1,500,000 USD		06/13/16		(1,650	)
90 Day Eurodollar	6	CME		1,500,000 USD		03/13/17		(3,440	)
90 Day Eurodollar	23	CME		5,750,000 USD		03/16/15		(2,821	)
90 Day Eurodollar	12	CME		3,000,000 USD		06/15/15		(3,618	)
90 Day Eurodollar	9	CME		2,250,000 USD		12/14/15		(3,054	)
90 Day Eurodollar	12	CME		3,000,000 USD		09/14/15		(3,356	)
90 Day Eurodollar	7	CME		1,750,000 USD		12/18/17		(8,693	)
90 Day Eurodollar	8	CME		2,000,000 USD		09/18/17		(7,970	)
90 Day Eurodollar	5	CME		1,250,000 USD		03/19/18		(4,688	)
90 Day Eurodollar	5	CME		1,250,000 USD		12/16/19		(9,413	)
90 Day Eurodollar	9	CME		2,250,000 USD		09/16/19		(14,798	)
90 Day Eurodollar	7	CME		1,750,000 USD		09/19/16		(3,555	)
90 Day Eurodollar	6	CME		1,500,000 USD		12/19/16		(3,903	)
90 Day Eurodollar	5	CME		1,250,000 USD		06/19/17		(3,263	)
Brent Crude	53	ICE		53,000 USD		02/12/15		620,499
Canada 10-Year Bond	744	CDE		74,400,000 CAD		03/20/15		(1,267,644	)
CBOE Volatility Index	413	CFE		413,000 USD		02/18/15		328,897
Corn	186	CBOT		930,000 USD		09/14/15		(61,638	)
DAX Index	81	Eurex		2,025 EUR		03/20/15		(381,273	)
Euro Stoxx 50	2,351	Eurex		23,510 EUR		03/20/15		(2,559,432	)
Euro-Bund	296	Eurex		29,600,000 EUR		03/06/15		(984,051	)

See Notes to Consolidated Schedule of Investments.

61

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Description	Number of Contracts	Exchange	Notional Amount		Expiration Date		Unrealized Appreciation (Depreciation)
FTSE 100 Index	65	ICE		650 GBP		03/20/15	$	(196,312	)
FTSE JSE Top 40	123	Safex		1,230 ZAR		03/19/15		(201,298	)
FTSE/MIB Index	26	IDEM		130 EUR		03/20/15		1,467
Gasoil	61	ICE		6,100 USD		02/12/15		350,957
Gasoil	72	ICE		7,200 USD		09/10/15		343,838
Japan 10-Year Bond	172	OSE		17,200,000,000 JPY		03/11/15		(1,271,216	)
Lean Hogs	109	CME		4,360,000 USD		02/13/15		307,748
Live Cattle	4	CME		160,000 USD		02/27/15		8,720
NASDAQ 100 E-Mini	133	CME		2,660 USD		03/20/15		(288,531	)
Natural Gas	54	NYMEX		540,000 USD		01/28/15		425,096
Nikkei 225	36	OSE		36,000 JPY		03/12/15		139,801
S&P 500 E-Mini	1,177	CME		58,850 USD		03/20/15		(1,489,333	)
Silver	46	COMEX		230,000 USD		03/27/15		238,393
Soybean	70	CBOT		350,000 USD		05/14/15		109,310
Soybean Oil	364	CBOT		21,840,000 USD		03/13/15		10,753
Swiss Market Index	128	Eurex		1,280 CHF		03/20/15		4,927
Topix Index	201	OSE		2,010,000 JPY		03/12/15		210,330
Wheat	110	CBOT		550,000 USD		03/13/15		(257,111	)
Total Sells							$	(7,154,255	)
Total Futures Contracts Outstanding							$	(4,625,210	)

Forward Foreign Currency Exchange Contracts Outstanding at December 31, 2014

Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
BRL		17,966,000	USD		6,842,887	State Street Bank and Trust Company	03/02/15	$	(185,753	)
BRL		525,200	USD		200,000	State Street Bank and Trust Company	02/02/15		(3,909	)
BRL		4,955,120	USD		1,840,000	JPMorgan Chase Bank, N.A.	03/25/15		(16,492	)
BRL		536,100	USD		200,000	State Street Bank and Trust Company	02/03/15		107
CAD		19,783,000	USD		16,985,490	State Street Bank and Trust Company	03/18/15		14,040
CHF		379,140	USD		390,241	Morgan Stanley & Co. LLC	03/31/15		(8,272	)
CHF		9,711,090	USD		9,858,261	Morgan Stanley & Co. LLC	03/31/15		(74,705	)
CHF		296,740	USD		301,627	Morgan Stanley & Co. LLC	03/18/15		(2,758	)
CNY		9,150,675	USD		1,482,563	JPMorgan Chase Bank, N.A.	02/27/15		(664	)
COP		3,138,525,000	USD		1,300,000	JPMorgan Chase Bank, N.A.	03/25/15		14,927
DKK		6,288,240	USD		1,049,442	Morgan Stanley & Co. LLC	03/31/15		(26,910	)
DKK		6,306,630	USD		1,041,901	Morgan Stanley & Co. LLC	03/31/15		(16,379	)
EUR		135,124	USD		167,654	Morgan Stanley & Co. LLC	03/31/15		(4,022	)
EUR		825,265	USD		1,022,900	Morgan Stanley & Co. LLC	03/18/15		(23,627	)
EUR		725,321	USD		903,757	Morgan Stanley & Co. LLC	03/18/15		(25,502	)
EUR		23,650	USD		29,653	Morgan Stanley & Co. LLC	03/18/15		(1,016	)
EUR		93,351	USD		115,280	Morgan Stanley & Co. LLC	03/31/15		(2,234	)
EUR		1,517,375	USD		1,885,338	Morgan Stanley & Co. LLC	03/18/15		(48,025	)
EUR		80,422	USD		97,418	Morgan Stanley & Co. LLC	03/31/15		(28	)
GBP		251,651	USD		395,408	Morgan Stanley & Co. LLC	03/31/15		(3,454	)
GBP		121,987	USD		191,598	Morgan Stanley & Co. LLC	03/31/15		(1,599	)
GBP		722,611	USD		1,134,745	Morgan Stanley & Co. LLC	03/18/15		(9,133	)
GBP		19,815,000	USD		30,921,605	State Street Bank and Trust Company	03/18/15		(55,747	)
HKD		5,755,815	USD		742,255	Morgan Stanley & Co. LLC	03/18/15		(38	)
HKD		2,565,269	USD		330,572	Morgan Stanley & Co. LLC	03/18/15		222
HUF		235,009,390	USD		948,000	JPMorgan Chase Bank, N.A.	03/25/15		(51,559	)
INR		26,293,454	USD		418,000	JPMorgan Chase Bank, N.A.	03/27/15		(8,090	)
INR		112,419,300	USD		1,785,000	JPMorgan Chase Bank, N.A.	03/27/15		(32,402	)
JPY		55,603,000	USD		485,135	JPMorgan Chase Bank, N.A.	02/10/15		(20,789	)
JPY		75,800,000	USD		641,115	JPMorgan Chase Bank, N.A.	01/16/15		(8,234	)
JPY		87,812,000	USD		742,502	State Street Bank and Trust Company	03/18/15		(8,922	)
JPY		77,213,219	USD		663,823	Morgan Stanley & Co. LLC	03/18/15		(18,785	)
JPY		96,544,981	USD		800,492	Morgan Stanley & Co. LLC	03/18/15		6,043
JPY		2,344,100,000	USD		21,310,000	JPMorgan Chase Bank, N.A.	01/06/15		(1,739,955	)
JPY		1,057,350,000	USD		11,130,000	Morgan Stanley Capital Services LLC	01/06/15		(2,302,566	)
JPY		2,237,550,000	USD		21,310,000	JPMorgan Chase Bank, N.A.	01/06/15		(2,629,502	)

See Notes to Consolidated Schedule of Investments.

62

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
JPY		435,100,000	USD		4,580,000	Morgan Stanley Capital Services LLC	01/06/15	$	(947,507	)
JPY		1,113,000,000	USD		11,130,000	Morgan Stanley Capital Services LLC	01/06/15		(1,837,965	)
JPY		532,000,000	USD		5,600,000	JPMorgan Chase Bank, N.A.	01/06/15		(1,158,524	)
KRW		43,708,000	USD		40,000	Morgan Stanley Capital Services LLC	03/18/15		(175	)
MXN		394,663,000	USD		26,499,277	State Street Bank and Trust Company	03/18/15		130,029
NGN		63,690,000	USD		330,000	JPMorgan Chase Bank, N.A.	01/13/15		12,004
PHP		5,845,710	USD		130,000	JPMorgan Chase Bank, N.A.	06/26/15		(88	)
PLN		3,766,053	USD		1,171,218	JPMorgan Chase Bank, N.A.	01/30/15		(108,754	)
SEK		5,444,000	USD		713,856	State Street Bank and Trust Company	03/18/15		(15,324	)
SGD		1,090,033	USD		831,483	Morgan Stanley Capital Services LLC	03/18/15		(9,631	)
TRY		47,069,000	USD		19,594,938	State Street Bank and Trust Company	03/18/15		232,058
ZAR		448,432,000	USD		37,679,403	State Street Bank and Trust Company	03/18/15		630,729
USD		30,509,140	AUD		37,418,000	State Street Bank and Trust Company	03/18/15		120,170
USD		400,000	BRL		1,018,200	State Street Bank and Trust Company	02/03/15		19,941
USD		1,400,000	BRL		3,563,700	State Street Bank and Trust Company	02/03/15		69,795
USD		7,332,484	BRL		18,997,000	State Street Bank and Trust Company	03/02/15		293,323
USD		9,584,529	CHF		9,280,530	Morgan Stanley & Co. LLC	03/31/15		234,747
USD		5,982,416	CHF		5,751,076	Morgan Stanley & Co. LLC	03/18/15		190,084
USD		1,334,469	CHF		1,289,164	Morgan Stanley & Co. LLC	03/18/15		36,057
USD		9,248,369	CHF		8,933,000	State Street Bank and Trust Company	03/18/15		251,288
USD		826,638	CHF		809,700	Morgan Stanley & Co. LLC	03/31/15		10,896
USD		5,212,475	CHF		5,134,660	Morgan Stanley & Co. LLC	03/31/15		39,500
USD		218,381	CHF		215,221	Morgan Stanley & Co. LLC	03/18/15		1,616
USD		135,989	CLP		84,877,535	Morgan Stanley Capital Services LLC	03/18/15		(2,897	)
USD		275,000	CNY		1,703,030	JPMorgan Chase Bank, N.A.	02/27/15		(796	)
USD		610,000	CNY		3,814,025	JPMorgan Chase Bank, N.A.	02/27/15		(7,659	)
USD		34,840,687	CZK		772,479,000	State Street Bank and Trust Company	03/18/15		1,064,630
USD		60,133	DKK		362,520	Morgan Stanley & Co. LLC	03/31/15		1,183
USD		42,837	DKK		261,630	Morgan Stanley & Co. LLC	03/31/15		294
USD		3,731	DKK		22,950	Morgan Stanley & Co. LLC	03/31/15		(1	)
USD		6,396,267	EUR		5,100,000	State Street Bank and Trust Company	02/04/15		223,037
USD		6,207,350	EUR		5,000,000	State Street Bank and Trust Company	01/21/15		156,067
USD		5,280,689	EUR		4,250,000	JPMorgan Chase Bank, N.A.	01/16/15		137,372
USD		8,157,737	EUR		6,540,736	Morgan Stanley & Co. LLC	03/18/15		237,885
USD		464,356	EUR		373,466	Morgan Stanley & Co. LLC	03/18/15		12,145
USD		9,558,593	EUR		7,690,000	State Street Bank and Trust Company	03/18/15		247,155
USD		38,964	EUR		31,552	Morgan Stanley & Co. LLC	03/31/15		755
USD		131,444	EUR		107,155	Morgan Stanley & Co. LLC	03/18/15		1,695
USD		77,687	EUR		63,764	Morgan Stanley & Co. LLC	03/31/15		470
USD		1,888,536	EUR		1,550,586	Morgan Stanley & Co. LLC	03/18/15		11,009
USD		656,763	EUR		540,000	Morgan Stanley Capital Services LLC	03/18/15		2,904
USD		1,707,727	EUR		1,403,457	Morgan Stanley & Co. LLC	03/18/15		8,350
USD		1,094,800	GBP		700,000	State Street Bank and Trust Company	01/21/15		3,917
USD		393,025	GBP		250,000	State Street Bank and Trust Company	01/21/15		3,424
USD		313,520	GBP		200,000	State Street Bank and Trust Company	01/21/15		1,839
USD		18,963	GBP		12,194	Morgan Stanley & Co. LLC	03/31/15		(29	)
USD		113,928	GBP		73,505	Morgan Stanley & Co. LLC	03/31/15		(558	)
USD		185,823	GBP		119,391	Morgan Stanley & Co. LLC	03/31/15		(132	)
USD		3,572,141	HKD		27,697,521	Morgan Stanley & Co. LLC	03/18/15		525
USD		401,118	HKD		3,110,067	Morgan Stanley & Co. LLC	03/18/15		72
USD		668,787	HKD		5,186,525	Morgan Stanley & Co. LLC	03/18/15		(19	)
USD		237,000	HUF		58,801,169	JPMorgan Chase Bank, N.A.	03/25/15		12,704
USD		355,500	HUF		88,538,164	JPMorgan Chase Bank, N.A.	03/25/15		17,772
USD		350,000	IDR		4,422,250,000	JPMorgan Chase Bank, N.A.	03/25/15		(903	)
USD		20,176,625	ILS		79,507,000	State Street Bank and Trust Company	03/18/15		(212,399	)
USD		375,000	INR		23,726,250	JPMorgan Chase Bank, N.A.	05/27/15		8,780
USD		930,000	INR		58,590,000	JPMorgan Chase Bank, N.A.	03/27/15		16,592
USD		1,691,390	JPY		191,736,000	JPMorgan Chase Bank, N.A.	02/10/15		90,182
USD		359,534	JPY		42,567,744	Morgan Stanley Capital Services LLC	03/18/15		3,924
USD		1,154,938	JPY		137,171,967	Morgan Stanley & Co. LLC	03/18/15		9,005
USD		17,134,638	JPY		2,029,940,519	Morgan Stanley & Co. LLC	03/18/15		176,543
USD		2,525,973	JPY		297,915,746	Morgan Stanley & Co. LLC	03/18/15		37,189

See Notes to Consolidated Schedule of Investments.

63

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD		715,541	JPY		83,961,577	Morgan Stanley & Co. LLC	03/18/15	$	14,127
USD		489,363	JPY		58,286,991	Morgan Stanley & Co. LLC	03/18/15		2,434
USD		1,136,696	JPY		137,171,967	Morgan Stanley & Co. LLC	03/18/15		(9,236	)
USD		3,417,198	JPY		411,095,780	Morgan Stanley & Co. LLC	03/18/15		(17,090	)
USD		21,310,000	JPY		2,024,450,000	JPMorgan Chase Bank, N.A.	01/06/15		4,408,597
USD		5,600,000	JPY		588,000,000	JPMorgan Chase Bank, N.A.	01/06/15		691,000
USD		11,130,000	JPY		1,224,300,000	Morgan Stanley Capital Services LLC	01/06/15		908,761
USD		4,580,000	JPY		503,800,000	Morgan Stanley Capital Services LLC	01/06/15		373,956
USD		11,130,000	JPY		1,168,650,000	Morgan Stanley Capital Services LLC	01/06/15		1,373,363
USD		4,580,000	JPY		480,900,000	Morgan Stanley Capital Services LLC	01/06/15		565,139
USD		5,600,000	JPY		616,000,000	JPMorgan Chase Bank, N.A.	01/06/15		457,238
USD		11,130,000	JPY		1,113,000,000	Morgan Stanley Capital Services LLC	01/06/15		1,837,965
USD		104,831	KRW		113,034,000	Morgan Stanley Capital Services LLC	03/18/15		1,840
USD		12,796,140	NOK		95,202,000	State Street Bank and Trust Company	03/18/15		48,655
USD		568,973	NZD		742,000	State Street Bank and Trust Company	03/18/15		(5,810	)
USD		1,540,764	PLN		5,135,368	JPMorgan Chase Bank, N.A.	01/30/15		91,994
USD		24,001,421	PLN		81,048,000	State Street Bank and Trust Company	03/18/15		1,183,361
USD		2,056,403	RUB		136,648,000	State Street Bank and Trust Company	03/18/15		(110,233	)
USD		913,000	ZAR		10,674,347	JPMorgan Chase Bank, N.A.	03/25/15		2,164
USD		90,000	ZAR		1,052,154	JPMorgan Chase Bank, N.A.	03/25/15		220
Total Forward Foreign Currency Exchange Contracts Outstanding								$	4,979,008

OTC Credit Default Swaps on Index (Buy Protection)—Outstanding at December 31, 2014

Reference Obligation	The Fund Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Notional Amount		Market Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.EM.21		(5.00%)		06/20/19	JPMorgan Chase Bank, N.A.		1,128,000  USD	$	(54,633)	$	(88,548)	$	33,915
iTraxx CEEMA Series 21 Version 1		(1.00%)		06/20/19	JPMorgan Chase Bank, N.A.		160,000  USD		17,193		15,763		1,430
Total OTC Credit Default Swaps on Index (Buy Protection)								$	(37,440)	$	(72,785)	$	35,345
OTC Credit Default Swaps on Single-Name Issues (Buy Protection)—Outstanding at December 31, 2014
Reference Obligation	The Fund Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Notional Amount		Market Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
ArcelorMittal SA		(1.00%)		12/20/18	Credit Suisse International		7,000,000  EUR	$	361,920	$	453,503	$	(91,583)
Total OTC Credit Default Swaps on Single-Name Issues (Buy Protection)								$	361,920	$	453,503	$	(91,583)

OTC Credit Default Swaps on Single-Name Issues (Sell Protection)—Outstanding at December 31, 2014

Reference Obligation	Rating(1)	The Fund Fixed Deal (Pay) Rate		Maturity Date	Counterparty	Notional Amount(2)		Market Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Fiat SpA	B2		5.00%	03/20/18	JPMorgan Chase Bank, N.A.		4,000,000  EUR	$	535,971	$	172,030	$	363,941
Total OTC Credit Default Swaps on Single-Name Issues (Sell Protection)								$	535,971	$	172,030	$	363,941

(1) Using the higher of S&P’s or Moody’s ratings.

(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.

See Notes to Consolidated Schedule of Investments.

64

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

OTC Total Return Swaps Outstanding at December 31, 2014

Reference Instrument	Termination Date		Counterparty	Notional Amount	Unrealized Appreciation (Depreciation)
Buys
Airbus Group		12/28/15	Credit Suisse Securities (Europe) Limited	$    3,494,835	$	—
Alstom		12/28/15	Credit Suisse Securities (Europe) Limited	5,455,582		—
Amadeus IT Holding SA		12/29/15	Credit Suisse Securities (Europe) Limited	3,200,119		—
ArcelorMittal NV		12/28/15	Credit Suisse Securities (Europe) Limited	5,209,513		—
Assicurazioni Generali		12/28/15	Credit Suisse Securities (Europe) Limited	2,998,727		—
Atos		12/28/15	Credit Suisse Securities (Europe) Limited	537,837		—
AXA SA		12/28/15	Credit Suisse Securities (Europe) Limited	3,371,377		—
Barclays PLC		12/29/15	Credit Suisse Securities (Europe) Limited	2,235,684		—
Bayer AG		12/24/15	Credit Suisse Securities (Europe) Limited	4,666,819		—
Bayer AG REG		12/24/15	Morgan Stanley Capital Services LLC	5,539,025		(246,082)
Bovespa Index		02/18/15	Morgan Stanley Capital Services LLC	72		65,819
BP PLC		12/19/15	Credit Suisse Securities (Europe) Limited	1,737,042		—
BT Group PLC		12/29/15	Credit Suisse Securities (Europe) Limited	2,397,985		129,356
Carrefour SA		12/28/15	Credit Suisse Securities (Europe) Limited	2,733,579		—
Delta Lloyd NV		12/28/15	Credit Suisse Securities (Europe) Limited	790,653		—
Deutche Bank AG		12/24/15	Credit Suisse Securities (Europe) Limited	3,267,925		—
Electricite De France EDF		12/28/15	Credit Suisse Securities (Europe) Limited	3,666,530		—
Enel SpA		12/28/15	Credit Suisse Securities (Europe) Limited	1,150,754		—
ENI SpA Italia		12/28/15	Credit Suisse Securities (Europe) Limited	1,529,450		—
Fresenius Medical Care AG & Co. KGaA		12/24/15	Credit Suisse Securities (Europe) Limited	3,136,165		—
Indonesia Government Bond		01/20/15	Credit Suisse International	1,751,567		(712)
Jazztel PLC		12/29/15	Credit Suisse Securities (Europe) Limited	1,878,342		—
KBC Groep NV		06/13/16	Credit Suisse Securities (Europe) Limited	2,281,564		—
Koninklijke KPN NV		12/28/15	Credit Suisse Securities (Europe) Limited	5,592,130		—
Linde AG		12/24/15	Credit Suisse Securities (Europe) Limited	2,528,932		—
LVMH Moet Hennessy Louis Vuitton		12/28/15	Credit Suisse Securities (Europe) Limited	1,579,488		—
MAN AG		12/24/15	Credit Suisse Securities (Europe) Limited	246,476		—
Mead Johnson Nutrition Co.		07/27/15	Credit Suisse Securities (Europe) Limited	2,318,050		—
Nutreco NV		12/28/15	Credit Suisse Securities (Europe) Limited	165,255		—
Orange		12/28/15	Credit Suisse Securities (Europe) Limited	1,178,727		—
Peugeot SA		12/28/15	Credit Suisse Securities (Europe) Limited	2,003,346		—
Prudential PLC		12/29/15	Credit Suisse Securities (Europe) Limited	3,053,875		—
Publicis Groupe		12/28/15	Credit Suisse Securities (Europe) Limited	3,429,034		—
Puma SE		12/24/15	Credit Suisse Securities (Europe) Limited	1,410,429		—
Rexel SA		12/28/15	Credit Suisse Securities (Europe) Limited	1,856,043		—
Royal Bank of Scotland Group		09/30/19	Credit Suisse Securities (Europe) Limited	7,144,661		477,796
Royal Dutch Petroleum		12/28/15	Credit Suisse Securities (Europe) Limited	3,999,898		—
RWE AG		12/24/15	Credit Suisse Securities (Europe) Limited	1,834,528		—
SabMiller PLC		12/29/15	Credit Suisse Securities (Europe) Limited	3,242,763		—
Safran SA		12/28/15	Credit Suisse Securities (Europe) Limited	3,169,528		—
Safran SA		12/28/15	Credit Suisse Securities (Europe) Limited	4,593,121		52,752
Samsung Electronics Co. Ltd.		12/07/16	Credit Suisse Securities (Europe) Limited	1,149,019		25,680
Sanofi Aventis		12/28/15	Credit Suisse Securities (Europe) Limited	2,627,828		—
Shire PLC		09/25/19	Morgan Stanley Capital Services LLC	8,061,521		(437,334)
Shire PLC		09/25/19	Credit Suisse Securities (Europe) Limited	8,606,692		1,412,591
Smith & Nephew PLC		12/29/15	Morgan Stanley Capital Services LLC	2,020,135		174,447
Smith & Nephew PLC		12/29/15	Credit Suisse Securities (Europe) Limited	774,328		—
Societe Generale SA		12/28/15	Credit Suisse Securities (Europe) Limited	3,540,611		—
STM IM		12/28/15	Credit Suisse Securities (Europe) Limited	2,052,802		—
Tes Bond		01/16/15	Citibank, N.A.	1,900,000,000		1,561
TIM Participacoes SA ADR		07/27/15	Credit Suisse Securities (Europe) Limited	1,853,180		—
UBM PLC		12/29/15	Credit Suisse Securities (Europe) Limited	4,340,597		—
UniCredito		12/28/15	Credit Suisse Securities (Europe) Limited	3,075,149		—
Vinci SA		12/28/15	Credit Suisse Securities (Europe) Limited	2,109,378		—
Vodafone Group PLC		12/29/15	Credit Suisse Securities (Europe) Limited	4,530,525		—
Total Buys					$	1,655,874

See Notes to Consolidated Schedule of Investments.

65

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Reference Instrument	Termination Date		Counterparty	Notional Amount	Unrealized Appreciation (Depreciation)
Sells
ABB Ltd. REG		12/29/15	Credit Suisse Securities (Europe) Limited	$    997,255	$	—
Allianz SE REG		12/24/15	Credit Suisse Securities (Europe) Limited	1,365,978		—
America Movil ADR		08/03/15	Credit Suisse Securities (Europe) Limited	145,789		—
Banco Santander SA		12/29/15	Credit Suisse Securities (Europe) Limited	1,297,848		—
BASF SE		12/24/15	Credit Suisse Securities (Europe) Limited	2,027,918		—
BT Group PLC		12/29/15	Credit Suisse Securities (Europe) Limited	195,312		—
Cap Gemini		12/28/15	Credit Suisse Securities (Europe) Limited	18,785		—
Deutsche Telekom AG		12/24/15	Credit Suisse Securities (Europe) Limited	245,041		—
Distribuidora Internacional		12/29/15	Credit Suisse Securities (Europe) Limited	822,351		—
Faurecia		12/28/15	Credit Suisse Securities (Europe) Limited	1,769,506		—
Fiat Investments NV		02/09/15	Credit Suisse Securities (Europe) Limited	408,459		—
Heineken NV		12/28/15	Credit Suisse Securities (Europe) Limited	296,101		—
iBoxx Liquid High Yield Index		03/20/15	Morgan Stanley Capital Services LLC	1,550,000		(9,380)
iBoxx Liquid High Yield Index		03/20/15	JPMorgan Chase Bank, N.A.	1,500,000		(2,182)
iBoxx Liquid High Yield Index		03/20/15	JPMorgan Chase Bank, N.A.	1,550,000		(2,622)
iShares MSCI Brazil Capped ETF		07/27/15	Credit Suisse Securities (Europe) Limited	174,914		—
KOSPI2 Index		03/12/15	Morgan Stanley Capital Services LLC	145		569,750
Merck KgaA		08/11/15	Morgan Stanley Capital Services LLC	2,215,594		(12,362)
Muenchener Rueckver AG REG		12/24/15	Credit Suisse Securities (Europe) Limited	1,014,120		—
Nestle SA REG		12/29/15	Credit Suisse Securities (Europe) Limited	1,890,070		—
Pernod Ricard SA		12/28/15	Credit Suisse Securities (Europe) Limited	484,403		—
Reed Elsevier NV		12/28/15	Credit Suisse Securities (Europe) Limited	1,017,962		—
Reed Elsevier PLC		12/29/15	Credit Suisse Securities (Europe) Limited	42,381		—
Sainsbury PLC		12/29/15	Credit Suisse Securities (Europe) Limited	711,522		—
SAP AG		12/24/15	Credit Suisse Securities (Europe) Limited	68,203		—
SPDR S&P 500 ETF Trust		12/22/15	Morgan Stanley Capital Services LLC	857,068		(129,331)
Technip SA		12/28/15	Credit Suisse Securities (Europe) Limited	880,117		—
Telecom Italia SpA		12/28/15	Credit Suisse Securities (Europe) Limited	109,091		—
Telefonica Brasil		07/27/15	Credit Suisse Securities (Europe) Limited	359,894		—
Telefonica SA		12/29/15	Credit Suisse Securities (Europe) Limited	3,171,606		—
Teliasonera AB		12/28/15	Credit Suisse Securities (Europe) Limited	141,060		—
Texas Instruments, Inc.		07/27/15	Credit Suisse Securities (Europe) Limited	1,135,383		—
Unilever DR		12/28/15	Credit Suisse Securities (Europe) Limited	965,836		—
Unilever PLC		12/29/15	Credit Suisse Securities (Europe) Limited	417,710		—
Veolia Environment		12/28/15	Credit Suisse Securities (Europe) Limited	3,108,379		—
Volkswagen AG		12/24/15	Credit Suisse Securities (Europe) Limited	2,490,044		—
Total Sells					$	413,873
Total OTC Total Return Swaps Outstanding					$	2,069,747

Centrally Cleared Interest Rate Swaps Outstanding at December 31, 2014

The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Receives	Three-Month Libor		1.250%		03/20/17	Credit Suisse (USA) Securities LLC		59,889,000  USD	$	(221,695	)	$	(247,557	)	$	25,862
Receives	Three-Month Libor		1.919%		09/30/19	Morgan Stanley & Co. LLC		6,923,000  USD		(60,555	)		—			(60,555	)

See Notes to Consolidated Schedule of Investments.

66

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Receives	Three-Month Libor		2.250%		03/18/20	Credit Suisse (USA) Securities LLC		30,343,000  USD	$	(542,938	)	$	(688,270	)	$	145,332
Receives	Three-Month Libor		2.304%		01/27/25	Morgan Stanley & Co. LLC		2,430,000  USD		(301	)		—			(301	)
Receives	Three-Month Libor		2.534%		09/25/24	Morgan Stanley & Co. LLC		8,180,000  USD		(196,620	)		—			(196,620	)
Pays	Three-Month Libor		3.000%		03/18/25	Credit Suisse (USA) Securities LLC		6,069,000  USD		359,613			333,841			25,772
Pays	Three-Month Libor		3.500%		03/20/45	Credit Suisse (USA) Securities LLC		5,293,000  USD		874,950			855,070			19,880
Total Centrally Cleared Interest Rate Swaps Outstanding									$	212,454		$	253,084		$	(40,630	)
OTC Interest Rate Swap Outstanding at December 31, 2014
The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Pays	BRL-CDI Rate		11.045%		01/02/17	JPMorgan Chase Bank, N.A.		6,898,355  BRL	$	(87,671	)	$	—		$	(87,671	)
Total OTC Interest Rate Swap Outstanding									$	(87,671	)	$	—		$	(87,671	)

Abbreviation Legend:
	ADR	American Depository Receipt
	ASX	Australian Securities Exchange
	BRL-CDI	Brazil Interbank Deposit Rate
	CBOE	Chicago Board Options Exchange
	CBOT	Chicago Board of Trade
	CDE	Montreal Exchange
	CFE	CBOE Futures Exchange
	CME	Chicago Mercantile Exchange
	COMEX	Commodities Exchange Center
	ETF	Exchange-Traded Fund
	Eurex	Eurex Exchange
	FTSE	Financial Times and Stock Exchange
	FX	Foreign Exchange
	HKFE	Hong Kong Futures Exchange Ltd.
	ICE	Ice Futures Europe
	LIBOR	London Interbank Offered Rate
	LIF	New York Stock Exchange Euronext Liffe
	MEFF	MEFF Renta Variable
	MexDer	Mexican Derivatives 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
	REG S	Regulation-S
	REIT	Real Estate Investment Trust
	Safex	South African Futures Exchange

See Notes to Consolidated Schedule of Investments.

67

Blackstone Alternative Multi-Manager Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

	SFE	ASX Trade24
	SGX	Singapore Exchange
	SPDR	Standard and Poor’s Depository Receipt
Currency Legend:
	ARS	Argentina Peso
	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 Korea Won
	MXN	Mexican Peso
	MYR	Malaysian Ringgit
	NGN	Nigerian Naira
	NOK	Norwegian Krone
	NZD	New Zealand Dollar
	PEN	Peruvian Nuevo Sol
	PHP	Philippine Peso
	PLN	Polish Zloty
	RUB	Russian Ruble
	SEK	Swedish Krona
	SGD	Singapore Dollar
	THB	Thai Baht
	TRY	Turkish Lira
	USD	United States Dollar
	ZAR	South African Rand

See Notes to Consolidated Schedule of Investments.

68

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments

December 31, 2014 (Unaudited)

Security Description	Shares		Value
INVESTMENTS IN SECURITIES — 74.7%
COMMON STOCK — 44.6%
Argentina — 0.0%
Iron & Steel — 0.0%
Ternium SA ADR		2,300	$	40,572
Total Argentina				40,572
Belgium — 0.1%
Consumer Products — 0.0%
Anheuser-Busch InBev NV		1,630		183,443
Insurance — 0.1%
Ageas		20,381		724,650
Total Belgium				908,093
Bermuda — 0.1%
Insurance — 0.0%
Blue Capital Reinsurance Holdings Ltd.		800		14,200
Transportation & Logistics — 0.1%
Golar LNG Ltd. (a)		14,018		511,236
Teekay Corp.		6,100		310,429
				821,665
Total Bermuda				835,865
Brazil — 0.0%
Banking — 0.0%
Banco Santander Brasil SA ADR		6,200		31,124
Oil, Gas & Coal — 0.0%
Cosan Ltd. A Shares		8,638		66,945
Utilities — 0.0%
Cia Energetica de Minas Gerais ADR		30,000		149,100
Total Brazil				247,169
Canada — 0.2%
Asset Management — 0.0%
Restaurant Brands International (b)		321		12,532
Biotechnology & Pharmaceutical — 0.0%
QLT, Inc. (b)		3,700		14,837
Consumer Products — 0.0%
Cott Corp. (c)		10,800		74,304
Design Manufacturing & Distribution — 0.0%
Celestica, Inc. (b)		1,500		17,610
Hardware — 0.0%
Sierra Wireless, Inc. (b)		200		9,478
Media — 0.0%
Points International Ltd. (b)		100		1,279
Metals & Mining — 0.1%
Alamos Gold, Inc. (b)		2,000		14,260
Dominion Diamond Corp. (b),(c)		8,600		154,456
Fortuna Silver Mines, Inc. (b)		500		2,275
IAMGOLD Corp. (b)		2,900		7,830
Kinross Gold Corp. (b),(c)		80,700		227,574
MFC Industrial Ltd.		400		2,832

See Notes to Consolidated Schedule of Investments.

1

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Nevsun Resources Ltd.		7,400	$	28,786
Silvercorp Metals, Inc.		100		130
Taseko Mines Ltd. (b)		600		618
				438,761
Oil, Gas & Coal — 0.0%
Advantage Oil & Gas Ltd. (b),(c)		5,800		27,782
Encana Corp.		200		2,774
Enerplus Corp.		1,700		16,320
Gran Tierra Energy, Inc. (b),(c)		20,700		79,695
Precision Drilling Corp.		5,300		32,118
TransGlobe Energy Corp. (c)		2,700		11,178
				169,867
Renewable Energy — 0.1%
Canadian Solar, Inc. (b),(c)		28,500		689,415
Waste & Environmental Service Equipment & Facility — 0.0%
Progressive Waste Solutions Ltd. (c)		6,300		189,504
Total Canada				1,617,587
Chile — 0.0%
Real Estate — 0.0%
Parque Arauco SA		37,738		72,379
Total Chile				72,379
China — 1.1%
Asset Management — 0.0%
Noah Holdings Ltd. ADR (b)		100		2,090
Automotive — 0.0%
China Automotive Systems, Inc.		1,900		13,471
Biotechnology & Pharmaceutical — 0.0%
Sinovac Biotech Ltd. (b)		500		2,615
Commercial Services — 0.0%
51job, Inc. ADR (b)		100		3,585
Consumer Services — 0.1%
New Oriental Education & Technology Group, Inc. ADR (b)		23,900		487,799
Design Manufacturing & Distribution — 0.0%
Nam Tai Property, Inc.		500		2,375
Health Care Facilities/Services — 0.0%
WuXi PharmaTech Cayman, Inc. ADR (b)		5,100		171,717
Insurance — 0.0%
CNinsure, Inc. ADR (b)		2,600		17,238
Machinery — 0.0%
Hollysys Automation Technologies Ltd. (b)		200		4,886
Media — 0.5%
Autohome, Inc. ADR (b)		200		7,272
Baidu, Inc. ADR (b)		7,765		1,770,187
Tencent Holdings Ltd.		127,400		1,843,341
Zhaopin Ltd. ADR (b)		840		12,751
				3,633,551
Medical Equipment/Devices — 0.0%
Mindray Medical International Ltd. ADR		6,900		182,160
Metals & Mining — 0.0%
Aluminum Corp. of China Ltd. ADR (b)		100		1,152

See Notes to Consolidated Schedule of Investments.

2

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Passenger Transportation — 0.0%
China Southern Airlines Co. Ltd. ADR		700	$	16,730
Guangshen Railway Co. Ltd. ADR		200		4,826
				21,556
Real Estate — 0.0%
Xinyuan Real Estate Co. Ltd. ADR		3,000		7,080
Renewable Energy — 0.0%
JA Solar Holdings Co. Ltd. ADR (b)		5,500		45,018
Trina Solar Ltd. ADR (b)		10,500		97,230
				142,248
Retail Discretionary — 0.0%
Alibaba Group Holding Ltd. ADR (b),(d)		2,619		272,219
Software — 0.5%
Changyou.com Ltd. ADR (b)		300		8,208
NetEase, Inc. ADR		400		39,656
Perfect World Co. Ltd. ADR		9,100		143,416
YY, Inc. ADR (a),(b)		52,592		3,278,585
				3,469,865
Total China				8,435,607
Colombia — 0.0%
Oil, Gas & Coal — 0.0%
Pacific Rubiales Energy Corp.		2,514		15,558
Total Colombia				15,558
Czech Republic — 0.0%
Media — 0.0%
Central European Media Enterprises Ltd. A Shares (b)		1,400		4,494
Total Czech Republic				4,494
Denmark — 0.0%
Commercial Services — 0.0%
ISS A/S (b)		8,047		230,972
Total Denmark				230,972
France — 0.2%
Banking — 0.2%
BNP Paribas SA		10,416		614,899
Credit Agricole SA		63,011		813,379
Societe Generale SA		9,536		399,083
Total France				1,827,361
Germany — 1.0%
Automotive — 0.0%
Volkswagen AG (c)		247		53,550
Biotechnology & Pharmaceutical — 0.2%
Merck KGaA		19,356		1,821,561
Health Care Facilities/Services — 0.7%
Fresenius SE & Co. KGaA		103,928		5,403,637
Real Estate — 0.1%
Deutsche Annington Immobilien SE		10,710		363,622
Deutsche Wohnen AG		2,318		54,681

See Notes to Consolidated Schedule of Investments.

3

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
GAGFAH SA (b)		11,399	$	254,567
LEG Immobilien AG		1,961		146,082
				818,952
Total Germany				8,097,700
Greece — 0.3%
Banking — 0.2%
Alpha Bank AE (b)		981,267		551,219
Eurobank Ergasias SA (b)		2,023,550		452,043
Piraeus Bank SA (b)		406,353		442,166
				1,445,428
Real Estate — 0.1%
Grivalia Properties REIC		35,803		328,802
Transportation & Logistics — 0.0%
Aegean Marine Petroleum Network, Inc.		900		12,618
Costamare, Inc.		5,000		88,050
Diana Shipping, Inc. (b)		3,300		22,143
Safe Bulkers, Inc.		1,800		7,038
StealthGas, Inc. (b)		1,500		9,465
				139,314
Total Greece				1,913,544
Hong Kong — 0.1%
Gaming, Lodging & Restaurants — 0.0%
Sands China Ltd.		78,400		382,163
Insurance — 0.1%
AIA Group Ltd.		78,400		432,412
Total Hong Kong				814,575
Ireland — 0.4%
Biotechnology & Pharmaceutical — 0.3%
Shire PLC ADR		10,152		2,157,706
Insurance — 0.0%
XL Group PLC		7,600		261,212
Medical Equipment/Devices — 0.0%
Trinity Biotech PLC ADR		600		10,506
Real Estate — 0.1%
Hibernia REIT PLC (b)		270,400		355,009
Software — 0.0%
King Digital Entertainment PLC		16,500		253,440
Total Ireland				3,037,873
Israel — 0.6%
Banking — 0.1%
Israel Discount Bank Ltd. A Shares (b)		281,000		448,631
Biotechnology & Pharmaceutical — 0.4%
Teva Pharmaceutical Industries Ltd. ADR (d)		58,608		3,370,546
Electrical Equipment — 0.0%
Orbotech Ltd. (b)		4,600		68,080
Hardware — 0.0%
Ceragon Networks Ltd. (b)		300		303
Radware Ltd. (b)		2,200		48,444
				48,747

See Notes to Consolidated Schedule of Investments.

4

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Medical Equipment/Devices — 0.0%
Syneron Medical Ltd. (b)		200	$	1,866
Semiconductors — 0.0%
Nova Measuring Instruments Ltd. (b)		600		6,234
Tower Semiconductor Ltd. (b)		6,200		82,646
				88,880
Software — 0.1%
Check Point Software Technologies Ltd. (b)		2,400		188,568
Cimatron Ltd. (b)		200		1,766
CyberArk Software Ltd. (b)		1,700		67,405
NICE-Systems Ltd. ADR		100		5,065
Sapiens International Corp. NV (b)		100		737
				263,541
Technology Services — 0.0%
ClickSoftware Technologies Ltd. (b)		100		718
Magic Software Enterprises Ltd.		600		3,570
				4,288
Total Israel				4,294,579
Italy — 0.4%
Asset Management — 0.1%
Anima Holding SpA (b)		105,826		532,387
Banking — 0.3%
Banca Generali SpA		13,000		361,571
Banca Popolare di Milano Scarl (b),(d)		2,313,972		1,507,398
FinecoBank SpA (b)		92,575		521,604
				2,390,573
Home & Office Products — 0.0%
De’ Longhi SpA		3,344		60,386
Technology Services — 0.0%
Cerved Information Solutions SpA (b)		16,003		84,511
Total Italy				3,067,857
Japan — 2.2%
Automotive — 0.6%
Aisin Seiki Co. Ltd.		500		17,964
Honda Motor Co. Ltd.		200		5,868
Honda Motor Co. Ltd. ADR		300		8,856
Mazda Motor Corp.		111,000		2,665,728
Toyota Motor Corp. (a)		28,400		1,769,813
				4,468,229
Banking — 0.4%
Mitsubishi UFJ Financial Group, Inc.		486,900		2,675,138
Mizuho Financial Group, Inc.		5,300		8,884
Shinsei Bank Ltd.		236,000		410,738
Sumitomo Mitsui Financial Group, Inc.		200		7,231
Sumitomo Mitsui Financial Group, Inc. ADR (c)		6,100		44,408
				3,146,399
Distributors—Consumer Staples — 0.2%
Mitsubishi Corp. (a)		90,600		1,657,990
Electrical Equipment — 0.4%
Daikin Industries Ltd. (a)		15,700		1,006,747

See Notes to Consolidated Schedule of Investments.

5

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Hitachi Ltd.		116,000	$	856,169
Mitsubishi Heavy Industries Ltd.		261,000		1,440,351
				3,303,267
Hardware — 0.0%
Sony Corp. ADR		100		2,047
Institutional Financial Service — 0.0%
Daiwa Securities Group, Inc.		1,000		7,830
Insurance — 0.1%
Tokio Marine Holdings, Inc.		15,500		503,404
Machinery — 0.2%
Kubota Corp.		107,786		1,564,489
Passenger Transportation — 0.0%
Japan Airlines Co. Ltd.		800		23,719
Real Estate — 0.2%
Mitsubishi Estate Co. Ltd.		16,000		337,134
Mitsui Fudosan Co. Ltd.		20,000		536,311
Sumitomo Realty & Development Co. Ltd.		13,000		442,899
				1,316,344
Specialty Finance — 0.0%
Orix Corp. ADR		100		6,253
Telecommunications — 0.1%
Nippon Telegraph & Telephone Corp.		24,600		1,256,632
Total Japan				17,256,603
Jersey — 0.0%
Metals & Mining — 0.0%
Randgold Resources Ltd. ADR		1,300		87,633
Total Jersey				87,633
Luxembourg — 0.0%
Commercial Services — 0.0%
Atento SA (b)		100		1,045
Total Luxembourg				1,045
Mexico — 0.2%
Banking — 0.0%
Grupo Financiero Banorte SAB de CV O Shares		394		2,168
Engineering & Construction Services — 0.1%
OHL Mexico SAB de CV (b)		65,590		121,589
Gaming, Lodging & Restaurants — 0.0%
Hoteles City Express SAB de CV (b)		24,882		39,261
Real Estate — 0.1%
Corp. Inmobiliaria Vesta SAB de CV		31,412		62,339
Mexico Real Estate Management SA de CV		5,968		10,222
Prologis Property Mexico SA de CV		26,289		48,627
				121,188
Specialty Finance — 0.0%
Concentradora Hipotecaria SAPI de CV (b)		38,797		64,663
Total Mexico				348,869
Netherlands — 0.5%
Banking — 0.1%
ING Groep NV CVA (b)		72,750		939,905

See Notes to Consolidated Schedule of Investments.

6

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Insurance — 0.2%
Aegon NV		15,268	$	114,510
Delta Lloyd NV		51,908		1,141,475
				1,255,985
Media — 0.0%
Yandex NV A Shares (b)		1,800		32,328
Medical Equipment/Devices — 0.0%
Koninklijke Philips NV		100		2,900
Oil, Gas & Coal — 0.0%
Royal Dutch Shell PLC ADR		4,900		328,055
Specialty Finance — 0.2%
AerCap Holdings NV (b)		43,693		1,696,162
Total Netherlands				4,255,335
Norway — 0.1%
Oil, Gas & Coal — 0.1%
North Atlantic Drilling Ltd.		500		815
Seadrill Ltd.		16,800		200,592
Statoil ASA ADR		26,500		466,665
Total Norway				668,072
Poland — 0.1%
Banking — 0.1%
Alior Bank SA (b)		23,977		525,680
Total Poland				525,680
Portugal — 0.0%
Telecommunications — 0.0%
Portugal Telecom SGPS SA ADR		2,500		2,650
Total Portugal				2,650
Puerto Rico — 0.0%
Banking — 0.0%
First BanCorp (b)		3,100		18,197
Popular, Inc. (b)		700		23,835
				42,032
Health Care Facilities/Services — 0.0%
Triple-S Management Corp. B Shares (b)		1,300		31,083
Total Puerto Rico				73,115
Republic of Korea — 0.0%
Automotive — 0.0%
Hyundai Motor Co.		266		40,633
Hardware — 0.0%
Samsung Electronics Co. Ltd.		102		122,629
Semiconductors — 0.0%
Magnachip Semiconductor Corp. (b)		600		7,794
Telecommunications — 0.0%
KT Corp. ADR (b)		200		2,824
Utilities — 0.0%
Korea Electric Power Corp. ADR (b)		5,900		114,224
Total Republic of Korea				288,104

See Notes to Consolidated Schedule of Investments.

7

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Singapore — 0.0%
Real Estate — 0.0%
Ascendas Real Estate Investment Trust		4,491	$	8,056
CapitaCommercial Trust		11,000		14,523
CapitaMall Trust		3,000		4,606
Mapletree Logistics Trust		9,857		8,801
Suntec Real Estate Investment Trust		4,000		5,917
				41,903
Semiconductors — 0.0%
Kulicke & Soffa Industries, Inc. (b)		9,100		131,586
Total Singapore				173,489
South Africa — 0.0%
Metals & Mining — 0.0%
Gold Fields Ltd. ADR		12,600		57,078
Harmony Gold Mining Co. Ltd. ADR (b)		10,300		19,467
				76,545
Oil, Gas & Coal — 0.0%
Sasol Ltd. ADR		1,500		56,955
Specialty Finance — 0.0%
Net 1 UEPS Technologies, Inc. (b)		14,900		169,860
Total South Africa				303,360
Spain — 0.0%
Banking — 0.0%
Banco Bilbao Vizcaya Argentaria SA ADR		600		5,634
Banco Santander SA ADR		32		267
				5,901
Biotechnology & Pharmaceutical — 0.0%
Grifols SA ADR		3,400		115,566
Utilities — 0.0%
Abengoa Yield plc		100		2,732
Total Spain				124,199
Sweden — 0.0%
Telecommunications — 0.0%
Com Hem Holding AB (b)		8,099		65,452
Total Sweden				65,452
Switzerland — 1.1%
Asset Management — 0.6%
Julius Baer Group Ltd.		8,178		373,391
UBS Group AG		226,821		3,898,985
				4,272,376
Biotechnology & Pharmaceuticals — 0.4%
Novartis AG (d)		34,000		3,153,278
Roche Holding AG (c)		674		182,615
				3,335,893
Electrical Equipment — 0.0%
TE Connectivity Ltd.		3,100		196,075
Hardware — 0.0%
Logitech International SA		100		1,343

See Notes to Consolidated Schedule of Investments.

8

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Insurance — 0.1%
Swiss Life Holding AG		1,494	$	353,109
Retail Discretionary — 0.0%
Dufry AG (b)		767		114,639
Specialty Finance — 0.0%
Cembra Money Bank AG		2,080		114,325
Transportation & Logistics — 0.0%
Flughafen Zuerich AG		331		221,360
Total Switzerland				8,609,120
Taiwan — 0.0%
Semiconductors — 0.0%
ChipMOS Technologies Bermuda Ltd.		3,200		74,624
Silicon Motion Technology Corp. ADR		500		11,825
Total Taiwan				86,449
United Kingdom — 1.9%
Biotechnology & Pharmaceutical — 0.0%
GlaxoSmithKline PLC ADR		4,600		196,604
Commercial Services — 0.0%
SSP Group PLC (b)		17,019		78,251
Insurance — 0.1%
Aviva PLC ADR		6,400		95,360
Prudential PLC ADR		37		1,708
St James’s Place PLC		46,140		581,774
				678,842
Media — 1.3%
Liberty Global PLC (a),(b)		160,835		7,769,939
Liberty Global PLC A Shares (b)		48,808		2,450,406
				10,220,345
Medical Equipment/Devices — 0.1%
Smith & Nephew PLC ADR		10,700		393,118
Oil, Gas & Coal — 0.1%
BP PLC ADR (c)		16,600		632,792
Real Estate — 0.1%
Kennedy Wilson Europe Real Estate PLC		60,087		988,025
Recreation Facilities & Services — 0.0%
Manchester United PLC Class A (b)		1,000		15,900
Semiconductors — 0.1%
ARM Holdings PLC ADR (d)		13,121		607,502
Telecommunications — 0.1%
BT Group PLC ADR		200		12,398
Vodafone Group PLC ADR (c)		28,800		984,096
				996,494
Transportation & Logistics — 0.0%
Navigator Holdings Ltd. (b)		500		10,530
Total United Kingdom				14,818,403
United States — 34.0%
Aerospace & Defense — 0.3%
Aerovironment, Inc. (b)		800		21,800
Alliant Techsystems, Inc. (c)		1,800		209,250
Ducommun, Inc. (b)		100		2,528

See Notes to Consolidated Schedule of Investments.

9

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Exelis, Inc. (c)		29,000	$	508,370
General Dynamics Corp.		600		82,572
Huntington Ingalls Industries, Inc.		400		44,984
L-3 Communications Holdings, Inc.		1,700		214,557
Moog, Inc. Class A (b)		100		7,403
Orbital Sciences Corp. (b)		6,700		180,163
Precision Castparts Corp. (c),(d)		1,828		440,329
Spirit AeroSystems Holdings, Inc. Class A (b),(c)		3,400		146,336
TransDigm Group, Inc. (c)		1,800		353,430
				2,211,722
Apparel & Textile Products — 0.0%
Columbia Sportswear Co.		100		4,454
Perry Ellis International, Inc. (b),(c)		3,200		82,976
Skechers U.S.A., Inc. Class A (b),(c)		2,500		138,125
				225,555
Asset Management — 1.1%
American Capital Ltd. (b),(c)		63,900		933,579
Apollo Investment Corp.		20,600		152,852
Ares Capital Corp. (c)		56,700		884,804
BlackRock Kelso Capital Corp. (c)		17,400		142,680
Caesars Acquisition Co. Class A (b)		500		5,155
Calamos Asset Management, Inc. Class A		500		6,660
Carlyle Group LP (c)		3,482		95,755
Charles Schwab Corp. (a)		137,438		4,149,253
Fidus Investment Corp.		3,800		56,430
Fifth Street Finance Corp.		5,200		41,652
Firsthand Technology Value Fund, Inc.		300		5,595
Garrison Capital, Inc. (c)		1,700		24,548
Gladstone Capital Corp. (c)		4,500		37,215
Gladstone Investment Corp.		4,900		34,300
Horizon Technology Finance Corp.		1,400		19,586
Janus Capital Group, Inc.		25,700		414,541
KCAP Financial, Inc.		10,100		68,882
Legg Mason, Inc. (c)		10,800		576,396
Medallion Financial Corp. (c)		10,500		105,105
MVC Capital, Inc.		1,000		9,830
OHA Investment Corp. (c)		3,000		14,070
PennantPark Investment Corp. (c)		22,300		212,519
Solar Capital Ltd.		9,400		169,294
Solar Senior Capital Ltd.		2,400		35,928
Stellus Capital Investment Corp.		100		1,178
THL Credit, Inc.		1,600		18,816
TICC Capital Corp. (c)		19,500		146,835
TPG Specialty Lending, Inc.		100		1,682
Triangle Capital Corp.		1,300		26,377
WhiteHorse Finance, Inc. (c)		1,900		21,945
				8,413,462
Automotive — 0.1%
American Axle & Manufacturing Holdings, Inc. (b)		100		2,259
BorgWarner, Inc. (c),(d)		7,729		424,709
Johnson Controls, Inc. (c)		3,100		149,854
Lear Corp.		100		9,808
Modine Manufacturing Co. (b)		400		5,440
Motorcar Parts of America, Inc. (b)		100		3,109
Tenneco, Inc. (b)		700		39,627

See Notes to Consolidated Schedule of Investments.

10

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Tower International, Inc. (b),(c)		2,900	$	74,095
Visteon Corp. (b)		500		53,430
				762,331
Banking — 2.3%
Arrow Financial Corp. (c)		302		8,302
Astoria Financial Corp.		1,500		20,040
Bancorp, Inc. (b)		1,900		20,691
Bank Mutual Corp.		3,400		23,324
BankUnited, Inc. (c)		22,700		657,619
BBCN Bancorp, Inc.		800		11,504
Beneficial Mutual Bancorp, Inc. (b),(c)		29,839		366,125
Blue Hills Bancorp, Inc. (b)		3,300		44,814
BNC Bancorp		100		1,721
Boston Private Financial Holdings, Inc.		3,400		45,798
Cathay General Bancorp		900		23,031
Centerstate Banks, Inc.		1,129		13,446
Central Pacific Financial Corp.		1,300		27,950
Charter Financial Corp.		1,800		20,610
Chemical Financial Corp. (c)		2,600		79,664
Citigroup, Inc. (a),(c)		80,952		4,380,313
City Holding Co.		600		27,918
Clifton Bancorp, Inc.		100		1,359
Comerica, Inc. (c)		37,600		1,761,184
Cullen/Frost Bankers, Inc.		300		21,192
Dime Community Bancshares, Inc.		1,000		16,280
East West Bancorp, Inc. (c)		6,900		267,099
EverBank Financial Corp. (c)		27,000		514,620
Farmers Capital Bank Corp. (b)		100		2,329
Fidelity Southern Corp.		1,700		27,387
Fifth Third Bancorp (c)		3,700		75,388
Financial Institutions, Inc.		200		5,030
First Busey Corp.		1,100		7,161
First Citizens BancShares, Inc. Class A (c)		3,200		808,928
First Financial Northwest, Inc.		200		2,408
First Interstate BancSystem, Inc. Class A		2,700		75,114
First Republic Bank (c)		8,000		416,960
First Security Group, Inc. (b)		1,400		3,164
Franklin Financial Corp. (b)		400		8,472
HomeTrust Bancshares, Inc. (b)		1,000		16,660
Hudson City Bancorp, Inc.		3,300		33,396
Hudson Valley Holding Corp.		1,400		38,024
Independent Bank Corp.		1,400		18,270
Independent Bank Group, Inc.		300		11,718
JPMorgan Chase & Co. (c)		1,400		87,612
Legacy Texas Financial Group		400		9,540
Meridian Bancorp, Inc. (b),(c)		5,000		56,100
National Bank Holdings Corp. Class A		200		3,882
National Bankshares, Inc.		200		6,078
NewBridge Bancorp (b)		100		871
Old National Bancorp (c)		900		13,392
Oritani Financial Corp.		1,100		16,940
Pacific Premier Bancorp, Inc. (b)		300		5,199
Park Sterling Corp.		200		1,470
PNC Financial Services Group, Inc. (c)		18,600		1,696,878
Preferred Bank		500		13,945
Prosperity Bancshares, Inc.		300		16,608
Provident Financial Holdings, Inc.		200		3,026
Renasant Corp.		500		14,465
S&T Bancorp, Inc.		300		8,943
Signature Bank (b)		300		37,788
Southwest Bancorp, Inc.		2,200		38,192

See Notes to Consolidated Schedule of Investments.

11

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Square 1 Financial, Inc. (b)		300	$	7,410
State Bank Financial Corp.		1,300		25,974
Sterling Bancorp		9,500		136,610
Stock Yards Bancorp, Inc.		100		3,334
Sun Bancorp, Inc. (b)		20		388
Susquehanna Bancshares, Inc.		300		4,029
SVB Financial Group (b)		500		58,035
Talmer Bancorp, Inc. Class A (c)		28,200		395,928
TCF Financial Corp.		3,400		54,026
TFS Financial Corp.		48		714
Towne Bank (c)		1,100		16,632
Trico Bancshares		1,000		24,700
TriState Capital Holdings, Inc. (b),(c)		3,100		31,744
TrustCo Bank Corp.		1,200		8,712
United Community Banks, Inc.		100		1,894
United Community Financial Corp.		100		537
Wells Fargo & Co. (c)		74,709		4,095,547
WesBanco, Inc.		1,400		48,720
Western Alliance Bancorp (b)		1,100		30,580
Westfield Financial, Inc.		900		6,606
Wilshire Bancorp, Inc.		1,700		17,221
Yadkin Financial Corp. (b)		300		5,895
Zions BanCorp. (c)		41,300		1,177,463
				18,088,641
Biotechnology & Pharmaceuticals — 7.7%
AbbVie, Inc. (c)		9,135		597,794
Achillion Pharmaceuticals, Inc. (a),(b)		11,631		142,480
Actavis PLC (a),(b)		18,341		4,721,157
Alexion Pharmaceuticals, Inc. (b),(c),(d)		10,300		1,905,809
Alimera Sciences, Inc. (b)		300		1,662
Allergan, Inc.		33,186		7,055,012
Amicus Therapeutics, Inc. (b),(c)		800		6,656
Anacor Pharmaceuticals, Inc. (b)		600		19,350
ArQule, Inc. (b)		1,000		1,220
BioCryst Pharmaceuticals, Inc. (b)		600		7,296
BioSpecifics Technologies Corp. (b)		200		7,724
Cambrex Corp. (b)		1,800		38,916
Celgene Corp. (b),(d)		11,400		1,275,204
Cempra, Inc. (b)		600		14,106
Depomed, Inc. (b),(c)		10,900		175,599
Dyax Corp. (b),(c)		22,000		309,320
Emergent Biosolutions, Inc. (b)		100		2,723
Endo International PLC (a),(b)		53,350		3,847,602
Enzon Pharmaceuticals, Inc. (b)		100		109
Geron Corp. (b)		3,400		11,050
Gilead Sciences, Inc. (a),(b),(d)		50,567		4,766,445
Hospira, Inc. (b)		4,100		251,125
Incyte Corp. (b),(c)		17,200		1,257,492
Lannett Co., Inc. (b)		800		34,304
Ligand Pharmaceuticals, Inc. (b)		400		21,284
Mallinckrodt PLC (a),(b),(c),(d)		87,092		8,624,721
Medivation, Inc. (a),(b),(c),(d)		34,600		3,446,506
Merrimack Pharmaceuticals, Inc. (b),(c)		8,800		99,440
Momenta Pharmaceuticals, Inc. (b)		500		6,020
Mylan, Inc. (a),(b),(c),(d)		22,000		1,240,140
NewLink Genetics Corp. (b)		200		7,950
Omega Protein Corp. (b)		1,100		11,627
Omeros Corp. (b)		1,900		47,082
Pfizer, Inc. (a),(c),(d)		109,482		3,410,364
Phibro Animal Health Corp. Class A (c)		1,800		56,790
Pozen, Inc. (b)		300		2,400

See Notes to Consolidated Schedule of Investments.

12

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Puma Biotechnology, Inc. (b)		100	$	18,927
Receptos, Inc. (b)		600		73,506
Rigel Pharmaceuticals, Inc. (b),(c)		3,300		7,491
Salix Pharmaceuticals Ltd. (b),(c),(d)		66,524		7,646,269
SciClone Pharmaceuticals, Inc. (b),(c)		4,100		35,916
Sorrento Therapeutics, Inc. (b)		100		1,007
Sucampo Pharmaceuticals, Inc. Class A (b)		300		4,284
Sunesis Pharmaceuticals, Inc. (b),(c)		2,500		6,375
Targacept, Inc. (b),(c)		5,465		14,373
USANA Health Sciences, Inc. (b)		900		92,331
Valeant Pharmaceuticals International, Inc. (b),(c),(d)		60,199		8,615,079
Vical, Inc. (b)		300		315
XenoPort, Inc. (b)		2,700		23,679
XOMA Corp. (b)		300		1,077
Zoetis, Inc. (c),(d)		32,000		1,376,960
				61,342,068
Chemicals — 0.2%
Air Products & Chemicals, Inc.		118		17,019
Cabot Corp.		100		4,386
Calgon Carbon Corp. (b)		1,600		33,248
Cytec Industries, Inc.		1,396		64,453
Innophos Holdings, Inc.		600		35,070
Intrepid Potash, Inc. (b),(c)		5,900		81,892
Kraton Performance Polymers, Inc. (b)		600		12,474
Lydall, Inc. (b)		100		3,282
LyondellBasell Industries NV Class A		7,900		627,181
Mosaic Co. (c)		4,000		182,600
OM Group, Inc. (c)		2,700		80,460
Rockwood Holdings, Inc. (c)		6,300		496,440
Stepan Co.		1,100		44,088
Westlake Chemical Corp.		100		6,109
				1,688,702
Commercial Services — 0.2%
ARC Document Solutions, Inc. (b)		2,500		25,550
Barrett Business Services, Inc.		100		2,740
Brink’s Co.		2,200		53,702
CBIZ, Inc. (b)		200		1,712
CDK Global, Inc.		653		26,616
Civeo Corp.		900		3,699
Collectors Universe, Inc.		800		16,688
Computer Task Group, Inc. (c)		3,700		35,261
Courier Corp.		100		1,492
CRA International, Inc. (b),(c)		2,300		69,736
Ennis, Inc.		100		1,347
FTI Consulting, Inc. (b),(c)		3,100		119,753
Hackett Group, Inc.		200		1,758
Heidrick & Struggles International, Inc.		200		4,610
Huron Consulting Group, Inc. (b)		100		6,839
Insperity, Inc.		1,400		47,446
Intersections, Inc. (c)		1,300		5,083
KAR Auction Services, Inc.		8,000		277,200
Navigant Consulting, Inc. (b)		2,000		30,740
PRGX Global, Inc. (b)		1,700		9,724
Resources Connection, Inc.		100		1,645
ServiceMaster Global Holdings, Inc. (b),(c)		2,300		61,571
Towers Watson & Co. Class A (c)		4,600		520,582
TrueBlue, Inc. (b),(c)		2,000		44,500
Viad Corp.		100		2,666
				1,372,660

See Notes to Consolidated Schedule of Investments.

13

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Construction Materials — 0.1%
Continental Building Products, Inc. (b),(c)		3,200	$	56,736
Eagle Materials, Inc.		1,700		129,251
Headwaters, Inc. (b),(c)		900		13,491
MDU Resources Group, Inc.		3,700		86,950
Trex Co., Inc. (b)		1,100		46,838
Vulcan Materials Co.		1,300		85,449
				418,715
Consumer Products — 0.3%
Archer-Daniels-Midland Co.		300		15,600
Central Garden and Pet Co. Class A (b)		1,500		14,325
Chiquita Brands International, Inc. (b)		2,400		34,704
Coca-Cola Enterprises, Inc.		1,931		85,389
Coty, Inc. Class A (b),(c)		19,900		411,134
Female Health Co.		200		784
Herbalife Ltd.		700		26,390
Inventure Foods, Inc. (b),(c)		1,600		20,384
John B Sanfilippo & Son, Inc. (b)		400		18,200
Mead Johnson Nutrition Co. (d)		6,774		681,058
Molson Coors Brewing Co. Class B		758		56,486
Mondelez International, Inc. Class A (c)		6,318		229,501
Philip Morris International, Inc. (c)		4,900		399,105
Pilgrim’s Pride Corp. (b),(c)		5,800		190,182
Vector Group Ltd. (c)		2,850		60,734
				2,243,976
Consumer Services — 0.1%
American Public Education, Inc. (b),(c)		3,600		132,732
Apollo Education Group, Inc. (b),(c)		6,400		218,304
Bridgepoint Education, Inc. (b)		1,900		21,508
Career Education Corp. (b)		300		2,088
Corinthian Colleges, Inc. (b)		200		13
Grand Canyon Education, Inc. (b),(c)		3,900		181,974
ITT Educational Services, Inc. (b)		100		961
K12, Inc. (b)		100		1,187
Universal Technical Institute, Inc.		100		984
				559,751
Containers & Packaging — 0.2%
Berry Plastics Group, Inc. (b),(c)		35,800		1,129,490
Crown Holdings, Inc. (b)		1,300		66,170
Owens-Illinois, Inc. (b)		1,200		32,388
Sealed Air Corp. (c)		6,400		271,552
				1,499,600
Design Manufacturing & Distribution — 0.1%
Flextronics International Ltd. (b),(c)		44,900		501,982
Jabil Circuit, Inc.		7,100		154,993
Plexus Corp. (b)		1,200		49,452
				706,427
Distributors—Consumer Staples — 0.0%
Andersons, Inc.		1,300		69,082
Core-Mark Holding Co., Inc.		200		12,386
				81,468
Distributors—Discretionary — 0.0%
Ingram Micro, Inc. Class A (b)		4,800		132,672

See Notes to Consolidated Schedule of Investments.

14

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Insight Enterprises, Inc. (b)		700	$	18,123
ScanSource, Inc. (b)		200		8,032
				158,827
Electrical Equipment — 0.9%
Acuity Brands, Inc.		2,300		322,161
Allegion PLC		9,715		538,794
Argan, Inc.		100		3,364
Checkpoint Systems, Inc. (b)		4,300		59,039
China Recycling Energy Corp. (b)		400		301
Emerson Electric Co.		100		6,173
General Electric Co.		9,139		230,943
Global Power Equipment Group, Inc.		100		1,381
Houston Wire & Cable Co.		100		1,195
Ingersoll-Rand PLC		45,678		2,895,528
Itron, Inc. (b)		200		8,458
Keysight Technologies, Inc. (b),(c),(d)		92,700		3,130,479
OSI Systems, Inc. (b)		100		7,077
Rockwell Automation, Inc.		300		33,360
				7,238,253
Engineering & Construction Services — 0.3%
AECOM Technology Corp. (b),(c)		19,020		577,637
Chicago Bridge & Iron Co. NV		100		4,198
Comfort Systems USA, Inc.		900		15,408
Dycom Industries, Inc. (b)		500		17,545
Fluor Corp. (c)		7,500		454,725
Great Lakes Dredge & Dock Corp. (b)		100		856
Jacobs Engineering Group, Inc. (b),(c)		20,000		893,800
KBR, Inc. (c)		30,100		510,195
Kimball International, Inc. Class B		700		6,384
MYR Group, Inc. (b)		400		10,960
Orion Marine Group, Inc. (b),(c)		4,300		47,515
Quanta Services, Inc. (b)		400		11,356
Team, Inc. (b)		200		8,092
Tutor Perini Corp. (b)		500		12,035
				2,570,706
Forest & Paper Products — 0.0%
Domtar Corp.		2,600		104,572
Mercer International, Inc. (b),(c)		7,900		97,091
				201,663
Gaming, Lodging & Restaurants — 1.1%
Belmond Ltd. Class A (b)		800		9,896
BJ’s Restaurants, Inc. (b)		500		25,105
Bloomin’ Brands, Inc. (b),(c)		29,700		735,372
Bravo Brio Restaurant Group, Inc. (b)		3,400		47,294
Buffalo Wild Wings, Inc. (b),(c)		3,400		613,292
Carnival Corp.		1,200		54,396
Carnival PLC ADR		400		17,996
Chipotle Mexican Grill, Inc. (b),(c)		1,100		752,961
Churchill Downs, Inc. (c)		2,300		219,190
Cracker Barrel Old Country Store, Inc.		400		56,304
Denny’s Corp. (b),(c)		29,700		306,207
Diamond Resorts International, Inc. (b),(c)		1,700		47,430
DineEquity, Inc.		3,000		310,920
Domino’s Pizza, Inc. (c)		9,200		866,364
Dunkin’ Brands Group, Inc. (c)		4,400		187,660
Hyatt Hotels Corp. Class A (b),(c)		3,200		192,672
Isle of Capri Casinos, Inc. (b),(c)		2,700		22,599

See Notes to Consolidated Schedule of Investments.

15

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Jack in the Box, Inc.		1,200	$	95,952
Jamba, Inc. (b)		100		1,509
La Quinta Holdings, Inc. (b)		20,200		445,612
Marriott International, Inc. Class A (c)		17,300		1,349,919
MGM Resorts International (b),(c)		12,700		271,526
Morgans Hotel Group Co. (b),(c)		4,000		31,360
Noodles & Co. (b)		300		7,905
Papa John’s International, Inc.		1,700		94,860
Penn National Gaming, Inc. (b),(c)		14,500		199,085
Popeyes Louisiana Kitchen, Inc. (b)		1,400		78,778
Potbelly Corp. (b)		300		3,861
Red Robin Gourmet Burgers, Inc. (b),(c)		800		61,580
Ruby Tuesday, Inc. (b)		4,000		27,360
Ruth’s Hospitality Group, Inc. (c)		1,200		18,000
Starwood Hotels & Resorts Worldwide, Inc. (c)		5,900		478,313
Wynn Resorts Ltd. (c)		9,900		1,472,724
				9,104,002
Hardware — 0.6%
Apple, Inc. (c),(d)		3,580		395,160
Brocade Communications Systems, Inc.		5,500		65,120
CommScope Holding Co., Inc. (b),(c)		3,200		73,056
Comtech Telecommunications Corp. (c)		1,100		34,672
Daktronics, Inc.		200		2,502
Dolby Laboratories, Inc. Class A (b),(c)		4,200		181,104
F5 Networks, Inc. (b)		300		39,140
Harris Corp.		800		57,456
Hutchinson Technology, Inc. (b)		4,000		14,000
Imation Corp. (b)		900		3,411
Immersion Corp. (b),(c)		1,200		11,364
Juniper Networks, Inc.		2,300		51,336
Knowles Corp. (b)		1,200		28,260
Mercury Systems, Inc. (b)		2,700		37,584
PC-Tel, Inc.		800		6,928
Pitney Bowes, Inc.		100		2,437
QLogic Corp. (b),(c)		14,300		190,476
Sanmina Corp. (b),(c)		600		14,118
Seagate Technology PLC		19,700		1,310,050
ShoreTel, Inc. (b)		2,200		16,170
Skullcandy, Inc. (b)		500		4,595
Super Micro Computer, Inc. (b)		1,200		41,856
Telenav, Inc. (b),(c)		400		2,668
TiVo, Inc. (b)		100		1,184
VeriFone Systems, Inc. (b)		400		14,880
ViaSat, Inc. (b)		2,700		170,181
Vicor Corp. (b)		500		6,050
VOXX International Corp. (b),(c)		1,700		14,892
Westell Technologies, Inc. Class A (b)		100		150
Western Digital Corp.		16,600		1,837,620
				4,628,420
Health Care Facilities/Services — 1.8%
Amedisys, Inc. (b),(c)		1,900		55,765
AmerisourceBergen Corp.		600		54,096
Bio-Reference Laboratories, Inc. (b)		700		22,491
Cardinal Health, Inc. (c),(d)		22,900		1,848,717
Cigna Corp.		500		51,455
Covance, Inc. (b),(c)		200		20,768
Digirad Corp. (c)		2,000		8,720
Five Star Quality Care, Inc. (b)		1,300		5,395
Genomic Health, Inc. (b),(c)		400		12,788
Gentiva Health Services, Inc. (b),(c)		600		11,430

See Notes to Consolidated Schedule of Investments.

16

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
HCA Holdings, Inc. (b),(c)		35,253	$	2,587,218
Health Net, Inc. (b)		500		26,765
Healthways, Inc. (b)		1,200		23,856
IPC Healthcare, Inc. (b)		900		41,301
Laboratory Corp. of America Holdings (a),(b),(d)		20,700		2,233,530
Magellan Health, Inc. (b)		200		12,006
McKesson Corp. (a),(c),(d)		9,700		2,013,526
Omnicare, Inc. (a),(d)		46,120		3,363,531
Premier, Inc. Class A (b)		400		13,412
Quintiles Transnational Holdings, Inc. (b)		300		17,661
RadNet, Inc. (b),(c)		2,200		18,788
Select Medical Holdings Corp. (c)		2,100		30,240
Skilled Healthcare Group, Inc. Class A (b)		2,800		23,996
Universal American Corp. (b)		200		1,856
Universal Health Services, Inc. Class B (a),(c),(d)		18,200		2,024,932
				14,524,243
Home & Office Products — 0.2%
ACCO Brands Corp. (b),(c)		6,200		55,862
American Woodmark Corp. (b),(c)		1,400		56,616
Armstrong World Industries, Inc. (b)		100		5,112
Blount International, Inc. (b)		1,300		22,841
Century Communities, Inc. (b)		300		5,184
Griffon Corp.		100		1,330
Herman Miller, Inc.		1,000		29,430
Masco Corp. (c)		32,900		829,080
PulteGroup, Inc.		6,200		133,052
Select Comfort Corp. (b),(c)		5,000		135,150
Toll Brothers, Inc. (b),(c)		3,700		126,799
Whirlpool Corp. (c),(d)		3,055		591,876
				1,992,332
Industrial Services — 0.2%
Furmanite Corp. (b),(c)		2,300		17,986
HD Supply Holdings, Inc. (b),(c)		52,890		1,559,726
WESCO International, Inc. (b)		100		7,621
				1,585,333
Institutional Financial Service — 0.1%
Greenhill & Co., Inc.		3,600		156,960
INTL. FCStone, Inc. (b)		300		6,171
Investment Technology Group, Inc. (b)		1,700		35,394
Moelis & Co. Class A (c)		3,100		108,283
Northern Trust Corp. (c)		6,471		436,145
Raymond James Financial, Inc.		7,400		423,946
				1,166,899
Insurance — 1.2%
Aflac, Inc. (c)		4,000		244,360
Allied World Assurance Co. Holdings AG		100		3,792
Allstate Corp. (c)		6,000		421,500
Ambac Financial Group, Inc. (b)		200		4,900
American International Group, Inc.		36,700		2,055,567
Ameriprise Financial, Inc. (c)		5,100		674,475
AMERISAFE, Inc.		100		4,236
Assured Guaranty Ltd.		58,900		1,530,811
Employers Holdings, Inc. (c)		3,000		70,530
Genworth Financial, Inc. Class A (b),(c)		42,200		358,700
Hanover Insurance Group, Inc.		100		7,132
Hartford Financial Services Group, Inc. (c)		23,600		983,884
Lincoln National Corp.		100		5,767

See Notes to Consolidated Schedule of Investments.

17

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Maiden Holdings Ltd.		3,100	$	39,649
OneBeacon Insurance Group Ltd. Class A		400		6,480
Primerica, Inc. (c)		8,601		466,690
Principal Financial Group, Inc. (c)		7,900		410,326
Progressive Corp.		4,000		107,960
Prudential Financial, Inc. (c)		4,200		379,932
RPX Corp. (b)		3,500		48,230
Selective Insurance Group, Inc. (c)		1,200		32,604
State Auto Financial Corp.		882		19,598
Symetra Financial Corp.		200		4,610
Third Point Reinsurance Ltd. (b)		4,900		71,001
United Insurance Holdings Corp.		100		2,195
Universal Insurance Holdings, Inc.		4,000		81,800
Unum Group		100		3,488
Voya Financial, Inc. (c)		41,400		1,754,532
				9,794,749
Leisure Products — 0.0%
Black Diamond, Inc. (b)		900		7,875
Fox Factory Holding Corp. (b)		200		3,246
JAKKS Pacific, Inc. (b)		100		680
				11,801
Machinery — 0.1%
Altra Industrial Motion Corp.		600		17,034
China Yuchai International Ltd.		1,800		34,200
CIRCOR International, Inc.		2,000		120,560
Flowserve Corp.		1,900		113,677
Graham Corp.		100		2,877
Intevac, Inc. (b),(c)		400		3,108
Joy Global, Inc. (c)		6,800		316,336
Parker-Hannifin Corp. (c)		200		25,790
Rofin-Sinar Technologies, Inc. (b),(c)		3,300		94,941
Xerium Technologies, Inc. (b)		400		6,312
				734,835
Manufactured Goods — 0.0%
Aegion Corp. (b),(c)		1,500		27,915
Chart Industries, Inc. (b),(c)		2,900		99,180
Dynamic Materials Corp.		200		3,204
Gibraltar Industries, Inc. (b)		100		1,626
				131,925
Media — 3.2%
AOL, Inc. (b)		1,000		46,170
Bankrate, Inc. (b)		600		7,458
Bazaarvoice, Inc. (b)		200		1,608
Blucora, Inc. (b)		100		1,385
Boingo Wireless, Inc. (b)		3,300		25,311
Charter Communications, Inc. Class A (a),(b)		10,667		1,777,335
Clear Channel Outdoor Holdings, Inc. Class A		4,700		49,773
Comcast Corp. Class A (c),(d)		115,417		6,695,340
Dice Holdings, Inc. (b),(c)		10,500		105,105
DIRECTV (b),(c)		11,000		953,700
DISH Network Corp. Class A (b),(c)		16,900		1,231,841
EchoStar Corp. Class A (b),(c)		1,000		52,500
Entravision Communications Corp. Class A		200		1,296
Eros International PLC (b)		600		12,696
EW Scripps Co. Class A (b)		300		6,705
Expedia, Inc.		1,400		119,504
Facebook, Inc. Class A (b),(c),(d)		57,748		4,505,499

See Notes to Consolidated Schedule of Investments.

18

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Google, Inc. Class A (b)		151	$	80,130
Google, Inc. Class C (b)		489		257,410
GrubHub, Inc. (b)		2,500		90,800
Harte-Hanks, Inc. (c)		3,500		27,090
HealthStream, Inc. (b)		200		5,896
Houghton Mifflin Harcourt Co. (b)		7,600		157,396
IAC/InterActiveCorp (c)		5,000		303,950
Journal Communications, Inc. Class A (b),(c)		3,100		35,433
Lee Enterprises, Inc. (b)		100		368
Liberty Media Corp. (b)		133		4,691
Liberty Ventures Series A (b)		3,000		113,160
LinkedIn Corp. (b)		200		45,942
McClatchy Co. Class A (b)		400		1,328
MDC Partners, Inc. Class A		200		4,544
Monster Worldwide, Inc. (b)		4,000		18,480
National CineMedia, Inc.		5,900		84,783
New Media Investment Group, Inc.		200		4,726
News Corp. Class A (b),(c)		54,600		856,674
Nexstar Broadcasting Group, Inc. Class A (c)		10,100		523,079
Orbitz Worldwide, Inc. (b),(c)		22,500		185,175
Starz Class A (b)		400		11,880
TechTarget, Inc. (b),(c)		3,200		36,384
Time Warner Cable, Inc. (c)		12,100		1,839,926
Time, Inc. (b),(c)		3,500		86,135
Trulia, Inc. (b),(c)		2,700		124,281
Twenty-First Century Fox, Inc. Class A (a)		59,730		2,293,931
VeriSign, Inc. (b),(c)		5,600		319,200
Walt Disney Co. (c)		2,334		219,839
XO Group, Inc. (b)		1,500		27,315
Yahoo!, Inc. (b),(c)		35,100		1,772,901
				25,126,073
Medical Equipment/Devices — 3.2%
ABIOMED, Inc. (b)		1,900		72,314
Affymetrix, Inc. (b)		11,000		108,570
Agilent Technologies, Inc. (c),(d)		59,600		2,440,024
AngioDynamics, Inc. (b)		3,900		74,139
Boston Scientific Corp. (b),(c),(d)		242,500		3,213,125
CONMED Corp.		200		8,992
Covidien PLC (a)		39,652		4,055,607
CR Bard, Inc.		1,100		183,282
CryoLife, Inc.		1,900		21,527
Cyberonics, Inc. (b),(c)		8,500		473,280
Danaher Corp. (a),(d)		19,900		1,705,629
Edwards Lifesciences Corp. (b),(c)		4,900		624,162
Exactech, Inc. (b)		600		14,142
GenMark Diagnostics, Inc. (b)		1,400		19,054
Globus Medical, Inc. Class A (b),(c)		4,900		116,473
Harvard Bioscience, Inc. (b)		200		1,134
ICU Medical, Inc. (b)		1,100		90,090
Illumina, Inc. (a),(b),(d)		17,100		3,156,318
Inogen, Inc. (b)		1,700		53,329
Intuitive Surgical, Inc. (b),(d)		2,500		1,322,350
Luminex Corp. (b),(c)		1,500		28,140
Masimo Corp. (b),(c)		5,900		155,406
Medtronic, Inc.		200		14,440
Meridian Bioscience, Inc.		1,300		21,398
Merit Medical Systems, Inc. (b)		300		5,199
Nanosphere, Inc. (b)		200		78
NuVasive, Inc. (b)		300		14,148
NxStage Medical, Inc. (b)		200		3,586
OraSure Technologies, Inc. (b)		3,300		33,462

See Notes to Consolidated Schedule of Investments.

19

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Pacific Biosciences of California, Inc. (b)		1,500	$	11,760
St Jude Medical, Inc.		2,200		143,066
SurModics, Inc. (b)		400		8,840
Thermo Fisher Scientific, Inc. (c),(d)		26,500		3,320,185
Tornier NV (b)		10,800		275,400
Vascular Solutions, Inc. (b)		300		8,148
Waters Corp. (b)		200		22,544
Wright Medical Group, Inc. (b),(c)		26,500		712,055
Zeltiq Aesthetics, Inc. (b)		3,400		94,894
Zimmer Holdings, Inc. (a),(c),(d)		24,500		2,778,790
				25,405,080
Metals & Mining — 0.0%
Century Aluminum Co. (b),(c)		1,500		36,600
Compass Minerals International, Inc.		100		8,683
Encore Wire Corp.		1,200		44,796
Freeport-McMoRan, Inc.		400		9,344
Royal Gold, Inc.		700		43,890
				143,313
Oil, Gas & Coal — 2.2%
Anadarko Petroleum Corp.		361		29,783
Apache Corp.		300		18,801
Baker Hughes, Inc. (c)		128,387		7,198,659
California Resources Corp. (b)		5,600		30,856
Cameron International Corp. (b),(c)		5,400		269,730
Cheniere Energy, Inc. (b),(c)		9,700		682,880
Cimarex Energy Co.		500		53,000
Clayton Williams Energy, Inc. (b),(c)		1,200		76,560
Cloud Peak Energy, Inc. (b)		6,400		58,752
ConocoPhillips		1,200		82,872
CVR Energy, Inc.		1,000		38,710
Dawson Geophysical Co.		2,300		28,129
Denbury Resources, Inc. (b)		12,500		101,625
Devon Energy Corp.		1,200		73,452
Diamond Offshore Drilling, Inc.		4,200		154,182
Energen Corp.		400		25,504
Energy Transfer Equity LP		917		52,617
Ensco PLC Class A		2,000		59,900
EOG Resources, Inc.		683		62,884
EP Energy Corp. Class A (b)		100		1,044
EQT Corp.		3,100		234,670
Evolution Petroleum Corp. (c)		400		2,972
Frank’s International NV		2,900		48,227
Gulf Island Fabrication, Inc.		200		3,878
Halliburton Co. (c)		45,100		1,773,783
Helmerich & Payne, Inc. (c)		3,300		222,486
Marathon Oil Corp. (c)		22,300		630,867
Marathon Petroleum Corp. (c)		11,300		1,019,938
Matrix Service Co. (b)		1,300		29,016
McDermott International, Inc. (b)		1,800		5,238
Mitcham Industries, Inc. (b)		200		1,186
MRC Global, Inc. (b)		1,500		22,725
Murphy Oil Corp.		4,800		242,496
Nabors Industries Ltd.		34,500		447,810
National Oilwell Varco, Inc. (c)		2,800		183,484
Newfield Exploration Co. (b),(c)		12,100		328,152
Noble Corp. PLC		10,600		175,642
NOW, Inc. (b)		1,000		25,730
ONEOK, Inc.		3,800		189,202
Patterson-UTI Energy, Inc.		1,900		31,521
Penn Virginia Corp. (b)		100		668

See Notes to Consolidated Schedule of Investments.

20

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Pioneer Natural Resources Co.		73	$	10,866
Southwestern Energy Co. (b),(c)		35,300		963,337
Targa Resources Corp. (c)		1,100		116,655
Tesco Corp.		200		2,564
Tesoro Corp. (c)		1,400		104,090
TransAtlantic Petroleum Ltd. (b)		300		1,617
Unit Corp. (b)		700		23,870
Valero Energy Corp. (c)		25,700		1,272,150
Vantage Drilling Co. (b)		400		196
Warren Resources, Inc. (b),(c)		4,500		7,245
Westmoreland Coal Co. (b),(c)		1,200		39,852
Whiting Petroleum Corp. (b),(c)		11,553		381,252
WPX Energy, Inc. (b)		2,200		25,586
				17,668,911
Passenger Transportation — 0.3%
American Airlines Group, Inc.		5,400		289,602
Hawaiian Holdings, Inc. (b),(c)		13,000		338,650
JetBlue Airways Corp. (b)		12,100		191,906
Republic Airways Holdings, Inc. (b)		200		2,918
Southwest Airlines Co. (c)		15,500		655,960
Spirit Airlines, Inc. (b),(c)		8,400		634,872
United Continental Holdings, Inc. (b)		300		20,067
				2,133,975
Real Estate — 1.6%
Agree Realty Corp.		2,300		71,507
American Residential Properties, Inc. (b),(c)		1,000		17,570
Armada Hoffler Properties, Inc. (c)		6,400		60,736
Ashford Hospitality Prime, Inc.		700		12,012
Aviv REIT, Inc.		6,400		220,672
Capital Senior Living Corp. (b)		1,100		27,401
Cedar Realty Trust, Inc.		900		6,606
Chambers Street Properties		1,000		8,060
Crown Castle International Corp. (d)		6,080		478,496
Equity Commonwealth		100		2,567
Equity LifeStyle Properties, Inc.		1,000		51,550
FelCor Lodging Trust, Inc.		4,000		43,280
Forest City Enterprises, Inc. Class A (b),(c)		61,300		1,305,690
Franklin Street Properties Corp.		700		8,589
Gladstone Commercial Corp.		4,200		72,114
Hudson Pacific Properties, Inc.		100		3,006
iStar Financial, Inc. (b),(c)		11,100		151,515
Kennedy-Wilson Holdings, Inc. (c)		20,400		516,120
Lamar Advertising Co. Class A (a)		119,550		6,412,662
Omega Healthcare Investors, Inc. (c)		4,500		175,815
Ramco-Gershenson Properties Trust (c)		1,300		24,362
Realogy Holdings Corp. (a),(b)		54,538		2,426,396
Rouse Properties, Inc.		3,800		70,376
Sabra Health Care REIT, Inc.		1,400		42,518
Select Income REIT (c)		2,000		48,820
Taubman Centers, Inc.		600		45,852
Terreno Realty Corp.		800		16,504
Urstadt Biddle Properties, Inc. Class A		1,300		28,444
				12,349,240
Recreation Facilities & Services — 0.1%
Carmike Cinemas, Inc. (b)		500		13,135
ClubCorp Holdings, Inc. (c)		4,800		86,064
Live Nation Entertainment, Inc. (b)		100		2,611
Madison Square Garden Co. Class A (b)		2,000		150,520
SeaWorld Entertainment, Inc. (c)		9,500		170,050

See Notes to Consolidated Schedule of Investments.

21

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Six Flags Entertainment Corp.		3,600	$	155,340
Speedway Motorsports, Inc.		1,400		30,618
Town Sports International Holdings, Inc.		200		1,190
				609,528
Renewable Energy — 0.0%
Ameresco, Inc. Class A (b)		100		700
Broadwind Energy, Inc. (b)		100		539
First Solar, Inc. (b),(c)		1,900		84,730
Renewable Energy Group, Inc. (b)		800		7,768
REX American Resources Corp. (b),(c)		2,300		142,531
				236,268
Retail—Consumer Staples — 0.4%
CST Brands, Inc.		100		4,361
CVS Health Corp. (c)		3,179		306,169
Dollar General Corp. (b),(c)		28,450		2,011,415
Pantry, Inc. (b)		2,100		77,826
Rite Aid Corp. (b),(c)		121,300		912,176
TravelCenters of America LLC (b)		5,300		66,886
				3,378,833
Retail Discretionary — 0.9%
1-800-Flowers.com, Inc. Class A (b)		3,500		28,840
Amazon.com, Inc. (b)		500		155,175
Asbury Automotive Group, Inc. (b)		1,100		83,512
Ascena Retail Group, Inc. (b)		8,400		105,504
Big 5 Sporting Goods Corp.		4,800		70,224
Boise Cascade Co. (b)		1,300		48,295
Brown Shoe Co., Inc.		1,500		48,225
Burlington Stores, Inc. (b),(c)		16,600		784,516
Citi Trends, Inc. (b),(c)		2,800		70,700
Coach, Inc.		800		30,048
eBay, Inc. (b)		1,050		58,926
EVINE Live, Inc. (b)		200		1,318
Gap, Inc.		900		37,899
GNC Holdings, Inc. Class A (c)		1,746		81,992
Hibbett Sports, Inc. (b)		700		33,901
Home Depot, Inc. (c)		11,500		1,207,155
Kirkland’s, Inc. (b)		600		14,184
L Brands, Inc. (c)		20,600		1,782,930
Lowe’s Cos., Inc.		4,146		285,245
Lulemon Athletica, Inc. (b),(c)		6,000		334,740
MarineMax, Inc. (b),(c)		2,400		48,120
Michaels Cos., Inc. (b)		100		2,473
New York & Co., Inc. (b)		400		1,056
Overstock.com, Inc. (b),(c)		4,900		118,923
PetMed Express, Inc.		400		5,748
PHH Corp. (b)		2,800		67,088
Shoe Carnival, Inc.		500		12,845
Stage Stores, Inc.		100		2,070
Staples, Inc.		19,300		349,716
Tilly’s, Inc. Class A (b)		1,700		16,473
TJX Cos., Inc.		5,900		404,622
Tuesday Morning Corp. (b)		600		13,020
Ulta Salon Cosmetics & Fragrance, Inc. (b),(c)		6,500		830,960
United Online, Inc. (c)		2,900		42,195
Williams-Sonoma, Inc. (c)		890		67,355
				7,245,993

See Notes to Consolidated Schedule of Investments.

22

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Semiconductors — 1.0%
Alpha & Omega Semiconductor Ltd. (b)		900	$	7,965
Applied Materials, Inc. (d)		17,527		436,773
Cabot Microelectronics Corp. (b)		400		18,928
Cascade Microtech, Inc. (b)		400		5,844
CEVA, Inc. (b),(c)		600		10,884
Cohu, Inc.		1,400		16,660
Cree, Inc. (b),(c)		16,200		521,964
Cypress Semiconductor Corp.		21,900		312,732
Diodes, Inc. (b)		200		5,514
DSP Group, Inc. (b)		300		3,261
Entropic Communications, Inc. (b)		500		1,265
FormFactor, Inc. (b)		1,400		12,040
Freescale Semiconductor Ltd. (b)		3,700		93,351
GSI Technology, Inc. (b)		418		2,086
Kemet Corp. (b)		800		3,360
KLA-Tencor Corp. (c)		11,600		815,712
Lattice Semiconductor Corp. (b),(c)		3,000		20,670
M/A-COM Technology Solutions Holdings, Inc. (b)		400		12,512
Marvell Technology Group Ltd.		1,000		14,500
Maxim Integrated Products, Inc. (d)		10,506		334,826
Micron Technology, Inc. (b),(c)		54,749		1,916,762
MKS Instruments, Inc.		900		32,940
Pericom Semiconductor Corp. (b),(c)		4,100		55,514
Photronics, Inc. (b),(c)		4,200		34,902
Qualcomm, Inc.		2,081		154,681
Rambus, Inc. (b)		100		1,109
RF Micro Devices, Inc. (b),(c)		61,900		1,026,921
Richardson Electronics Ltd. (c)		600		6,000
Rudolph Technologies, Inc. (b),(c)		2,300		23,529
Sigma Designs, Inc. (b)		1,800		13,320
Silicon Image, Inc. (b),(c)		1,200		6,624
Silicon Laboratories, Inc. (b),(c)		300		14,286
Spansion, Inc. Class A (b)		14,000		479,080
Tessera Technologies, Inc.		900		32,184
TriQuint Semiconductor, Inc. (b),(c)		63,900		1,760,445
Ultratech, Inc. (b),(c)		1,700		31,552
				8,240,696
Software — 0.6%
Actuate Corp. (b)		1,100		7,260
Acxiom Corp. (b),(c)		2,300		46,621
Adobe Systems, Inc. (b)		3,900		283,530
Advent Software, Inc. (c)		1,200		36,768
Agilysys, Inc. (b)		700		8,813
Audience, Inc. (b)		100		440
Autodesk, Inc. (b),(c)		9,800		588,588
AVG Technologies NV (b)		3,300		65,142
BroadSoft, Inc. (b)		1,300		37,726
Calix, Inc. (b)		300		3,006
Callidus Software, Inc. (b)		1,600		26,128
Carbonite, Inc. (b)		2,100		29,967
CommVault Systems, Inc. (b)		500		25,845
Constant Contact, Inc. (b)		2,000		73,400
Digi International, Inc. (b)		1,300		12,077
Ebix, Inc. (c)		400		6,796
Envestnet, Inc. (b),(c)		10,800		530,712
Infoblox, Inc. (b),(c)		4,700		94,987
Intralinks Holdings, Inc. (b)		5,600		66,640
Limelight Networks, Inc. (b)		1,000		2,770
Lionbridge Technologies, Inc. (b)		700		4,025
Merge Healthcare, Inc. (b)		7,700		27,412

See Notes to Consolidated Schedule of Investments.

23

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Microsoft Corp. (c)		4,232	$	196,576
MicroStrategy, Inc. Class A (b)		100		16,240
Model N, Inc. (b)		2,500		26,550
Monotype Imaging Holdings, Inc.		1,500		43,245
Palo Alto Networks, Inc. (b),(c)		5,000		612,850
PDF Solutions, Inc. (b)		200		2,972
Progress Software Corp. (b)		2,900		78,358
Quality Systems, Inc. (c)		5,800		90,422
Qualys, Inc. (b)		400		15,100
Rackspace Hosting, Inc. (b)		3,300		154,473
RealNetworks, Inc. (b)		600		4,224
salesforce.com, Inc. (b),(c),(d)		7,609		451,290
Seachange International, Inc. (b)		1,200		7,656
ServiceNow, Inc. (b),(d)		5,271		357,637
Support.com, Inc. (b)		1,300		2,743
Veeva Systems, Inc. Class A (b)		3,200		84,512
VMware, Inc. Class A (b),(c)		5,500		453,860
Zendesk, Inc. (b),(c)		1,000		24,370
				4,601,731
Specialty Finance — 0.5%
AG Mortgage Investment Trust, Inc.		400		7,428
American Capital Agency Corp. (c)		43,438		948,252
American Capital Mortgage Investment Corp. (c)		3,500		65,940
Annaly Capital Management, Inc.		13,300		143,773
Apollo Commercial Real Estate Finance, Inc.		3,700		60,532
Arbor Realty Trust, Inc.		3,200		21,664
Arlington Asset Investment Corp. Class A		3,700		98,457
Capstead Mortgage Corp.		300		3,684
Cash America International, Inc.		500		11,310
Cherry Hill Mortgage Investment Corp.		1,500		27,735
Chimera Investment Corp. (c)		171,000		543,780
CIT Group, Inc. (c)		3,938		188,355
Consumer Portfolio Services, Inc. (b)		1,300		9,568
Dynex Capital, Inc.		9,100		75,075
Ellington Residential Mortgage REIT		3,300		53,691
Essent Group Ltd. (b)		100		2,571
Fiserv, Inc. (b)		3,800		269,686
Five Oaks Investment Corp.		800		8,640
FleetCor Technologies, Inc. (b),(c)		1,600		237,936
Global Cash Access Holdings, Inc. (b),(c)		9,800		70,070
Ladder Capital Corp. (b)		100		1,961
MasterCard, Inc. Class A (d)		3,801		327,494
MFA Financial, Inc.		1,100		8,789
New Residential Investment Corp.		29,400		375,438
Newcastle Investment Corp.		233		1,046
On Deck Capital, Inc. (b)		254		5,697
Orchid Island Capital, Inc.		1,100		14,355
PennyMac Mortgage Investment Trust		10,700		225,663
Springleaf Holdings, Inc. (b)		400		14,468
Stewart Information Services Corp.		500		18,520
Walker & Dunlop, Inc. (b)		4,600		80,684
ZAIS Financial Corp.		1,300		22,425
				3,944,687
Technology Services — 0.2%
Amdocs Ltd.		1,200		55,986
CDW Corp.		100		3,517
Ciber, Inc. (b)		300		1,065
Cognizant Technology Solutions Corp. Class A (b)		2,100		110,586
comScore, Inc. (b)		600		27,858
Cubic Corp.		2,600		136,864

See Notes to Consolidated Schedule of Investments.

24

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
EPAM Systems, Inc. (b),(c)		2,300	$	109,825
ExlService Holdings, Inc. (b)		200		5,742
Leidos Holdings, Inc. (c)		11,800		513,536
Luxoft Holding, Inc. (b)		6,800		261,868
ManTech International Corp. Class A		600		18,138
MAXIMUS, Inc.		700		38,388
MSCI, Inc. (b)		700		33,208
NIC, Inc.		2,300		41,377
Perficient, Inc. (b)		300		5,589
Science Applications International Corp.		300		14,859
Sykes Enterprises, Inc. (b)		2,900		68,063
Unisys Corp. (b)		600		17,688
				1,464,157
Telecommunications — 0.3%
Cogent Communications Holdings, Inc.		400		14,156
Consolidated Communications Holdings, Inc.		800		22,264
Equinix, Inc. (b),(c)		1,173		265,954
FairPoint Communications, Inc. (b),(c)		600		8,526
General Communication, Inc. Class A (b),(c)		6,100		83,875
Hawaiian Telcom Holdco, Inc. (b)		800		22,056
IDT Corp. Class B		900		18,279
Inteliquent, Inc. (c)		11,200		219,856
Internap Corp. (b)		3,300		26,268
Level 3 Communications, Inc. (b),(c)		8,320		410,842
Lumos Networks Corp.		100		1,682
ORBCOMM, Inc. (b)		100		654
Pendrell Corp. (b)		200		276
Shenandoah Telecommunications Co.		200		6,250
Spok Holdings, Inc.		100		1,736
T-Mobile US, Inc. (a),(b)		61,354		1,652,877
West Corp.		900		29,700
Zix Corp. (b),(c)		2,000		7,200
				2,792,451
Transportation & Logistics — 0.1%
Air Transport Services Group, Inc. (b)		900		7,704
ArcBest Corp.		200		9,274
Atlas Air Worldwide Holdings, Inc. (b)		400		19,720
Con-way, Inc. (c)		2,600		127,868
Navios Maritime Acquisition Corp.		100		363
Quality Distribution, Inc. (b)		2,500		26,600
Saia, Inc. (b)		100		5,536
Scorpio Bulkers, Inc. (b),(c)		7,700		15,169
Stamps.com, Inc. (b)		2,200		105,578
Swift Transportation Co. (b),(c)		9,300		266,259
Union Pacific Corp. (c)		1,429		170,237
UTi Worldwide, Inc. (b),(c)		4,200		50,694
				805,002
Transportation Equipment — 0.1%
Allison Transmission Holdings, Inc. (c)		18,800		637,320
Spartan Motors, Inc. (c)		200		1,052
				638,372
Utilities — 0.1%
California Water Service Group		2,200		54,142
Calpine Corp. (b)		3,000		66,390
CenterPoint Energy, Inc. (c)		16,100		377,223
Delta Natural Gas Co., Inc.		100		2,125
Integrys Energy Group, Inc. (c)		1,300		101,205

See Notes to Consolidated Schedule of Investments.

25

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Middlesex Water Co.		500	$	11,530
Unitil Corp.		200		7,334
				619,949
Waste & Environmental Service Equipment & Facility — 0.0%
Casella Waste Systems, Inc. Class A (b)		1,200		4,848
Waste Connections, Inc.		200		8,798
				13,646
Total United States				270,876,971
TOTAL COMMON STOCK (COST $351,092,232)				354,026,334
PREFERRED STOCK — 0.0%
Germany — 0.0%
Automotive — 0.0%
Volkswagen AG Preference Shares		624		138,688
Total Germany				138,688
Republic of Korea — 0.0%
Hardware — 0.0%
Samsung Electronics Co. Ltd. Preference Shares		60		56,434
Total Republic of Korea				56,434
TOTAL PREFERRED STOCK (COST $221,803)				195,122
Security Description	Principal Amount		Value
ASSET-BACKED SECURITIES — 8.4%
Cayman Islands — 5.9%
ALESCO Preferred Funding XIII Ltd., Series 13A, Class A2, 0.65%, 09/23/37 (d),(e),(f)	$	996,000		612,540
ALESCO Preferred Funding VII Ltd., Series 7A, Class A1B, 0.65%, 07/23/35 (d),(e),(f)		1,619,503		1,376,577
Arbor Realty Mortgage Securities LLC, Series 2006-1A, Class A2, 0.54%, 01/26/42 (d),(e),(f),(g)		4,565,000		4,414,355
Atlas Senior Loan Fund II Ltd., Series 2012-2A, Class D, 4.48%, 01/30/24 (d),(e),(f)		600,000		585,840
Babson CLO Ltd., Series 2013-IA, Class D, 3.73%, 04/20/25 (d),(e),(f)		800,000		768,800
Bridgeport CLO Ltd., Series 2006-1A, Class C, 1.73%, 07/21/20 (d),(e),(f)		500,000		464,100
CIFC Funding Ltd.,
Series 2006-1BA, Class B2L, 4.25%, 12/22/20 (d),(e),(f)		400,000		389,840
Series 2014-4A, Class D, 3.68%, 10/17/26 (d),(e),(f)		1,200,000		1,098,240
ColumbusNova CLO IV Ltd., Series 2007-2A, Class D, 4.73%, 10/15/21 (d),(e),(f)		250,000		247,850
Crown Point CLO Ltd., Series 2012-1A, Class B1L, 5.23%, 11/21/22 (d),(e),(f)		1,800,000		1,801,980
Cutwater Ltd., Series 2014-1A, Class C, 3.93%, 07/15/26 (d),(e),(f)		649,000		598,054
Duane Street CLO V Ltd., Series 2007-5A, Class B, 7.98%, 10/14/21 (d),(e),(f),(h)		467,000		467,654
Eastland CLO Ltd., Series 2007-1A, Class C, 1.73%, 05/01/22 (d),(e),(f)		400,000		355,000
Fairway Loan Funding Co., Series 2006-1A, Class B2L, 4.03%, 10/17/18 (d),(e),(f)		1,200,000		1,194,000
Fore CLO Ltd., Series 2007-1A, Class D, 3.23%, 07/20/19 (d),(e),(f)		1,363,723		1,340,813
Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class D, 5.73%, 04/20/23 (d),(e),(f)		500,000		496,650
Galaxy VIII CLO Ltd., Series 2007-8A, Class E, 3.58%, 04/25/19 (d),(e),(f)		492,000		476,551
Galaxy XIV CLO Ltd., Series 2012-14A, Class D, 4.63%, 11/15/24 (d),(e),(f)		1,400,000		1,401,400
Golub Capital Partners CLO Ltd., Series 2011-10AR, Class DR, 4.08%, 10/20/21 (d),(e),(f)		250,000		245,300
Gramercy Real Estate CDO Ltd.,
Series 2006-1A, Class B, 0.60%, 07/25/41 (d),(e),(f)		3,000,000		2,736,900
Series 2007-1A, Class A1, 0.51%, 08/15/56 (d),(e),(f)		547,412		487,525
Halcyon Loan Advisors Funding Ltd., Series 2014-2A, Class C, 3.73%, 04/28/25 (d),(e),(f)		1,800,000		1,660,140
Harbourview CDO III Ltd., Series 3A, Class A, 1.21%, 09/15/31 (d),(e),(f),(h)		915,382		829,794
ING IM CLO Ltd., Series 2011-1A, Class D, 4.75%, 06/22/21 (d),(e),(f)		1,390,000		1,356,223
Katonah Ltd., Series 2007-10A, Class E, 4.24%, 04/17/20 (d),(e),(f)		681,000		654,237
Kingsland VI Ltd., Series 2013-6A, Class D, 3.88%, 10/28/24 (d),(e),(f)		900,000		846,810
KKR CLO 10 Ltd., Series 10, Class D, 3.98%, 12/15/25 (d),(e),(f)		500,000		464,100
LCM XI LP, Series 11A, Class D2, 4.18%, 04/19/22 (d),(e),(f)		800,000		781,840

See Notes to Consolidated Schedule of Investments.

26

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount			Value
MidOcean Credit CLO III,
Series 2014-3A, Class D, 3.98%, 07/21/26 (d),(e),(f)	$	732,000		$	680,833
Series 2014-3A, Class E, 5.48%, 07/21/26 (d),(e),(f)		581,000			506,167
N-Star REL CDO IV Ltd., Series 2005-4A, Class C, 0.92%, 07/27/40 (d),(e),(f)		2,546,000			2,468,856
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class C, 4.23%, 01/15/24 (d),(e),(f)		250,000			245,925
Octagon Investment Partners XX Ltd., Series 2014-1A, Class D, 3.89%, 08/12/26 (d),(e),(f)		344,000			327,522
OZLM Funding V Ltd., Series 2013-5A, Class C, 3.73%, 01/17/26 (d),(e),(f)		1,200,000			1,121,880
OZLM VII Ltd., Series 2014-7A, Class C, 3.86%, 07/17/26 (d),(e),(f)		500,000			470,550
Preferred Term Securities X Ltd. / Preferred Term Securities X, Inc., 0.97%, 07/03/33 (d),(e),(f)		248,175			223,357
Preferred Term Securities XXIV Ltd/Preferred Term Securities XXIV, Inc., 0.54%, 03/22/37 (d),(e),(f)		1,013,456			770,227
Red River CLO Ltd., Series 1A, Class D, 1.88%, 07/27/18 (d),(e),(f)		900,000			859,770
Sound Point CLO I Ltd., Series 2012-1A, Class D, 4.81%, 10/20/23 (d),(e),(f)		900,000			900,000
SRERS Funding Ltd., Series 2011-RS, Class A1B1, 0.41%, 05/09/46 (d),(e),(f)		5,727,116			5,427,588
Symphony CLO IV Ltd., Series 2007-4A, Class E, 5.73%, 07/18/21 (d),(e),(f)		739,000			739,000
Symphony CLO IX LP, Series 2012-9A, Class D, 4.48%, 04/16/22 (d),(e),(f)		1,900,000			1,898,100
Symphony CLO VII Ltd., Series 2011-7A, Class E, 3.83%, 07/28/21 (d),(e),(f)		400,000			399,760
Symphony CLO XII Ltd., Series 2013-12A, Class D, 3.73%, 10/15/25 (d),(e),(f)		250,000			235,475
Trapeza CDO XIII LLC, Series 2007-13A, Class A3, 0.66%, 11/09/42 (d),(e),(f)		270,000			151,200
Venture XIV CLO Ltd., Series 2013-14A, Class D, 3.99%, 08/28/25 (d),(e),(f)		700,000			655,830
WhiteHorse VIII Ltd., Series 2014-1A, Class E, 4.78%, 05/01/26 (d),(e),(f)		420,000			355,950
Total Cayman Islands					46,591,103
United States — 2.5%
AmeriCredit Automobile Receivables Trust, Series 2012-4, Class E, 3.82%, 02/10/20 (d),(e)		800,000			820,720
Countrywide Home Equity Loan Trust, Series 2004-P, Class 2A, 0.48%, 03/15/34 (d),(f)		32,369			27,530
CWABS Revolving Home Equity Loan Trust, Series 2004-I, Class A, 0.45%, 02/15/34 (d),(f)		1,455,261			1,314,101
CPS Auto Receivables Trust,
Series 2014-B, Class D, 4.62%, 05/15/20 (d),(e)		156,000			154,658
Series 2014-C, Class D, 4.83%, 08/17/20 (d),(e)		391,000			386,112
DT Auto Owner Trust, Series 2014-3A, Class D, 4.47%, 11/15/21 (d),(e)		600,000			599,880
Education Funding Co. LLC, Series 2006-1A, Class A2, 0.48%, 10/25/29 (d),(e),(f)		1,332,136			1,229,561
Exeter Automobile Receivables Trust,
Series 2014-1A, Class D, 5.53%, 02/16/21 (d),(e)		4,300,000			4,351,600
Series 2014-3A, Class C, 4.17%, 06/15/20 (d),(e)		1,900,000			1,896,200
FFCA Secured Lending Corp., Series 1999-2, Class WA1C, 7.85%, 05/18/26 (d),(e),(h)		75,761			77,700
Fraser Sullivan CLO II Ltd., Series 2006-2A, Class E, 3.75%, 12/20/20 (d),(e),(f)		716,000			688,076
Harch CLO III Ltd., Series 2007-1A, Class E, 3.98%, 04/17/20 (d),(e),(f)		549,000			522,758
HSI Asset Securitization Corp. Trust, Series 2005-I1, Class 2A3, 0.46%, 11/25/35 (d),(f)		403,021			382,265
InCaps Funding II Ltd. / InCaps Funding II Corp., 1.43%, 01/15/34 (d),(e),(f),(h)		1,442,681			1,377,760
Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE3, Class A2C, 0.33%, 04/25/36 (d),(f)		484,267			468,529
Nationstar Home Equity Loan Trust, Series 2007-C, Class 2AV2, 0.30%, 06/25/37 (d),(f)		1,907,260			1,826,202
OneMain Financial Issuance Trust, Series 2014-2A, Class A SEQ, 2.47%, 09/18/24 (d),(e)		850,000			849,320
Preferred Term Securities XVII Ltd / Preferred Term Securities XVII, Inc., 0.74%, 06/23/35 (d),(e),(f)		211,000			131,875
Soundview Home Loan Trust, Series 2007-OPT3, Class 2A2, 0.30%, 08/25/37 (d),(f)		1,654,758			1,602,633
Westgate Resorts LLC, Series 2014-1A, Class C, 5.50%, 12/20/26 (d),(e)		1,333,670			1,327,535
Total United States					20,035,015
TOTAL ASSET-BACKED SECURITIES (COST $66,851,357)					66,626,118
CONVERTIBLE BONDS — 0.3%
France — 0.1%
Auto Parts Manufacturing — 0.1%
Faurecia REG S, 3.25%, 01/01/18 (d)		1,369,300	EUR		542,973
Total France					542,973
Germany — 0.1%
Automobiles Manufacturing — 0.1%
Volkswagen International Finance NV Co. REG S, 5.50%, 11/09/15 (d)		300,000	EUR		401,495

See Notes to Consolidated Schedule of Investments.

27

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount			Value
Total Germany				$	401,495
Spain — 0.1%
Wireless Telecommunication Services — 0.1%
Telefonica Participacion Co. REG S, 4.90%, 09/25/17 (d)		1,400,000	EUR		1,695,764
Total Spain					1,695,764
TOTAL CONVERTIBLE BONDS (COST $2,824,380)					2,640,232
BANK LOANS — 0.2%
Netherlands — 0.1%
Exploration & Production — 0.1%
Endeavour International Holding BV (d),(f),(h)	$	1,105,183			978,087
Transportation & Logistics — 0.0%
Ceva Intercompany B.V. (d),(f),(h)		32,161			29,909
Total Netherlands					1,007,996
United Kingdom — 0.1%
Transportation & Logistics — 0.1%
CEVA Group PLC,
1.00%, 03/19/21 (d),(f),(h)		30,728			28,577
9.00%, 09/01/21 (d),(e)		1,036,000			973,840
Ceva Logistics (d),(f),(h)		5,545			5,157
Ceva Logistics U.S. Holdings (d),(f),(h)		44,360			41,254
Total United Kingdom					1,048,828
United States — 0.0%
Publishing & Broadcasting — 0.0%
Clear Channel Communications (d),(f),(h)		113,167			106,458
Total United States					106,458
TOTAL BANK LOANS (COST $2,282,890)					2,163,282
CORPORATE BONDS & NOTES — 3.6%
Brazil — 0.2%
Banks — 0.2%
Banco Bradesco SA REG S, 5.90%, 01/16/21		350,000			365,750
Banco do Brasil SA/Cayman REG S, 5.88%, 01/26/22		300,000			292,875
Banco Votorantim SA REG S, 7.38%, 01/21/20		150,000			158,625
Itau Unibanco Holding SA REG S,
5.75%, 01/22/21		200,000			207,500
6.20%, 04/15/20		150,000			158,625
					1,183,375
Food & Beverage — 0.0%
Cosan Luxembourg SA REG S, 5.00%, 03/14/23		100,000			89,000
Total Brazil					1,272,375
British Virgin Islands — 0.0%
Oil & Gas Services — 0.0%
Sea Trucks Group Ltd. REG S (e),(h)		200,000			142,000
Total British Virgin Islands					142,000
Canada — 0.1%
Publishing & Broadcasting — 0.1%
Postmedia Network, Inc., 12.50%, 07/15/18 (c),(d)		574,000			601,265
Total Canada					601,265

See Notes to Consolidated Schedule of Investments.

28

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount			Value
France — 0.2%
Property & Casualty — 0.2%
Groupama SA REG S, 6.38%, 05/29/49 (d),(f),(i)		1,300,000	EUR	$	1,584,077
Total France					1,584,077
Germany — 0.1%
Auto Parts Manufacturing — 0.0%
Schaeffler Holding Finance BV, PIK, 6.75%, 11/15/22 (a),(d),(e)	$	143,000			149,435
Banks — 0.1%
HSH Nordbank AG, MTN,
0.88%, 02/14/17 (d),(f)		216,000	EUR		214,978
0.92%, 02/14/17 (d),(f)		560,000	EUR		557,349
					772,327
Total Germany					921,762
Ireland — 0.1%
Bank — 0.1%
UT2 Funding PLC, 5.32%, 06/30/16 (d)		750,000	EUR		922,058
Total Ireland					922,058
Luxembourg — 0.1%
Wireless Telecommunication Services — 0.1%
Intelsat Jackson Holdings SA, 5.50%, 08/01/23 (a),(d)	$	280,000			278,292
Intelsat Luxembourg SA, 7.75%, 06/01/21 (d)		450,000			451,125
Total Luxembourg					729,417
Mexico — 0.0%
Oil & Gas Services — 0.0%
Oro Negro Drilling Pte Ltd. REG S (e)		100,000			84,000
Total Mexico					84,000
Poland — 0.0%
Food & Beverage — 0.0%
CEDC Finance Corp. International, Inc. (d),(f),(j)		166,891			143,526
Total Poland					143,526
Sweden — 0.0%
Chemicals — 0.0%
Perstorp Holding AB (d),(e)		202,000			198,465
Total Sweden					198,465
United Kingdom — 0.1%
Financial Services — 0.1%
Depfa Funding III LP REG S, 1.72%, 06/29/49 (d),(f),(i)		676,000	EUR		452,351
Total United Kingdom					452,351
United States — 2.2%
Advertising & Marketing — 0.0%
Visant Corp., 10.00%, 10/01/17 (a),(d)	$	350,000			306,250
Aerospace & Defense — 0.0%
KLX, Inc., 5.88%, 12/01/22 (d),(e)		110,000			111,100
Moog, Inc., 5.25%, 12/01/22 (d),(e)		60,000			60,750
					171,850
Auto Parts Manufacturing — 0.1%
Dana Holding Corp., 5.50%, 12/15/24 (a),(d)		110,000			111,100
Nexteer Automotive Group Ltd., 5.88%, 11/15/21 (d),(e)		200,000			200,000
					311,100

See Notes to Consolidated Schedule of Investments.

29

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount		Value
Cable & Satellite — 0.2%
CCOH Safari LLC, 5.75%, 12/01/24 (d)	$	510,000	$	515,737
DISH DBS Corp.,
5.13%, 05/01/20 (a),(d)		56,000		56,420
5.88%, 11/15/24 (a),(d),(e)		582,000		584,910
				1,157,067
Casinos & Gaming — 0.0%
MGM Resorts International, 6.00%, 03/15/23 (a),(d)		165,000		165,825
Scientific Games International, Inc., 7.00%, 01/01/22 (a),(d),(e)		110,000		111,375
				277,200
Communications Equipment — 0.1%
Avaya, Inc., 9.00%, 04/01/19 (a),(d),(e)		320,000		327,200
Construction Materials Manufacturing — 0.0%
Building Materials Corp. of America, 5.38%, 11/15/24 (d),(e)		110,000		109,725
Consumer Finance — 0.1%
DFC Finance Corp., 10.50%, 06/15/20 (d),(e)		502,000		425,445
Springleaf Finance Corp., 5.25%, 12/15/19 (d)		110,000		107,800
				533,245
Consumer Services — 0.1%
ADT Corp. (The), 5.25%, 03/15/20 (a),(d)		110,000		111,375
RR Donnelley & Sons Co., 6.00%, 04/01/24 (c),(d)		280,000		275,800
				387,175
Containers & Packaging — 0.0%
Owens-Brockway Glass Container, Inc.,
5.00%, 01/15/22 (a),(d),(e)		60,000		61,200
5.38%, 01/15/25 (d),(e)		60,000		60,600
Sealed Air Corp., 5.13%, 12/01/24 (a),(d),(e)		140,000		141,400
				263,200
Department Store — 0.0%
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/21 (a),(d),(e)		220,000		232,650
Financial Services — 0.2%
E*TRADE Financial Corp., 5.38%, 11/15/22 (d)		210,000		214,725
ROC Finance LLC / ROC Finance 1 Corp., 12.13%, 09/01/18 (c),(d),(e)		945,000		996,975
				1,211,700
Food & Beverage — 0.0%
Cott Beverages, Inc.,
5.38%, 07/01/22 (d),(e)		154,000		141,295
6.75%, 01/01/20 (a),(d),(e)		165,000		165,000
				306,295
Hardware — 0.0%
CDW LLC / CDW Finance Corp., 5.50%, 12/01/24 (d)		165,000		165,206
Health Care Facilities/Services — 0.1%
Kindred Escrow Corp. II,
8.00%, 01/15/20 (d),(e)		332,000		352,750
8.75%, 01/15/23 (a),(d),(e)		440,000		473,550
Tenet Healthcare Corp., 4.38%, 10/01/21 (a),(d)		280,000		277,900
				1,104,200
Home Improvement — 0.0%
Griffon Corp., 5.25%, 03/01/22 (d)		165,000		155,719

See Notes to Consolidated Schedule of Investments.

30

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount		Value
Industrial Other — 0.1%
HD Supply, Inc., 5.25%, 12/15/21 (d),(e)	$	110,000	$	111,925
SGH Escrow Corp., 10.00%, 01/15/19 (d),(e)		275,000		262,625
				374,550
Metals & Mining — 0.0%
AK Steel Corp., 7.63%, 10/01/21 (d)		50,000		45,875
Oil, Gas & Coal — 0.0%
SM Energy Co., 6.13%, 11/15/22 (a),(d),(e)		210,000		197,400
Pharmaceuticals — 0.0%
Endo Finance LLC / Endo Finco, Co., 5.38%, 01/15/23 (d),(e)		280,000		274,400
Pipeline — 0.0%
Tesoro Logistics LP / Tesoro Logistics Finance Corp., 6.25%, 10/15/22 (d),(e)		55,000		54,863
Power Generation — 0.1%
Dynegy Finance I/II, Inc., 7.63%, 11/01/24 (d),(e)		75,000		76,500
Dynegy Finance II/II, Inc., 7.38%, 11/01/22 (d),(e)		555,000		564,712
				641,212
Publishing & Broadcasting — 0.4%
American Media, Inc., 11.50%, 12/15/17 (c),(d)		1,250,000		1,237,500
LBI Media, Inc.,
10.00%, 04/15/19 (d),(e)		233,000		242,320
13.50%, 04/15/20 (d),(e)		1,707,000		1,698,465
Lee Enterprises, Inc., 9.50%, 03/15/22 (d),(e)		50,000		51,312
McClatchy Co. (The), 9.00%, 12/15/22 (d)		200,000		217,750
				3,447,347
Real Estate — 0.0%
Kennedy-Wilson, Inc., 5.88%, 04/01/24 (d)		210,000		210,525
Retail – Consumer Discretionary — 0.4%
Claire’s Stores, Inc., 9.00%, 03/15/19 (d),(e)		420,000		413,700
DriveTime Automotive Group, Inc. / DT Acceptance Corp., 8.00%, 06/01/21 (d),(e)		2,425,000		2,179,469
Group 1 Automotive, Inc., 5.00%, 06/01/22 (a),(c),(d),(e)		250,000		244,375
Michaels Stores, Inc., 5.88%, 12/15/20 (d),(e)		165,000		166,650
				3,004,194
Software & Services — 0.1%
IHS, Inc., 5.00%, 11/01/22 (d),(e)		110,000		108,900
MSCI, Inc., 5.25%, 11/15/24 (c),(d),(e)		330,000		341,550
				450,450
Supermarkets — 0.0%
SUPERVALU, Inc., 7.75%, 11/15/22 (a),(d)		210,000		205,800
Travel & Lodging — 0.0%
NCL Corp. Ltd., 5.25%, 11/15/19 (a),(d),(e)		165,000		166,238
Utilities — 0.0%
CESP Companhia Energetica de Tranche TR 00007 REG S, 9.75%, 01/15/15 (h)		250,000		151,250
Wireless Telecommunication Services — 0.2%
Equinix, Inc., 5.38%, 01/01/22 (a),(d)		280,000		282,632
Frontier Communications Corp.,
6.88%, 01/15/25 (d)		280,000		280,000
7.13%, 01/15/23 (d)		200,000		203,500

See Notes to Consolidated Schedule of Investments.

31

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount			Value
Sprint Corp., 7.88%, 09/15/23 (d)	$	300,000		$	296,160
Windstream Corp., 7.50%, 06/01/22 (d)		254,000			253,365
					1,315,657
Total United States					17,559,543
Venezuela — 0.5%
Integrated Oil — 0.5%
Petroleos de Venezuela SA REG S, 6.00%, 05/16/24 – 11/15/26		9,595,000			3,539,545
Total Venezuela					3,539,545
TOTAL CORPORATE BONDS & NOTES (COST $29,844,037)					28,150,384
FOREIGN GOVERNMENT — 3.0%
Argentina Boden Bonds, 7.00%, 10/03/15		3,695,000	USD		3,646,965
Argentina Bonar Bonds, 7.00%, 04/17/17		1,642,000	USD		1,576,320
Argentine Republic Government International Bond, 8.28%, 12/31/33 (b),(k)		6,077,834	USD		5,390,997
European Investment Bank, 9.00%, 03/31/21		7,100,000	ZAR		643,396
European Investment Bank REG S, 8.50%, 09/17/24		3,550,000	ZAR		305,975
Hungary Government International Bond, 5.38%, 03/25/24		3,264,000	USD		3,533,280
Malaysia Government Bond, 3.49%, 03/31/20		2,800,000	MYR		783,664
Mexican Bonos, 6.50%, 06/10/21		10,600,000	MXN		754,535
Pakistan Government International Bond REG S, 6.75%, 12/03/19		1,468,000	USD		1,429,538
Peruvian Government International Bond REG S, 5.70%, 08/12/24		343,000	PEN		115,112
Poland Government Bond, 3.75%, 04/25/18		2,990,000	PLN		891,118
Russian Federal Bond – OFZ, 6.80%, 12/11/19		26,100,000	RUB		311,482
Slovenia Government International Bond REG S, 5.25%, 02/18/24		3,150,000	USD		3,461,063
Thailand Government Bond, 3.63%, 06/16/23		15,800,000	THB		514,832
Turkey Government Bond,
9.00%, 03/08/17		425,000	TRY		186,417
10.50%, 01/15/20		1,390,000	TRY		660,303
TOTAL FOREIGN GOVERNMENT (COST $24,910,835)					24,204,997
MORTGAGE-BACKED SECURITIES — 12.1%
Cayman Islands — 0.2%
Collateralized Debt Obligation (Commercial) — 0.1%
Resource Capital Corp. Ltd., Series 2014-CRE2, Class B, 2.66%, 04/15/32 (d),(e),(f)	$	300,000			296,760
Commercial Mortgage-Backed Security — 0.1%
PFP III Ltd., Series 2014-1, Class D, 4.26%, 06/14/31 (d),(e),(f)		1,000,000			992,400
Total Cayman Islands					1,289,160
United States — 11.9%
Collateralized Mortgage Obligation (Residential) — 7.1%
Banc of America Funding Trust,
Series 2006-A, Class 3A2, 2.75%, 02/20/36 (d),(f)		3,354,674			2,752,846
Series 2007-B, Class A1, 0.38%, 04/20/47 (d),(f)		3,333,737			2,491,969
CHL Mortgage Pass-Through Trust, Series 2005-HYB3, Class 3A2, 2.43%, 06/20/35 (d),(f)		3,797,071			3,612,153
Citicorp Mortgage Securities Trust,
Series 2006-3, Class 1A10, 6.25%, 06/25/36 (d)		813,165			830,810
Series 2007-1, Class 1A3, 5.75%, 01/25/37 (d)		240,652			244,743
Citigroup Mortgage Loan Trust, Inc., Series 2005-3, Class 2A2, 2.56%, 08/25/35 (d),(f)		4,265,758			4,008,960
Connecticut Avenue Securities,
Series 2014-C02, Class 1M2, 2.77%, 05/25/24 (d),(f),(g)		2,302,501			2,013,997
Series 2014-C03, Class 1M2, 3.17%, 07/25/24 (d),(f),(g)		3,375,184			3,042,053
Series 2014-C03, Class 2M2, 3.07%, 07/25/24 (d),(f),(g)		7,658,522			6,867,397
Series 2014-C04, Class 2M2, 5.16%, 11/25/24 (d),(f),(g)		634,580			643,591
Countrywide Alternative Loan Trust, Series 2005-J2, Class 1A5, 0.67%, 04/25/35 (d),(f)		697,959			616,787
Countrywide Asset-Backed Certificates,
Series 2005-15, Class 1AF6, 4.54%, 04/25/36 (d),(f)		227,160			228,182
Series 2006-BC4, Class 2A2, 0.33%, 11/25/36 (d),(f)		661,238			611,976

See Notes to Consolidated Schedule of Investments.

32

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount		Value
CV Mortgage Loan Trust, Series 2013-1, Class NOTE, 4.31%, 12/25/43 (d),(e),(f),(j)	$	208,693	$	208,902
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 3A1, 2.23%, 11/25/35 (d),(f)		4,487,311		3,754,982
JP Morgan Alternative Loan Trust,
Series 2005-A2, Class 1A1, 0.69%, 01/25/36 (d),(f)		952,474		871,514
Series 2006-S4, Class A3A, 5.78%, 12/25/36 (d),(f),(j)		158,088		148,050
Morgan Stanley Mortgage Loan Trust, Series 2005-11AR, Class A1, 0.45%, 01/25/36 (d),(f)		3,175,243		2,381,432
RALI Trust, Series 2005-QS2, Class A3, 5.50%, 02/25/35 (d)		2,386,860		2,356,070
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-4, Class 6A, 4.86%, 05/25/36 (d),(f)		2,363,249		1,848,297
Structured Agency Credit Risk,
Series 2013-DN2, Class M2, 4.41%, 11/25/23 (d),(f),(g)		4,897,650		4,962,789
Series 2014-DN3, Class M2, 2.57%, 08/25/24 (d),(f),(g)		800,000		795,120
Series 2014-DN4, Class M3, 4.72%, 10/25/24 (d),(f),(g)		1,533,624		1,512,460
Series 2014-HQ1, Class M2, 2.67%, 08/25/24 (d),(f),(g)		2,400,000		2,387,520
Series 2014-HQ2, Class M3, 3.92%, 09/25/24 (d),(f),(g)		1,381,835		1,261,201
WaMu Mortgage Pass-Through Certificates Trust,
Series 2006-AR18, Class 1A1, 1.82%, 01/25/37 (d),(f)		3,348,492		2,854,589
Series 2007-HY6, Class 2A3, 2.46%, 06/25/37 (d),(f)		2,801,249		2,478,545
Wells Fargo Mortgage Backed Securities Trust,
Series 2005-9, Class 1A12, 5.50%, 10/25/35 (d)		302,218		308,202
Series 2007-10, Class 2A5, 6.25%, 07/25/37 (d)		282,834		288,152
				56,383,289
Commercial Mortgage-Backed Securities — 4.8%
BAMLL Commercial Mortgage Securities Trust,
Series 2013-DSNY, Class F, 3.66%, 09/15/26 (d),(e),(f)		1,000,000		1,000,700
Series 2014-ICTS, Class E, 3.11%, 06/15/28 (d),(e),(f)		900,000		891,450
Series 2014-INLD, Class D, 3.66%, 12/15/29 (d),(e),(f)		1,500,000		1,500,000
BBCMS Trust, Series 2014-BXO, Class E, 2.72%, 08/15/27 (d),(e),(f)		1,000,000		999,700
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PW10, Class AJ, 5.43%, 12/11/40 (d),(f)		480,000		466,944
CD Commercial Mortgage Trust, Series 2007-CD4, Class AJ, 5.40%, 12/11/49 (d),(f),(g)		1,689,000		1,399,843
CGBAM Commercial Mortgage Trust, Series 2014-HD, Class E, 3.16%, 02/15/31 (d),(e),(f)		140,000		138,544
Commercial Mortgage Trust,
Series 2005-GG5, Class AJ, 5.24%, 04/10/37 (d),(f),(g)		2,189,000		2,202,353
Series 2007-GG11, Class AJ, 6.05%, 12/10/49 (d),(f)		900,000		946,980
Series 2014-CR18, Class XA, 1.30%, 07/15/47 (d),(f),(g)		10,567,841		830,632
Series 2014-LC17, Class XA, 1.04%, 10/10/47 (d),(f)		2,010,000		121,806
Series 2014-PAT, Class E, 3.31%, 08/13/27 (d),(e),(f)		1,800,000		1,801,260
Series 2014-UBS4, Class D, 4.84%, 08/10/47 (d),(e),(f)		875,000		802,550
Series 2014-UBS4, Class XA, 1.29%, 08/10/47 (d),(f),(g)		21,325,000		1,774,240
Series 2014-UBS5, Class XA, 1.11%, 09/10/47 (d),(f)		4,129,191		283,263
Credit Suisse Commercial Mortgage Trust,
Series 2006-C4, Class AJ, 5.54%, 09/15/39 (d),(f)		1,300,000		1,305,200
Series 2007-C1, Class AMFL, 0.35%, 02/15/40 (d),(f)		32,000		28,202
GS Mortgage Securities Trust III, Series 2005-GG4, Class D, 4.94%, 07/10/39 (d),(f)		197,000		188,588
HILT Mortgage Trust, Series 2014-ORL, Class E, 2.16%, 07/15/29 (d),(e),(f)		280,000		280,224
Hilton USA Trust, Series 2013-HLF, Class EFL, 3.91%, 11/05/30 (d),(e),(f)		1,379,651		1,379,651
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2005-CB13, Class AJ, 5.31%, 01/12/43 (d),(f)		676,000		664,643
Series 2006-CB15, Class AM, 5.86%, 06/12/43 (d),(f)		500,000		512,000
Series 2013-JWRZ, Class E, 3.90%, 04/15/30 (d),(e),(f)		1,000,000		1,001,300
Series 2014-FL5, Class D, 3.66%, 07/15/31 (d),(e),(f)		5,625,000		5,570,437
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C21, Class XA, 1.13%, 08/15/47 (d),(f)		2,508,917		196,950
Series 2014-C22, Class XA, 0.99%, 09/15/47 (d),(f)		2,832,000		192,576
LB-UBS Commercial Mortgage Trust,
Series 2007-C1, Class AJ, 5.48%, 02/15/40 (d)		100,000		104,140
Series 2007-C7, Class AJ, 6.25%, 09/15/45 (d),(f)		1,000,000		1,062,200
Merrill Lynch Mortgage Trust, Series 2005-CKI1, Class D, 5.29%, 11/12/37 (d),(f)		445,000		447,181
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C15, Class D, 4.90%, 04/15/47 (d),(e),(f),(g)		420,000		396,396

See Notes to Consolidated Schedule of Investments.

33

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Principal Amount		Value
Series 2014-C17, Class XA, 1.29%, 08/15/47 (d),(f)	$	4,919,860	$	386,209
Series 2014-C18, Class D, 3.39%, 10/15/47 (d),(e)		1,255,000		1,023,954
Series 2014-C18, Class XA, 1.00%, 10/15/47 (d),(f)		2,630,000		146,228
Series 2014-C19, Class D, 3.25%, 12/15/47 (d),(e),(g)		2,500,000		1,989,250
Series 2014-C19, Class XA, 1.17%, 12/15/47 (d),(f),(g)		12,950,000		964,775
Morgan Stanley Capital I Trust, Series 2007-T25, Class AJ, 5.57%, 11/12/49 (d),(f)		1,800,000		1,840,680
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class AJ, 5.66%, 04/15/47 (d),(f)		3,300,000		3,415,170
WFRBS Commercial Mortgage Trust, Series 2014-C22, Class XA, 0.97%, 09/15/57 (d),(f)		1,885,000		124,410
				38,380,629
Total United States				94,763,918
TOTAL MORTGAGE-BACKED SECURITIES (COST $97,655,518)				96,053,078
U.S. GOVERNMENT SPONSORED AGENCY SECURITIES — 2.1%
United States — 2.1%
Interest Only Collateralized Mortgage Obligations (Residential) — 1.4%
Federal Home Loan Mortgage Corp.,
Series 4121, Class UI, 3.50%, 10/15/42 (d)		13,813,911		2,823,563
Series 4123, Class IP SEQ, 4.50%, 07/15/42 (d)		17,550,007		3,924,182
Federal National Mortgage Association,
Series 2012-12, Class PI, 4.50%, 08/25/40 (d)		6,509,655		1,152,209
Series 2012-55, Class ID, 4.50%, 05/25/42 (d)		7,418,436		1,548,970
Series 2014-30, Class KI, 3.50%, 05/25/33 (d)		10,392,555		1,384,288
				10,833,212
Inverse Interest Only Collateralized Mortgage Obligations (Residential) — 0.7%
Federal Home Loan Mortgage Corp., Series 4132, Class ES, 5.99%, 11/15/42 (d),(f)		9,406,304		2,248,107
Federal National Mortgage Association,
Series 2012-111, Class ES, 5.98%, 12/25/41 (d),(f)		10,041,121		1,828,488
Series 2012-144, Class SD, 5.93%, 01/25/43 (d),(f)		4,855,508		1,119,680
Series 2014-73, Class AS, 5.88%, 11/25/44 (d),(f)		1,538,534		390,018
Government National Mortgage Association,
Series 2009-101, Class SB, 6.28%, 08/20/39 (d),(f)		1,163,958		178,202
Series 2011-56, Class SI, 6.48%, 04/20/41 (d),(f)		1,011,721		192,227
				5,956,722
Total United States				16,789,934
TOTAL U.S. GOVERNMENT SPONSORED AGENCY SECURITIES (COST $16,805,440)				16,789,934
Security Description	Shares		Value
EXCHANGE-TRADED FUNDS — 0.1%
Financial Select Sector SPDR Fund		4,405		108,935
iShares China Large-Cap ETF		2,287		95,185
iShares MSCI Japan ETF		22,420		252,001
iShares Russell 2000 ETF		3,227		386,175
TOTAL EXCHANGE-TRADED FUND (COST $821,189)				842,296
Security Description	Contracts		Value
PURCHASED OPTIONS — 0.3%
Exchange-Traded Call Options — 0.2%
Alstom SA Strike Price 27.00 EUR Expires 01/16/15		170		8,125
DAX Index Strike Price 10,200.00 EUR Expires 01/16/15		281		51,174
Facebook, Inc. Strike Price 90.00 USD Expires 03/20/15		432		47,520
Facebook, Inc. Strike Price 80.00 USD Expires 01/15/16		83		81,008
Facebook, Inc. Strike Price 60.00 USD Expires 01/15/16		241		527,790
Hertz Global Holdings, Inc. Strike Price 29.00 USD Expires 03/20/15		1,373		96,110

See Notes to Consolidated Schedule of Investments.

34

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Contracts			Value
Lamar Advertising Co. Strike Price 52.50 USD Expires 01/17/15		108		$	17,820
Yahoo, Inc. Strike Price 35.00 USD Expires 01/15/16		524			919,620
					1,749,167
Exchange-Traded Put Options — 0.1%
Euro Stoxx 50 Index Strike Price 3,150.00 EUR Expires 01/16/15		14			10,876
Euro Stoxx 50 Index Strike Price 3,125.00 EUR Expires 01/16/15		9			5,696
Euro Stoxx 50 Index Strike Price 3,100.00 EUR Expires 02/20/15		5			5,639
FTSE 100 Index Strike Price 6,550.00 GBP Expires 02/20/15		3			7,014
Industrial Select Sector SPDR Strike Price 56.00 USD Expires 01/17/15		73			4,015
iShares Russell 2000 ETF Strike Price 109.00 USD Expires 04/17/15		299			72,059
S&P 500 Index Strike Price 1,825.00 USD Expires 03/20/15		55			89,100
S&P 500 Index Strike Price 1,960.00 USD Expires 01/02/15		272			8,160
S&P 500 Index Strike Price 2,000.00 USD Expires 01/30/15		20			38,000
S&P 500 Index Strike Price 2,070.00 USD Expires 01/02/15		34			51,986
S&P 500 Index Strike Price 1,975.00 USD Expires 03/20/15		130			455,000
Telefonica SA Strike Price 13.00 EUR Expires 01/16/15		288			39,205
					786,750
Security Description	Notional Amount			Value
FX OTC Call Options — 0.0%
USD/BRL Currency Strike Price 2.80 BRL Expires 12/31/15 Counterparty Morgan Stanley Capital Services LLC		240,000	USD		19,359
USD/CNH Currency Strike Price 6.40 CNH Expires 11/06/17 Counterparty Morgan Stanley Capital Services LLC		2,430,000	USD		90,675
					110,034
FX OTC Put Options — 0.0%
EUR/CHF Currency Strike Price 1.18 CHF Expires 09/21/15 Counterparty JPMorgan Chase Bank, N.A.		3,560,395	EUR		40,320
EUR/USD Currency Strike Price 1.25 USD Expires 01/05/15 Counterparty JPMorgan Chase Bank, N.A.		958,527	EUR		36,997
					77,317
OTC Call Options — 0.0%
Lamar Advertising Co. Strike Price 52.50 USD Expires 01/16/15 Counterparty Morgan Stanley & Co. International PLC		204	USD		30,407
Mallinckrodt PLC Strike Price 100.00 USD Expires 01/16/15 Counterparty Morgan Stanley & Co. International PLC		707	USD		149,589
					179,996
OTC Put Options — 0.0%
Financial Select Sector SPDR Fund Strike Price 21.84 USD Expires 03/18/15 Counterparty Morgan Stanley & Co. LLC		2,390	USD		40,652
TOTAL PURCHASED OPTIONS (PREMIUMS PAID $3,271,616)					2,943,916
TOTAL INVESTMENTS IN SECURITIES — 74.7% (COST $596,581,297) (l)				$	594,635,693
TOTAL SECURITIES SOLD SHORT — (22.2)% (PROCEEDS $180,248,869)					(177,007,436	)

See Notes to Consolidated Schedule of Investments.

35

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Notional Amount		Value
Other Assets (m) — 47.5%			$	378,503,327
Net Assets — 100.0%			$	796,131,584
*       As of December 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost			$	596,581,297
Gross unrealized appreciation			$	12,874,576
Gross unrealized depreciation				(14,820,180	)
Net unrealized depreciation			$	(1,945,604	)
Security Description	Shares		Value
SECURITIES SOLD SHORT — (22.2)%
COMMON STOCK — (18.9)%
Argentina — (0.0)%
Gaming, Lodging & Restaurants — (0.0)%
Arcos Dorados Holdings, Inc. A Shares		5,500	$	(29,755	)
Total Argentina				(29,755	)
Belgium — (0.1)%
Consumer Products — (0.1)%
Anheuser-Busch InBev NV ADR		7,200		(808,704	)
Software — (0.0)%
Materialise NV ADR		1,800		(17,136	)
Total Belgium				(825,840	)
Bermuda — (0.0)%
Insurance — (0.0)%
Montpelier Re Holdings Ltd.		9,400		(336,708	)
Transportation & Logistics — (0.0)%
Golar LNG Ltd.		8,200		(299,054	)
Knightsbridge Shipping Ltd.		200		(906	)
				(299,960	)
Total Bermuda				(636,668	)
Brazil — (0.3)%
Banking — (0.0)%
Banco Bradesco SA ADR		2,100		(28,077	)
Itau Unibanco Holding SA ADR		3,100		(40,331	)
				(68,408	)
Chemicals — (0.0)%
Braskem SA ADR		200		(2,582	)
Consumer Products — (0.0)%
AMBEV SA ADR		40,500		(251,910	)
BRF SA ADR		300		(7,005	)
				(258,915	)
Iron & Steel — (0.1)%
Cia Siderurgica Nacional SA ADR		58,500		(121,680	)
Vale SA ADR		19,800		(161,964	)
				(283,644	)
Oil, Gas & Coal — (0.2)%
Cosan Ltd. A Shares		1,700		(13,175	)

See Notes to Consolidated Schedule of Investments.

36

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Petroleo Brasileiro SA ADR		171,400	$	(1,251,220	)
Ultrapar Participacoes SA ADR		300		(5,721	)
				(1,270,116	)
Passenger Transportation — (0.0)%
Gol Linhas Aereas Inteligentes SA ADR		7,600		(43,700	)
Telecommunications — (0.0)%
Oi SA ADR		8,540		(27,243	)
Telefonica Brasil SA ADR		700		(12,376	)
				(39,619	)
Utilities — (0.0)%
Cia Paranaense de Energia ADR		1,500		(19,755	)
Total Brazil				(1,986,739	)
Canada — (0.5)%
Apparel & Textile Products — (0.0)%
Gildan Activewear, Inc.		1,300		(73,515	)
Automotive — (0.0)%
Westport Innovations, Inc.		200		(748	)
Banking — (0.2)%
Bank of Montreal		6,900		(488,037	)
Bank of Nova Scotia		2,200		(125,576	)
Canadian Imperial Bank of Commerce		2,900		(249,255	)
Royal Bank of Canada		900		(62,163	)
Toronto-Dominion Bank		10,500		(501,690	)
				(1,426,721	)
Biotechnology & Pharmaceutical — (0.0)%
Tekmira Pharmaceuticals Corp.		400		(6,060	)
Hardware — (0.1)%
Blackberry Ltd.		28,600		(314,028	)
Industrial Services — (0.0)%
Ritchie Bros Auctioneers, Inc.		700		(18,823	)
Iron & Steel — (0.0)%
Turquoise Hill Resources Ltd.		38,400		(119,040	)
Media — (0.0)%
Shaw Communications, Inc. Class B		3,300		(89,067	)
Metals & Mining — (0.1)%
Agnico Eagle Mines Ltd.		100		(2,489	)
Barrick Gold Corp.		8,500		(91,375	)
Endeavour Silver Corp.		8,500		(18,360	)
First Majestic Silver Corp.		500		(2,510	)
New Gold, Inc.		100		(430	)
North American Palladium Ltd.		17,300		(2,323	)
NOVAGOLD Resources, Inc.		7,800		(23,010	)
Pan American Silver Corp.		2,200		(20,240	)
Primero Mining Corp.		2,500		(9,600	)
Sandstorm Gold Ltd.		200		(680	)
Seabridge Gold, Inc.		18,500		(139,675	)
Silver Standard Resources, Inc.		500		(2,503	)
Silver Wheaton Corp.		2,000		(40,660	)
				(353,855	)
Oil, Gas & Coal — (0.0)%
Baytex Energy Corp.		400		(6,644	)
Cenovus Energy, Inc.		100		(2,062	)

See Notes to Consolidated Schedule of Investments.

37

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Enbridge, Inc.		2,000	$	(102,820	)
Pengrowth Energy Corp.		3,300		(10,263	)
Penn West Petroleum Ltd.		14,500		(30,160	)
Talisman Energy, Inc.		2,200		(17,226	)
				(169,175	)
Real Estate — (0.0)%
Brookfield Asset Management, Inc. Class A		5,000		(250,650	)
Renewable Energy — (0.0)%
Ballard Power Systems, Inc.		7,300		(14,454	)
Software — (0.0)%
Open Text Corp.		1,700		(99,042	)
Telecommunications — (0.1)%
BCE, Inc.		14,400		(660,384	)
Rogers Communications, Inc. Class B		3,300		(128,238	)
				(788,622	)
Transportation & Logistics — (0.0)%
Canadian National Railway Co.		1,700		(117,147	)
Total Canada				(3,840,947	)
Cayman Islands — (0.0)%
Biotechnology & Pharmaceutical — (0.0)%
Theravance Biopharma, Inc.		100		(1,492	)
Total Cayman Islands				(1,492	)
Chile — (0.0)%
Banking — (0.0)%
Banco Santander Chile ADR		500		(9,860	)
Passenger Transportation — (0.0)%
Latam Airlines Group SA ADR		23,100		(276,738	)
Retail – Consumer Staples — (0.0)%
Cencosud SA ADR		300		(2,307	)
Total Chile				(288,905	)
China — (0.4)%
Automotive — (0.0)%
Kandi Technologies Group, Inc.		1,500		(21,015	)
Consumer Services — (0.0)%
Tarena International, Inc. ADR		400		(4,440	)
Gaming, Lodging & Restaurants — (0.0)%
500.com Ltd. Class A ADR		1,500		(26,025	)
Media — (0.2)%
58.com, Inc. ADR		700		(29,085	)
iDreamsky Technology Ltd. ADR		100		(1,708	)
Leju Holdings Ltd. ADR		1,100		(11,836	)
Qihoo 360 Technology Co. Ltd. ADR		1,100		(62,986	)
Qunar Cayman Islands Ltd. ADR		2,000		(56,860	)
SINA Corp.		8,400		(314,244	)
Weibo Corp. ADR		3,700		(52,688	)
Xunlei Ltd. ADR		1,100		(8,030	)
Youku Tudou, Inc. ADR		68,100		(1,212,861	)
				(1,750,298	)

See Notes to Consolidated Schedule of Investments.

38

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Oil, Gas & Coal — (0.1)%
China Petroleum & Chemical Corp. ADR		200	$	(16,202	)
CNOOC Ltd. ADR		1,200		(162,528	)
PetroChina Co. Ltd. ADR		2,300		(255,208	)
Yanzhou Coal Mining Co. Ltd. ADR		100		(843	)
				(434,781	)
Renewable Energy — (0.0)%
JinkoSolar Holding Co. Ltd. ADR		2,500		(49,275	)
ReneSola Ltd. ADR		12,200		(17,202	)
Yingli Green Energy Holding Co. Ltd. ADR		17,300		(40,655	)
				(107,132	)
Retail Discretionary — (0.1)%
Alibaba Group Holding Ltd. ADR		700		(72,758	)
JD.com, Inc. ADR		12,900		(298,506	)
LightInTheBox Holding Co. Ltd. ADR		100		(628	)
				(371,892	)
Software — (0.0)%
NQ Mobile, Inc. ADR		9,100		(35,581	)
Telecommunications — (0.0)%
China Mobile Ltd. ADR		1,100		(64,702	)
Utilities — (0.0)%
Huaneng Power International, Inc. ADR		200		(10,834	)
Total China				(2,826,700	)
Cyprus — (0.0)%
Oil, Gas & Coal — (0.0)%
Ocean Rig UDW, Inc.		5,400		(50,112	)
Total Cyprus				(50,112	)
Colombia — (0.1)%
Banking — (0.1)%
Bancolombia SA ADR		9,800		(469,224	)
Passenger Transportation — (0.0)%
Avianca Holdings SA ADR		2,400		(28,152	)
Total Colombia				(497,376	)
Denmark — (0.2)%
Biotechnology & Pharmaceutical — (0.2)%
Novo Nordisk A/S B Shares		28,100		(1,188,623	)
Total Denmark				(1,188,623	)
Germany — (0.1)%
Banking — (0.0)%
Deutsche Bank AG		13,700		(411,274	)
Software — (0.1)%
SAP SE ADR		7,900		(550,235	)
Total Germany				(961,509	)
Greece — (0.0)%
Banking — (0.0)%
National Bank of Greece SA ADR		200		(358	)
Oil, Gas & Coal — (0.0)%
DryShips, Inc.		500		(530	)

See Notes to Consolidated Schedule of Investments.

39

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Transportation & Logistics — (0.0)%
Diana Containerships, Inc.		200	$	(376	)
Star Bulk Carriers Corp.		300		(1,968	)
				(2,344	)
Total Greece				(3,232	)
India — (0.0)%
Biotechnology & Pharmaceutical — (0.0)%
Dr Reddy’s Laboratories Ltd. ADR		100		(5,045	)
Technology Services — (0.0)%
Wipro Ltd. ADR		400		(4,528	)
Total India				(9,573	)
Ireland — (0.0)%
Banking — (0.0)%
Bank of Ireland ADR		1,000		(15,220	)
Biotechnology & Pharmaceutical — (0.0)%
Amarin Corp. PLC ADR		28,600		(28,020	)
Transportation & Logistics — (0.0)%
Ardmore Shipping Corp.		300		(3,591	)
Total Ireland				(46,831	)
Israel — (0.0)%
Consumer Products — (0.0)%
SodaStream International Ltd.		600		(12,072	)
Media — (0.0)%
Wix.com Ltd.		300		(6,300	)
Semiconductors — (0.0)%
Mellanox Technologies Ltd.		200		(8,546	)
Total Israel				(26,918	)
Japan — (0.0)%
Automotive — (0.0)%
Toyota Motor Corp. ADR		1,100		(138,028	)
Hardware — (0.0)%
Canon, Inc. ADR		300		(9,498	)
Total Japan				(147,526	)
Monaco — (0.0)%
Transportation & Logistics — (0.0)%
GasLog Ltd.		8,800		(179,080	)
Scorpio Tankers, Inc.		18,800		(163,372	)
Total Monaco				(342,452	)
Netherlands — (0.0)%
Biotechnology & Pharmaceutical — (0.0)%
Prosensa Holding NV		200		(3,750	)
Telecommunications — (0.0)%
VimpelCom Ltd. ADR		33,200		(138,610	)
Total Netherlands				(142,360	)
Norway — (0.0)%
Transportation & Logistics — (0.0)%
Frontline Ltd.		1,100		(2,761	)
Total Norway				(2,761	)

See Notes to Consolidated Schedule of Investments.

40

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Panama — (0.0)%
Banking — (0.0)%
Banco Latinoamericano de Comercio Exterior SA E Shares		800	$	(24,080	)
Total Panama				(24,080	)
Peru — (0.1)%
Banking — (0.1)%
Credicorp Ltd.		2,500		(400,450	)
Total Peru				(400,450	)
Philippines — (0.0)%
Telecommunications — (0.0)%
Philippine Long Distance Telephone Co. ADR		100		(6,329	)
Total Philippines				(6,329	)
Republic of Korea — (0.0)%
Banking — (0.0)%
KB Financial Group, Inc. ADR		100		(3,262	)
Total Republic of Korea				(3,262	)
Sweden — (0.1)%
Automotive — (0.1)%
Autoliv, Inc.		3,400		(360,808	)
Hardware — (0.0)%
Telefonaktiebolaget LM Ericsson ADR		3,300		(39,930	)
Total Sweden				(400,738	)
Switzerland — (0.0)%
Chemicals — (0.0)%
Syngenta AG ADR		100		(6,424	)
Institutional Financial Service — (0.0)%
Credit Suisse Group AG ADR		12,300		(308,484	)
Total Switzerland				(314,908	)
Taiwan — (0.0)%
Telecommunications — (0.0)%
Chunghwa Telecom Co. Ltd. ADR		200		(5,886	)
Total Taiwan				(5,886	)
Turkey — (0.0)%
Telecommunications — (0.0)%
Turkcell Iletisim Hizmetleri AS ADR		1,000		(15,120	)
Total Turkey				(15,120	)
United Kingdom — (0.1)%
Banking — (0.0)%
Barclays PLC ADR		7,904		(118,639	)
Royal Bank of Scotland Group PLC ADR		1,600		(19,376	)
				(138,015	)
Consumer Products — (0.1)%
Diageo PLC ADR		5,300		(604,677	)
Unilever NV		2,076		(81,047	)
				(685,724	)
Media — (0.0)%
WPP PLC ADR		100		(10,410	)
Semiconductors — (0.0)%
ARM Holdings PLC ADR		1,100		(50,930	)

See Notes to Consolidated Schedule of Investments.

41

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Total United Kingdom			$	(885,079	)
United States — (16.9)%
Aerospace & Defense — (0.3)%
B/E Aerospace, Inc.		500		(29,010	)
GenCorp, Inc.		4,300		(78,690	)
Precision Castparts Corp.		200		(48,176	)
Smith & Wesson Holding Corp.		1,600		(15,152	)
Sturm Ruger & Co., Inc.		1,900		(65,797	)
Taser International, Inc.		5,400		(142,992	)
Triumph Group, Inc.		100		(6,722	)
United Technologies Corp.		15,700		(1,805,500	)
				(2,192,039	)
Apparel & Textile Products — (0.2)%
Hanesbrands, Inc.		5,500		(613,910	)
Iconix Brand Group, Inc.		23,300		(787,307	)
NIKE, Inc. Class B		500		(48,075	)
Wolverine World Wide, Inc.		200		(5,894	)
				(1,455,186	)
Asset Management — (0.5)%
Acacia Research Corp.		900		(15,246	)
Artisan Partners Asset Management, Inc. Class A		9,800		(495,194	)
Federated Investors, Inc. Class B		200		(6,586	)
Home Loan Servicing Solutions Ltd.		22,000		(429,440	)
Janus Capital Group, Inc.		108,200		(1,745,266	)
Leucadia National Corp.		64,700		(1,450,574	)
Main Street Capital Corp.		100		(2,924	)
Medley Capital Corp.		7,600		(70,224	)
NorthStar Asset Management Group, Inc.		100		(2,257	)
T Rowe Price Group, Inc.		1,100		(94,446	)
				(4,312,157	)
Automotive — (0.1)%
Dana Holding Corp.		100		(2,174	)
Federal-Mogul Holdings Corp.		1,000		(16,090	)
Ford Motor Co.		58,100		(900,550	)
Gentherm, Inc.		400		(14,648	)
Quantum Fuel Systems Technologies Worldwide, Inc.		5,700		(11,913	)
				(945,375	)
Banking — (0.5)%
Banc of California, Inc.		3,000		(34,410	)
Bank of America Corp.		98,700		(1,765,743	)
Citigroup, Inc.		24,500		(1,325,695	)
ConnectOne Bancorp, Inc.		23		(437	)
JPMorgan Chase & Co.		100		(6,258	)
MB Financial, Inc.		36		(1,183	)
PacWest Bancorp		5,700		(259,122	)
PNC Financial Services Group, Inc.		2,800		(255,444	)
Synovus Financial Corp.		4,800		(130,032	)
Umpqua Holdings Corp.		7,700		(130,977	)
United Bankshares, Inc.		600		(22,470	)
Valley National Bancorp		300		(2,913	)
				(3,934,684	)
Biotechnology & Pharmaceuticals — (2.4)%
ACADIA Pharmaceuticals, Inc.		7,800		(247,650	)
AcelRx Pharmaceuticals, Inc.		400		(2,692	)
Achillion Pharmaceuticals, Inc.		10,000		(122,500	)
Actavis PLC		1,800		(463,338	)

See Notes to Consolidated Schedule of Investments.

42

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Aegerion Pharmaceuticals, Inc.		9,600	$	(201,024	)
Aerie Pharmaceuticals, Inc.		500		(14,595	)
Akorn, Inc.		3,900		(141,180	)
Albany Molecular Research, Inc.		600		(9,768	)
Alder Biopharmaceuticals, Inc.		100		(2,909	)
Amgen, Inc.		3,900		(621,231	)
Ampio Pharmaceuticals, Inc.		14,900		(51,107	)
Antares Pharma, Inc.		1,100		(2,827	)
Arena Pharmaceuticals, Inc.		16,700		(57,949	)
Arrowhead Research Corp.		2,400		(17,712	)
BioMarin Pharmaceutical, Inc.		12,200		(1,102,880	)
Bristol-Myers Squibb Co.		14,100		(832,323	)
Catalyst Pharmaceutical Partners, Inc.		1,400		(4,158	)
Celgene Corp.		7,600		(850,136	)
Celldex Therapeutics, Inc.		1,900		(34,675	)
Celsion Corp.		400		(932	)
Clovis Oncology, Inc.		1,900		(106,400	)
CTI BioPharma Corp.		4,500		(10,620	)
Cubist Pharmaceuticals, Inc.		7,600		(764,940	)
CytRx Corp.		28,900		(79,186	)
DARA BioSciences, Inc.		100		(88	)
Discovery Laboratories, Inc.		200		(232	)
Dynavax Technologies Corp.		30		(506	)
Eli Lilly & Co.		26,300		(1,814,437	)
Enanta Pharmaceuticals, Inc.		1,400		(71,190	)
Endo International PLC		13,400		(966,408	)
Endocyte, Inc.		10,300		(64,787	)
Exelixis, Inc.		4,300		(6,192	)
Galectin Therapeutics, Inc.		300		(1,041	)
Galena Biopharma, Inc.		17,700		(26,727	)
Halozyme Therapeutics, Inc.		18,600		(179,490	)
Horizon Pharma plc		400		(5,156	)
Idera Pharmaceuticals, Inc.		3,200		(14,112	)
IGI Laboratories, Inc.		1,200		(10,560	)
ImmunoGen, Inc.		100		(610	)
Incyte Corp.		27,800		(2,032,458	)
Inovio Pharmaceuticals, Inc.		10,100		(92,718	)
Insmed, Inc.		500		(7,735	)
Intercept Pharmaceuticals, Inc.		3,800		(592,800	)
Intrexon Corp.		2,100		(57,813	)
Ironwood Pharmaceuticals, Inc.		5,600		(85,792	)
Isis Pharmaceuticals, Inc.		9,900		(611,226	)
Johnson & Johnson		14,600		(1,526,722	)
Karyopharm Therapeutics, Inc.		500		(18,715	)
Keryx Biopharmaceuticals, Inc.		18,400		(260,360	)
Kite Pharma, Inc.		900		(51,903	)
MannKind Corp.		10,100		(52,671	)
Mast Therapeutics, Inc.		800		(448	)
Merck & Co., Inc.		21,800		(1,238,022	)
NanoViricides, Inc.		100		(272	)
Neuralstem, Inc.		2,200		(5,984	)
Northwest Biotherapeutics, Inc.		500		(2,675	)
Orexigen Therapeutics, Inc.		14,000		(84,840	)
Organovo Holdings, Inc.		13,000		(94,250	)
OXiGENE, Inc.		4,800		(7,728	)
Peregrine Pharmaceuticals, Inc.		1,300		(1,807	)
Perrigo Co. PLC		13,700		(2,290,092	)
Prestige Brands Holdings, Inc.		2,000		(69,440	)
Raptor Pharmaceutical Corp.		200		(2,104	)
Repros Therapeutics, Inc.		2,500		(24,925	)
Rexahn Pharmaceuticals, Inc.		12,100		(8,470	)
Salix Pharmaceuticals Ltd.		2,500		(287,350	)

See Notes to Consolidated Schedule of Investments.

43

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Sarepta Therapeutics, Inc.		13,600	$	(196,792	)
Spectrum Pharmaceuticals, Inc.		200		(1,386	)
StemCells, Inc.		900		(845	)
Synergy Pharmaceuticals, Inc.		14,600		(44,530	)
Synta Pharmaceuticals Corp.		9,800		(25,970	)
Synthetic Biologics, Inc.		200		(292	)
Tenax Therapeutics, Inc.		1,900		(7,296	)
TherapeuticsMD, Inc.		10,500		(46,725	)
Theravance, Inc.		6,800		(96,220	)
Threshold Pharmaceuticals, Inc.		200		(636	)
Vanda Pharmaceuticals, Inc.		3,200		(45,824	)
VIVUS, Inc.		17,400		(50,112	)
Zafgen, Inc.		100		(3,084	)
Zogenix, Inc.		200		(274	)
ZS Pharma, Inc.		200		(8,314	)
				(18,941,888	)
Chemicals — (0.2)%
EI du Pont de Nemours & Co.		22,900		(1,693,226	)
LSB Industries, Inc.		100		(3,144	)
Olin Corp.		1,100		(25,047	)
PPG Industries, Inc.		100		(23,115	)
Rentech, Inc.		2,000		(2,520	)
Sensient Technologies Corp.		100		(6,034	)
Sigma-Aldrich Corp.		100		(13,727	)
Trinseo SA		1,900		(33,155	)
Tronox Ltd. Class A		3,100		(74,028	)
Valhi, Inc.		300		(1,923	)
				(1,875,919	)
Commercial Services — (0.1)%
Brady Corp. Class A		100		(2,734	)
Care.com, Inc.		500		(4,140	)
Healthcare Services Group, Inc.		1,200		(37,116	)
HMS Holdings Corp.		26,800		(566,552	)
InterCloud Systems, Inc.		7,940		(23,185	)
On Assignment, Inc.		700		(23,233	)
				(656,960	)
Construction Materials — (0.1)%
Louisiana-Pacific Corp.		8,900		(147,384	)
Martin Marietta Materials, Inc.		5,030		(554,910	)
USG Corp.		7,100		(198,729	)
				(901,023	)
Consumer Products — (0.5)%
22nd Century Group, Inc.		900		(1,485	)
B&G Foods, Inc.		100		(2,990	)
Brown-Forman Corp. Class B		200		(17,568	)
Church & Dwight Co., Inc.		100		(7,881	)
Clearwater Paper Corp.		900		(61,695	)
Darling Ingredients, Inc.		900		(16,344	)
Dean Foods Co.		100		(1,938	)
Diamond Foods, Inc.		900		(25,407	)
Flowers Foods, Inc.		2,700		(51,813	)
General Mills, Inc.		800		(42,664	)
Harbinger Group, Inc.		100		(1,416	)
Hormel Foods Corp.		2,100		(109,410	)
Ingredion, Inc.		1,900		(161,196	)
JM Smucker Co.		1,900		(191,862	)
Kellogg Co.		16,000		(1,047,040	)

See Notes to Consolidated Schedule of Investments.

44

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Keurig Green Mountain, Inc.		10,400	$	(1,376,908	)
Kraft Foods Group, Inc.		4,200		(263,172	)
McCormick & Co., Inc.		1,000		(74,300	)
Molson Coors Brewing Co. Class B		1,100		(81,972	)
Post Holdings, Inc.		5,200		(217,828	)
Senomyx, Inc.		1,300		(7,813	)
Snyder’s-Lance, Inc.		1,000		(30,550	)
TreeHouse Foods, Inc.		1,700		(145,401	)
WhiteWave Foods Co.		2,900		(101,471	)
				(4,040,124	)
Consumer Services — (0.0)%
Lincoln Educational Services Corp.		400		(1,128	)
Weight Watchers International, Inc.		500		(12,420	)
				(13,548	)
Containers & Packaging — (0.0)%
Silgan Holdings, Inc.		100		(5,360	)
Sonoco Products Co.		200		(8,740	)
ZAGG, Inc.		400		(2,716	)
				(16,816	)
Distributors – Consumer Staples — (0.0)%
Sysco Corp.		1,500		(59,535	)
Distributors – Discretionary — (0.2)%
Fastenal Co.		36,500		(1,735,940	)
Genuine Parts Co.		600		(63,942	)
LKQ Corp.		1,500		(42,180	)
Tech Data Corp.		200		(12,646	)
				(1,854,708	)
Electrical Equipment — (0.0)%
Capstone Turbine Corp.		34,400		(25,432	)
Cognex Corp.		2,600		(107,458	)
Eaton Corp. PLC		100		(6,796	)
Generac Holdings, Inc.		800		(37,408	)
General Cable Corp.		1,600		(23,840	)
Revolution Lighting Technologies, Inc.		2,800		(3,780	)
Trimble Navigation Ltd.		200		(5,308	)
Tyco International PLC		100		(4,386	)
				(214,408	)
Engineering & Construction Services — (0.0)%
Kratos Defense & Security Solutions, Inc.		2,300		(11,546	)
Forest & Paper Products — (0.0)%
Schweitzer-Mauduit International, Inc.		100		(4,230	)
Gaming, Lodging & Restaurants — (0.4)%
Boyd Gaming Corp.		26,600		(339,948	)
Caesars Entertainment Corp.		9,800		(153,762	)
McDonald’s Corp.		18,900		(1,770,930	)
Pinnacle Entertainment, Inc.		15,100		(335,975	)
Scientific Games Corp. Class A		8,000		(101,840	)
Sonic Corp.		11,400		(310,422	)
Zoe’s Kitchen, Inc.		100		(2,991	)
				(3,015,868	)
Hardware — (0.5)%
3D Systems Corp.		17,300		(568,651	)
Aerohive Networks, Inc.		2,800		(13,440	)

See Notes to Consolidated Schedule of Investments.

45

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Alliance Fiber Optic Products, Inc.		1,900	$	(27,569	)
Apple, Inc.		600		(66,228	)
Ciena Corp.		15,000		(291,150	)
Diebold, Inc.		6,200		(214,768	)
Digital Ally, Inc.		200		(3,064	)
Emulex Corp.		200		(1,134	)
ExOne Co.		4,900		(82,320	)
Extreme Networks, Inc.		1,800		(6,354	)
Garmin Ltd.		7,200		(380,376	)
Gigamon, Inc.		5,000		(88,650	)
Identiv, Inc.		100		(1,389	)
InterDigital, Inc.		1,000		(52,900	)
Ixia		300		(3,375	)
MicroVision, Inc.		4,200		(7,308	)
Mitel Networks Corp.		100		(1,069	)
Neonode, Inc.		1,900		(6,422	)
Nimble Storage, Inc.		1,700		(46,750	)
Procera Networks, Inc.		100		(719	)
Riverbed Technology, Inc.		39,603		(808,297	)
Ruckus Wireless, Inc.		3,000		(36,060	)
Stratasys Ltd.		11,000		(914,210	)
Turtle Beach Corp.		1,300		(4,147	)
Ubiquiti Networks, Inc.		10,300		(305,292	)
Violin Memory, Inc.		3,100		(14,849	)
Vocera Communications, Inc.		100		(1,042	)
				(3,947,533	)
Health Care Facilities/Services — (0.8)%
Acadia Healthcare Co., Inc.		2,400		(146,904	)
Adeptus Health, Inc. Class A		600		(22,440	)
AmerisourceBergen Corp.		17,300		(1,559,768	)
BioScrip, Inc.		8,700		(60,813	)
Catamaran Corp.		2,300		(119,025	)
Community Health Systems, Inc.		6,600		(355,872	)
Kindred Healthcare, Inc.		4,800		(87,264	)
NeoStem, Inc.		6,400		(24,128	)
PAREXEL International Corp.		1,300		(72,228	)
Quest Diagnostics, Inc.		28,400		(1,904,504	)
Tenet Healthcare Corp.		4,100		(207,747	)
UnitedHealth Group, Inc.		18,800		(1,900,492	)
				(6,461,185	)
Home & Office Products — (0.2)%
DR Horton, Inc.		200		(5,058	)
Green Brick Partners, Inc.		2,600		(21,320	)
Hovnanian Enterprises, Inc. Class A		36,100		(149,093	)
KB Home		19,200		(317,760	)
Leggett & Platt, Inc.		3,800		(161,918	)
Masonite International Corp.		5,300		(325,738	)
MDC Holdings, Inc.		12,600		(333,522	)
Meritage Homes Corp.		800		(28,792	)
Ryland Group, Inc.		1,000		(38,560	)
Standard Pacific Corp.		100		(729	)
Taylor Morrison Home Corp. Class A		1,200		(22,668	)
TRI Pointe Homes, Inc.		25,400		(387,350	)
William Lyon Homes Class A		1,600		(32,432	)
				(1,824,940	)

See Notes to Consolidated Schedule of Investments.

46

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Industrial Services — (0.0)%
Applied Industrial Technologies, Inc.		100	$	(4,559	)
MSC Industrial Direct Co., Inc. Class A		2,300		(186,875	)
TAL International Group, Inc.		500		(21,785	)
				(213,219	)
Institutional Financial Service — (0.3)%
CBOE Holdings, Inc.		1,800		(114,156	)
FXCM, Inc. Class A		4,700		(77,879	)
Goldman Sachs Group, Inc.		9,200		(1,783,236	)
Morgan Stanley		6,000		(232,800	)
Raymond James Financial, Inc.		300		(17,187	)
RCS Capital Corp. Class A		2,700		(33,048	)
				(2,258,306	)
Insurance — (0.3)%
ACE Ltd.		200		(22,976	)
American International Group, Inc.		2,800		(156,828	)
Berkshire Hathaway, Inc. Class B		11,600		(1,741,740	)
Chubb Corp.		800		(82,776	)
CNO Financial Group, Inc.		200		(3,444	)
HCC Insurance Holdings, Inc.		700		(37,464	)
HCI Group, Inc.		400		(17,296	)
Hilltop Holdings, Inc.		400		(7,980	)
Markel Corp.		100		(68,284	)
MBIA, Inc.		3,800		(36,252	)
RenaissanceRe Holdings Ltd.		800		(77,776	)
Torchmark Corp.		49		(2,654	)
Travelers Cos., Inc.		2,400		(254,040	)
				(2,509,510	)
Iron & Steel — (0.1)%
AK Steel Holding Corp.		56,600		(336,204	)
AM Castle & Co.		300		(2,394	)
Cliffs Natural Resources, Inc.		35,100		(250,614	)
				(589,212	)
Leisure Products — (0.1)%
Callaway Golf Co.		300		(2,310	)
Hasbro, Inc.		9,900		(544,401	)
Thor Industries, Inc.		100		(5,587	)
Winnebago Industries, Inc.		600		(13,056	)
				(565,354	)
Machinery — (0.1)%
Adept Technology, Inc.		1,100		(9,548	)
Arotech Corp.		400		(928	)
Briggs & Stratton Corp.		1,700		(34,714	)
Colfax Corp.		3,300		(170,181	)
Deere & Co.		8,400		(743,148	)
Graco, Inc.		700		(56,126	)
Nordson Corp.		600		(46,776	)
Power Solutions International, Inc.		100		(5,161	)
				(1,066,582	)
Manufactured Goods — (0.0)%
EnPro Industries, Inc.		1,900		(119,244	)
Global Brass & Copper Holdings, Inc.		800		(10,528	)
Proto Labs, Inc.		2,300		(154,468	)
				(284,240	)

See Notes to Consolidated Schedule of Investments.

47

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Media — (1.0)%
Alliance Data Systems Corp.		45	$	(12,872	)
Angie’s List, Inc.		8,700		(54,201	)
Borderfree, Inc.		100		(896	)
Brightcove, Inc.		400		(3,112	)
CBS Corp. Class B		200		(11,068	)
Coupons.com, Inc.		800		(14,200	)
Covisint Corp.		1,135		(3,008	)
Cumulus Media, Inc. Class A		50,500		(213,615	)
Demand Media, Inc.		400		(2,448	)
Dex Media, Inc.		100		(897	)
DreamWorks Animation SKG, Inc. Class A		3,400		(75,922	)
Everyday Health, Inc.		400		(5,900	)
Groupon, Inc.		11,500		(94,990	)
Lions Gate Entertainment Corp.		3,200		(102,464	)
LiveDeal, Inc.		900		(2,826	)
Marin Software, Inc.		700		(5,922	)
MeetMe, Inc.		1,400		(2,142	)
Millennial Media, Inc.		9,300		(14,880	)
Pandora Media, Inc.		78,300		(1,396,089	)
RealD, Inc.		100		(1,180	)
Rocket Fuel, Inc.		3,900		(62,868	)
Shutterfly, Inc.		2,000		(83,390	)
Sirius XM Holdings, Inc.		5,600		(19,600	)
Twenty-First Century Fox, Inc. Class A		13,200		(506,946	)
Twitter, Inc.		39,000		(1,398,930	)
Viacom, Inc. Class B		800		(60,200	)
World Wrestling Entertainment, Inc. Class A		4,500		(55,530	)
Yahoo!, Inc.		41,935		(2,118,137	)
Yelp, Inc.		29,800		(1,630,954	)
				(7,955,187	)
Medical Equipment/Devices — (2.2)%
Abaxis, Inc.		7,700		(437,591	)
Abbott Laboratories		22,300		(1,003,946	)
Alere, Inc.		200		(7,600	)
Baxter International, Inc.		8,500		(622,965	)
Becton Dickinson and Co.		9,000		(1,252,440	)
BioTelemetry, Inc.		1,100		(11,033	)
Cardiovascular Systems, Inc.		100		(3,008	)
Catalent, Inc.		100		(2,788	)
Cerus Corp.		400		(2,496	)
Cooper Cos., Inc.		8,200		(1,329,138	)
Cytori Therapeutics, Inc.		200		(97	)
DENTSPLY International, Inc.		32,400		(1,725,948	)
Edwards Lifesciences Corp.		6,000		(764,280	)
Endologix, Inc.		600		(9,174	)
EnteroMedics, Inc.		100		(142	)
Exact Sciences Corp.		300		(8,232	)
ImmunoCellular Therapeutics Ltd.		1,900		(1,387	)
Insulet Corp.		4,900		(225,694	)
IsoRay, Inc.		8,300		(12,118	)
K2M Group Holdings, Inc.		300		(6,261	)
Medtronic, Inc.		45,659		(3,296,580	)
Navidea Biopharmaceuticals, Inc.		1,000		(1,890	)
OPKO Health, Inc.		31,000		(309,690	)
QIAGEN NV		13,417		(314,763	)
Rockwell Medical, Inc.		9,100		(93,548	)
Sequenom, Inc.		700		(2,590	)
Sirona Dental Systems, Inc.		12,100		(1,057,177	)
Spectranetics Corp.		2,500		(86,450	)
St Jude Medical, Inc.		14,000		(910,420	)
Thoratec Corp.		800		(25,968	)
Unilife Corp.		700		(2,345	)

See Notes to Consolidated Schedule of Investments.

48

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Varian Medical Systems, Inc.		28,900	$	(2,500,139	)
Volcano Corp.		2,200		(39,336	)
Waters Corp.		11,800		(1,330,096	)
				(17,397,330	)
Metals & Mining — (0.1)%
Allied Nevada Gold Corp.		16,800		(14,616	)
Gold Resource Corp.		500		(1,690	)
Hecla Mining Co.		18,600		(51,894	)
McEwen Mining, Inc.		5,500		(6,105	)
Midway Gold Corp.		2,300		(1,702	)
Molycorp, Inc.		57,200		(50,370	)
Noranda Aluminum Holding Corp.		1,700		(5,984	)
Paramount Gold and Silver Corp.		2,800		(2,856	)
Southern Copper Corp.		5,800		(163,560	)
Thompson Creek Metals Co., Inc.		16,000		(26,720	)
Uranerz Energy Corp.		800		(896	)
Uranium Energy Corp.		11,700		(20,475	)
US Silica Holdings, Inc.		4,300		(110,467	)
				(457,335	)
Oil, Gas & Coal — (1.3)%
Alon USA Energy, Inc.		14,600		(184,982	)
Alpha Natural Resources, Inc.		16,500		(27,555	)
Arch Coal, Inc.		55,400		(98,612	)
Basic Energy Services, Inc.		2,900		(20,329	)
Bill Barrett Corp.		800		(9,112	)
Bonanza Creek Energy, Inc.		5,500		(132,000	)
Clean Energy Fuels Corp.		5,700		(28,471	)
Cobalt International Energy, Inc.		68,200		(606,298	)
Comstock Resources, Inc.		11,700		(79,677	)
Diamondback Energy, Inc.		1,200		(71,736	)
Eclipse Resources Corp.		10,400		(73,112	)
Emerald Oil, Inc.		17,700		(21,240	)
Energy XXI Ltd.		68,000		(221,680	)
EXCO Resources, Inc.		87,100		(189,007	)
Exterran Holdings, Inc.		2,700		(87,966	)
Flotek Industries, Inc.		4,800		(89,904	)
FMSA Holdings, Inc.		200		(1,384	)
FX Energy, Inc.		3,000		(4,650	)
Gastar Exploration, Inc.		500		(1,205	)
Goodrich Petroleum Corp.		3,800		(16,872	)
Halcon Resources Corp.		25,500		(45,390	)
Halliburton Co.		108,290		(4,259,046	)
Hercules Offshore, Inc.		15,300		(15,300	)
ION Geophysical Corp.		8,100		(22,275	)
Kinder Morgan, Inc.		35,532		(1,503,359	)
Kosmos Energy Ltd.		5,000		(41,950	)
Laredo Petroleum, Inc.		300		(3,105	)
LinnCo LLC		5,400		(55,998	)
Magnum Hunter Resources Corp.		64,900		(203,786	)
Matador Resources Co.		200		(4,046	)
Midstates Petroleum Co., Inc.		3,800		(5,738	)
Miller Energy Resources, Inc.		1,100		(1,375	)
Nuverra Environmental Solutions, Inc.		3,800		(21,090	)
Oasis Petroleum, Inc.		600		(9,924	)
Pacific Drilling SA		3,700		(17,168	)
Parsley Energy, Inc. Class A		300		(4,788	)
PBF Energy, Inc. Class A		21,100		(562,104	)
Peabody Energy Corp.		110,000		(851,400	)
PetroQuest Energy, Inc.		1,300		(4,862	)
Pioneer Energy Services Corp.		800		(4,432	)

See Notes to Consolidated Schedule of Investments.

49

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Quicksilver Resources, Inc.		43,400	$	(8,602	)
Rex Energy Corp.		2,000		(10,200	)
Rice Energy, Inc.		2,900		(60,813	)
Ring Energy, Inc.		100		(1,050	)
Rosetta Resources, Inc.		5,000		(111,550	)
RPC, Inc.		200		(2,608	)
Sanchez Energy Corp.		20,000		(185,800	)
SandRidge Energy, Inc.		23,600		(42,952	)
SemGroup Corp. Class A		600		(41,034	)
SM Energy Co.		100		(3,858	)
Swift Energy Co.		500		(2,025	)
Synergy Resources Corp.		8,900		(111,606	)
Transocean Ltd.		200		(3,666	)
Triangle Petroleum Corp.		7,800		(37,284	)
Ultra Petroleum Corp.		10,100		(132,916	)
W&T Offshore, Inc.		13,200		(96,888	)
Walter Energy, Inc.		14,400		(19,872	)
Western Refining, Inc.		1,000		(37,780	)
				(10,513,432	)
Real Estate — (0.9)%
American Campus Communities, Inc.		2,000		(82,720	)
American Realty Capital Properties, Inc.		148,400		(1,343,020	)
AvalonBay Communities, Inc.		200		(32,678	)
BioMed Realty Trust, Inc.		1,500		(32,310	)
Brookdale Senior Living, Inc.		18,591		(681,732	)
Camden Property Trust		21,100		(1,558,024	)
Campus Crest Communities, Inc.		33,300		(243,423	)
CatchMark Timber Trust, Inc. Class A		400		(4,528	)
Chesapeake Lodging Trust		100		(3,721	)
Corrections Corp. of America		200		(7,268	)
CubeSmart		300		(6,621	)
Education Realty Trust, Inc.		10,666		(390,269	)
Essex Property Trust, Inc.		300		(61,980	)
Forestar Group, Inc.		100		(1,540	)
Gaming and Leisure Properties, Inc.		500		(14,670	)
Government Properties Income Trust		3,100		(71,331	)
Gramercy Property Trust, Inc.		9,700		(66,930	)
Highwoods Properties, Inc.		4,500		(199,260	)
Home Properties, Inc.		100		(6,560	)
Independence Realty Trust, Inc.		600		(5,586	)
Iron Mountain, Inc.		200		(7,732	)
Kite Realty Group Trust		300		(8,622	)
Lexington Realty Trust		3,200		(35,136	)
Liberty Property Trust		2,700		(101,601	)
Monmouth Real Estate Investment Corp.		400		(4,428	)
National Retail Properties, Inc.		8,900		(350,393	)
New York REIT, Inc.		5,400		(57,186	)
Physicians Realty Trust		9,300		(154,380	)
Plum Creek Timber Co., Inc.		4,500		(192,555	)
Realty Income Corp.		8,600		(410,306	)
Regency Centers Corp.		1,000		(63,780	)
Retail Opportunity Investments Corp.		400		(6,716	)
Rexford Industrial Realty, Inc.		1,400		(21,994	)
Ryman Hospitality Properties, Inc.		3,500		(184,590	)
Senior Housing Properties Trust		5,500		(121,605	)
STAG Industrial, Inc.		200		(4,900	)
Sunstone Hotel Investors, Inc.		9,900		(163,449	)
Tanger Factory Outlet Centers, Inc.		1,700		(62,832	)
Ventas, Inc.		3,700		(265,290	)

See Notes to Consolidated Schedule of Investments.

50

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Vornado Realty Trust		1,600	$	(188,336	)
Washington Real Estate Investment Trust		200		(5,532	)
				(7,225,534	)
Recreation Facilities & Services — (0.0)%
AMC Entertainment Holdings, Inc. Class A		500		(13,090	)
Renewable Energy — (0.4)%
Ascent Solar Technologies, Inc.		200		(214	)
EnerSys		600		(37,032	)
Enphase Energy, Inc.		7,600		(108,604	)
FuelCell Energy, Inc.		47,700		(73,458	)
Gevo, Inc.		100		(32	)
Pacific Ethanol, Inc.		16,700		(172,511	)
Plug Power, Inc.		26,700		(80,100	)
Real Goods Solar, Inc. Class A		500		(242	)
Silver Spring Networks, Inc.		1,200		(10,116	)
SolarCity Corp.		29,900		(1,599,052	)
Solazyme, Inc.		4,500		(11,610	)
SunEdison, Inc.		11,000		(214,610	)
SunPower Corp.		21,700		(560,511	)
TerraForm Power, Inc. Class A		500		(15,440	)
Vivint Solar, Inc.		400		(3,688	)
				(2,887,220	)
Retail – Consumer Staples — (0.0)%
Fairway Group Holdings Corp.		800		(2,520	)
Five Below, Inc.		900		(36,747	)
Roundy’s, Inc.		100		(484	)
SpartanNash Co.		100		(2,614	)
Wal-Mart Stores, Inc.		2,400		(206,112	)
Whole Foods Market, Inc.		800		(40,336	)
				(288,813	)
Retail Discretionary — (1.1)%
Aeropostale, Inc.		12,400		(28,768	)
American Apparel, Inc.		13,700		(14,111	)
Barnes & Noble, Inc.		1,900		(44,118	)
Bon-Ton Stores, Inc.		6,700		(49,647	)
Buckle, Inc.		3,100		(162,812	)
Cabela’s, Inc.		17,600		(927,696	)
CarMax, Inc.		6,400		(426,112	)
Chegg, Inc.		1,500		(10,365	)
Children’s Place, Inc.		5,300		(302,100	)
Container Store Group, Inc.		4,700		(89,911	)
Dillard’s, Inc. Class A		600		(75,108	)
Francesca’s Holdings Corp.		8,400		(140,280	)
Genesco, Inc.		800		(61,296	)
Guess?, Inc.		400		(8,432	)
Hertz Global Holdings, Inc.		17,500		(436,450	)
HSN, Inc.		300		(22,800	)
JC Penney Co., Inc.		4,700		(30,456	)
Kohl’s Corp.		31,000		(1,892,240	)
Lumber Liquidators Holdings, Inc.		4,800		(318,288	)
Macy’s, Inc.		15,800		(1,038,850	)
Men’s Wearhouse, Inc.		3,900		(172,185	)
Nordstrom, Inc.		5,000		(396,950	)
O’Reilly Automotive, Inc.		100		(19,262	)
PetSmart, Inc.		700		(56,907	)
RadioShack Corp.		900		(333	)
Sears Holdings Corp.		1,200		(39,576	)
Sportsman’s Warehouse Holdings, Inc.		1,700		(12,444	)

See Notes to Consolidated Schedule of Investments.

51

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Tile Shop Holdings, Inc.		2,000	$	(17,760	)
Tractor Supply Co.		22,900		(1,804,978	)
Vitamin Shoppe, Inc.		200		(9,716	)
				(8,609,951	)
Semiconductors — (0.2)%
Advanced Micro Devices, Inc.		50,600		(135,102	)
Applied Micro Circuits Corp.		8,700		(56,724	)
Atmel Corp.		100		(839	)
International Rectifier Corp.		9,000		(359,100	)
InvenSense, Inc.		3,100		(50,406	)
Lam Research Corp.		800		(63,472	)
Maxim Integrated Products, Inc.		4,700		(149,789	)
OmniVision Technologies, Inc.		900		(23,400	)
Pixelworks, Inc.		14,000		(63,840	)
QuickLogic Corp.		4,900		(15,386	)
Rubicon Technology, Inc.		1,300		(5,941	)
Semtech Corp.		600		(16,542	)
Skyworks Solutions, Inc.		400		(29,084	)
Teradyne, Inc.		2,100		(41,559	)
Universal Display Corp.		12,000		(333,000	)
				(1,344,184	)
Software — (0.4)%
2U, Inc.		300		(5,898	)
8x8, Inc.		500		(4,580	)
A10 Networks, Inc.		3,700		(16,132	)
Amber Road, Inc.		100		(1,022	)
ANSYS, Inc.		300		(24,600	)
Benefitfocus, Inc.		1,600		(52,544	)
ChannelAdvisor Corp.		2,800		(60,424	)
Cornerstone OnDemand, Inc.		2,900		(102,080	)
Datawatch Corp.		800		(7,192	)
Dealertrack Technologies, Inc.		4,000		(177,240	)
Digital River, Inc.		2,500		(61,825	)
E2open, Inc.		300		(2,883	)
FireEye, Inc.		20,700		(653,706	)
Five9, Inc.		900		(4,032	)
Glu Mobile, Inc.		89,400		(348,660	)
Imperva, Inc.		1,900		(93,917	)
Interactive Intelligence Group, Inc.		100		(4,790	)
Jack Henry & Associates, Inc.		100		(6,214	)
Jive Software, Inc.		1,000		(6,030	)
KEYW Holding Corp.		900		(9,342	)
LivePerson, Inc.		100		(1,410	)
LogMeIn, Inc.		11,800		(582,212	)
Digital Turbine Inc.		500		(1,665	)
Manhattan Associates, Inc.		500		(20,360	)
Mentor Graphics Corp.		1,700		(37,264	)
Mitek Systems, Inc.		200		(662	)
MobileIron, Inc.		600		(5,976	)
Rally Software Development Corp.		3,500		(39,795	)
salesforce.com, Inc.		1,700		(100,827	)
Solera Holdings, Inc.		19,900		(1,018,482	)
Tableau Software, Inc. Class A		100		(8,476	)
VirnetX Holding Corp.		2,800		(15,372	)
Vringo, Inc.		18,400		(10,122	)
Zynga, Inc. Class A		42,900		(114,114	)
				(3,599,848	)

See Notes to Consolidated Schedule of Investments.

52

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Specialty Finance — (0.5)%
Air Lease Corp.		300	$	(10,293	)
Ally Financial, Inc.		3,500		(82,670	)
Apollo Residential Mortgage, Inc.		9,500		(149,815	)
Ares Commercial Real Estate Corp.		4,700		(53,956	)
ARMOUR Residential REIT, Inc.		123,200		(453,376	)
Blackstone Mortgage Trust, Inc. Class A		2,400		(69,936	)
CAI International, Inc.		1,800		(41,760	)
CYS Investments, Inc.		66,900		(583,368	)
Ellie Mae, Inc.		1,100		(44,352	)
Encore Capital Group, Inc.		1,900		(84,360	)
First American Financial Corp.		300		(10,170	)
FNFV Group		33		(519	)
GATX Corp.		1,000		(57,540	)
Heartland Payment Systems, Inc.		100		(5,395	)
Invesco Mortgage Capital, Inc.		3,667		(56,692	)
JAVELIN Mortgage Investment Corp.		4,700		(48,739	)
JG Wentworth Co. Class A		200		(2,132	)
MoneyGram International, Inc.		2,700		(24,543	)
Nationstar Mortgage Holdings, Inc.		6,700		(188,873	)
New York Mortgage Trust, Inc.		5,500		(42,405	)
Ocwen Financial Corp.		21,200		(320,120	)
PRA Group, Inc.		200		(11,586	)
RAIT Financial Trust		9,600		(73,632	)
Redwood Trust, Inc.		15,000		(295,500	)
Regional Management Corp.		800		(12,648	)
Resource Capital Corp.		900		(4,536	)
Stonegate Mortgage Corp.		300		(3,588	)
Walter Investment Management Corp.		17,900		(295,529	)
Western Asset Mortgage Capital Corp.		36,200		(532,140	)
Xoom Corp.		7,600		(133,076	)
				(3,693,249	)
Technology Services — (0.2)%
Genpact Ltd.		100		(1,893	)
iGATE Corp.		600		(23,688	)
Sapient Corp.		38,700		(962,856	)
Thomson Reuters Corp.		9,400		(379,196	)
				(1,367,633	)
Telecommunications — (0.2)%
Alaska Communications Systems Group, Inc.		200		(358	)
DigitalGlobe, Inc.		20,700		(641,079	)
Global Eagle Entertainment, Inc.		1,300		(17,693	)
Globalstar, Inc.		1,200		(3,300	)
Gogo, Inc.		35,700		(590,121	)
Intelsat SA		200		(3,472	)
NTELOS Holdings Corp.		400		(1,676	)
Sprint Corp.		2,000		(8,300	)
WidePoint Corp.		400		(552	)
				(1,266,551	)
Transportation & Logistics — (0.2)%
Baltic Trading Ltd.		16,800		(42,168	)
Genesee & Wyoming, Inc. Class A		2,900		(260,768	)
Knight Transportation, Inc.		500		(16,830	)
Macquarie Infrastructure Co. LLC		4,400		(312,796	)
Nordic American Tankers Ltd.		37,600		(378,632	)
United Parcel Service, Inc. Class B		700		(77,819	)
XPO Logistics, Inc.		9,800		(400,624	)
				(1,489,637	)

See Notes to Consolidated Schedule of Investments.

53

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Transportation Equipment — (0.1)%
American Railcar Industries, Inc.		400	$	(20,600	)
Clean Diesel Technologies, Inc.		200		(362	)
Navistar International Corp.		10,300		(344,844	)
Trinity Industries, Inc.		19,500		(546,195	)
Wabash National Corp.		2,000		(24,720	)
				(936,721	)
Utilities — (0.2)%
Ameren Corp.		100		(4,613	)
Aqua America, Inc.		300		(8,010	)
Atlantic Power Corp.		22,000		(59,620	)
Consolidated Edison, Inc.		900		(59,409	)
Dominion Resources, Inc.		100		(7,690	)
Duke Energy Corp.		100		(8,354	)
Exelon Corp.		1,100		(40,788	)
Great Plains Energy, Inc.		1,500		(42,615	)
Hawaiian Electric Industries, Inc.		7,300		(244,404	)
Laclede Group, Inc.		6,200		(329,840	)
Northeast Utilities		2,500		(133,800	)
NRG Energy, Inc.		6,900		(185,955	)
NRG Yield, Inc. Class A		600		(28,284	)
Portland General Electric Co.		1,200		(45,396	)
Questar Corp.		100		(2,528	)
SCANA Corp.		2,400		(144,960	)
TECO Energy, Inc.		1,400		(28,686	)
Westar Energy, Inc.		5,500		(226,820	)
WGL Holdings, Inc.		100		(5,462	)
				(1,607,234	)
Waste & Environmental Service Equipment & Facility — (0.0)%
US Ecology, Inc.		1,000		(40,120	)
Vertex Energy, Inc.		500		(2,095	)
				(42,215	)
Total United States				(134,861,259	)
TOTAL COMMON STOCK (PROCEEDS $154,102,684)				(150,773,430	)
Security Description	Principal Amount		Value
CORPORATE BONDS & NOTES — (0.1)%
United States — (0.1)%
Casinos & Gaming — (0.0)%
Scientific Games International, 10.00%, 12/01/22 (d),(e)	$	320,000		(296,400	)
Consumer Products — (0.0)%
American Achievement Corp., 10.88%, 04/15/16 (d),(e)		195,000		(187,687	)
Exploration & Production — (0.1)%
California Resources Corp., 6.00%, 11/15/24 (d),(e)		450,000		(384,750	)
Total United States				(868,837	)
TOTAL CORPORATE BONDS & NOTES (PROCEEDS $872,423)				(868,837	)
Security Description	Shares		Value
EXCHANGE-TRADED FUNDS — (3.2)%
Alerian MLP ETF		8,300		(145,416	)
Consumer Staples Select Sector SPDR Fund		2,380		(115,406	)
Energy Select Sector SPDR Fund		737		(58,341	)

See Notes to Consolidated Schedule of Investments.

54

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Security Description	Shares		Value
Financial Select Sector SPDR Fund		158,700	$	(3,924,651	)
Health Care Select Sector SPDR Fund		27,000		(1,846,260	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		12,900		(1,540,389	)
iShares Nasdaq Biotechnology ETF		7,406		(2,246,610	)
iShares Russell 2000 ETF		6,025		(721,012	)
Powershares QQQ Trust Series 1		2,000		(206,500	)
SPDR S&P 500 ETF Trust		16,800		(3,452,400	)
SPDR S&P Biotech ETF		3,500		(653,240	)
SPDR S&P Regional Banking ETF		114,200		(4,647,940	)
Vanguard FTSE Developed Markets ETF		153,300		(5,807,004	)
TOTAL EXCHANGE-TRADED FUNDS (PROCEEDS $25,273,762)				(25,365,169	)
TOTAL SECURITIES SOLD SHORT— (22.2)% (PROCEEDS $180,248,869)				(177,007,436	)

Footnote Legend:

(a) All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.

(b) Non-income producing.

(c) All or a portion of this security is pledged as collateral for derivative financial instruments.

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

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

(f) Variable/floating interest rate security. Rate presented is as of December 31, 2014.

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

(h) Security considered illiquid.

(i) Security is perpetual in nature and has no stated maturity.

(j) Represents a step-up bond. Coupon rate increases in increments to maturity. Rate presented is as of December 31, 2014. Maturity date presented is the ultimate maturity.

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

(l) Approximates cost for federal tax purposes.

(m) Assets, other than investments in securities, less liabilities, other than securities sold short. A significant portion of this balance represents cash collateral.

Options Written Contracts Outstanding at December 31, 2014

	Strike Index	Expiration Date	Contracts		Premium (Received)			Market Value			Unrealized Appreciation (Depreciation)
Exchange-Traded Call Options Written
Alstom SA	28.00 EUR	02/20/15		185	$	(9,708	)	$	(11,305	)	$	(1,597	)
Dollar General Corp.	75.00 USD	02/20/15		528		(119,274	)		(98,736	)		20,538
Qualcomm, Inc.	75.00 USD	02/20/15		4		(602	)		(972	)		(370	)
					$	(129,584	)	$	(111,013	)	$	18,571
Exchange-Traded Put Options Written
Alstom SA	26.00 EUR	02/20/15		185	$	(17,139	)	$	(15,110	)	$	2,029
Dollar General Corp.	65.00 USD	02/20/15		528		(124,323	)		(71,280	)		53,043
S&P 500 Index	1,625.00 USD	03/20/15		55		(38,295	)		(33,275	)		5,020
					$	(179,757	)	$	(119,665	)	$	60,092

See Notes to Consolidated Schedule of Investments.

55

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

	Counterparty	Strike Index		Expiration Date		Notional Amount		Premium (Received)			Market Value			Unrealized Appreciation (Depreciation)
FX OTC Call Options Written
USD/CNH Currency	Morgan Stanley Capital Services LLC		6.90 CNH		11/06/17		2,430,000 USD	$	(39,455	)	$	(47,161	)	$	(7,706	)
FX OTC Put Options Written
USD/BRL Currency	Morgan Stanley Capital Services LLC		2.60 BRL		12/31/15		240,000 USD	$	(5,318	)	$	(2,520	)	$	2,798
Total Options Written Outstanding								$	(354,114	)	$	(280,359	)	$	73,755

Reverse Repurchase Agreements Outstanding at December 31, 2014

Counterparty	Interest Rate	Trade Date		Maturity Date		Face Value		Face Value Including Accrued Interest
Bank of America Merrill Lynch	1.76%		12/08/14		01/05/15	$	2,657,000	$	2,659,816
Bank of America Merrill Lynch	1.75%		12/01/14		01/05/15		656,000		656,989
Bank of America Merrill Lynch	1.76%		12/03/14		01/05/15		1,656,000		1,658,348
Bank of America Merrill Lynch	1.66%		12/04/14		01/06/15		1,144,000		1,145,477
Bank of America Merrill Lynch	1.66%		12/19/14		01/20/15		931,000		931,558
Bank of America Merrill Lynch	1.84%		12/05/14		03/05/15		450,000		450,621
Bank of America Merrill Lynch	1.83%		11/06/14		02/06/15		1,285,000		1,288,658
Bank of America Merrill Lynch	1.66%		12/15/14		01/15/15		928,000		928,737
Bank of America Merrill Lynch	1.84%		12/17/14		03/17/15		463,000		463,355
Bank of America Merrill Lynch	1.83%		11/06/14		02/06/15		1,443,000		1,447,108
Bank of America Merrill Lynch	1.83%		11/05/14		02/05/15		544,000		545,576
Bank of America Merrill Lynch	1.66%		12/15/14		01/15/15		1,370,000		1,371,074
Bank of America Merrill Lynch	1.83%		10/31/14		01/30/15		1,222,000		1,225,851
Bank of America Merrill Lynch	1.64%		12/19/14		03/19/15		535,000		535,317
Bank of America Merrill Lynch	1.84%		12/19/14		03/19/15		1,197,000		1,197,795
Bank of America Merrill Lynch	1.51%		12/17/14		01/16/15		283,000		283,178
Bank of America Merrill Lynch	1.78%		10/29/14		01/29/15		1,516,000		1,520,797
Bank of America Merrill Lynch	1.83%		11/06/14		02/06/15		2,012,000		2,017,727
Bank of America Merrill Lynch	1.56%		12/15/14		01/15/15		630,000		630,464
Bank of America Merrill Lynch	1.56%		12/15/14		01/15/15		1,912,000		1,913,408
Credit Suisse Securities (USA) LLC	1.48%		11/04/14		02/04/15		785,000		786,874
Credit Suisse Securities (USA) LLC	1.48%		11/04/14		02/04/15		1,448,000		1,451,458
Total Reverse Repurchase Agreements Outstanding						$	25,067,000	$	25,110,186

Futures Contracts Outstanding at December 31, 2014

Description	Number of Contracts	Exchange	Notional Amount		Expiration Date		Unrealized Appreciation (Depreciation)
Long Futures
90 Day Eurodollar	341	CME		85,250,000 USD		06/13/16	$	(73,998	)
90 Day Sterling	373	ICE		46,625,000 GBP		06/15/16		37,753
Australia 10-Year Bond	164	SFE		16,400,000 AUD		03/16/15		254,111
Bankers’ Acceptance	425	CDE		106,250,000 CAD		06/13/16		(12,627	)
Brent Crude	2	ICE		2,000 USD		01/15/15		(16,720	)
Cocoa	78	ICE		780 USD		03/16/15		12,233
Coffee	17	ICE		637,500 USD		03/19/15		(106,996	)

See Notes to Consolidated Schedule of Investments.

56

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Description	Number of Contracts	Exchange	Notional Amount		Expiration Date		Unrealized Appreciation (Depreciation)
Cotton No. 2	77	ICE		3,850,000 USD		03/09/15	$	(42,326	)
Euro-BTP	210	Eurex		21,000,000 EUR		03/06/15		297,296
Euro-Oat	66	Eurex		6,600,000 EUR		03/06/15		163,822
Gold 100 Oz	37	COMEX		3,700 USD		02/25/15		(50,839	)
Hang Seng Index	21	HKFE		1,050 HKD		01/29/15		68,886
IBEX 35 Index	52	MEFF		520 EUR		01/16/15		53,458
Live Cattle	59	CME		2,360,000 USD		04/30/15		(103,249	)
Long Gilt	153	ICE		15,300,000 GBP		03/27/15		573,935
Mex Bolsa Index	300	MexDer		3,000 MXN		03/20/15		403,218
NASDAQ 100 E-Mini	51	CME		1,020 USD		03/20/15		1,170
Natural Gas	38	NYMEX		380,000 USD		03/27/15		(212,520	)
NY Harbor ULSD	33	NYMEX		1,386,000 USD		01/30/15		(208,471	)
OMXS30 Index	49	Nasdaq OMX		4,900 SEK		01/16/15		13,126
RBOB Gasoline	62	NYMEX		2,604,000 USD		01/30/15		(387,476	)
S&P 500 E-Mini	39	CME		1,950 USD		03/20/15		53,799
S&P/TSX 60 Index	36	CDE		7,200 CAD		03/19/15		244,408
SGX CNX Nifty	87	SGX		174 USD		01/29/15		5,511
Soybean	36	CBOT		180,000 USD		03/13/15		(56,631	)
Soybean Meal	78	CBOT		7,800 USD		03/13/15		(100,729	)
SPI 200	115	SFE		2,875 AUD		03/19/15		498,352
Sugar 11	6	ICE		672,000 USD		02/27/15		(6,769	)
Topix Index	2	OSE		20,000 JPY		03/12/15		(5,408	)
U.S. Treasury 10-Year Note	57	CBOT		5,700,000 USD		03/20/15		19,697
							$	1,316,016
Short Futures
3 Month Euribor	819	LIF		204,750,000 EUR		03/14/16	$	(125,188	)
3 Month Euro Swiss	1,263	LIF		315,750,000 CHF		06/15/15		(476,843	)
90 Day Bank Bill	185	SFE		185,000,000 AUD		06/11/15		(49,475	)
90 Day Eurodollar	2	CME		500,000 USD		03/16/20		(1,455	)
90 Day Eurodollar	2	CME		500,000 USD		09/16/19		(3,443	)
90 Day Eurodollar	3	CME		750,000 USD		06/15/15		(620	)
90 Day Eurodollar	2	CME		500,000 USD		03/13/17		(493	)
90 Day Eurodollar	2	CME		500,000 USD		06/18/18		(1,243	)
90 Day Eurodollar	1	CME		250,000 USD		09/17/18		(1,478	)
90 Day Eurodollar	1	CME		250,000 USD		06/13/16		310
90 Day Eurodollar	5	CME		1,250,000 USD		09/14/15		(1,407	)
90 Day Eurodollar	7	CME		1,750,000 USD		03/16/15		(705	)
90 Day Eurodollar	3	CME		750,000 USD		12/14/15		(1,101	)
90 Day Eurodollar	3	CME		750,000 USD		03/14/16		(295	)
90 Day Eurodollar	3	CME		750,000 USD		09/19/16		(1,733	)
90 Day Eurodollar	1	CME		250,000 USD		12/19/16		(640	)
90 Day Eurodollar	4	CME		1,000,000 USD		12/18/17		(5,260	)
90 Day Eurodollar	1	CME		250,000 USD		09/18/17		(953	)
90 Day Eurodollar	3	CME		750,000 USD		03/19/18		(2,258	)
90 Day Eurodollar	2	CME		500,000 USD		12/16/19		(3,693	)
Brent Crude	35	ICE		35,000 USD		02/12/15		353,875
Canada 10-Year Bond	428	CDE		42,800,000 CAD		03/20/15		(652,567	)
CBOE Volatility Index	206	CFE		206,000 USD		02/18/15		216,173
Corn	101	CBOT		505,000 USD		09/14/15		(26,922	)
DAX Index	40	Eurex		1,000 EUR		03/20/15		(207,095	)
Euro Stoxx 50	1,185	Eurex		11,850 EUR		03/20/15		(1,270,215	)
Euro-Bund	167	Eurex		16,700,000 EUR		03/06/15		(542,472	)
FTSE 100 Index	40	ICE		400 GBP		03/20/15		(112,407	)
FTSE JSE Top 40	78	Safex		780 ZAR		03/19/15		(111,223	)
FTSE/MIB Index	16	IDEM		80 EUR		03/20/15		591
Gasoil	41	ICE		4,100 USD		02/12/15		231,649
Gasoil	48	ICE		4,800 USD		09/10/15		224,677
Japan 10-Year Bond	97	OSE		9,700,000,000 JPY		03/11/15		(685,778	)
Lean Hogs	68	CME		2,720,000 USD		02/13/15		160,229
Live Cattle	2	CME		80,000 USD		02/27/15		4,360

See Notes to Consolidated Schedule of Investments.

57

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Description	Number of Contracts	Exchange	Notional Amount		Expiration Date		Unrealized Appreciation (Depreciation)
NASDAQ 100 E-Mini	50	CME		1,000 USD		03/20/15	$	(100,234	)
Natural Gas	34	NYMEX		340,000 USD		01/28/15		270,578
Nikkei 225	21	OSE		21,000 JPY		03/12/15		75,089
S&P 500 E-Mini	758	CME		37,900 USD		03/20/15		49,598
Silver	26	COMEX		130,000 USD		03/27/15		124,397
Soybean	39	CBOT		195,000 USD		05/14/15		58,794
Soybean Oil	208	CBOT		12,480,000 USD		03/13/15		6,007
Swiss Market Index	76	Eurex		760 CHF		03/20/15		3,147
Topix Index	49	OSE		490,000 JPY		03/12/15		51,275
Wheat	55	CBOT		275,000 USD		03/13/15		(118,195	)
							$	(2,674,642	)
Total Futures Contracts Outstanding							$	(1,358,626	)

Forward Foreign Currency Exchange Contracts Outstanding at December 31, 2014

Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
BRL		8,025,000	USD		3,056,561	State Street Bank and Trust Company	03/02/15	$	(82,972	)
BRL		262,600	USD		100,000	State Street Bank and Trust Company	02/02/15		(1,954	)
BRL		2,181,330	USD		810,000	Morgan Stanley & Co. International PLC	03/25/15		(7,070	)
BRL		409,275	USD		150,000	State Street Bank and Trust Company	02/03/15		2,768
CAD		10,465,000	USD		8,985,146	State Street Bank and Trust Company	03/18/15		7,427
CAD		959,000	USD		824,776	State Street Bank and Trust Company	03/18/15		(707	)
CHF		214,245	USD		220,518	Morgan Stanley & Co. LLC	03/31/15		(4,674	)
CHF		5,490,240	USD		5,573,727	Morgan Stanley & Co. LLC	03/31/15		(42,518	)
CHF		168,276	USD		171,047	Morgan Stanley & Co. LLC	03/18/15		(1,557	)
CNY		3,257,743	USD		527,809	Morgan Stanley & Co. International PLC	02/27/15		93
COP		1,388,193,750	USD		575,000	Morgan Stanley & Co. International PLC	03/25/15		6,724
DKK		3,530,240	USD		589,224	Morgan Stanley & Co. LLC	03/31/15		(15,170	)
DKK		3,548,980	USD		586,283	Morgan Stanley & Co. LLC	03/31/15		(9,183	)
DKK		703,810	USD		115,040	Morgan Stanley & Co. LLC	03/31/15		(594	)
EUR		68,447	USD		84,937	Morgan Stanley & Co. LLC	03/31/15		(2,049	)
EUR		472,719	USD		585,926	Morgan Stanley & Co. LLC	03/18/15		(13,553	)
EUR		390,831	USD		486,979	Morgan Stanley & Co. LLC	03/18/15		(13,757	)
EUR		817,749	USD		1,025,310	Morgan Stanley & Co. LLC	03/18/15		(35,171	)
EUR		53,583	USD		66,188	Morgan Stanley & Co. LLC	03/31/15		(1,300	)
EUR		802,117	USD		996,630	Morgan Stanley & Co. LLC	03/18/15		(25,419	)
EUR		49,324	USD		59,747	Morgan Stanley & Co. LLC	03/31/15		(17	)
GBP		165,379	USD		259,854	Morgan Stanley & Co. LLC	03/31/15		(2,271	)
GBP		64,058	USD		100,612	Morgan Stanley & Co. LLC	03/31/15		(840	)
GBP		10,508,000	USD		16,397,892	State Street Bank and Trust Company	03/18/15		(29,563	)
GBP		758,000	USD		1,184,527	State Street Bank and Trust Company	03/18/15		(3,789	)
HKD		3,141,249	USD		405,087	Morgan Stanley & Co. LLC	03/18/15		(13	)
HUF		103,870,184	USD		419,000	Morgan Stanley & Co. International PLC	03/25/15		(22,729	)
IDR		7,830,600,000	USD		620,000	Morgan Stanley & Co. International PLC	03/25/15		2,526
INR		30,230,400	USD		480,000	Morgan Stanley & Co. International PLC	03/27/15		(8,148	)
INR		8,930,600	USD		140,000	Morgan Stanley & Co. International PLC	05/27/15		(1,936	)
INR		11,574,152	USD		184,000	Morgan Stanley & Co. International PLC	03/27/15		(3,344	)
JPY		34,900,000	USD		295,183	JPMorgan Chase Bank, N.A.	01/16/15		(3,791	)
JPY		47,480,000	USD		401,471	State Street Bank and Trust Company	03/18/15		(4,824	)
JPY		45,897,074	USD		394,590	Morgan Stanley & Co. LLC	03/18/15		(11,161	)
JPY		2,224,000	USD		18,731	State Street Bank and Trust Company	03/18/15		(152	)
JPY		52,754,133	USD		437,903	Morgan Stanley & Co. LLC	03/18/15		2,810
JPY		299,250,000	USD		3,150,000	Morgan Stanley Capital Services LLC	01/06/15		(651,670	)
JPY		222,200,000	USD		2,020,000	Morgan Stanley Capital Services LLC	01/06/15		(164,932	)
JPY		212,100,000	USD		2,020,000	Morgan Stanley Capital Services LLC	01/06/15		(249,254	)
JPY		118,650,000	USD		1,130,000	Morgan Stanley Capital Services LLC	01/06/15		(139,434	)
JPY		315,000,000	USD		3,150,000	Morgan Stanley Capital Services LLC	01/06/15		(520,179	)
MXN		214,861,000	USD		14,426,640	State Street Bank and Trust Company	03/18/15		70,790
MXN		19,222,000	USD		1,315,382	State Street Bank and Trust Company	03/18/15		(18,405	)
NGN		27,985,000	USD		145,000	JPMorgan Chase Bank, N.A.	01/13/15		5,588

See Notes to Consolidated Schedule of Investments.

58

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
NGN		45,778,500	USD		270,000	JPMorgan Chase Bank, N.A.	02/12/15	$	(35,839	)
PHP		1,798,680	USD		40,000	Morgan Stanley & Co. International PLC	06/26/15		(5	)
PLN		1,007,817	USD		313,425	Morgan Stanley & Co. International PLC	01/30/15		(29,087	)
PLN		326,350	USD		100,000	Morgan Stanley & Co. International PLC	01/30/15		(7,926	)
SEK		2,916,000	USD		382,367	State Street Bank and Trust Company	03/18/15		(8,208	)
SEK		255,000	USD		33,101	State Street Bank and Trust Company	03/18/15		(382	)
SGD		500,556	USD		381,827	Morgan Stanley Capital Services LLC	03/18/15		(4,343	)
TRY		25,312,000	USD		10,537,446	State Street Bank and Trust Company	03/18/15		124,792
TRY		2,769,000	USD		1,171,835	State Street Bank and Trust Company	03/18/15		(5,442	)
ZAR		243,015,000	USD		20,419,284	State Street Bank and Trust Company	03/18/15		341,806
ZAR		23,083,000	USD		1,973,800	State Street Bank and Trust Company	03/18/15		(1,789	)
USD		16,480,872	AUD		20,213,000	State Street Bank and Trust Company	03/18/15		64,915
USD		1,584,879	AUD		1,955,000	State Street Bank and Trust Company	03/18/15		(2,871	)
USD		200,000	BRL		509,100	State Street Bank and Trust Company	02/03/15		9,971
USD		550,000	BRL		1,400,025	State Street Bank and Trust Company	02/03/15		27,420
USD		3,287,788	BRL		8,518,000	State Street Bank and Trust Company	03/02/15		131,522
USD		21,453	BRL		57,000	State Street Bank and Trust Company	03/02/15		332
USD		25,078	BRL		68,000	State Street Bank and Trust Company	03/02/15		(118	)
USD		200,000	BRL		536,100	State Street Bank and Trust Company	02/03/15		(107	)
USD		5,414,705	CHF		5,242,530	Morgan Stanley & Co. LLC	03/31/15		133,055
USD		3,344,888	CHF		3,215,541	Morgan Stanley & Co. LLC	03/18/15		106,157
USD		552,214	CHF		533,466	Morgan Stanley & Co. LLC	03/18/15		14,900
USD		4,952,894	CHF		4,784,000	State Street Bank and Trust Company	03/18/15		134,575
USD		471,604	CHF		461,955	Morgan Stanley & Co. LLC	03/31/15		6,202
USD		318,579	CHF		312,000	State Street Bank and Trust Company	03/18/15		4,340
USD		220,694	CHF		216,389	Morgan Stanley & Co. LLC	03/18/15		2,745
USD		3,187,647	CHF		3,139,900	Morgan Stanley & Co. LLC	03/31/15		24,316
USD		50,734	CHF		50,000	Morgan Stanley & Co. LLC	03/18/15		374
USD		64,420	CLP		40,208,000	Morgan Stanley Capital Services LLC	03/18/15		(1,385	)
USD		265,000	CNY		1,656,913	Morgan Stanley & Co. International PLC	02/27/15		(3,495	)
USD		18,646,070	CZK		413,416,000	State Street Bank and Trust Company	03/18/15		569,769
USD		1,209,671	CZK		27,159,000	State Street Bank and Trust Company	03/18/15		22,165
USD		33,759	DKK		203,520	Morgan Stanley & Co. LLC	03/31/15		665
USD		24,079	DKK		147,060	Morgan Stanley & Co. LLC	03/31/15		166
USD		19,186	DKK		118,020	Morgan Stanley & Co. LLC	03/31/15		(5	)
USD		6,207,350	EUR		5,000,000	State Street Bank and Trust Company	01/21/15		156,067
USD		2,888,847	EUR		2,325,000	JPMorgan Chase Bank, N.A.	01/16/15		75,175
USD		5,883,062	EUR		4,716,940	Morgan Stanley & Co. LLC	03/18/15		171,744
USD		915,381	EUR		736,210	Morgan Stanley & Co. LLC	03/18/15		23,971
USD		5,117,390	EUR		4,117,000	State Street Bank and Trust Company	03/18/15		132,320
USD		24,371	EUR		19,730	Morgan Stanley & Co. LLC	03/31/15		479
USD		335,471	EUR		273,000	State Street Bank and Trust Company	03/18/15		4,908
USD		493,435	EUR		402,256	Morgan Stanley & Co. LLC	03/18/15		6,380
USD		43,380	EUR		35,606	Morgan Stanley & Co. LLC	03/31/15		262
USD		787,759	EUR		645,000	JPMorgan Chase Bank, N.A.	01/16/15		7,191
USD		1,051,761	EUR		863,550	Morgan Stanley & Co. LLC	03/18/15		6,166
USD		304,057	EUR		250,000	Morgan Stanley Capital Services LLC	03/18/15		1,355
USD		1,209,364	EUR		993,889	Morgan Stanley & Co. LLC	03/18/15		5,954
USD		469,200	GBP		300,000	State Street Bank and Trust Company	01/21/15		1,679
USD		157,210	GBP		100,000	State Street Bank and Trust Company	01/21/15		1,369
USD		156,760	GBP		100,000	State Street Bank and Trust Company	01/21/15		919
USD		56,958	GBP		36,250	Morgan Stanley & Co. LLC	03/31/15		498
USD		5,969	GBP		3,799	Morgan Stanley & Co. LLC	03/18/15		51
USD		10,688	GBP		6,869	Morgan Stanley & Co. LLC	03/31/15		(10	)
USD		66,084	GBP		42,641	Morgan Stanley & Co. LLC	03/31/15		(330	)
USD		113,354	GBP		72,830	Morgan Stanley & Co. LLC	03/31/15		(81	)
USD		2,450,000	HKD		18,996,715	Morgan Stanley & Co. LLC	03/18/15		313
USD		357,213	HKD		2,770,232	Morgan Stanley & Co. LLC	03/18/15		(17	)
USD		11,178	HKD		86,757	Morgan Stanley & Co. LLC	03/18/15		(10	)
USD		104,750	HUF		25,989,124	Morgan Stanley & Co. International PLC	03/25/15		5,600
USD		157,125	HUF		39,132,374	Morgan Stanley & Co. International PLC	03/25/15		7,832
USD		10,896,448	ILS		42,938,000	State Street Bank and Trust Company	03/18/15		(114,707	)

See Notes to Consolidated Schedule of Investments.

59

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD		627,940	ILS		2,476,000	State Street Bank and Trust Company	03/18/15	$	(7,013	)
USD		410,000	INR		25,830,000	Morgan Stanley & Co. International PLC	03/27/15		6,831
USD		598,324	JPY		67,826,000	JPMorgan Chase Bank, N.A.	02/10/15		31,896
USD		163,719	JPY		19,383,890	Morgan Stanley Capital Services LLC	03/18/15		1,785
USD		657,327	JPY		78,070,752	Morgan Stanley & Co. LLC	03/18/15		5,117
USD		11,323,111	JPY		1,341,448,977	Morgan Stanley & Co. LLC	03/18/15		116,520
USD		99,714	JPY		11,760,334	Morgan Stanley & Co. LLC	03/18/15		1,467
USD		395,159	JPY		46,367,943	Morgan Stanley & Co. LLC	03/18/15		7,797
USD		259,674	JPY		30,929,287	Morgan Stanley & Co. LLC	03/18/15		1,288
USD		646,945	JPY		78,070,752	Morgan Stanley & Co. LLC	03/18/15		(5,265	)
USD		2,265,780	JPY		272,788,556	Morgan Stanley & Co. LLC	03/18/15		(13,122	)
USD		2,020,000	JPY		222,200,000	Morgan Stanley Capital Services LLC	01/06/15		164,932
USD		3,150,000	JPY		315,000,000	Morgan Stanley Capital Services LLC	01/06/15		520,179
USD		2,020,000	JPY		191,900,000	Morgan Stanley Capital Services LLC	01/06/15		417,896
USD		1,130,000	JPY		107,350,000	Morgan Stanley Capital Services LLC	01/06/15		233,774
USD		3,150,000	JPY		330,750,000	Morgan Stanley Capital Services LLC	01/06/15		388,688
USD		29,931	KRW		32,273,000	Morgan Stanley Capital Services LLC	03/18/15		511
USD		90,000	NGN		15,183,000	JPMorgan Chase Bank, N.A.	02/12/15		12,338
USD		6,879,394	NOK		51,182,000	State Street Bank and Trust Company	03/18/15		26,158
USD		777,704	NOK		5,773,000	State Street Bank and Trust Company	03/18/15		4,703
USD		305,190	NZD		398,000	State Street Bank and Trust Company	03/18/15		(3,117	)
USD		22,289	NZD		29,000	State Street Bank and Trust Company	03/18/15		(176	)
USD		567,650	PLN		1,891,978	Morgan Stanley & Co. International PLC	01/30/15		33,862
USD		12,773,632	PLN		43,134,000	State Street Bank and Trust Company	03/18/15		629,789
USD		1,060,029	PLN		3,685,000	State Street Bank and Trust Company	03/18/15		22,563
USD		1,161,234	RUB		77,164,000	State Street Bank and Trust Company	03/18/15		(62,248	)
USD		294,857	RUB		20,037,000	State Street Bank and Trust Company	03/18/15		(22,842	)
USD		445,000	ZAR		5,202,721	Morgan Stanley & Co. International PLC	03/25/15		975
Total Forward Foreign Currency Exchange Contracts Outstanding								$	2,634,175

OTC Credit Default Swaps on Index (Buy Protection) Outstanding at December 31, 2014

Reference Obligation	The Fund Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Notional Amount		Market Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.EM.21		(5.00%)		06/20/19	JPMorgan Chase Bank, N.A.		571,200  USD	$	(27,665)	$	(52,551)	$	24,886
iTraxx CEEMA Series 21 Version 1		(1.00%)		06/20/19	JPMorgan Chase Bank, N.A.		80,000  USD		8,596		5,930		2,666
Total OTC Credit Default Swaps on Index (Buy Protection)								$	(19,069)	$	(46,621)	$	27,552

OTC Total Return Swaps Outstanding at December 31, 2014

Reference Instrument	Termination Date		Counterparty	Notional Amount	Unrealized Appreciation (Depreciation)
Buys
Airbus Group		12/28/15	Credit Suisse Securities (Europe) Limited	$    2,056,412	$	—
Alstom		12/28/15	Credit Suisse Securities (Europe) Limited	3,163,870		—
Amadeus IT Holding SA		12/29/15	Credit Suisse Securities (Europe) Limited	1,882,943		—
ArcelorMittal NV		12/28/15	Credit Suisse Securities (Europe) Limited	1,019,372		—
Assicurazioni Generali		12/28/15	Credit Suisse Securities (Europe) Limited	1,764,468		—
Atos		12/28/15	Credit Suisse Securities (Europe) Limited	314,166		—
AXA SA		12/28/15	Credit Suisse Securities (Europe) Limited	1,983,752		—
Barclays PLC		12/29/15	Credit Suisse Securities (Europe) Limited	1,315,490		—
Bayer AG REG		12/24/15	Morgan Stanley Capital Services LLC	3,365,761		(135,778)
Bayer AG		12/24/15	Credit Suisse Securities (Europe) Limited	2,745,996		—
Bovespa Index		02/18/15	Morgan Stanley Capital Services LLC	48		43,879
BP PLC		12/29/15	Credit Suisse Securities (Europe) Limited	1,022,085		—
BT Group PLC		12/29/15	Credit Suisse Securities (Europe) Limited	1,494,027		43,779
Carrefour SA		12/28/15	Credit Suisse Securities (Europe) Limited	1,608,443		—

See Notes to Consolidated Schedule of Investments.

60

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Reference Instrument	Termination Date		Counterparty	Notional Amount	Unrealized Appreciation (Depreciation)
Delta Lloyd NV		12/28/15	Credit Suisse Securities (Europe) Limited	$         465,225	$	—
Deutsche Bank AG REG		12/24/15	Credit Suisse Securities (Europe) Limited	1,922,886		—
Electricite De France EDF		12/28/15	Credit Suisse Securities (Europe) Limited	2,157,434		—
Enel SpA		12/28/15	Credit Suisse Securities (Europe) Limited	677,115		—
ENI SpA Italia		12/28/15	Credit Suisse Securities (Europe) Limited	899,946		—
Fresenius Medical Care AG & Co. KgaA		12/24/15	Credit Suisse Securities (Europe) Limited	1,845,338		—
Jazztel PLC		12/29/15	Credit Suisse Securities (Europe) Limited	763,999		—
KBC Groep NV		06/13/16	Credit Suisse Securities (Europe) Limited	1,342,450		—
Koninklijke KPN NV		12/28/15	Credit Suisse Securities (Europe) Limited	3,290,447		—
Linde AG		12/24/15	Credit Suisse Securities (Europe) Limited	1,488,192		—
LVMH Moet Hennessy Louis Vuitton		12/28/15	Credit Suisse Securities (Europe) Limited	930,569		—
MAN AG		12/24/15	Credit Suisse Securities (Europe) Limited	145,084		—
Mead Johnson Nutrition Co.		07/27/15	Credit Suisse Securities (Europe) Limited	1,613,365		—
Nutreco NV		12/28/15	Credit Suisse Securities (Europe) Limited	59,966		—
Orange		12/28/15	Credit Suisse Securities (Europe) Limited	693,569		—
Peugeot SA		12/28/15	Credit Suisse Securities (Europe) Limited	1,178,783		—
Prudential PLC		12/29/15	Credit Suisse Securities (Europe) Limited	1,796,932		—
Publicis Groupe		12/28/15	Credit Suisse Securities (Europe) Limited	2,017,728		—
Puma SE		12/24/15	Credit Suisse Securities (Europe) Limited	561,319		—
Rexel SA		12/28/15	Credit Suisse Securities (Europe) Limited	1,092,099		—
Royal Bank of Scotland Group		09/30/19	Credit Suisse Securities (Europe) Limited	4,041,718		194,119
Royal Dutch Shell PLC		12/28/15	Credit Suisse Securities (Europe) Limited	2,353,576		—
RWE AG		12/24/15	Credit Suisse Securities (Europe) Limited	1,079,470		—
SabMiller PLC		12/29/15	Credit Suisse Securities (Europe) Limited	1,906,904		—
Safran SA		12/28/15	Credit Suisse Securities (Europe) Limited	2,810,660		(32,355)
Safran SA		12/28/15	Credit Suisse Securities (Europe) Limited	1,864,979		—
Samsung Electronics Co. Ltd.		12/07/16	Credit Suisse Securities (Europe) Limited	428,710		9,539
Sanofi Aventis		12/28/15	Credit Suisse Securities (Europe) Limited	1,546,228		—
Shire PLC		09/25/19	Credit Suisse Securities (Europe) Limited	5,716,956		244,110
Shire PLC		09/25/19	Morgan Stanley Capital Services LLC	4,862,095		(223,615	)
Smith & Nephew PLC		12/29/15	Morgan Stanley Capital Services LLC	1,132,582		113,076
Smith & Nephew PLC		12/29/15	Credit Suisse Securities (Europe) Limited	463,312		—
Societe Generale SA		12/28/15	Credit Suisse Securities (Europe) Limited	2,083,323		—
STM FP		12/28/15	Credit Suisse Securities (Europe) Limited	217,567		—
STM IM		12/28/15	Credit Suisse Securities (Europe) Limited	980,342		—
Tes Bond		01/16/15	Citibank, N.A.	850,000,000		698
Tim Participacoes ADR		07/27/15	Credit Suisse Securities (Europe) Limited	1,090,533		—
UBM PLC		12/29/15	Credit Suisse Securities (Europe) Limited	2,555,893		—
Unicredito SpA		12/28/15	Credit Suisse Securities (Europe) Limited	1,809,440		—
Vinci SA		12/28/15	Credit Suisse Securities (Europe) Limited	1,241,154		—
Vodafone Group PLC		12/29/15	Credit Suisse Securities (Europe) Limited	2,665,796		—
Total Buys					$	257,452
Sells
ABB Ltd. REG		12/29/15	Credit Suisse Securities (Europe) Limited	585,568	$	—
Allianz SE REG		12/24/15	Credit Suisse Securities (Europe) Limited	803,792		—
America Movil ADR		08/03/15	Credit Suisse Securities (Europe) Limited	85,881		—
Banco Santander SA		12/29/15	Credit Suisse Securities (Europe) Limited	763,657		—
BASF SE		12/24/15	Credit Suisse Securities (Europe) Limited	1,193,203		—
BT Group PLC		12/29/15	Credit Suisse Securities (Europe) Limited	114,924		—
Cap Gemini		12/28/15	Credit Suisse Securities (Europe) Limited	10,580		—
Deutsche Telekom AG REG		12/24/15	Credit Suisse Securities (Europe) Limited	144,177		—
Distribuidora Internacional		12/29/15	Credit Suisse Securities (Europe) Limited	483,871		—
Faurecia		12/28/15	Credit Suisse Securities (Europe) Limited	443,892		—
Heineken NV		12/28/15	Credit Suisse Securities (Europe) Limited	174,051		—
iBoxx Liquid High Yield Index		03/20/15	JPMorgan Chase Bank, N.A.	650,000		(945)
iBoxx Liquid High Yield Index		03/20/15	Morgan Stanley Capital Services LLC	700,000		(4,236)
iBoxx Liquid High Yield Index		03/20/15	JPMorgan Chase Bank, N.A.	700,000		(1,184)
iShares MSCI Brazil Capped ETF		07/27/15	Credit Suisse Securities (Europe) Limited	102,908		—
Kospi2 Index		03/12/15	Morgan Stanley Capital Services LLC	84		305,632
Merck KgaA		07/07/16	Morgan Stanley Capital Services LLC	1,355,469		(4,609)

See Notes to Consolidated Schedule of Investments.

61

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Reference Instrument	Termination Date		Counterparty	Notional Amount	Unrealized Appreciation (Depreciation)
Muenchener Rueckver AG REG		12/24/15	Credit Suisse Securities (Europe) Limited	$         604,482	$	—
Nestle SA REG		12/29/15	Credit Suisse Securities (Europe) Limited	1,112,005		—
Pernod Ricard SA		12/28/15	Credit Suisse Securities (Europe) Limited	284,792		—
Reed Elsevier NV		12/28/15	Credit Suisse Securities (Europe) Limited	390,072		—
Reed Elsevier PLC		12/29/15	Credit Suisse Securities (Europe) Limited	200,283		—
Sainsbury (J) PLC		12/29/15	Credit Suisse Securities (Europe) Limited	418,663		—
SAP SE		12/24/15	Credit Suisse Securities (Europe) Limited	39,945		—
Technip SA		12/28/15	Credit Suisse Securities (Europe) Limited	517,881		—
Telecom Italia SpA		12/28/15	Credit Suisse Securities (Europe) Limited	63,350		—
Telefonica Brasil		07/27/15	Credit Suisse Securities (Europe) Limited	211,241		—
Telefonica SA		12/29/15	Credit Suisse Securities (Europe) Limited	1,283,646		—
Teliasonera AB		12/28/15	Credit Suisse Securities (Europe) Limited	83,002		—
Texas Instruments, Inc.		07/27/15	Credit Suisse Securities (Europe) Limited	668,099		—
Unilever DR		12/28/15	Credit Suisse Securities (Europe) Limited	631,700		—
Unilever PLC		12/29/15	Credit Suisse Securities (Europe) Limited	179,733		—
Veolia Environment		12/28/15	Credit Suisse Securities (Europe) Limited	1,828,993		—
Volkswagen AG		12/24/15	Credit Suisse Securities (Europe) Limited	782,053		—
Total Sells					$	294,658
Total OTC Total Return Swaps Outstanding					$	552,110

Centrally Cleared Interest Rate Swaps Outstanding at December 31, 2014

The Fund Pays/Receives Floating Rate	Index	Fixed Rate		Maturity Date		Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Receives	Three-Month Libor		1.250%		03/20/17	Credit Suisse (USA) Securities LLC		28,264,000  USD	$	(104,627	)	$	(116,832	)	$	12,205
Receives	Three-Month Libor		1.919%		09/30/19	Morgan Stanley & Co. LLC		2,311,250  USD		(20,216	)		—			(20,216	)
Receives	Three-Month Libor		2.304%		01/27/25	Morgan Stanley & Co. LLC		2,430,000  USD		(301	)		—			(301	)
Receives	Three-Month Libor		2.250%		03/18/20	Credit Suisse (USA) Securities LLC		15,027,000  USD		(268,883	)		(340,857	)		71,974
Receives	Three-Month Libor		2.534%		09/25/24	Morgan Stanley & Co. LLC		2,130,000  USD		(51,198	)		—			(51,198	)
Pays	Three-Month Libor		3.000%		03/18/25	Credit Suisse (USA) Securities LLC		3,074,000  USD		182,147			169,093			13,054
Pays	Three-Month Libor		3.500%		03/20/45	Credit Suisse (USA) Securities LLC		1,624,000  USD		268,452			262,353			6,099
Total Centrally Cleared Interest Rate Swaps Outstanding									$	5,374		$	(26,243	)	$	31,617

See Notes to Consolidated Schedule of Investments.

62

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

OTC Interest Rate Swaps Outstanding at December 31, 2014

The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Pays	BRL-CDI Rate		11.045%		01/02/17	JPMorgan Chase Bank, N.A.		1,910,073  BRL	$	(24,275	)	$	—	$	(24,275	)
Total OTC Interest Rate Swap Outstanding									$	(24,275	)	$	—	$	(24,275	)

Abbreviation Legend:
	ADR	American Depository Receipt
	ASX	Australian Securities Exchange
	BRL-CDI	Brazil Interbank Deposit Rate
	CBOE	Chicago Board Options Exchange
	CBOT	Chicago Board of Trade
	CDE	Montreal Exchange
	CFE	CBOE Futures Exchange
	CME	Chicago Mercantile Exchange
	COMEX	Commodities Exchange Center
	ETF	Exchange-Traded Fund
	Eurex	Eurex Exchange
	FTSE	Financial Times and Stock Exchange
	FX	Foreign Exchange
	HKFE	Hong Kong Futures Exchange Ltd.
	ICE	Ice Futures Europe
	LIBOR	London Interbank Offered Rate
	LIF	New York Stock Exchange Euronext Liffe
	MEFF	MEFF Renta Variable
	MexDer	Mexican Derivatives 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
	REG S	Regulation-S
	REIT	Real Estate Investment Trust
	Safex	South African Futures Exchange
	SFE	ASX Trade24
	SGX	Singapore Exchange
	SPDR	Standard and Poor’s Depository Receipt
Currency Legend:
	ARS	Argentina Peso
	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

See Notes to Consolidated Schedule of Investments.

63

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korea Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NGN	Nigerian Naira
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
USD	United States Dollar
ZAR	South African Rand

See Notes to Consolidated Schedule of Investments.

64

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments

December 31, 2014 (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”). The Trust currently consists of two series that have commenced operations, Blackstone Alternative Multi-Manager Fund (“Multi-Manager Fund”) and Blackstone Alternative Multi-Strategy Fund (“Multi-Strategy Fund”) (each individually referred to as a “Fund”, and collectively, the “Funds”). The Multi-Manager Fund and the Multi-Strategy Fund are non-diversified funds that commenced operations on August 6, 2013 and June 16, 2014, respectively.

The investment adviser of the Funds 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 each Fund’s affairs and, pursuant to an investment management agreement, has engaged BAIA to manage the Fund’s day-to-day investment activities. Each Fund’s investment objective is to seek capital appreciation. The Investment Adviser seeks to achieve the Funds’ objectives by allocating the Funds’ 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 Funds’ assets among the sub-advisers (the “Sub-Advisers”) with experience managing alternative investment strategies and among investment funds, and may also manage a portion of the Funds’ assets directly. Each Sub-Adviser is responsible for the day-to-day management of the Funds’ assets that the Investment Adviser allocates to it. The Investment Adviser has the responsibility to oversee each Sub-Adviser (subject to the oversight of the Board.)

Each 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 each Fund’s Subsidiaries, Blackstone Alternative Multi-Manager Sub Fund II Ltd. and Blackstone Alternative Multi-Strategy Sub Fund II Ltd. (the “Cayman Subsidiaries”), is a Cayman Islands exempted company. Each of the other Subsidiaries, Blackstone Alternative Multi-Manager Sub Fund III L.L.C. and Blackstone Alternative Multi-Strategy Sub Fund III L.L.C., (the “Domestic Subsidiaries III”), and Blackstone Alternative Multi-Manager Sub Fund IV L.L.C. and Blackstone Alternative Multi-Strategy Sub Fund IV L.L.C. (the “Domestic Subsidiaries IV”) are Delaware limited liability companies. The Cayman Subsidiaries are expected to invest, directly or indirectly through the use of derivatives, in securities and commodity interests. Domestic Subsidiaries III and Domestic Subsidiaries IV are each expected to invest, directly or indirectly through the use of derivatives, almost entirely in securities (with only de minimis exposure to commodity interests). The consolidated schedule of investments include the schedule of investments of the Multi-Manager Fund and its applicable Subsidiaries and the Multi-Strategy Fund and its applicable Subsidiaries. Except where context otherwise requires, the term “Fund” refers to the Fund together with the applicable Subsidiaries.

The Funds and the Cayman Subsidiaries are each a commodity pool subject to regulation by the Commodity Futures Trading Commission (“CFTC”). BAIA, the commodity pool operator of the Funds and the Cayman Subsidiaries, is registered as such with the CFTC, but has claimed relief under Rules 4.12(c)(3) and 4.7 of the Commodity Exchange Act (“CEA”), respectively, from certain disclosure, reporting, and recordkeeping requirements otherwise applicable to commodity pools. None of the Domestic Subsidiaries III and Domestic Subsidiaries IV intend to invest more than a de minimis level of its net assets in “commodity interests” (as defined under the CEA). Accordingly, BAIA has claimed an exemption under Rule 4.13(a)(3) from registration as a commodity pool operator with respect to the Domestic Subsidiaries III and the Domestic Subsidiaries IV, and such pools are not subject to regulation by the CFTC.

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

2. Basis of Presentation

Each Fund’s consolidated schedule of investments 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. All inter-company accounts and transactions have been eliminated in consolidation. The preparation of schedule of investments 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 reporting period. Actual results could differ from these estimates and these differences could be material.

The Funds are investment companies 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.

65

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

3. Significant Accounting Policies

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

Valuation Policy

For purposes of calculating the NAV, each Fund values its investments in securities, securities sold short, derivative financial instruments and other investments based on market quotations or at fair value. U.S. GAAP defines fair value as the price that each 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 Board has established procedures for determining the fair value of securities, including securities sold short, and derivative financial instruments and other investments (together the “investments”) (the “Valuation Procedures”). The Board has delegated to the Investment Adviser day-to-day responsibility for implementing the Valuation Procedures. The Investment Adviser’s management formed the Fair Value Committee (the “FVC”), which provides oversight of the valuation and pricing function of each Fund for all investments. Pursuant to the Valuation Procedures, if market quotations are not readily available (or are otherwise not reliable for a particular investment), the fair value will be determined, in good faith by the FVC, and such determinations shall be reported to the Board. Due to the inherent uncertainty of these estimates, 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.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, or broker-dealer quotations), including where events occur after the close of the relevant market, but prior to the close of the NYSE, that materially affect the values of the Fund’s investments. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the FVC and the Investment Adviser the responsibility for monitoring significant events that may materially affect the values of each Fund’s investments and for determining whether the value of the applicable investments should be re-evaluated in light of such significant events. There were no instances of such determination made as of December 31, 2014.

Fair Value Measurements

Current fair value guidance defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The hierarchy established under the fair value guidance gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

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 Funds do 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, 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. Investments in investment funds or hedge funds (“Investee Funds”) are classified as Level 2 if the Funds have the ability to redeem their investment in the Investee Fund at the reported net asset value per share (or its equivalent) at the measurement date or within 90 days thereof, upon no greater than 90 days prior written notice and there are no other potential liquidity restrictions that could be invoked within 90 days 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, foreign government obligations, U.S. Treasury obligations, and asset-backed and mortgage-backed securities; OTC derivative financial instruments such as total return swaps, interest rate swaps, credit default swaps, OTC options; and forward foreign currency exchange contracts.

66

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

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. Investments in Investee Funds that are subject to a minimum holding period or lockup greater than 90 days from the measurement date, are in liquidation, cannot be redeemed within 90 days of the measurement date, are subject to redemption notice periods in excess of 90 days, have limited the individual amount of shareholder redemptions and/or aggregate amount of shareholder redemptions, or have suspended redemptions are classified as Level 3.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the fair value hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause an investment to be reclassified between Level 1, Level 2, or Level 3.

A description of the valuation techniques applied to each 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, 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. Securities traded on a recognized exchange for which there were no sales on that day are valued at the last available bid (long positions) or ask price (short positions) or the mean for exchange-traded options. If no bid or ask price is available, the prior days’ price will be used, unless it is determined that such prior days’ price no longer reflects fair value. 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 Funds may use a third-party fair valuation service provider to value foreign equity securities that are primarily traded outside of North and South America. The third-party fair valuation service provider calculates a 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 December 31, 2014, no such adjustments have been made.

OTC Derivative Financial Instruments

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

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective 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. Treasury obligations, foreign debt obligations, bank loans, and trade claims, 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. 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 and asset-backed securities (“ABS”) are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally 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 incorporate deal collateral performance, as available. Mortgage-related and ABS that use similar valuation techniques and inputs as described above are categorized as Level 2 within the fair value hierarchy.

67

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments

December 31, 2014 (Unaudited)

Level 3 securities are valued by broker quotes and pricing services. In the instances where less than three broker-dealer quotations are received, such investments will generally be categorized as Level 3 within the fair value hierarchy. The appropriateness of fair values for these securities are monitored on an ongoing basis which may include results of backtesting, results of pricing due diligence, unchanged price review, use of specialists, and consideration of macro security specific events.

Investment in Investee Fund

The fair value of investments in Investee Funds is generally determined using the reported net asset value per share of the Investee Fund, or its equivalent, as a practical expedient for fair value. The Funds may, as a practical expedient, estimate the fair value of an Investee Fund based on the reported net asset value per share or its equivalent if the reported net asset value 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 Accounting Standards Codification 946, Financial Services-Investment Companies (“ASC 946”). In order to use the practical expedient, the Investment Adviser has internal processes to independently evaluate the fair value measurement process utilized by the underlying Investee Fund to calculate the Investee Fund’s net asset value or its equivalent in accordance with ASC 946. Such internal process includes the evaluation of the Investee Fund’s process and related internal controls in place to estimate the fair value of its underlying investments that are included in the net asset value calculation, performing ongoing operational due diligence, review each Investee Fund’s audited financial statements, and ongoing monitoring of other relevant qualitative and quantitative factors. If it is determined, based on due diligence and investment monitoring procedures, that the reported net asset value per share or its equivalent of an Investee Fund does not represent fair value, the FVC or the Board, shall estimate the fair value in good faith and as determined under approved policies and procedures. There were no instances of such determination made as of December 31, 2014.

Securities and Other Investments

Bank Loans

The Funds may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. Each 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 in a loan, 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 a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Funds 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.

Mortgage-Related and Other Asset-Backed Securities

The Funds may invest in mortgage-related securities (residential and commercial) and other ABS. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMO”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), collateralized debt obligations (“CDO”) and other securities that directly or indirectly represent a participation, or are secured by and payable from mortgage loans on real property. Mortgage related and other ABS represent interests in pools of mortgages, loans or other assets. Mortgage-related securities 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 provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. Although ABS and CMBS generally experience less prepayment risk than RMBS, each of RMBS, CMBS and ABS, like traditional fixed-income securities, are subject to credit, interest rate, prepayment and extension risks.

Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. The Funds’ investments in ABS are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. These securities also are subject to the risk of default on the underlying mortgage or assets, particularly during periods of economic downturn. The timely payment of principal and interest of certain mortgage-related securities is guaranteed by the full faith and credit of the U.S Government.

Mortgage-backed securities may be either pass-through securities or CMO. Pass-through securities represent a right to receive principal and interest payments collected on a pool of mortgages, which are passed through to security holders. CMO are created by dividing the principal and interest payments collected on a pool of mortgages into several revenue streams (tranches) with

68

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

different priority rights to portions of the underlying mortgage payments. Certain CMO tranches may represent a right to receive interest only (“IOs”), principal only (“POs”) or an amount that remains after floating-rate tranches are paid (an “inverse floater”). These securities may be extremely sensitive to changes in interest rates. Interest rates on inverse floaters, for example, vary inversely with a short-term floating rate (which may be reset periodically). Interest rates on inverse floaters will decrease when short-term rates increase, and will increase when short-term rates decrease. These securities have the effect of providing a degree of investment leverage. In response to changes in market interest rates or other market conditions, the value of an inverse floater may increase or decrease at a multiple of the increase or decrease in the value of the underlying securities. If the Fund invests in CMO tranches (including CMO tranches issued by government agencies) and interest rates move in a manner not anticipated by Fund’s management, it is possible that the Fund could lose all or substantially all of its investment.

Securities Sold Short

The Funds may sell securities short (a “Short Sale”). A Short Sale is a transaction whereby a Fund sells securities they do not own in anticipation of a decline in the market price of those securities, whereby the Fund’s broker will execute a stock 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 Funds establish a liability to represent securities due under the Short Sale agreement. The Funds are 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. Unrealized appreciation or depreciation for the difference between the proceeds received and the fair value of the open Short Sale position is recorded as net unrealized appreciation or depreciation from investments on securities. A realized gain or loss is recognized when the short position is closed as a net realized gain or loss from investments on securities sold short.

Reverse Repurchase Agreements

The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, a 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 exceed the Fund’s liability under the reverse repurchase agreement. Securities subject to repurchase under reverse repurchase agreements, if any, are designated as such in the Consolidated Schedule of Investments. Due to the short term nature of the reverse repurchase agreements, face value approximates fair value. As of December 31, 2014, the face value of open reverse repurchase agreements for Multi-Manager Fund and Multi-Strategy Fund was $74,386,198 and $25,067,000, respectively.

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 following table presents the reverse repurchase agreements, which are subject to enforceable MRAs, as well as the collateral delivered related to those reverse repurchase agreements.

Securities Lending

The Funds may lend securities, through their 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 each Fund on the next Business Day. The initial collateral received by each 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 risk of borrower default will be borne by the Fund’s agent; the Funds will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that each Fund continues to receive income on loaned securities while earning returns on the cash amounts which may be reinvested for the purchase of investment in securities. Income from securities lending is included in investment income. As of December 31, 2014, the market value of securities loaned for Multi-Manager Fund and Multi-Strategy Fund amounted to $46,004,007 and $35,758,595, respectively, and each Fund had received cash collateral of $47,103,083 and $36,651,274, respectively.

The securities lending agreement entered into by each 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 Funds can reinvest cash collateral.

69

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

4. Derivative Financial Instruments

In the normal course of business, the Funds enter into derivative financial instrument contracts for trading and/or economic hedging purposes to increase the returns of the Funds 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 over-the-counter. The following disclosures contain information on how the Funds use derivative financial instruments and how the derivative financial instruments affect the Funds’ financial positions, results of operations and cash flows. The derivative financial instruments outstanding as of period end are disclosed in the Consolidated Schedule of Investments.

Forward Foreign Currency Exchange Contracts

The Funds may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. Forward foreign currency exchange contracts, 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 foreign currency contract 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 forward foreign currency exchange contracts. When a contract is closed, each 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. These contracts involve market and/or credit risk in excess of the amount recognized.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Funds, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts 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 Funds could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. Each Fund’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts

The Funds may enter into futures contracts to maintain investment exposure to a target asset class or to enhance return. The Funds 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. A 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. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by a Fund depending on whether unrealized gains or losses are incurred. When the contract is closed or expires, a 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 Funds 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 Funds since futures are exchange traded and the exchanges’ clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Options Contracts

The Funds 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 a Fund give the holder the right to buy the underlying instrument from the Fund at a fixed exercise price; put options written by a Fund give the holder the right to sell the underlying instrument to the Fund at a fixed exercise price. The Funds may use options to hedge against changes in values of securities or currencies it owns or expects to own, to gain or to maintain exposure to interest rates, currencies or broad equity markets, to generate additional income or to enhance returns.

Options trading involve certain additional risks. Specific market movements of the option and the instruments underlying the option cannot be predicted. No assurance can be given that a liquid secondary market will exist for any particular option or at any particular time. A 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.

70

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

Equity, foreign currency or index options that may be purchased or sold by the Funds 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 a Fund to enter into a closing transaction with respect to such option may be less than in the case of an exchange traded option.

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

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk. 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 swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. A 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 a master netting arrangement between a Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Interest Rate Swaps: The Funds 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 Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. The Funds may hold fixed rate bonds, 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. A 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 Funds is recorded as a liability and an upfront payment made by the Funds is recorded as an asset. 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. Payments, including upfront premiums, received or made are recorded as realized gains or losses at the closing of the contract.

Total Return Swaps: The Funds may enter into total return swap agreements to obtain exposure to a security, index or market without owning such security or investing directly in that security, index or market 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

71

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

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, a 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.

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

In an OTC 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 a Fund or made by a Fund is recorded as a liability or asset, respectively. Periodic payments received or paid by a Fund are recorded as realized gains or losses. Credit default swap contracts are marked-to-market daily and the change is recorded as an unrealized gain or loss on swaps. Upon the occurrence of a credit event, the difference between the par value and the market value of the reference obligation, net of any proportional amount of upfront payment, is recorded as a realized gain or loss on swaps.

Interest rate swaps, total return swaps and credit default swaps outstanding at period end are listed after the Funds’ Consolidated Schedule of Investments.

5. Fair Value Measurements

The following table presents information about the classification of the each Fund’s investments measured at fair value within the fair value hierarchy as of December 31, 2014:

Multi-Manager Fund

Asset Description:	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stock	$	512,635,068	$	79,501,721	$	—	$	592,136,789
Preferred Stock		—		437,880		—		437,880
Asset-Backed Securities		—		115,361,543		—		115,361,543
Convertible Bonds		—		8,670,404		—		8,670,404
Bank Loans		—		19,674,382		—		19,674,382
Corporate Bonds & Notes		—		78,502,492		—		78,502,492
Foreign Government		—		50,896,491		—		50,896,491
Mortgage-Backed Securities		—		216,235,772		—		216,235,772
U.S. Government Sponsored Agency Securities		—		29,741,848		—		29,741,848
Exchange-Traded Funds		2,537,452		—		—		2,537,452
Purchased Options		4,078,220		1,423,824		—		5,502,044
Total Investments in Securities:	$	519,250,740	$	600,446,357	$	—	$	1,119,697,097
Forward Foreign Currency Exchange Contracts		—		16,755,809		—		16,755,809
Futures Contracts		8,005,370		—		—		8,005,370
OTC Credit Default Swaps		—		915,084		—		915,084
OTC Total Return Swaps		—		2,909,752		—		2,909,752
Interest Rate Swaps		—		1,234,563		—		1,234,563
Total Assets	$	527,256,110	$	622,261,565	$	—	$	1,149,517,675
Liability Description:	Level 1		Level 2		Level 3		Total
Securities Sold Short	$	281,991,368	$	5,161,984	$	—	$	287,153,352
Options Written		385,602		689,523		—		1,075,125
Reverse Repurchase Agreements		—		74,505,127		—		74,505,127
Securities Lending Collateral		—		47,103,083		—		47,103,083
Forward Foreign Currency Exchange Contracts		—		11,776,801		—		11,776,801
Futures Contracts		12,630,580		—		—		12,630,580
OTC Credit Default Swaps		—		54,633		—		54,633
OTC Total Return Swaps		—		840,005		—		840,005
Interest Rate Swaps		—		1,109,780		—		1,109,780
Total Liabilities	$	295,007,550	$	141,240,936	$	—	$	436,248,486

72

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

December 31, 2014 (Unaudited)

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

Asset Description: Investment in Securities	Investment in Investee Fund
Balance as of April 1, 2014	$	27,801,750
Transfers In		—
Transfers Out		(27,801,750	)
Purchases		—
Sales		—
Net realized gain (loss)		—
Net change in unrealized appreciation		—
Balance as of December 31, 2014	$	—
Net change in unrealized appreciation related to investments still held as of December 31, 2014	$	—

Multi-Strategy Fund

Asset Description:	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stock	$	309,911,819	$	44,114,515	$	—	$	354,026,334
Preferred Stock		—		195,122		—		195,122
Asset-Backed Securities		—		66,626,118		—		66,626,118
Bank Loans		—		2,163,282		—		2,163,282
Convertible Bonds		—		2,640,232		—		2,640,232
Corporate Bonds & Notes		—		28,150,384		—		28,150,384
Foreign Government		—		24,204,997		—		24,204,997
Mortgage-Backed Securities		—		96,053,078		—		96,053,078
U.S. Government Sponsored Agency Securities		—		16,789,934		—		16,789,934
Exchange-Traded Funds		842,296		—		—		842,296
Purchased Options		2,535,917		407,999		—		2,943,916
Total Investments in Securities:	$	313,290,032	$	281,345,661	$	—	$	594,635,693
Forward Foreign Currency Exchange Contracts		—		5,058,215		—		5,058,215
Futures Contracts		4,531,524		—		—		4,531,524
OTC Credit Default Swaps		—		8,596		—		8,596
OTC Total Return Swaps		—		954,832		—		954,832
Interest Rate Swaps		—		450,599		—		450,599
Total Assets	$	317,821,556	$	287,817,903	$	—	$	605,639,459
Liability Description:	Level 1		Level 2		Level 3		Total
Securities Sold Short	$	174,949,976	$	2,057,460	$	—	$	177,007,436
Options Written		230,678		49,681		—		280,359
Reverse Repurchase Agreements		—		25,110,186		—		25,110,186
Securities Lending Collateral		—		36,651,274		—		36,651,274
Forward Foreign Currency Exchange Contracts		—		2,424,040		—		2,424,040
Futures Contracts		5,890,150		—		—		5,890,150
OTC Credit Default Swaps		—		27,665		—		27,665
OTC Total Return Swaps		—		402,722		—		402,722
Interest Rate Swaps		—		469,500		—		469,500
Total Liabilities	$	181,070,804	$	67,192,528	$	—	$	248,263,332

73

Item 2. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)), as of the Evaluation Date.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.302CERT.

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.

Blackstone Alternative Investment Funds

By:	/s/ Brian F. Gavin
	Brian F. Gavin, President (Principal Executive Officer)

February 26, 2015

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:	/s/ Brian F. Gavin
	Brian F. Gavin, President (Principal Executive Officer)

February 26, 2015

By:	/s/ Arthur Liao
	Arthur Liao, Treasurer (Principal Financial and Accounting Officer)

February 26, 2015