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: June 30, 2018

Item 1. The Consolidated Schedule of Investments.

The Consolidated Schedule of Investments is attached herewith.

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments

June 30, 2018 (Unaudited)

Security Description	Shares		Value
INVESTMENTS IN SECURITIES — 91.6%
COMMON STOCK — 28.1%
Africa — 0.0%
Metals & Mining — 0.0%
Gold Fields Ltd. ADR		114,700	$	409,479
Harmony Gold Mining Co. Ltd. ADR		5,200		8,112
				417,591
Specialty Finance — 0.0%
Net 1 UEPS Technologies, Inc. (a),(b)		13,500		122,580
Total Africa				540,171
Asia — 0.3%
Automotive — 0.0%
Honda Motor Co. Ltd. ADR		400		11,708
Biotechnology & Pharmaceuticals — 0.0%
Dr Reddy’s Laboratories Ltd. ADR		20,400		656,880
Sinovac Biotech Ltd. (a)		200		1,492
				658,372
Consumer Services — 0.0%
Tarena International, Inc. ADR		8,700		65,859
Design, Manufacturing & Distribution — 0.0%
Fabrinet (a)		5,900		217,651
Gaming, Lodging & Restaurants — 0.1%
GreenTree Hospitality Group Ltd. ADR (a)		1,400		25,326
Melco Crown Entertainment Ltd. ADR		96,000		2,688,000
Yum China Holdings, Inc.		36,300		1,396,098
				4,109,424
Hardware — 0.1%
Canon, Inc. ADR		10,600		346,514
Sony Corp. ADR		40,300		2,065,778
				2,412,292
Health Care Facilities & Services — 0.0%
Global Cord Blood Corp. (a)		3,800		36,062
iKang Healthcare Group, Inc. ADR (a)		11,900		243,474
				279,536
Machinery — 0.0%
China Yuchai International Ltd. (b)		4,345		94,286
Hollysys Automation Technologies Ltd. (b)		5,600		123,984
				218,270
Media — 0.1%
58.com, Inc. ADR (a)		6,600		457,644
Autohome, Inc. ADR		3,200		323,200
Baidu, Inc. ADR (a)		5,400		1,312,200
Leju Holdings Ltd. ADR (a)		800		1,168
Phoenix New Media Ltd. ADR (a)		2,100		8,925
SINA Corp. (a)		21,500		1,820,835
Sohu.com Ltd. ADR (a)		1,700		60,350
Weibo Corp. ADR (a)		610		54,144
Yandex NV A Shares (a)		56,500		2,028,350
				6,066,816

See Notes to Consolidated Schedule of Investments.

1

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Oil, Gas & Coal — 0.0%
China Petroleum & Chemical Corp. ADR		1,100	$	98,824
Passenger Transportation — 0.0%
China Southern Airlines Co. Ltd. ADR (b)		600		23,718
Guangshen Railway Co. Ltd. ADR (b)		100		2,812
				26,530
Real Estate — 0.0%
Xinyuan Real Estate Co. Ltd. ADR (b)		9,900		44,055
Renewable Energy — 0.0%
Highpower International, Inc. (a)		200		620
JA Solar Holdings Co. Ltd. ADR (a)		9,500		64,695
				65,315
Retail—Discretionary — 0.0%
Alibaba Group Holding Ltd. ADR (a)		3,318		615,589
Semiconductors — 0.0%
Kulicke & Soffa Industries, Inc. (b)		31,100		740,802
Magnachip Semiconductor Corp. (a)		14,800		151,700
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		28,400		1,038,304
United Microelectronics Corp. ADR		35,700		100,674
				2,031,480
Software — 0.0%
Changyou.com Ltd. ADR (b)		9,200		153,364
Momo, Inc. ADR (a)		50,200		2,183,700
				2,337,064
Technology Services — 0.0%
WNS Holdings Ltd. ADR (a)		10,500		547,890
Telecommunications — 0.0%
Aspire Holdings LLC Class A (d)		1,502,082		1
China Telecom Corp. Ltd. ADR		300		13,929
GDS Holdings Ltd. ADR (a)		500		20,045
				33,975
Total Asia				19,840,650
Europe — 0.8%
Automotive — 0.0%
Fiat Chrysler Automobiles NV		83,800		1,582,982
Banking — 0.0%
HSBC Holdings PLC ADR		18		848
Biotechnology & Pharmaceuticals — 0.2%
Amarin Corp. PLC ADR (a)		32,800		101,352
CRISPR Therapeutics AG (a)		3,300		193,908
Novartis AG (d)		118,850		9,034,664
Novartis AG ADR		7,500		566,550
uniQure NV (a)		300		11,340
				9,907,814
Chemicals — 0.0%
Orion Engineered Carbons SA (b)		27,400		845,290
Commercial Services — 0.0%
Cimpress NV (a)		7,500		1,087,200
Consumer Products — 0.0%
Nomad Foods Ltd. (a)		10,300		197,657
Unilever NV		24		1,337
				198,994

See Notes to Consolidated Schedule of Investments.

2

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Engineering & Construction Services — 0.0%
nVent Electric plc (a)		2,900	$	72,790
Iron & Steel — 0.0%
Ternium SA ADR		2,000		69,640
Machinery — 0.0%
Pentair PLC		1,000		42,080
Medical Equipment & Devices — 0.2%
Koninklijke Philips NV		1,700		71,859
Lonza Group AG (d)		36,150		9,618,828
Smith & Nephew PLC ADR		2,000		75,060
Trinity Biotech PLC ADR (a),(b)		1,700		8,500
				9,774,247
Metals & Mining — 0.0%
Randgold Resources Ltd. ADR		2,300		177,307
Oil, Gas & Coal — 0.0%
Aegean Marine Petroleum Network, Inc. (b)		2,300		1,524
Recreation Facilities & Services — 0.0%
Manchester United PLC Class A		1,200		24,720
Retail—Discretionary — 0.0%
Hudson Ltd. Class A (a)		400		6,996
Semiconductors — 0.1%
NXP Semiconductor NV (a),(d)		87,132		9,520,914
Software — 0.3%
InterXion Holding NV (a)		6,300		393,246
Micro Focus International plc ADR		100		1,727
Playtech PLC		1,665,902		16,555,269
				16,950,242
Technology Services — 0.0%
Atento SA		200		1,370
Transportation & Logistics — 0.0%
Diana Shipping, Inc. (a)		1,100		5,291
DryShips, Inc.		190		1,000
Navios Maritime Partners LP		6,400		12,096
Safe Bulkers, Inc. (a)		21,400		72,760
Star Bulk Carriers Corp. (a)		20		257
				91,404
Utilities — 0.0%
National Grid PLC ADR		1,108		61,882
Total Europe				50,418,244
Middle East — 0.2%
Biotechnology & Pharmaceuticals — 0.0%
Teva Pharmaceutical Industries Ltd. ADR		49,200		1,196,544
Electrical Equipment — 0.0%
Camtek Ltd.		3,500		25,725
Orbotech Ltd. (a),(b)		17,400		1,075,320
				1,101,045

See Notes to Consolidated Schedule of Investments.

3

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Hardware — 0.0%
Ceragon Networks Ltd. (a)		7,000	$	24,990
Radware Ltd. (a),(b)		6,500		164,320
Silicom Ltd. (a)		200		7,692
				197,002
Home & Office Products — 0.0%
SodaStream International Ltd. (a)		5,700		486,210
Media — 0.1%
Wix.com Ltd. (a)		16,700		1,675,010
Oil, Gas & Coal — 0.0%
Ocean Rig UDW, Inc. (a)		15,800		465,784
Semiconductors — 0.1%
Mellanox Technologies Ltd. (a)		25,600		2,158,080
Tower Semiconductor Ltd. (a)		23,900		526,039
				2,684,119
Software — 0.0%
Attunity Ltd. (a)		1,600		18,576
Check Point Software Technologies Ltd. (a)		200		19,536
CyberArk Software Ltd. (a)		6,400		402,944
NICE-Systems Ltd. ADR (a)		1,200		124,524
Sapiens International Corp. NV (b)		1,000		9,770
				575,350
Technology Services — 0.0%
Magic Software Enterprises Ltd. (b)		600		4,950
Telecommunications — 0.0%
Allot Communications Ltd. (a)		900		4,824
Turkcell Iletisim Hizmetleri AS ADR		1,200		7,848
				12,672
Total Middle East				8,398,686
North America — 26.7%
Aerospace & Defense — 0.2%
American Outdoor Brands Corp. (a)		500		6,015
Arconic, Inc.		305		5,188
Ducommun, Inc. (a),(b)		1,800		59,562
Esterline Technologies Corp. (a)		8,000		590,400
Lockheed Martin Corp. (b)		20,399		6,026,477
Moog, Inc. Class A (b)		3,100		241,676
MSA Safety, Inc.		500		48,170
TransDigm Group, Inc.		11,900		4,107,166
				11,084,654
Apparel & Textile Products — 0.2%
Cherokee, Inc. (a)		100		56
Crocs, Inc. (a)		33,900		596,979
Culp, Inc.		500		12,275
Deckers Outdoor Corp. (a)		15,000		1,693,350
Nike, Inc. Class B		66,200		5,274,816
Perry Ellis International, Inc. (a),(b)		3,100		84,227
PVH Corp.		27,000		4,042,440
Skechers U.S.A., Inc. Class A (a)		63,900		1,917,639
Steven Madden Ltd.		3,100		164,610
Unifi, Inc. (a)		1,200		38,040
VF Corp.		1,700		138,584
Vince Holding Corp. (a)		306		5,046
				13,968,062

See Notes to Consolidated Schedule of Investments.

4

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Asset Management — 0.2%
Ameriprise Financial, Inc.		8,400	$	1,174,992
Apollo Investment Corp.		44,297		246,734
Ares Capital Corp.		87,500		1,439,375
BlackRock Kelso Capital Corp. (b)		24,400		142,252
BlackRock, Inc. (d)		13,747		6,860,303
Blucora, Inc. (a)		3,000		111,000
Capital Southwest Corp.		200		3,622
Capitala Finance Corp.		4,800		39,840
Federated Investors, Inc. Class B		7,400		172,568
Fidus Investment Corp. (b)		6,600		93,786
Financial Engines, Inc.		2,011		90,294
FS Investment Corp.		1,700		12,495
Garrison Capital, Inc. (b)		1,300		10,569
Gladstone Capital Corp. (b)		6,400		57,600
Gladstone Investment Corp. (b)		8,700		102,399
Golub Capital BDC, Inc.		2,300		42,090
Hercules Technology Growth Capital, Inc.		23,900		302,335
Horizon Technology Finance Corp. (b)		3,500		35,280
Invesco Ltd.		37,800		1,003,968
KCAP Financial, Inc. (b)		4,800		15,600
Manning & Napier, Inc.		1,600		4,960
Medallion Financial Corp. (a),(b)		4,400		24,112
Monroe Capital Corp.		3,800		51,224
MVC Capital, Inc. (b)		1,300		12,350
New Mountain Finance Corp.		7,700		104,720
Newtek Business Services Corp.		3,913		77,908
Oaktree Specialty Lending Corp.		1,000		4,780
OM Asset Management plc		9,800		139,748
Oppenheimer Holdings, Inc. Class A (b)		2,900		81,200
Oxford Square Capital Corp. (b)		11,700		80,730
PennantPark Investment Corp. (b)		18,000		126,090
Safeguard Scientifics, Inc. (a)		400		5,120
Solar Capital Ltd. (b)		4,000		81,760
Solar Senior Capital Ltd.		1,800		29,358
Stellus Capital Investment Corp. (b)		3,800		48,564
TCP Capital Corp.		11,000		158,950
THL Credit, Inc. (b)		7,400		57,868
TPG Specialty Lending, Inc.		1,100		19,734
TriplePoint Venture Growth BDC Corp.		3,400		42,262
WhiteHorse Finance, Inc. (b)		2,800		40,628
				13,149,168
Automotive — 0.0%
Cooper-Standard Holding, Inc. (a)		1,700		222,139
Dana Holding Corp.		16,700		337,173
Ford Motor Co.		139,700		1,546,479
Gentex Corp.		8,800		202,576
Goodyear Tire & Rubber Co.		5,900		137,411
Miller Industries, Inc.		100		2,555
Modine Manufacturing Co. (a)		14,000		255,500
Superior Industries International, Inc.		200		3,580
Tenneco, Inc.		5,000		219,800
Tower International, Inc. (b)		3,900		124,020
				3,051,233
Banking — 2.9%
Access National Corp.		400		11,440
Allegiance Bancshares, Inc. (a),(d)		30,638		1,328,157
Arrow Financial Corp. (b)		559		20,348
Associated Banc-Corp		34		928
Atlantic Capital Bancshares, Inc. (a)		3,200		62,880

See Notes to Consolidated Schedule of Investments.

5

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Banco Latinoamericano de Comercio Exterior SA E Shares		100	$	2,461
Bancorp, Inc. (a),(b)		9,900		103,554
Bank of Marin Bancorp		400		32,340
Bank of NT Butterfield & Son Ltd.		10,400		475,488
BankFinancial Corp.		1,155		20,386
Banner Corp. (d)		46,362		2,787,747
Beneficial Bancorp, Inc.		4,682		75,848
Berkshire Hills Bancorp, Inc. (d)		84,054		3,412,592
Bridge Bancorp, Inc.		200		7,190
Bridgewater Bancshares, Inc. (a)		700		8,904
Byline Bancorp, Inc. (a),(d)		151,989		3,395,434
Cadence BanCorp		24,900		718,863
Capitol Federal Financial, Inc.		1,200		15,792
Cathay General Bancorp		500		20,245
Centerstate Banks, Inc. (d)		321,646		9,591,484
Central Pacific Financial Corp. (b)		5,000		143,250
Charter Financial Corp. (b)		1,300		31,395
Citizens Financial Group, Inc.		12,900		501,810
City Holding Co. (b)		100		7,523
CoBiz Financial, Inc.		400		8,592
Comerica, Inc.		5,400		490,968
ConnectOne Bancorp, Inc. (d)		142,017		3,536,223
CVB Financial Corp.		2,600		58,292
East West Bancorp, Inc.		10,400		678,080
Enterprise Financial Services Corp. (d)		102,897		5,551,293
Farmers Capital Bank Corp. (b)		100		5,210
Fidelity Southern Corp. (b)		2,800		71,148
Fifth Third Bancorp		6,700		192,290
Financial Institutions, Inc. (b)		1,800		59,220
First BanCorp (a),(b)		61,100		467,415
First Business Financial Services, Inc.		400		10,400
First Community Bancshares, Inc. (b)		800		25,488
First Defiance Financial Corp.		1,000		67,060
First Financial Corp.		400		18,140
First Financial Northwest, Inc. (b)		600		11,712
First Foundation, Inc. (a)		400		7,416
First Hawaiian, Inc.		42,600		1,236,252
First Interstate BancSystem, Inc. Class A (b)		2,400		101,280
First Midwest Bancorp, Inc. (d)		356,266		9,074,095
Flushing Financial Corp.		1,500		39,150
FS Bancorp, Inc.		100		6,325
Green Bancorp, Inc.		1,700		36,720
Heritage Commerce Corp.		4,000		67,960
Home BancShares, Inc.		1,015		22,898
HomeTrust Bancshares, Inc. (a)		200		5,630
Huntington Bancshares, Inc.		29,800		439,848
Independent Bank Corp. (b)		2,400		61,200
Investors Bancorp, Inc.		100		1,279
JPMorgan Chase & Co. (d)		141,329		14,726,482
Lakeland Bancorp, Inc.		1,000		19,850
M&T Bank Corp.		11,000		1,871,650
Macatawa Bank Corp.		100		1,214
MB Financial, Inc.		364		16,999
Mercantile Bank Corp.		1,100		40,656
Merchants Bancorp (d)		7,193		205,216
Meridian Bancorp, Inc.		600		11,490
Midland States Bancorp, Inc. (d)		165,479		5,669,311
MidWestOne Financial Group, Inc.		300		10,134
National Bankshares, Inc. (b)		100		4,640
Northrim BanCorp, Inc.		400		15,820
OceanFirst Financial Corp. (d)		189,886		5,688,985
OFG Bancorp		200		2,810

See Notes to Consolidated Schedule of Investments.

6

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Opus Bank (d)		147,682	$	4,238,473
Oritani Financial Corp.		8,300		134,460
PacWest Bancorp (d)		178,265		8,809,856
Peapack Gladstone Financial Corp.		800		27,672
People’s United Financial, Inc.		2,400		43,416
Peoples Bancorp, Inc.		500		18,890
PNC Financial Services Group, Inc. (d)		93,562		12,640,226
Preferred Bank (b)		800		49,168
QCR Holdings, Inc. (d)		36,764		1,744,452
RBB Bancorp		200		6,424
Signature Bank (a),(d)		124,546		15,926,942
Simmons First National Corp. Class A (d)		114,784		3,432,042
Southside Bancshares, Inc.		115		3,873
State Bank Financial Corp.		6,800		227,120
Sterling Bancorp (d)		255,940		6,014,590
Stock Yards Bancorp, Inc.		1,100		41,965
SunTrust Banks, Inc. (d)		186,678		12,324,482
SVB Financial Group (a),(d)		24,772		7,153,163
Territorial Bancorp, Inc.		500		15,500
Towne Bank (d)		131,278		4,214,024
Trico Bancshares (b)		1,700		63,665
TriState Capital Holdings, Inc. (a),(b)		2,300		60,030
Triumph Bancorp, Inc. (a)		6,100		248,575
TrustCo Bank Corp.		700		6,230
Umpqua Holdings Corp.		2,600		58,734
United Community Financial Corp.		3,500		38,465
Univest Corp. of Pennsylvania (d)		119,784		3,294,060
Veritex Holdings, Inc. (a),(d)		154,410		4,797,519
Washington Trust Bancorp, Inc.		1,100		63,910
Waterstone Financial, Inc.		900		15,345
Wells Fargo & Co. (b)		87,100		4,828,824
Western Alliance Bancorp (a)		1,181		66,856
WSFS Financial Corp. (d)		73,375		3,910,888
Zions BanCorp. (d)		205,564		10,831,167
				178,763,906
Biotechnology & Pharmaceuticals — 3.0%
AbbVie, Inc.		400		37,060
Aceto Corp.		11,500		38,525
Acorda Therapeutics, Inc. (a),(b)		3,300		94,710
Adverum Biotechnollogies, Inc. (a)		900		4,770
Alexion Pharmaceuticals, Inc. (a),(d)		67,700		8,404,955
Allergan PLC (d)		47,640		7,942,541
Amgen, Inc. (d)		58,160		10,735,754
AnaptysBio, Inc. (a)		100		7,104
Anika Therapeutics, Inc. (a)		6,900		220,800
Athersys, Inc. (a)		1,700		3,349
BioCryst Pharmaceuticals, Inc. (a)		900		5,157
BioSpecifics Technologies Corp. (a),(b)		100		4,486
Blueprint Medicines Corp. (a)		1,300		82,524
Catalyst Biosciences, Inc. (a)		1,100		12,837
Celgene Corp. (a),(d),(b)		328,990		26,128,386
Celldex Therapeutics, Inc. (a)		6,681		3,365
ChemoCentryx, Inc. (a)		8,100		106,677
Chimerix, Inc. (a)		3,600		17,136
Concert Pharmaceuticals, Inc. (a)		400		6,732
Corium International, Inc. (a)		2,200		17,622
CTI BioPharma Corp. (a)		5,200		25,896
Curis, Inc. (a)		4,160		7,197
Cytokinetics, Inc. (a)		500		4,150
CytomX Therapeutics, Inc. (a)		2,700		61,722
Dermira, Inc. (a)		100		920

See Notes to Consolidated Schedule of Investments.

7

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Dicerna Pharmaceuticals, Inc. (a)		5,800	$	71,050
Durect Corp. (a)		100		156
Edge Therapeutics, Inc. (a)		800		824
Eiger BioPharmaceuticals, Inc. (a)		20		244
Enanta Pharmaceuticals, Inc. (a)		200		23,180
Fate Therapeutics, Inc. (a)		8,100		91,854
Five Prime Therapeutics, Inc. (a)		2,000		31,620
Halozyme Therapeutics, Inc. (a)		18,200		307,034
Horizon Pharma PLC (a)		11,300		187,128
Immune Design Corp. (a)		1,800		8,190
Intercept Pharmaceuticals, Inc. (a)		200		16,782
Iovance Biotherapeutics, Inc. (a)		1,200		15,360
Jazz Pharmaceuticals PLC (a)		13,000		2,239,900
Johnson & Johnson (b)		182,900		22,193,086
Kadmon Holdings, Inc. (a)		500		1,995
Karyopharm Therapeutics, Inc. (a)		500		8,495
KemPharm, Inc. (a)		100		650
Lexicon Pharmaceuticals, Inc. (a)		315		3,780
Ligand Pharmaceuticals, Inc. (a)		5,300		1,098,001
Merck & Co., Inc. (d),(b)		596,000		36,177,200
Mylan NV (a),(d)		116,510		4,210,671
Natural Health Trends Corp.		100		2,502
Nektar Therapeutics (a)		7,800		380,874
Neurocrine Biosciences, Inc. (a)		7,400		726,976
OncoMed Pharmaceuticals, Inc. (a)		700		1,617
Otonomy, Inc. (a)		11,700		45,045
PDL BioPharma, Inc. (a),(b)		34,100		79,794
Protagonist Therapeutics, Inc. (a)		4,800		32,256
PTC Therapeutics, Inc. (a)		1,100		37,103
Ra Pharmaceuticals, Inc. (a)		1,200		11,940
Recro Pharma, Inc. (a)		2,900		14,558
Regeneron Pharmaceuticals, Inc. (a),(d),(b)		127,050		43,830,979
Selecta Biosciences, Inc. (a)		900		11,925
Sierra Oncology, Inc. (a)		2,300		6,808
Stemline Therapeutics, Inc. (a)		3,800		60,990
Sunesis Pharmaceuticals, Inc. (a)		67		142
Syros Pharmaceuticals, Inc. (a)		1,200		12,252
United Therapeutics Corp. (a)		600		67,890
USANA Health Sciences, Inc. (a),(b)		1,900		219,070
Vanda Pharmaceuticals, Inc. (a)		700		13,335
Verastem, Inc. (a)		2,800		19,264
Versartis, Inc. (a)		11,400		23,085
Vertex Pharmaceuticals, Inc. (a),(d)		110,000		18,695,600
Voyager Therapeutics, Inc. (a)		800		15,632
Xencor, Inc. (a)		400		14,804
				184,986,016
Chemicals — 0.2%
AdvanSix, Inc. (a)		6,400		234,432
Air Products & Chemicals, Inc.		1,300		202,449
Albemarle Corp.		25		2,358
American Vanguard Corp.		200		4,590
Celanese Corp.		14,800		1,643,688
Chemours Co.		9,600		425,856
CSW Industrials, Inc. (a)		300		15,855
Haynes International, Inc.		600		22,044
Huntsman Corp.		107,200		3,130,240
Ingevity Corp. (a)		3,300		266,838
Koppers Holdings, Inc. (a)		1,200		46,020
Kraton Performance Polymers, Inc. (a)		1,000		46,140
Landec Corp. (a)		200		2,980
Lydall, Inc. (a)		2,400		104,760

See Notes to Consolidated Schedule of Investments.

8

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
LyondellBasell Industries NV Class A		3,600	$	395,460
Materion Corp.		100		5,415
Methanex Corp.		3,500		247,450
OMNOVA Solutions, Inc. (a)		6,500		67,600
PPG Industries, Inc.		43,300		4,491,509
Rogers Corp. (a)		1,800		200,628
RPM International, Inc.		2,800		163,296
Stepan Co. (b)		2,300		179,423
Univar, Inc. (a)		16,300		427,712
Valhi, Inc.		200		952
Versum Materials, Inc.		15,100		560,965
				12,888,660
Commercial Services — 0.1%
ABM Industries, Inc.		19,600		571,928
Acacia Research Corp. (a)		2,700		11,205
ARC Document Solutions, Inc. (a),(b)		8,300		14,691
Barrett Business Services, Inc.		600		57,942
Brady Corp. Class A		4,400		169,620
Care.com, Inc. (a)		1,900		39,672
CBIZ, Inc. (a),(b)		1,200		27,600
Collectors Universe, Inc. (b)		700		10,318
CorVel Corp. (a)		800		43,200
CRA International, Inc. (b)		1,700		86,513
Cross Country Healthcare, Inc. (a)		2,500		28,125
GP Strategies Corp. (a),(b)		100		1,760
Hackett Group, Inc. (b)		4,300		69,101
Healthcare Services Group, Inc.		14,400		621,936
Heidrick & Struggles International, Inc.		600		21,000
Hill International, Inc. (a)		300		1,770
HMS Holdings Corp. (a)		100		2,162
Huron Consulting Group, Inc. (a)		3,600		147,240
Information Services Group, Inc. (a)		1,500		6,150
Insperity, Inc.		2,000		190,500
Kelly Services, Inc. Class A		1,300		29,185
Kforce, Inc.		1,100		37,730
Manpowergroup, Inc.		24,000		2,065,440
Navigant Consulting, Inc. (a),(b)		5,500		121,770
Resources Connection, Inc. (b)		1,000		16,900
ServiceMaster Global Holdings, Inc. (a)		1,300		77,311
SP Plus Corp. (a)		4,300		159,960
TriNet Group, Inc. (a)		3,300		184,602
TrueBlue, Inc. (a)		1,600		43,120
Vectrus, Inc. (a)		1,200		36,984
Viad Corp.		500		27,125
				4,922,560
Construction Materials — 0.0%
Advanced Drainage Systems, Inc.		4,300		122,765
Apogee Enterprises, Inc.		500		24,085
Carlisle Cos., Inc.		6,800		736,508
Continental Building Products, Inc. (a),(b)		11,200		353,360
Forterra, Inc. (a)		600		5,838
MDU Resources Group, Inc.		100		2,868
Owens Corning		3,400		215,458
Universal Forest Products, Inc.		7,500		274,650
				1,735,532
Consumer Products — 1.3%
Alliance One International (a)		800		12,680
Altria Group, Inc.		65,900		3,742,461
Boston Beer Co., Inc. Class A (a)		5,200		1,558,440

See Notes to Consolidated Schedule of Investments.

9

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Central Garden and Pet Co. Class A (a),(b)		2,300	$	93,081
Clearwater Paper Corp. (a)		300		6,930
Coca-Cola Co. (The) (b)		447,600		19,631,736
Colgate-Palmolive Co. (b)		159,300		10,324,233
ConAgra Foods, Inc.		69,900		2,497,527
Constellation Brands, Inc. Class A		38,400		8,404,608
Cott Corp.		2,500		41,375
Craft Brew Alliance, Inc. (a)		200		4,130
DavidsTea, Inc. (a)		400		1,420
General Mills, Inc.		101,900		4,510,094
Herbalife Ltd. (a)		89,900		4,829,428
Hershey Co.		2		186
Kimberly-Clark Corp. (b)		57,100		6,014,914
Lamb Weston Holdings, Inc.		32,500		2,226,575
Mondelez International, Inc. Class A		33,500		1,373,500
Monster Beverage Corp. (a),(b)		111,200		6,371,760
Nu Skin Enterprises, Inc.		3,300		258,027
Phibro Animal Health Corp. Class A		600		27,630
Philip Morris International, Inc. (b)		33,000		2,664,420
Pilgrim’s Pride Corp. (a)		9,600		193,248
Pinnacle Foods, Inc.		4,900		318,794
Primo Water Corp. (a)		16,800		293,832
Procter & Gamble Co.		5,700		444,942
Senomyx, Inc. (a)		5,100		6,120
Simply Good Foods Co. (The) (a)		4,700		67,868
Vector Group Ltd. (b)		24,622		469,788
Veru, Inc. (a),(b)		500		1,010
				76,390,757
Consumer Services — 0.0%
American Public Education, Inc. (a),(b)		2,300		96,830
Bridgepoint Education, Inc. (a),(b)		8,500		55,505
Cambium Learning Group, Inc. (a)		100		1,115
Capella Education Co.		1,800		177,660
Carriage Services, Inc.		3,500		85,925
Grand Canyon Education, Inc. (a)		1,200		133,932
K12, Inc. (a),(b)		7,000		114,590
Laureate Education, Inc. Class A (a)		701		10,045
Matthews International Corp. Class A		2,000		117,600
Regis Corp. (a)		3,000		49,620
Universal Technical Institute, Inc. (a),(b)		900		2,835
Weight Watchers International, Inc. (a)		15,900		1,607,490
				2,453,147
Containers & Packaging — 0.0%
Berry Plastics Group, Inc. (a),(b)		21,497		987,572
Blackhawk Network Holdings, Inc. Class C (d)		27		0
Crown Holdings, Inc. (a)		25,300		1,132,428
Graphic Packaging Holding Co.		7,100		103,021
Myers Industries, Inc.		300		5,760
Sonoco Products Co.		3,000		157,500
				2,386,281
Design, Manufacturing & Distribution — 0.1%
Avnet, Inc.		900		38,601
Benchmark Electronics, Inc.		3,100		90,365
Celestica, Inc. (a)		24,400		289,628
Flextronics International Ltd. (a),(b)		163,600		2,308,396
Jabil Circuit, Inc.		12,500		345,750
Sanmina Corp. (a),(b)		10,500		307,650
SYNNEX Corp.		1,000		96,510
				3,476,900

See Notes to Consolidated Schedule of Investments.

10

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Distributors—Consumer Staples — 0.1%
Andersons, Inc. (b)		800	$	27,360
Core-Mark Holding Co., Inc.		8,000		181,600
Performance Food Group Co. (a)		25,100		921,170
Sysco Corp.		9,000		614,610
US Foods Holding Corp. (a)		97,700		3,695,014
				5,439,754
Distributors—Discretionary — 0.0%
ePlus, Inc. (a)		100		9,410
Essendant, Inc.		5,000		66,100
FTD Cos., Inc. (a)		6,000		27,840
G-III Apparel Group Ltd. (a)		7,000		310,800
Insight Enterprises, Inc. (a)		4,000		195,720
KAR Auction Services, Inc.		25,300		1,386,440
PCM, Inc. (a)		2,600		39,390
ScanSource, Inc. (a),(b)		1,200		48,360
				2,084,060
Electrical Equipment — 0.2%
Acuity Brands, Inc.		13,500		1,564,245
Argan, Inc.		400		16,380
Bel Fuse, Inc. Class B		100		2,090
Belden, Inc.		1,200		73,344
Emerson Electric Co.		3,900		269,646
FARO Technologies, Inc. (a)		2,800		152,180
Honeywell International, Inc.		7,000		1,008,350
Houston Wire & Cable Co. (a),(b)		1,200		10,200
Hubbell, Inc.		700		74,018
Ingersoll-Rand PLC		55,300		4,962,069
Kimball Electronics, Inc. (a)		100		1,830
Littelfuse, Inc.		18		4,107
LSI Industries, Inc.		3,300		17,622
OSI Systems, Inc. (a)		100		7,733
Powell Industries, Inc.		500		17,415
Rockwell Automation, Inc.		15,200		2,526,696
Sensata Technologies Holding plc (a)		21,100		1,003,938
Stoneridge, Inc. (a)		2,800		98,392
Trimble Navigation Ltd. (a)		100		3,284
				11,813,539
Engineering & Construction Services — 0.0%
Aegion Corp. (a),(b)		3,700		95,275
Exponent, Inc.		4,800		231,840
Granite Construction, Inc.		1,123		62,506
Great Lakes Dredge & Dock Corp. (a)		2,300		12,075
Jacobs Engineering Group, Inc.		11,000		698,390
Mistras Group, Inc. (a)		2,800		52,864
MYR Group, Inc. (a),(b)		3,200		113,472
Orion Marine Group, Inc. (a),(b)		4,100		33,866
Primoris Services Corp.		900		24,507
Quanta Services, Inc. (a)		36,300		1,212,420
Sterling Construction Co., Inc. (a)		7,700		100,331
				2,637,546
Forest & Paper Products — 0.0%
Mercer International, Inc. (b)		8,800		154,000
Resolute Forest Products, Inc. (a)		9,400		97,290
Verso Corp. (a)		19,100		415,616
				666,906

See Notes to Consolidated Schedule of Investments.

11

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Gaming, Lodging & Restaurants — 0.6%
BBX Capital Corp.		1,600	$	14,448
BJ's Restaurants, Inc.		4,400		264,000
Bojangles’, Inc. (a)		13,000		187,200
Brinker International, Inc.		21,200		1,009,120
Cannae Holdings, Inc. (a)		2,700		50,085
Carnival Corp.		1,800		103,158
Carrols Restaurant Group, Inc. (a)		5,900		87,615
Century Casinos, Inc. (a)		300		2,625
Cheesecake Factory, Inc. (The)		25,300		1,393,018
Chipotle Mexican Grill, Inc. (a)		2,199		948,583
Cracker Barrel Old Country Store, Inc.		8,599		1,343,250
Darden Restaurants, Inc.		10,101		1,081,413
Del Frisco’s Restaurant Group, Inc. (a),(b)		7,400		93,240
Domino’s Pizza, Inc. (b)		24,800		6,997,816
El Pollo Loco Holdings, Inc. (a)		1,200		13,680
Eldorado Resorts, Inc. (a)		38,365		1,500,072
Famous Dave’s of America, Inc. (a)		1,091		7,364
Habit Restaurants, Inc. (The) Class A (a)		1,000		10,000
Hilton Worldwide Holdings, Inc.		1		79
J Alexander’s Holdings, Inc. (a)		1,100		12,265
Kona Grill, Inc. (a)		1,200		2,820
Las Vegas Sands Corp.		52,800		4,031,808
Lindblad Expeditions Holdings, Inc. (a)		300		3,975
Marriott International, Inc. Class A		19,414		2,457,812
Monarch Casino & Resort, Inc. (a)		1,600		70,480
Norwegian Cruise Line Holdings Ltd. (a)		89,700		4,238,325
Penn National Gaming, Inc. (a)		4,700		157,873
Potbelly Corp. (a)		3,800		49,210
Red Robin Gourmet Burgers, Inc. (a)		5,300		246,980
Ruth’s Hospitality Group, Inc.		1,000		28,050
Scientific Games Corp. Class A (a)		28,000		1,376,200
Shake Shack, Inc. Class A (a)		100		6,618
Wendy’s Co.		31,500		541,170
Wingstop, Inc.		15,600		813,072
Yum! Brands, Inc. (b)		93,100		7,282,282
				36,425,706
Hardware — 0.7%
A10 Networks, Inc. (a)		14,600		90,958
ADTRAN, Inc.		4,000		59,400
Arista Networks, Inc. (a),(b)		28,000		7,209,720
ARRIS International plc (a)		16,700		408,232
Casa Systems, Inc. (a)		2,200		35,926
Ciena Corp. (a)		100		2,647
Clearfield, Inc. (a)		1,100		12,155
CommScope Holding Co., Inc. (a)		21,000		613,305
Comtech Telecommunications Corp. (b)		1,200		38,256
Corning, Inc.		5,100		140,301
Cray, Inc. (a)		2,300		56,580
Daktronics, Inc. (b)		3,800		32,338
Dolby Laboratories, Inc. Class A (b)		8,900		549,041
Eastman Kodak Co. (a)		700		2,660
Electronics For Imaging, Inc. (a)		14,700		478,632
Emcore Corp. (a)		12,100		61,105
F5 Networks, Inc. (a)		26,300		4,535,435
Finisar Corp. (a)		36,800		662,400
FLIR Systems, Inc.		19,000		987,430
Garmin Ltd.		2		122

See Notes to Consolidated Schedule of Investments.

12

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Harmonic, Inc. (a)		4,600	$	19,550
Hewlett Packard Enterprise Co.		284,800		4,160,928
HP, Inc. (b)		260,400		5,908,476
InterDigital, Inc.		9,600		776,640
Juniper Networks, Inc.		86,700		2,377,314
Knowles Corp. (a)		13		199
KVH Industries, Inc. (a)		700		9,380
LightPath Technologies, Inc. Class A (a)		700		1,610
Mitel Networks Corp. (a)		22		241
Motorola Solutions, Inc.		3,500		407,295
NetApp, Inc.		31,800		2,497,254
Nutanix, Inc. (a)		9,500		489,915
Pitney Bowes, Inc.		9,400		80,558
Pure Storage, Inc. Class A (a)		109,200		2,607,696
Quantenna Communications, Inc. (a)		2,100		32,634
Quantum Corp. (a)		637		1,401
Radisys Corp. (a)		15,100		10,557
Seagate Technology PLC		84,900		4,794,303
Sierra Wireless, Inc. (a)		1,600		25,600
TTM Technologies, Inc. (a)		2,500		44,075
Turtle Beach Corp. (a)		2,300		46,736
Viavi Solutions, Inc. (a),(b)		12,500		128,000
Vishay Precision Group, Inc. (a),(b)		1,300		49,595
Vocera Communications, Inc. (a)		10,900		325,801
VOXX International Corp. (a),(b)		4,800		25,920
Xerox Corp.		3,125		75,000
ZAGG, Inc. (a)		300		5,190
Zebra Technologies Corp. Class A (a)		10,400		1,489,800
				42,368,311
Health Care Facilities & Services — 2.3%
Addus HomeCare Corp. (a),(b)		1,300		74,425
Anthem, Inc. (d)		95,180		22,655,695
BioScrip, Inc. (a)		9,000		26,370
Cardinal Health, Inc.		6,200		302,746
Catalent, Inc. (a)		100		4,189
Centene Corp. (a),(d)		67,695		8,340,709
Cigna Corp.		2,400		407,880
Civitas Solutions, Inc. (a)		1,400		22,960
Digirad Corp. (b)		1,900		2,945
Ensign Group, Inc.		2,000		71,640
Enzo Biochem, Inc. (a)		6,600		34,254
Five Star Quality Care, Inc. (a)		1,978		2,967
HCA Holdings, Inc. (d)		201,280		20,651,328
Henry Schein, Inc. (a),(b)		23,800		1,728,832
Laboratory Corp. of America Holdings (a),(d),(b)		168,260		30,207,718
Magellan Health, Inc. (a)		3,100		297,445
McKesson Corp.		3,200		426,880
Medpace Holdings, Inc. (a)		6,700		288,100
Molina Healthcare, Inc. (a)		27,700		2,712,938
Natera, Inc. (a)		4,500		84,690
NeoGenomics, Inc. (a)		700		9,177
OvaScience, Inc. (a)		4,700		4,265
Owens & Minor, Inc.		26,100		436,131
Patterson Cos., Inc.		46,000		1,042,820
Premier, Inc. Class A (a)		3,500		127,330
Providence Service Corp. (a)		500		39,275
Quest Diagnostics, Inc. (d)		149,280		16,411,843
Quorum Health Corp. (a)		7,100		35,500
R1 RCM, Inc. (a)		8,400		72,912
RadNet, Inc. (a),(b)		13,700		205,500
Tenet Healthcare Corp. (a)		19,000		637,830

See Notes to Consolidated Schedule of Investments.

13

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Tivity Health, Inc. (a),(b)		9,300	$	327,360
Triple-S Management Corp. B Shares (a),(b)		5,600		218,736
UnitedHealth Group, Inc. (d),(b)		95,480		23,425,063
Universal Health Services, Inc. Class B (d)		52,440		5,843,914
WellCare Health Plans, Inc. (a)		3,100		763,344
				137,945,711
Home & Office Products — 0.1%
ACCO Brands Corp.		5,600		77,560
Armstrong Flooring, Inc. (a)		5,400		75,816
Caesarstone Sdot-Yam Ltd.		10,800		163,080
CSS Industries, Inc.		300		5,070
HNI Corp.		600		22,320
Interface, Inc.		300		6,885
Kimball International, Inc. Class B (b)		3,400		54,944
Knoll, Inc.		2,600		54,106
Leggett & Platt, Inc.		7,400		330,336
Masco Corp. (b)		135,300		5,062,926
Masonite International Corp. (a)		1,300		93,405
Mohawk Industries, Inc. (a)		5,400		1,157,058
PGT, Inc. (a)		5,400		112,590
Quanex Building Products Corp.		2,200		39,490
Stanley Black & Decker, Inc.		4,100		544,521
Steelcase, Inc. Class A		6,100		82,350
				7,882,457
Industrial Services — 0.1%
AMERCO		300		106,845
DXP Enterprises, Inc. (a)		400		15,280
H&E Equipment Services, Inc.		6,700		251,987
HD Supply Holdings, Inc. (a)		73,100		3,135,259
Herc Holdings, Inc. (a)		1,554		87,552
McGrath RentCorp		3,500		221,445
Titan Machinery, Inc. (a)		7,400		115,070
United Rentals, Inc. (a)		300		44,286
Watsco, Inc.		2		357
WESCO International, Inc. (a),(b)		6,100		348,310
				4,326,391
Institutional Financial Services — 0.0%
CME Group, Inc.		300		49,176
Cowen Group, Inc. Class A (a)		125		1,731
Houlihan Lokey, Inc.		800		40,976
INTL. FCStone, Inc. (a),(b)		100		5,171
LPL Financial Holdings, Inc.		4,300		281,822
NASDAQ OMX Group, Inc.		2,500		228,175
				607,051
Insurance — 0.4%
Allstate Corp.		33,701		3,075,890
Ambac Financial Group, Inc. (a)		3,300		65,505
AMERISAFE, Inc.		1,200		69,300
Arch Capital Group Ltd. (a)		72,000		1,905,120
Aspen Insurance Holdings Ltd.		17,800		724,460
Atlas Financial Holdings, Inc. (a)		300		2,625
Baldwin & Lyons, Inc. Class B		800		19,520
Citizens, Inc. (a)		200		1,558
Crawford & Co. Class B		100		865
eHealth, Inc. (a)		4,100		90,610
Employers Holdings, Inc. (b)		3,600		144,720
FedNat Holding Co.		200		4,614

See Notes to Consolidated Schedule of Investments.

14

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
FGL Holdings (a),(d)		1,076,499	$	9,031,826
Genworth Financial, Inc. Class A (a)		4,200		18,900
Greenlight Capital Re Ltd. A Shares (a)		5,900		83,780
Kemper Corp.		100		7,565
Kinsale Capital Group, Inc.		1,600		87,776
Lincoln National Corp. (b)		5,500		342,375
Maiden Holdings Ltd. (b)		20,300		157,325
NMI Holdings, Inc. Class A (a)		13,700		223,310
Old Republic International Corp.		19,200		382,272
Principal Financial Group, Inc.		40,600		2,149,770
ProAssurance Corp.		3,600		127,620
Progressive Corp.		2,000		118,300
Prudential Financial, Inc.		39,200		3,665,592
Radian Group, Inc.		100		1,622
RenaissanceRe Holdings Ltd.		100		12,032
State Auto Financial Corp. (b)		82		2,453
Travelers Cos., Inc.		1,300		159,042
Trupanion, Inc. (a)		7,300		281,780
Universal Insurance Holdings, Inc.		700		24,570
Unum Group		40,100		1,483,299
				24,465,996
Iron & Steel — 0.1%
Northwest Pipe Co. (a)		1,200		23,244
Nucor Corp.		50,400		3,150,000
Ryerson Holding Corp. (a)		3,600		40,140
Shiloh Industries, Inc. (a)		600		5,220
SunCoke Energy, Inc. (a)		2,500		33,500
Warrior Met Coal, Inc.		33,000		909,810
				4,161,914
Leisure Products — 0.1%
Brunswick Corp.		28,600		1,844,128
Clarus Corp. (a)		3,100		25,575
Funko, Inc. Class A (a)		501		6,288
Hasbro, Inc.		35,600		3,286,236
JAKKS Pacific, Inc. (a)		4,300		14,082
Malibu Boats, Inc. (a)		1,800		75,492
MCBC Holdings, Inc. (a)		5,800		167,910
				5,419,711
Machinery — 0.2%
AGCO Corp.		900		54,648
Briggs & Stratton Corp.		7,000		123,270
Caterpillar, Inc.		35,100		4,762,017
Columbus McKinnon Corp.		1,500		65,040
Crane Co.		2,200		176,286
Curtiss-Wright Corp.		700		83,314
Douglas Dynamics, Inc.		500		24,000
Federal Signal Corp.		1,500		34,935
Gardner Denver Holdings, Inc. (a)		11,600		340,924
Graco, Inc.		11,900		538,118
Graham Corp. (b)		1,200		30,972
Hillenbrand, Inc.		3,100		146,165
Hyster-Yale Materials Handling, Inc. (b)		400		25,700
IDEX Corp.		100		13,648
Illinois Tool Works, Inc.		200		27,708
Lincoln Electric Holdings		13,100		1,149,656
Milacron Holdings Corp. (a)		7,000		132,510
MTS Systems Corp.		1,400		73,710
Nordson Corp.		2,300		295,343
Oshkosh Corp.		13,200		928,224

See Notes to Consolidated Schedule of Investments.

15

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Parker-Hannifin Corp.		5,300	$	826,005
SPX FLOW, Inc. (a)		5,200		227,604
Toro Co.		9,800		590,450
Welbilt, Inc. (a)		14,300		319,033
Xerium Technologies, Inc. (a),(b)		1,500		19,860
				11,009,140
Manufactured Goods — 0.0%
Atkore International Group, Inc. (a)		24,300		504,711
Core Molding Technologies, Inc.		400		5,712
DMC Global, Inc. (b)		3,700		166,130
Gibraltar Industries, Inc. (a),(b)		6,300		236,250
Global Brass & Copper Holdings, Inc.		4,100		128,535
Insteel Industries, Inc.		1,400		46,760
LB Foster Co. Class A (a)		1,400		32,130
NCI Building Systems, Inc. (a)		4,500		94,500
Timken Co.		100		4,355
				1,219,083
Media — 1.2%
Alphabet, Inc. Class A (a)		11,300		12,759,847
AutoWeb, Inc. (a),(b)		4,300		19,436
Boingo Wireless, Inc. (a),(b)		13,400		302,706
Booking Holdings, Inc. (a)		8,401		17,029,583
Cargurus, Inc. (a)		7,200		250,128
Central European Media Enterprises Ltd. A Shares (a)		5,200		21,580
Clear Channel Outdoor Holdings, Inc. Class A (b)		3,800		16,340
Comcast Corp. Class A		78,800		2,585,428
DHI Group, Inc. (a)		13,300		31,255
DISH Network Corp. Class A (a)		6,700		225,187
Entravision Communications Corp. Class A		2,000		10,000
Facebook, Inc. Class A (a)		3,500		680,120
Forrester Research, Inc.		200		8,390
GoDaddy, Inc. Class A (a)		57,300		4,045,380
GrubHub, Inc. (a)		400		41,964
Harte-Hanks, Inc. (a)		390		4,329
IAC/InterActiveCorp (a)		7,400		1,128,426
IMAX Corp. (a)		3,200		70,880
Lee Enterprises, Inc. (a)		300		855
Liberty Broadband Corp. Class A (a),(d),(b)		1,001		75,716
Liberty SiriusXM Group Class A (a),(d),(b)		36,575		1,647,704
Liberty SiriusXM Group Class C (a),(d),(b)		32,973		1,495,655
Liberty TripAdvisor Holdings, Inc. Class A (a)		14,600		235,060
Marchex, Inc. Class B		2,600		7,956
Marin Software, Inc. (a)		442		2,564
Match Group, Inc. (a)		30,100		1,166,074
McClatchy Co. Class A (a)		90		895
MDC Partners, Inc. Class A (a)		1,100		5,060
Netflix, Inc. (a),(b)		59,500		23,290,085
News Corp. Class A (b)		34,300		531,650
Omnicom Group, Inc.		100		7,627
Points International Ltd. (a)		1,300		21,398
Rubicon Project, Inc. (a)		29,800		84,930
Shutterstock, Inc. (a)		7,500		355,950
Stamps.com, Inc. (a)		6,800		1,720,740
TechTarget, Inc. (a),(b)		7,600		215,840
Townsquare Media, Inc. Class A		100		647
Trade Desk, Inc. Class A (a)		170		15,946
Travelzoo, Inc. (a)		100		1,710
tronc, Inc. (a)		500		8,640
TrueCar, Inc. (a)		39,700		400,573
Twitter, Inc. (a)		15,600		681,252

See Notes to Consolidated Schedule of Investments.

16

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
VeriSign, Inc. (a),(b)		22,800	$	3,133,176
Web.com Group, Inc. (a)		600		15,510
World Wrestling Entertainment, Inc. Class A		3,800		276,716
XO Group, Inc. (a),(b)		7,000		224,000
Yelp, Inc. (a)		5,300		207,654
Yext, Inc. (a)		44,200		854,828
Zillow Group, Inc. (a)		4,118		246,050
				76,163,440
Medical Equipment & Devices — 3.2%
Abbott Laboratories		500		30,495
ABIOMED, Inc. (a)		28,000		11,453,400
Accuray, Inc. (a)		3,700		15,170
Agilent Technologies, Inc. (b)		84,600		5,231,664
Align Technology, Inc. (a)		13,900		4,755,746
AngioDynamics, Inc. (a),(b)		7,200		160,128
AtriCure, Inc. (a)		300		8,115
AxoGen, Inc. (a)		3,600		180,900
Baxter International, Inc. (d),(b)		518,843		38,311,367
CareDx, Inc. (a)		16,900		206,856
Cerus Corp. (a)		1,700		11,339
ConforMIS, Inc. (a)		4,400		5,500
CryoLife, Inc. (a),(b)		1,500		41,775
Cutera, Inc. (a)		1,900		76,570
CytoSorbents Corp. (a)		7,300		83,220
Danaher Corp. (d),(b)		216,280		21,342,511
Edwards Lifesciences Corp. (a),(b)		35,900		5,225,963
Fluidigm Corp. (a)		2,500		14,900
FONAR Corp. (a)		400		10,620
GenMark Diagnostics, Inc. (a)		8,900		56,782
Genomic Health, Inc. (a),(b)		800		40,320
Harvard Bioscience, Inc. (a),(b)		500		2,675
Hill-Rom Holdings, Inc.		800		69,872
Hologic, Inc. (a),(d)		218,850		8,699,288
IDEXX Laboratories, Inc. (a)		18,600		4,053,684
Inogen, Inc. (a)		1,300		242,229
Insulet Corp. (a)		16,500		1,414,050
Integer Holdings Corp. (a)		1,100		71,115
Integra LifeSciences Holdings Corp. (a)		1,000		64,410
Intuitive Surgical, Inc. (a),(d),(b)		51,310		24,550,809
iRhythm Technologies, Inc. (a)		1,600		129,808
Lantheus Holdings, Inc. (a)		6,700		97,485
Luminex Corp. (b)		1,400		41,342
Masimo Corp. (a)		6,700		654,255
Medtronic PLC (d)		233,390		19,980,518
Meridian Bioscience, Inc.		8,100		128,790
MiMedx Group, Inc. (a)		3,200		20,448
Novocure Ltd. (a)		3,700		115,810
Nuvectra Corp. (a)		800		16,424
Orthofix International NV (a)		4,000		227,280
Oxford Immunotec Global PLC (a)		700		9,023
Penumbra, Inc. (a)		1,300		179,595
QIAGEN NV (a)		19,076		689,788
ResMed, Inc.		3,700		383,246
RTI Surgical, Inc. (a)		6,200		28,520
SeaSpine Holdings Corp. (a)		200		2,524
Sientra, Inc. (a)		700		13,657
STAAR Surgical Co. (a)		6,700		207,700
SurModics, Inc. (a),(b)		900		49,680
T2 Biosystems, Inc. (a)		1,600		12,384
Tandem Diabetes Care, Inc. (a)		3,163		69,649
Thermo Fisher Scientific, Inc. (d)		85,360		17,681,470

See Notes to Consolidated Schedule of Investments.

17

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Varian Medical Systems, Inc. (a)		1,600	$	181,952
Veracyte, Inc. (a)		300		2,802
Wright Medical Group NV (a)		499		12,954
Zimmer Holdings, Inc. (d)		292,480		32,593,971
				199,962,548
Metals & Mining — 0.1%
Alcoa Corp. (a),(b)		65,901		3,089,439
Asanko Gold, Inc. (a)		1,800		1,926
Constellium NV Class A (a)		8,500		87,550
Encore Wire Corp. (b)		600		28,470
Fortuna Silver Mines, Inc. (a)		7,100		40,328
Golden Star Resources Ltd. (a)		5,300		3,577
Harsco Corp. (a)		7,100		156,910
HudBay Minerals, Inc.		2,000		11,200
IAMGOLD Corp. (a)		2,600		15,106
Nevsun Resources Ltd.		600		2,082
New Gold, Inc. (a)		31,600		65,728
Newmont Mining Corp.		1,200		45,252
Pan American Silver Corp.		500		8,950
Silvercorp Metals, Inc.		1,000		2,670
Taseko Mines Ltd. (a)		4,500		4,860
Teck Resources Ltd. B Shares		81,200		2,066,540
				5,630,588
Oil, Gas & Coal — 0.7%
Abraxas Petroleum Corp. (a)		51,800		149,702
Advantage Oil & Gas Ltd. (a),(b)		4,200		13,020
Anadarko Petroleum Corp.		25,600		1,875,200
Baker Hughes a GE Co. (b)		25,700		848,871
Bellatrix Exploration Ltd. (a)		60		59
Bonanza Creek Energy, Inc. (a)		1,500		56,805
California Resources Corp. (a)		1,390		63,162
Canadian Natural Resources Ltd.		1,700		61,319
Cheniere Energy, Inc. (a)		27,100		1,766,649
Chevron Corp.		300		37,929
Civeo Corp. (a)		37,800		164,808
CNX Resources Corp. (a)		5,600		99,568
CONSOL Energy, Inc. (a)		3,000		115,050
Continental Resources, Inc. (a)		69,000		4,468,440
Dawson Geophysical Co. (a),(b)		882		6,968
Denbury Resources, Inc. (a)		200		962
Energen Corp. (a)		18,900		1,376,298
Energy XXI Gulf Coast, Inc. (a)		11,000		97,240
Era Group, Inc. (a)		300		3,885
Evolution Petroleum Corp. (b)		2,500		24,625
Exxon Mobil Corp.		1		83
Geospace Technologies Corp. (a)		100		1,406
Gran Tierra Energy, Inc. (a)		2,200		7,590
Gulf Island Fabrication, Inc. (b)		2,400		21,600
Hallador Energy Co.		1,400		9,996
Halliburton Co. (b)		161,200		7,263,672
HighPoint Resources Corp. (a)		4,300		26,144
HollyFrontier Corp.		9,200		629,556
Independence Contract Drilling, Inc. (a)		4,900		20,188
ION Geophysical Corp. (a)		286		6,950
Lilis Energy, Inc. (a)		1,800		9,360
Marathon Oil Corp.		20,400		425,544
Matrix Service Co. (a),(b)		7,400		135,790
Midstates Petroleum Co., Inc. (a)		200		2,722
Murphy USA, Inc. (a)		15,600		1,158,924
NACCO Industries, Inc. Class A		100		3,375

See Notes to Consolidated Schedule of Investments.

18

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Natural Gas Services Group, Inc. (a)		1,200	$	28,320
Newpark Resources, Inc. (a),(b)		800		8,680
Noble Corp. PLC (a)		1,600		10,128
NOW, Inc. (a)		10,300		137,299
Occidental Petroleum Corp. (b)		133,800		11,196,384
Parker Drilling Co. (a)		3,100		1,178
Peabody Energy Corp.		40,600		1,846,488
Penn Virginia Corp. (a)		2,000		169,780
PHI, Inc. (a)		1,200		12,204
Pioneer Energy Services Corp. (a)		15,400		90,090
Pioneer Natural Resources Co. (b)		24,100		4,560,684
SandRidge Energy, Inc. (a)		800		14,192
SEACOR Holdings, Inc. (a)		2,000		114,540
SilverBow Resources, Inc. (a)		500		14,440
Tidewater, Inc. (a)		2,853		82,537
TransGlobe Energy Corp. (a),(b)		800		2,216
Transocean Ltd. (a)		271,300		3,646,272
TravelCenters of America LLC (a)		4,700		16,450
VAALCO Energy, Inc. (a)		3,300		9,009
Whiting Petroleum Corp. (a)		14,514		765,178
WildHorse Resource Development Corp. (a)		11,500		291,640
World Fuel Services Corp.		13,600		277,576
				44,248,745
Passenger Transportation — 0.2%
Alaska Air Group, Inc.		6,700		404,613
Copa Holdings SA Class A		9,400		889,428
Delta Air Lines, Inc.		56,700		2,808,918
Hawaiian Holdings, Inc. (b)		22,700		816,065
Southwest Airlines Co.		6,400		325,632
United Continental Holdings, Inc. (a),(b)		71,800		5,006,614
				10,251,270
Real Estate — 0.4%
Alexander & Baldwin, Inc.		1,110		26,085
American Tower Corp.		1		144
AvalonBay Communities, Inc. (d),(b)		3,682		632,899
Boston Properties, Inc. (d),(b)		3,824		479,606
CareTrust REIT, Inc.		1,100		18,359
Colliers International Group, Inc.		1,100		83,270
CoreCivic, Inc.		18,400		439,576
Digital Realty Trust, Inc. (d)		7,217		805,273
Empire State Realty Trust, Inc. Class A		1,500		25,650
Equinix, Inc. (d),(b)		1,826		784,979
Equity Residential (d),(b)		10,317		657,090
Essex Property Trust, Inc. (d)		3,345		799,689
FirstService Corp.		1,000		76,040
Gaming and Leisure Properties, Inc.		15,045		538,611
GGP, Inc. (d)		33,381		681,974
Gladstone Commercial Corp. (b)		5,800		111,476
HCP, Inc. (d)		32,196		831,301
Hospitality Properties Trust		2,100		60,081
Host Hotels & Resorts, Inc. (d)		37,783		796,088
Howard Hughes Corp. (a)		2,000		265,000
InfraREIT, Inc. (a)		3,900		86,463
Investors Real Estate Trust (d)		379,488		2,098,569
JBG SMITH Properties (d),(b)		1,481		54,012
LTC Properties, Inc.		18		769
Marcus & Millichap, Inc. (a)		1,900		74,119
MedEquities Realty Trust, Inc.		4,800		52,896
Monmouth Real Estate Investment Corp. Class A		6,500		107,445
Newmark Group, Inc. Class A		200		2,846

See Notes to Consolidated Schedule of Investments.

19

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
One Liberty Properties, Inc.		1,600	$	42,256
Prologis, Inc. (d),(b)		15,075		990,277
Public Storage (d),(b)		4,028		913,792
RE/MAX Holdings, Inc. Class A		323		16,941
Realty Income Corp. (d)		14,624		786,625
Saul Centers, Inc.		100		5,358
SBA Communications Corp. (a),(b)		40,000		6,604,800
Simon Property Group, Inc. (d),(b)		8,420		1,433,000
Urstadt Biddle Properties, Inc. Class A (b)		3,200		72,416
Ventas, Inc. (d),(b)		9,606		547,062
VICI Properties, Inc.		25,600		528,384
Vornado Realty Trust (d),(b)		4,398		325,100
Welltower, Inc. (d),(b)		9,827		616,054
WP Carey, Inc.		1,700		112,795
Xenia Hotels & Resorts, Inc.		30,100		733,236
				24,318,406
Recreation Facilities & Services — 0.0%
Live Nation Entertainment, Inc. (a)		29,100		1,413,387
Madison Square Garden Co. (The) (a)		200		62,038
Marcus Corp.		1,400		45,500
Planet Fitness, Inc. Class A (a)		13,700		601,978
Speedway Motorsports, Inc. (b)		1,200		20,832
				2,143,735
Renewable Energy — 0.0%
Ameresco, Inc. Class A (a),(b)		3,200		38,400
Enphase Energy, Inc. (a)		2,005		13,494
FutureFuel Corp.		2,700		37,827
Renewable Energy Group, Inc. (a),(b)		6,400		114,240
Sunrun, Inc. (a)		5,000		65,750
TPI Composites, Inc. (a)		3,400		99,416
				369,127
Retail—Consumer Staples — 0.9%
Costco Wholesale Corp.		65,500		13,688,190
Dollar Tree, Inc. (a),(b)		113,200		9,622,000
Five Below, Inc. (a)		30,900		3,019,239
Ingles Markets, Inc. Class A		5,200		165,360
Kroger Co.		232,300		6,608,935
Natural Grocers by Vitamin Cottage, Inc. (a)		1,600		20,384
Rite Aid Corp. (a)		5,200		8,996
Smart & Final Stores, Inc. (a)		6,000		33,300
Target Corp. (b)		273,100		20,788,372
Village Super Market, Inc. Class A		1,100		32,406
				53,987,182
Retail—Discretionary — 1.9%
1-800-Flowers.com, Inc. Class A (a)		2,500		31,375
Amazon.com, Inc. (a)		13,500		22,947,300
American Eagle Outfitters, Inc.		14,700		341,775
Ascena Retail Group, Inc. (a)		1,000		3,985
Avis Budget Group, Inc. (a)		37,600		1,222,000
Barnes & Noble Education, Inc. (a)		8,800		49,632
Bassett Furniture Industries, Inc. (b)		1,100		30,305
Bed Bath & Beyond, Inc.		88,200		1,757,385
Boot Barn Holdings, Inc. (a)		16,300		338,225
Burlington Stores, Inc. (a),(b)		42,500		6,397,525
Christopher & Banks Corp. (a)		100		94
Citi Trends, Inc. (b)		4,700		128,968
Container Store Group, Inc. (a)		4,000		33,640

See Notes to Consolidated Schedule of Investments.

20

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Destination XL Group, Inc. (a)		2,499	$	5,623
DSW, Inc. Class A		45,600		1,177,392
Etsy, Inc. (a)		75,200		3,172,688
EVINE Live, Inc. (a),(b)		1,700		2,091
Express, Inc. (a)		2,600		23,790
Ezcorp, Inc. Class A (a)		7,100		85,555
Foot Locker, Inc.		62,700		3,301,155
Genesco, Inc. (a)		1,400		55,580
Genuine Parts Co.		1,400		128,506
GMS, Inc. (a)		200		5,418
Home Depot, Inc. (b)		115,300		22,495,030
Kirkland’s, Inc. (a),(b)		8,500		98,940
Kohl’s Corp. (b)		8,400		612,360
L Brands, Inc.		3,800		140,144
Lands’ End, Inc. (a)		900		25,110
Liquidity Services, Inc. (a),(b)		3,400		22,270
Lowe’s Cos., Inc.		1,900		181,583
Lululemon Athletica, Inc. (a)		79,300		9,900,605
Lumber Liquidators Holdings, Inc. (a)		6,100		148,535
Macy’s, Inc. (b)		193,000		7,223,990
Monro Muffler Brake, Inc.		9,500		551,950
New York & Co., Inc. (a)		300		1,536
O’Reilly Automotive, Inc. (a)		28,600		7,824,102
Office Depot, Inc.		8,945		22,810
Party City Holdco, Inc. (a)		100		1,525
Sears Hometown and Outlet Stores, Inc. (a)		100		210
Shoe Carnival, Inc.		500		16,225
Stein Mart, Inc. (a),(b)		4,400		10,780
Stitch Fix, Inc. Class A (a)		12,966		355,787
Tapestry, Inc.		45,800		2,139,318
Tile Shop Holdings, Inc.		28,963		223,015
Tilly’s, Inc. Class A		5,500		83,325
TJX Cos., Inc. (b)		147,100		14,000,978
Tuesday Morning Corp. (a)		6,200		18,910
Urban Outfitters, Inc. (a)		68,500		3,051,675
Vera Bradley, Inc. (a)		3,800		53,352
Vitamin Shoppe, Inc. (a)		3,500		24,325
Wayfair, Inc. Class A (a)		25,600		3,040,256
				113,508,653
Semiconductors — 0.9%
Advanced Energy Industries, Inc. (a)		700		40,663
Alpha & Omega Semiconductor Ltd. (a),(b)		3,700		52,688
Amkor Technology, Inc. (a),(b)		52,400		450,116
Amtech Systems, Inc. (a)		500		3,025
Analog Devices, Inc.		4,700		450,824
Applied Materials, Inc.		800		36,952
Axcelis Technologies, Inc. (a)		16,850		333,630
Cabot Microelectronics Corp.		3,000		322,680
CEVA, Inc. (a),(b)		7,600		229,520
Cirrus Logic, Inc. (a)		38,400		1,471,872
Cohu, Inc. (b)		9,600		235,296
Data I/O Corp. (a)		100		635
Diodes, Inc. (a)		9,500		327,465
DSP Group, Inc. (a),(b)		1,900		23,655
Entegris, Inc.		25,800		874,620
FormFactor, Inc. (a)		2,961		39,381
Integrated Device Technology, Inc. (a)		9,400		299,672
Intel Corp. (b)		173,019		8,600,774
KLA-Tencor Corp. (b)		57,800		5,926,234
Lattice Semiconductor Corp. (a)		30,200		198,112
M/A-COM Technology Solutions Holdings, Inc. (a)		2,132		49,121

See Notes to Consolidated Schedule of Investments.

21

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Maxim Integrated Products, Inc.		88,000	$	5,162,080
Microchip Technology, Inc.		24		2,183
Micron Technology, Inc. (a),(b)		319,100		16,733,604
Nanometrics, Inc. (a)		8,000		283,280
Photronics, Inc. (a),(b)		22,700		181,033
Pixelworks, Inc. (a)		8,700		31,407
Qualcomm, Inc. (b)		44,400		2,491,728
Rambus, Inc. (a)		38,700		485,298
Rudolph Technologies, Inc. (a),(b)		8,600		254,560
Semtech Corp. (a)		3,900		183,495
Sigma Designs, Inc. (a)		2,600		15,860
SMART Global Holdings, Inc. (a)		7,900		251,773
Synaptics, Inc. (a)		20,400		1,027,548
Teradyne, Inc. (b)		77,200		2,939,004
Veeco Instruments, Inc. (a)		14,530		207,053
Vishay Intertechnology, Inc.		300		6,960
Xcerra Corp. (a)		28,700		400,939
Xilinx, Inc.		43,700		2,851,862
Xperi Corp.		3,300		53,130
				53,529,732
Software — 1.8%
2U, Inc. (a)		600		50,136
Agilysys, Inc. (a),(b)		1,100		17,050
Akamai Technologies, Inc. (a)		63,200		4,628,136
Altair Engineering, Inc. (a)		14,200		485,356
Alteryx, Inc. Class A (a)		1,900		72,504
Amber Road, Inc. (a)		4,200		39,522
Appfolio, Inc. (a)		6,000		366,900
Apptio, Inc. Class A (a)		19,700		713,140
Atlassian Corp. PLC Class A (a)		27,300		1,706,796
Autodesk, Inc. (a)		6,500		852,085
Avid Technology, Inc. (a)		6,400		33,280
Benefitfocus, Inc. (a)		1,200		40,320
Black Knight, Inc. (a)		32,100		1,718,955
Blackline, Inc. (a)		700		30,401
Brightcove, Inc. (a)		14,100		136,065
CA, Inc.		45,400		1,618,510
Cadence Design Systems, Inc. (a)		30,400		1,316,624
Calix, Inc. (a),(b)		3,900		30,420
Carbonite, Inc. (a)		100		3,490
CDK Global, Inc.		42,201		2,745,175
Cerner Corp. (a),(d)		196,050		11,721,829
ChannelAdvisor Corp. (a)		5,300		74,465
Cision Ltd. (a)		2,500		37,375
Citrix Systems, Inc. (a),(b)		60,200		6,311,368
Cornerstone OnDemand, Inc. (a)		22,800		1,081,404
Coupa Software, Inc. (a)		35,600		2,215,744
Digi International, Inc. (a),(b)		3,500		46,200
Digital Turbine, Inc. (a)		1,400		2,114
DocuSign, Inc. (a)		100		5,295
Donnelley Financial Solutions, Inc. (a)		500		8,685
Dropbox, Inc. Class A (a)		13,600		440,912
eGain Corp. (a)		400		6,040
Everbridge, Inc. (a)		7,700		365,134
Five9, Inc. (a)		16,300		563,491
ForeScout Technologies, Inc. (a)		1,800		61,668
Fortinet, Inc. (a)		54,900		3,427,407
GreenSky, Inc. Class A (a)		100		2,115
Hortonworks, Inc. (a)		2,300		41,906
HubSpot, Inc. (a)		15,500		1,943,700
Immersion Corp. (a)		19,000		293,360

See Notes to Consolidated Schedule of Investments.

22

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Imperva, Inc. (a)		1,000	$	48,250
InnerWorkings, Inc. (a),(b)		11,900		103,411
Instructure, Inc. (a)		8,000		340,400
Intuit, Inc.		100		20,431
KEYW Holding Corp. (The) (a)		1,100		9,614
Limelight Networks, Inc. (a),(b)		33,400		149,298
LivePerson, Inc. (a)		8,000		168,800
Microsoft Corp.		5,700		562,077
MicroStrategy, Inc. Class A (a),(b)		3,000		383,250
Mimecast Ltd. (a)		14,400		593,424
MINDBODY, Inc. Class A (a)		7,400		285,640
Model N, Inc. (a),(b)		8,200		152,520
Monotype Imaging Holdings, Inc. (b)		2,200		44,660
New Relic, Inc. (a)		35,200		3,540,768
Okta, Inc. (a)		23,600		1,188,732
OneSpan, Inc. (a)		700		13,755
Palo Alto Networks, Inc. (a),(b)		58,500		12,019,995
PDF Solutions, Inc. (a),(b)		4,600		55,108
Pivotal Software, Inc. Class A (a)		400		9,708
Progress Software Corp.		1,200		46,584
Proofpoint, Inc. (a)		18,700		2,156,297
PROS Holdings, Inc. (a)		3,500		127,995
PTC, Inc. (a)		9,600		900,576
QAD, Inc. Class A (b)		1,400		70,210
Quality Systems, Inc. (a)		3,800		74,100
Qualys, Inc. (a)		400		33,720
Rapid7, Inc. (a)		13,000		366,860
Red Hat, Inc. (a)		3,500		470,295
Ribbon Communications, Inc. (a)		8,400		59,808
Rosetta Stone, Inc. (a)		7,000		112,210
salesforce.com, Inc. (a)		964		131,490
Seachange International, Inc. (a)		6,800		23,256
ServiceNow, Inc. (a),(b)		56,700		9,779,049
Smartsheet, Inc. Class A (a)		100		2,597
Splunk, Inc. (a)		57,900		5,738,469
SPS Commerce, Inc. (a)		5,300		389,444
Synopsys, Inc. (a)		1,500		128,355
Tableau Software, Inc. Class A (a)		28,900		2,824,975
Telenav, Inc. (a),(b)		2,500		14,000
Upland Software, Inc. (a)		700		24,059
Varonis Systems, Inc. (a)		9,600		715,200
Veeva Systems, Inc. Class A (a)		10,900		837,774
VMware, Inc. Class A (a),(b)		61,000		8,965,170
Workday, Inc. Class A (a),(b)		35,300		4,275,536
Workiva, Inc. (a)		8,400		204,960
Zendesk, Inc. (a)		48,500		2,642,765
Zynga, Inc. Class A (a)		364,100		1,481,887
				107,542,559
Specialty Finance — 0.9%
AG Mortgage Investment Trust, Inc.		5,700		107,103
AGNC Investment Corp. (b)		256,538		4,769,041
Aircastle Ltd.		1,600		32,800
Alliance Data Systems Corp.		29		6,763
American Express Co. (d)		70,367		6,895,966
Annaly Capital Management, Inc.		4,700		48,363
Arbor Realty Trust, Inc. (b)		32,800		342,104
Ares Commercial Real Estate Corp.		2,500		34,525
Capital One Financial Corp. (d)		101,880		9,362,772
Cardtronics PLC (a)		15,200		367,536
Cherry Hill Mortgage Investment Corp.		3,900		69,654
Consumer Portfolio Services, Inc. (a),(b)		1,400		5,698

See Notes to Consolidated Schedule of Investments.

23

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Curo Group Holdings Corp. (a)		3,000	$	74,850
Discover Financial Services		7,700		542,157
Dynex Capital, Inc.		18,000		117,540
Enova International, Inc. (a)		3,100		113,305
Essent Group Ltd. (a)		24,400		874,008
Everi Holdings, Inc. (a)		3,000		21,600
Fidelity National Information Services, Inc.		60,800		6,446,624
First American Financial Corp.		4,000		206,880
Fiserv, Inc. (a)		26,100		1,933,749
FNF Group		2,300		86,526
Great Ajax Corp.		300		3,924
Green Dot Corp. Class A (a)		4,400		322,916
HFF, Inc. Class A		400		13,740
Invesco Mortgage Capital, Inc.		33		525
KKR Real Estate Finance Trust, Inc.		1,600		31,648
Ladder Capital Corp.		42,855		669,395
Liberty Tax, Inc.		300		2,422
MasterCard, Inc. Class A		4,300		845,036
MFA Financial, Inc.		60,300		457,074
MGIC Investment Corp. (a)		9,600		102,912
MTGE Investment Corp.		18,000		352,800
New York Mortgage Trust, Inc.		1,400		8,414
NewStar Financial, Inc. (e)		100		0
On Deck Capital, Inc. (a)		1,000		7,000
Redwood Trust, Inc.		4,000		65,880
Regional Management Corp. (a)		100		3,502
Square, Inc. (a)		43,800		2,699,832
Starwood Property Trust, Inc.		24,600		534,066
Sutherland Asset Management Corp.		355		5,769
Total System Services, Inc.		25,800		2,180,616
TPG RE Finance Trust, Inc.		4,700		95,504
Visa, Inc. A Shares		20,400		2,701,980
Western Union Co.		70,500		1,433,265
WEX, Inc. (a)		8,699		1,656,986
World Acceptance Corp. (a)		400		44,404
Worldpay, Inc. Class A (a),(d)		84,631		6,921,123
				53,620,297
Technology Services — 0.6%
Automatic Data Processing, Inc.		69,100		9,269,074
Black Box Corp.		4,100		8,302
Booz Allen Hamilton Holding Corp.		12,200		533,506
CDW Corp.		14,600		1,179,534
Cognizant Technology Solutions Corp. Class A		900		71,091
Conduent, Inc. (a)		73,500		1,335,495
CoreLogic, Inc. (a)		2,400		124,560
CPI Card Group, Inc.		320		640
Dell Technologies, Inc.—VMware, Inc. Class V (a)		12,500		1,057,250
Dun & Bradstreet Corp.		200		24,530
Engility Holdings, Inc. (a)		200		6,128
Equifax, Inc. (b)		24,100		3,015,151
FactSet Research Systems, Inc.		5,200		1,030,120
Genpact Ltd. (b)		17,800		514,954
ICF International, Inc.		1,400		99,470
IHS Markit Ltd. (a)		2,173		112,105
International Business Machines Corp.		97,300		13,592,810
Luxoft Holding, Inc. (a)		8,100		298,485
Moody’s Corp.		1,900		324,064
MSCI, Inc.		1,400		231,602
NIC, Inc.		4,800		74,640
Paychex, Inc.		14,599		997,842
Perficient, Inc. (a)		6,100		160,857

See Notes to Consolidated Schedule of Investments.

24

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
PFSweb, Inc. (a)		1,200	$	11,664
Sabre Corp. (b)		97,300		2,397,472
SecureWorks Corp. (a)		400		4,980
ServiceSource International, Inc. (a)		22,300		87,862
solid border		17,800		550,554
Sykes Enterprises, Inc. (a)		100		2,878
Syntel, Inc. (a)		17,400		558,366
TransUnion		10,900		780,876
TTEC Holdings		500		17,275
				38,474,137
Telecommunications — 0.1%
8x8, Inc. (a)		1,900		38,095
AT&T, Inc.		26,290		844,172
Bandwidth, Inc. Class A (a)		2,400		91,152
BCE, Inc.		1,200		48,588
Cogent Communications Holdings, Inc.		3,200		170,880
Hawaiian Telcom Holdco, Inc. (a)		400		11,568
IDT Corp. Class B (b)		2,400		13,488
RigNet, Inc. (a)		600		6,180
RingCentral, Inc. Class A (a)		26,700		1,878,345
Rogers Communications, Inc. B Shares		200		9,492
Spok Holdings, Inc. (b)		2,100		31,605
Twilio, Inc. (a)		45,200		2,532,104
Vonage Holdings Corp. (a)		800		10,312
Zayo Group Holdings, Inc. (a)		17,600		642,048
Zix Corp. (a),(b)		10,400		56,056
				6,384,085
Transportation & Logistics — 0.2%
Air Transport Services Group, Inc. (a),(b)		14,600		329,814
ArcBest Corp.		7,000		319,900
Canadian Pacific Railway Ltd.		3,900		713,778
CH Robinson Worldwide, Inc.		11,700		978,822
Covenant Transportation Group, Inc. Class A (a)		1,400		44,100
CSX Corp.		2,500		159,450
Eagle Bulk Shipping, Inc. (a)		13,985		76,078
Genco Shipping & Trading Ltd. (a)		1,600		24,800
JB Hunt Transport Services, Inc.		5,000		607,750
Kansas City Southern		12,800		1,356,288
Marten Transport Ltd.		6,433		150,854
Overseas Shipholding Group, Inc. (a)		900		3,492
Roadrunner Transportation Systems, Inc. (a)		10,700		22,363
Ryder System, Inc. (b)		19,600		1,408,456
Saia, Inc. (a),(b)		400		32,340
Steel Connect, Inc. (a),(b)		2,100		4,536
Union Pacific Corp.		24,800		3,513,664
United Parcel Service, Inc. Class B		1,300		138,099
USA Truck, Inc. (a),(b)		3,400		79,798
				9,964,382
Transportation Equipment — 0.2%
Allison Transmission Holdings, Inc. (b)		69,300		2,805,957
American Railcar Industries, Inc.		1,100		43,428
Blue Bird Corp. (a)		2,700		60,345
Commercial Vehicle Group, Inc. (a)		9,600		70,464
Cummins, Inc. (b)		46,600		6,197,800
Meritor, Inc. (a)		17,400		357,918
PACCAR, Inc. (b)		56,700		3,513,132
Spartan Motors, Inc.		4,300		64,930
Trinity Industries, Inc.		100		3,426
WABCO Holdings, Inc. (a)		6,900		807,438
				13,924,838

See Notes to Consolidated Schedule of Investments.

25

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Utilities — 0.2%
CenterPoint Energy, Inc.		144,500	$	4,004,095
Consolidated Water Co. Ltd.		1,600		20,640
DTE Energy Co.		23,700		2,456,031
Just Energy Group, Inc.		2,700		9,774
NRG Energy, Inc.		45,000		1,381,500
PG&E Corp.		9,800		417,088
Pinnacle West Capital Corp.		4,600		370,576
Public Service Enterprise Group, Inc.		7,400		400,636
TerraForm Power, Inc.		1,414		16,544
WEC Energy Group, Inc.		29		1,875
Xcel Energy, Inc.		3,500		159,880
				9,238,639
Waste & Environmental Services & Equipment — 0.1%
Advanced Disposal Services, Inc. (a)		28,100		696,318
Advanced Emissions Solutions, Inc.		1,000		11,360
Casella Waste Systems, Inc. Class A (a),(b)		12,000		307,320
Ceco Environmental Corp.		5,000		30,700
Evoqua Water Technologies Corp. (a)		200		4,100
Heritage-Crystal Clean, Inc. (a)		1,000		20,100
Stericycle, Inc. (a)		1,000		65,290
Waste Connections, Inc.		34		2,560
Waste Management, Inc.		69,600		5,661,264
				6,799,012
Total North America				1,637,791,527
Oceania — 0.0%
Banking — 0.0%
Westpac Banking Corp. ADR		300		6,504
Total Oceania				6,504
South America — 0.1%
Banking — 0.1%
Credicorp Ltd.		9,900		2,228,688
Consumer Products — 0.0%
Adecoagro SA (a)		2,100		16,695
AMBEV SA ADR		59,800		276,874
				293,569
Gaming, Lodging & Restaurants — 0.0%
Arcos Dorados Holdings, Inc. A Shares		24,400		169,580
Oil, Gas & Coal — 0.0%
Geopark Ltd. (a)		1,300		26,832
Ultrapar Participacoes SA ADR		600		7,104
				33,936
Technology Services — 0.0%
Globant SA (a)		200		11,358
Utilities — 0.0%
Cia Energetica de Minas Gerais ADR (b)		14,700		27,048
Total South America				2,764,179
TOTAL COMMON STOCK (COST $1,638,757,194)				1,719,759,961

See Notes to Consolidated Schedule of Investments.

26

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
PREFERRED STOCK — 3.5%
Asia — 3.5%
Financial Services — 3.5%
Mandatory Exchangeable Trust, 5.75%, 06/01/19 (b),(f),(q)		1,015,016	$	211,763,905
Total Asia				211,763,905
TOTAL PREFERRED STOCK (COST $173,407,605)				211,763,905
Security Description	Principal Amount		Value
ASSET-BACKED SECURITIES — 5.1%
North America — 5.1%
ACIS CLO Ltd., Series 2015-6A, Class D, 3 mo. USD LIBOR + 3.77%, 6.13%, 05/01/27 (d),(f),(g)	$	2,000,000		1,996,646
Adams Mill CLO Ltd., Series 2014-1A, Class D1, 3 mo. USD LIBOR + 3.50%, 5.85%, 07/15/26 (d),(f),(g)		4,750,000		4,739,213
Allegro CLO Ltd.,
Series 2013-1A, Class C, 3 mo. USD LIBOR + 3.45%, 5.81%, 01/30/26 (d),(f),(g)		5,000,000		4,989,995
Series 2015-1A, Class DR, 3 mo. USD LIBOR + 2.65%, 5.01%, 07/25/27 (d),(f),(g)		1,500,000		1,488,627
Allegro Ltd., 3 mo. USD LIBOR + 3.85%, 6.21%, 01/21/27 (d),(f),(g)		1,900,000		1,896,343
ALM Loan Funding, Series 2013-7RA, Class CR, 3 mo. USD LIBOR + 4.04%, 6.39%, 10/15/28 (d),(f),(g)		1,000,000		1,015,659
Apidos CLO, Series 2014-18A, Class D, 3 mo. USD LIBOR + 5.20%, 7.56%, 07/22/26 (d),(f),(g)		3,600,000		3,591,659
Atlas Senior Loan Fund Ltd., Series 2014-1A, Class DR2, 3 mo. USD LIBOR + 4.00%, 6.35%, 07/16/29 (d),(f),(g)		2,000,000		2,026,688
Avant Loans Funding Trust, Series 2018-A, Class C, 4.79%, 05/15/24 (d),(f)		1,161,000		1,162,797
Avery Point CLO Ltd., Series 2014-5A, Class DR, 3 mo. USD LIBOR + 3.10%, 5.45%, 07/17/26 (d),(f),(g)		1,000,000		998,045
Babson CLO Ltd., Series 2013-IA, Class DR, 3 mo. USD LIBOR + 2.55%, 4.91%, 01/20/28 (d),(f),(g)		2,000,000		1,987,304
Battalion CLO Ltd., Series 2016-10A, Class C, 3 mo. USD LIBOR + 4.25%, 6.61%, 01/24/29 (d),(f),(g)		7,500,000		7,543,717
Bear Stearns Asset-Backed Securities Trust,
Series 2007-1, Class A2, 1 mo. USD LIBOR + .28%, 2.37%, 01/25/37 (d),(g)		1,424,759		1,396,432
Series 2007-2, Class A2, 1 mo. USD LIBOR + .32%, 2.41%, 01/25/47 (d),(g)		2,435,941		2,359,598
Black Diamond CLO Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.95%, 6.31%, 04/24/29 (d),(f),(g)		2,000,000		2,025,028
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, 3 mo. USD LIBOR + 2.65%, 4.35%, 01/17/28 (d),(f),(g)		4,000,000		3,940,916
Carlyle Global Market Strategies CLO Ltd.,
3 mo. USD LIBOR + 2.60%, 4.94%, 04/17/31 (d),(f),(g)		3,000,000		3,005,460
Series 2013-3A, Class CR, 3 mo. USD LIBOR + 2.45%, 4.80%, 10/15/30 (d),(f),(g)		1,000,000		970,157
Catamaran CLO Ltd.,
Series 2013-1A, Class DR, 3 mo. USD LIBOR + 2.80%, 5.17%, 01/27/28 (d),(f),(g)		5,235,000		5,194,020
Series 2014-1A, Class CR, 3 mo. USD LIBOR + 3.43%, 5.79%, 04/22/30 (d),(f),(g)		3,100,000		3,107,657
Series 2015-1A, Class DR, 3 mo. USD LIBOR + 2.80%, 5.16%, 04/22/27 (d),(f),(g)		1,000,000		1,000,531
Series 2015-1A, Class E, 3 mo. USD LIBOR + 5.15%, 7.51%, 04/22/27 (d),(f),(g)		2,000,000		1,977,752
CIFC Funding Ltd.,
Series 2013-1A, Class DR, 3 mo. USD LIBOR + 6.65%, 9.00%, 07/16/30 (d),(f),(g)		1,000,000		1,004,657
Series 2014-4A, Class D, 3 mo. USD LIBOR + 3.40%, 5.75%, 10/17/26 (d),(f),(g)		1,200,000		1,197,344
Series 2015-4A, Class D, 3 mo. USD LIBOR + 5.50%, 7.86%, 10/20/27 (d),(f),(g)		1,000,000		1,002,093
Series 2015-5A, Class CR, 3 mo. USD LIBOR + 2.95%, 5.31%, 10/25/27 (d),(f),(g)		4,000,000		3,989,900
Covenant Credit Partners CLO Ltd.,
Series 2014-2A, Class D, 3 mo. USD LIBOR + 3.65%, 6.00%, 10/17/26 (d),(f),(g)		6,000,000		5,989,068
Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.75%, 6.10%, 10/15/29 (d),(f),(g)		2,000,000		2,013,942
Credit Suisse Mortgage Trust, Series 2015-RPL5, Class A1, 3.80%, 11/26/55 (b),(d),(f),(g)		28,413,568		28,361,628
Denali Capital CLO Ltd., Series 2013-1A, Class B2LR, 3 mo. USD LIBOR + 4.75%, 7.11%, 10/26/27 (d),(f),(g)		1,000,000		956,506
Drive Auto Receivables Trust,
Series 2015-AA, Class D, 4.12%, 07/15/22 (d),(f),(b)		5,300,000		5,357,489
Series 2015-DA, Class D, 4.59%, 01/17/23 (d),(f)		2,500,000		2,543,317
Dryden Senior Loan Fund, Series 2014-36A, Class DR, 3 mo. USD LIBOR + 4.24%, 6.59%, 01/15/28 (d),(f),(g)		5,000,000		5,039,770

See Notes to Consolidated Schedule of Investments.

27

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Principal Amount		Value
DT Auto Owner Trust,
Series 2015-1A, Class D, 4.26%, 02/15/22 (d),(f)	$	754,371	$	758,696
Series 2015-3A, Class D, 4.53%, 10/17/22 (d),(f)		3,160,000		3,193,961
Series 2016-1A, Class D, 4.66%, 12/15/22 (d),(f)		3,000,000		3,038,019
Evans Grove CLO Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 3.20%, 5.52%, 05/28/28 (d),(f),(g)		5,000,000		4,987,275
Exeter Automobile Receivables Trust,
Series 2014-2A, Class D, 4.93%, 12/15/20 (d),(f)		2,700,000		2,722,486
Series 2016-3A, Class C, 4.22%, 06/15/22 (d),(f)		2,450,000		2,476,458
Figueroa CLO Ltd., Series 2013-2A, Class CRR, 3 mo. USD LIBOR + 3.05%, 5.37%, 06/20/27 (d),(f),(g)		5,000,000		5,000,000
Gallatin Loan Management, 3 mo. USD LIBOR + 3.25%, 5.60%, 07/15/27 (d),(f),(g)		2,000,000		2,004,268
Garrison Funding Ltd., Series 2015-1A, Class CR, 3 mo. USD LIBOR + 3.90%, 6.23%, 09/21/29 (d),(f),(g)		2,000,000		2,007,020
Greywolf CLO Ltd.,
Series 2014-1A, Class CR, 3 mo. USD LIBOR + 3.20%, 5.56%, 04/22/26 (d),(f),(g)		5,000,000		4,990,975
Series 2014-1A, Class D, 3 mo. USD LIBOR + 5.10%, 7.46%, 04/22/26 (d),(f),(g)		6,300,000		6,284,137
Harbourview CLO Ltd., Series 7RA, Class D, 3 mo. USD LIBOR + 3.36%, 5.50%, 07/18/31 (d),(f),(g)		4,000,000		3,989,844
Jamestown CLO Ltd.,
Series 2014-4A, Class CR, 3 mo. USD LIBOR + 2.65%, 5.00%, 07/15/26 (d),(f),(g)		5,000,000		4,944,070
Series 2015-7A, Class CR, 3 mo. USD LIBOR + 2.60%, 4.96%, 07/25/27 (d),(f),(g)		5,500,000		5,457,782
Series 2018-11A, Class C, 3 mo. USD LIBOR + 3.25%, 1.00%, 07/14/31 (d),(f),(g)		2,000,000		2,000,000
JMP Credit Advisors CLO Ltd., Series 2014-1RA, Class D, 3 mo. USD LIBOR + 2.60%, 4.95%, 01/17/28 (d),(f),(g)		5,310,000		5,200,110
Madison Park Funding Ltd.,
Series 2012-10A, Class DR, 3 mo. USD LIBOR + 4.20%, 6.56%, 01/20/29 (d),(f),(g)		1,000,000		1,008,543
Series 2014-14A, Class DR, 3 mo. USD LIBOR + 3.25%, 5.61%, 07/20/26 (d),(f),(g)		1,000,000		1,000,232
Series 2016-20A, Class DR, 3 mo. USD LIBOR + 3.00%, 1.00%, 07/27/30 (d),(f),(g)		4,000,000		4,000,000
Series 2018-30A, Class D, 3 mo. USD LIBOR + 2.50%, 4.84%, 04/15/29 (d),(f),(g)		4,605,000		4,547,332
Mountain View CLO LLC, Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.60%, 5.95%, 10/16/29 (d),(f),(g)		2,000,000		2,012,618
Mountain View CLO Ltd., Series 2015-10A, Class DR, 3 mo. USD LIBOR + 2.60%, 4.94%, 10/13/27 (d),(f),(g)		2,500,000		2,461,187
Mountain View CLO Ltd., Series 2015-9A, Class CR, 3 mo. USD LIBOR + 3.12%, 5.17%, 07/15/31 (d),(f),(g)		2,000,000		1,977,000
Nationstar HECM Loan Trust,
Series 2017-1A, Class M2, 4.70%, 05/25/27 (d),(f)		1,480,000		1,473,077
Series 2017-2A, Class M2, 3.97%, 09/25/27 (d),(f),(g)		4,070,000		4,040,346
Northwoods Capital Ltd., Series 2018-12BA, 3 mo. USD LIBOR + 3.15%, Class D, 5.49%, 06/15/31 (d),(f),(g)		3,000,000		2,992,293
NYMT Residential LLC, Series 2016-RP1A, Class A, 4.00%, 03/25/21 (d),(f),(g)		1,710,076		1,711,273
Oaktree CLO Ltd.,
Series 2014-2A, Class D, 3 mo. USD LIBOR + 5.25%, 7.61%, 10/20/26 (d),(f),(g)		4,500,000		4,483,111
Series 2015-1A, Class DR, 3 mo. USD LIBOR + 5.20%, 7.56%, 10/20/27 (d),(f),(g)		2,500,000		2,492,755
Ocean Trails CLO,
Series 2014-5A, Class DR, 3 mo. USD LIBOR + 3.60%, 5.94%, 10/13/26 (d),(f),(g)		1,250,000		1,247,375
Series 2014-5A, Class E, 3 mo. USD LIBOR + 5.35%, 7.69%, 10/13/26 (d),(f),(g)		2,000,000		1,992,624
OCP CLO Ltd., Series 2015-9A, Class CR, 3 mo. USD LIBOR + 2.70%, 5.05%, 07/15/27 (d),(f),(g)		1,500,000		1,484,010
Octagon Investment Partners Ltd.,
Series 2012-1A, Class CR, 3 mo. USD LIBOR + 4.00%, 6.35%, 07/15/29 (d),(f),(g)		2,000,000		2,020,264
Series 2014-1A, Class D, 3 mo. USD LIBOR + 6.60%, 8.96%, 11/14/26 (d),(f),(g)		2,000,000		1,998,574
OFSI Fund Ltd.,
Series 2013-5A, Class B2L, 3 mo. USD LIBOR + 5.25%, 7.60%, 04/17/25 (d),(f),(g)		1,900,000		1,893,532
Series 2014-6A, Class CR, 3 mo. USD LIBOR + 2.50%, 4.85%, 03/20/25 (d),(f),(g)		5,000,000		4,986,770
Series 2014-7A, Class DR, 3 mo. USD LIBOR + 3.20%, 5.56%, 10/18/26 (d),(f),(g)		2,000,000		1,995,240
OHA Credit Partners Ltd., Series 2013-9A, Class E, 3 mo. USD LIBOR + 5.00%, 7.36%, 10/20/25 (d),(f),(g)		1,503,000		1,498,434
OHA Loan Funding Ltd., Series 2013-1A, Class E, 3 mo. USD LIBOR + 5.15%, 7.51%, 07/23/25 (d),(f),(g)		3,594,000		3,595,517
OneMain Financial Issuance Trust,
Series 2015-1A, Class D, 6.63%, 03/18/26 (d),(f)		1,500,000		1,516,809
Series 2016-2A, Class C, 5.67%, 03/20/28 (d),(f),(g)		3,500,000		3,582,162
Series 2017-1A, Class D, 4.52%, 09/14/32 (d),(f)		3,500,000		3,448,980
OZLM Funding Ltd., Series 2012-2A, Class CR, 3 mo. USD LIBOR + 4.00%, 6.36%, 10/30/27 (d),(f),(g)		1,500,000		1,498,949
OZLM Ltd.,
Series 2014-8A, Class CR, 3 mo. USD LIBOR + 3.40%, 5.75%, 10/17/26 (d),(f),(g)		2,250,000		2,245,684
Series 2015-12A, Class C, 3 mo. USD LIBOR + 3.70%, 6.06%, 04/30/27 (d),(f),(g)		1,500,000		1,498,308
Series 2015-12A, Class D, 3 mo. USD LIBOR + 5.40%, 7.76%, 04/30/27 (d),(f),(g)		7,333,000		7,251,985
Series 2015-13A, Class D, 3 mo. USD LIBOR + 5.45%, 7.81%, 07/30/27 (d),(f),(g)		1,100,000		1,095,786

See Notes to Consolidated Schedule of Investments.

28

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Principal Amount			Value
OZLM VI Ltd., Series 2014-6A, Class CS, 3 mo. USD LIBOR + 3.13%, 5.48%, 04/17/31 (d),(f),(g)	$	2,000,000		$	2,006,116
Parallel Ltd., Series 2015-1A, Class DR, 3 mo. USD LIBOR + 2.55%, 4.91%, 07/20/27 (d),(f),(g)		5,000,000			4,912,865
Sound Harbor Loan Fund Ltd., Series 2014-1A, Class CR, 3 mo. USD LIBOR + 3.90%, 6.26%, 10/30/26 (d),(f),(g)		7,500,000			7,489,927
Sound Point CLO Ltd., Series 2014-1A, Class D, 3 mo. USD LIBOR + 3.40%, 5.76%, 04/18/26 (d),(f),(g)		1,200,000			1,197,748
Thacher Park CLO Ltd., Series 2014-1A, Class E2, 3 mo. USD LIBOR + 6.00%, 8.36%, 10/20/26 (d),(f),(g)		1,000,000			997,188
THL Credit Wind River CLO Ltd., Series 2014-3A, Class DR, 3 mo. USD LIBOR + 3.35%, 5.71%, 01/22/27 (d),(f),(g)		4,000,000			3,991,540
TICP CLO I-2 Ltd., Series 2018-IA, Class C, 3 mo. USD LIBOR + 3.04%, 5.40%, 04/26/28 (d),(f),(g)		3,000,000			2,976,792
TICP CLO Ltd.,
Series 2016-6A, Class D, 3 mo. USD LIBOR + 4.20%, 6.55%, 01/15/29 (d),(f),(g)		1,000,000			1,005,856
Series 2018-IIA, Class C, 3 mo. USD LIBOR + 2.95%, 5.95%, 04/20/28 (d),(f),(g)		1,500,000			1,496,019
TruPS Financials Note Securitization Ltd., Series 2017-1A, Class B, 3 mo. USD LIBOR + 5.10%, 7.46%, 04/20/38 (d),(f),(g),(e)		3,000,000			2,946,000
Venture CDO Ltd., Series 2014-19A, Class D, 3 mo. USD LIBOR + 4.00%, 6.35%, 01/15/27 (d),(f),(g),(b)		2,500,000			2,495,910
Venture CLO Ltd.,
Series 2013-14A, Class DR, 3 mo. USD LIBOR + 4.00%, 6.32%, 08/28/29 (d),(f),(g)		4,000,000			4,039,352
Series 2014-16A, Class DRR, 3 mo. USD LIBOR + 2.51%, 4.86%, 01/15/28 (d),(f),(g)		4,000,000			3,949,216
Series 2014-18A, Class DR, 3 mo. USD LIBOR + 3.10%, 5.45%, 10/15/29 (d),(f),(g)		1,000,000			999,977
Vericrest Opportunity Loan Trust,
Series 2015-NP12, Class A1, 3.88%, 09/25/45 (d),(f),(g)		1,374,825			1,374,649
Series 2017-NPL4, Class A1, 3.38%, 04/25/47 (d),(f),(g)		796,356			796,073
Series 2017-NPL6 SEQ, Class A1, 3.25%, 05/25/47 (d),(f),(g)		547,936			547,197
Series 2017-NPL7 SEQ, Class A1, 3.25%, 06/25/47 (d),(f),(g)		797,375			794,212
Series 2017-NPL9 SEQ, Class A1, 3.13%, 09/25/47 (d),(f),(g)		1,587,613			1,572,324
Vericrest Opportunity Loan Trust LLC, Series 2017-NP11 SEQ, Class A1, 3.38%, 10/25/47 (d),(f),(g)		2,508,702			2,505,551
Vibrant CLO Ltd.,
Series 2015-3A, Class C, 3 mo. USD LIBOR + 3.65%, 6.01%, 04/20/26 (d),(f),(g)		3,000,000			2,994,684
Series 2018-8A, Class C, 3 mo. USD LIBOR + 2.85%, 4.96%, 01/20/31 (d),(f),(g)		6,000,000			5,938,914
Voya CLO Ltd., Series 2014-3A, Class CR, 3 mo. USD LIBOR + 2.65%, 5.01%, 07/25/26 (d),(f),(g)		1,000,000			997,501
WhiteHorse Ltd., Series 2015-10A, Class DR, 3 mo. USD LIBOR + 3.00%, 5.08%, 04/17/27 (d),(f),(g)		1,250,000			1,247,881
Total North America					313,249,321
TOTAL ASSET-BACKED SECURITIES (COST $312,306,953)					313,249,321
CONVERTIBLE BONDS — 0.9%
Europe — 0.5%
Pharmaceuticals — 0.5%
Bayer Capital Corp. BV, 5.63%, 11/22/19 (d),(f),(b)		23,000,000	EUR		28,739,558
Bayer Capital Corp. BV REG S, 5.63%, 11/22/19		500,000	EUR		624,773
Total Europe					29,364,331
Middle East — 0.3%
Financial Services — 0.3%
Volcan Holdings PLC REG S, 4.13%, 04/11/20		3,700,000	GBP		6,238,131
Volcan Holdings II PLC, 3.88%, 10/10/20		6,700,000	GBP		10,456,053
Total Middle East					16,694,184
North America — 0.1%
Wireless Telecommunications Services — 0.1%
America Movil SAB de CV, 0.00%, 05/28/20 (j)		6,600,000	EUR		7,562,965
Total North America					7,562,965
TOTAL CONVERTIBLE BONDS (COST $48,288,817)					53,621,480

See Notes to Consolidated Schedule of Investments.

29

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Principal Amount			Value
BANK DEBT — 0.6%
Asia — 0.0%
Transportation & Logistics — 0.0%
Hanjin International Corp., 2017 Term Loan B, 3 mo. LIBOR + 2.50%, 4.86%, 10/18/20 (d),(r),(e),(g)	$	483,006		$	482,402
Total Asia					482,402
Europe — 0.1%
Exploration & Production — 0.0%
Endeavour International Holding BV, Term Loan A1, Defaulted, 0.00%, 01/02/19 (d),(e),(j),(i)		1,563,903			312,781
Medical Equipment & Devices — 0.1%
Ortho-Clinical Diagnostics SA, 2018 Term Loan B, 3 mo. LIBOR + 3.25%, 5.34%, 06/30/25 (d),(r),(e),(g)		2,256,056			2,246,197
Wireless Telecommunications Services — 0.0%
Intelsat Jackson Holdings S.A.,
2017 Term Loan B4, 1 mo. LIBOR + 4.50%, 6.60%, 01/02/24 (d),(e),(g)		17,354			17,989
2017 Term Loan B5, 6.63%, 01/02/24 (d),(e)		202,215			208,424
					226,413
Total Europe					2,785,391
North America — 0.5%
Advertising & Marketing — 0.1%
Getty Images, Inc., Term Loan B, 1 mo. LIBOR + 3.50%, 5.59%, 10/18/19 (d),(e),(g)		2,599,833			2,506,681
Chemicals — 0.0%
LyondellBasell Industries NV,
0.00%, 08/15/49 (d),(e),(i),(j)		16,223,620			0
1.00%, 08/15/15 (d),(e),(i)		980,469	EUR		0
					0
Coal Operations — 0.0%
Blackhawk Mining LLC, 2017 Term Loan B1, 3 mo. LIBOR + 1.00%, 12.36%, 02/17/22 (d),(e),(g)	$	1,848,517			1,297,049
Commercial Services — 0.0%
Aegis Sciences Corporation, 2018 Term Loan, 3 mo. LIBOR + 5.50%, 7.87%, 05/02/25 (d),(e),(g)		367,315			363,641
Consumer Finance — 0.0%
Ocwen Financial Corp., 2016 Term Loan B, 1 mo. LIBOR + 5.00%, 7.09%, 12/05/20 (d),(r),(e),(g)		546,080			545,397
Consumer Products — 0.0%
KIK Custom Products, Inc., 2015 Term Loan B, 1 mo. LIBOR + 4.00%, 6.09%, 05/15/23 (d),(e),(g)		1,305,660			1,295,542
Containers & Packaging — 0.1%
BWAY Holding Co., 2017 Term Loan B, PRIME + 2.25%, 5.59%, 04/03/24 (d),(e),(g)		1,762,360			1,751,627
Fort Dearborn Company, 2016 1st Lien Term Loan, 3 mo. LIBOR + 4.00%, 6.31%, 10/19/23 (d),(r),(e),(g)		1,518,539			1,499,558
					3,251,185
Financial Services — 0.0%
UFC Holdings LLC, 1st Lien Term Loan, 1 mo. LIBOR + 3.25%, 5.35%, 08/18/23 (d),(e),(g)		1,208,354			1,208,052
Food & Beverage — 0.0%
Flavors Holdings, Inc., 1st Lien Term Loan, 3 mo. LIBOR + 5.75%, 8.08%, 04/03/20 (d),(r),(e),(g)		35,162			32,349
Health Care Facilities & Services — 0.1%
New Millennium HoldCo, Inc., Exit Term Loan, 0.00%, 12/21/20 (d),(e),(s)		146,410			80,022
Pearl Intermediate Parent LLC, 2018 2nd Lien Term Loan, 1 mo. LIBOR + 6.25%, 8.34%, 02/13/26 (d),(r),(e),(g)		184,860			184,629

See Notes to Consolidated Schedule of Investments.

30

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Principal Amount		Value
Prospect Medical Holdings, Inc., 2018 Term Loan B, 1 mo. LIBOR + 5.50%, 7.50%, 02/22/24 (d),(r),(e),(g)	$	1,317,284	$	1,313,991
Quorum Health Corporation, Term Loan B, 1 mo. LIBOR + 6.75%, 8.84%, 04/29/22 (d),(e),(g)		1,149,600		1,167,706
Wink Holdco, Inc, 2nd Lien Term Loan B, 1 mo. LIBOR + 6.75%, 8.85%, 12/01/25 (d),(e),(g)		496,862		493,135
				3,239,483
Industrial Other — 0.0%
Michael Baker International LLC, 2017 Term Loan B, 1 mo. LIBOR + 4.50%, 6.59%, 11/21/22 (d),(r),(e),(g)		1,352,954		1,349,571
Internet Media — 0.0%
W3 Topco LLC, 2017 Term Loan B, 1 mo. LIBOR + 6.00%, 8.10%, 03/08/22 (d),(e),(g)		1,105,363		1,096,155
Machinery Manufacturing — 0.1%
Engineered Machinery Holdings, Inc.,
USD 1st Lien Term Loan, 3 mo. LIBOR + 3.250%, 5.58%, 07/19/24 (d),(r),(e),(g)		708,480		704,499
USD 2nd Lien Term Loan, 3 mo. LIBOR + 7.25%, 9.58%, 07/19/25 (d),(r),(e),(g)		834,058		835,100
Gardner Denver, Inc., 2017 USD Term Loan B, 1 mo. LIBOR + 2.75%, 4.84%, 07/30/24 (d),(e),(g)		2,394,846		2,393,960
				3,933,559
Metals & Mining — 0.0%
Offshore Group Investment Ltd., Term Loan, 1 mo. LIBOR + 6.50%, 8.59%, 12/31/19 (d),(r),(e),(g)		576,536		577,620
Oil & Gas Services & Equipment — 0.0%
Thermon Industries, Inc., Term Loan B, 1 mo. LIBOR + 3.75%, 5.73%, 10/30/24 (d),(r),(e),(g)		680,999		682,701
Oil, Gas & Coal — 0.0%
AL Midcoast Holdings, LLC, 2018 Term Loan B, 0.00%, 06/28/25 (d),(e),(r),(s)		551,407		548,650
Real Estate — 0.0%
Quality Care Properties, Inc., 1st Lien Term Loan, 7.34%, 10/31/22 (d),(r),(e),(g)		829,719		832,831
Retail—Consumer Discretionary — 0.0%
AI Aqua Merger Sub, Inc.,
2017 1st Lien Term Loan B, 1 mo. LIBOR + 3.25%, 5.34%, 12/13/23 (d),(r),(e),(g)		251,396		249,983
2017 Incremental Term Loan, 1 mo. LIBOR + 3.25%, 5.34%, 12/13/23 (d),(r),(e),(g)		644,487		640,865
				890,848
Retail—Consumer Staples — 0.0%
Pinnacle Operating Corp., Term Loan, 1 mo. LIBOR + 5.50% (Cash) + 1.75% (PIK), 7.59%     (Cash), 1.75% (PIK), 11/15/21 (d),(r),(e),(g)		1,101,545		1,012,045
Retail—Discretionary — 0.0%
Toys ‘R’ Us-Delaware, Inc., DIP Term Loan B4, 1 mo. LIBOR + 9.75%, 14.75%, 01/18/19 (d),(e),(g)		368,722		371,949
Software & Services — 0.0%
BlackBoard, Inc., Term Loan B4, 3 mo. LIBOR + 5.00%, 7.36%, 06/30/21 (d),(e),(g)		1,051,847		993,123
Syniverse Holdings, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 5.00%, 7.05%, 03/09/23 (d),(e),(g)		557,246		556,086
				1,549,209
Transportation & Logistics — 0.0%
Utility One Source L.P., Term Loan B, 1 mo. LIBOR + 5.50%, 7.59%, 04/18/23 (d),(r),(e),(g)		121,977		124,721
Wireless Telecommunications Services — 0.1%
Ligado Networks LLC, Exit Term Loan, 3 mo. LIBOR + 8.75%, 11.07%, PIK, 12/07/20 (d),(e),(g)		5,800,801		4,696,561
Total North America				31,405,799
TOTAL BANK DEBT (COST $37,451,355)				34,673,592

See Notes to Consolidated Schedule of Investments.

31

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Principal Amount			Value
CORPORATE BONDS & NOTES — 2.9%
Asia — 0.1%
Banks — 0.0%
RESPARCS Funding LP I, 8.00% (d),(k)	$	385,000		$	153,133
Casinos & Gaming — 0.1%
Wynn Macau Ltd., 4.88%, 10/01/24 (d),(f)		3,754,000			3,583,944
Utilities — 0.0%
1MDB Energy Ltd. REG S, 5.99%, 05/11/22		2,500,000			2,524,935
Total Asia					6,262,012
Europe — 0.5%
Banks — 0.0%
RESPARCS Funding II LP, 7.50% (d),(k)		1,114,000	EUR		515,818
Commercial Finance — 0.0%
Avation Capital SA, 6.50%, 05/15/21 (d),(f)	$	526,000			528,630
Diversified Banks — 0.5%
Deutsche Bank AG MTN ,0.00%, 07/19/18—08/30/18 (j)		523,925,000	EGP		28,872,735
Property & Casualty Insurance — 0.0%
Groupama SA, 6.00%, 01/23/27		200,000	EUR		277,242
Groupama SA REG S, 3 mo. EURIBOR + 5.77%, 6.38% (g),(k)		1,900,000	EUR		2,457,343
					2,734,585
Total Europe					32,651,768
Middle East — 0.1%
Oil & Gas Services & Equipment — 0.1%
Oil and Gas Holding Co. BSCC, 7.50%, 10/25/27	$	2,500,000			2,222,810
Total Middle East					2,222,810
North America — 1.4%
Advertising & Marketing — 0.0%
Aimia, Inc., MTN, 5.60%, 05/17/19 (d),(l)		844,000	CAD		635,576
Casinos & Gaming — 0.0%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 03/01/25 (d),(f)	$	1,133,000			1,113,173
Chemicals — 0.1%
Hexion, Inc.,
10.00%, 04/15/20 (d)		1,149,000			1,137,510
10.38%, 02/01/22 (d),(f)		1,902,000			1,863,960
Momentive Performance Materials, Inc., 3.88%, 10/24/21 (d)		48,000			50,400
					3,051,870
Commercial Finance — 0.1%
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 03/15/22 (d),(f)		7,806,000			7,981,635
Consumer Products — 0.0%
Revlon Consumer Products Corp., 6.25%, 08/01/24 (d)		1,480,000			828,800
Consumer Services — 0.0%
Corporate Risk Holdings LLC, 9.50%, 07/01/19 (d),(f)		1,883,000			1,967,735
Containers & Packaging — 0.0%
Bway Holding Co., 4.75%, 04/15/24 (d),(f)		368,000	EUR		429,750
Exploration & Production — 0.1%
Par Petroleum LLC / Petroleum Finance Corp., 7.75%, 12/15/25 (d),(f)	$	3,892,000			3,960,110
Financial Services — 0.4%
Citigroup Global Markets Holdings, Inc.,
MTN, 0.00%, 07/26/18—10/04/18		322,613,218	EGP		17,597,056
MTN, 0.01%, 07/19/18		86,777,887	EGP		4,820,596
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 8.50%, 12/15/22 (d),(f)	$	1,919,000			1,938,190

See Notes to Consolidated Schedule of Investments.

32

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Principal Amount		Value
Griffey Intermediate, Inc. / Griffey Finance Sub LLC, 7.00%, 10/15/20 (d),(f)	$	1,045,000	$	956,175
MF Global Holdings Ltd., 6.25%, 08/08/16 (a),(d),(i),(e)		1,847,000		535,630
				25,847,647
Government Development Banks — 0.0%
Banco Nacional de Comercio Exterior SNC, 5 year CMT + 3.00%, 3.80%, 08/11/26 (g)		1,100,000		1,056,836
Health Care Facilities & Services — 0.1%
Universal Hospital Services, Inc., 7.63%, 08/15/20 (d)		4,511,000		4,499,722
Industrial Other — 0.0%
Michael Baker International LLC, 8.75%, 03/01/23 (d),(f)		691,000		673,725
Integrated Oils — 0.1%
Petroleos Mexicanos,
5.35%, 02/12/28		2,900,000		2,737,600
6.35%, 02/12/48		2,200,000		1,991,000
6.38%, 01/23/45		1,200,000		1,105,200
				5,833,800
Medical Equipment & Devices Manufacturing — 0.0%
Crimson Merger Sub, Inc., 6.63%, 05/15/22 (d),(f)		1,773,000		1,733,108
Oil & Gas Services & Equipment — 0.1%
CSI Compressco LP / Compressco Finance, Inc., 7.25%, 08/15/22 (d),(b)		1,183,000		1,082,445
CSI Compressco LP / CSI Compressco Finance, Inc., 7.50%, 04/01/25 (d),(f)		2,920,000		2,930,950
				4,013,395
Pipeline — 0.1%
American Midstream Partners LP / American Midstream Finance Corp., 8.50%, 12/15/21 (d),(f),(l)		1,852,000		1,814,960
Martin Midstream Partners LP / Martin Midstream Finance Corp., 7.25%, 02/15/21 (d)		1,007,000		994,412
				2,809,372
Publishing & Broadcasting — 0.0%
LBI Media, Inc.,11.500%, 04/15/20 (d),(f),(g)		3,904,546		661,953
Real Estate — 0.0%
AHP Health Partners, Inc., 9.75%, 07/15/26 (d),(f)		537,000		537,000
Retail—Consumer Discretionary — 0.1%
DriveTime Automotive Group, Inc. / DT Acceptance Corp., 8.00%, 06/01/21 (d),(f),(b)		8,471,000		8,555,710
Software & Services — 0.1%
CURO Financial Technologies Corp. ,12.000%, 03/01/22 (d),(f)		2,909,000		3,135,365
Syniverse Holdings, Inc., 9.13%, 01/15/19 (d)		108,000		107,190
				3,242,555
Utilities — 0.1%
NGL Energy Partners LP / NGL Energy Finance Corp., 5.13%, 07/15/19 (d)		320,000		320,400
Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/23 (d),(f)		2,768,000		2,768,000
				3,088,400
Wireless Telecommunications Services — 0.0%
Sprint Communications, Inc., 9.00%, 11/15/18 (d),(f)		1,650,000		1,683,000
Wireline Telecommunication Services — 0.0%
Consolidated Communications, Inc., 6.50%, 10/01/22 (d)		2,858,000		2,665,085
Total North America				86,869,957
South America — 0.8%
Integrated Oils — 0.8%
Petrobras Global Finance BV,
5.30%, 01/27/25		—		0
5.75%, 02/01/29		17,900,000		15,736,427

See Notes to Consolidated Schedule of Investments.

33

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Principal Amount			Value
6.00%, 01/27/28	$	22,200,000		$	20,091,000
6.13%, 01/17/22		4,582,000			4,659,894
6.25%, 03/17/24		5,008,000			4,965,432
					45,452,753
Refining & Marketing — 0.0%
EP PetroEcuador via Noble Sovereign Funding I Ltd., 3 mo. USD LIBOR + 5.63%, 7.97%, 09/24/19 (g)		1,144,210			1,124,187
Total South America					46,576,940
TOTAL CORPORATE BONDS & NOTES (COST $180,601,562)					174,583,487
SOVEREIGN DEBT — 8.5%
Argentina POM Politica Monetaria, 40.00%, 06/21/20 (g)		53,958,819	ARS		1,954,083
Argentine Republic Government International Bond,
2.26%, 12/31/38 (g),(l)		9,825,403	EUR		6,699,818
2.50%, 12/31/38 (g),(l)	$	11,200,000			6,403,846
3.88%, 01/15/22		4,213,000	EUR		4,698,544
4.63%, 01/11/23	$	20,508,000			18,057,499
5.63%, 01/26/22		4,023,000			3,759,493
7.82%, 12/31/33		3,400,352	EUR		3,908,802
Bonos de la Nacion Argentina con Ajuste por CER, 3.75%, 02/08/19		114,530,000	ARS		4,296,112
Deutsche Bundesrepublik Inflation Linked Bond REG S, 0.10%, 04/15/26 (d),(b)		25,093,948	EUR		32,669,597
Ecuador Government International Bond,
8.75%, 06/02/23	$	720,000			674,424
10.75%, 03/28/22		2,662,000			2,733,075
Egypt Government International Bond,
6.88%, 04/30/40		2,500,000			2,126,675
7.90%, 02/21/48 (f)		14,900,000			13,556,616
France Government Bond OAT REG S, 0.10%, 03/01/25 (b),(d)		25,856,991	EUR		32,912,329
French Republic Government Bond OAT, 0.10%, 03/01/28 (d)		9,741,110	EUR		12,478,653
Hellenic Republic Government Bond,
0.00%, 10/15/42 (g),(j)		10,100,000	EUR		45,316
3.38%, 02/15/25 (f)		7,100,000	EUR		8,213,690
3.75%, 01/30/28		9,800,000	EUR		11,255,973
3.90%, 01/30/33		35,008,089	EUR		38,172,104
4.00%, 01/30/37		19,200,000	EUR		20,474,072
4.20%, 01/30/42		7,850,000	EUR		8,377,382
Japan Treasury Discount Bill, 0.00%, 07/02/18 (d),(j)		3,000,000,000	JPY		27,096,599
Jordan Government International Bond, 7.38%, 10/10/47	$	13,100,000			11,995,120
Mexican Bonos, 10.00%, 12/05/24 (b),(d)		315,050,000	MXN		17,814,061
National Highways Authority of India, 7.30%, 05/18/22		330,000,000	INR		4,773,867
Nigeria Government International Bond,
7.14%, 02/23/30 (f)	$	6,800,000			6,414,603
MTN, 7.63%, 11/28/47		5,900,000			5,374,393
Oman Government International Bond, 6.75%, 01/17/48		4,100,000			3,710,500
Paraguay Government International Bond, 4.63%, 01/25/23		5,367,000			5,434,087
Peruvian Government International Bond, 6.95%, 08/12/31		24,707,000	PEN		8,236,753
Provincia de Buenos Aires, 35.19%, 05/31/22 (g)		66,200,000	ARS		1,991,150
Republic of Iraq REG S, 5.80%, 01/15/28	$	14,900,000			13,344,500
Republic of South Africa Government Bond,
8.75%, 02/28/48 (b)		189,296,012	ZAR		12,559,016
10.50%, 12/21/26 (b)		386,130,242	ZAR		30,830,969
Republic of South Africa Government International Bond, 5.50%, 03/09/20	$	5,508,000			5,647,176
Russian Foreign Bond—Eurobond,
4.50%, 04/04/22		8,600,000			8,744,119
5.00%, 04/29/20		2,800,000			2,863,538
5.25%, 06/23/47		11,600,000			11,170,800
Senegal Government International Bond, 6.75%, 03/13/48 (f)		5,200,000			4,438,772
Sweden Government Bond,
0.75%, 05/12/28 (d),(b)		93,000,000	SEK		10,628,026
1.00%, 11/12/26 (d),(b)		177,000,000	SEK		20,878,164

See Notes to Consolidated Schedule of Investments.

34

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Principal Amount			Value
Turkey Government International Bond, 7.00%, 06/05/20	$	9,116,000		$	9,331,703
United Kingdom Gilt Inflation Linked Bond REG S, 0.125%, 03/22/24—03/22/26 (b),(d)		37,850,576	GBP		57,423,498
ZAR Sovereign Capital Fund Propriety Ltd., 3.90%, 06/24/20	$	2,962,000			2,951,532
TOTAL SOVEREIGN DEBT (COST $546,492,333)					517,121,049
MORTGAGE-BACKED SECURITIES — 25.5%
North America — 25.5%
Collateralized Mortgage Obligation (Residential) — 16.9%
Bellemeade Re Ltd.,
Series 2015-1A, Class M2, 1 mo. USD LIBOR + 4.30%, 6.39%, 07/25/25 (d),(f),(g)		1,158,172			1,176,295
Series 2017-1, Class M2, 1 mo. USD LIBOR + 3.35%, 5.44%, 10/25/27 (d),(f),(g)		7,962,000			8,238,831
Chase Mortgage Finance Corp., Series 2007-A2, Class 3A2, 3.93%, 07/25/37 (d),(g)		149,042			144,348
ChaseFlex Trust, Series 2007-2, Class A2, 1 mo. USD LIBOR + .34%, 2.43%, 05/25/37 (d),(g)		802,218			754,968
Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A10, 6.25%, 06/25/36 (d)		365,358			365,970
Connecticut Avenue Securities,
Series 2014-C03, Class 1M2, 1 mo. USD LIBOR + 3.00%, 5.09%, 07/25/24 (d),(g),(b)		2,375,253			2,546,057
Series 2015-C03, Class 1M2, 1 mo. USD LIBOR + 5.00%, 7.09%, 07/25/25 (d),(g),(h)		1,620,489			1,834,685
Series 2015-C04, Class 2M2, 1 mo. USD LIBOR + 5.55%, 7.64%, 04/25/28 (d),(g),(h)		7,127,044			8,086,130
Series 2015-C04, Class 1M2, 1 mo. USD LIBOR + 5.70%, 7.79%, 04/25/28 (d),(g),(h)		6,699,550			7,810,737
Series 2016-C01, Class 1M2, 1 mo. USD LIBOR + 6.75%, 8.84%, 08/25/28 (d),(g),(b)		6,856,833			8,242,530
Series 2016-C01, Class 2M2, 1 mo. USD LIBOR + 6.95%, 9.04%, 08/25/28 (d),(g),(b)		3,583,183			4,271,584
Series 2016-C02, Class 1M2, 1 mo. USD LIBOR + 6.00%, 8.09%, 09/25/28 (d),(g)		26,712,000			31,612,584
Series 2016-C03, Class 2M2, 1 mo. USD LIBOR + 5.90%, 7.99%, 10/25/28 (d),(g)		4,336,000			5,041,857
Series 2016-C05, Class 2M2, 1 mo. USD LIBOR + 4.45%, 6.54%, 01/25/29 (d),(g)		7,014,000			7,811,281
Countrywide Alternative Loan Trust,
Series 2004-28CB SEQ, Class 3A1, 6.00%, 01/25/35 (d)		795,818			794,821
Series 2005-21CB, Class A17, 6.00%, 06/25/35 (d),(b)		943,989			930,423
Countrywide Asset-Backed Certificates,
Series 2005-15, Class 1AF6, 3.94%, 04/25/36 (d),(g)		4,523			4,544
Series 2006-BC4, Class 2A2, 1 mo. USD LIBOR + .16%, 2.25%, 11/25/36 (d),(g)		90,879			90,467
Federal Home Loan Mortgage Corp.,
Series 2015-SC02, Class M3, 3.68%, 09/25/45 (d),(g)		866,000			818,433
Series 2016-DNA3, Class M3, 1 mo. USD LIBOR + 5.00%, 7.09%, 12/25/28 (d),(g)		1,784,000			2,084,622
Series 2016-DNA4, Class M3, 1 mo. USD LIBOR + 3.80%, 5.89%, 03/25/29 (d),(g)		1,500,000			1,666,005
Series 2016-HQA3, Class M3, 1 mo. USD LIBOR + 3.85%, 5.94%, 03/25/29 (d),(g)		7,794,000			8,696,935
Series 2016-HQA4, Class M3, 1 mo. USD LIBOR + 3.90%, 5.99%, 04/25/29 (d),(g)		18,419,000			20,639,410
Series 2017-DNA, Class M2, 1 mo. USD LIBOR + 3.25%, 5.34%, 07/25/29 (d),(g)		1,388,000			1,498,624
Series 2017-DNA2, Class M2, 1 mo. USD LIBOR + 3.45%, 5.54%, 10/25/29 (d),(g)		2,144,000			2,346,072
Series 2017-DNA3, Class M2, 1 mo. USD LIBOR + 2.50%, 4.59%, 03/25/30 (d),(g)		4,838,000			4,994,558
Series 2017-HQA1, Class M2, 1 mo. USD LIBOR + 3.55%, 5.64%, 08/25/29 (d),(g)		13,755,000			14,938,343
Series 2017-HQA2, Class M2, 1 mo. USD LIBOR + 2.65%, 4.74%, 12/25/29 (d),(g)		21,246,000			21,975,163
Series 2017-HQA3, Class M2, 1 mo. USD LIBOR + 2.35%, 4.44%, 04/25/30 (d),(g)		2,926,000			2,974,659
Series 2017-HRP1, Class M2, 1 mo. USD LIBOR + 2.45%, 4.54%, 12/25/42 (d),(g)		1,687,000			1,737,273
Series 2017-SPI1, Class M2, 3.98%, 09/25/47 (d),(f),(g)		284,000			265,472
Series 2018-DNA1, Class M2, 1 mo. USD LIBOR + 1.80%, 3.89%, 07/25/30 (d),(g)		28,605,000			28,167,630
Series 2018-HQA1, Class M2, 1 mo. USD LIBOR + 2.30%, 4.39%, 09/25/30 (d),(g)		8,578,000			8,565,562
Federal National Mortgage Association,
4.00%, 07/01/48 (d),(m)		106,500,000			108,636,821
4.50%, 07/01/48 (d),(m)		57,500,000			59,880,845
Series 2016-C06, Class 1M2, 1 mo. USD LIBOR + 4.25%, 6.34%, 04/25/29 (d),(g)		40,655,000			46,314,989
Series 2016-C07, Class 2M2, 1 mo. USD LIBOR + 4.35%, 6.44%, 05/25/29 (d),(g)		29,355,000			32,730,825
Series 2017-C01, Class 1M2, 1 mo. USD LIBOR + 3.55%, 5.64%, 07/25/29 (d),(g)		27,530,000			29,887,119
Series 2017-C02, Class 2M2, 1 mo. USD LIBOR + 3.65%, 5.74%, 09/25/29 (d),(g),(h)		26,653,000			28,940,627
Series 2017-C03, Class 1M2, 1 mo. USD LIBOR + 3.00%, 5.09%, 10/25/29 (d),(g)		21,896,000			23,291,979
Series 2017-C04, Class 2M2, 1 mo. USD LIBOR + 2.85%, 4.94%, 11/25/29 (d),(g)		40,930,000			42,779,217

See Notes to Consolidated Schedule of Investments.

35

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Principal Amount		Value
Series 2017-C05, Class 1M2, 1 mo. USD LIBOR + 2.20%, 4.29%, 01/25/30 (d),(g)	$	34,086,000	$	34,687,959
Series 2017-C06, Class 1M2, 1 mo. USD LIBOR + 2.65%, 4.74%, 02/25/30 (d),(g)		20,331,000		20,952,925
Series 2017-C06, Class 2M2, 1 mo. USD LIBOR + 2.80%, 4.89%, 02/25/30 (d),(g)		34,089,000		35,258,934
Series 2017-C07, Class 1M2, 1 mo. USD LIBOR + 2.40%, 4.49%, 05/25/30 (d),(g)		8,593,000		8,764,645
Series 2018-C01, Class 1M2, 1 mo. USD LIBOR + 2.25%, 4.34%, 07/25/30 (d),(g)		76,751,000		77,365,776
Series 2018-C02, Class 2M2, 1 mo. USD LIBOR + 2.20%, 4.29%, 08/25/30 (d),(g)		8,357,000		8,346,219
Series 2018-C03, Class 1M2, 1 mo. USD LIBOR + 2.15%, 4.24%, 10/25/30 (d),(g)		29,931,000		29,810,977
Series 2018-C04, Class 2M2, 1 mo. USD LIBOR + 2.55%, 4.65%, 12/25/30 (d),(g)		32,611,000		32,613,935
Government National Mortgage Association, 4.00%, 09/20/45 (d)		74,058,278		76,245,293
Oaktown RE Ltd., Series 2017-1A, Class M2, 1 mo. USD LIBOR + 4.00%, 6.09%, 04/25/27 (d),(f),(g),(h)		8,686,000		8,927,271
Radnor RE Ltd., Series 2018-1, Class M2, 1 mo. USD LIBOR + 2.70%, 4.79%, 03/25/28 (d),(f),(g)		401,000		403,587
Sequoia Mortgage Trust,
Series 2018-3, Class B4, 3.80%, 03/25/48 (d),(f),(g)		642,000		463,193
Series 2018-5, Class B4, 3.96%, 05/25/48 (d),(f),(g)		649,000		481,030
STACR Trust,
Series 2018-DNA2, Class M2, 1 mo. USD LIBOR + 2.15%, 4.21%, 12/25/30 (d),(f),(g)		16,360,000		16,271,983
Series 2018-HRP1, Class M2, 1 mo. USD LIBOR + 1.65%, 3.74%, 04/25/43 (d),(f),(g)		1,000,000		1,005,580
Structured Agency Credit Risk,
Series 2015-HQA1, Class M3, 1 mo. USD LIBOR + 4.70%, 6.79%, 03/25/28 (d),(g)		4,242,000		4,861,120
Series 2015-HQA1, Class B, 1 mo. USD LIBOR + 8.80%, 10.89%, 03/25/28 (d),(g),(e)		3,387,817		3,952,417
Series 2015-HQA2, Class M3, 1 mo. USD LIBOR + 4.80%, 6.89%, 05/25/28 (d),(g)		5,130,000		5,969,268
Series 2016-DNA1, Class M3, 1 mo. USD LIBOR + 5.55%, 7.64%, 07/25/28 (d),(g),(b)		36,678,000		44,503,215
Series 2016-DNA2, Class M3, 1 mo. USD LIBOR + 4.65%, 6.74%, 10/25/28 (d),(g)		9,840,000		11,344,831
Series 2016-HQA1, Class M3, 1 mo. USD LIBOR + 6.35%, 8.44%, 09/25/28 (d),(g)		5,109,000		6,301,134
Series 2016-HQA2, Class M3, 1 mo. USD LIBOR + 5.15%, 7.24%, 11/25/28 (d),(g),(h)		14,088,000		16,714,567
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 1A1, 6.00%, 10/25/37 (d),(b)		895,893		888,534
				1,029,723,688
Commercial Mortgage-Backed Securities — 8.1%
280 Park Avenue Mortgage Trust, Series 2017-280P, Class F, 1 mo. USD LIBOR + 2.83%, 4.90%, 09/15/34 (d),(f),(g)		8,000,000		7,982,856
BAMLL Commercial Mortgage Securities Trust, Series 2013-DSNY, Class F, 1 mo. USD LIBOR + 3.50%, 5.57%, 09/15/26 (d),(f),(g)		1,000,000		1,001,135
Banc of America Commercial Mortgage Trust,
Series 2007-1 SEQ, Class AMFX, 5.48%, 01/15/49 (g),(b),(h)		8,861,505		8,932,397
Series 2007-3, Class F, 5.87%, 06/10/49 (f),(g)		3,029,921		3,045,071
Bank 2017-BNK4, Series 2017-BNK8, Class A4, 3.49%, 11/15/50 (d),(b)		4,200,000		4,126,101
BBCMS Trust,
Series 2014-BXO, Class D, 1 mo. USD LIBOR + 3.00%, 5.07%, 08/15/27 (d),(f),(g)		2,084,912		2,092,551
Series 2014-BXO, Class E, 1 mo. USD LIBOR + 3.75%, 5.82%, 08/15/27 (d),(f),(g)		1,546,000		1,547,597
Bear Stearns Commercial Mortgage Securities Trust,
Series 2005-PWR9, Class F, 5.23%, 09/11/42 (f),(g)		6,040,708		6,040,708
Series 2007-PW16, Class C, 5.94%, 06/11/40 (f),(g),(b),(h)		7,277,302		7,302,773
Series 2007-T26, Class AM, 5.51%, 01/12/45 (g),(b)		67,021		68,409
Benchmark Mortgage Trust, Series 2018-B2 SEQ, Class A5, 3.88%, 02/15/51 (d)		5,000,000		5,060,435
BX Trust,
Series 2017-SLCT, Class E, 1 mo. USD LIBOR + 3.15%, 5.22%, 07/15/34 (f),(g)		9,483,370		9,548,511
Series 2017-SLCT, Class F, 1 mo. USD LIBOR + 4.25%, 6.32%, 07/15/34 (d),(f),(g)		4,000,000		4,044,352
Series 2018-GW, Class F, 1 mo. USD LIBOR + 2.42%, 4.32%, 05/15/35 (d),(f),(g)		2,500,000		2,509,875
BXP Trust, Series 2017-CQHP, Class E, 1 mo. USD LIBOR + 3.00%, 5.07%, 11/15/34 (d),(f),(g)		1,000,000		999,986
Caesars Palace Las Vegas Trust, Series 2017-VICI, Class E, 4.50%, 10/15/34 (d),(f),(g)		3,600,000		3,539,250
CCRESG Commercial Mortgage Trust, Series 2016-HEAT, Class E, 5.67%, 04/10/29 (f),(g)		626,142		628,374
CD Mortgage Trust, Series 2017-CD6, Class A5, 3.46%, 11/13/50 (d)		3,800,000		3,730,886
CFCRE Commercial Mortgage Trust,
Series 2016-C6, Class D, 4.36%, 11/10/49 (d),(f),(g)		3,266,000		2,714,647
Series 2016-C7, Class D, 4.59%, 12/10/54 (d),(f),(g)		1,605,000		1,356,124
CGGS Commercial Mortgage Trust, Series 2018-WSS, Class E, 1 mo. USD LIBOR + 3.15%, 5.22%, 02/15/37 (f),(g)		2,411,652		2,425,582
CHT Mortgage Trust, Series 2017-CSMO, Class F, 1 mo. USD LIBOR + 3.74%, 5.81%, 11/15/36 (d),(f),(g)		8,000,000		8,052,352
Citigroup Commercial Mortgage Trust,
Series 2006-C4, Class C, 6.40%, 03/15/49 (g),(b)		1,594,396		1,626,284
Series 2015-GC29, Class D, 3.11%, 04/10/48 (d),(f),(h)		4,286,000		3,320,021

See Notes to Consolidated Schedule of Investments.

36

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Principal Amount		Value
Series 2015-GC31, Class D, 4.20%, 06/10/48 (d),(g)	$	1,850,000	$	1,525,543
Series 2015-P1, Class D, 3.23%, 09/15/48 (d),(f)		731,000		619,420
Series 2016-C3, Class D, 3.00%, 11/15/49 (d),(f)		1,826,000		1,395,979
Series 2016-P6, Class D, 3.25%, 12/10/49 (d),(f)		1,030,000		811,307
Series 2016-SMPL, Class E, 4.51%, 09/10/31 (d),(f)		5,000,000		4,978,675
Series 2018-B2 SEQ, Class A4, 4.01%, 03/10/51 (d)		2,060,000		2,097,947
COBALT CMBS Commercial Mortgage Trust, Series 2007-C2, Class AJFX, 5.57%, 04/15/47 (g),(b)		6,660,955		6,687,599
COBALT Commercial Mortgage Trust, Series 2007-C3, Class AJ, 6.02%, 05/15/46 (g)		5,390,151		5,460,223
Commercial Mortgage Trust,
Series 2006-C8 SEQ, Class AJ, 5.38%, 12/10/46 (b)		493,207		495,673
Series 2014-PAT, Class E, 1 mo. USD LIBOR + 3.15%, 5.20%, 08/13/27 (d),(f),(g),(b)		2,400,000		2,411,582
Series 2014-TWC, Class D, 1 mo. USD LIBOR + 2.25%, 4.30%, 02/13/32 (f),(g)		1,741,092		1,749,404
Series 2015-CR23, Class D, 4.39%, 05/10/48 (d),(g),(b)		1,745,000		1,453,070
Credit Suisse Commercial Mortgage Trust,
Series 2007-C1, Class AMFX, 5.42%, 02/15/40 (f),(g),(h)		5,206,084		5,257,103
Series 2007-C1, Class AM, 5.42%, 02/15/40 (b),(h)		6,390,779		6,518,595
Series 2007-C2, Class AJ, 5.75%, 01/15/49 (g)		4,832,831		4,890,825
Credit Suisse Commercial Mortgage Trust Series 2008-C1, Series 2008-C1, Class AM, 6.17%, 02/15/41 (f),(g)		1,963,056		1,966,983
CSAIL Commercial Mortgage Trust,
Series 2015-C2, Class D, 4.35%, 06/15/57 (d),(g)		1,282,000		1,061,967
Series 2015-C3, Class D, 3.50%, 08/15/48 (d),(g),(h)		3,139,000		2,479,797
GE Commercial Mortgage Corp., Series 2007-C1, Class AM, 5.61%, 12/10/49 (g),(b),(h)		33,297,768		32,798,301
GE Commercial Mortgage Corp. Trust, Series 2007-C1 SEQ, Class AMFX, 5.54%, 12/10/49 (f),(g),(b)		504,930		505,435
GS Mortgage Securities Corp. II, Series 2017-GS8, Class A4, 3.47%, 11/10/50 (d)		5,700,000		5,590,286
GS Mortgage Securities Trust,
Series 2007-GG10, Class AM, 5.98%, 08/10/45 (g),(h)		8,690,820		8,764,692
Series 2013-GC12, Class D, 4.59%, 06/10/46 (f),(g),(h)		8,870,454		7,893,462
Series 2017-SLP, Class E, 4.74%, 10/10/32 (d),(f),(g)		5,000,000		4,868,475
Hyatt Hotel Portfolio Trust,
Series 2017-HYT2, Class D, 1 mo. USD LIBOR + 1.85%, 3.93%, 08/09/32 (d),(f),(g)		3,500,000		3,507,756
Series 2017-HYT2, Class F, 1 mo. USD LIBOR + 3.05%, 5.12%, 08/09/32 (d),(f),(g)		4,225,000		4,257,811
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2003-CB7, Class H, 5.93%, 01/12/38 (f),(g),(b)		4,065,178		4,225,753
Series 2005-CB13, Class AJ, 5.77%, 01/12/43 (g),(b)		3,427,298		3,460,886
Series 2005-LDP2, Class G, 5.65%, 07/15/42 (f),(g)		4,873,386		4,897,753
Series 2006-CB14, Class AJ, 5.77%, 12/12/44 (g),(b)		230,873		233,182
Series 2006-CB15, Class AM, 5.86%, 06/12/43 (g),(h)		21,080,923		21,186,328
Series 2007-CB18, Class AM, 5.47%, 06/12/47 (g),(b)		186,185		187,637
Series 2007-LD11, Class AM, 6.16%, 06/15/49 (g),(h)		7,157,829		7,290,249
Series 2014-BXH, Class E, 1 mo. USD LIBOR + 3.75%, 5.82%, 04/15/27 (d),(f),(g)		1,413,798		1,414,399
Series 2014-C20, Class D, 4.72%, 07/15/47 (d),(f),(g),(b)		3,813,137		3,293,025
Series 2014-CBM, Class E, 1 mo. USD LIBOR + 3.85%, 5.92%, 10/15/29 (d),(f),(g),(b)		7,100,000		7,099,979
Series 2018-ASH8, Class E, 1 mo. USD LIBOR + 3.00%, 5.07%, 02/15/35 (d),(f),(g)		3,000,000		3,011,436
JPMBB Commercial Mortgage Securities Trust,
Series 2013-C12, Class D, 4.23%, 07/15/45 (g),(h)		7,875,536		7,161,532
Series 2015-C28, Class D, 3.88%, 10/15/48 (d),(f),(g)		5,074,000		3,972,029
Series 2015-C30, Class D, 3.94%, 07/15/48 (d),(g)		1,129,000		924,566
Series 2015-C30, Class C, 4.44%, 07/15/48 (d),(g),(h)		11,768,000		11,426,434
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7 SEQ, Class A5, 3.41%, 10/15/50 (d),(b)		4,950,000		4,845,966
LB Commercial Mortgage Trust,
Series 2007-C3, Class AJFL, 1 mo. USD LIBOR + .35%, 2.42%, 07/15/44 (f),(g),(b)		4,389,835		4,345,936
Series 2007-C3, Class AJ, 6.09%, 07/15/44 (g)		1,292,714		1,305,642
LB UBS Commercial Mortgage Trust, Series 2008-C1, Class AM, 6.32%, 04/15/41 (g),(h)		17,576,409		18,256,616
LB-UBS Commercial Mortgage Trust,
Series 2007-C1, Class F, 5.61%, 02/15/40 (g)		7,177,724		7,227,968
Series 2007-C6, Class AJ, 6.50%, 07/15/40 (g),(b),(h)		17,259,252		17,540,578
Lone Star Portfolio Trust, Series 2015-LSP, Class E, 1 mo. USD LIBOR + 5.60%, 7.67%, 09/15/28 (d),(f),(g)		7,081,748		7,134,556

See Notes to Consolidated Schedule of Investments.

37

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Principal Amount		Value
LSTAR Commercial Mortgage Trust, Series 2015-3, Class D, 3.25%, 04/20/48 (d),(f),(g)	$	3,194,000	$	2,410,566
Merrill Lynch Mortgage Trust,
Series 2006-C1, Class AJ, 5.78%, 05/12/39 (g),(b)		1,290,609		1,308,354
Series 2006-C2, Class AJ, 5.80%, 08/12/43 (g)		—		0
Series 2007-C1, Class AM, 5.99%, 06/12/50 (g),(b),(h)		6,056,099		6,116,660
ML-CFC Commercial Mortgage Trust,
Series 2007-6, Class AM, 5.53%, 03/12/51 (g),(h)		9,123,420		9,214,654
Series 2007-7, Class AMFL, 1 mo. USD LIBOR + .23%, 2.21%, 06/12/50 (f),(g),(b)		1,297,182		1,304,965
Series 2007-7, Class AM, 5.75%, 06/12/50 (g),(b)		1,337,879		1,345,906
Series 2007-8, Class AMA, 5.84%, 08/12/49 (g)		—		0
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C13, Class D, 5.05%, 11/15/46 (f),(g),(h)		5,113,197		4,947,882
Series 2014-C19, Class D, 3.25%, 12/15/47 (d),(f)		3,660,000		2,914,231
Series 2015-C21, Class D, 4.30%, 03/15/48 (d),(f),(g)		4,754,000		3,871,068
Series 2015-C23, Class D, 4.27%, 07/15/50 (d),(f),(g)		2,195,000		1,928,288
Series 2015-C27, Class D, 3.24%, 12/15/47 (d),(f),(g)		1,466,500		1,148,268
Series 2016-C29, Class D, 3.00%, 05/15/49 (d),(f)		2,517,000		1,893,068
Series 2016-C30, Class D, 3.00%, 09/15/49 (d),(f),(g)		1,323,000		981,947
Series 2016-C32, Class D, 3.40%, 12/15/49 (d),(f),(g)		991,000		754,426
Series 2017-C34 SEQ, Class A4, 3.54%, 11/15/52 (d),(b)		2,907,303		2,869,848
Morgan Stanley Capital I Trust,
Series 2006-HQ10, Class AJ, 5.39%, 11/12/41 (g),(b)		6,993,633		7,007,620
Series 2007-IQ14, Class AM, 5.76%, 04/15/49 (g)		—		0
Series 2007-T25, Class AJ, 5.57%, 11/12/49 (g),(b),(h)		11,214,356		11,382,571
Series 2016-UB12, Class D, 3.31%, 12/15/49 (d),(f)		1,761,000		1,325,322
Morgan Stanley Capital I Trust 2006-HQ9, Series 2006-HQ9, Class E, 5.90%, 07/12/44 (g)		3,433,707		3,450,876
Morgan Stanley Capital I, Inc., Series 2017-JWDR, Class E, 1 mo. USD LIBOR + 3.05%, 5.12%, 11/15/34 (d),(f),(g)		4,000,000		4,028,672
Morgan Stanley Capital Trust, Series 2007-IQ15, Class AJ, 6.28%, 06/11/49 (g),(b)		2,002,098		2,052,151
Motel 6 Trust, Series 2017-MTL6, Class E, 1 mo. USD LIBOR + 3.25%, 5.32%, 08/15/34 (f),(g)		13,009,793		13,155,580
Palisades Center Trust, Series 2016-PLSD, Class D, 4.74%, 04/13/33 (d),(f)		6,907,000		6,803,298
PFP Ltd., Series 2017-3, Class D, 1 mo. USD LIBOR + 3.50%, 5.57%, 01/14/35 (d),(f),(g)		1,000,000		1,006,262
Resource Capital Corp. Ltd., Series 2015-CRE3, Class D, 1 mo. USD LIBOR + 4.00%, 6.07%, 03/15/32 (d),(f),(g)		810,062		809,899
TPG Real Estate Finance Issuer Ltd., Series 2018-FL1, Class D, 1 mo. USD LIBOR + 2.70%, 4.77%, 02/15/35 (d),(f),(g)		1,500,000		1,505,616
UBS Commercial Mortgage Trust, Series 2018-NYCH, Class F, 1 mo. USD LIBOR + 3.82%, 5.89%, 02/15/32 (d),(f),(g)		798,000		794,447
Wachovia Bank Commercial Mortgage Trust,
Series 2006-C26, Class AM, 6.20%, 06/15/45 (g),(b)		1,253,069		1,261,840
Series 2006-C28, Class D, 5.72%, 10/15/48 (g)		4,731,902		4,725,751
Series 2006-C29, Class C, 5.44%, 11/15/48 (g)		3,377,606		3,391,116
Series 2007-C30, Class AJ, 5.41%, 12/15/43 (g),(b),(h)		2,659,147		2,675,102
Series 2007-C31, Class D, 6.23%, 04/15/47 (g)		2,755,681		2,769,459
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class E, 1 mo. USD LIBOR + 4.35%, 6.42%, 06/15/29 (d),(f),(g)		3,000,000		3,010,185
Wells Fargo Commercial Mortgage Trust,
Series 2015-C27, Class D, 3.77%, 02/15/48 (d),(f)		6,903,000		5,563,418
Series 2015-C31, Class D, 3.85%, 11/15/48 (d)		3,546,000		2,865,760
Series 2015-LC20, Class D, 4.51%, 04/15/50 (d),(f),(g),(h)		5,292,000		4,477,238
Series 2015-NXS2, Class C, 4.39%, 07/15/58 (d),(g)		9,557,000		9,314,692
Series 2015-NXS4, Class E, 3.75%, 12/15/48 (d),(f),(g)		2,629,000		2,001,326
Series 2016-C34, Class D, 5.20%, 06/15/49 (d),(f),(g)		1,868,000		1,599,094
WFRBS Commercial Mortgage Trust, Series 2014-C19, Class D, 4.23%, 03/15/47 (d),(f)		3,500,000		3,019,286
				495,193,349
Interest Only Commercial Mortgage-Backed Securities — 0.4%
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class XA, 1.25%, 04/10/48 (d),(g),(h)		13,931,945		733,823
Commercial Mortgage Trust,
Series 2014-UBS4, Class XA, 1.36%, 08/10/47 (d),(g)		20,341,226		962,364
Series 2014-UBS5, Class XA, 1.18%, 09/10/47 (d),(g),(b)		3,946,906		143,316
Series 2015-CR23, Class XA, 1.11%, 05/10/48 (d),(g),(b)		12,185,717		529,238
CSAIL Commercial Mortgage Trust,
Series 2015-C2, Class XA, 0.97%, 06/15/57 (d),(g),(b)		39,967,967		1,651,996
Series 2015-C3, Class XA, 0.99%, 08/15/48 (d),(g)		34,152,824		1,339,098

See Notes to Consolidated Schedule of Investments.

38

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Principal Amount		Value
GS Mortgage Securities Trust,
Series 2014-GC24, Class XA, 0.95%, 09/10/47 (d),(g),(b)	$	13,768,441	$	492,938
Series 2015-GC32, Class XA, 0.99%, 07/10/48 (d),(g),(h)		23,594,957		998,491
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class XA, 0.77%, 07/15/48 (d),(g)		51,130,869		1,540,011
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C17, Class XA, 1.36%, 08/15/47 (d),(g),(b)		24,695,576		1,016,668
Series 2015-C22, Class XA, 1.27%, 04/15/48 (d),(g)		19,000,139		1,001,820
Series 2015-C23, Class XA, 0.85%, 07/15/50 (d),(g),(h)		55,890,717		1,692,091
Series 2015-C25, Class XA, 1.28%, 10/15/48 (d),(g)		36,048,645		2,096,157
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC18, Class XA, 1.28%, 12/15/47 (d),(g)		43,245,001		2,241,129
Series 2015-C29, Class XA, 0.86%, 06/15/48 (d),(g),(h)		121,000,697		4,496,265
Series 2016-C32, Class XA, 1.49%, 01/15/59 (d),(g)		37,952,801		2,774,160
WFRBS Commercial Mortgage Trust, Series 2014-C22, Class XA, 1.04%, 09/15/57 (d),(g),(b)		1,778,949		70,987
				23,780,552
Inverse Interest Only Collateralized Mortgage Obligations — 0.1%
Federal National Mortgage Association,
Series 2014-28, Class SB, (1) x 1 mo. USD LIBOR + 6.05%, 3.96%, 05/25/44 (d),(g),(b)		22,559,490		3,403,325
Series 2015-13, Class ST, (1) x 1 mo. USD LIBOR + 5.60%, 3.51%, 03/25/45 (d),(g),(b)		13,529,356		2,049,102
				5,452,427
Total North America				1,554,150,016
TOTAL MORTGAGE-BACKED SECURITIES (COST $1,508,681,453)				1,554,150,016
U.S. GOVERNMENT SPONSORED AGENCY SECURITIES — 0.7%
North America — 0.7%
Inverse Interest Only Collateralized Mortgage Obligations — 0.7%
Government National Mortgage Association,
Series 2011-157, Class LS, (1) x 1 mo. USD LIBOR + 6.63%, 4.55%, 12/20/41 (d),(g),(b)		6,280,705		1,254,376
Series 2012-96, Class SA, (1) x 1 mo. USD LIBOR + 6.10%, 4.02%, 08/20/42 (d),(g),(b)		6,459,861		1,077,402
Series 2013-188, Class SA, (1) x 1 mo. USD LIBOR + 6.15%, 4.07%, 12/20/43 (d),(g),(b)		6,084,543		825,015
Series 2014-116, Class SC, (1) x 1 mo. USD LIBOR + 5.60%, 3.52%, 08/20/44 (d),(g),(b)		4,296,282		581,717
Series 2015-148, Class SL, (1) x 1 mo. USD LIBOR + 5.68%, 3.60%, 10/20/45 (d),(g),(b)		17,824,028		2,473,173
Series 2015-151, Class SC, (1) x 1 mo. USD LIBOR + 6.15%, 4.07%, 10/20/45 (d),(g),(b)		10,659,474		1,719,864
Series 2015-161, Class AS, (1) x 1 mo. USD LIBOR + 6.20%, 4.12%, 11/20/45 (d),(g),(b)		8,941,024		1,600,738
Series 2015-162, Class LS, (1) x 1 mo. USD LIBOR + 6.20%, 4.12%, 11/20/45 (d),(g),(b)		12,619,115		2,241,571
Series 2016-5, Class QS, (1) x 1 mo. USD LIBOR + 6.20%, 4.12%, 01/20/46 (d),(g),(b)		14,418,297		2,436,462
Series 2017-101, Class SL, (1) x 1 mo. USD LIBOR + 6.20%, 4.12%, 07/20/47 (d),(g)		11,894,911		1,997,405
Series 2017-114, Class SP, (1) x 1 mo. USD LIBOR + 6.20%, 4.12%, 07/20/47 (d),(g),(b)		8,919,332		1,569,187
Series 2017-117, Class BS, (1) x 1 mo. USD LIBOR + 6.20%, 4.12%, 08/20/47 (d),(g)		6,995,681		1,271,297
Series 2017-117, Class SA, (1) x 1 mo. USD LIBOR + 6.20%, 4.12%, 08/20/47 (d),(g)		8,565,195		1,634,085
Series 2017-156, Class SB, (1) x 1 mo. USD LIBOR + 6.20%, 4.12%, 10/20/47 (d),(g),(b)		9,410,117		1,866,308
Series 2017-56, Class AS, (1) x 1 mo. USD LIBOR + 6.15%, 4.07%, 04/20/47 (d),(g)		8,528,524		1,566,204
Series 2017-73, Class SM, (1) x 1 mo. USD LIBOR + 6.20%, 4.12%, 05/20/47 (d),(g),(b)		8,821,654		1,617,874
Series 2017-78, Class CS, (1) x 1 mo. USD LIBOR + 6.20%, 4.12%, 05/20/47 (d),(g),(b)		17,784,670		3,550,318
Series 2018-27, Class HS, (1) x 1 mo. USD LIBOR + 6.20%, 4.12%, 02/20/48 (d),(g)		5,185,159		807,578
Series 2018-48, Class SA, (1) x 1 mo. USD LIBOR + 6.20%, 4.12%, 04/20/48 (d),(g)		11,175,585		2,133,386
Series 2018-54, Class AS, (1) x 1 mo. USD LIBOR + 5.72%, 3.64%, 04/20/48 (d),(g)		6,562,253		828,432
Series 2018-54, Class SA, (1) x 1 mo. USD LIBOR + 6.25%, 4.17%, 04/20/48 (d),(g)		19,686,760		3,077,631
Series 2018-64, Class SG, (1) x 1 mo. USD LIBOR + 6.20%, 4.12%, 05/20/48 (d),(g)		6,239,521		945,406
Series 2018-65, Class PS, (1) x 1 mo. USD LIBOR + 6.15%, 4.07%, 05/20/48 (d),(g)		9,534,133		1,453,765
Series 2018-78, Class AS, 4.32%, 06/20/48 (d),(g)		18,888,295		2,858,101
Series 2018-93, Class SA, -1.0 * 1 mo. USD LIBOR + 6.20%, 4.10%, 07/20/48 (d),(g),(m)		8,485,008		1,368,208
TOTAL U.S. GOVERNMENT SPONSORED AGENCY SECURITIES (COST $42,995,402)				42,755,503
U.S. TREASURY OBLIGATIONS — 2.0%
North America — 2.0%
U.S. Treasury Inflation Indexed Notes, 0.13%, 07/15/26 (b),(d)		31,349,100		30,028,854

See Notes to Consolidated Schedule of Investments.

39

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Principal Amount		Value
0.38%, 07/15/25—07/15/27 (b),(d)	$	17,889,270	$	17,471,777
0.50%, 01/15/28 (d)		23,101,715		22,597,342
0.63%, 01/15/26 (b),(d)		50,599,680		50,318,349
TOTAL U.S. TREASURY OBLIGATIONS (COST $123,787,031)				120,416,322
Security Description	Shares		Value
EXCHANGE-TRADED FUNDS — 2.1%
Invesco Emerging Markets Sovereign Debt ETF (d),(b)		23,760	$	630,115
iShares Core MSCI Emerging Markets ETF (d),(b)		261,163		13,713,669
iShares Core S&P 500 ETF (d)		150,630		41,129,521
SPDR Dow Jones International Real Estate ETF (d),(b)		390,960		15,302,174
Vanguard Emerging Markets Government Bond ETF (d),(b)		6,600		497,706
Vanguard FTSE Emerging Markets ETF (d),(b)		346,644		14,628,377
Vanguard Global ex-U.S. Real Estate ETF (d),(b)		399,595		23,208,478
Vanguard REIT ETF (d),(b)		278,539		22,687,002
TOTAL EXCHANGE-TRADED FUNDS (COST $128,488,816)				131,797,042
INVESTMENTS IN INVESTEE FUNDS — 5.5%
North America — 5.5%
GCM Equity Master Fund (cost $ 120,616,416) (e),(n)				122,172,368
GCM Equity Partners LP (cost $ 22,604,488) (e),(n)				33,118,298
GCM Offshore Equity Partners LP (cost $ 15,861,069) (e),(n)				23,071,988
Glenview Capital Partners (Cayman), Ltd. (cost $ 125,000,000) (e),(n)		125,000		156,027,500
TOTAL INVESTMENTS IN INVESTEE FUNDS (COST $284,081,973)				334,390,154

	Strike		Expiration      Date		Contracts		Notional   Amount		Premium      Paid		Market   Value		Unrealized Appreciation (Depreciation)
PURCHASED OPTIONS — 0.0%
Exchange-Traded Call Options — 0.0%
Aegon NV		5.80 EUR		07/20/18		3,160	$	3,160	$	77,788	$	9,226	$	(68,562	)
AXA SA		23.00 EUR		07/20/18		1,264		2,730,240		50,919		1,476		(49,443	)
AXA SA		21.50 EUR		09/21/18		948		2,047,680		47,231		54,800		7,569
Banco Bilbao Vizcaya Argentaria, SA		6.25 EUR		07/20/18		4,424		2,844,190		111,315		46,497		(64,818	)
Banco Bilbao Vizcaya Argentaria, SA		6.25 EUR		08/17/18		1,264		812,626		23,087		22,142		(945	)
Banco Bilbao Vizcaya Argentaria, SA		6.00 EUR		09/21/18		1,896		1,218,938		71,155		71,960		805
BASF SE		90.00 EUR		07/20/18		126		1,039,626		17,382		883		(16,499	)
Bayer AG		100.00 EUR		08/17/18		126		1,142,618		35,683		16,186		(19,497	)
Bayer AG		100.00 EUR		07/20/18		123		125		24,309		3,809		(20,500	)
Bayer AG		108.25 EUR		07/20/18		253		2,340,191		22,286		301		(21,985	)
Bayer AG		108.25 EUR		09/21/18		129		1,193,220		15,305		5,532		(9,773	)
Bayer AG		98.41 EUR		09/21/18		129		1,193,220		21,689		33,190		11,501
BNP Paribas SA		56.00 EUR		07/20/18		253		1,522,301		35,608		5,761		(29,847	)
BNP Paribas SA		55.00 EUR		09/21/18		632		3,802,744		92,484		111,446		18,962
Capgemini SE		118.00 EUR		09/21/18		126		1,275,120		38,737		52,971		14,234
Cie de Saint-Gobain		45.00 EUR		07/20/18		253		1,084,358		23,471		1,182		(22,289	)
Cie de Saint-Gobain		39.00 EUR		09/21/18		253		1,084,358		43,776		36,932		(6,844	)
Cie de Saint-Gobain		40.00 EUR		09/21/18		253		1,084,358		36,779		25,409		(11,370	)
Cie de Saint-Gobain		42.00 EUR		09/21/18		253		1,084,358		33,998		11,966		(22,032	)
Continental AG		220.00 EUR		08/17/18		63		1,411,200		25,025		7,284		(17,741	)
Continental AG		240.00 EUR		08/17/18		63		1,411,200		20,295		773		(19,522	)
Continental AG		240.00 EUR		07/20/18		63		1,411,200		8,579		74		(8,505	)
Daimler AG		62.00 EUR		12/21/18		253		1,748,230		43,209		52,443		9,234
Daimler AG		60.00 EUR		09/21/18		253		1,748,230		38,388		25,705		(12,683	)
Danone SA		66.00 EUR		08/17/18		126		828,198		14,297		6,548		(7,749	)
Danone SA		66.00 EUR		09/21/18		126		828,198		20,152		13,537		(6,615	)
Enel SpA		5.00 EUR		07/19/18		632		6,320		65,084		9,595		(55,489	)

See Notes to Consolidated Schedule of Investments.

40

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

	Strike		Expiration      Date		Contracts		Notional   Amount		Premium      Paid		Market   Value		Unrealized Appreciation (Depreciation)
Euro Stoxx 50		3,525.00 EUR		09/21/18		932	$	31,329,180	$	667,751	$	433,179	$	(234,572	)
Euro Stoxx 50		3,700.00 EUR		09/21/18		316		10,622,340		133,287		18,082		(115,205	)
Euro Stoxx 50		3,500.00 EUR		10/19/18		506		17,009,190		231,212		317,612		86,400
Euro Stoxx 50		3,575.00 EUR		10/19/18		317		10,655,955		173,461		107,911		(65,550	)
Euro Stoxx 50		3,600.00 EUR		09/21/18		348		11,698,020		139,869		62,991		(76,878	)
FTSE 100 Index		7,700.00 GBP		07/20/18		67		4,727,929		86,278		79,139		(7,139	)
FTSE 100 Index		8,100.00 GBP		09/21/18		26		1,834,719		26,034		6,863		(19,171	)
ING Groep NV		14.00 EUR		07/20/18		1,264		1,731,680		24,069		1,476		(22,593	)
ING Groep NV		13.00 EUR		07/20/18		2,528		3,463,360		80,994		17,713		(63,281	)
Koninklijke DSM N.V.		90.00 EUR		07/20/18		129		129		29,524		5,875		(23,649	)
Koninklijke DSM N.V.		90.00 EUR		12/21/18		126		1,016,064		43,043		45,320		2,277
Koninklijke DSM N.V.		92.00 EUR		09/21/18		126		126		32,183		16,774		(15,409	)
Publicis Group SA		60.00 EUR		07/20/18		316		1,787,928		37,866		45,575		7,709
Renault SA		84.00 EUR		12/21/18		126		1,241,100		32,376		24,573		(7,803	)
Renault SA		80.00 EUR		09/21/18		126		1,241,100		27,241		17,216		(10,025	)
SAP SE		102.00 EUR		07/20/18		126		126		22,699		1,471		(21,228	)
SAP SE		103.00 EUR		08/17/18		126		126		24,573		17,951		(6,622	)
SAP SE		98.00 EUR		07/20/18		126		1,075,662		24,013		37,816		13,803
SAP SE		100.00 EUR		08/17/18		126		1,325,016		38,626		35,020		(3,606	)
SAP SE		105.00 EUR		07/20/18		126		1,325,016		23,881		4,267		(19,614	)
Societe Generale SA		37.00 EUR		09/21/18		632		2,790,912		60,371		81,924		21,553
UBS Group AG		16.00 CHF		07/20/18		1,264		2,122,888		55,478		7,658		(47,820	)
UBS Group AG		15.50 CHF		07/20/18		632		1,061,444		23,319		14,040		(9,279	)
UBS Group AG		16.00 CHF		08/17/18		632		1,061,444		19,166		13,721		(5,445	)
UBS Group AG		16.00 CHF		09/21/18		948		1,592,166		31,741		26,804		(4,937	)
UBS Group AG		15.50 CHF		09/21/18		632		1,061,444		28,381		34,143		5,762
Unicredit SpA		15.00 EUR		07/19/18		95		1,995,000		55,494		18,305		(37,189	)
Unicredit SpA		15.00 EUR		09/20/18		126		2,646,000		67,063		82,400		15,337
Unicredit SpA		16.00 EUR		09/20/18		95		1,995,000		34,467		34,467		—
Verizon Communications, Inc.		52.50 USD		07/20/18		387		1,850,634		24,703		4,257		(20,446	)
Volkswagen AG		175.00 EUR		09/21/18		63		1,018,080		31,720		3,200		(28,520	)
Volkswagen AG		170.00 EUR		07/20/18		63		1,018,080		20,819		147		(20,672	)
Volkswagen AG		160.00 EUR		08/17/18		63		1,018,080		12,581		6,916		(5,665	)
Volkswagen AG		160.00 EUR		09/21/18		63		1,018,080		21,280		14,714		(6,566	)
WPP PLC		14.00 GBP		07/20/18		63		71,347,500		25,016		831		(24,185	)
									$	3,468,610	$	2,267,979	$	(1,200,631	)
Exchange-Traded Put Options — 0.0%
Aegon NV		5.00 EUR		09/21/18		3,160		1,730,416		102,261		92,256		(10,005	)
Allianz SE		185.00 EUR		07/20/18		63		1,160,208		26,350		58,857		32,507
Allianz SE		170.00 EUR		09/21/18		63		1,160,208		39,294		27,589		(11,705	)
Atlantia SpA		25.00 EUR		07/19/18		63		1,978,200		31,405		25,713		(5,692	)
Atos SE		114.00 EUR		09/21/18		126		126		57,597		60,476		2,879
BASF SE		80.00 EUR		09/21/18		126		1,039,626		34,524		33,696		(828	)
BNP Paribas SA		58.00 EUR		07/20/18		632		3,802,744		72,884		348,359		275,475
BNP Paribas SA		56.00 EUR		07/20/18		632		3,802,744		77,560		211,820		134,260
Continental AG		200.00 EUR		08/17/18		63		1,411,200		42,067		71,806		29,739
Continental AG		205.00 EUR		09/21/18		63		1,411,200		44,605		98,586		53,981
FTSE 100 Index		7,300.00 GBP		09/21/18		41		2,893,210		72,342		47,617		(24,725	)
ING Groep NV		12.00 EUR		09/21/18		2,212		3,030,440		99,229		112,368		13,139
Publicis Groupe SA		58.00 EUR		07/20/18		316		1,787,928		72,564		42,438		(30,126	)
Renault SA		80.00 EUR		07/20/18		253		2,492,050		62,390		219,079		156,689
Shire PLC		38.00 GBP		12/21/18		16		57,128,000		35,107		23,861		(11,246	)
Unicredit SpA		15.00 EUR		07/19/18		95		1,995,000		65,158		96,630		31,472
Unicredit SpA		15.50 EUR		07/19/18		95		1,995,000		66,365		142,337		75,972
Valeo SA		48.00 EUR		12/21/18		126		675,864		38,313		59,004		20,691
Valeo SA		48.00 EUR		09/21/18		126		675,864		20,000		43,260		23,260
Vinci SA		82.00 EUR		09/21/18		126		1,006,740		40,631		37,889		(2,742	)
Volkswagen AG		155.00 EUR		08/17/18		63		1,018,080		36,422		104,619		68,197
Volkswagen AG		145.00 EUR		09/21/18		63		1,018,080		41,752		64,375		22,623
Volkswagen AG		150.00 EUR		09/21/18		63		1,018,080		33,715		33,990		275
WPP PLC		12.00 GBP		07/20/18		38		43,035,000		19,353		14,042		(5,311	)
									$	1,231,888	$	2,070,667	$	838,779

See Notes to Consolidated Schedule of Investments.

41

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

	Counterparty	Strike		Expiration      Date		Contracts		Notional Amount		Premium     Paid		Market   Value		Unrealized Appreciation (Depreciation)
FX OTC Call Options — 0.0%
USD/KRW Currency	Deutsche Bank AG		1,125.00 USD		07/10/18		4,500,000	$	—	$	4,545	$	11,407	$	6,862
USD/KRW Currency	Morgan Stanley & Co. International plc		1,080.00 USD		07/10/18		3,000,000		—		36,210		91,966		55,756
										$	40,755	$	103,373	$	62,618
FX OTC Put Options — 0.0%
USD/KRW Currency	Deutsche Bank AG		1,040.00 USD		07/10/18		1,500,000		—		375		26		(349	)
Total Purchased Options Outstanding										$	4,741,628	$	4,442,045	$	(299,583	)

Security Description	Shares		Value
SHORT-TERM INVESTMENT — MONEY MARKET FUNDS — 6.2%
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio, Institutional Class, 1.71% (d),(o)		136,586	$	136,586
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.82% (o)		379,714,677		379,714,677
TOTAL SHORT-TERM INVESTMENT — MONEY MARKET FUNDS (COST $379,851,263)				379,851,263
TOTAL INVESTMENTS IN SECURITIES — 91.6% (COST $5,409,933,385)				5,592,575,140
TOTAL SECURITIES SOLD SHORT — (23.7)% (PROCEEDS $1,418,525,856)				(1,444,280,890	)
Other Assets (p) — 32.1%				1,956,382,493
Net Assets — 100.0%			$	6,104,676,743
SECURITIES SOLD SHORT — (23.7)%
COMMON STOCK — (20.6)%
Africa — (0.0)%
Metals & Mining — (0.0)%
AngloGold Ashanti Ltd. ADR		8,200		(67,322	)
Platinum Group Metals Ltd.		18,000		(1,868	)
				(69,190	)
Oil, Gas & Coal — (0.0)%
Kosmos Energy Ltd.		32,800		(271,256	)
Sasol Ltd. ADR		7,400		(270,396	)
Total Africa				(610,842	)
Asia — (1.9)%
Apparel & Textile Products — (0.0)%
Huami Corp. ADR		1,400		(13,790	)
Asset Management — (0.0)%
Noah Holdings Ltd. ADR		200		(10,430	)
Automotive — (0.0)%
Kandi Technologies Group, Inc.		8,800		(37,400	)
SORL Auto Parts, Inc.		1,000		(4,670	)
Toyota Motor Corp. ADR		1,100		(141,691	)
				(183,761	)

See Notes to Consolidated Schedule of Investments.

42

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Banking — (0.1)%
HDFC Bank Ltd. ADR		31,400	$	(3,297,628	)
ICICI Bank Ltd. ADR		28,700		(230,461	)
KB Financial Group, Inc. ADR		5,700		(264,936	)
Mitsubishi UFJ Financial Group, Inc. ADR		46,000		(259,900	)
Mizuho Financial Group, Inc. ADR		12,700		(43,053	)
Shinhan Financial Group Co. Ltd. ADR		3,500		(134,680	)
Sumitomo Mitsui Financial Group, Inc. ADR		13,300		(103,341	)
				(4,333,999	)
Biotechnology & Pharmaceuticals — (0.0)%
China Biologic Products Holdings, Inc.		1,200		(119,196	)
Zai Lab Ltd. ADR		100		(2,325	)
				(121,521	)
Consumer Products — (0.0)%
Future FinTech Group, Inc.		200		(348	)
Consumer Services — (0.1)%
Bright Scholar Education Holdings Ltd. ADR		10,500		(174,615	)
New Oriental Education & Technology Group, Inc. ADR		10,500		(993,930	)
RISE Education Cayman Ltd. ADR		2,999		(42,346	)
RYB Education, Inc. ADR		1,100		(21,615	)
TAL Education Group ADR		135,400		(4,982,720	)
				(6,215,226	)
Gaming, Lodging & Restaurants — (0.0)%
500.com Ltd. Class A ADR		7,000		(102,970	)
Huazhu Group Ltd. ADR		19,100		(802,009	)
				(904,979	)
Hardware — (0.0)%
AU Optronics Corp. ADR		8,349		(35,316	)
LG Display Co. Ltd. ADR		3,700		(30,488	)
				(65,804	)
Institutional Financial Services — (0.0)%
China Internet Nationwide Financial Services, Inc.		200		(3,324	)
Nomura Holdings, Inc. ADR		100		(479	)
				(3,803	)
Iron & Steel — (0.0)%
POSCO ADR		1,300		(96,356	)
Machinery — (0.0)%
Sharing Economy International		1,770		(6,018	)
Media — (0.1)%
51job, Inc. ADR		1,100		(107,404	)
Ctrip.com International Ltd. ADR		900		(42,867	)
Eros International PLC		400		(5,200	)
Fang Holdings Ltd. ADR		106,700		(413,996	)
iQIYI, Inc. ADR		103,300		(3,336,590	)
LINE Corp. ADR		6,100		(250,527	)
MakeMyTrip Ltd.		16,300		(589,245	)
Renren, Inc. ADR		1,340		(3,310	)

See Notes to Consolidated Schedule of Investments.

43

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Sogou, Inc. ADR		12,500	$	(142,875	)
Xunlei Ltd. ADR		34,300		(367,010	)
Yatra Online, Inc.		700		(3,752	)
				(5,262,776	)
Metals & Mining — (0.0)%
Turquoise Hill Resources Ltd.		78,900		(224,076	)
Vedanta Ltd. ADR		100		(1,360	)
				(225,436	)
Oil, Gas & Coal — (0.0)%
CNOOC Ltd. ADR		4,900		(839,076	)
PetroChina Co. Ltd. ADR		1,900		(144,913	)
Recon Technology Ltd.		500		(695	)
				(984,684	)
Renewable Energy — (0.0)%
JinkoSolar Holding Co. Ltd. ADR		22,827		(314,328	)
Yingli Green Energy Holding ADR		2,240		(3,203	)
				(317,531	)
Retail—Discretionary — (1.4)%
Alibaba Group Holding Ltd. ADR (b),(d)		328,701		(60,983,897	)
JD.com, Inc. ADR		588,000		(22,902,600	)
Jumei International Holding Ltd. ADR		1,800		(4,644	)
LightInTheBox Holding Co. Ltd. ADR		600		(1,284	)
				(83,892,425	)
Semiconductors — (0.0)%
Himax Technologies, Inc. ADR		134,100		(1,000,386	)
Semiconductor Manufacturing International Corp. ADR		3,300		(21,450	)
				(1,021,836	)
Software — (0.1)%
Gridsum Holding, Inc. ADR		8,200		(57,072	)
Link Motion, Inc. ADR		11,000		(12,540	)
NetEase, Inc. ADR		19,500		(4,927,065	)
Sea Ltd. ADR		25,100		(376,500	)
Taoping, Inc.		300		(390	)
				(5,373,567	)
Specialty Finance — (0.0)%
China Rapid Finance Ltd. ADR		1,983		(4,303	)
Jianpu Technology, Inc. ADR		9,600		(63,456	)
LexinFintech Holdings Ltd. ADR		6,400		(78,400	)
ORIX Corp. ADR		300		(23,703	)
PPDAI Group, Inc. ADR		15,700		(93,415	)
Qudian, Inc. ADR		33,600		(297,696	)
				(560,973	)
Technology Services — (0.1)%
Baozun, Inc. ADR		44,300		(2,423,210	)
Infosys Ltd. ADR		3,800		(73,834	)
Wipro Ltd. ADR		7,900		(37,841	)
				(2,534,885	)
Telecommunications — (0.0)%
China Unicom Hong Kong Ltd. ADR		14,100		(176,391	)
Chunghwa Telecom Co. Ltd. ADR		5,100		(183,192	)
KT Corp. ADR		14,200		(188,576	)
PLDT, Inc. ADR		400		(9,352	)

See Notes to Consolidated Schedule of Investments.

44

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
PT Telekomunikasi Indonesia Persero Tbk ADR		3,500	$	(91,035	)
				(648,546	)
Transportation & Logistics — (0.0)%
BEST, Inc. ADR		16,600		(202,852	)
Seaspan Corp.		300		(3,054	)
ZTO Express Cayman, Inc. ADR		69,000		(1,380,000	)
				(1,585,906	)
Utilities — (0.0)%
Huaneng Power International, Inc. ADR		2,080		(54,600	)
Korea Electric Power Corp. ADR		23,500		(336,990	)
				(391,590	)
Total Asia				(114,756,190	)
Europe — (1.0)%
Asset Management — (0.0)%
UBS Group AG		87,500		(1,342,250	)
Automotive — (0.0)%
Autoliv, Inc.		200		(28,644	)
Banking — (0.1)%
Banco Bilbao Vizcaya Argentaria SA ADR		12,300		(86,100	)
Banco Santander SA ADR		263,532		(1,407,261	)
Barclays PLC ADR		113,904		(1,142,457	)
Deutsche Bank AG		80,800		(858,096	)
Royal Bank of Scotland Group PLC ADR		44,100		(299,880	)
				(3,793,794	)
Biotechnology & Pharmaceuticals — (0.5)%
AC Immune SA		1,195		(11,113	)
Affimed NV		4,400		(7,260	)
Auris Medical Holding AG		160		(125	)
Bayer AG (b),(d)		157,548		(17,358,943	)
Cellectis SA ADR		1,600		(45,264	)
Nabriva Therapeutics plc		2,200		(7,656	)
Origin Agritech Ltd.		713		(542	)
Prothena Corp. PLC		10,300		(150,174	)
Roche Holding AG (d)		43,767		(9,747,361	)
				(27,328,438	)
Consumer Products — (0.1)%
Anheuser-Busch InBev NV ADR		67,500		(6,801,300	)
Avon Products, Inc.		200		(324	)
Unilever PLC ADR		13,100		(724,168	)
				(7,525,792	)
Gaming, Lodging & Restaurants — (0.0)%
Belmond Ltd. Class A		1,600		(17,840	)
InterContinental Hotels Group PLC ADR		300		(18,801	)
				(36,641	)
Hardware — (0.0)%
Nokia Oyj ADR		17,000		(97,750	)
voxeljet AG ADR		1,800		(6,318	)
				(104,068	)
Health Care Facilities & Services — (0.0)%
Fresenius Medical Care AG & Co. KGaA ADR		500		(25,175	)

See Notes to Consolidated Schedule of Investments.

45

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Institutional Financial Services — (0.0)%
Credit Suisse Group AG ADR		92,949	$	(1,383,081	)
Insurance — (0.0)%
Aegon NV		4,909		(29,062	)
Prudential PLC ADR		7,563		(345,629	)
				(374,691	)
Iron & Steel — (0.0)%
ArcelorMittal		60,797		(1,749,738	)
Machinery — (0.0)%
CNH Industrial NV		100		(1,053	)
Media — (0.1)%
Liberty Global PLC A Shares		94,700		(2,608,038	)
Pearson PLC ADR		12,100		(140,360	)
Trivago NV ADR		300		(1,362	)
WPP PLC ADR		300		(23,574	)
				(2,773,334	)
Metals & Mining — (0.0)%
Ferroglobe PLC (e)		400		0
Oil, Gas & Coal — (0.0)%
BP PLC ADR		35		(1,598	)
Equinor ASA ADR		33,460		(883,679	)
Royal Dutch Shell PLC ADR		24		(1,661	)
Seadrill Ltd.		12,996		(2,794	)
TechnipFMC PLC		58,800		(1,866,312	)
				(2,756,044	)
Passenger Transportation — (0.0)%
Ryanair Holdings PLC ADR		125		(14,279	)
Semiconductors — (0.0)%
STMicroelectronics NV		2,100		(46,452	)
Software — (0.0)%
Bilibili, Inc. ADR		800		(11,192	)
SAP SE ADR		5,900		(682,394	)
				(693,586	)
Specialty Finance — (0.1)%
AerCap Holdings NV		58,600		(3,173,190	)
Fly Leasing Ltd. ADR		1,100		(15,499	)
				(3,188,689	)
Telecommunications — (0.1)%
BT Group PLC ADR		33,300		(481,518	)
Telefonica SA ADR		28,101		(239,702	)
VEON Ltd. ADR		128,000		(304,640	)
Vodafone Group PLC ADR		154,700		(3,760,757	)
				(4,786,617	)
Transportation & Logistics — (0.0)%
Ardmore Shipping Corp.		9,000		(73,800	)
Euronav SA		3,908		(35,954	)
Frontline Ltd.		19,240		(112,362	)
GasLog Ltd.		18,200		(347,620	)
Globus Maritime Ltd.		1,432		(723	)
Golden Ocean Group Ltd.		1,480		(12,861	)
Navios Maritime Acquisition Corp.		13,600		(8,296	)
Navios Maritime Holdings, Inc.		17,600		(14,993	)

See Notes to Consolidated Schedule of Investments.

46

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Nordic American Offshore Ltd.		4,822	$	(5,545	)
Scorpio Tankers, Inc.		236,600		(664,846	)
Tsakos Energy Navigation Ltd.		13,700		(50,964	)
				(1,327,964	)
Utilities — (0.0)%
Abengoa Yield PLC		18		(363	)
Total Europe				(59,280,693	)
Middle East — (0.0)%
Biotechnology & Pharmaceuticals — (0.0)%
Foamix Pharmaceuticals Ltd.		2,000		(10,020	)
Oramed Pharmaceuticals, Inc.		1,200		(8,916	)
Vascular Biogenics Ltd.		4,800		(10,560	)
				(29,496	)
Hardware — (0.0)%
Kornit Digital Ltd.		9,800		(174,440	)
SuperCom Ltd.		200		(468	)
				(174,908	)
Medical Equipment & Devices — (0.0)%
InspireMD, Inc.		166		(41	)
ReWalk Robotics Ltd.		7,700		(7,545	)
				(7,586	)
Software — (0.0)%
My Size, Inc.		100		(91	)
Telecommunications — (0.0)%
magicJack VocalTec Ltd.		500		(4,275	)
Total Middle East				(216,356	)
North America — (17.4)%
Aerospace & Defense — (0.0)%
Aerojet Rocketdyne Holdings, Inc.		1,600		(47,184	)
Aerovironment, Inc.		3,600		(257,148	)
Axon Enterprise, Inc.		4,300		(271,674	)
Harris Corp.		18		(2,602	)
HEICO Corp.		1,012		(73,805	)
Hexcel Corp.		2,300		(152,674	)
Rockwell Collins, Inc.		1		(135	)
Sturm Ruger & Co., Inc.		6,600		(369,600	)
Triumph Group, Inc.		22,700		(444,920	)
Woodward, Inc.		3,300		(253,638	)
				(1,873,380	)
Apparel & Textile Products — (0.1)%
Canada Goose Holdings, Inc.		9,700		(570,845	)
Columbia Sportswear Co.		4,200		(384,174	)
Gildan Activewear, Inc.		12,800		(360,448	)
Hanesbrands, Inc.		126,400		(2,783,328	)
Iconix Brand Group, Inc.		22,100		(12,893	)
Lakeland Industries, Inc.		1,200		(16,980	)
Michael Kors Holdings Ltd.		19,400		(1,292,040	)
Movado Group, Inc.		1,000		(48,300	)
Oxford Industries, Inc.		100		(8,298	)
Ralph Lauren Corp.		2,200		(276,584	)
Sequential Brands Group, Inc.		7,800		(15,366	)

See Notes to Consolidated Schedule of Investments.

47

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Under Armour, Inc. Class A		22,000	$	(494,560	)
				(6,263,816	)
Asset Management — (0.2)%
Artisan Partners Asset Management, Inc. Class A		18,300		(551,745	)
Brookfield Asset Management, Inc. Class A		50,250		(2,037,135	)
Columbia Financial, Inc.		300		(4,965	)
Cronos Group, Inc.		35,900		(234,068	)
DPW Holdings, Inc.		6,100		(3,307	)
E*TRADE Financial Corp.		17,000		(1,039,720	)
Franklin Resources, Inc.		69,500		(2,227,475	)
Kennedy-Wilson Holdings, Inc.		46,800		(989,820	)
Legg Mason, Inc.		100		(3,473	)
Main Street Capital Corp.		3,206		(122,020	)
Medley Capital Corp.		9,500		(32,965	)
PennantPark Floating Rate Capital Ltd.		38		(519	)
Stifel Financial Corp.		1,600		(83,600	)
TD Ameritrade Holding Corp.		21,900		(1,199,463	)
Triangle Capital Corp.		14,500		(166,750	)
Virtus Investment Partners, Inc.		100		(12,795	)
Waddell & Reed Financial, Inc. Class A		24,100		(433,077	)
				(9,142,897	)
Automotive — (0.4)%
Adient PLC		54,000		(2,656,260	)
ADOMANI, Inc.		200		(218	)
American Axle & Manufacturing Holdings, Inc.		36,700		(571,052	)
Dorman Products, Inc.		700		(47,817	)
Gentherm, Inc.		100		(3,930	)
Horizon Global Corp.		16,100		(95,956	)
Motorcar Parts of America, Inc.		2,700		(50,517	)
Tesla Motors, Inc.		68,600		(23,526,370	)
Westport Innovations, Inc.		24,000		(60,720	)
				(27,012,840	)
Banking — (0.3)%
Ameris Bancorp		200		(10,670	)
Banc of California, Inc.		31,700		(619,735	)
BancorpSouth Bank		100		(3,295	)
Bank of America Corp.		90,900		(2,562,471	)
Bank of Montreal		7,700		(594,902	)
Bank of Nova Scotia		8,900		(509,258	)
Bank of the Ozarks, Inc.		100		(4,504	)
Canadian Imperial Bank of Commerce		14,700		(1,277,724	)
Chemical Financial Corp.		6,293		(350,331	)
CIT Group, Inc.		38,500		(1,940,785	)
Columbia Banking System, Inc.		6,300		(257,670	)
Commerce Bancshares, Inc.		384		(24,849	)
ConnectOne Bancorp, Inc.		23		(573	)
Customers Bancorp, Inc.		1,300		(36,894	)
First Busey Corp.		34		(1,079	)
First Commonwealth Financial Corp.		100		(1,551	)
First Horizon National Corp.		58,100		(1,036,504	)
First Merchants Corp.		400		(18,560	)
First Republic Bank		900		(87,111	)
FNB Corp.		79,555		(1,067,628	)
Glacier Bancorp, Inc.		3,100		(119,908	)
Hope Bancorp, Inc.		38		(678	)
Independent Bank Corp.		300		(23,520	)
Kearny Financial Corp.		618		(8,312	)
KeyCorp		4		(78	)
LegacyTexas Financial Group, Inc.		200		(7,804	)

See Notes to Consolidated Schedule of Investments.

48

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Luther Burbank Corp.		200	$	(2,301	)
Old National Bancorp		2,609		(48,527	)
Pacific Premier Bancorp, Inc.		6,700		(255,605	)
Pinnacle Financial Partners, Inc.		22,700		(1,392,645	)
Popular, Inc.		2,810		(127,040	)
Royal Bank of Canada		10,300		(775,590	)
Simmons First National Corp. Class A		2,318		(69,308	)
South State Corp.		144		(12,420	)
Southern National Bancorp of Virginia, Inc.		600		(10,704	)
Sterling Bancorp		82,908		(1,948,338	)
Texas Capital Bancshares, Inc.		1,200		(109,800	)
TFS Financial Corp.		5,952		(93,863	)
Toronto-Dominion Bank		45,345		(2,623,662	)
Towne Bank		40		(1,284	)
Union Bankshares Corp.		3,800		(147,744	)
United Bankshares, Inc.		1,603		(58,349	)
United Community Banks, Inc.		400		(12,268	)
Valley National Bancorp		200		(2,432	)
				(18,258,274	)
Biotechnology & Pharmaceuticals — (3.0)%
AbbVie, Inc. (d)		136,030		(12,603,180	)
Abeona Therapeutics, Inc.		38,000		(608,000	)
ACADIA Pharmaceuticals, Inc.		97,300		(1,485,771	)
Acceleron Pharma, Inc.		13,200		(640,464	)
AcelRx Pharmaceuticals, Inc.		25,855		(87,261	)
Achaogen, Inc.		38,000		(329,080	)
Achieve Life Sciences, Inc.		9		(34	)
Achillion Pharmaceuticals, Inc.		6,900		(19,527	)
Aclaris Therapeutics, Inc.		13,200		(263,604	)
Actinium Pharmaceuticals, Inc.		21,400		(13,696	)
Adamas Pharmaceuticals, Inc.		21,500		(555,345	)
Adamis Pharmaceuticals Corp.		26,500		(84,800	)
Aduro Biotech, Inc.		9,300		(65,100	)
Advaxis, Inc.		14,700		(21,315	)
Aerie Pharmaceuticals, Inc.		7,600		(513,380	)
Aeterna Zentaris, Inc.		6,524		(12,722	)
Agenus, Inc.		72,900		(165,483	)
Agile Therapeutics, Inc.		3,400		(1,680	)
Aimmune Therapeutics, Inc.		23,700		(637,293	)
Akcea Therapeutics, Inc.		2,800		(66,388	)
Akebia Therapeutics, Inc.		10,300		(102,794	)
Akers Biosciences, Inc.		9,800		(3,795	)
Alder Biopharmaceuticals, Inc.		53,900		(851,620	)
Aldeyra Therapeutics, Inc.		400		(3,180	)
Alimera Sciences, Inc.		8,500		(8,316	)
Alkermes PLC		3,200		(131,712	)
Allergan PLC		72,070		(12,015,510	)
Alpine Immune Sciences, Inc.		250		(1,892	)
Altimmune, Inc.		1,410		(627	)
AMAG Pharmaceuticals, Inc.		12,300		(239,850	)
Amicus Therapeutics, Inc.		45,800		(715,396	)
Amneal Pharmaceuticals, Inc.		1,600		(26,256	)
Ampio Pharmaceuticals, Inc.		23,312		(51,286	)
AmpliPhi Biosciences Corp.		200		(226	)
Anavex Life Sciences Corp.		19,300		(50,566	)
ANI Pharmaceuticals, Inc.		3,400		(227,120	)
Apellis Pharmaceuticals, Inc.		3,500		(77,000	)
Aptevo Therapeutics, Inc.		8,900		(44,411	)
Aquinox Pharmaceuticals, Inc.		2,400		(6,360	)
Aradigm Corp.		2,434		(3,529	)
Aralez Pharmaceuticals, Inc.		31,828		(11,140	)

See Notes to Consolidated Schedule of Investments.

49

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Aratana Therapeutics, Inc.		13,300	$	(56,525	)
Arbutus Biopharma Corp.		4,100		(29,930	)
Arcturus Therapeutics Ltd.		657		(5,571	)
Arena Pharmaceuticals, Inc.		2,730		(119,028	)
Arrowhead Pharmaceuticals, Inc.		6,800		(92,480	)
Atara Biotherapeutics, Inc.		6,400		(235,200	)
Athenex, Inc.		4,590		(85,649	)
aTyr Pharma, Inc.		1,200		(1,092	)
Audentes Therapeutics, Inc.		100		(3,821	)
Aurinia Pharmaceuticals, Inc.		36,000		(202,680	)
AVEO Pharmaceuticals, Inc.		55,700		(125,882	)
Avid Bioservices, Inc.		4,257		(16,687	)
Axovant Sciences Ltd.		7,500		(16,950	)
Axsome Therapeutics, Inc.		200		(640	)
Bellicum Pharmaceuticals, Inc.		18,200		(134,316	)
Bio-Path Holdings, Inc.		160		(238	)
Biocept, Inc.		30,680		(6,136	)
BioDelivery Sciences International, Inc.		19,100		(56,345	)
Biogen Idec, Inc. (d)		61,010		(17,707,542	)
Biohaven Pharmaceutical Holding Co. Ltd.		8,700		(343,824	)
BioPharmX Corp.		49,987		(11,037	)
Biostar Pharmaceuticals, Inc.		200		(446	)
Bluebird Bio, Inc.		9,900		(1,553,805	)
Caladrius Biosciences, Inc.		1,160		(7,505	)
Calithera Biosciences, Inc.		8,600		(43,000	)
Capricor Therapeutics, Inc.		3,318		(4,446	)
Cara Therapeutics, Inc.		27,000		(517,050	)
CASI Pharmaceuticals, Inc.		700		(5,761	)
Catabasis Pharmaceuticals, Inc.		5,400		(5,179	)
Cellectar Biosciences, Inc.		1,630		(1,011	)
Cellular Biomedicine Group, Inc.		100		(1,955	)
Celsion Corp.		8,600		(25,370	)
Cerecor, Inc.		100		(434	)
Chiasma, Inc.		300		(450	)
ChromaDex Corp.		1,300		(4,823	)
Cidara Therapeutics, Inc.		500		(2,600	)
Clearside Biomedical, Inc.		800		(8,552	)
Clovis Oncology, Inc.		42,900		(1,950,663	)
Coherus Biosciences, Inc.		19,800		(277,200	)
Collegium Pharmaceutical, Inc.		18,400		(438,840	)
Conatus Pharmaceuticals, Inc.		13,800		(59,064	)
ContraVir Pharmaceuticals, Inc.		3,766		(4,896	)
Corbus Pharmaceuticals Holdings, Inc.		29,400		(148,470	)
Corcept Therapeutics, Inc.		2,600		(40,872	)
CorMedix, Inc.		10,200		(2,422	)
Corvus Pharmaceuticals, Inc.		1,900		(20,862	)
Cyclacel Pharmaceuticals, Inc.		400		(568	)
Cymabay Therapeutics, Inc.		10,400		(139,568	)
Cytori Therapeutics, Inc.		2,544		(3,689	)
CytRx Corp.		15,943		(18,016	)
Dare Bioscience, Inc.		1,863		(2,180	)
Deciphera Pharmaceuticals, Inc.		2,900		(114,115	)
DelMar Pharmaceuticals, Inc.		2,599		(1,782	)
Denali Therapeutics, Inc.		2,400		(36,600	)
Depomed, Inc.		47,600		(317,492	)
Diffusion Pharmaceuticals, Inc.		8,618		(3,939	)
Dova Pharmaceuticals, Inc.		292		(8,737	)
Dynavax Technologies Corp.		52,530		(801,082	)
Eagle Pharmaceuticals, Inc.		5,700		(431,262	)
Editas Medicine, Inc.		37,600		(1,347,208	)
Egalet Corp.		23,100		(9,739	)
Eli Lilly & Co. (d)		116,140		(9,910,226	)

See Notes to Consolidated Schedule of Investments.

50

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Emergent BioSolutions, Inc.		400	$	(20,196	)
Endo International PLC		176,700		(1,666,281	)
Endocyte, Inc.		34,300		(473,340	)
Epizyme, Inc.		7,700		(104,335	)
Esperion Therapeutics, Inc.		22,700		(889,613	)
Evoke Pharma, Inc.		3,900		(9,750	)
Exelixis, Inc.		12,800		(275,456	)
EyeGate Pharmaceuticals, Inc.		200		(106	)
EyePoint Pharmaceuticals, Inc.		800		(1,664	)
Fibrocell Science, Inc.		1,013		(2,740	)
FibroGen, Inc.		200		(12,520	)
Flexion Therapeutics, Inc.		28,400		(734,140	)
Fortress Biotech, Inc.		500		(1,490	)
G1 Therapeutics, Inc.		2,600		(112,996	)
Galectin Therapeutics, Inc.		10,066		(64,020	)
Gemphire Therapeutics, Inc.		400		(3,766	)
Genocea Biosciences, Inc.		18,003		(15,405	)
Geron Corp.		119,300		(409,199	)
Global Blood Therapeutics, Inc.		39,800		(1,798,960	)
GlycoMimetics, Inc.		23,400		(377,442	)
Heat Biologics, Inc.		3,047		(6,551	)
Heron Therapeutics, Inc.		24,400		(947,940	)
HTG Molecular Diagnostics, Inc.		15,496		(50,517	)
Idera Pharmaceuticals, Inc.		46,200		(60,984	)
Immune Pharmaceuticals, Inc.		13,762		(2,565	)
ImmunoGen, Inc.		7,500		(72,975	)
Immunomedics, Inc.		18,400		(435,528	)
Imprimis Pharmaceuticals, Inc.		4,800		(10,560	)
Infinity Pharmaceuticals, Inc.		36,800		(70,288	)
Innoviva, Inc.		2,800		(38,640	)
Inovio Pharmaceuticals, Inc.		43,900		(172,088	)
Insmed, Inc.		3,700		(87,505	)
Insys Therapeutics, Inc.		14,900		(107,876	)
Intellia Therapeutics, Inc.		13,800		(377,568	)
Intellipharmaceutics International, Inc.		5,504		(2,449	)
Intersect ENT, Inc.		1,400		(52,430	)
Intra-Cellular Therapies, Inc.		18,800		(332,196	)
Intrexon Corp.		55,000		(766,700	)
Ionis Pharmaceuticals, Inc.		7,300		(304,191	)
Ironwood Pharmaceuticals, Inc.		21,000		(401,520	)
ITUS Corp.		5,862		(17,762	)
Johnson & Johnson (d)		130,340		(15,815,456	)
Kala Pharmaceuticals, Inc.		3,200		(43,936	)
KalVista Pharmaceuticals, Inc.		92		(747	)
Keryx Biopharmaceuticals, Inc.		63,700		(239,512	)
La Jolla Pharmaceutical Co.		20,377		(594,397	)
Lannett Co., Inc.		32,300		(439,280	)
Lipocine, Inc.		6,997		(9,096	)
Loxo Oncology, Inc.		11,600		(2,012,368	)
MacroGenics, Inc.		3,800		(78,470	)
Madrigal Pharmaceuticals, Inc.		1,068		(298,709	)
Mallinckrodt PLC		1,267		(23,642	)
MannKind Corp.		96,729		(183,785	)
Marinus Pharmaceuticals, Inc.		32,200		(227,654	)
Matinas BioPharma Holdings, Inc.		1,800		(781	)
Medicines Co.		29,700		(1,089,990	)
MediciNova, Inc.		1,600		(12,736	)
MEI Pharma, Inc.		3,000		(11,820	)
Melinta Therapeutics, Inc.		2,920		(18,542	)
Merrimack Pharmaceuticals, Inc.		4,460		(21,899	)
Minerva Neurosciences, Inc.		8,800		(72,600	)
Mirati Therapeutics, Inc.		9,000		(443,700	)

See Notes to Consolidated Schedule of Investments.

51

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Molecular Templates, Inc.		672	$	(3,515	)
Moleculin Biotech, Inc.		7,059		(12,636	)
Momenta Pharmaceuticals, Inc.		19,300		(394,685	)
Mylan NV		40,400		(1,460,056	)
MyoKardia, Inc.		7,300		(362,445	)
MYOS RENS Technology, Inc.		72		(107	)
Myovant Sciences Ltd.		400		(9,148	)
NantKwest, Inc.		8,800		(26,928	)
Navidea Biopharmaceuticals, Inc.		13,899		(3,175	)
Nektar Therapeutics (d)		219,520		(10,719,162	)
Neos Therapeutics, Inc.		9,300		(58,125	)
Neuralstem, Inc.		6,753		(7,496	)
NewLink Genetics Corp.		25,700		(122,332	)
Novavax, Inc.		22,600		(30,284	)
Novelion Therapeutics, Inc.		1,310		(4,821	)
Novus Therapeutics, Inc.		422		(2,954	)
Ocular Therapeutix, Inc.		15,800		(106,650	)
Ohr Pharmaceutical, Inc.		9,900		(1,940	)
Omeros Corp.		33,800		(613,132	)
OncoSec Medical, Inc.		10,000		(13,800	)
OpGen, Inc.		4,679		(8,329	)
Ophthotech Corp.		6,000		(16,380	)
Organovo Holdings, Inc.		58,300		(81,620	)
Ovid therapeutics, Inc.		300		(2,340	)
Pacira Pharmaceuticals, Inc.		9,000		(288,450	)
Pain Therapeutics, Inc.		2,975		(6,128	)
Palatin Technologies, Inc.		17,300		(16,778	)
Paratek Pharmaceuticals, Inc.		14,600		(148,920	)
Pernix Therapeutics Holdings, Inc.		3,900		(9,477	)
Perrigo Co. PLC (d)		44,450		(3,240,849	)
Pfizer, Inc. (d)		599,350		(21,744,418	)
Pieris Pharmaceuticals, Inc.		1,500		(7,605	)
PolarityTE, Inc.		11,199		(263,624	)
Portola Pharmaceuticals, Inc.		47,900		(1,809,183	)
Precision Therapeutics, Inc.		2,718		(3,071	)
Prestige Brands Holdings, Inc.		10,900		(418,342	)
Progenics Pharmaceuticals, Inc.		35,300		(283,812	)
Protalix BioTherapeutics, Inc.		9,400		(4,042	)
Pulmatrix, Inc.		15,761		(7,092	)
Puma Biotechnology, Inc.		29,900		(1,768,585	)
Radius Health, Inc.		35,000		(1,031,450	)
Reata Pharmaceuticals, Inc. Class A		1,424		(49,797	)
Regulus Therapeutics, Inc.		6,800		(4,483	)
Revance Therapeutics, Inc.		1,100		(30,195	)
Rhythm Pharmaceuticals, Inc.		200		(6,252	)
Rocket Pharmaceuticals, Inc.		3,225		(63,307	)
RXi Pharmaceuticals Corp.		1,404		(2,710	)
Sage Therapeutics, Inc.		22,200		(3,474,966	)
Sangamo BioSciences, Inc.		10,600		(150,520	)
Sarepta Therapeutics, Inc.		5,000		(660,900	)
Savara, Inc.		1,549		(17,535	)
SCYNEXIS, Inc.		4,200		(6,888	)
Seattle Genetics, Inc.		100		(6,639	)
SELLAS Life Sciences Group, Inc.		856		(2,928	)
Seres Therapeutics, Inc.		2,400		(20,640	)
Sesen Bio, Inc.		9,068		(17,683	)
Shire PLC ADR		34,225		(5,777,180	)
Solid Biosciences, Inc.		1,600		(57,008	)
Sophiris Bio, Inc.		7,600		(21,356	)
Sorrento Therapeutics, Inc.		4,200		(30,240	)
Spark Therapeutics, Inc.		22,600		(1,870,376	)
Spectrum Pharmaceuticals, Inc.		18,900		(396,144	)

See Notes to Consolidated Schedule of Investments.

52

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Syndax Pharmaceuticals, Inc.		4,100	$	(28,782	)
Synergy Pharmaceuticals, Inc.		197,300		(343,302	)
Synthetic Biologics, Inc.		39,800		(9,512	)
Teligent, Inc.		13,700		(47,402	)
Tenax Therapeutics, Inc.		1,045		(6,604	)
TESARO, Inc.		46,600		(2,072,302	)
Tetraphase Pharmaceuticals, Inc.		9,200		(32,844	)
TG Therapeutics, Inc.		44,500		(585,175	)
TherapeuticsMD, Inc.		128,400		(801,216	)
Theravance Biopharma, Inc.		7,600		(172,368	)
Titan Pharmaceuticals, Inc.		1,600		(1,744	)
Tonix Pharmaceuticals Holding Corp.		3,160		(14,062	)
Trevena, Inc.		14,800		(21,312	)
Trillium Therapeutics, Inc.		1,600		(9,600	)
Trovagene, Inc.		1,382		(1,064	)
Tyme Technologies, Inc.		100		(316	)
Ultragenyx Pharmaceutical, Inc.		20,300		(1,560,461	)
Valeant Pharmaceuticals International, Inc.		6,100		(141,764	)
Viking Therapeutics, Inc.		13,200		(125,268	)
VistaGen Therapeutics, Inc.		800		(1,096	)
Vital Therapies, Inc.		2,400		(16,440	)
VIVUS, Inc.		31,100		(21,925	)
vTv Therapeutics, Inc. Class A		4,200		(6,468	)
WaVe Life Sciences Ltd.		1,000		(38,250	)
XBiotech, Inc.		2,700		(12,096	)
Xenon Pharmaceuticals, Inc.		100		(920	)
XOMA Corp.		10		(209	)
Zafgen, Inc.		4,300		(43,989	)
ZIOPHARM Oncology, Inc.		56,946		(171,977	)
Zoetis, Inc. (d)		134,460		(11,454,647	)
Zogenix, Inc.		25,625		(1,132,625	)
Zosano Pharma Corp.		9,496		(38,744	)
Zynerba Pharmaceuticals, Inc.		10,800		(105,192	)
				(180,002,842	)
Chemicals — (0.2)%
Ashland Global Holdings, Inc.		1,500		(117,270	)
Balchem Corp.		2,900		(284,606	)
DowDuPont, Inc.		22,443		(1,479,442	)
Ferro Corp.		1,900		(39,615	)
FMC Corp.		42,000		(3,746,820	)
GCP Applied Technologies, Inc.		200		(5,790	)
HB Fuller Co.		100		(5,368	)
Innospec, Inc.		100		(7,655	)
Intrepid Potash, Inc.		30,600		(125,460	)
LSB Industries, Inc.		10,900		(57,770	)
Nexeo Solutions, Inc.		100		(913	)
Nutrien Ltd.		27,700		(1,506,326	)
Olin Corp.		71,200		(2,044,864	)
Platform Specialty Products Corp.		79,400		(921,040	)
Rayonier Advanced Materials, Inc.		11,400		(194,826	)
Sensient Technologies Corp.		2,500		(178,875	)
Tronox Ltd. Class A		7,400		(145,632	)
Valvoline, Inc.		25,224		(544,082	)
				(11,406,354	)
Commercial Services — (0.0)%
AMN Healthcare Services, Inc.		400		(23,440	)
Aramark		60,900		(2,259,390	)
Brink’s Co.		3,600		(287,100	)
FTI Consulting, Inc.		400		(24,192	)
H&R Block, Inc.		4,800		(109,344	)

See Notes to Consolidated Schedule of Investments.

53

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
LSC Communications, Inc.		400	$	(6,264	)
Rollins, Inc.		1,550		(81,499	)
RR Donnelley & Sons Co.		28,834		(166,084	)
				(2,957,313	)
Construction Materials — (0.1)%
Boise Cascade Co.		2,800		(125,160	)
Louisiana-Pacific Corp.		200		(5,444	)
Martin Marietta Materials, Inc.		30		(6,700	)
Norbord, Inc.		400		(16,448	)
Patrick Industries, Inc.		1,175		(66,798	)
Summit Materials, Inc. Class A		44,619		(1,171,249	)
Trex Co., Inc.		13,200		(826,188	)
US Concrete, Inc.		14,200		(745,500	)
Vulcan Materials Co.		200		(25,812	)
				(2,989,299	)
Consumer Products — (0.9)%
22nd Century Group, Inc.		7,500		(18,450	)
B&G Foods, Inc.		53,200		(1,590,680	)
Brown-Forman Corp. Class B		26,825		(1,314,693	)
Campbell Soup Co.		61,700		(2,501,318	)
Church & Dwight Co., Inc.		26,300		(1,398,108	)
Clorox Co. (The)		17,100		(2,312,775	)
Coty, Inc. Class A		284,280		(4,008,348	)
Darling Ingredients, Inc.		12,500		(248,500	)
Dean Foods Co.		10,500		(110,355	)
elf Beauty, Inc.		14,900		(227,076	)
Energizer Holdings, Inc.		33,700		(2,121,752	)
Estee Lauder Cos., Inc. (The) Class A		47,700		(6,806,313	)
Flowers Foods, Inc.		100		(2,083	)
Hain Celestial Group, Inc.		61,800		(1,841,640	)
Hormel Foods Corp.		2,000		(74,420	)
Hostess Brands, Inc.		24,500		(333,200	)
HRG Group, Inc.		14,600		(191,114	)
JM Smucker Co.		34,400		(3,697,312	)
John B Sanfilippo & Son, Inc.		100		(7,445	)
Kellogg Co.		1,100		(76,857	)
Kraft Heinz Co.		217,100		(13,638,222	)
McCormick & Co., Inc.		26,400		(3,064,776	)
MGP Ingredients, Inc.		400		(35,524	)
Molson Coors Brewing Co. Class B		30,200		(2,054,808	)
National Beverage Corp.		10,300		(1,101,070	)
New Age Beverages Corp.		2,900		(5,423	)
Orchids Paper Products Co.		2,772		(11,032	)
Post Holdings, Inc.		34,800		(2,993,496	)
Revlon, Inc. Class A		4,656		(81,713	)
Sanderson Farms, Inc.		2,400		(252,360	)
Spectrum Brands Holdings, Inc.		7,500		(612,150	)
SunOpta, Inc.		100		(840	)
Tootsie Roll Industries, Inc.		795		(24,526	)
TreeHouse Foods, Inc.		2,300		(120,773	)
Tyson Foods, Inc. Class A		15,400		(1,060,290	)
Universal Corp.		2,000		(132,100	)
				(54,071,542	)
Consumer Services — (0.0)%
Aaron’s, Inc.		35,500		(1,542,475	)
Four Seasons Education Cayman, Inc. ADR		100		(542	)
Nutrisystem, Inc.		100		(3,850	)
Rent-A-Center, Inc.		13,400		(197,248	)

See Notes to Consolidated Schedule of Investments.

54

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Service Corp. International/US		300	$	(10,737	)
				(1,754,852	)
Containers & Packaging — (0.1)%
Ball Corp.		73,900		(2,627,145	)
International Paper Co.		7,100		(369,768	)
Owens-Illinois, Inc.		43,000		(722,830	)
				(3,719,743	)
Design, Manufacturing & Distribution — (0.0)%
Tech Data Corp.		100		(8,212	)
Distributors—Consumer Staples — (0.0)%
Calavo Growers, Inc.		1,200		(115,380	)
Castle Brands, Inc.		11,700		(13,923	)
United Natural Foods, Inc.		1,400		(59,724	)
				(189,027	)
Electrical Equipment — (0.3)%
AAON, Inc.		200		(6,650	)
ADT, Inc.		28,400		(245,660	)
Alarm.com Holdings, Inc.		200		(8,076	)
Allegion plc		13,100		(1,013,416	)
Allied Motion Technologies, Inc.		100		(4,788	)
Babcock & Wilcox Enterprises, Inc.		15,701		(37,368	)
Badger Meter, Inc.		1,000		(44,700	)
Capstone Turbine Corp.		4,285		(6,128	)
Cognex Corp.		65,227		(2,909,776	)
Cree, Inc.		200		(8,314	)
CyberOptics Corp.		800		(13,920	)
Eaton Corp. PLC		11,700		(874,458	)
Energous Corp.		21,600		(320,328	)
Energy Focus, Inc.		700		(1,330	)
General Electric Co.		494,400		(6,728,784	)
Itron, Inc.		500		(30,025	)
Johnson Controls International PLC		232,000		(7,760,400	)
National Instruments Corp.		12,200		(512,156	)
ShotSpotter, Inc.		500		(18,965	)
				(20,545,242	)
Engineering & Construction Services — (0.0)%
AECOM		2,896		(95,655	)
Dycom Industries, Inc.		1,300		(122,863	)
Fluor Corp.		800		(39,024	)
Goldfield Corp.		3,900		(16,575	)
Installed Building Products, Inc.		400		(22,620	)
KBR, Inc.		1,200		(21,504	)
Kratos Defense & Security Solutions, Inc.		75,300		(866,703	)
MasTec, Inc.		1,300		(65,975	)
Stantec, Inc.		200		(5,130	)
Team, Inc.		8,500		(196,350	)
TopBuild Corp.		345		(27,027	)
				(1,479,426	)
Forest & Paper Products — (0.0)%
Domtar Corp.		700		(33,418	)
Gaming, Lodging & Restaurants — (1.1)%
Bloomin’ Brands, Inc.		25,300		(508,530	)
Boyd Gaming Corp.		7,100		(246,086	)
Caesars Entertainment Corp.		119,675		(1,280,522	)
Carnival PLC ADR		100		(5,765	)

See Notes to Consolidated Schedule of Investments.

55

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Choice Hotels International, Inc.		10,300	$	(778,680	)
Churchill Downs, Inc.		3,200		(948,800	)
Chuy's Holdings, Inc.		5,100		(156,570	)
Dave & Buster’s Entertainment, Inc.		24,700		(1,175,720	)
Denny's Corp.		5,700		(90,801	)
DineEquity, Inc.		6,700		(501,160	)
Dunkin' Brands Group, Inc.		46,200		(3,191,034	)
Fiesta Restaurant Group, Inc.		1,300		(37,310	)
Golden Entertainment, Inc.		100		(2,699	)
Hyatt Hotels Corp. Class A		8,800		(678,920	)
ILG, Inc.		25,996		(858,648	)
Jack in the Box, Inc.		6,000		(510,720	)
Jamba, Inc.		1,800		(19,170	)
McDonald’s Corp.		58,101		(9,103,846	)
MGM Resorts International		216,800		(6,293,704	)
Papa John’s International, Inc.		27,300		(1,384,656	)
Papa Murphy’s Holdings, Inc.		1,500		(8,325	)
Playa Hotels & Resorts NV		1,300		(14,040	)
Rave Restaurant Group, Inc.		500		(715	)
Red Rock Resorts, Inc. Class A		29,100		(974,850	)
Restaurant Brands International, Inc.		679		(40,944	)
Royal Caribbean Cruises Ltd.		4,000		(414,400	)
Sonic Corp.		11,700		(402,714	)
Starbucks Corp.		463,500		(22,641,975	)
Texas Roadhouse, Inc.		700		(45,857	)
Wyndham Worldwide Corp.		600		(26,562	)
Wynn Resorts Ltd.		92,199		(15,428,581	)
Zoe’s Kitchen, Inc.		4,900		(47,824	)
				(67,820,128	)
Hardware — (0.4)%
3D Systems Corp.		94,100		(1,299,521	)
Acacia Communications, Inc.		9,100		(316,771	)
Aerohive Networks, Inc.		300		(1,191	)
Airgain, Inc.		600		(5,514	)
Akoustis Technologies, Inc.		2,900		(21,083	)
Applied Optoelectronics, Inc.		16,600		(745,340	)
Blackberry Ltd.		262,300		(2,531,195	)
Diebold, Inc.		64,200		(767,190	)
Digimarc Corp.		2,600		(69,680	)
Digital Ally, Inc.		1,700		(3,995	)
Everspin Technologies, Inc.		4,200		(37,464	)
ExOne Co.		4,200		(29,736	)
Extreme Networks, Inc.		31,800		(253,128	)
Fitbit, Inc.		124,800		(814,944	)
GoPro, Inc. Class A		53,700		(345,828	)
Kopin Corp.		6,100		(17,446	)
Lumentum Holdings, Inc.		41,800		(2,420,220	)
Maxar Technologies Ltd.		6,800		(343,536	)
Mercury Systems, Inc.		17,000		(647,020	)
Methode Electronics, Inc.		7,000		(282,100	)
MicroVision, Inc.		26,800		(30,016	)
NCR Corp.		4,100		(122,918	)
Neonode, Inc.		5,200		(1,968	)
NetScout Systems, Inc.		100		(2,970	)
NXT-ID, Inc.		19,185		(32,998	)
PlayAGS, Inc.		4,800		(129,936	)
Resonant, Inc.		2,400		(13,536	)
Roku, Inc.		41,500		(1,768,730	)
Stratasys Ltd.		2,929		(56,061	)
Super Micro Computer, Inc.		10,800		(255,420	)
Superconductor Technologies, Inc.		1,432		(1,318	)

See Notes to Consolidated Schedule of Investments.

56

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Ubiquiti Networks, Inc.		13,372	$	(1,132,876	)
VeriFone Systems, Inc.		3,700		(84,434	)
ViaSat, Inc.		6,500		(427,180	)
Vuzix Corp.		18,961		(141,259	)
Western Digital Corp.		157,700		(12,207,557	)
				(27,362,079	)
Health Care Facilities & Services — (0.4)%
AAC Holdings, Inc.		1,100		(10,307	)
Acadia Healthcare Co., Inc.		35,800		(1,464,578	)
American Renal Associates Holdings, Inc.		3,200		(50,464	)
AmerisourceBergen Corp.		28,200		(2,404,614	)
Brookdale Senior Living, Inc.		112,291		(1,020,725	)
Cancer Genetics, Inc.		1,000		(890	)
Capital Senior Living Corp.		15,300		(163,251	)
Chemed Corp.		200		(64,362	)
CHF Solutions, Inc.		3,336		(6,138	)
Community Health Systems, Inc.		13,900		(46,148	)
CVS Health Corp. (d)		82,120		(5,284,422	)
Diplomat Pharmacy, Inc.		25,300		(646,668	)
Ekso Bionics Holdings, Inc.		23,507		(42,078	)
Envision Healthcare Corp.		62,731		(2,760,791	)
Evolus, Inc.		300		(8,397	)
Genesis Healthcare, Inc.		5,400		(12,366	)
HealthEquity, Inc.		600		(45,060	)
Henry Schein, Inc. (d)		134,280		(9,754,099	)
Interpace Diagnostics Group, Inc.		21,900		(19,491	)
Invitae Corp.		30,400		(223,440	)
IQVIA Holdings, Inc.		2		(200	)
Kindred Healthcare, Inc.		30,049		(270,441	)
LHC Group, Inc.		383		(32,781	)
Nobilis Health Corp.		4,600		(5,520	)
Novan, Inc.		1,400		(4,116	)
PRA Health Sciences, Inc.		13,500		(1,260,360	)
Select Medical Holdings Corp.		500		(9,075	)
Surgery Partners, Inc.		8,700		(129,630	)
Syneos Health, Inc.		27,200		(1,275,680	)
Teladoc, Inc.		1,900		(110,295	)
XpreSpa Group, Inc.		3,650		(1,065	)
				(27,127,452	)
Home & Office Products — (0.5)%
American Woodmark Corp.		4,800		(439,440	)
Beazer Homes USA, Inc.		26,800		(395,300	)
Century Communities, Inc.		4,500		(141,975	)
DR Horton, Inc.		24,900		(1,020,900	)
Green Brick Partners, Inc.		400		(3,920	)
Hovnanian Enterprises, Inc. Class A		76,200		(124,206	)
iRobot Corp.		4,000		(303,080	)
JELD-WEN Holding, Inc.		12,400		(354,516	)
Lennar Corp. Class A		123,524		(6,485,010	)
LGI Homes, Inc.		13,500		(779,355	)
Libbey, Inc.		200		(1,626	)
M/I Homes, Inc.		4,600		(121,808	)
MDC Holdings, Inc.		2,244		(69,048	)
Newell Brands, Inc.		268,918		(6,935,395	)
Nova Lifestyle, Inc.		500		(835	)
PulteGroup, Inc.		3,600		(103,500	)
Scotts Miracle-Gro Co. (The) Class A		1,900		(158,004	)
Snap-on, Inc.		100		(16,072	)
Taylor Morrison Home Corp. Class A		2,700		(56,106	)
Tempur Sealy International, Inc.		36,300		(1,744,215	)

See Notes to Consolidated Schedule of Investments.

57

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Toll Brothers, Inc.		3,300	$	(122,067	)
TRI Pointe Homes, Inc.		72,000		(1,177,920	)
Tupperware Brands Corp.		31,800		(1,311,432	)
Whirlpool Corp.		56,300		(8,232,749	)
William Lyon Homes Class A		12,300		(285,360	)
				(30,383,839	)
Industrial Services — (0.0)%
Anixter International, Inc.		2,000		(126,600	)
Applied Industrial Technologies, Inc.		2,100		(147,315	)
EnviroStar, Inc.		500		(20,150	)
Kaman Corp.		800		(55,752	)
SiteOne Landscape Supply, Inc.		100		(8,397	)
Textainer Group Holdings Ltd.		800		(12,720	)
Triton International Ltd.		400		(12,264	)
Wesco Aircraft Holdings, Inc.		1,100		(12,375	)
WW Grainger, Inc.		1		(308	)
				(395,881	)
Institutional Financial Services — (0.4)%
Arlington Asset Investment Corp. Class A		23,900		(246,409	)
CBOE Holdings, Inc.		51,700		(5,380,419	)
GAIN Capital Holdings, Inc.		17,800		(134,390	)
Global Brokerage, Inc. (e)		2,650		(431	)
Goldman Sachs Group, Inc.		79,500		(17,535,315	)
Greenhill & Co., Inc.		18,800		(533,920	)
Jefferies Financial Group, Inc.		23,800		(541,212	)
Virtu Financial, Inc. Class A		16,900		(448,695	)
				(24,820,791	)
Insurance — (0.1)%
American International Group, Inc.		42,200		(2,237,444	)
American National Insurance Co.		100		(11,959	)
Aon PLC		2,300		(315,491	)
Argo Group International Holdings Ltd.		560		(32,564	)
Assurant, Inc.		12,099		(1,252,126	)
Assured Guaranty Ltd.		1,200		(42,876	)
Brighthouse Financial, Inc.		1,000		(40,070	)
Erie Indemnity Co. Class A		100		(11,726	)
Everest Re Group Ltd.		2,700		(622,296	)
HCI Group, Inc.		900		(37,413	)
Health Insurance Innovations, Inc. Class A		3,400		(109,990	)
MBIA, Inc.		70,800		(640,032	)
National General Holdings Corp.		1,100		(28,963	)
Reinsurance Group of America, Inc.		200		(26,696	)
Selective Insurance Group, Inc.		100		(5,500	)
Sun Life Financial, Inc.		14,000		(561,960	)
Third Point Reinsurance Ltd.		300		(3,750	)
Torchmark Corp.		49		(3,989	)
Voya Financial, Inc.		700		(32,900	)
Willis Towers Watson PLC		3,112		(471,779	)
WMIH Corp.		4,000		(5,360	)
				(6,494,884	)
Iron & Steel — (0.1)%
AK Steel Holding Corp.		247,000		(1,071,980	)
Allegheny Technologies, Inc.		28,300		(710,896	)
Carpenter Technology Corp.		2,200		(115,654	)
Cleveland Cliffs, Inc.		134,800		(1,136,364	)
Commercial Metals Co.		32,000		(675,520	)
Schnitzer Steel Industries, Inc. Class A		4,500		(151,650	)

See Notes to Consolidated Schedule of Investments.

58

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
United States Steel Corp.		130,100	$	(4,520,975	)
				(8,383,039	)
Leisure Products — (0.1)%
Camping World Holdings, Inc. Class A		31,300		(781,874	)
Fox Factory Holding Corp.		2,000		(93,100	)
LCI Industries		3,300		(297,495	)
Mattel, Inc.		265,400		(4,357,868	)
Nautilus, Inc.		6,300		(98,910	)
Polaris Industries, Inc.		13,900		(1,698,302	)
Vista Outdoor, Inc.		7,700		(119,273	)
Winnebago Industries, Inc.		13,300		(539,980	)
				(7,986,802	)
Machinery — (0.1)%
Actuant Corp. Class A		13,800		(405,030	)
CIRCOR International, Inc.		2,100		(77,616	)
Dover Corp.		2,100		(153,720	)
Flowserve Corp.		28,700		(1,159,480	)
Gates Industrial Corp. plc		200		(3,254	)
GrafTech International Ltd.		1,200		(21,588	)
Ichor Holdings Ltd.		21,800		(462,596	)
ITT, Inc.		100		(5,227	)
John Bean Technologies Corp.		8,100		(720,090	)
Kennametal, Inc.		8,500		(305,150	)
Manitowoc Co., Inc. (The)		25,350		(655,551	)
Middleby Corp.		18,501		(1,931,875	)
NN, Inc.		1,300		(24,570	)
Raven Industries, Inc.		500		(19,225	)
Sun Hydraulics Corp.		1,600		(77,104	)
Terex Corp.		9,100		(383,929	)
Titan International, Inc.		4,500		(48,285	)
Xylem, Inc.		200		(13,476	)
				(6,467,766	)
Manufactured Goods — (0.0)%
Mueller Industries, Inc.		2,500		(73,775	)
Proto Labs, Inc.		2,400		(285,480	)
Simpson Manufacturing Co., Inc.		2,600		(161,694	)
				(520,949	)
Media — (0.9)%
AMC Networks, Inc. Class A		2,100		(130,620	)
ANGI Homeservices, Inc.		1,900		(29,222	)
Cars.com, Inc.		2,600		(73,814	)
Carvana Co.		13,400		(557,440	)
CBS Corp. Class B		400		(22,488	)
Charter Communications, Inc. Class A(b),(d)		58,634		(17,192,075	)
ChinaNet Online Holdings, Inc.		764		(1,925	)
Discovery Communications, Inc. Class A		117,300		(3,225,750	)
Entercom Communications Corp. Class A		64,400		(486,220	)
EW Scripps Co. Class A		3,536		(47,347	)
Expedia, Inc.		15,184		(1,824,965	)
Global Eagle Entertainment, Inc.		4,500		(11,340	)
Gray Television, Inc.		8,200		(129,560	)
Groupon, Inc.		325,300		(1,398,790	)
Houghton Mifflin Harcourt Co.		9,300		(71,145	)
IZEA, Inc.		1,384		(1,315	)
Liberty Broadband Corp. Class C		13,500		(1,022,220	)
Liberty Expedia Holdings, Inc. Class A		12,100		(531,674	)
Liberty Media Group Class A		9,492		(335,163	)

See Notes to Consolidated Schedule of Investments.

59

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Lions Gate Entertainment Corp. Class A		3,100	$	(76,942	)
Live Ventures, Inc.		366		(4,604	)
Media General, Inc.		12,100		0
Meet Group, Inc.		10,500		(47,040	)
Meredith Corp.		7,200		(367,200	)
MSG Networks, Inc.		6,800		(162,860	)
National CineMedia, Inc.		26,000		(218,400	)
New York Times Co. Class A		10,800		(279,720	)
Nexstar Media Group, Inc.		33,011		(2,423,007	)
Pandora Media, Inc.		102,800		(810,064	)
Shopify, Inc. Class A		55,400		(8,082,306	)
Shutterfly, Inc.		900		(81,027	)
Sinclair Broadcast Group, Inc. Class A		3,900		(125,385	)
Sirius XM Holdings, Inc.(b),(d)		411,688		(2,787,128	)
Snap, Inc.		802,900		(10,509,961	)
Social Reality, Inc.		200		(914	)
TEGNA, Inc.		25,700		(278,845	)
TripAdvisor, Inc.		49,802		(2,774,470	)
Tucows, Inc. Class A		200		(12,130	)
WideOpenWest, Inc.		10,800		(104,328	)
				(56,239,404	)
Medical Equipment & Devices — (0.8)%
Abbott Laboratories (d)		95,820		(5,844,062	)
Accelerate Diagnostics, Inc.		11,200		(249,760	)
Aethlon Medical, Inc.		1,838		(2,353	)
Align Technology, Inc. (d)		9,580		(3,277,701	)
Amedica Corp.		1,408		(1,330	)
Avinger, Inc.		4,680		(7,815	)
Becton Dickinson and Co. (d)		37,850		(9,067,346	)
Bellerophon Therapeutics, Inc.		100		(242	)
Bio-Techne Corp.		100		(14,795	)
BioTelemetry, Inc.		16,200		(729,000	)
Boston Scientific Corp.		2,093		(68,441	)
Cesca Therapeutics, Inc.		284		(118	)
Cooper Cos., Inc.		100		(23,545	)
Corindus Vascular Robotics, Inc.		2,600		(2,147	)
Dentsply Sirona, Inc.		5,084		(222,527	)
DexCom, Inc.		54,800		(5,204,904	)
Edwards Lifesciences Corp. (d)		29,900		(4,352,543	)
Endologix, Inc.		2,600		(14,716	)
Exact Sciences Corp.		3,202		(191,447	)
Glaukos Corp.		14,900		(605,536	)
Globus Medical, Inc.		100		(5,046	)
ImmunoCellular Therapeutics Ltd.		2,700		(702	)
Invacare Corp.		1,400		(26,040	)
InVivo Therapeutics Holdings Corp.		376		(639	)
IsoRay, Inc.		4,400		(1,980	)
K2M Group Holdings, Inc.		800		(18,000	)
LeMaitre Vascular, Inc.		100		(3,348	)
LivaNova PLC		500		(49,910	)
Medtronic PLC		3		(257	)
Microbot Medical, Inc.		15,539		(11,499	)
Myomo, Inc.		10,500		(31,080	)
Natus Medical, Inc.		1,000		(34,500	)
Neogen Corp.		593		(47,553	)
Neovasc, Inc.		13,688		(586	)
Nevro Corp.		20,800		(1,660,880	)
NuVasive, Inc.		6,500		(338,780	)
OPKO Health, Inc.		183,500		(862,450	)
Pacific Biosciences of California, Inc.		29,800		(105,790	)
PerkinElmer, Inc.		7,800		(571,194	)

See Notes to Consolidated Schedule of Investments.

60

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Pulse Biosciences, Inc.		5,098	$	(77,184	)
Quanterix Corp.		1,200		(17,232	)
Quotient Ltd.		100		(803	)
Repligen Corp.		2,800		(131,712	)
ReShape Lifesciences, Inc.		657		(1,511	)
Restoration Robotics, Inc.		100		(347	)
Rockwell Medical, Inc.		12,800		(63,104	)
Second Sight Medical Products, Inc.		8,100		(13,446	)
Stryker Corp.		3,200		(540,352	)
TransEnterix, Inc.		118,700		(517,532	)
Vericel Corp.		2,600		(25,220	)
ViewRay, Inc.		5,400		(37,368	)
Viveve Medical, Inc.		3,900		(10,608	)
Waters Corp. (d)		63,010		(12,198,106	)
West Pharmaceutical Services, Inc.		100		(9,929	)
				(47,295,016	)
Metals & Mining — (0.2)%
Agnico Eagle Mines Ltd.		1,100		(50,413	)
Alamos Gold, Inc. Class A		72,646		(413,356	)
Avino Silver & Gold Mines Ltd.		600		(744	)
B2GOLD Corp.		17,700		(45,666	)
Cameco Corp.		35,600		(400,500	)
Centrus Energy Corp. Class A		500		(1,720	)
Century Aluminum Co.		52,700		(830,025	)
Coeur Mining, Inc.		72,964		(554,526	)
Compass Minerals International, Inc.		15,200		(999,400	)
Eldorado Gold Corp.		15,200		(15,101	)
Endeavour Silver Corp.		62,200		(194,064	)
Ferroglobe PLC		11,800		(101,126	)
First Majestic Silver Corp.		126,300		(963,669	)
Franco-Nevada Corp.		11,000		(803,220	)
Freeport-McMoRan Copper & Gold, Inc.		70,100		(1,209,926	)
Gold Resource Corp.		7,900		(52,061	)
Gold Standard Ventures Corp.		22,600		(30,849	)
Goldcorp, Inc.		700		(9,597	)
Hecla Mining Co.		25,400		(88,392	)
Kinross Gold Corp.		1,800		(6,768	)
Kirkland Lake Gold Ltd.		400		(8,448	)
Klondex Mines Ltd.		46,600		(107,646	)
MAG Silver Corp.		10,600		(114,586	)
McEwen Mining, Inc.		126,800		(262,476	)
Northern Dynasty Minerals Ltd.		73,000		(39,537	)
Novagold Resources, Inc.		77,500		(344,875	)
Osisko Gold Royalties Ltd.		25,900		(245,273	)
Pershing Gold Corp.		1,100		(2,013	)
Pretium Resources, Inc.		97,700		(717,118	)
Sandstorm Gold Ltd.		6,100		(27,450	)
Seabridge Gold, Inc.		15,600		(173,940	)
Smart Sand, Inc.		14,900		(79,119	)
Tahoe Resources, Inc.		103,100		(507,252	)
Uranium Energy Corp.		60,900		(98,049	)
US Gold Corp.		1,400		(1,764	)
US Silica Holdings, Inc.		66,200		(1,700,678	)
Vista Gold Corp.		4,800		(3,322	)
Westwater Resources, Inc.		11,405		(4,609	)
				(11,209,278	)
Oil, Gas & Coal — (2.1)%
Andeavor		61,800		(8,106,924	)
Antero Midstream GP LP		18,200		(343,252	)
Antero Resources Corp.		125,800		(2,685,830	)

See Notes to Consolidated Schedule of Investments.

61

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Apache Corp.		214,500	$	(10,027,875	)
Apergy Corp.		900		(37,575	)
Approach Resources, Inc.		1,700		(4,148	)
Arch Coal, Inc.		4,700		(368,621	)
Archrock, Inc.		7,600		(91,200	)
Basic Energy Services, Inc.		18,200		(202,202	)
Baytex Energy Corp.		15,700		(52,281	)
Bristow Group, Inc.		2,900		(40,919	)
C&J Energy Services, Inc.		5,400		(127,440	)
Callon Petroleum Co.		193,300		(2,076,042	)
Camber Energy, Inc.		1,233		(621	)
CARBO Ceramics, Inc.		18,300		(167,811	)
Carrizo Oil & Gas, Inc.		56,800		(1,581,880	)
Cenovus Energy, Inc.		110,600		(1,148,028	)
Centennial Resource Development, Inc. Class A		100		(1,806	)
Cheniere Energy Partners LP Holdings LLC		2,200		(69,190	)
Chesapeake Energy Corp.		730,900		(3,829,916	)
Chevron Corp.(b),(d)		2,131		(269,422	)
Cimarex Energy Co.		14,400		(1,465,056	)
Cloud Peak Energy, Inc.		10,100		(35,249	)
Comstock Resources, Inc.		10,480		(110,145	)
Contango Oil & Gas Co.		1,300		(7,384	)
Core Laboratories NV		1,600		(201,936	)
Crescent Point Energy Corp.		61,400		(451,290	)
Delek US Holdings, Inc.		28,640		(1,436,869	)
Devon Energy Corp.		120,100		(5,279,596	)
Diamond Offshore Drilling, Inc.		6,000		(125,160	)
Diamondback Energy, Inc.		18,500		(2,434,045	)
Dril-Quip, Inc.		2,100		(107,940	)
Earthstone Energy, Inc.		6,400		(56,640	)
Eclipse Resources Corp.		6,700		(10,720	)
Eco-Stim Energy Solutions, Inc.		500		(325	)
Enbridge Energy Management LLC		6,366		(65,315	)
Enbridge, Inc.		184,672		(6,590,944	)
Encana Corp.		4,700		(61,335	)
Enerplus Corp.		24,100		(303,660	)
EnLink Midstream LLC		21,200		(348,740	)
Ensco PLC Class A		186,100		(1,351,086	)
EOG Resources, Inc.		20,500		(2,550,815	)
EP Energy Corp. Class A		27,700		(83,100	)
EQT Corp.		57,600		(3,178,368	)
Exterran Corp.		300		(7,512	)
Extraction Oil & Gas, Inc.		42,000		(616,980	)
Flotek Industries, Inc.		29,800		(96,254	)
Forum Energy Technologies, Inc.		1,000		(12,350	)
Frank’s International NV		41,400		(322,920	)
FTS International, Inc.		8,600		(122,464	)
Gastar Exploration, Inc.		62,500		(35,000	)
Gulfport Energy Corp.		3,200		(40,224	)
Halcon Resources Corp.		104,900		(460,511	)
Helmerich & Payne, Inc.		400		(25,504	)
Hess Corp.		112,900		(7,551,881	)
Imperial Oil Ltd.		6,100		(202,825	)
Jagged Peak Energy, Inc.		17,900		(233,058	)
Jones Energy, Inc.		48,119		(17,876	)
Keane Group, Inc.		38,500		(526,295	)
Kinder Morgan, Inc.		776,631		(13,723,070	)
Laredo Petroleum, Inc.		177,800		(1,710,436	)
Liberty Oilfield Services, Inc. Class A		24,500		(458,640	)
Matador Resources Co.		20,800		(625,040	)
McDermott International, Inc.		16,666		(327,487	)
MRC Global, Inc.		28,800		(624,096	)

See Notes to Consolidated Schedule of Investments.

62

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Murphy Oil Corp.		39,200	$	(1,323,784	)
Nabors Industries Ltd.		204,516		(1,310,948	)
National Oilwell Varco, Inc.		2,000		(86,800	)
NCS Multistage Holdings, Inc.		3,900		(56,667	)
Newfield Exploration Co.		9,700		(293,425	)
Nine Energy Service, Inc.		1,500		(49,680	)
Noble Energy, Inc.		433		(15,276	)
Northern Oil and Gas, Inc.		22,500		(70,875	)
Oasis Petroleum, Inc.		28,700		(372,239	)
Oceaneering International, Inc.		22,500		(572,850	)
Oil States International, Inc.		500		(16,050	)
Par Pacific Holdings, Inc.		5,000		(86,900	)
Parsley Energy, Inc. Class A		207,000		(6,267,960	)
Patterson-UTI Energy, Inc.		111,200		(2,001,600	)
PBF Energy, Inc. Class A		60,800		(2,549,344	)
Pembina Pipeline Corp.		12,405		(429,213	)
Precision Drilling Corp.		400		(1,328	)
ProPetro Holding Corp.		36,900		(578,592	)
QEP Resources, Inc.		13,200		(161,832	)
Ramaco Resources, Inc.		4,100		(28,536	)
Range Resources Corp.		203,887		(3,411,029	)
Resolute Energy Corp.		19,000		(592,800	)
Ring Energy, Inc.		30,300		(382,386	)
Rowan Cos. PLC Class A		2,300		(37,306	)
RPC, Inc.		38,800		(565,316	)
RSP Permian, Inc.		20,700		(911,214	)
Sanchez Energy Corp.		70,900		(320,468	)
Select Energy Services, Inc. Class A		800		(11,624	)
SemGroup Corp. Class A		53,100		(1,348,740	)
SM Energy Co.		94,900		(2,437,981	)
Solaris Oilfield Infrastructure, Inc. Class A		6,200		(88,598	)
Southwestern Energy Co.		124,700		(660,910	)
SRC Energy, Inc.		18,800		(207,176	)
Superior Energy Services, Inc.		5,400		(52,596	)
Talos Energy, Inc.		4,300		(138,159	)
Targa Resources Corp.		91,900		(4,548,131	)
Tellurian, Inc.		63,100		(524,992	)
TETRA Technologies, Inc.		19,900		(88,555	)
Thermon Group Holdings, Inc.		1,500		(34,305	)
TransCanada Corp.		9,500		(410,400	)
Ultra Petroleum Corp.		30,000		(69,300	)
Unit Corp.		100		(2,556	)
Vermilion Energy, Inc.		7,600		(273,676	)
W&T Offshore, Inc.		15,500		(110,825	)
Weatherford International PLC		718,500		(2,363,865	)
Williams Cos., Inc.		187,900		(5,093,969	)
WPX Energy, Inc.		71,900		(1,296,357	)
				(127,486,257	)
Passenger Transportation — (0.2)%
Allegiant Travel Co.		1,000		(138,950	)
American Airlines Group, Inc.		277,700		(10,541,492	)
Avianca Holdings SA ADR		100		(646	)
Spirit Airlines, Inc.		49,700		(1,806,595	)
				(12,487,683	)
Real Estate — (1.2)%
Acadia Realty Trust		700		(19,159	)
Alexandria Real Estate Equities, Inc.		8,600		(1,085,062	)
American Campus Communities, Inc.		10,400		(445,952	)
American Homes 4 Rent		7,900		(175,222	)
Americold Realty Trust		600		(13,212	)

See Notes to Consolidated Schedule of Investments.

63

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Ashford Hospitality Trust, Inc.		17,000	$	(137,700	)
Bluerock Residential Growth REIT, Inc.		10,600		(94,552	)
Boston Properties, Inc.		8,800		(1,103,696	)
Braemar Hotels & Resorts, Inc.		12,622		(144,143	)
Brandywine Realty Trust		40,300		(680,264	)
CatchMark Timber Trust, Inc. Class A		700		(8,911	)
CBL & Associates Properties, Inc.		146,700		(817,119	)
CBRE Group, Inc.		2,500		(119,350	)
Cedar Realty Trust, Inc.		2,900		(13,688	)
Chatham Lodging Trust		12,800		(271,616	)
Chesapeake Lodging Trust		5,200		(164,528	)
City Office REIT, Inc.		8,100		(103,923	)
Clipper Realty, Inc.		1,300		(11,102	)
Colony Capital, Inc.		396,821		(2,476,163	)
Columbia Property Trust, Inc.		200		(4,542	)
Community Healthcare Trust, Inc.		2,300		(68,701	)
CoreSite Realty Corp.		8,400		(930,888	)
Corporate Office Properties Trust		4,100		(118,859	)
Cousins Properties, Inc.		163,700		(1,586,253	)
CubeSmart		22,400		(721,728	)
CyrusOne, Inc.		27,900		(1,628,244	)
DDR Corp.		96,050		(1,719,295	)
DiamondRock Hospitality Co.		8,400		(103,152	)
Digital Realty Trust, Inc.		14,584		(1,627,283	)
Douglas Emmett, Inc.		9,200		(369,656	)
Easterly Government Properties, Inc.		30,600		(604,656	)
Education Realty Trust, Inc.		41,466		(1,720,839	)
EPR Properties		600		(38,874	)
Equinix, Inc.		2,127		(914,376	)
Extra Space Storage, Inc.		1,100		(109,791	)
Farmland Partners, Inc.		13,700		(120,560	)
First Industrial Realty Trust, Inc.		200		(6,668	)
Forest City Realty Trust, Inc.		100		(2,281	)
Forestar Group, Inc.		218		(4,523	)
Franklin Street Properties Corp.		6,800		(58,208	)
Front Yard Residential Corp.		16,700		(174,014	)
GEO Group, Inc.		50		(1,377	)
Global Medical REIT, Inc.		6,800		(60,248	)
Global Net Lease, Inc.		26,661		(544,684	)
Government Properties Income Trust		46,000		(729,100	)
Gramercy Property Trust		47		(1,284	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		4,400		(86,900	)
HCP, Inc.		150,500		(3,885,910	)
Healthcare Realty Trust, Inc.		36,400		(1,058,512	)
Healthcare Trust of America, Inc. Class A		36,600		(986,736	)
Hersha Hospitality Trust		11,000		(235,950	)
Highwoods Properties, Inc.		300		(15,219	)
Hudson Pacific Properties, Inc.		8,900		(315,327	)
Independence Realty Trust, Inc.		31,800		(327,858	)
Innovative Industrial Properties, Inc.		2,092		(76,609	)
Invitation Homes, Inc.		89,772		(2,070,142	)
Iron Mountain, Inc.		22,200		(777,222	)
JBG SMITH Properties		16,300		(594,461	)
Jernigan Capital, Inc.		4,900		(93,394	)
Jones Lang LaSalle, Inc.		3,600		(597,564	)
Kilroy Realty Corp.		7,200		(544,608	)
Kite Realty Group Trust		24,400		(416,752	)
Lamar Advertising Co. Class A		500		(34,155	)
LaSalle Hotel Properties		68,000		(2,327,640	)
Lexington Realty Trust		4,500		(39,285	)
Life Storage, Inc.		10,500		(1,021,755	)
Macerich Co.		45,700		(2,597,131	)

See Notes to Consolidated Schedule of Investments.

64

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Mack-Cali Realty Corp.		14,800	$	(300,144	)
Medical Properties Trust, Inc.		1,400		(19,656	)
MGM Growth Properties LLC Class A		499		(15,200	)
Mid-America Apartment Communities, Inc.		9,700		(976,499	)
National Storage Affiliates Trust		9,800		(302,036	)
New Concept Energy, Inc.		200		(844	)
New Senior Investment Group, Inc.		41,801		(316,434	)
NorthStar Realty Europe Corp.		13,700		(198,513	)
Omega Healthcare Investors, Inc.		101,940		(3,160,140	)
Park Hotels & Resorts, Inc.		18,000		(551,340	)
Pebblebrook Hotel Trust		14,400		(558,720	)
Pennsylvania REIT		55,200		(606,648	)
Physicians Realty Trust		83,200		(1,326,208	)
Potlatch Corp.		20		(1,017	)
Preferred Apartment Communities, Inc. Class A		20,800		(353,392	)
QTS Realty Trust, Inc. Class A		16,900		(667,550	)
Ramco-Gershenson Properties Trust		12,000		(158,520	)
Rayonier, Inc.		3,300		(127,677	)
Realogy Holdings Corp.		48,200		(1,098,960	)
Realty Income Corp.		23,200		(1,247,928	)
Redfin Corp.		17,300		(399,457	)
Regency Centers Corp.		36,100		(2,241,088	)
Retail Opportunity Investments Corp.		300		(5,748	)
Rexford Industrial Realty, Inc.		10,600		(332,734	)
RLJ Lodging Trust		63,700		(1,404,585	)
Sabra Health Care REIT, Inc.		41,290		(897,232	)
Seritage Growth Properties		18,500		(784,955	)
STAG Industrial, Inc.		1,000		(27,230	)
Sun Communities, Inc.		300		(29,364	)
Sunstone Hotel Investors, Inc.		93,967		(1,561,732	)
Tanger Factory Outlet Centers, Inc.		17,200		(404,028	)
Uniti Group, Inc.		94,400		(1,890,832	)
Urban Edge Properties		600		(13,722	)
Ventas, Inc.		5,200		(296,140	)
Vereit, Inc. REIT		415,300		(3,089,832	)
Vornado Realty Trust		30,000		(2,217,600	)
Washington Prime Group, Inc.		148,700		(1,205,957	)
Washington Real Estate Investment Trust		19,600		(594,468	)
Welltower, Inc.		11,100		(695,859	)
Weyerhaeuser Co.		20		(729	)
Wheeler Real Estate Investment Trust, Inc.		5,252		(21,218	)
Whitestone REIT		16,600		(207,168	)
				(70,267,680	)
Recreation Facilities & Services — (0.1)%
AMC Entertainment Holdings, Inc. Class A		44,400		(705,960	)
SeaWorld Entertainment, Inc.		44,600		(973,172	)
Six Flags Entertainment Corp.		38,500		(2,696,925	)
St Joe Co.		1,500		(26,925	)
				(4,402,982	)
Renewable Energy — (0.1)%
Ballard Power Systems, Inc.		46,900		(133,665	)
Canadian Solar, Inc.		5,000		(61,200	)
EnerSys		100		(7,464	)
First Solar, Inc.		66,500		(3,501,890	)
FuelCell Energy, Inc.		35,857		(47,331	)
Gevo, Inc.		963		(3,660	)
Green Plains, Inc.		31,564		(577,621	)
Hydrogenics Corp.		300		(2,250	)
Pacific Ethanol, Inc.		2,200		(5,720	)
Plug Power, Inc.		173,200		(349,864	)

See Notes to Consolidated Schedule of Investments.

65

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
SolarEdge Technologies, Inc.		10,600	$	(507,210	)
SunPower Corp.		36,800		(282,256	)
Sunworks, Inc.		4,700		(5,264	)
Vivint Solar, Inc.		18,900		(93,555	)
				(5,578,950	)
Retail—Consumer Staples — (0.4)%
Big Lots, Inc.		34,200		(1,428,876	)
Blue Apron Holdings, Inc. Class A		19,100		(63,985	)
Casey's General Stores, Inc.		21,400		(2,248,712	)
Dollar General Corp.		10,100		(995,860	)
Fred's, Inc. Class A		30,146		(68,733	)
Ollie's Bargain Outlet Holdings, Inc.		3,500		(253,750	)
SUPERVALU, Inc.		32,743		(671,886	)
Wal-Mart Stores, Inc.		23,500		(2,012,775	)
Walgreens Boots Alliance, Inc. (d)		281,270		(16,880,419	)
				(24,624,996	)
Retail—Discretionary — (0.9)%
Abercrombie & Fitch Co. Class A		32,700		(800,496	)
Advance Auto Parts, Inc.		44,300		(6,011,510	)
At Home Group, Inc.		700		(27,405	)
AutoZone, Inc.		5,900		(3,958,487	)
Barnes & Noble, Inc.		40,000		(254,000	)
Beacon Roofing Supply, Inc.		200		(8,524	)
Best Buy Co., Inc.		31,700		(2,364,186	)
Big 5 Sporting Goods Corp.		5,017		(38,129	)
BlueLinx Holdings, Inc.		300		(11,259	)
BMC Stock Holdings, Inc.		20,600		(429,510	)
Buckle, Inc.		25,600		(688,640	)
Build-A-Bear Workshop, Inc.		100		(760	)
Builders FirstSource, Inc.		400		(7,316	)
Caleres, Inc.		200		(6,878	)
CarMax, Inc.		2,500		(182,175	)
Cato Corp. Class A		9,700		(238,814	)
Chegg, Inc.		2,200		(61,138	)
Chico's FAS, Inc.		13,700		(111,518	)
Children's Place, Inc.		14,100		(1,703,280	)
Conn's, Inc.		17,400		(574,200	)
Destination Maternity Corp.		2,400		(13,968	)
Dillard's, Inc. Class A		17,300		(1,634,850	)
Duluth Holdings, Inc. Class B		10,000		(237,900	)
FirstCash, Inc.		728		(65,411	)
Floor & Decor Holdings, Inc. Class A		8,800		(434,104	)
Foundation Building Materials, Inc.		4,950		(76,131	)
Francesca’s Holdings Corp.		26,000		(196,300	)
GameStop Corp. Class A		70,467		(1,026,704	)
Gap, Inc.		101,600		(3,290,824	)
GNC Holdings, Inc. Class A		12,700		(44,704	)
Group 1 Automotive, Inc.		2,400		(151,200	)
Guess?, Inc.		67,400		(1,442,360	)
Haverty Furniture Cos., Inc.		1,100		(23,760	)
Hertz Global Holdings, Inc.		71,400		(1,095,276	)
Hibbett Sports, Inc.		600		(13,740	)
J. Jill, Inc.		3,100		(28,954	)
JC Penney Co., Inc.		10,200		(23,868	)
Lithia Motors, Inc. Class A		11,400		(1,078,098	)
MarineMax, Inc.		2,100		(39,795	)
Michaels Cos., Inc. (The)		51,600		(989,172	)
National Vision Holdings, Inc.		3,000		(109,710	)
Net Element, Inc.		1,925		(14,149	)
Nordstrom, Inc.		30,599		(1,584,416	)

See Notes to Consolidated Schedule of Investments.

66

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Overstock.com, Inc.		4,600	$	(154,790	)
PetIQ, Inc.		8,600		(230,996	)
PetMed Express, Inc.		15,100		(665,155	)
Pier 1 Imports, Inc.		60,300		(143,514	)
Qurate Retail, Inc.		27,966		(593,438	)
Restoration Hardware Holdings, Inc.		9,300		(1,299,210	)
Ross Stores, Inc.		20,800		(1,762,800	)
Sally Beauty Holdings, Inc.		97,600		(1,564,528	)
Sears Holdings Corp.		92,000		(218,040	)
Signet Jewelers Ltd.		15,400		(858,550	)
Sleep Number Corp.		20,100		(583,302	)
Sonic Automotive, Inc. Class A		800		(16,480	)
Sportsman's Warehouse Holdings, Inc.		20,700		(105,984	)
Stage Stores, Inc.		12,600		(30,366	)
Tailored Brands, Inc.		11,500		(293,480	)
Tiffany & Co.		51,601		(6,790,692	)
Tractor Supply Co.		77,300		(5,912,677	)
Ulta Salon Cosmetics & Fragrance, Inc.		428		(99,921	)
Williams-Sonoma, Inc.		7,900		(484,902	)
Zumiez, Inc.		900		(22,545	)
				(52,924,989	)
Semiconductors — (0.5)%
Advanced Micro Devices, Inc.		823,900		(12,350,261	)
Ambarella, Inc.		21,300		(822,393	)
Aquantia Corp.		9,800		(113,484	)
Broadcom, Inc.		12,338		(2,993,692	)
Brooks Automation, Inc.		3,500		(114,170	)
Cavium, Inc.		600		(51,900	)
Coherent, Inc.		2,000		(312,840	)
Cypress Semiconductor Corp.		159,835		(2,490,229	)
Electro Scientific Industries, Inc.		600		(9,462	)
II-VI, Inc.		10,700		(464,915	)
Impinj, Inc.		18,100		(400,191	)
Inphi Corp.		33,900		(1,105,479	)
IPG Photonics Corp.		200		(44,126	)
KEMET Corp.		18,500		(446,775	)
Lam Research Corp.		200		(34,570	)
Marvell Technology Group Ltd.		8,800		(188,672	)
MaxLinear, Inc. Class A		19,440		(303,070	)
Maxwell Technologies, Inc.		1,300		(6,760	)
MKS Instruments, Inc.		700		(66,990	)
MoSys, Inc.		2,391		(4,184	)
NeoPhotonics Corp.		34,800		(216,804	)
NVIDIA Corp.		33,400		(7,912,460	)
Oclaro, Inc.		75,800		(676,894	)
ON Semiconductor Corp.		300		(6,671	)
ParkerVision, Inc.		5,600		(3,671	)
Qorvo, Inc.		23		(1,844	)
Ultra Clean Holdings, Inc.		5,700		(94,620	)
Universal Display Corp.		1,300		(111,800	)
				(31,348,927	)
Software — (0.3)%
ACI Worldwide, Inc.		1,400		(34,538	)
Activision Blizzard, Inc.		10,100		(770,832	)
Acxiom Corp.		10,400		(311,480	)
Allscripts Healthcare Solutions, Inc.		31,300		(375,600	)
Appian Corp.		2,100		(75,936	)
athenahealth, Inc.		200		(31,828	)
Avaya Holdings Corp.		6,500		(130,520	)
Box, Inc. Class A		72,100		(1,801,779	)

See Notes to Consolidated Schedule of Investments.

67

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Boxlight Corp. Class A		500	$	(2,555	)
Castlight Health, Inc. Class B		14,300		(60,775	)
Cloudera, Inc.		5,100		(69,564	)
Descartes Systems Group, Inc. (The)		100		(3,250	)
DropCar, Inc.		75		(95	)
Ebix, Inc.		600		(45,750	)
Envestnet, Inc.		900		(49,455	)
Evolent Health, Inc.		34,400		(724,120	)
FireEye, Inc.		9,000		(138,510	)
Glu Mobile, Inc.		24,100		(154,481	)
Guidewire Software, Inc.		19,200		(1,704,576	)
Inpixon		1,158		(187	)
LogMeIn, Inc.		21,400		(2,209,550	)
Medical Transcription Billing Corp.		200		(774	)
NantHealth, Inc.		3,700		(12,247	)
Nuance Communications, Inc.		400		(5,554	)
Omnicell, Inc.		700		(36,715	)
Open Text Corp.		4,700		(165,393	)
Oracle Corp.		14,700		(647,682	)
Pareteum Corp.		32,062		(80,155	)
Paycom Software, Inc.		500		(49,415	)
pdvWireless, Inc.		500		(12,475	)
Pegasystems, Inc.		1,400		(76,720	)
Remark Holdings, Inc.		5,800		(22,678	)
SailPoint Technologies Holding, Inc.		6,300		(154,602	)
ShiftPixy, Inc.		100		(261	)
SITO Mobile Ltd.		700		(1,813	)
Sphere 3D Corp.		5,758		(2,677	)
SS&C Technologies Holdings, Inc.		12,700		(659,130	)
Tabula Rasa HealthCare, Inc.		100		(6,383	)
Take-Two Interactive Software, Inc.		69,400		(8,214,184	)
Tintri, Inc.		3,385		(835	)
TiVo Corp.		18		(242	)
Veritone, Inc.		829		(13,944	)
VirnetX Holding Corp.		14,700		(49,980	)
xG Technology, Inc.		9,400		(6,016	)
Zscaler, Inc.		500		(17,875	)
				(18,933,131	)
Specialty Finance — (0.2)%
Air Lease Corp.		6,400		(268,608	)
Ally Financial, Inc.		91,800		(2,411,586	)
Altisource Portfolio Solutions SA		3,500		(102,095	)
Apollo Commercial Real Estate Finance, Inc.		5,800		(106,024	)
ARMOUR Residential REIT, Inc.		12,862		(293,382	)
Chimera Investment Corp.		42		(768	)
Credit Acceptance Corp.		1,200		(424,080	)
CYS Investments, Inc.		1,600		(12,000	)
Ditech Holding Corp.		2,828		0
Ditech Holding Corp.		2,244		0
Drive Shack, Inc.		5,567		(42,977	)
Ellie Mae, Inc.		900		(93,456	)
Encore Capital Group, Inc.		4,900		(179,340	)
Euronet Worldwide, Inc.		2,300		(192,671	)
Federal Agricultural Mortgage Corp. Class C		100		(8,948	)
FleetCor Technologies, Inc.		600		(126,390	)
Global Payments, Inc.		2,534		(282,516	)
Granite Point Mortgage Trust, Inc.		5,350		(98,172	)
HomeStreet, Inc.		6,900		(185,955	)
Hunt Cos. Finance Trust, Inc.		4,400		(15,004	)
LendingClub Corp.		215,700		(817,503	)
LendingTree, Inc.		200		(42,760	)

See Notes to Consolidated Schedule of Investments.

68

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Marathon Patent Group, Inc.		4,801	$	(4,412	)
MoneyGram International, Inc.		1,500		(10,035	)
Nationstar Mortgage Holdings, Inc.		4,500		(78,885	)
Navient Corp.		100		(1,303	)
Nelnet, Inc. Class A		700		(40,887	)
Ocwen Financial Corp.		14,000		(55,440	)
OneMain Holdings, Inc.		100		(3,329	)
Orchid Island Capital, Inc.		41,700		(313,584	)
PayPal Holdings, Inc.		9,800		(816,046	)
PennyMac Financial Services, Inc. Class A		100		(1,965	)
PennyMac Mortgage Investment Trust		4,000		(75,960	)
PHH Corp.		8,300		(90,138	)
PRA Group, Inc.		14,100		(543,555	)
Santander Consumer USA Holdings, Inc.		104,800		(2,000,632	)
SLM Corp.		73,900		(846,155	)
Two Harbors Investment Corp.		64,250		(1,015,150	)
Western Asset Mortgage Capital Corp.		11,000		(114,620	)
				(11,716,331	)
Technology Services — (0.1)%
CGI Group, Inc. Class A		1,300		(82,316	)
Convergys Corp.		25,400		(620,776	)
Cubic Corp.		400		(25,680	)
DXC Technology Co.		299		(24,102	)
Endurance International Group Holdings, Inc.		5,900		(58,705	)
EVERTEC, Inc.		200		(4,370	)
Gartner, Inc.		21,800		(2,897,220	)
Helios & Matheson Analytics, Inc.		44,281		(13,727	)
MarketAxess Holdings, Inc.		7,000		(1,385,020	)
Presidio, Inc.		2		(26	)
Riot Blockchain, Inc.		11,400		(72,276	)
Spherix, Inc.		6,726		(7,130	)
Teradata Corp.		8,400		(337,260	)
Travelport Worldwide Ltd.		900		(16,686	)
WageWorks, Inc.		100		(5,000	)
				(5,550,294	)
Telecommunications — (0.2)%
CenturyLink, Inc.		411,872		(7,677,294	)
Cincinnati Bell, Inc.		1,600		(25,120	)
Consolidated Communications Holdings, Inc.		42,476		(525,003	)
Fluent, Inc.		6,885		(16,868	)
Frontier Communications Corp.		43,980		(235,733	)
Fusion Connect, Inc.		400		(1,576	)
GCI Liberty, Inc. Class A		4,869		(219,495	)
Globalstar, Inc.		147,100		(72,064	)
Gogo, Inc.		30,700		(149,202	)
GTT Communications, Inc.		3,200		(144,000	)
HC2 Holdings, Inc.		7,600		(44,460	)
Intelsat SA		15,900		(264,894	)
Internap Corp.		600		(6,252	)
Iridium Communications, Inc.		38,200		(615,020	)
NII Holdings, Inc.		29,823		(116,310	)
Ooma, Inc.		300		(4,245	)
ORBCOMM, Inc.		6,300		(63,630	)
Shenandoah Telecommunications Co.		1,600		(52,320	)
Sprint Corp.		203,500		(1,107,040	)
Switch, Inc.		28,800		(350,496	)
T-Mobile US, Inc.		17,700		(1,057,575	)
TELUS Corp.		100		(3,551	)

See Notes to Consolidated Schedule of Investments.

69

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Windstream Holdings, Inc.		22,905	$	(120,709	)
				(12,872,857	)
Transportation & Logistics — (0.1)%
Canadian National Railway Co.		21,800		(1,782,150	)
DHT Holdings, Inc.		32,500		(152,425	)
Dorian LPG Ltd.		4,500		(34,380	)
Echo Global Logistics, Inc.		400		(11,700	)
Golar LNG Ltd.		43,000		(1,266,780	)
Hornbeck Offshore Services, Inc.		12,300		(48,708	)
International Seaways, Inc.		1,100		(25,454	)
Kirby Corp.		400		(33,440	)
Knight-Swift Transportation Holdings, Inc.		23,000		(878,830	)
Macquarie Infrastructure Co. LLC		1,800		(75,960	)
Matson, Inc.		200		(7,676	)
Mobile Mini, Inc.		100		(4,690	)
Navigator Holdings Ltd.		6,000		(75,900	)
Nordic American Tankers Ltd.		59,200		(158,656	)
Old Dominion Freight Line, Inc.		4,700		(700,112	)
Scorpio Bulkers, Inc.		20,000		(142,000	)
Seanergy Maritime Holdings Corp.		3,502		(3,047	)
Sino-Global Shipping America Ltd.		4,921		(5,807	)
Teekay Corp.		39,500		(306,125	)
Teekay Tankers Ltd. Class A		57,700		(67,509	)
TOP Ships, Inc.		6,766		(6,427	)
XPO Logistics, Inc.		4,600		(460,828	)
YRC Worldwide, Inc.		500		(5,025	)
				(6,253,629	)
Transportation Equipment — (0.1)%
Greenbrier Cos., Inc.		1,900		(100,225	)
Navistar International Corp.		11,300		(460,136	)
REV Group, Inc.		1,400		(23,814	)
Wabtec Corp.		33,600		(3,312,288	)
Workhorse Group, Inc.		7,430		(13,523	)
				(3,909,986	)
Utilities — (0.2)%
Algonquin Power & Utilities Corp.		6,300		(60,921	)
Allete, Inc.		4,000		(309,640	)
American States Water Co., Inc.		4,300		(245,788	)
Atlantic Power Corp.		1,600		(3,520	)
Atmos Energy Corp.		400		(36,056	)
Avangrid, Inc.		100		(5,293	)
Black Hills Corp.		6,600		(403,986	)
California Water Service Group		600		(23,370	)
Dominion Resources, Inc.		701		(47,794	)
El Paso Electric Co.		7,800		(460,980	)
FirstEnergy Corp.		5,700		(204,687	)
Fortis, Inc.		11,400		(363,432	)
Genie Energy Ltd. Class B		1,600		(7,936	)
MGE Energy, Inc.		900		(56,745	)
New Jersey Resources Corp.		16,400		(733,900	)
NextEra Energy Partners LP		5,400		(252,018	)
NextEra Energy, Inc.		14,000		(2,338,420	)
NiSource, Inc.		10,200		(268,056	)
NorthWestern Corp.		200		(11,450	)
NRG Yield, Inc. Class C		23,200		(399,040	)
ONE Gas, Inc.		700		(52,318	)
Ormat Technologies, Inc.		4,900		(260,631	)
Pattern Energy Group, Inc.		48,200		(903,750	)
PNM Resources, Inc.		3,700		(143,930	)

See Notes to Consolidated Schedule of Investments.

70

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Sempra Energy		31,800	$	(3,692,298	)
South Jersey Industries, Inc.		11,400		(381,558	)
Southwest Gas Corp.		900		(68,643	)
Spark Energy, Inc. Class A		4,900		(47,775	)
Spire, Inc.		6,500		(459,225	)
TransAlta Corp.		1,000		(5,000	)
Vistra Energy Corp.		320		(7,571	)
				(12,255,731	)
Waste & Environmental Services & Equipment — (0.0)%
Alexco Resource Corp.		4,600		(6,141	)
Aqua Metals, Inc.		12,600		(36,288	)
Attis Industries, Inc.		786		(300	)
Cantel Medical Corp.		1,100		(108,196	)
Covanta Holding Corp.		6,600		(108,900	)
Energy Recovery, Inc.		18,300		(147,864	)
Hudson Technologies, Inc.		10,000		(20,100	)
Lightbridge Corp.		2,997		(2,997	)
MagneGas Corp.		53		(21	)
				(430,807	)
Total North America				(1,065,261,015	)
Oceania — (0.0)%
Apparel & Textile Products — (0.0)%
Naked Brand Group Ltd.		138		(875	)
Iron & Steel — (0.0)%
BHP Billiton Ltd. ADR		1,800		(90,018	)
Total Oceania				(90,893	)
South America — (0.2)%
Aerospace & Defense — (0.0)%
Embraer SA ADR		7,600		(189,240	)
Banking — (0.1)%
Banco Bradesco SA ADR		94,276		(646,733	)
Banco Santander Brasil SA ADR		100		(750	)
Banco Santander Chile ADR		3,200		(100,576	)
Bancolombia SA ADR		21,200		(1,012,936	)
BBVA Banco Frances SA ADR		500		(6,180	)
Grupo Aval Acciones y Valores SA ADR		2,400		(19,896	)
Itau CorpBanca ADR		200		(2,970	)
Itau Unibanco Holding SA ADR		43,140		(447,793	)
				(2,237,834	)
Chemicals — (0.0)%
Braskem SA ADR		4,400		(114,400	)
Consumer Products — (0.0)%
BRF SA ADR		102,900		(481,572	)
Engineering & Construction Services — (0.0)%
Corporacion America Airports SA		1,400		(11,816	)
Forest & Paper Products — (0.0)%
Fibria Celulose SA ADR		13,400		(249,106	)
Home & Office Products — (0.0)%
Gafisa SA ADR		959		(5,083	)
Iron & Steel — (0.0)%
Cia Siderurgica Nacional SA ADR		30,200		(61,004	)

See Notes to Consolidated Schedule of Investments.

71

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Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
Gerdau SA ADR		6,100	$	(21,594	)
				(82,598	)
Media — (0.0)%
Despegar.com Corp.		6,664		(139,744	)
Metals & Mining — (0.0)%
Nexa Resources SA		10,000		(117,700	)
Southern Copper Corp.		35,400		(1,659,198	)
Yamana Gold, Inc.		17,600		(51,040	)
				(1,827,938	)
Oil, Gas & Coal — (0.0)%
Cosan Ltd. A Shares		9,900		(75,537	)
Ecopetrol SA ADR		39,400		(809,670	)
Petroleo Brasileiro SA ADR		144,400		(1,448,332	)
				(2,333,539	)
Passenger Transportation — (0.0)%
Azul SA ADR		1,300		(21,268	)
Gol Linhas Aereas Inteligentes SA ADR		2,450		(13,083	)
Latam Airlines Group SA ADR		23,000		(227,470	)
				(261,821	)
Retail—Consumer Staples — (0.0)%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		1,800		(35,964	)
Retail—Discretionary — (0.1)%
MercadoLibre, Inc.		16,500		(4,932,345	)
Netshoes Cayman Ltd.		1,600		(3,792	)
				(4,936,137	)
Specialty Finance — (0.0)%
Pagseguro Digital Ltd. Class A		58,500		(1,623,375	)
Telecommunications — (0.0)%
Liberty Latin America Ltd. Class C		22,500		(436,050	)
Telefonica Brasil SA ADR		4,800		(56,976	)
Tim Participacoes SA ADR		10,500		(177,030	)
				(670,056	)
Utilities — (0.0)%
Central Puerto SA ADR		900		(8,910	)
Cia de Saneamento Basico do Estado de Sao Paulo ADR		13,300		(79,933	)
Cia Paranaense de Energia ADR		7,800		(43,524	)
Enersis SA ADR		16,900		(148,889	)
Pampa Energia SA ADR		1,600		(57,232	)
				(338,488	)
Total South America				(15,538,711	)
TOTAL COMMON STOCK (PROCEEDS $1,235,089,114)				(1,255,754,700	)
EXCHANGE-TRADED FUNDS — (2.3)%
Health Care Select Sector SPDR Fund (d)		514,480		(42,938,501	)
Invesco QQQ Trust Series 1 (d)		129,900		(22,297,335	)
iShares Nasdaq Biotechnology ETF (d)		148,460		(16,303,877	)
iShares Russell 2000 ETF (d)		132,410		(21,684,786	)
iShares U.S. Healthcare Providers ETF (d)		51,190		(8,991,012	)
iShares U.S. Medical Devices ETF (d)		22,750		(4,564,787	)
SPDR S&P 500 ETF Trust (d)		85,830		(23,283,962	)

See Notes to Consolidated Schedule of Investments.

72

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Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Security Description	Shares		Value
VanEck Vectors Semiconductor ETF(b),(d)		15,934	$	(1,635,944	)
TOTAL EXCHANGE-TRADED FUNDS (PROCEEDS $136,951,289)				(141,700,204	)
Security Description	Principal Amount		Value
MORTGAGE-BACKED SECURITIES — (0.8)%
North America — (0.8)%
Collateralized Mortgage Obligation (Residential) — (0.8)%
Government National Mortgage Association, 3.00%, 07/01/48 (d),(m)	$	47,900,000		(46,825,986	)
TOTAL MORTGAGE-BACKED SECURITIES (PROCEEDS $46,485,453)				(46,825,986	)
Security Description	Shares		Value
RIGHTS — (0.0)%
Europe — (0.0)%
Medical Equipment & Devices — (0.0)%
Cytori Therapeutics, Inc.		2,544		0
Total Europe				0
North America — (0.0)%
Medical Equipment & Devices — (0.0)%
ContraVir Pharmaceuticals		3,766		0
Total North America				0
TOTAL RIGHTS (PROCEEDS $0)				0
TOTAL SECURITIES SOLD SHORT— (23.7)% (PROCEEDS $1,418,525,856)				(1,444,280,890	)

Footnote Legend:

(a)   Non-income producing.

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

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

(e)   Security is considered illiquid.

(f) 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.

(g)   Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Rate presented is as of June 30, 2018.

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

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

(j) Non-interest bearing bond.

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

(l) Represents a step-up bond. Coupon rate increases in increments to maturity. Rate presented is as of June 30, 2018. Maturity date presented is the ultimate maturity.

(m) When issued or delayed delivery security included.

(n)   Security is restricted per Rule 12-12.8 of Regulation S-X. First acquisition dates of GCM Offshore Equity Partners LP, Glenview Capital Partners (Cayman), Ltd., GCM Equity Partners LP and GCM Equity Master Fund LP are 11/9/2015, 6/1/2016, 11/9/2015 and 6/1/2018, respectively.

(o)   Rate disclosed, the 7 day net yield, is as of June 30, 2018.

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

(q)   Preferential dividend rate and maturity date is disclosed, if applicable.

(r) Security is valued using significant unobservable inputs.

(s)   All or a portion of the security represents an unsettled loan commitment at June 30, 2018 where the rate will be determined at time of settlement.

See Notes to Consolidated Schedule of Investments.

73

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Options Written Contracts Outstanding at June 30, 2018

	Strike		Expiration      Date		Contracts		Notional  Amount			Premium Received			Market   Value			Unrealized Appreciation (Depreciation)
Exchange-Traded Call Options Written
Shire PLC		42.00 GBP		09/21/18		32	$	(114,256,000	)	$	(59,531	)	$	(91,221	)	$	(31,690	)

	Counterparty	Strike		Expiration      Date		Contracts		Notional Amount		Premium Received			Market   Value			Unrealized Appreciation (Depreciation)
FX OTC Call Options Written
USD/KRW Currency	Morgan Stanley & Co. International plc		1,125.00 USD		07/10/18		4,500,000	$	—	$	(18,180	)	$	(11,407	)	$	6,773
USD/KRW Currency	Deutsche Bank AG		1,080.00 USD		07/10/18		3,000,000		—		(73,080	)		(91,966	)		(18,886	)
										$	(91,260	)	$	(103,373	)	$	(12,113	)
FX OTC Put Options Written
USD/KRW Currency	Morgan Stanley & Co. International plc		1,040.00 USD		07/10/18		1,500,000		—	$	(9,825	)	$	(26	)	$	9,799
Total Options Written Outstanding										$	(160,616	)	$	(194,620	)	$	(34,004	)

Reverse Repurchase Agreements Outstanding at June 30, 2018

Counterparty	Interest Rate	Trade Date		Maturity Date		Face Value		Face Value Including Accrued Interest
BNP Paribas Securities Corp.	3.69%		06/22/18		07/23/18	$	3,114,000	$	3,116,553
JPMorgan Chase Bank, N.A.	3.28%		06/06/18		07/06/18		3,617,000		3,624,908
JPMorgan Chase Bank, N.A.	3.25%		06/22/18		07/18/18		3,636,000		3,638,624
JPMorgan Chase Bank, N.A.	3.34%		06/19/18		07/18/18		13,601,000		13,614,872
JPMorgan Chase Bank, N.A.	3.34%		06/19/18		07/18/18		6,374,000		6,380,501
JPMorgan Chase Bank, N.A.	3.35%		06/22/18		07/18/18		5,196,000		5,199,866
JPMorgan Chase Bank, N.A.	3.35%		06/22/18		07/18/18		7,645,000		7,650,687
Merrill Lynch, Pierce, Fenner & Smith, Inc.	2.98%		06/01/18		07/02/18		12,599,000		12,629,270
Merrill Lynch, Pierce, Fenner & Smith, Inc.	3.08%		05/30/18		07/02/18		5,624,000		5,638,895
Merrill Lynch, Pierce, Fenner & Smith, Inc.	3.08%		05/30/18		07/02/18		6,001,000		6,016,893
Royal Bank of Canada	2.89%		05/15/18		08/15/18		8,118,000		8,147,965
Royal Bank of Canada	3.10%		06/27/18		07/27/18		1,473,000		1,473,381
Royal Bank of Canada	3.10%		06/27/18		07/27/18		14,236,000		14,239,681
Royal Bank of Canada	3.15%		06/12/18		07/12/18		827,000		828,301
Royal Bank of Canada	3.15%		06/12/18		07/12/18		3,682,000		3,687,792
Royal Bank of Canada	3.15%		06/11/18		07/10/18		613,000		614,018
Royal Bank of Canada	3.15%		06/11/18		07/10/18		1,489,000		1,491,473
Royal Bank of Canada	3.39%		06/21/18		07/19/18		9,008,000		9,015,629
Royal Bank of Canada	3.45%		06/27/18		07/27/18		1,882,000		1,882,541
Royal Bank of Canada	3.46%		06/06/18		09/04/18		3,320,000		3,327,667
Royal Bank of Canada	3.46%		06/06/18		09/04/18		2,655,000		2,661,131
Royal Bank of Canada	3.46%		06/06/18		09/04/18		1,837,000		1,841,242
Royal Bank of Canada	3.46%		06/06/18		09/04/18		2,223,000		2,228,133
Royal Bank of Canada	3.46%		06/06/18		09/04/18		1,991,000		1,995,598
Royal Bank of Canada	3.49%		06/28/18		09/28/18		13,751,000		13,753,663
Royal Bank of Canada	3.49%		06/28/18		09/28/18		7,948,000		7,949,539
Royal Bank of Canada	3.49%		06/28/18		09/28/18		6,437,000		6,438,247
Royal Bank of Canada	3.49%		06/28/18		09/28/18		8,154,000		8,155,579

See Notes to Consolidated Schedule of Investments.

74

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Counterparty	Interest Rate		Trade Date		Maturity Date		Face Value		Face Value Including Accrued Interest
Royal Bank of Canada		3.49%		06/15/18		08/15/18	$	258,000	$	258,375
Royal Bank of Canada		3.50%		06/11/18		07/10/18		858,000		859,583
Royal Bank of Canada		3.50%		06/11/18		07/10/18		1,119,000		1,121,065
Royal Bank of Canada		3.51%		04/30/18		07/30/18		4,356,000		4,381,898
Royal Bank of Canada		3.51%		06/15/18		07/30/18		1,455,000		1,457,127
Royal Bank of Canada		3.53%		06/19/18		09/19/18		3,550,000		3,553,825
Royal Bank of Canada		3.53%		06/19/18		09/19/18		6,692,000		6,699,210
Royal Bank of Canada		3.56%		06/06/18		09/04/18		2,951,000		2,958,011
Royal Bank of Canada		3.57%		06/04/18		09/04/18		2,163,000		2,168,579
Total Reverse Repurchase Agreements Outstanding							$	180,453,000	$	180,700,322

Futures Contracts Outstanding at June 30, 2018

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Long Futures
3 Month Euribor	450	ICE		112,734,568 EUR		06/17/19	$	74,222
3 Month Euro Swiss Franc	44	ICE		11,075,441 CHF		03/18/19		2,685
90 Day Eurodollar	440	CME		106,749,500 USD		12/16/19		(11,000	)
90 Day Eurodollar	3	CME		725,895 USD		06/19/23		1,567
90-Day Bank Bill	147	SFE		146,250,886 AUD		03/07/19		15,217
Aluminum	210	LME		12,391,558 USD		07/16/18		(1,030,558	)
Aluminum	175	LME		10,006,780 USD		08/13/18		(701,155	)
Aluminum	72	LME		4,088,042 USD		12/17/18		(236,042	)
Aluminum	152	LME		8,467,813 USD		09/17/18		(367,163	)
Amsterdam Index	108	Euronext		12,217,898 EUR		07/20/18		(354,238	)
Australian 10-Year Bond	461	SFE		58,937,281 AUD		09/17/18		516,887
Australian Dollar Currency	1,249	CME		93,701,096 USD		09/17/18		(1,300,076	)
BIST 30 Index	279	Eurex		3,332,321 TRY		08/31/18		10,549
Brent Crude	4	ICE		203,279 USD		10/31/18		109,241
Brent Crude	308	ICE		22,900,340 USD		07/31/18		1,502,500
Brent Crude	332	ICE		25,115,960 USD		08/31/18		1,065,560
British Pound Currency	2,094	CME		174,891,666 USD		09/17/18		(1,665,516	)
CAC40 Index	485	Euronext		26,431,202 EUR		07/20/18		(731,950	)
Canadian 10-Year Bond	682	CDE		91,201,502 CAD		09/19/18		1,547,726
Canadian Dollar Currency	1,152	CME		88,559,844 USD		09/18/18		(823,524	)
Canola	34	ICE		356,813 CAD		11/14/18		(7,927	)
Cocoa	9	ICE		227,283 USD		12/13/18		507
Cocoa	175	ICE		4,087,565 USD		09/13/18		308,435
Cocoa	117	ICE		1,986,946 GBP		09/13/18		209,621
Copper	126	LME		22,818,866 USD		08/13/18		(1,934,366	)
Copper	135	LME		23,147,297 USD		07/16/18		(744,047	)
Copper	51	COMEX		3,846,654 USD		09/26/18		(65,004	)
Copper	73	LME		12,724,769 USD		09/17/18		(628,669	)
Cotton No. 2	148	ICE		6,840,419 USD		12/06/18		(630,339	)
Cotton No. 2	17	ICE		711,631 USD		03/07/19		(521	)
Crude Palm Oil	167	MYX		9,429,675 MYR		09/14/18		69,656
DAX Index	135	Eurex		43,356,437 EUR		09/21/18		(2,119,848	)
Dollar Index	54	ICE		5,056,427 USD		09/17/18		38,419
E-mini Dow	39	CBOT		4,926,422 USD		09/21/18		(194,747	)
E-mini NASDAQ-100	49	CME		7,059,122 USD		09/21/18		(133,707	)
E-mini Russell 2000	262	CME		21,977,891 USD		09/21/18		(395,641	)
Euro FX Currency	763	CME		112,725,833 USD		09/17/18		(788,964	)
Euro Stoxx 50	1,365	Eurex		46,466,767 EUR		09/21/18		(209,757	)
Euro-BOBL	187	Eurex		24,613,846 EUR		09/06/18		119,050
Euro-Bund	2,792	Eurex		449,827,942 EUR		09/06/18		4,684,814
Euro-BUXL	35	Eurex		6,136,955 EUR		09/06/18		96,397

See Notes to Consolidated Schedule of Investments.

75

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Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Euro-Oat	978	Eurex		149,663,507 EUR		09/06/18	$	1,724,389
Euro-Schatz	1,049	Eurex		117,483,027 EUR		09/06/18		109,934
FTSE 100 Index	198	ICE		15,126,125 GBP		09/21/18		(99,186	)
FTSE/MIB Index	80	IDEM		8,884,290 EUR		09/21/18		(300,229	)
Gasoline RBOB	171	NYMEX		14,801,820 USD		07/31/18		648,098
Gold 100 Oz	150	COMEX		19,498,231 USD		08/29/18		(680,731	)
Hang Seng China Enterprises Index	104	HKFE		56,494,741 HKD		07/30/18		3,067
Hang Seng Index	3	HKFE		4,295,622 HKD		07/30/18		1,692
Japan 10-Year Bond	57	OSE		8,588,631,310 JPY		09/12/18		83,536
Japanese Yen Currency	1,142	CME		130,182,276 USD		09/17/18		(743,713	)
KC HRW Wheat	23	CBOT		637,490 USD		09/14/18		(75,715	)
Korea 3-Year Bond	40	KRX FM		4,322,060,000 KRW		09/18/18		305
KOSPI 200 Index	94	KRX FM		7,456,926,000 KRW		09/13/18		(365,120	)
Lead	205	LME		11,999,709 USD		07/16/18		360,509
Lead	267	LME		16,573,275 USD		08/13/18		(481,518	)
Lead	18	LME		1,082,450 USD		09/17/18		2,275
Lean Hogs	1,397	CME		35,918,345 USD		10/12/18		(2,516,075	)
Long Gilt	208	ICE		25,508,609 GBP		09/26/18		115,968
Low Sulphur Gasoil	41	ICE		2,719,033 USD		09/12/18		63,842
Low Sulphur Gasoil	127	ICE		8,085,091 USD		08/10/18		509,634
MSCI Singapore Index	182	SGX		6,713,194 SGD		07/30/18		(38,161	)
MSCI Taiwan Index	276	SGX		10,601,755 USD		07/30/18		96,005
Natural Gas	44	NYMEX		1,283,839 USD		09/26/18		(4,319	)
Natural Gas	643	NYMEX		19,691,922 USD		01/29/19		228,218
Natural Gas	990	NYMEX		28,569,752 USD		07/27/18		377,848
Natural Gas	262	NYMEX		7,635,944 USD		08/29/18		(35,324	)
Natural Gas	459	NYMEX		12,311,844 USD		08/28/19		35,256
New Zealand Dollar Currency	119	CME		8,338,634 USD		09/17/18		(282,334	)
Nickel	62	LME		5,668,724 USD		09/17/18		(127,970	)
Nickel	46	LME		3,965,358 USD		12/17/18		164,016
Nickel	163	LME		13,548,759 USD		07/16/18		960,360
Nickel	76	LME		6,560,089 USD		08/13/18		218,579
Nikkei 225	23	SGX		259,362,236 JPY		09/13/18		(32,536	)
Norwegian Krone Currency	218	CME		54,392,319 USD		09/17/18		(786,119	)
NY Harbor ULSD	147	NYMEX		13,391,187 USD		08/31/18		291,632
NY Harbor ULSD	212	NYMEX		19,070,416 USD		07/31/18		604,753
OMXS30 Index	2,069	Nasdaq OMX		323,404,555 SEK		07/20/18		(48,417	)
Palladium	29	NYMEX		2,837,487 USD		09/26/18		(79,877	)
Platinum	62	NYMEX		2,695,672 USD		10/29/18		(36,802	)
Platinum	164	NYMEX		7,451,253 USD		01/29/19		(378,753	)
S&P 500 E-mini	81	CME		11,277,939 USD		09/21/18		(255,459	)
S&P Mid 400 E-mini	46	CME		9,225,287 USD		09/21/18		(227,227	)
S&P/TSX 60 Index	496	CDE		95,477,852 CAD		09/20/18		62,000
SET50 Index	263	TFEX		55,440,408 THB		09/27/18		(13,019	)
SGX Nifty 50	226	SGX		4,854,138 USD		07/26/18		(21,354	)
Silver	85	COMEX		6,915,484 USD		09/26/18		(31,334	)
Silver	54	COMEX		4,435,636 USD		12/27/18		(30,316	)
Soybean	197	CBOT		8,946,689 USD		01/14/19		(190,039	)
Soybean Meal	18	CBOT		606,072 USD		12/14/18		(12,252	)
SPI 200	568	SFE		86,338,172 AUD		09/20/18		712,985
STOXX Europe 600 Banks	210	Eurex		4,053,313 EUR		09/21/18		(92,330	)
Swiss Market Index	272	Eurex		23,444,194 CHF		09/21/18		(121,371	)
TOPIX Index	1,099	OSE		19,454,081,212 JPY		09/13/18		(3,937,011	)
U.S. Treasury 10-Year Note	1,939	CBOT		232,152,328 USD		09/19/18		891,235
Wheat	55	CBOT		1,480,377 USD		09/14/18		(101,940	)
WTI Crude	2,012	NYMEX		128,162,383 USD		11/19/18		11,651,497
WTI Crude	1	NYMEX		49,353 USD		11/20/19		14,297
WTI Crude	91	NYMEX		6,124,567 USD		07/20/18		623,083
WTI Crude	439	NYMEX		28,685,777 USD		08/21/18		3,124,163
Zinc	45	LME		3,461,032 USD		12/17/18		(266,032	)
Zinc	204	LME		15,766,979 USD		07/16/18		(1,020,329	)
Zinc	169	LME		13,439,899 USD		08/13/18		(1,345,837	)
							$	4,198,721

See Notes to Consolidated Schedule of Investments.

76

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Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Description	Contracts		Exchange		Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Short Futures
3 Month Euribor		1		ICE		250,324 EUR		03/18/19	$	(439	)
3 Month Euribor		1		ICE		250,462 EUR		12/17/18		(293	)
90 Day Eurodollar		1		CME		242,085 USD		03/14/22		(490	)
90 Day Eurodollar		11		CME		2,679,309 USD		06/15/20		11,259
90 Day Eurodollar		33		CME		8,047,757 USD		03/18/19		25,457
90 Day Eurodollar		42		CME		10,242,303 USD		12/17/18		19,502
90 Day Eurodollar		20		CME		4,887,506 USD		06/17/19		30,256
90 Day Eurodollar		56		CME		13,681,816 USD		09/17/18		25,516
90 Day Eurodollar		16		CME		3,906,639 USD		03/16/20		25,839
90 Day Eurodollar		1		CME		242,097 USD		12/13/21		(465	)
90 Day Eurodollar		9		CME		2,184,726 USD		09/13/21		1,439
90 Day Eurodollar		15		CME		3,653,311 USD		12/16/19		14,498
90 Day Eurodollar		553		CME		134,305,188 USD		09/16/19		92,088
90 Day Eurodollar		11		CME		2,678,134 USD		03/15/21		9,809
90 Day Eurodollar		455		CME		110,400,723 USD		09/14/20		34,786
90 Day Eurodollar		15		CME		3,643,348 USD		12/14/20		5,098
90 Day Eurodollar		10		CME		2,427,986 USD		06/14/21		2,111
90 Day Eurodollar		1		CME		242,571 USD		09/19/22		9
90 Day Eurodollar		1		CME		242,609 USD		06/13/22		34
90 Day Eurodollar		2		CME		485,045 USD		12/19/22		20
90 Day Sterling		4		ICE		496,085 GBP		09/19/18		211
90 Day Sterling		4		ICE		495,635 GBP		12/19/18		(20	)
90 Day Sterling		3		ICE		371,560 GBP		03/20/19		113
90 Day Sterling		289		ICE		35,766,681 GBP		06/19/19		3,869
90 Day Sterling		3		ICE		371,148 GBP		09/18/19		162
90 Day Sterling		4		ICE		494,547 GBP		12/18/19		260
90 Day Sterling		3		ICE		370,798 GBP		03/18/20		294
90 Day Sterling		3		ICE		370,660 GBP		06/17/20		310
90 Day Sterling		3		ICE		370,535 GBP		09/16/20		393
Aluminum		175		LME		9,784,726 USD		08/13/18		479,101
Aluminum		210		LME		11,881,963 USD		07/16/18		520,963
Aluminum		9		LME		488,181 USD		09/17/18		8,538
Australian 10-Year Bond		2,653		SFE		341,541,825 AUD		09/17/18		(1,224,550	)
Australian 3-Year Bond		293		SFE		32,502,174 AUD		09/17/18		(89,902	)
Australian Dollar Currency		204		CME		15,376,066 USD		09/17/18		284,146
Bank Acceptance		129		CDE		31,465,012 CAD		06/17/19		(14,491	)
BIST 30 Index		772		ISE		9,382,570 TRY		08/31/18		6,065
Brent Crude		1		ICE		69,875 USD		10/31/19		(2,745	)
British Pound Currency		515		CME		43,015,342 USD		09/17/18		411,967
CAC40 Index		15		Euronext		817,481 EUR		07/20/18		22,662
Canadian 10-Year Bond		1,011		CDE		134,765,580 CAD		09/19/18		(2,622,926	)
Canadian Dollar Currency		1,832		CME		140,593,851 USD		09/18/18		1,068,731
Cattle Feeder		179		CME		13,106,953 USD		09/27/18		(403,072	)
Cattle Feeder		20		CME		1,412,488 USD		08/30/18		(100,762	)
Coffee		226		ICE		10,003,429 USD		09/18/18		248,704
Coffee		264		ICE		12,121,993 USD		12/18/18		385,543
Coffee Robusta		88		ICE		1,506,913 USD		09/24/18		19,713
Copper		21		COMEX		1,562,637 USD		09/26/18		5,487
Copper		126		LME		21,814,184 USD		08/13/18		929,684
Copper		135		LME		23,216,396 USD		07/16/18		813,146
Copper		28		LME		4,702,565 USD		09/17/18		62,965
Corn		993		CBOT		18,537,526 USD		12/14/18		104,963
DAX Index		61		Eurex		19,485,821 EUR		09/21/18		835,395
Euro BUXL 30-Year Bond		46		Eurex		7,986,475 EUR		09/06/18		(219,225	)
Euro FX Currency		930		CME		137,033,540 USD		09/17/18		596,728
Euro Stoxx 50		9,265		Eurex		319,101,215 EUR		09/21/18		5,751,491
Euro-BOBL		194		Eurex		25,528,282 EUR		09/06/18		(131,609	)

See Notes to Consolidated Schedule of Investments.

77

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Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Description	Contracts		Exchange		Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Euro-BTP		58		Eurex		7,296,167 EUR		09/06/18	$	(97,807	)
Euro-Bund		57		Eurex		9,182,768 EUR		09/06/18		(96,440	)
Euro-Oat		55		Eurex		8,415,845 EUR		09/06/18		(97,926	)
FTSE 100 Index		926		ICE		70,301,022 GBP		09/21/18		(117,283	)
FTSE China A50 Index		182		SGX		2,084,165 USD		07/30/18		(14,295	)
FTSE KLCI Index		28		MYX		2,343,976 MYR		07/31/18		(7,705	)
FTSE/JSE Top 40		63		Safex		31,483,166 ZAR		09/20/18		(78,660	)
Gasoline RBOB		22		NYMEX		1,940,326 USD		08/31/18		(29,734	)
Gold 100 Oz		154		COMEX		19,697,438 USD		08/29/18		378,138
Gold 100 Oz		31		COMEX		3,946,711 USD		12/27/18		21,181
Hang Seng China Enterprises Index		4		HKFE		2,153,669 HKD		07/30/18		(2,566	)
Hang Seng Index		114		HKFE		163,046,868 HKD		07/30/18		(88,117	)
Japan 10-Year Bond		90		OSE		13,561,229,586 JPY		09/12/18		(129,797	)
Japanese Yen Currency		426		CME		48,543,803 USD		09/17/18		259,365
KC HRW Wheat		137		CBOT		3,922,184 USD		12/14/18		418,409
Korea 10-Year Bond		41		KRX FM		4,923,675,676 KRW		09/18/18		(40,847	)
KOSPI 200 Index		61		KRX FM		4,632,229,500 KRW		09/13/18		51,350
Lead		267		LME		15,871,738 USD		08/13/18		(220,018	)
Lead		205		LME		12,074,078 USD		07/16/18		(286,141	)
Lead		343		LME		20,772,485 USD		09/17/18		102,448
Lean Hogs		81		CME		2,537,872 USD		08/14/18		60,892
Live Cattle		147		CME		6,078,178 USD		08/31/18		(197,252	)
Live Cattle		461		CME		19,574,530 USD		10/31/18		(714,080	)
Long Gilt		119		ICE		14,584,384 GBP		09/26/18		(78,863	)
Mexican Peso Currency		448		CME		10,694,686 USD		09/17/18		(440,354	)
MSCI EAFE Index		12		ICE		1,166,510 USD		09/21/18		(6,731	)
MSCI Emerging Market		46		ICE		2,446,313 USD		09/21/18		723
Natural Gas		736		NYMEX		20,933,912 USD		08/29/18		(417,448	)
Natural Gas		459		NYMEX		12,286,486 USD		03/27/19		17,416
Natural Gas		71		NYMEX		2,119,526 USD		07/27/18		43,486
New Zealand Dollar Currency		680		CME		47,476,441 USD		09/17/18		1,440,441
Nickel		76		LME		6,932,003 USD		08/13/18		153,335
Nickel		163		LME		14,089,778 USD		07/16/18		(419,341	)
Nickel		80		LME		7,166,169 USD		09/17/18		16,809
Nikkei 225		17		SGX		189,470,053 JPY		09/13/18		3,884
Palladium		5		NYMEX		482,290 USD		09/26/18		6,839
Palladium		91		NYMEX		8,619,640 USD		12/27/18		14,680
Platinum		126		NYMEX		5,500,716 USD		10/29/18		97,206
S&P 500		78		CME		54,260,173 USD		09/20/18		1,188,973
S&P 500 E-mini		3,131		CME		433,879,194 USD		09/21/18		7,812,714
S&P/TSX 60 Index		115		CDE		21,964,405 CAD		09/20/18		(145,662	)
Short-Term Euro-BTP		74		Eurex		8,082,293 EUR		09/06/18		(125,290	)
Silver		140		COMEX		11,370,392 USD		09/26/18		31,792
Soybean		334		CBOT		15,170,171 USD		11/14/18		474,171
Soybean Oil		235		CBOT		4,193,906 USD		12/14/18		566
Soybean Oil		6		CBOT		109,904 USD		01/14/19		1,940
Sugar 11		832		ICE		12,092,191 USD		02/28/19		24,863
Sugar 11		726		ICE		10,294,425 USD		09/28/18		333,705
Swedish Krona Currency		200		CME		46,512,220 USD		09/17/18		1,632,220
Swiss Franc Currency		4,115		CME		524,317,982 USD		09/17/18		1,970,170
Swiss Market Index		521		Eurex		44,040,571 CHF		09/21/18		(641,401	)
U.S. Treasury 10-Year Note		2,933		CBOT		351,384,019 USD		09/19/18		(1,125,918	)
U.S. Treasury 2-Year Note		441		CBOT		93,606,285 USD		09/28/18		190,081
U.S. Treasury 5-Year Note		246		CBOT		28,021,726 USD		09/28/18		71,898
U.S. Treasury Long Bond		61		CBOT		8,806,515 USD		09/19/18		(38,485	)
Ultra 10-Year U.S. Treasury Note		76		CBOT		9,727,352 USD		09/19/18		(18,461	)
Ultra U.S. Treasury Bond		20		CBOT		3,151,413 USD		09/19/18		(39,837	)
Wheat		446		CBOT		12,009,829 USD		12/14/18		486,304
White Sugar		70		ICE		1,195,206 USD		07/16/18		(28,045	)
WTI Crude		63		NYMEX		4,444,450 USD		07/20/18		(227,000	)
WTI Crude		1,299		NYMEX		87,116,922 USD		09/20/18		(5,008,159	)
WTI Crude		429		NYMEX		27,972,220 USD		08/21/18		(3,113,120	)
Zinc		169		LME		13,012,339 USD		08/13/18		918,276
Zinc		204		LME		16,128,578 USD		07/16/18		1,381,928
Zinc		193		LME		15,091,801 USD		09/17/18		1,306,776
									$	14,868,532
Total Futures Contracts Outstanding									$	19,067,253

See Notes to Consolidated Schedule of Investments.

78

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Forward Foreign Currency Exchange Contracts Outstanding at June 30, 2018

Currency Purchased	Amount in Currency Purchased		Currency      Sold	Amount in Currency Sold		Counterparty	Settlement      Date		Unrealized Appreciation (Depreciation)
ARS		57,522,861	USD		1,917,429	Barclays Bank plc		09/25/18	$	(87,295	)
ARS		117,519,834	USD		4,200,888	Barclays Bank plc		07/10/18		(168,654	)
AUD		2,400,000	USD		1,783,137	Morgan Stanley & Co. International plc		07/03/18		—
AUD		27,000,000	USD		20,043,426	JPMorgan Chase Bank, N.A.		07/03/18		—
AUD		1,120,000	USD		848,388	Merrill Lynch International		09/19/18		(19,346	)
AUD		2,400,000	USD		1,783,137	Morgan Stanley & Co. International plc		07/23/18		(6,924	)
AUD		27,000,000	USD		20,043,426	JPMorgan Chase Bank, N.A.		08/20/18		(58,911	)
BRL		16,610,376	USD		4,390,283	Morgan Stanley & Co. International plc		07/03/18		(104,564	)
BRL		24,582,336	USD		6,441,768	Deutsche Bank AG		07/03/18		(99,166	)
BRL		77,904,760	USD		20,323,444	Merrill Lynch International		07/03/18		(222,881	)
BRL		8,305,188	USD		2,195,175	Morgan Stanley & Co. International plc		08/16/18		(62,782	)
BRL		8,202,336	USD		2,161,467	Deutsche Bank AG		08/21/18		(56,474	)
BRL		8,190,000	USD		2,156,228	Deutsche Bank AG		08/16/18		(53,410	)
BRL		240,581	USD		62,633	Merrill Lynch International		08/02/18		(776	)
BRL		19,480,203	USD		5,326,462	Barclays Bank plc		07/03/18		(300,286	)
CAD		1,917,533	USD		1,459,370	Merrill Lynch International		09/19/18		1,197
CHF		19,000,000	USD		19,277,048	Morgan Stanley & Co. International plc		07/03/18		—
CHF		10,111,590	USD		10,343,395	Morgan Stanley & Co. LLC		09/19/18		(64,414	)
CHF		19,000,000	USD		19,277,048	Morgan Stanley & Co. International plc		07/19/18		(65,456	)
CLP		4,418,310,500	USD		6,877,422	Morgan Stanley & Co. International plc		07/03/18		(115,340	)
CLP		3,288,471,000	USD		5,145,633	Deutsche Bank AG		07/03/18		(112,734	)
CLP		3,136,181,530	USD		4,977,118	Merrill Lynch International		09/20/18		(176,852	)
CLP		1,358,620,500	USD		2,130,000	Deutsche Bank AG		07/31/18		(50,503	)
CLP		420,630,000	USD		657,872	Deutsche Bank AG		08/07/18		(14,048	)
CLP		1,696,040,000	USD		2,653,341	Morgan Stanley & Co. International plc		08/14/18		(57,380	)
CLP		1,213,050,000	USD		1,894,858	Morgan Stanley & Co. International plc		07/31/18		(38,170	)
CLP		571,230,000	USD		900,000	Deutsche Bank AG		07/17/18		(25,712	)
CNH		34,365,717	EUR		4,565,417	Barclays Bank plc		09/19/18		(195,779	)
CNH		67,000,000	USD		10,422,338	State Street Bank and Trust Company		09/17/18		(348,482	)
CNH		71,736,736	USD		10,980,267	Barclays Bank plc		09/19/18		(195,005	)
CNH		30,225,302	USD		4,743,382	Morgan Stanley & Co. International PLC		08/24/18		(194,578	)
COP		12,243,908,000	USD		4,164,569	Morgan Stanley & Co. International plc		07/03/18		12,742
COP		17,292,320,000	USD		5,909,701	Deutsche Bank AG		07/03/18		(9,999	)
COP		2,904,000,000	USD		986,913	UBS AG		07/03/18		3,859
COP		8,646,160,000	USD		2,960,000	Deutsche Bank AG		07/13/18		(11,539	)
COP		2,859,000,000	USD		974,647	Deutsche Bank AG		09/13/18		(2,318	)
COP		2,619,000,000	USD		891,326	Deutsche Bank AG		07/17/18		1,660
COP		4,316,048,000	USD		1,468,227	Morgan Stanley & Co. International plc		08/23/18		1,134
COP		2,904,000,000	USD		986,913	UBS AG		09/19/18		423
COP		4,759,700,000	USD		1,620,599	Morgan Stanley & Co. International plc		08/31/18		(817	)
CZK		247,333,830	EUR		9,584,725	Morgan Stanley & Co. International PLC		09/19/18		(90,837	)
CZK		67,541,184	USD		3,133,103	Merrill Lynch International		09/19/18		(83,574	)
EUR		4,430,913	CNH		34,365,717	Barclays Bank plc		09/19/18		37,792
EUR		9,522,545	CZK		247,333,830	Morgan Stanley & Co. International PLC		09/19/18		17,801
EUR		2,056,659	GBP		1,800,000	Deutsche Bank AG		07/03/18		—
EUR		1,825,616	GBP		1,600,000	Morgan Stanley & Co. International plc		07/26/18		21,691
EUR		2,056,659	GBP		1,800,000	Deutsche Bank AG		07/26/18		27,725
EUR		23,000,000	GBP		20,287,796	State Street Bank and Trust Company		07/26/18		101,408
EUR		1,825,616	GBP		1,600,000	Morgan Stanley & Co. International plc		07/03/18		—
EUR		2,000,000	JPY		256,134,980	State Street Bank and Trust Company		07/26/18		22,436
EUR		1,904,994	NOK		18,000,000	JPMorgan Chase Bank, N.A.		07/18/18		15,595

See Notes to Consolidated Schedule of Investments.

79

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Currency Purchased	Amount in Currency Purchased		Currency      Sold	Amount in Currency Sold		Counterparty	Settlement      Date		Unrealized Appreciation (Depreciation)
EUR		989,876	NOK		9,400,000	Morgan Stanley & Co. International plc		07/18/18	$	2,352
EUR		1,904,994	NOK		18,000,000	JPMorgan Chase Bank, N.A.		07/03/18		—
EUR		989,876	NOK		9,400,000	Morgan Stanley & Co. International plc		07/03/18		—
EUR		1,000,000	SEK		10,381,685	State Street Bank and Trust Company		07/26/18		8,652
EUR		5,521,000	USD		6,542,901	Merrill Lynch International		09/19/18		(57,988	)
EUR		1,653,617	USD		1,952,150	Morgan Stanley & Co. LLC		09/19/18		(9,786	)
EUR		1,483,326	USD		1,721,266	Barclays Bank plc		09/19/18		21,034
EUR		12,000,000	USD		14,061,700	State Street Bank and Trust Company		07/26/18		(25,029	)
EUR		1,468,875	USD		1,719,392	State Street Bank and Trust Company		08/02/18		(463	)
EUR		545,000	USD		637,136	State Street Bank and Trust Company		07/12/18		(281	)
GBP		1,600,000	EUR		1,816,750	Morgan Stanley & Co. International plc		07/03/18		—
GBP		1,800,000	EUR		2,043,293	Deutsche Bank AG		07/03/18		—
GBP		1,800,000	EUR		2,043,293	Deutsche Bank AG		07/26/18		(12,091	)
GBP		1,600,000	EUR		1,816,750	Morgan Stanley & Co. International plc		07/26/18		(11,321	)
GBP		1,771,000	USD		2,382,204	Merrill Lynch International		09/19/18		(36,914	)
GBP		821,760	USD		1,083,998	Morgan Stanley & Co. LLC		09/19/18		4,258
HKD		102,000,000	USD		13,001,743	Morgan Stanley & Co. International plc		07/03/18		—
HKD		2,319,821	USD		296,000	Merrill Lynch International		09/19/18		71
HKD		102,000,000	USD		13,001,743	Morgan Stanley & Co. International plc		07/26/18		2,725
HUF		1,430,000,000	USD		5,125,448	State Street Bank and Trust Company		07/06/18		(53,485	)
IDR		335,326,000	USD		24,012	Deutsche Bank AG		07/03/18		—
IDR		335,326,000	USD		24,012	Deutsche Bank AG		07/17/18		(653	)
IDR		154,298,518,132	USD		11,087,053	Barclays Bank plc		07/06/18		(300,503	)
INR		216,791,600	USD		3,150,430	Morgan Stanley & Co. International plc		07/03/18		13,719
INR		213,583,200	USD		3,111,709	Deutsche Bank AG		07/03/18		5,612
INR		386,348,765	USD		5,687,873	Merrill Lynch International		09/19/18		(99,382	)
INR		737,479,383	USD		10,865,961	Barclays Bank plc		07/11/18		(101,345	)
INR		557,525,970	USD		8,220,066	Barclays Bank plc		07/12/18		(83,277	)
INR		370,835,011	USD		5,408,912	Barclays Bank plc		07/19/18		(2,070	)
INR		106,791,600	USD		1,548,714	Deutsche Bank AG		08/31/18		(691	)
INR		186,706,462	USD		2,743,666	Barclays Bank plc		07/23/18		(22,972	)
INR		110,000,000	USD		1,593,140	Morgan Stanley & Co. International plc		09/11/18		(692	)
INR		372,300,352	USD		5,407,413	Barclays Bank plc		07/27/18		14,733
JPY		300,000,000	USD		2,740,725	Deutsche Bank AG		07/03/18		—
JPY		190,000,000	USD		1,738,798	UBS AG		07/03/18		—
JPY		300,000,000	USD		2,740,725	Deutsche Bank AG		07/26/18		(26,937	)
JPY		190,000,000	USD		1,738,798	UBS AG		07/26/18		(20,066	)
KRW		4,474,501,790	USD		4,022,537	Morgan Stanley & Co. International plc		07/03/18		—
KRW		6,402,711,000	USD		5,751,691	Deutsche Bank AG		07/03/18		—
KRW		19,682,142,025	USD		18,461,650	Merrill Lynch International		09/19/18		(737,973	)
KRW		4,686,151,000	USD		4,210,000	Deutsche Bank AG		08/10/18		(1,128	)
KRW		2,399,100,000	USD		2,155,686	Morgan Stanley & Co. International plc		08/21/18		(167	)
KRW		2,075,401,790	USD		1,866,850	Morgan Stanley & Co. International plc		09/20/18		156
KRW		1,716,560,000	USD		1,541,691	Deutsche Bank AG		09/12/18		1,894
MXN		297,472,500	USD		13,500,000	JPMorgan Chase Bank, N.A.		06/19/19		694,417
MXN		297,472,500	USD		13,500,000	JPMorgan Chase Bank, N.A.		07/03/18		—
MXN		19,000,000	USD		957,919	Morgan Stanley & Co. International plc		07/17/18		(3,344	)
NOK		18,000,000	EUR		1,901,640	JPMorgan Chase Bank, N.A.		07/03/18		—
NOK		9,400,000	EUR		993,229	Morgan Stanley & Co. International plc		07/03/18		—
NOK		18,000,000	EUR		1,901,640	JPMorgan Chase Bank, N.A.		07/18/18		(11,674	)
NOK		9,400,000	EUR		993,229	Morgan Stanley & Co. International plc		07/18/18		(6,273	)
NOK		103,600,000	USD		12,931,734	State Street Bank and Trust Company		09/17/18		(172,390	)
NZD		20,000,000	USD		13,802,730	JPMorgan Chase Bank, N.A.		07/03/18		—
NZD		5,100,000	USD		3,520,703	Deutsche Bank AG		07/03/18		—
NZD		3,800,000	USD		2,658,451	JPMorgan Chase Bank, N.A.		07/05/18		(84,723	)
NZD		5,100,000	USD		3,520,703	Deutsche Bank AG		08/15/18		(66,353	)
NZD		20,000,000	USD		13,802,730	JPMorgan Chase Bank, N.A.		08/15/18		(256,259	)
PEN		4,042,463	USD		1,233,486	Morgan Stanley & Co. International plc		07/03/18		(2,529	)
PEN		2,684,926	USD		820,288	Deutsche Bank AG		07/03/18		(2,710	)
PEN		35,230,108	USD		10,745,187	Barclays Bank plc		07/05/18		(18,036	)
PEN		1,342,463	USD		410,000	Deutsche Bank AG		08/06/18		(1,755	)
PEN		2,700,000	USD		823,286	Morgan Stanley & Co. International plc		08/06/18		(2,212	)

See Notes to Consolidated Schedule of Investments.

80

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Currency Purchased	Amount in Currency Purchased		Currency      Sold	Amount in Currency Sold		Counterparty	Settlement      Date		Unrealized Appreciation (Depreciation)
PHP		26,170,900	USD		486,593	Morgan Stanley & Co. International plc		07/03/18	$	3,798
PHP		2,769,234	USD		51,455	Merrill Lynch International		09/19/18		261
PHP		26,170,900	USD		487,459	UBS AG		07/03/18		2,931
PHP		26,170,900	USD		486,593	Morgan Stanley & Co. International plc		07/25/18		3,305
PHP		52,850,000	USD		1,000,000	UBS AG		07/25/18		(10,692	)
PLN		20,500,000	USD		5,674,426	State Street Bank and Trust Company		09/17/18		(194,284	)
RUB		64,369,731	USD		1,019,757	Morgan Stanley & Co. International plc		07/03/18		5,218
RUB		63,162,588	USD		999,857	UBS AG		07/03/18		5,897
RUB		342,176,754	USD		5,394,132	Barclays Bank plc		09/19/18		11,260
RUB		64,369,731	USD		1,019,757	Morgan Stanley & Co. International plc		07/26/18		2,754
RUB		31,581,294	USD		500,000	UBS AG		07/26/18		1,668
SEK		6,711,824	USD		770,050	Merrill Lynch International		09/19/18		(16,235	)
SGD		3,900,000	USD		2,865,315	Morgan Stanley & Co. International plc		07/03/18		—
SGD		14,061,876	USD		10,579,747	Merrill Lynch International		09/19/18		(239,547	)
SGD		3,900,000	USD		2,865,315	Morgan Stanley & Co. International plc		07/26/18		(1,696	)
THB		167,700,000	USD		5,252,114	State Street Bank and Trust Company		09/17/18		(179,061	)
TRY		1,255,626	USD		257,389	Merrill Lynch International		09/19/18		7,055
TRY		5,748,022	USD		1,200,000	Morgan Stanley & Co. International plc		07/26/18		38,694
TRY		51,988,865	USD		10,706,387	Barclays Bank plc		09/19/18		242,806
TRY		5,748,022	USD		1,200,000	Morgan Stanley & Co. International plc		07/03/18		—
TWD		432,090,501	USD		14,200,485	Morgan Stanley & Co. International plc		07/03/18		(28,240	)
TWD		104,081,500	USD		3,432,670	Deutsche Bank AG		07/03/18		(18,875	)
TWD		356,044,847	USD		11,723,624	UBS AG		07/03/18		(45,619	)
TWD		126,822,866	USD		4,300,917	Merrill Lynch International		09/19/18		(118,065	)
TWD		178,344,847	USD		5,890,000	UBS AG		08/27/18		(19,072	)
TWD		29,122,821	USD		959,300	Morgan Stanley & Co. International plc		08/03/18		(2,273	)
TWD		75,031,500	USD		2,475,062	Deutsche Bank AG		08/22/18		(5,998	)
TWD		29,050,000	USD		957,608	Deutsche Bank AG		07/27/18		(3,399	)
TWD		47,567,680	USD		1,571,784	Morgan Stanley & Co. International plc		09/12/18		(3,935	)
TWD		177,700,000	USD		5,848,896	Morgan Stanley & Co. International plc		08/27/18		804
TWD		173,494,174	USD		5,702,356	Barclays Bank plc		08/24/18		14,551
ZAR		25,000,000	USD		1,873,223	Morgan Stanley & Co. International plc		07/03/18		—
ZAR		76,100,808	USD		5,865,252	Merrill Lynch International		09/19/18		(372,629	)
ZAR		96,000,000	USD		7,050,776	UBS AG		07/11/18		(59,425	)
ZAR		25,000,000	USD		1,873,223	Morgan Stanley & Co. International plc		07/11/18		(52,559	)
ZAR		71,881,063	USD		5,241,016	Barclays Bank plc		09/19/18		(52,956	)
ZAR		64,443,438	USD		4,713,299	Morgan Stanley & Co. International PLC		09/19/18		(62,055	)
USD		1,447,666	ARS		37,335,302	Barclays Bank plc		07/10/18		166,651
USD		3,023,549	ARS		80,184,532	JPMorgan Chase Bank, N.A.		07/10/18		272,331
USD		906,466	ARS		26,931,098	JPMorgan Chase Bank, N.A.		09/25/18		49,632
USD		81,756	ARS		2,424,056	Morgan Stanley & Co. International PLC		09/25/18		4,632
USD		944,908	ARS		28,167,707	Bank of America, N.A.		09/25/18		48,731
USD		219,151	AUD		292,000	Merrill Lynch International		09/19/18		3,008
USD		20,456,780	AUD		27,000,000	JPMorgan Chase Bank, N.A.		08/20/18		472,265
USD		1,793,046	AUD		2,400,000	Morgan Stanley & Co. International plc		07/23/18		16,832
USD		1,793,046	AUD		2,400,000	Morgan Stanley & Co. International plc		07/03/18		—
USD		20,456,780	AUD		27,000,000	JPMorgan Chase Bank, N.A.		07/03/18		—
USD		2,253,281	BRL		8,190,000	Deutsche Bank AG		08/16/18		150,463
USD		20,657,504	BRL		77,904,760	Merrill Lynch International		07/03/18		556,940
USD		5,169,905	BRL		19,480,203	Barclays Bank plc		07/03/18		143,729
USD		2,149,009	BRL		8,202,336	Deutsche Bank AG		08/21/18		44,015
USD		4,313,785	BRL		16,392,336	Deutsche Bank AG		07/03/18		84,323
USD		2,186,036	BRL		8,305,188	Morgan Stanley & Co. International plc		08/16/18		53,643
USD		8,642,565	BRL		33,183,028	Merrill Lynch International		08/02/18		110,688
USD		4,339,983	BRL		16,610,376	Morgan Stanley & Co. International plc		07/03/18		54,263
USD		1,927,451	CAD		2,500,000	State Street Bank and Trust Company		07/09/18		25,568
USD		459,000	CAD		606,174	Merrill Lynch International		09/19/18		(2,717	)
USD		19,164,449	CHF		18,713,272	Morgan Stanley & Co. LLC		09/19/18		141,390
USD		19,118,772	CHF		19,000,000	Morgan Stanley & Co. International plc		07/19/18		(92,820	)
USD		19,118,772	CHF		19,000,000	Morgan Stanley & Co. International plc		07/03/18		—
USD		1,690,317	CLP		1,081,045,655	Merrill Lynch International		09/20/18		35,660
USD		2,678,818	CLP		1,696,040,000	Morgan Stanley & Co. International plc		08/14/18		82,857

See Notes to Consolidated Schedule of Investments.

81

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Currency Purchased	Amount in Currency Purchased		Currency      Sold	Amount in Currency Sold		Counterparty	Settlement      Date		Unrealized Appreciation (Depreciation)
USD		1,905,274	CLP		1,213,050,000	Morgan Stanley & Co. International plc		07/31/18	$	48,586
USD		656,281	CLP		420,630,000	Deutsche Bank AG		08/07/18		12,457
USD		2,122,664	CLP		1,358,620,500	Deutsche Bank AG		07/31/18		43,166
USD		6,941,328	CLP		4,418,310,500	Morgan Stanley & Co. International plc		07/03/18		179,246
USD		892,658	CLP		571,230,000	Deutsche Bank AG		07/17/18		18,371
USD		6,000,827	CLP		3,859,701,000	Deutsche Bank AG		07/03/18		93,679
USD		8,366,926	CNH		54,011,015	Morgan Stanley & Co. International PLC		09/19/18		246,639
USD		5,428,708	CNH		35,031,993	Barclays Bank plc		09/19/18		161,822
USD		4,695,997	CNH		30,225,302	Barclays Bank plc		08/24/18		147,193
USD		900,000	COP		2,619,000,000	Deutsche Bank AG		07/17/18		7,014
USD		1,480,761	COP		4,316,048,000	Morgan Stanley & Co. International plc		08/23/18		11,400
USD		1,650,954	COP		4,759,700,000	Morgan Stanley & Co. International plc		08/31/18		31,172
USD		1,000,000	COP		2,859,000,000	Deutsche Bank AG		09/13/18		27,671
USD		1,000,000	COP		2,904,000,000	UBS AG		09/19/18		12,665
USD		2,951,787	COP		8,646,160,000	Deutsche Bank AG		07/13/18		3,326
USD		1,080,361	COP		3,168,160,000	Morgan Stanley & Co. International plc		07/03/18		(534	)
USD		5,027,530	COP		14,673,320,000	Deutsche Bank AG		07/03/18		21,364
USD		1,000,000	COP		2,904,000,000	UBS AG		07/03/18		9,229
USD		2,786,505	CZK		61,326,939	Merrill Lynch International		09/19/18		17,555
USD		6,127,862	EGP		113,096,794	Barclays Bank plc		08/16/18		(118,750	)
USD		1,402,526	EGP		25,834,525	Barclays Bank plc		08/23/18		(21,625	)
USD		1,826,664	EGP		33,975,956	JPMorgan Chase Bank, N.A.		08/27/18		(44,227	)
USD		51,699,263	EUR		43,565,571	State Street Bank and Trust Company		09/17/18		535,712
USD		2,192,573	EUR		1,866,000	Merrill Lynch International		09/19/18		789
USD		27,077,434	EUR		23,149,703	Barclays Bank plc		09/19/18		(113,979	)
USD		535,899	EUR		455,000	State Street Bank and Trust Company		09/27/18		1,110
USD		77,818,814	EUR		67,030,000	State Street Bank and Trust Company		08/02/18		(622,032	)
USD		206,406	EUR		176,558	State Street Bank and Trust Company		07/12/18		91
USD		30,845,097	GBP		22,965,942	State Street Bank and Trust Company		09/17/18		434,597
USD		2,764,002	GBP		2,056,470	Morgan Stanley & Co. LLC		09/19/18		40,620
USD		388,412	GBP		293,000	Merrill Lynch International		09/19/18		399
USD		727,208	HKD		5,696,135	Merrill Lynch International		09/19/18		230
USD		5,334,763	HKD		41,800,000	State Street Bank and Trust Company		09/17/18		177
USD		12,999,967	HKD		102,000,000	Morgan Stanley & Co. International plc		07/26/18		(4,502	)
USD		12,999,967	HKD		102,000,000	Morgan Stanley & Co. International plc		07/03/18		—
USD		5,255,421	HUF		1,430,000,000	State Street Bank and Trust Company		07/06/18		183,458
USD		5,224,818	HUF		1,424,717,549	Merrill Lynch International		09/19/18		148,102
USD		5,144,070	HUF		1,430,000,000	State Street Bank and Trust Company		09/17/18		49,112
USD		23,528	IDR		335,326,000	Deutsche Bank AG		07/03/18		—
USD		10,978,975	IDR		154,298,518,132	Barclays Bank plc		07/06/18		192,425
USD		23,528	IDR		335,326,000	Deutsche Bank AG		07/17/18		170
USD		3,837,536	ILS		13,675,471	Merrill Lynch International		09/20/18		78,293
USD		1,621,080	INR		110,000,000	Morgan Stanley & Co. International plc		09/11/18		28,632
USD		10,927,644	INR		737,479,383	Barclays Bank plc		07/11/18		163,028
USD		9,815,054	INR		675,398,064	Merrill Lynch International		09/19/18		45,496
USD		8,200,121	INR		557,525,970	Barclays Bank plc		07/12/18		63,332
USD		8,222,511	INR		556,951,789	Barclays Bank plc		07/16/18		98,647
USD		2,766,921	INR		189,451,113	JPMorgan Chase Bank, N.A.		09/19/18		28,192
USD		2,751,251	INR		189,451,113	Barclays Bank plc		09/19/18		12,521
USD		5,428,708	INR		370,835,011	Barclays Bank plc		07/19/18		21,866
USD		2,705,166	INR		185,073,951	Barclays Bank plc		07/20/18		7,131
USD		2,722,065	INR		186,706,462	Barclays Bank plc		07/23/18		1,372
USD		5,441,794	INR		372,300,352	Barclays Bank plc		07/27/18		19,648
USD		3,181,996	INR		216,791,600	Morgan Stanley & Co. International plc		07/03/18		17,847
USD		1,550,626	INR		106,791,600	Deutsche Bank AG		08/31/18		2,602
USD		5,559,719	INR		385,788,889	Barclays Bank plc		08/02/18		(54,172	)
USD		3,107,915	INR		213,583,200	Deutsche Bank AG		07/03/18		(9,405	)
USD		27,765,181	JPY		3,000,000,000	State Street Bank and Trust Company		07/02/18		668,581
USD		1,724,847	JPY		190,000,000	UBS AG		07/03/18		—
USD		2,744,646	JPY		300,000,000	Deutsche Bank AG		07/03/18		—
USD		904,575	JPY		98,233,448	Merrill Lynch International		09/19/18		12,501
USD		7,449,385	JPY		815,000,000	State Street Bank and Trust Company		09/18/18		48,802

See Notes to Consolidated Schedule of Investments.

82

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Currency Purchased	Amount in Currency Purchased		Currency      Sold	Amount in Currency Sold		Counterparty	Settlement      Date		Unrealized Appreciation (Depreciation)
USD		1,724,847	JPY		190,000,000	UBS AG		07/26/18	$	6,115
USD		2,744,646	JPY		300,000,000	Deutsche Bank AG		07/26/18		30,859
USD		997,964	JPY		110,000,000	Deutsche Bank AG		07/06/18		4,228
USD		27,306,985	JPY		3,000,000,000	State Street Bank and Trust Company		10/16/18		5,534
USD		4,313,497	KRW		4,686,151,000	Deutsche Bank AG		08/10/18		104,626
USD		1,920,888	KRW		2,075,401,790	Morgan Stanley & Co. International plc		09/20/18		53,881
USD		2,885,315	KRW		3,149,686,540	Deutsche Bank AG		07/03/18		—
USD		5,795,755	KRW		6,294,324,832	Merrill Lynch International		09/19/18		127,743
USD		1,600,000	KRW		1,716,560,000	Deutsche Bank AG		09/12/18		56,414
USD		187,196	KRW		200,000,000	State Street Bank and Trust Company		09/17/18		7,116
USD		2,158,285	KRW		2,399,100,000	Morgan Stanley & Co. International plc		08/21/18		2,765
USD		2,158,285	KRW		2,399,100,000	Morgan Stanley & Co. International plc		07/03/18		—
USD		5,578,011	KRW		6,223,386,537	Barclays Bank plc		07/27/18		(16,170	)
USD		5,565,067	KRW		6,198,372,036	Barclays Bank plc		08/03/18		(7,505	)
USD		14,004,545	MXN		297,472,500	JPMorgan Chase Bank, N.A.		07/03/18		—
USD		14,563,231	MXN		303,908,423	State Street Bank and Trust Company		09/17/18		(560,585	)
USD		942,857	MXN		19,000,000	Morgan Stanley & Co. International plc		07/03/18		—
USD		942,857	MXN		19,000,000	Morgan Stanley & Co. International plc		07/17/18		(11,718	)
USD		14,004,545	MXN		297,472,500	JPMorgan Chase Bank, N.A.		06/19/19		(189,872	)
USD		124,875	MYR		500,000	State Street Bank and Trust Company		09/18/18		1,269
USD		2,870,556	NOK		23,196,221	Merrill Lynch International		09/19/18		13,482
USD		3,542,011	NZD		5,100,000	Deutsche Bank AG		07/03/18		—
USD		14,028,318	NZD		20,000,000	JPMorgan Chase Bank, N.A.		08/15/18		481,847
USD		3,542,011	NZD		5,100,000	Deutsche Bank AG		08/15/18		87,661
USD		14,028,318	NZD		20,000,000	JPMorgan Chase Bank, N.A.		07/03/18		—
USD		2,626,393	NZD		3,800,000	JPMorgan Chase Bank, N.A.		07/05/18		52,665
USD		821,868	PEN		2,700,000	Morgan Stanley & Co. International plc		08/06/18		794
USD		10,758,927	PEN		35,230,108	Barclays Bank plc		07/05/18		31,777
USD		5,481,803	PEN		17,979,764	Barclays Bank plc		09/14/18		19,577
USD		409,787	PEN		1,342,463	Morgan Stanley & Co. International plc		07/03/18		998
USD		409,537	PEN		1,342,463	Deutsche Bank AG		08/06/18		1,292
USD		2,946,600	PEN		9,656,598	Barclays Bank plc		08/02/18		9,128
USD		819,738	PEN		2,684,926	Deutsche Bank AG		07/03/18		2,159
USD		5,710,805	PHP		304,227,187	Merrill Lynch International		09/19/18		29,316
USD		490,000	PHP		26,170,900	Morgan Stanley & Co. International plc		07/25/18		103
USD		984,192	PHP		52,850,000	UBS AG		07/25/18		(5,116	)
USD		977,753	PHP		52,341,800	Morgan Stanley & Co. International plc		07/03/18		(3,027	)
USD		984,192	PHP		52,850,000	UBS AG		07/03/18		(6,111	)
USD		4,030,017	PLN		14,751,727	Merrill Lynch International		09/19/18		86,352
USD		3,906,772	RUB		247,841,394	Merrill Lynch International		09/19/18		(8,823	)
USD		5,453,233	RUB		342,176,754	Barclays Bank plc		09/19/18		47,842
USD		1,008,857	RUB		64,369,730	Morgan Stanley & Co. International plc		07/26/18		(13,654	)
USD		1,508,525	RUB		95,951,024	Morgan Stanley & Co. International plc		07/03/18		(19,327	)
USD		498,566	RUB		31,581,294	UBS AG		07/26/18		(3,102	)
USD		498,566	RUB		31,581,294	UBS AG		07/03/18		(4,311	)
USD		7,412,507	SEK		64,491,123	Merrill Lynch International		09/19/18		169,395
USD		34,785,971	SEK		299,333,281	State Street Bank and Trust Company		09/17/18		1,172,730
USD		3,562,514	SGD		4,818,876	Merrill Lynch International		09/19/18		19,024
USD		2,589,701	SGD		3,450,000	State Street Bank and Trust Company		09/17/18		52,920
USD		2,891,345	SGD		3,900,000	Morgan Stanley & Co. International plc		07/26/18		27,727
USD		2,891,345	SGD		3,900,000	Morgan Stanley & Co. International plc		07/03/18		—
USD		1,232,428	TRY		5,748,022	Morgan Stanley & Co. International plc		07/03/18		—
USD		6,419,010	TRY		30,382,110	Merrill Lynch International		09/19/18		20,340
USD		5,259,731	TRY		24,750,000	State Street Bank and Trust Company		09/17/18		42,811
USD		10,598,881	TRY		51,988,865	Barclays Bank plc		09/19/18		(350,313	)
USD		1,232,428	TRY		5,748,022	Morgan Stanley & Co. International plc		07/26/18		(6,265	)
USD		4,743,382	TWD		140,712,415	Morgan Stanley & Co. International PLC		08/24/18		106,686
USD		977,687	TWD		29,050,000	Deutsche Bank AG		07/27/18		23,477
USD		982,697	TWD		29,122,821	Morgan Stanley & Co. International plc		08/03/18		25,670
USD		3,655,735	TWD		109,441,030	Merrill Lynch International		09/19/18		46,167
USD		1,600,000	TWD		47,567,680	Morgan Stanley & Co. International plc		09/12/18		32,151
USD		12,552,992	TWD		373,878,308	Barclays Bank plc		08/24/18		233,112

See Notes to Consolidated Schedule of Investments.

83

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Currency Purchased	Amount in Currency Purchased		Currency      Sold	Amount in Currency Sold		Counterparty	Settlement      Date		Unrealized Appreciation (Depreciation)
USD		2,480,380	TWD		75,031,500	Deutsche Bank AG		08/22/18	$	11,316
USD		5,866,874	TWD		177,700,000	Morgan Stanley & Co. International plc		08/27/18		17,174
USD		5,869,688	TWD		178,344,848	UBS AG		08/27/18		(1,240	)
USD		14,282,188	TWD		432,090,501	Morgan Stanley & Co. International plc		07/03/18		109,943
USD		11,690,192	TWD		356,044,848	UBS AG		07/03/18		12,188
USD		3,458,067	TWD		104,081,500	Deutsche Bank AG		07/03/18		44,271
USD		1,969,589	ZAR		25,000,000	Morgan Stanley & Co. International plc		07/11/18		148,925
USD		7,251,232	ZAR		96,000,000	UBS AG		07/11/18		259,881
USD		3,165,774	ZAR		43,577,500	Merrill Lynch International		09/19/18		20,541
USD		18,391,645	ZAR		249,867,385	Barclays Bank plc		09/19/18		357,312
USD		22,343,151	ZAR		303,804,290	Morgan Stanley & Co. International PLC		09/19/18		415,889
USD		16,598,493	ZAR		225,860,261	Bank of America, N.A.		09/19/18		296,889
Total Forward Foreign Currency Exchange Contracts Outstanding									$	3,716,834

Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection) — Outstanding at June 30, 2018

Reference Obligation	Financing Fee		Payment Frequency		Maturity      Date	Counterparty	Notional  Amount		Market   Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Allstate Corp.		(1.00)%		3M	6/20/2023	Goldman Sachs International		3,050,000 USD	$	(94,751	)	$	(102,316	)	$	7,565
Altria Group, Inc.		(1.00)%		3M	6/20/2023	Goldman Sachs International		14,975,000 USD		(363,643	)		(370,187	)		6,544
Campbell Soup Co.		(1.00)%		3M	6/20/2023	Goldman Sachs International		11,275,000 USD		41,458			100,373			(58,915	)
Campbell Soup Co.		(1.00)%		3M	6/20/2023	Goldman Sachs International		3,050,000 USD		11,215			28,860			(17,645	)
Cardinal Health, Inc		(1.00)%		3M	6/20/2023	Goldman Sachs International		8,175,000 USD		(21,022	)		(28,682	)		7,660
Duke Energy Carolinas LLC		(1.00)%		3M	6/20/2023	Goldman Sachs International		3,050,000 USD		(95,816	)		(99,392	)		3,576
General Electric Co.		(1.00)%		3M	6/20/2023	Goldman Sachs International		15,525,000 USD		(125,707	)		(87,537	)		(38,170	)
IBM Corp.		(1.00)%		3M	6/20/2023	Goldman Sachs International		3,050,000 USD		(87,694	)		(95,016	)		7,322
Johnson & Johnson		(1.00)%		3M	6/20/2023	Goldman Sachs International		15,550,000 USD		(602,032	)		(600,195	)		(1,837	)
Loews Corp.		(1.00)%		3M	6/20/2023	Goldman Sachs International		3,050,000 USD		(99,872	)		(103,779	)		3,907
Newell Brands, Inc.		(1.00)%		3M	6/20/2023	Goldman Sachs International		3,050,000 USD		45,200			47,827			(2,627	)
Newell Brands, Inc.		(1.00)%		3M	6/20/2023	Goldman Sachs International		12,800,000 USD		189,691			192,141			(2,450	)
Pitney Bowes, Inc.		(1.00)%		3M	6/20/2023	Goldman Sachs International		9,350,000 USD		1,369,663			1,269,174			100,489
Pitney Bowes, Inc.		(1.00)%		3M	6/20/2023	Goldman Sachs International		3,050,000 USD		446,789			416,012			30,777
Procter & Gamble Co.		(1.00)%		3M	6/20/2023	Goldman Sachs International		9,675,000 USD		(290,834	)		(296,927	)		6,093
Repubic of Turkey		(1.00)%		3M	12/20/2022	Credit Suisse Securities (USA) LLC		2,816,000 USD		199,877			87,706			112,171
Republic of Argentina		0.000%		3M	6/20/2023	Credit Suisse Securities (USA) LLC		1,700,000 USD		(26,526	)		(13,702	)		(12,824	)
Republic of Argentina		0.000%		3M	6/20/2023	Credit Suisse Securities (USA) LLC		1,700,000 USD		(26,526	)		(38,091	)		11,565
Republic of Argentina		0.000%		3M	6/20/2023	Credit Suisse Securities (USA) LLC		1,700,000 USD		(26,526	)		(31,068	)		4,542

See Notes to Consolidated Schedule of Investments.

84

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Obligation	Financing Fee	Payment Frequency		Maturity      Date	Counterparty	Notional  Amount		Market   Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Republic of Argentina	0.000%		3M	6/20/2023	Credit Suisse Securities (USA) LLC		1,700,000 USD	$	(26,526	)	$	(38,091	)	$	11,565
Republic of Argentina	0.000%		3M	6/20/2023	Credit Suisse Securities (USA) LLC		900,000 USD		(14,043	)		(9,081	)		(4,962	)
Republic of Argentina	0.000%		3M	6/20/2023	Credit Suisse Securities (USA) LLC		3,500,000 USD		(54,611	)		(41,018	)		(13,593	)
Republic of Korea	(1.00)%		3M	12/20/2022	Credit Suisse Securities (USA) LLC		5,584,690 USD		(126,839	)		(132,544	)		5,705
Republic of Korea	(1.00)%		3M	12/20/2021	Credit Suisse Securities (USA) LLC		8,195,477 USD		(170,941	)		(237,533	)		66,592
Republic of South Africa	(1.00)%		3M	6/20/2022	Credit Suisse Securities (USA) LLC		6,191,000 USD		186,479			321,382			(134,903	)
Republic of South Africa	(1.00)%		3M	12/20/2022	Credit Suisse Securities (USA) LLC		5,580,000 USD		221,961			157,663			64,298
Republic of South Africa	(1.00)%		3M	12/20/2021	Credit Suisse Securities (USA) LLC		11,030,000 USD		240,002			519,199			(279,197	)
Republic of Turkey	(1.00)%		3M	12/20/2021	Credit Suisse Securities (USA) LLC		1,713,000 USD		84,189			104,759			(20,570	)
Republic of Turkey	(1.00)%		3M	6/20/2022	Credit Suisse Securities (USA) LLC		1,521,000 USD		90,090			81,500			8,590
Republic of Turkey	(1.00)%		3M	9/20/2020	Credit Suisse Securities (USA) LLC		4,178,000 USD		113,199			333,473			(220,274	)
Republic of Turkey	(1.00)%		3M	12/20/2020	Credit Suisse Securities (USA) LLC		7,217,000 USD		224,521			508,322			(283,801	)
Republic of Turkey	(1.00)%		3M	6/20/2021	Credit Suisse Securities (USA) LLC		4,143,000 USD		164,278			271,473			(107,195	)
United Mexican States	(1.00)%		3M	6/20/2023	Credit Suisse Securities (USA) LLC		11,374,000 USD		174,141			21,587			152,554
Viacom, Inc.	(1.00)%		3M	6/20/2023	Goldman Sachs International		3,675,000 USD		44,568			72,523			(27,955	)
Viacom, Inc.	(1.00)%		3M	6/20/2023	Goldman Sachs International		3,050,000 USD		36,988			51,864			(14,876	)
Xerox Corp.	0.000%		3M	6/20/2023	Goldman Sachs International		3,175,000 USD		152,749			153,286			(537	)
XLIT Ltd.	(1.00)%		3M	6/20/2023	Goldman Sachs International		3,050,000 USD		(108,803	)		(109,645	)		842
Total Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection)								$	1,674,346		$	2,304,320		$	(629,974	)

See Notes to Consolidated Schedule of Investments.

85

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Centrally Cleared Credit Default Swaps on Single-Name Issuer (Sell Protection) — Outstanding at June 30, 2018

Reference Obligation	Financing       Fee		Payment Frequency		Maturity     Date	Counterparty	Rating(1)		Notional Amount(2)		Market   Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Anadarko Petroleum Corp.		1.00%		3M	06/20/23	Goldman Sachs International		BBB		12,800,000 USD	$	143,783		$	122,253		$	21,530
Anadarko Petroleum Corp.		1.00%		3M	06/20/23	Goldman Sachs International		BBB		3,050,000 USD		34,261			29,357			4,904
Andeavor		5.00%		3M	06/20/23	Goldman Sachs International		BBB-		12,800,000 USD		2,740,200			2,771,276			(31,076	)
Andeavor		5.00%		3M	06/20/23	Goldman Sachs International		BBB-		3,050,000 USD		652,938			661,849			(8,911	)
Best Buy Co., Inc.		5.00%		3M	06/20/23	Goldman Sachs International		BBB		15,850,000 USD		3,005,460			3,023,830			(18,370	)
ConocoPhillips		1.00%		3M	06/20/23	Goldman Sachs International		A-		12,275,000 USD		375,652			373,034			2,618
ConocoPhillips		1.00%		3M	06/20/23	Goldman Sachs International		A-		3,050,000 USD		93,339			91,056			2,283
Devon Energy Corporation		1.00%		3M	06/20/23	Goldman Sachs International		BBB		3,975,000 USD		64,492			60,011			4,481
General Motors Co.		5.00%		3M	06/20/23	Goldman Sachs International		BBB		10,650,000 USD		1,819,214			1,824,636			(5,422	)
Hess Corp.		1.00%		3M	06/20/23	Goldman Sachs International		BBB-		12,200,000 USD		27,745			19,240			8,505
Hess Corp.		1.00%		3M	06/20/23	Goldman Sachs International		BBB-		3,050,000 USD		6,936			2,774			4,162
Kohl’s Corp.		1.00%		3M	06/20/23	Goldman Sachs International		BBB-		12,150,000 USD		(120,349	)		(80,540	)		(39,809	)
Kohl’s Corp.		1.00%		3M	06/20/23	Goldman Sachs International		BBB-		3,050,000 USD		(30,211	)		(19,979	)		(10,232	)
Kroger Co.		1.00%		3M	06/20/23	Goldman Sachs International		BBB		8,050,000 USD		80,114			70,645			9,469
Macy’s, Inc.		1.00%		3M	06/20/23	Goldman Sachs International		BBB-		3,925,000 USD		(111,645	)		(106,349	)		(5,296	)
Nordstrom, Inc.		1.00%		3M	06/20/23	Goldman Sachs International		BBB+		15,500,000 USD		(418,192	)		(474,246	)		56,054
Russian Federation		1.00%		3M	12/20/21	Credit Suisse Securities (USA) LLC		BBB-		1,814,000 USD		(6,832	)		(67,363	)		60,531
Russian Federation		1.00%		3M	09/20/20	Credit Suisse Securities (USA) LLC		BBB-		6,551,141 USD		10,652			(750,762	)		761,414
Russian Federation		1.00%		3M	06/20/21	Credit Suisse Securities (USA) LLC		BBB-		6,915,000 USD		(5,815	)		(506,582	)		500,767
Valero Energy Corp.		1.00%		3M	06/20/23	Goldman Sachs International		BBB		3,075,000 USD		70,390			80,140			(9,750	)
Total Centrally Cleared Credit Default Swaps on Single-Name Issuer (Sell Protection)											$	8,432,132		$	7,124,280		$	1,307,852

Centrally Cleared Credit Default Swaps on Index (Buy Protection) — Outstanding at June 30, 2018

Reference Obligation

Financing      Fee

Payment Frequency

Maturity     Date

Counterparty

Notional Amount

Market   Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

CDX.EM.29

(1.00)%

3M

6/20/2023

Credit Suisse Securities (USA) LLC

3,900,000 USD

$

154,810

$

109,200

$

45,610

CDX.EM.29

(1.00)%

3M

6/20/2023

Credit Suisse Securities (USA) LLC

7,800,000 USD

309,621

218,400

91,221

CDX.EM.29

(1.00)%

3M

6/20/2023

Credit Suisse Securities (USA) LLC

3,900,000 USD

154,810

106,860

47,950

CDX.EM.29

(1.00)%

3M

6/20/2023

Credit Suisse Securities (USA) LLC

7,625,000 USD

302,674

213,500

89,174

See Notes to Consolidated Schedule of Investments.

86

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Obligation	Financing      Fee		Payment Frequency	Maturity     Date	Counterparty	Notional Amount		Market   Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.EM.29		(1.00)%	3M	6/20/2023	Credit Suisse Securities (USA) LLC		3,050,000 USD	$	121,070	$	85,705	$	35,365
CDX.EM.29		(1.00)%	3M	6/20/2023	Credit Suisse Securities (USA) LLC		6,100,000 USD		242,140		170,800		71,340
CDX.EM.29		(1.00)%	3M	6/20/2023	Credit Suisse Securities (USA) LLC		7,625,000 USD		302,674		213,500		89,174
CDX.EM.29		(1.00)%	3M	6/20/2023	Credit Suisse Securities (USA) LLC		1,525,000 USD		60,535		41,938		18,597
CDX.EM.29		(1.00)%	3M	6/20/2023	Credit Suisse Securities (USA) LLC		3,660,000 USD		145,284		102,114		43,170
CDX.EM.29		(1.00)%	3M	6/20/2023	Credit Suisse Securities (USA) LLC		1,525,000 USD		60,535		46,817		13,718
CDX.EM.29		(1.00)%	3M	6/20/2023	Credit Suisse Securities (USA) LLC		3,900,000 USD		154,811		117,000		37,811
CDX.EM.29		(1.00)%	3M	6/20/2023	Credit Suisse Securities (USA) LLC		3,900,000 USD		154,811		119,340		35,471
CDX.EM.29		(1.00)%	3M	6/20/2023	Credit Suisse Securities (USA) LLC		3,900,000 USD		154,811		118,560		36,251
Total Centrally Cleared Credit Default Swaps on Index (Buy Protection)								$	2,318,586	$	1,663,734	$	654,852

Centrally Cleared Credit Default Swaps on Index (Sell Protection) — Outstanding at June 30, 2018

Reference Obligation	Financing      Fee		Payment Frequency		Maturity     Date	Counterparty	Rating(1)	Notional Amount(2)		Market   Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.EM.25		1.00%		3M	06/20/21	Merrill Lynch, Pierce, Fenner & Smith, Inc.	NR		78,850,000 USD	$	(412,307	)	$	(4,922,898	)	$	4,510,591
CDX.EM.26		1.00%		3M	12/20/21	Merrill Lynch, Pierce, Fenner & Smith, Inc.	NR		17,460,000 USD		(253,694	)		(1,052,838	)		799,144
CDX.EM.27		1.00%		3M	06/20/22	Merrill Lynch, Pierce, Fenner & Smith, Inc.	NR		99,910,000 USD		(2,006,792	)		(4,405,663	)		2,398,871
CDX.EM.29		1.00%		3M	06/20/23	Merrill Lynch, Pierce, Fenner & Smith, Inc.	NR		289,000,000 USD		(11,607,396	)		(5,824,225	)		(5,783,171	)
CDX.NA.HY.25		5.00%		3M	12/22/20	Merrill Lynch, Pierce, Fenner & Smith, Inc.	NR		27,600,000 USD		1,832,437			249,440			1,582,997
CDX.NA.HY.26		5.00%		3M	06/20/21	Merrill Lynch, Pierce, Fenner & Smith, Inc.	NR		47,040,000 USD		3,232,212			1,275,352			1,956,860
CDX.NA.HY.27		5.00%		3M	12/20/21	Merrill Lynch, Pierce, Fenner & Smith, Inc.	NR		51,940,000 USD		3,574,251			3,464,663			109,588
CDX.NA.HY.28		5.00%		3M	06/20/22	Merrill Lynch, Pierce, Fenner & Smith, Inc.	NR		101,970,000 USD		6,958,637			7,618,522			(659,885	)
CDX.NA.HY.30		5.00%		3M	06/20/23	Merrill Lynch, Pierce, Fenner & Smith, Inc.	NR		37,165,750 USD		2,167,983			2,323,361			(155,378	)
iTraxx Europe Crossover		5.00%		3M	06/20/23	Merrill Lynch, Pierce, Fenner & Smith, Inc.	NR		86,000,000 EUR	$	8,042,899		$	10,980,174		$	(2,937,275	)
Total Centrally Cleared Credit Default Swaps on Index (Sell Protection)										$	11,528,230		$	9,705,888		$	1,822,342

See Notes to Consolidated Schedule of Investments.

87

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

OTC Credit Default Swaps on Single-Name Issues (Buy Protection) — Outstanding at June 30, 2018

Reference Obligation	Financing      Fee	Payment Frequency	Maturity     Date	Counterparty	Notional Amount		Market   Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Republic of South Africa	(1.00)%	3M	6/20/2022	Morgan Stanley Capital Services LLC		9,000,000  USD	$	275,219	$	520,876	$	(245,657	)
Republic of South Africa	(1.00)%	3M	6/20/2022	Morgan Stanley Capital Services LLC		300,000  USD		9,174		17,362		(8,188	)
Total OTC Credit Default Swaps on Single-Name Issuer (Buy Protection)							$	284,393	$	538,238	$	(253,845	)

OTC Credit Default Swaps on Index (Buy Protection) — Outstanding at June 30, 2018

Reference Obligation	Financing      Fee	Payment Frequency	Maturity     Date		Counterparty	Notional Amount		Market   Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.AAA.6	(0.50)%	1M		5/11/2063	JPMorgan Chase Bank, N.A.		72,987,421 USD	$	(474,136	)	$	1,340,855		$	(1,814,991	)
CMBX.NA.AAA.6	(0.50)%	1M		5/11/2063	Citigroup Global Markets, Inc.		45,161,299 USD		(293,374	)		(339,950	)		46,576
CMBX.NA.AAA.8	(0.50)%	1M		10/17/2057	Citigroup Global Markets, Inc.		15,691,831 USD		(47,922	)		(50,377	)		2,455
CMBX.NA.AAA.8	(0.50)%	1M		10/17/2057	JPMorgan Chase Bank, N.A.		59,801,014 USD		(182,629	)		2,371,495			(2,554,124	)
CMBX.NA.AAA.8	(0.50)%	1M		10/17/2057	Deutsche Bank AG		948,891 USD		(2,898	)		48,904			(51,802	)
Total OTC Credit Default Swaps on Index (Buy Protection)								$	(1,000,959	)	$	3,370,927		$	(4,371,886	)

OTC Credit Default Swaps on Index (Sell Protection) — Outstanding at June 30, 2018

Reference Obligation	Financing      Fee		Payment Frequency	Maturity     Date	Counterparty	Rating(1)		Notional Amount(2)		Market   Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.A.8		2.00%	1M	10/17/57	Credit Suisse International		A		6,248,000 USD	$	(146,535	)	$	(844,810	)	$	698,275
CMBX.NA.A.8		2.00%	1M	10/17/57	Morgan Stanley Capital Services LLC		A		2,800,000 USD		(65,669	)		(188,750	)		123,081
CMBX.NA.A.8		2.00%	1M	10/17/57	Credit Suisse International		A		22,425,805 USD		(525,955	)		(546,066	)		20,111
CMBX.NA.A.8		2.00%	1M	10/17/57	Deutsche Bank AG		A		6,748,418 USD		(158,271	)		(201,564	)		43,293
CMBX.NA.A.8		2.00%	1M	10/17/57	Morgan Stanley Capital Services LLC		A		4,822,401 USD		(113,100	)		(144,037	)		30,937
CMBX.NA.A.9		2.00%	1M	09/17/58	Morgan Stanley Capital Services LLC		A		5,000,000 USD		(99,766	)		(417,706	)		317,940
CMBX.NA.A.9		2.00%	1M	09/17/58	Credit Suisse International		A		8,000,000 USD		(159,625	)		(428,804	)		269,179
CMBX.NA.A.9		2.00%	1M	09/17/58	Credit Suisse International		A		6,000,000 USD		(119,719	)		(184,803	)		65,084

See Notes to Consolidated Schedule of Investments.

88

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Obligation	Financing      Fee		Payment Frequency	Maturity     Date	Counterparty	Rating(1)		Notional Amount(2)		Market   Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.A.9		2.00%	1M	09/17/58	Credit Suisse International		A		2,375,000 USD	$	(47,389	)	$	(72,637	)	$	25,248
CMBX.NA.A.9		2.00%	1M	09/17/58	Credit Suisse International		A		2,375,000 USD		(47,389	)		(78,172	)		30,783
CMBX.NA.AA.7		1.50%	1M	01/17/47	Morgan Stanley Capital Services LLC		AA		13,000,000 USD		122,192			(344,782	)		466,974
CMBX.NA.AA.9		1.50%	1M	09/17/58	Morgan Stanley Capital Services LLC		AA		2,375,000 USD		1,121			2,275			(1,154	)
CMBX.NA.AA.9		1.50%	1M	09/17/58	Morgan Stanley Capital Services LLC		AA		2,375,000 USD		1,121			(5,099	)		6,220
CMBX.NA.AA.9		1.50%	1M	09/17/58	Credit Suisse International		AA		5,700,000 USD		2,691			(41,868	)		44,559
CMBX.NA.AAA.10		0.50%	1M	11/17/59	Credit Suisse International		AAA		11,000,000 USD		(49,670	)		(312,871	)		263,201
CMBX.NA.AAA.10		0.50%	1M	11/17/59	Credit Suisse International		AAA		6,000,000 USD		(27,093	)		(171,018	)		143,925
CMBX.NA.AAA.8		0.50%	1M	10/17/57	Credit Suisse International		AAA		13,700,000 USD		41,839			(738,194	)		780,033
CMBX.NA.AAA.9		0.50%	1M	09/17/58	Morgan Stanley Capital Services LLC		AAA		10,500,000 USD		(4,668	)		(699,173	)		694,505
CMBX.NA.AJ.4		0.96%	1M	02/17/51	JPMorgan Chase Bank, N.A.		AAA		4,935,285 USD		(1,022,961	)		(688,396	)		(334,565	)
CMBX.NA.AJ.4		0.96%	1M	02/17/51	Credit Suisse International		AAA		509,051 USD		(105,513	)		(99,874	)		(5,639	)
CMBX.NA.AJ.4		0.96%	1M	02/17/51	Goldman Sachs International		AAA		7,839,628 USD		(1,624,959	)		(1,075,421	)		(549,538	)
CMBX.NA.AJ.4		0.96%	1M	02/17/51	Merrill Lynch Capital Services, Inc.		AAA		11,526,162 USD		(2,389,085	)		(1,581,669	)		(807,416	)
CMBX.NA.AJ.4		0.96%	1M	02/17/51	Morgan Stanley Capital Services LLC		AAA		8,180,445 USD		(1,695,602	)		(1,922,331	)		226,729
CMBX.NA.BBB-.10		3.00%	1M	11/17/59	Credit Suisse International		BBB-		18,347,000 USD		(1,658,824	)		(1,871,521	)		212,697
CMBX.NA.BBB-.10		3.00%	1M	11/17/59	Morgan Stanley Capital Services LLC		BBB-		20,629,000 USD		(1,865,148	)		(2,097,325	)		232,177
CMBX.NA.BBB-.10		3.00%	1M	11/17/59	JPMorgan Chase Bank, N.A.		BBB-		17,920,000 USD		(1,620,217	)		(1,609,059	)		(11,158	)
CMBX.NA.BBB-.11		3.00%	1M	11/18/54	Citigroup Global Markets, Inc.		BBB-		4,928,000 USD		(461,725	)		(454,519	)		(7,206	)
CMBX.NA.BBB-.11		3.00%	1M	11/18/54	Credit Suisse Securities (USA) LLC		BBB-		4,639,000 USD		(434,647	)		(436,890	)		2,243
CMBX.NA.BBB-.11		3.00%	1M	11/18/54	JPMorgan Chase Bank, N.A.		BBB-		5,250,000 USD		(491,894	)		(495,191	)		3,297
CMBX.NA.BBB-.11		3.00%	1M	11/18/54	Morgan Stanley Capital Services LLC		BBB-		14,654,000 USD		(1,372,994	)		(1,388,087	)		15,093
CMBX.NA.BBB-.8		3.00%	1M	10/17/57	Credit Suisse International		BBB-		13,006,000 USD		(1,552,645	)		(1,532,753	)		(19,892	)
CMBX.NA.BBB-.8		3.00%	1M	10/17/57	Morgan Stanley Capital Services LLC		BBB-		1,733,000 USD		(206,884	)		(264,648	)		57,764
Total OTC Credit Default Swaps on Index (Sell Protection)										$	(17,898,983	)	$	(20,935,763	)	$	3,036,780

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

⁽²⁾  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

See Notes to Consolidated Schedule of Investments.

89

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

OTC Total Return Swaps Outstanding at June 30, 2018

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Buys
1-800-Flowers.com, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		347,413 USD	$	(8,111	)
8X8, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		73,463 USD		—
A10 Networks, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		154,717 USD		(7,334	)
AAC Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		359,366 USD		(22,420	)
AAK AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		1,043,550 SEK		2,420
AAR Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		65,142 USD		(475	)
Aaron’s, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		115,572 USD		(2,472	)
Abaxis, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		1,315,120 USD		4,075
Abaxis, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		210,630 USD		(283	)
Abbott Laboratories		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		108,451 USD		599
AbbVie, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		132,167 USD		(6,163	)
Abcam PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		103,063 GBP		3,665
Abercrombie & Fitch Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		129,529 USD		(4,216	)
ABIOMED, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		318,769 USD		(21,389	)
ABM Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		155,117 USD		(4,169	)
Acadia Healthcare Co., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		422,053 USD		(8,330	)
Accenture PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		58,716 USD		2,794
ACCO Brands Corp		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		61,099 USD		2,250
Aceto Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		120,645 USD		(20,172	)
ACI Worldwide, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		311,388 USD		(11,377	)
Acushnet Holdings Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		375,110 USD		(5,984	)
Addus Homecare Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		733,624 USD		9,825
ADP		04/25/19	M	0.07%	JPMorgan Chase Bank, N.A.		3,860,000 EUR		16,349
ADP LLC		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		3,066,963 EUR		12,990
Adtran, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		443,357 USD		(17,177	)
Advanced Disposal Services, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		223,168 USD		6,344
Advanced Energy Industries		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		80,254 USD		(1,484	)
Adverum Biotechnologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		10,881 USD		(1,272	)
AECOM		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		157,794 USD		(3,676	)
Aegion Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		131,265 USD		(2,670	)
AES Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		98,273 USD		2,556
Aetna, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		22,582,167 USD		1,328,984
AG Mortgage Investment Trust		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		458,646 USD		(9,133	)
AGCO Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		114,041 USD		(2,863	)
Agilysys, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		275,967 USD		2,738
AGNC Investment Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		432,596 USD		(7,183	)
Agree Realty Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		83,630 USD		(623	)
Agrofresh Solutions, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		237,193 USD		(13,574	)
Air Lease Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		644,987 USD		(16,528	)
Airbus SE		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		194,975 EUR		(7,341	)
Aircastle Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		690,506 USD		(14,129	)
Aixtron SE		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		126,043 EUR		(22,805	)
Aker ASA		09/20/18	M	1.21%	Credit Suisse Securities (Europe) Limited		3,646,890 NOK		29,087
Aker BP ASA		09/20/18	M	1.21%	Credit Suisse Securities (Europe) Limited		3,337,324 NOK		7,208
Akerbia Therapeutics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		40,830 USD		(3,515	)
Akorn, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		1,133,449 USD		(146,278	)
Akzo Nobel		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		2,993,471 EUR		(132,243	)

See Notes to Consolidated Schedule of Investments.

90

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Akzo Nobel		06/11/19	M	0.07%	JPMorgan Chase Bank, N.A.		7,868,285 EUR	$	(358,873	)
Alamo Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		175,459 USD		(4,950	)
Alaska Air Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		180,456 USD		(5,265	)
Albany International Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		240,223 USD		(8,104	)
Alexander & Badlwin, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		106,257 USD		8,188
Alexander’s, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		236,809 USD		(1,492	)
Alfa Laval AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		1,962,598 SEK		(10,406	)
Allegiant Travel Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		360,392 USD		(17,185	)
Allergan PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		421,847 USD		(12,049	)
Allete, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		503,745 USD		15,831
Alliant Energy Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		988,068 USD		35,525
Allied Motion Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		89,565 USD		785
Allscripts Healthcare Solutions, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		598,481 USD		(20,765	)
Alpha & Omega Semiconductor		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		478,966 USD		(46,070	)
Alstom		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		4,386,232 EUR		(56,344	)
Altice NV		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		848,509 EUR		35,284
Altice USA, Inc.		05/08/19	M	2.39%	Credit Suisse Securities (Europe) Limited		1,709,548 USD		(70,150	)
Altra Industrial Motion Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		136,199 USD		(3,839	)
Amadeus IT		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		195,588 EUR		(15,261	)
AMAG Pharmaceuticals, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		327,579 USD		(59,181	)
Amber Road, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		148,644 USD		(4,511	)
Ambu A/S		09/20/18	M	0.10%	Credit Suisse Securities (Europe) Limited		4,319,182 DKK		8,279
Amdocs Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		642,421 USD		(19,308	)
Amedisys, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		153,904 USD		522
Amer Sports Oyj		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		95,987 EUR		(4,116	)
Ameresco, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		135,238 USD		566
America’s Car Mart, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		444,710 USD		(22,119	)
American Airlines Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		313,262 USD		(20,856	)
American Eagle Outfitters		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		364,749 USD		(8,513	)
American Electric Power		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		744,453 USD		19,790
American Financial Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		165,519 USD		628
American National Insurance		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		240,941 USD		(3,914	)
American Railcar Industries		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		483,300 USD		5,067
American Renal Associates Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		316,176 USD		(6,075	)
American Software, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		374,860 USD		1,658
American Vanguard Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		171,311 USD		3,912
AmerisourceBergen Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		453,221 USD		(41,964	)
AMG Advanced Metallurgical Grouyp N.V.		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		258,724 EUR		(16,308	)
Amgen, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		109,134 USD		512
Amkor Technology, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		499,179 USD		(29,701	)
AMN Healthcare Services, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		466,644 USD		(3,177	)
Amphastar Pharmaceuticals, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		419,353 USD		(38,570	)
Amphenol Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		328,975 USD		(6,346	)
Amplifon SpA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		370,178 EUR		13,556
AMS AG		09/20/18	M	0.33%	Credit Suisse Securities (Europe) Limited		64,648 CHF		(10,223	)

See Notes to Consolidated Schedule of Investments.

91

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Analog Devices, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		89,938 USD	$	(1,788	)
Andeavor		07/30/18	M	2.29%	Deutsche Bank AG		24,591,353 USD		(1,055,562	)
Andeavor		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		262,595 USD		(4,040	)
Andersons, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		503,466 USD		(14,303	)
AngioDynamics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		865,141 USD		17,676
ANI Pharmaceuticals, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		201,763 USD		(1,763	)
Anika Therapeutics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		190,656 USD		7,872
Anixter International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		276,303 USD		(10,506	)
Annaly Capital Managerment, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		229,637 USD		(6,602	)
Ansys, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		311,889 USD		(107	)
Antero Resources Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		357,884 USD		33,953
Anthem, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		173,328 USD		(5,041	)
Antofagasta PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		79,893 GBP		(3,201	)
Anworth Mortgage Asset Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		2,601 USD		(41	)
Apollo Commercial Real Estate Finance, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		805,826 USD		(19,091	)
AppFolio, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		240,909 USD		(15,999	)
Apple Hospitality REIT, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		369,855 USD		(12,129	)
Applied Industrial Technologies, Inc		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		340,879 USD		(15,803	)
Applied Materials, Inc.		05/08/19	M	2.39%	Credit Suisse Securities (Europe) Limited		1,938,019 USD		(90,558	)
AptarGroup, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		509,012 USD		1,683
Aramark		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		423,839 USD		(9,469	)
Aratana Therapeutics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		110,519 USD		(15,629	)
Archer Daniels Midland Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		304,083 USD		(2,063	)
Ardagh Group SA		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		362,779 USD		(1,377	)
Ardmore Shipping Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		310,774 USD		24,122
Ares Commercial Real Estate Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		280,001 USD		(1,026	)
Arizona Mining, Inc.		07/30/18	M	1.99%	Deutsche Bank AG		6,142,204 CAD		16,442
Arlington Asset Investment Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		44,047 USD		(2,384	)
Armor Residential REIT, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		413,913 USD		(1,965	)
Armstrong Flooring, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		211,725 USD		4,308
Aroundtown SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		276,247 EUR		(11,711	)
Aroundtown SA Inhaber Aktien		09/20/18	M	0.00%	Credit Suisse Securities (Europe) Limited		— EUR		10,341
Arris International PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		274,652 USD		(7,052	)
Arrow Electronics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		656,700 USD		(28,790	)
Arrowhead Pharmaceuticals, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		18,875 USD		328
Artesian Resources Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		85,468 USD		3,238
Ascena Retail Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		197,744 USD		(248	)
Ascential PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		150,153 GBP		8,018
ASGN, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		54,381 USD		(195	)
Ashland Global Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		236,165 USD		(217	)
Ashtead Group PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		198,642 GBP		(10,836	)
ASML Holding NV		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		130,931 EUR		(11,998	)
Aspen Technology, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		740,298 USD		(33,156	)
ASR Nederland NV		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		376,477 EUR		(9,830	)
Astec Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		70,277 USD		(610	)
Astrazeneca PLC		06/25/19	M	0.55%	Morgan Stanley Capital Services LLC		13,541,577 GBP		1,009,567
athenahealth, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		226,517 USD		575
Atlantia SpA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		1,258,230 EUR		41,777
Atlas Air Worldwide Holdings		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		333,034 USD		(3,286	)

See Notes to Consolidated Schedule of Investments.

92

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Atmos Energy Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,060,960 USD	$	13,780
ATN Internatinal, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		174,764 USD		(2,681	)
Atos SE		03/21/19	M	0.07%	JPMorgan Chase Bank, N.A.		18,519,093 EUR		(971,387	)
Atos SE		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		5,338,152 EUR		(264,236	)
Atricure, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		603,802 USD		116
Aurelius Equity Opportunities		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		91,106 EUR		(7,662	)
AV Homes, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		154,370 USD		(718	)
Avangrid, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		919,592 USD		39,764
Avaya Holdings Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		325,456 USD		4,057
Avery Dennison Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		284,665 USD		(10	)
Aveva Group PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		469,323 GBP		(1,381	)
Avid Technology, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		155,940 USD		7,876
Avista Corp.		07/30/18	M	2.29%	Deutsche Bank AG		10,697,882 USD		163,506
Aviva PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		525,405 GBP		2,208
Aviva PLC		07/17/19	M	0.80%	JPMorgan Chase Bank, N.A.		562,688 GBP		2,365
Avnet, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		864,381 USD		2,769
AVX Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		671,207 USD		911
AXA SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		7,014,860 EUR		(197,006	)
AXA SA		08/08/18	M	0.07%	JPMorgan Chase Bank, N.A.		8,764,956 EUR		(277,217	)
Axcelis Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		52,744 USD		(2,254	)
Axel Springer SE		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		64,646 EUR		1,555
Axogen, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		67,915 USD		(731	)
Badger Meter, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		416,324 USD		(14,561	)
Baker Hughes		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		247,102 USD		392
Bakkafrost		09/20/18	M	1.21%	Credit Suisse Securities (Europe) Limited		2,245,215 NOK		(6,779	)
Balchem Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		346,327 USD		(3,425	)
Ball Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		175,847 USD		(1,119	)
Banco Bilbao Vizcaya		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		3,383,369 EUR		67,571
Banco Bilbao Vizcaya Argentaria		04/25/19	M	0.07%	JPMorgan Chase Bank, N.A.		1,368,004 EUR		25,927
Banco BPM SpA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		2,268,702 EUR		106,414
Bancorp, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		29,930 USD		(1,886	)
Bank of Hawaii Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		7,343 USD		(85	)
Bank of N. T. Butterfield & Son Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		35,701 USD		(999	)
BankFinancial		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		117,734 USD		(2,603	)
BankUnited, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		383 USD		(16	)
Banque Cantonale Vaudois REG		09/20/18	M	0.33%	Credit Suisse Securities (Europe) Limited		220,922 CHF		2,367
Barnes & Noble Education, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		70,336 USD		(8,928	)
Barnes & Noble, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		590,314 USD		19,197
Barrett Business Services, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		217,602 USD		22,085
Basett Furniture Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		228,796 USD		2,018
BASF SE		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		7,967,266 EUR		(568,718	)
BASF SE		01/04/19	M	0.07%	JPMorgan Chase Bank, N.A.		620,725 EUR		(46,310	)
BAWAG Group AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		1,831,573 EUR		28,572
Baxter International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		390,231 USD		161
Bayer AG REG		07/08/19	M	0.55%	Morgan Stanley Capital Services LLC		7,920,884 EUR		(490,545	)
Bayer AG REG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		14,179,919 EUR		(670,634	)
Bayer AG REG		04/25/19	M	0.07%	JPMorgan Chase Bank, N.A.		5,356,107 EUR		(266,804	)
BBX Capital Corp.		04/22/19	M	2.21%	Morgan Stanley Capital Services LLC		32,401 USD		(164	)
BE Semiconductor Industries		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		160,213 EUR		(38,674	)
Beazer Homes USA, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		134,925 USD		(1,467	)
Beazley PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		187,284 GBP		(1,676	)
Bed Bath & Beyond, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		268,468 USD		(3,326	)
Bel Fuse, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		103,535 USD		(3,027	)
Belden, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		22,061 USD		(302	)

See Notes to Consolidated Schedule of Investments.

93

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Bemis Company		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		455,979 USD	$	817
Benchmark Electronics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		469,848 USD		(5,867	)
Benefitfocus, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		105,423 USD		(4,589	)
Berry Global Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		146,202 USD		(1,858	)
BHP Billiton PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		91,833 GBP		2,613
Biesse SpA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		64,467 EUR		(10,656	)
Big 5 Sporting Goods Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		299,640 USD		(40,860	)
Big Lots, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		438,965 USD		5,449
Bio Rad Laboratories		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		207,684 USD		(3,398	)
Bio Techne Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		449,055 USD		(15,265	)
Biogen, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		96,884 USD		(525	)
BioMarin Pharmaceutical, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		48,745 USD		1,181
BioScrip, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		120,789 USD		10,777
BioSpecifics Technologies Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		267,029 USD		14,019
Black Hills Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		45,734 USD		1,091
blackbaud, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		85,722 USD		1,565
Blucora, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		12,768 USD		(706	)
Blue Bird Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		223,080 USD		16,624
BNP Paribas SA		04/25/19	M	0.07%	JPMorgan Chase Bank, N.A.		13,859,840 EUR		(284,009	)
BNP Paribas SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		10,855,638 EUR		(175,209	)
Bodycote PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		76,671 GBP		(6,380	)
BofI Holding, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		19,894 USD		(216	)
Boise Cascade Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		194,760 USD		(807	)
Bonanza Creek Energy, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		223,671 USD		41,532
Booz Allen Hamilton Holdings		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		758,841 USD		(17,574	)
BorgWarner, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		192,017 USD		(2,372	)
Borr Drilling		09/20/18	M	1.21%	Credit Suisse Securities (Europe) Limited		679,004 NOK		(706	)
Boston Scientific Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		231,334 USD		2,373
Bottomline Technologies		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		434,303 USD		9,234
Bovis Homes Group PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		78,712 GBP		(7,762	)
BP PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		181,246 GBP		5,631
Brady Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		858,517 USD		(37,864	)
Bridgepoint Education, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		67,844 USD		(6,142	)
Briggs & Stratton		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		367,884 USD		(19,206	)
Brightcove, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		428,749 USD		(34,479	)
Brinker International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		245,061 USD		(10,678	)
Bristol Myers Squibb Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		479,794 USD		3,767
Broadridge Financial Solutions, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		503,127 USD		90
Brookdale Senior Living, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		248,668 USD		(4,828	)
Brooks Automation, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		57,042 USD		(1,327	)
Brown & Brown, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		21,326 USD		(57	)
Bruker Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		483,532 USD		(30,217	)
Buckle, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		445,792 USD		11,858
Build-A-Bear Workshop, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		105,900 USD		(2,601	)
BWX Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		264,756 USD		291
C.H. Robinson Worldwide, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		128,186 USD		(688	)
CA Immobilien Anlagen AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		299,080 EUR		(5,777	)
CA, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		950,691 USD		(23,399	)
Cable One, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		111,036 USD		(309	)
Cabot Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		57,847 USD		(957	)

See Notes to Consolidated Schedule of Investments.

94

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Cabot Microelectionics Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		226,736 USD	$	(2,366	)
CACI International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		319,295 USD		1,792
Cactus, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		93,426 USD		71
Cadence Design Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		293,833 USD		(3,526	)
CalAmp Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		4,313 USD		327
Caleres, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		177,219 USD		1,644
Calix, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		145,115 USD		(1,837	)
Cambium Learning Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		106,021 USD		2,468
Cambrex Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		238,371 USD		22,502
Cancom SE		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		416,284 EUR		(30,709	)
Cantel Medical Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		504,889 USD		(7,187	)
Capital Senior Living Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		152,400 USD		(8,878	)
Capitol Federal Financial, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		620,839 USD		(10,176	)
Capstead Mortgage Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		82,001 USD		(1,174	)
Cardinal Health, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		375,433 USD		(37,529	)
Cardiovascular Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		426,152 USD		9,015
Cardlytics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		68,760 USD		(3,806	)
Care.com, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		108,866 USD		(4,821	)
Caredx, Inc.		04/22/19	M	2.21%	Morgan Stanley Capital Services LLC		2,186 USD		(44	)
Career Education Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		282,781 USD		(1,617	)
Carl Zeiss Meditec AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		259,503 EUR		(14,795	)
Carlisle Cos., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		133,807 USD		822
Carnival Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		307,495 USD		(19,856	)
Carolina Financial Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		19,395 USD		(468	)
Carpenter Technology		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		378,948 USD		(16,425	)
Carriage Services, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		504,273 USD		(2,078	)
Carrols Restaurant Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		82,065 USD		9,515
Cars.com, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		267,690 USD		(9,540	)
Carter's, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		249,242 USD		(2,979	)
Casa Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		47,866 USD		(3,335	)
Casella Waste Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		75,143 USD		611
Cass Information Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		620,519 USD		2,990
Catalent, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		341,616 USD		4,270
Cato Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		262,172 USD		(6,567	)
Cavum, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		21,723,496 USD		1,803,639
CBIZ, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		214,692 USD		4,429
CBRE Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		176,321 USD		1,797
CDK Global, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		600,417 USD		(3,909	)
CDW Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		434,798 USD		(15,256	)
CECO Environmental Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		196,064 USD		213
Cellnex Telecom SAU		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		127,808 EUR		(1,640	)
Centene Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		501,144 USD		(3,129	)
Centerpoint Energy, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		137,864 USD		7,087
Central Garden & Pet Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		55,615 USD		(4	)
Central Pacific Financial Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		3,873 USD		(120	)
Central Valley Community Bancorp		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		39,941 USD		(922	)
Century Casinos, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		214,988 USD		(866	)
CenturyLink, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		60,651 USD		152
Cerner Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		666,842 USD		(124	)
Cerus Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		96,369 USD		(1,728	)

See Notes to Consolidated Schedule of Investments.

95

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
CEVA, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		56,265 USD	$	(1,633	)
CGG SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		4,317,109 EUR		(28,297	)
ChannelAdvisor Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		344,150 USD		(19,946	)
Charles River Laboratories		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		297,114 USD		(1,870	)
Charter Financial Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		121,637 USD		(4,268	)
Cheesecake Factory, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		408,581 USD		(12,699	)
Chemed Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		912,819 USD		(3,384	)
Cherry Hill Mortgage Investment Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		299,864 USD		(9,979	)
Chesapeake Lodging Trust		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		61,958 USD		(988	)
Chesapeake Utilities Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		260,469 USD		4,325
Chevron Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		413,264 USD		3,955
Chico's FAS, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		302,084 USD		(10,738	)
Chimera Investment Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		607,399 USD		(15,858	)
Chimerix, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		227,075 USD		5,822
Choice Hotels International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		602,674 USD		(19,571	)
Chr. Hansen A/S		09/20/18	M	0.10%	Credit Suisse Securities (Europe) Limited		702,848 DKK		(9,652	)
Christian Dior SE		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		492,264 EUR		(35,251	)
Church & Dwight Co., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		109,837 USD		(168	)
Churchill Downs, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		131,876 USD		67
Chuy's Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		334,823 USD		267
Ciena Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		51,196 USD		1,373
Cinemark Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		486,878 USD		(7,860	)
Cintas Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		295,873 USD		(1,056	)
Cirrus Logic, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		233,442 USD		(5,571	)
CitiTrends, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		475,557 USD		(7,183	)
Citrix Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		402,452 USD		3,593
City Office REIT, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		130,593 USD		2,069
Civitas Solutions, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		306,815 USD		(9,745	)
Clarus Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		58,192 USD		6,249
Clearfield, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		114,509 USD		(3,158	)
Clorox Company		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		102,630 USD		25
CME Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		25,239 USD		(160	)
CNB Financial Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		4,027 USD		(209	)
CNX Resources Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		191,829 USD		11,432
Codexis, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		227,970 USD		(13,410	)
Cogent Communications Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		382,069 USD		(2,555	)
Cognizant Technology Solutions Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		92,877 USD		15
Cohu, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		144,036 USD		(2,098	)
Colfax Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		56,917 USD		—
Collectors Universe, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		97,905 USD		(1,682	)
Columbia Property Trust, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		133,555 USD		3,500
Columbia Sportwear Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		419,528 USD		(1,601	)
Com Hem Holding AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		4,417,507 SEK		(33,764	)
Com Hem Holding AB		07/30/18	M	0.16%	Deutsche Bank AG		45,646,823 SEK		213,076
Comfort Systems USA, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		221,075 USD		(9,158	)
Commercial Metals Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		230,501 USD		(21,533	)
Commvault Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		225,847 USD		(7,028	)
Compagnie de Saint Gobain		03/21/19	M	0.07%	JPMorgan Chase Bank, N.A.		3,926,400 EUR		(294,846	)
Compagnie de Saint Gobain		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		2,517,080 EUR		(163,465	)
Compass Minerals International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		533,938 USD		(7,083	)

See Notes to Consolidated Schedule of Investments.

96

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Computer Programs & Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		858,284 USD	$	(17,820	)
Comtech Telecommunications Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		491,471 USD		(9,987	)
Conduent, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		476,423 USD		(61,238	)
CONMED Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,066,024 USD		(18,313	)
Consolidated Communications, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		8,099 USD		9
Consolidated Water Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		98,968 USD		(489	)
Continental AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		5,650,990 EUR		(660,411	)
Control4 Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		5,184 USD		(79	)
Convergys Corp.		07/30/18	M	0.00%	Deutsche Bank AG		1,073,422 USD		(16,661	)
Convergys Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		577,236 USD		(13,381	)
Cooper Cos., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		312,896 USD		(1,160	)
Cooper Standard Holding		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		267,155 USD		(7,121	)
Cooper Tire & Rubber		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		203,545 USD		(4,270	)
Copa Holdings SA		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		754,955 USD		(33,383	)
CoreLogic, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		284,315 USD		(7,481	)
Corn		12/14/18	3M	0.00%	JPMorgan Chase Bank, N.A.		2,722,320 USD		(49,320	)
Corn Dec 2018 Isda Swap		12/14/18	3M	0.00%	JPMorgan Chase Bank, N.A.		4,640,652 USD		(185,652	)
Corn Dec 2018 Isda Swap		12/14/18	3M	0.00%	JPMorgan Chase Bank, N.A.		4,642,872 USD		(187,872	)
Corning, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		361,194 USD		(13,440	)
Corvel Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		534,971 USD		20,473
Corvus Pharmaceuticals, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		114,034 USD		(15,170	)
Costamare, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		750,712 USD		33,954
Cotiviti Holdings, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		8,594,215 USD		18,063
Coty, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		89,772 USD		(928	)
Covanta Holding Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		229,913 USD		(3,137	)
CRA International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		482,666 USD		(19,262	)
Cracker Barrel Old Country Store, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		761,389 USD		(29,545	)
Craft Brew Alliance, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		29,776 USD		(143	)
Crane Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		102,614 USD		(2,692	)
Cray, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		44,746 USD		(2,409	)
Credit Agricole SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		2,863,660 EUR		(77,457	)
Credit Agricole SA		05/22/19	M	0.07%	JPMorgan Chase Bank, N.A.		1,892,508 EUR		(72,890	)
Cree, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		88,710 USD		(8,895	)
Croda International PLC		04/11/19	M	0.80%	JPMorgan Chase Bank, N.A.		4,924,000 GBP		(161,010	)
Croda International PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		327,495 GBP		(10,709	)
Cross Country Healthcare, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		720,987 USD		(61,939	)
CryoLife, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		439,006 USD		(19,167	)
CSG Systems International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		772,528 USD		(38,421	)
CSS Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		114,463 USD		1,454
CSW Industrials, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		413,896 USD		(715	)
CTS Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		601,000 USD		31,448
Culp, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		171,563 USD		(7,422	)
Curtiss Wright Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		73,495 USD		773
Cutera, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		212,318 USD		(13,962	)
CVR Energy, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		79,404 USD		(1,836	)
Cypress Semiconductor Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		226,778 USD		(24,768	)
Daktronics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		503,428 USD		(4,563	)
Dalata Hotel Group PLC		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		90,263 EUR		8,309
Dana, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		111,063 USD		(4,237	)
Danaher Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		252,942 USD		(223	)
Danone		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		1,398,805 EUR		(48,910	)
Danone		06/11/19	M	0.07%	JPMorgan Chase Bank, N.A.		9,801,410 EUR		(359,729	)
Danske Bank A/S		09/20/18	M	0.10%	Credit Suisse Securities (Europe) Limited		58,852,971 DKK		(684,044	)

See Notes to Consolidated Schedule of Investments.

97

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Darden Restaurants, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		81,035 USD	$	(418	)
Dart Group PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		75,155 GBP		(7,380	)
Dassault Aviation SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		6,985,350 EUR		(372,096	)
Dassault Systemes SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		314,743 EUR		(13,853	)
Davita, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		527,489 USD		(26,201	)
DCT Industrial Trust, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		13,402,688 USD		265,418
Dean Foods Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		199,589 USD		9,970
Dechra Pharamaceuticals PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		345,461 GBP		8,344
Deckers Outdoor Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		71,494 USD		(2,744	)
Del Frisco's Restaurant Group		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		374,572 USD		(7,156	)
Del Taco Restaurants, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		339,051 USD		26,750
Delta Air Lines, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,815,190 USD		(135,091	)
Deluxe Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		619,965 USD		(16,328	)
Denny's Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		436,076 USD		3,671
Dentsply Sirona, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		728,437 USD		(18,706	)
Deutsche Boerse AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		398,303 EUR		(5,238	)
Deutsche Lufthansa REG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		1,331 EUR		(159	)
Deutsche Wohnen AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		97,591 EUR		470
DHT Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		789,114 USD		107,919
Diamond Hill Investment Group		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		323,242 USD		(9,237	)
Diamond Offshore Drilling, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		279,344 USD		35,976
Diasorin SPA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		94,953 EUR		5,604
Digi International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		227,694 USD		5,920
DineEquity, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		256,088 USD		(5,733	)
Diodes, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		270,110 USD		(14,618	)
DNA Oyj		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		346,473 EUR		2,655
DNO ASA		09/20/18	M	1.21%	Credit Suisse Securities (Europe) Limited		3,080,103 NOK		20,783
Dolby Laboratories, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		96,680 USD		(3,590	)
Dollar General Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		92,837 USD		(744	)
Domtar Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		803,059 USD		7,280
Donaldson Co., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		204,941 USD		(7,135	)
Dorian LPG Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		512,066 USD		(30,211	)
Douglas Dynamics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		389,636 USD		2,812
Drive Shack, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		108,331 USD		9,129
DSP Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		83,048 USD		5,285
DSV A/S		09/20/18	M	0.10%	Credit Suisse Securities (Europe) Limited		659,078 DKK		(5,598	)
DSW, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		258,388 USD		2,007
Ducommun, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		245,132 USD		(9,498	)
Duke Eneregy Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		963,072 USD		36,499
Duke Realty Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		29,959 USD		116
Dun & Bradstreet Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		412,427 USD		(13,569	)
DXC Technology Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		110,007 USD		1,476
Dynex Capital, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		45,827 USD		354
Eagle Bulk Shipping, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		193,223 USD		(9,655	)
Eagle Materials, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		87,032 USD		(1,482	)
Eagle Pharmaceuticals, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		75,064 USD		3,244
Earthstone Energy, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		24,475 USD		2,438
Easatern Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		38,169 USD		(2,686	)
Easterly Government Properties, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		87,671 USD		(1,182	)
Eastman Chemical Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		276,080 USD		(9,887	)
easyJet PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		205,224 GBP		(12,581	)
Eaton Corp. PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		28,630 USD		294
Ebix, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		118,670 USD		(1,855	)
EchoStar Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		486,155 USD		(13,828	)
Edenred		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		129,621 EUR		1,355
EDF		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		184,458 EUR		3,060

See Notes to Consolidated Schedule of Investments.

98

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Edwards Lifesciences Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		295,227 USD	$	(12,093	)
Egain Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		132,957 USD		22,226
Egypt Treasury Bill		08/30/18	3M	0.00%	Citibank N.A.		109,507,295 EGP		397,446
Egypt Treasury Bill		10/09/18	3M	0.60%	Goldman Sachs International		181,775,000 EGP		253,078
Egypt Treasury Bill		09/11/18	3M	0.45%	Goldman Sachs International		176,975,000 EGP		181,374
Egypt Treasury Bill		11/08/18	3M	1.50%	Citibank N.A.		209,311,929 EGP		141,323
Egypt Treasury Bill		08/09/18	3M	1.25%	Citibank N.A.		201,228,369 EGP		213,176
Eiffage		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		73,516 EUR		(2,173	)
El Paso Electric Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		319,915 USD		8,858
Elekta AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		879,896 SEK		3,402
Eli Lilly & Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		487,563 USD		(1,437	)
Ellie Mae, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		23,682 USD		(7	)
EMC Insurance Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		2,741 USD		(18	)
Emcor Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		203,303 USD		(7,749	)
Emerald Expositions Events, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		402,338 USD		1,340
Emergent BioSolutions, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		432,459 USD		(17,078	)
Enanta Pharmaceuticals, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		120,656 USD		1,387
ENCE Energia y Celulosa, SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		497,783 EUR		4,626
Encompass Health Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,159,000 USD		(785	)
Encore Wire Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		187,709 USD		(6,308	)
Endocyte, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		16,685 USD		(539	)
Endologix, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		27,650 USD		(1,325	)
Enel SpA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		6,953,431 EUR		(183,218	)
Ennis, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		405,788 USD		29,295
EnPro Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		262,534 USD		(11,623	)
Ensign Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		906,643 USD		(46,820	)
Enstar Group Limited		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		51,615 USD		(1,863	)
Entercom Communications Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		184,835 USD		2,481
Entergy Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		521,423 USD		4,681
Enterprise Financial Service		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		88,771 USD		(1,749	)
Envestnet, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		48,823 USD		(247	)
Enzo Biochem, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		209,918 USD		(11,261	)
EPAM Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		53,100 USD		1,232
ePlus, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		188,278 USD		(4,218	)
Equinor ASA		09/20/18	M	1.21%	Credit Suisse Securities (Europe) Limited		2,304,260 NOK		262
Equity Bancshares, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		2,067 USD		(76	)
Equity Commonwealth		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		203,376 USD		(642	)
Era Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		147,988 USD		(4,749	)
Eramet		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		433,519 EUR		(36,281	)
ERG SpA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		427,972 EUR		(7,361	)
Erie Indemnity Company		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		105,933 USD		(1,103	)
ESCO Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		154,336 USD		(1,719	)
Essendant, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		302,888 USD		(7,646	)
Esterline Technologies Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		91,964 USD		1,319
Ethan Allen Interiors, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		659,604 USD		5,498
Euronet Worldwide, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		32,217 USD		285
Euronext NV		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		128,133 EUR		(8,916	)
Evercore Partners, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		38,339 USD		(1,431	)
Eversource Energy		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		300,154 USD		13,351
EVERTEC, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		139,352 USD		(4,624	)
Evolent Health, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		177,102 USD		(15,354	)
Evraz PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		458,983 GBP		(24,248	)
EW Scripps Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		41,582 USD		(595	)

See Notes to Consolidated Schedule of Investments.

99

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Exelon Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		484,232 USD	$	11,078
Exlservice Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		619,591 USD		(24,280	)
Expeditors International of Washington, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		475,229 USD		(883	)
Experian PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		76,384 GBP		324
Exponent, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		299,358 USD		(9,316	)
Express Scripts Holding Co.		07/30/18	M	2.29%	Deutsche Bank AG		22,595,610 USD		1,770,090
Exterran Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		374,269 USD		(16,723	)
Exxon Mobil Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		385,561 USD		6,414
F5 Networks, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		125,969 USD		955
Fabege AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		1,217,751 SEK		1,961
Fair Isaac Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		308,003 USD		(2,171	)
Farmer Bros. Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		139,109 USD		260
Faro Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		111,618 USD		670
Fastenal Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		158,332 USD		(3,017	)
Faurecia		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		105,086 EUR		(18,225	)
FBL Financial Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		103,883 USD		(5,210	)
Federal Agricultural Mortgage Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		24,983 USD		(107	)
Federal Signal Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		48,991 USD		(594	)
Federated Investors, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		8,043 USD		(44	)
Fedex Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		398,182 USD		(1,736	)
Ferrari		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		313,764 EUR		(32,006	)
Fevertree Drinks PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		245,036 GBP		11,356
Fidelity National Information Services, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		191,298 USD		722
Fiesta Restaurant Group		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		53,159 USD		4,614
Fincantieri SpA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		15,790 EUR		(2,213	)
FinecoBank SpA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		286,546 EUR		6,705
First Bancorp		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		138,674 USD		(4,121	)
First Community Bancshares		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		33,667 USD		(1,806	)
First Financial Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		59,485 USD		(530	)
First Industrial Realty Trust		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,776 USD		(9	)
Fiserv, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		367,074 USD		(3,144	)
Flexsteel Industries		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		227,955 USD		2,547
FLIR Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		450,103 USD		(19,739	)
Flowers Foods, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		251,964 USD		3,433
Flushing Financial Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		38,236 USD		(1,278	)
Fonar Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		161,744 USD		(2,258	)
Ford Motor Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		150,425 USD		(10,256	)
Forestar Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		39,694 USD		(2,904	)
Forrester Research, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		394,805 USD		(6,894	)
Fortress Biotech, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		77,637 USD		400
Forward Air Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		813,262 USD		(16,391	)
Foundation Building Material		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		296,056 USD		(8,742	)
Four Corners Property Trust		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		112,928 USD		2,784
Frank's International NV		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		349,658 USD		10,148
Franklin Covey Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		220,027 USD		(31,237	)
Franklin Electric Co., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		121,036 USD		(4,272	)
FreightCar America, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		277,239 USD		8,375
Fresh del Monte Produce, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		272,536 USD		1,134
FTI Consulting, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		231,013 USD		(6,209	)
FTS International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		272,081 USD		(24,832	)
FutureFuel Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		230,063 USD		(1,154	)
Galenica AG		09/20/18	M	0.33%	Credit Suisse Securities (Europe) Limited		100,877 CHF		97

See Notes to Consolidated Schedule of Investments.

100

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
GAMCO Investors, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		94,383 USD	$	5,565
Gamestop Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		597,475 USD		19,084
Gaming and Leisure Properties, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		288,567 USD		1,485
Gannett Co., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		640,938 USD		24,891
Gap, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		71,352 USD		1,590
Garmin Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		805,700 USD		964
GasLog Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		412,355 USD		46,886
GATX Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		692,763 USD		18,583
Gaztransport et Techniga SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		109,935 EUR		368
Gemalto		07/03/19	M	0.05%	Credit Suisse Securities (Europe) Limited		1,536,751 EUR		11,457
Gemalto		07/30/18	M	0.05%	Deutsche Bank AG		13,513,264 EUR		14,094
Gemalto		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		5,646,069 EUR		(34,231	)
Gencor Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		69,890 USD		1,380
Genesco, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		80,622 USD		(1,738	)
Genesee & Wyoming, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		31,461 USD		416
Genie Energy Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		41,664 USD		(1,185	)
Genomic Health, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		155,440 USD		2,513
Genpact Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		356,407 USD		(19,662	)
Gentex Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		335,017 USD		(17,525	)
Gentherm, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		89,939 USD		6,503
Genuine Parts Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		378,670 USD		(7,563	)
Geospace Technologies Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		102,385 USD		5,526
GGP, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		175,805 USD		(332	)
Gilead Sciences, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		199,452 USD		1,450
GKN PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		100,233 GBP		—
Gladstone Commercial Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		52,351 USD		600
Glatfelter		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		821,391 USD		23,663
Glaukos Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		85,530 USD		(2,990	)
GlaxoSmithKline PLC		06/25/19	M	0.55%	Morgan Stanley Capital Services LLC		6,480,232 GBP		743,178
Global Brass & Copper Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		149,860 USD		(5,901	)
Globus Medical, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		713,467 USD		(54,257	)
GMS, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		3,363 USD		(31	)
GN Store Nord A/S		09/20/18	M	0.10%	Credit Suisse Securities (Europe) Limited		868,537 DKK		3,112
Goodyear Tire & Rubber Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		382,309 USD		(21,687	)
Gorman Rupp Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		357,984 USD		7,136
Government Properties Income		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		26,234 USD		996
GP Strategies Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		210,287 USD		(15,877	)
Graco, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		209,276 USD		(450	)
Graham Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		251,996 USD		245
Graham Holdings Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		867,503 USD		(21,761	)
Grainger PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		158,780 GBP		(8,228	)
Grand City Properties		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		87,085 EUR		1,203
Granges AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		3,175,647 SEK		(4,634	)
Graphic Packaging Holding Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		258,224 USD		(4,546	)
Great Ajax Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		135,763 USD		1,446
Green Brick Partners, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		101,662 USD		(5,230	)
Green Plains, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		615,265 USD		(55,816	)
Greenbrier Companies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		242,137 USD		16,444
Greif, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		383,809 USD		(12,944	)
Grenke AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		327,184 EUR		(16,539	)
Grieg Seafood ASA		09/20/18	M	1.21%	Credit Suisse Securities (Europe) Limited		1,585,182 NOK		(5,704	)
Group 1 Automotive, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		363,965 USD		(34,916	)
GSI Technology, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		45,777 USD		(506	)

See Notes to Consolidated Schedule of Investments.

101

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Guaranty Bancorp		07/30/18	M	2.29%	Deutsche Bank AG		897,713 USD	$	(95,556	)
Guess?, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		37,717 USD		(1,808	)
Guidewire Software, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		91,002 USD		1,507
Gulf Island Fabrication, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		116,313 USD		(6,117	)
Gulfport Energy Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		89,484 USD		15,639
GVC Holding		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		147,343 GBP		8,900
H&E Equipment Services, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		93,734 USD		(1,289	)
Hackett Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		311,873 USD		(4,502	)
Haemonetics Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		584,546 USD		(10,952	)
Hallador Energy Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		188,599 USD		(9,478	)
Halma PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		75,508 GBP		(4,114	)
Halyard Health, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		675,466 USD		(29,800	)
Hamilton Lane, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		66,863 USD		2,502
Hargreaves Lansdown PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		80,818 GBP		(2,818	)
Harris Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		28,388 USD		231
Haverty Furniture Co., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		444,544 USD		(5,200	)
Hawaiian Electric Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		824,688 USD		25,232
Hawaiian Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		2,171 USD		(14	)
Hawkins, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		420,460 USD		(25,636	)
Haynes International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		698,322 USD		(43,873	)
HCA Healthcare, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		539,796 USD		(19,921	)
HealthEquity, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		163,486 USD		(10,432	)
HealthStream, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		936,271 USD		(27,776	)
Heidrick & Struggles International		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		600,607 USD		(49,672	)
Helen of Troy Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		94,325 USD		1,270
Helix Energy Solutions Group		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		188,662 USD		30,217
HELLA KGaA Hueck & Co.		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		75,771 EUR		(13,709	)
Helmerich & Payne		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		443,738 USD		351
Hemisphere Media Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		163,046 USD		(606	)
Henry Schein, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		397,455 USD		(3,746	)
Heritage Crystal Clean, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		274,558 USD		12,430
Herman Miller, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		408,239 USD		(21,677	)
Hermes International		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		241,933 EUR		(12,772	)
Hershey Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		31,169 USD		(366	)
Heska Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		310,926 USD		(4,434	)
Hewlett Packard Enterprise		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		258,802 USD		(17,897	)
Hexagon AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		2,303,624 SEK		(6,573	)
Hexel Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		266,272 USD		1,837
Hill-Rom Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		669,826 USD		(24,034	)
Hillenbrand, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		182,616 USD		3,957
Hiscox Ltd.		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		91,285 GBP		2,418
Hispania Activos Inmobiliarios		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		243,936 EUR		10,197
HMS Holdings Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		763,041 USD		(39,226	)
HNI Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		602,834 USD		(27,201	)
HollyFrontier Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		318,660 USD		(13,325	)
Holmen AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		780,029 SEK		(3,707	)
Hologic, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		421,692 USD		(6,384	)
Home Depot, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		61,589 USD		(328	)
Hooker Furniture Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		320,247 USD		1,580
Horizon Pharma PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		40,710 USD		(2,340	)

See Notes to Consolidated Schedule of Investments.

102

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hospitality Properties Trust		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		148,080 USD	$	(51	)
Houghton Mifflin Harcourt Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		28,094 USD		1,550
Houlihan Lokey, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		111,303 USD		(258	)
Howard Hughes Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		125,357 USD		386
HP, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		214,410 USD		(7,613	)
Hub Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		68,789 USD		(115	)
Hubbell, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		177,686 USD		(254	)
Hudson Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		72,828 USD		(4,966	)
Humana, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		552,918 USD		(10,934	)
Hunting PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		82,544 GBP		1,422
Hurco Companies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		245,942 USD		675
Huron Consulting Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		72,971 USD		(619	)
Hyatt Hotels Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		295,220 USD		(1,510	)
Hyster Yale Materials		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		149,120 USD		(6,163	)
Ibstock PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		197,607 GBP		1,578
ICF International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		245,599 USD		(2,537	)
ICU Medical, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		444,904 USD		(11,770	)
IdaCorp., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		432,486 USD		8,144
IDEX Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		200,523 USD		(170	)
IDEXX Laboratories, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		521,368 USD		(18,580	)
IES Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		99,671 USD		(193	)
IG Group Holdings PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		392,794 GBP		(3,587	)
IHS Markit Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		211,178 USD		1,631
ILG, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		16,235,421 USD		(544,090	)
ILG, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		298,177 USD		(5,960	)
Imperial Brands PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		3,514,638 GBP		346,205
Imperva, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		69,166 USD		(2,340	)
Independence Contract Drilling, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		79,437 USD		8,542
Independence Holding Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		112,939 USD		(6,174	)
Indtuit, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		664,780 USD		1,458
Inel Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		27,570 USD		(1,174	)
Infinity Property & Casualty		07/30/18	M	2.29%	Deutsche Bank AG		2,465,717 USD		515,804
Informa PLC		07/17/19	M	0.80%	JPMorgan Chase Bank, N.A.		5,717,450 GBP		52,779
Informa PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		1,818,648 GBP		(10,460	)
Information Services Group		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		4 USD		—
ING Groep NV		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		1,729,173 EUR		(27,827	)
ING Groep NV		04/25/19	M	0.07%	JPMorgan Chase Bank, N.A.		13,818,200 EUR		(300,592	)
Ingles Markets, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		468,313 USD		38,230
Ingredion, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		118,189 USD		(1,512	)
Inmobiliaria Colonial SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		237,402 EUR		(730	)
InnerWorkings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		348,593 USD		(6,694	)
Innophos Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		517,514 USD		(13,240	)
Innospec, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		199,109 USD		(7,198	)
Innovate Biopharmaceuticals		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		139,269 USD		10,189
Innoviva, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		483,589 USD		(23,028	)
Inogen, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		79,845 USD		91
Inovalon Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		248,176 USD		(17,975	)
Insight Enterprises, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		283,454 USD		(9,495	)
Insperity, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		75,056 USD		(94	)
Insteel Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		132,305 USD		(2,011	)
Integer Holdings Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		657,486 USD		(1,935	)
Integra LifeSciences Holding		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		372,306 USD		(9,742	)
Inter Parfums, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		368,075 USD		(2,028	)

See Notes to Consolidated Schedule of Investments.

103

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Interactive Brokers Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		6,321 USD	$	(73	)
Intercontinental Hotels Group		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		2,141,668 GBP		(115,448	)
InterContinental Hotels Group		04/10/19	M	0.80%	JPMorgan Chase Bank, N.A.		4,921,000 GBP		(265,270	)
InterDigital, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		311,541 USD		(5,901	)
Interface, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		243,028 USD		(10,361	)
International Game Technology PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		83,448 USD		(3,549	)
International Paper Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		420,822 USD		(19,233	)
International Speedway Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		701,746 USD		6,793
Interpublic Group of Cos., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		240,379 USD		(1,431	)
Intersect ENT, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		275,482 USD		9,513
INTL FCStone, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		5,340 USD		(14	)
Intricon Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		13,438 USD		(703	)
Intuitive Surgical, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		170,089 USD		(707	)
Invacare Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		357,193 USD		(14,730	)
Invesco Mortgage Capital, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		367,384 USD		(9,348	)
Ipsen		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		94,634 EUR		(2,728	)
IQVIA Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		70,271 USD		(198	)
iRadimed Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		39,532 USD		1,034
iRhythm Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		398,368 USD		(7,322	)
iStar, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		147,151 USD		(1,885	)
Iteris, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		41,560 USD		(1,005	)
ITT, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		39,646 USD		(1,698	)
J&J Snack Foods Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		202,671 USD		(2,783	)
J. Alexander's Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		70,493 USD		(2,757	)
J2 Global, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		534,085 USD		(6,630	)
Jabil, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		206,333 USD		425
Jack Henry & Associates, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		624,851 USD		2,441
Jack in the Box, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		216,963 USD		(2,290	)
Jazz Pharmaceuticals PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		106,758 USD		(449	)
Jenoptik AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		104,263 EUR		(7,487	)
Jernigan Capital, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		41,289 USD		(5	)
JetBlue Airways Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		934,519 USD		(8,485	)
John B. Sanfilippo & Son, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		520,351 USD		13,382
John Wiley & Sons, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		950,822 USD		(39,907	)
Johnson & Johnson		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		232,472 USD		(713	)
Johnson Outdoors, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		182,524 USD		7,246
Jones Lang Lasalle, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		132,985 USD		139
Juniper Networks, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		114,334 USD		2,311
K12, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		424,334 USD		(8,634	)
K2M Group Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		313,699 USD		8,096
Kadant, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		13,923 USD		19
Kaiser Aluminum Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		648,140 USD		(35,244	)
Kaman Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		705,690 USD		(16,943	)
Kapstone Paper and Packaging		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		396,818 USD		(2,931	)
KapStone Paper and Packaging		07/30/18	M	2.29%	Deutsche Bank AG		6,197,468 USD		(7,513	)
KAR Auction Services, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		767,374 USD		(229	)
KAZ Minerals PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		250,171 GBP		(22,142	)

See Notes to Consolidated Schedule of Investments.

104

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
KB Home		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		20,940 USD	$	1,806
Kearny Financial Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		271,082 USD		(4,947	)
Kelly Services, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		526,131 USD		(21,612	)
Kering		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		975,872 EUR		(63,213	)
Keysight Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		6,421 USD		13
Keywords Studios		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		294,697 GBP		(17,091	)
Kforce, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		408,724 USD		(22,883	)
Kimball Electronics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		200,447 USD		(9,578	)
Kimball International		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		390,813 USD		(3,910	)
Kimberly Clark Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		309,118 USD		(683	)
Kinder Morgan, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		598,394 USD		32,107
Kindred Biosciences, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		65,257 USD		(2,646	)
Kindred Healthcare, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		230,958 USD		—
Kinnevik AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		2,138,056 SEK		(8,622	)
Kirby Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		15,684 USD		33
Kirkland’s, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		123,169 USD		(7,444	)
KKR Real Estate Finance Trust		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		364,545 USD		(8,900	)
KLA Tencor Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		113,780 USD		(690	)
Knoll, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		705,665 USD		(7,094	)
Knowles Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		294,030 USD		(10,491	)
Koenig & Bauer AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		94,460 EUR		(5,422	)
Kohl's Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		124,301 USD		(3,142	)
Koninklijke KPN NV		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		9,360,285 EUR		(305,537	)
Koninklijke KPN NV		04/11/19	M	0.07%	JPMorgan Chase Bank, N.A.		4,844,093 EUR		(158,120	)
Koninklijke KPN NV		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		3,867,720 EUR		(125,092	)
Korn/Ferry International		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		496,897 USD		(17,930	)
Kraft Heinz Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		173,410 USD		(153	)
Kronos Worldwide, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		233,153 USD		(11,458	)
KVH Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		74,439 USD		8,990
L Brands, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		124,484 USD		(789	)
L.B. Foster Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		156,455 USD		(10,516	)
La-Z-Boy, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		201,675 USD		(14,189	)
Laboratory Corporation of America Holdings		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		687,976 USD		(29,460	)
Ladder Capital Corp. REIT		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		127,835 USD		(1,829	)
Lancaster Colony Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		194,501 USD		(436	)
Landec Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		71,371 USD		2,995
Lannett Co., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		406,070 USD		(58,740	)
Las Vegas Sands Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		335,186 USD		(8,671	)
Lattice Semiconductor Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		213,914 USD		(2,577	)
Leaf Group Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		125,162 USD		8,260
Lear Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		479,285 USD		(12,902	)
Leggett & Platt, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		432,078 USD		6,822
Legrand SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		2,220,270 EUR		(50,126	)
Leidos Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		457,908 USD		(5,850	)
Lemaitre Vascular, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		332,713 USD		(27,543	)
Lereoy Seafood Group		09/20/18	M	1.21%	Credit Suisse Securities (Europe) Limited		858,476 NOK		386
Liberty Latin America		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		154,983 USD		(7,778	)
Liberty Tax, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		48,986 USD		(4,412	)
Lifepoint Health, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		709,669 USD		(68,827	)
Lifetime Brands, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		97,377 USD		6,037
Ligand Pharmaceuticals		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		302,425 USD		22,003
Limelight Networks, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		157,583 USD		(20,006	)
Limoneira Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		70,957 USD		(3,845	)
Lincoln Electric Holdings		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		59,630 USD		47
Lincoln National Corp.		05/08/19	M	2.39%	Credit Suisse Securities (Europe) Limited		2,060,312 USD		(138,654	)
Lindblad Expeditions Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		227,747 USD		2,511

See Notes to Consolidated Schedule of Investments.

105

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Lindsay Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		247,023 USD	$	(5,324	)
Liquidity Services, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		80,808 USD		452
Lithia Motors, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		256,998 USD		(9,319	)
Livanova PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		563,211 USD		(27,976	)
Liveperson, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		142,529 USD		(14,283	)
Lloyds Banking Group PLC		03/21/19	M	0.80%	JPMorgan Chase Bank, N.A.		7,449,600 GBP		153,619
Lloyds Banking Group PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		4,507,520 GBP		92,950
Lockheed Martin Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		111,784 USD		(1,884	)
Logmein, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		50,623 USD		898
London Stock Exchange Group		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		284,180 GBP		5,188
Loral Space & Communications		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		152,999 USD		(80	)
Louisiana Pacific Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		78,572 USD		828
LPL Financial Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		66,184 USD		(2,217	)
LSI Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		92,453 USD		832
LTC Properties, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		12,068 USD		(15	)
Luminex Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		876,547 USD		(15,423	)
Lundin Petroleum AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		3,358,584 SEK		17,300
LVMH Moet Hennessy Louis Vuitton		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		352,833 EUR		2,284
Lydall, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		47,357 USD		1,574
LyondellBasell Industries N.V.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		57,389 USD		832
M/I Homes, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		661,657 USD		(26,614	)
Macatawa Bank Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		13,792 USD		(390	)
Macquarie Infrastructure Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		96,361 USD		(314	)
MacroGenics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		78,794 USD		(6,457	)
Macy’s, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		135,162 USD		(4,119	)
Madison Square Garden Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		55,724 USD		5,693
Magellan Health, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		450,433 USD		7,920
Manhattan Associates, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		128,215 USD		(254	)
ManpowerGroup, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		114,351 USD		(2,215	)
Mantech International Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		504,782 USD		(4,803	)
Marathon Petroleum Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		323,483 USD		(8,464	)
Marcus & Millichap, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		180,605 USD		752
Marcus Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		521,426 USD		(4,709	)
Marine Harvest		09/20/18	M	1.21%	Credit Suisse Securities (Europe) Limited		1,800,889 NOK		(11,808	)
Marine Products Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		57,468 USD		4,530
Marriott Vacations World		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		344,285 USD		(5,292	)
Masimo Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		731,714 USD		(22,092	)
Materion Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		479,745 USD		(11,510	)
Matrix Service Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		319,712 USD		(9,304	)
Matson, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		34,672 USD		(283	)
Matthews International Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		390,027 USD		5,873
Maxim Integrated Products		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		154,254 USD		(564	)
Maximus, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		459,708 USD		(5,063	)
Maxwell Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		116,105 USD		(8,293	)
MB Financial, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		7,946,433 USD		(514,222	)
Mcdonald's Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		41,362 USD		4
McGrath RentCorp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		647,477 USD		(10,095	)
McKesson Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		346,054 USD		(34,298	)

See Notes to Consolidated Schedule of Investments.

106

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
MDC Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		542,541 USD	$	(3,820	)
MDU Resources Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		117,789 USD		(516	)
Medical Properties Trust, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		131,789 USD		(178	)
Medidata Solutions, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		372,202 USD		(1,465	)
Mednax, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		766,487 USD		(19,344	)
Medpace Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		350,563 USD		(11,336	)
Medtronic PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		516,882 USD		(6,133	)
Merck & Co., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		371,674 USD		(3,104	)
Meredith Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		321,034 USD		(5,446	)
Meridian Bioscience, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		840,396 USD		(27,668	)
Merit Medical Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		447,691 USD		9,167
Meritage Homes Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		129,678 USD		(158	)
Merlin Properties Socimi SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		175,114 EUR		4,789
Mesa Laboratories, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		233,050 USD		16,024
Methode Electronics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		219,231 USD		(6,971	)
METSA SERLA B SHARES		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		342,154 EUR		(11,611	)
Mettler Toledo International		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		238,249 USD		147
MFA Financial, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		110,462 USD		(3,356	)
MGE Energy, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		493,073 USD		25,198
Microstrategy, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		103,162 USD		1,082
Middlesex Water Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		218,792 USD		(1,111	)
Midstates Petroleum Co, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		291,175 USD		28,973
Miller Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		117,205 USD		1,986
Minerals Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		181,545 USD		(555	)
Mistras Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		256,722 USD		1,159
Mobile Mini, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		462,515 USD		3,202
Moelis & Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		215,165 USD		(15,169	)
Molina Healthcare, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		263,001 USD		3,004
Momenta Pharmaceuticals, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		105,339 USD		(6,975	)
Monarch Casino & Resort, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		561,615 USD		(14,910	)
Moncler SpA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		353,935 EUR		(30,071	)
Monmouth Real Estate Investment Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		44,954 USD		3,330
Monolithic Power Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		55,084 USD		(681	)
Monotype Imaging Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		675,691 USD		(46,493	)
Morningstar, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		194,082 USD		(3,759	)
Morphosys AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		211,667 EUR		22,331
Mosaic Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		136,988 USD		(4,396	)
Motorcar Parts of America, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		160,938 USD		(3,961	)
Motorola Solutions, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		257,676 USD		1,829
Movado Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		192,504 USD		(3,796	)
MSA Safety, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		189,347 USD		1,888
MSC Industrial Direct Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		318,483 USD		(8,356	)
MSCI, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		74,334 USD		(221	)
MTS Systems Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		959,738 USD		(31,782	)
MTU Aero Engines AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		86,539 EUR		432
Mueller Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		229,650 USD		(6,466	)
Mueller Water Products, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		85,558 USD		(1,010	)

See Notes to Consolidated Schedule of Investments.

107

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Murphy Oil Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		319,802 USD	$	7,564
Myers Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		422,751 USD		(26,809	)
Mylan NV		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		383,176 USD		(25,715	)
MYR Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		81,428 USD		(2,671	)
Myriad Genetics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		155,157 USD		(8,069	)
Nabors Industries Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		277,372 USD		213
Nacco Industries		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		154,981 USD		(6,447	)
Nanometrics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		126,624 USD		(6,761	)
Nanostring Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		20,336 USD		(692	)
NantKwest, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		188,965 USD		3,142
Napco Security Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		80,127 USD		11,641
Nasdaq, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		24,937 USD		(112	)
Natera, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		37,720 USD		12,097
Nathan’s Famous, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		161,889 USD		245
National CineMedia, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		96,298 USD		9,441
National Fuel Gas Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		376,993 USD		(872	)
National General Holdings Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		12,719 USD		(634	)
National Health Investors, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		215,304 USD		(2,664	)
National Healthcare Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		512,646 USD		(7,529	)
National Instruments Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		300,108 USD		(7,885	)
National Oilwell Varco, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		173,353 USD		5,586
National Presto Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		578,013 USD		(30,553	)
National Research Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		182,573 USD		2,108
National Western Life Group		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		147,859 USD		(4,369	)
Natural Gas Services Group		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		184,749 USD		10,234
Natural Health Trends Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		375,525 USD		27,697
Natus Medical, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		314,609 USD		(13,148	)
Navigant Consulting, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		289,278 USD		(25,126	)
Neenah Paper, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		941,283 USD		5,643
Nemetschek		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		437,531 EUR		(9,723	)
Neogen Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		829,618 USD		(17,454	)
Neogenomics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		479,330 USD		1,099
Neste Oyj		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		370,671 EUR		4,557
NetScout Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		165,266 USD		(2,451	)
Nevro Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		163,746 USD		(5,004	)
New Home Co., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		137,622 USD		(2,997	)
New Jersey Resources Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		376,735 USD		6,056
New Media Investment Group		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,193,839 USD		(19,324	)
New Relic, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		35,815 USD		1,202
New Residential Investment Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		487,786 USD		(25,910	)
New York Community Bancorp		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		75,080 USD		(3,364	)
Newmarket Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		174,377 USD		2,390
Newmont Mining Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		102,616 USD		1,803
Newpark Resources, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		133,583 USD		9,920
News Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		551,904 USD		(8,412	)
NEX Group PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		322,110 GBP		(2,058	)
NEX Group PLC		07/30/18	M	0.86%	Deutsche Bank AG		3,886,492 GBP		189,797
Nexeo Solutions, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		314,164 USD		(6,282	)

See Notes to Consolidated Schedule of Investments.

108

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Nexstar Media Group, Inc.		04/22/19	M	2.21%	Morgan Stanley Capital Services LLC		4,817 USD	$	(46	)
Next PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		95,076 GBP		(1,557	)
Nextera Energy, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		185,530 USD		(293	)
NH Hotel Group SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		91,218 EUR		(669	)
NIC, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		235,956 USD		(8,724	)
Nielsen Holdings PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		27,231 USD		(43	)
NMC Health PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		375,782 GBP		1,946
NN, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		303,279 USD		(36,676	)
Noble Corp. PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		17,949 USD		3,985
Nokia Oyj		02/12/19	M	0.07%	JPMorgan Chase Bank, N.A.		3,133,200 EUR		(204,599	)
Nokia Oyj		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		131,704 EUR		(8,600	)
Nolato AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		4,815,180 SEK		(12,350	)
Nordea Bank AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		61,042,234 SEK		178,326
Nordea Bank AB		10/10/18	M	0.20%	JPMorgan Chase Bank, N.A.		42,050,000 SEK		121,696
Nordic American Tankers Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		232,554 USD		55,985
Nordstrom, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		227,793 USD		3,457
Norma Group SE		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		216,346 EUR		(29,946	)
Northfield Bancorp, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		133,694 USD		(2,778	)
Northrim Bancorp, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		37,850 USD		79
Northwest Bancshares, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		654,043 USD		(13,917	)
Northwest Natural Gas Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		420,201 USD		10,896
Northwest Pipe Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		188,720 USD		(11,698	)
Northwestern Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		293,672 USD		10,555
Novocure Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		95,800 USD		854
NRG Yield, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		660,254 USD		(8,467	)
NU Skin Enterprises, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		115,701 USD		(683	)
Nuance Communications, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		19,731 USD		(653	)
Nucor Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		679,200 USD		(26,950	)
NuVasive, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		389,921 USD		(20,025	)
Nuvectra Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		5,493 USD		(94	)
NVE Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		565,939 USD		16,048
Nvent Electric PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		234,592 USD		(11,654	)
NXP SemiConductors NV		07/30/18	M	2.29%	Deutsche Bank AG		22,855,660 USD		(916,210	)
NXStage Medical, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		4,662,869 USD		(151,551	)
NxStage Medical, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		460,411 USD		(6,422	)
Nymox Pharmaceutical Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		20,088 USD		(224	)
Ocado Group PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		532,303 GBP		(8,444	)
Occidental Petroleum Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		314,078 USD		1,061
Ocean Rig UDW, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		152,484 USD		2,816
Oceaneering International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		80,060 USD		5,002
Oclaro, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		3,660,354 USD		(344,547	)
Office Depot, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		394,689 USD		(56,952	)
OGE Energy Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		642,478 USD		11,900
Old Mutual Ltd.		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		117,686 GBP		(21,049	)
Olin Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		77,155 USD		(1,535	)
Olympic Steel, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		500,483 USD		(57,749	)
Omega Flex, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		180,450 USD		21,043
Omnicell Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		615,599 USD		6,090
Omnicom Group		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		373,726 USD		3,658
One Gas Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		694,385 USD		3,687
Oneok, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		707,236 USD		8,033
Onespan, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		228,595 USD		(8,732	)
Oppenheimer Holdings		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		169,240 USD		(1,688	)
Orange Belgium		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		376,298 EUR		(51,983	)
Orange Belgium		04/03/19	M	0.63%	JPMorgan Chase Bank, N.A.		897,802 EUR		(124,024	)

See Notes to Consolidated Schedule of Investments.

109

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Orion Group Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		278,256 USD	$	9,911
Oritani Financial Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		171,798 USD		(3,124	)
Orsted A/S		09/20/18	M	0.10%	Credit Suisse Securities (Europe) Limited		1,596,360 DKK		6,314
Orthofix International NV		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,015,386 USD		(37,968	)
Otter Tail Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		577,127 USD		7,829
Outfront Media, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		20,438 USD		(15	)
Owens & Minor, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		610,632 USD		3,911
Oxford Immunotec Global PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		227,635 USD		(12,178	)
Oxford Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		282,645 USD		(1,177	)
PACCAR, inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		84,544 USD		(2,695	)
Packaging Corporation of America		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		320,613 USD		(6,371	)
Panhandle Oil and Gas, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		35,254 USD		(378	)
Papeles y Cartones de Europa		07/30/18	M	0.05%	Deutsche Bank AG		3,362,439 EUR		4,139
Par Pacific Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		605,853 USD		(3,810	)
Par Technology Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		32,035 USD		3,184
Paramount Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		133,187 USD		2,826
Pargesa Holding SA		09/20/18	M	0.33%	Credit Suisse Securities (Europe) Limited		218,762 CHF		(12,162	)
Park Electrochemical Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		578,240 USD		52,945
Park Ohio Holdings Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		228,724 USD		(11,749	)
Partners Holdings Group AG		09/20/18	M	0.33%	Credit Suisse Securities (Europe) Limited		417,746 CHF		(8,243	)
Pattern Energy Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		273,480 USD		(7,942	)
Patterson Cos, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		694,033 USD		4,135
Paychex, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		758,383 USD		(14,325	)
PBF Energy, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		618,196 USD		(51,973	)
PC Connection, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		474,190 USD		21,021
PCSB Financial Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		60,761 USD		61
PDF Solutions, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		169,755 USD		(7,031	)
PDL Biopharma, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		620,260 USD		(44,304	)
Peabody Energy Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		546,574 USD		(11,365	)
Pegasystems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		64,098 USD		(914	)
PennyMac Mortgage Investment Trust		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		209,168 USD		7
Penske Automotive Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		599,378 USD		(36,475	)
Penumbra, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		324,557 USD		(30,988	)
People's Utah Bancorp		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		43,843 USD		(1,682	)
Perficient, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		578,064 USD		(14,432	)
Perkinelmer, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		7,337 USD		(14	)
Pernod Ricard SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		209,390 EUR		(12,206	)
Perrigo Co. PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		613,422 USD		(15,706	)
Perry Ellis International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		563,626 USD		(11,532	)
Petroleum Geo-Services		09/20/18	M	1.21%	Credit Suisse Securities (Europe) Limited		2,018,454 NOK		8,942
Peugeot SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		396,526 EUR		(34,406	)
Pfizer, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		627,235 USD		(1,514	)
PHI, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		128,177 USD		(11,914	)
Phibro Animal Health Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		924,981 USD		(12,362	)
Phillips 66		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		777,787 USD		(7,116	)
Photronics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		303,971 USD		(11,902	)
PICO Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		319,596 USD		14,910
Piedmont Office Realty Trust		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		120,290 USD		744
Pier 1 Imports, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		452,635 USD		(84,966	)

See Notes to Consolidated Schedule of Investments.

110

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Pinnacle Entertainment, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		9,206,051 USD	$	913,253
Pinnacle Foods, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		19,762,456 USD		(38,476	)
Pinnacle West Capital		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		720,821 USD		25,165
Platform Specialty Products		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		92,143 USD		239
Playtech Ltd.		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		178,320 GBP		(4,296	)
Plexus Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		332,654 USD		(10,542	)
Plus 500 Ltd.		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		428,034 GBP		(4,511	)
PNM Resources, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		23,486 USD		10
PolyOne Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		58,475 USD		2
Portland General Electric Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		688,982 USD		15,233
Potbelly Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		236,440 USD		(6,863	)
Powell Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		423,451 USD		(7,058	)
Power Integrations, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		101,424 USD		(5,217	)
PPL Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		262,664 USD		5,363
PQ Group Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		13,951 USD		269
PRA Health Sciences, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		298,230 USD		(3,026	)
Premier Oil PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		79,552 GBP		16,413
Premier, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		672,706 USD		12,984
Presidio, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		394,408 USD		(43,406	)
Prestige Brands Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		266,716 USD		10,887
PriceSmart, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		233,623 USD		(6,739	)
Primerica, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		15,133 USD		(93	)
Primoris Services Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		276,495 USD		(8,688	)
Procter & Gamble Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		189,016 USD		(111	)
Progress Software Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		179,019 USD		(292	)
PROS Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		11,035 USD		155
Providence Service Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		987,604 USD		17,836
Prudential Financial, Inc.		05/08/19	M	2.39%	Credit Suisse Securities (Europe) Limited		818,147 USD		(41,920	)
Prudential PLC		04/11/19	M	0.80%	JPMorgan Chase Bank, N.A.		11,025,000 GBP		(815,606	)
Prudential PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		4,116,077 GBP		(277,881	)
Prysmian SpA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		3,459,012 EUR		(616,267	)
PS Business Parks, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		103,752 USD		590
PTC, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		129,741 USD		1,312
Publicis Groupe		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		5,175,448 EUR		(57,250	)
Publicis Groupe		03/05/19	M	0.07%	JPMorgan Chase Bank, N.A.		5,993,129 EUR		(23,669	)
PulteGroup, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		71,960 USD		663
Puma SE		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		27,000 EUR		63
QAD, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		543,157 USD		(30,524	)
Qiagen N.V.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		184,082 USD		(1,836	)
Quad Graphics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		90,694 USD		791
Quaker Chemical Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		246,110 USD		(6,835	)
Quality Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		765,721 USD		(5,065	)
Qualys, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		4,062 USD		(15	)
Quanex Building Products		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		153,647 USD		(8,108	)
Quanta Services, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		210,913 USD		(10,847	)
Quest Diagnostics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		893,208 USD		(10,829	)
Quilter PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		28,087 GBP		6,057
Quorum Health Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		164,890 USD		(3,765	)
R1 RCM, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		373,160 USD		(8,096	)
Radnet, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		579,710 USD		50,410
Rambus, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		440,883 USD		(35,953	)
Range Resources Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		74,675 USD		3,505
Rayonier Advanced Materials		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		92,708 USD		3,987
Rayonier, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		36,901 USD		9
RCI Hospitality Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		250,133 USD		11,834
Reading International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		128,603 USD		(238	)

See Notes to Consolidated Schedule of Investments.

111

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
RealNetworks, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		30,746 USD	$	1,063
Reckitt Benckiser Group PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		2,215,074 GBP		37,491
Red Lion Hotels Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		12,810 USD		(577	)
Redwood Trust, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		241,893 USD		(822	)
Regal Beloit Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		162,792 USD		808
Regeneron Pharmaceuticals		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		102,654 USD		5,673
Regis Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		343,387 USD		(23,156	)
Reis, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		84,125 USD		(20	)
Reliance Steel & Aluminum		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,150,116 USD		(61,906	)
Renault SA		10/10/18	M	0.07%	JPMorgan Chase Bank, N.A.		6,710,400 EUR		(1,032,335	)
Renault SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		1,788,805 EUR		(265,986	)
Renewable Energy Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		249,645 USD		7,734
Rentokil Initial PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		69,900 GBP		158
Repligen Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		56,605 USD		1,019
Republic Services, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,030,174 USD		(10,790	)
ResMed, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		735,320 USD		(17,200	)
Resources Connection, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		585,097 USD		(27,109	)
Retrophin, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		284,285 USD		(13,948	)
REX American Resources Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		533,394 USD		41,898
Rheinmetall AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		232,201 EUR		(32,973	)
Ribbon Communication, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		270,956 USD		21,348
Rightmove PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		77,365 GBP		2,805
RingCentral, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		12,939 USD		358
Rio Tinto PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		86,036 GBP		(498	)
RLI Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		105,338 USD		(427	)
RMR Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		278,466 USD		(3,813	)
Robert Half International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		362,443 USD		(17,087	)
Roche Holdings AG		09/20/18	M	0.33%	Credit Suisse Securities (Europe) Limited		4,011,592 CHF		166,357
Rocket Internet SE		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		96,846 EUR		7,172
Rockwell Collins, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		23,366,176 USD		203,902
Rockwell Medical, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		253,650 USD		(19,475	)
Rockwool International		09/20/18	M	0.10%	Credit Suisse Securities (Europe) Limited		2,763,588 DKK		26,958
Rocky Brands, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		173,834 USD		(3,314	)
Rollins, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		482,720 USD		2,068
Rosetta Stone, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		461,053 USD		(2,402	)
Rowan Companies PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		189,354 USD		20,436
Royal Dutch Shell PLC		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		8,090,992 EUR		291,181
Royal Gold, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		491,130 USD		3,057
Royal Mail PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		201,663 GBP		1,589
Royal Unibrew		09/20/18	M	0.10%	Credit Suisse Securities (Europe) Limited		2,937,339 DKK		37,502
RR Donnelley & Sons Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		92,054 USD		(14,761	)
RSA Insurance Group PLC		03/21/19	M	0.80%	JPMorgan Chase Bank, N.A.		3,260,000 GBP		180,806
RSA Insurance Group PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		4,666,031 GBP		258,787
RSP Permian, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		22,487,482 USD		(505,258	)
Rubis		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		236,012 EUR		(25,269	)
Rudolph Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		259,039 USD		(18,124	)
Rush Enterprises, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		91,304 USD		(2,143	)
Ruth's Hospitality Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		351,008 USD		1,917
RWE AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		7,942,321 EUR		(296,599	)
Ryder System, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		209,886 USD		(1,132	)

See Notes to Consolidated Schedule of Investments.

112

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Ryman Hospitality Properties		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		114,618 USD	$	544
S&P Global, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		52,204 USD		400
S&T AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		102,376 EUR		217
S&T Bancorp, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		71,314 USD		(1,741	)
Sabre Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		129,444 USD		(8,117	)
Safe Bulkers, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		205,515 USD		(21,633	)
Safety Insurance Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		196,506 USD		(2,734	)
Safran SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		1,930,685 EUR		14,173
Safran SA		10/10/18	M	0.07%	JPMorgan Chase Bank, N.A.		10,340,000 EUR		75,907
Sally Beauty Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		60,410 USD		2,219
Salmar ASA		09/20/18	M	1.21%	Credit Suisse Securities (Europe) Limited		3,006,502 NOK		(17,294	)
Sanderson Farms, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		49,918 USD		(77	)
SandRidge Energy, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		310,436 USD		42,359
Sanmina Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		144,909 USD		(4,797	)
Sanofi		06/11/19	M	0.07%	JPMorgan Chase Bank, N.A.		3,434,000 EUR		(1,752	)
Sanofi		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		1,574,695 EUR		(803	)
SAP SE		06/11/19	M	0.07%	JPMorgan Chase Bank, N.A.		9,559,902 EUR		(519,584	)
SAP SE		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		4,031,092 EUR		(163,471	)
Sartorius AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		250,465 EUR		8,942
Saul Centers, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		40,017 USD		489
SCANA Corp.		07/30/18	M	2.29%	Deutsche Bank AG		12,427,974 USD		(778,101	)
ScanSource, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		682,390 USD		(17,319	)
Schneider National, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		171,133 USD		(7,091	)
Schnitzer Steel Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		401,533 USD		(23,554	)
Scholastic Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,248,081 USD		(21,447	)
Schweitzer Mauduit International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		912,505 USD		11,167
Science Applications International Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		88,374 USD		(1,050	)
Scorpio Tankers, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		166,222 USD		4,871
Scout24 AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		349,193 EUR		(1,152	)
Seacor Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		612,569 USD		37,045
SeaCor Marine Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		447,319 USD		9,355
Seattle Genetics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		36,364 USD		1,213
Secureworks Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		359,151 USD		(3,380	)
Segro PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		333,980 GBP		1,188
Select Income REIT		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		355,446 USD		7,512
Select Medical Holdings Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		526,526 USD		(8,561	)
Semgroup Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		293,252 USD		13,275
Seneca Foods Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		167,944 USD		(5,998	)
Senior PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		169,950 GBP		(5,474	)
Sensient Technologies Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		324,488 USD		134
Seres Therapeutics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		48,901 USD		575
Service Corp International		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		219,343 USD		49
ServiceSource International		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		90,248 USD		(2,883	)
Shiloh Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		127,456 USD		(3,742	)
Ship Finance Internatiional Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,023,657 USD		10,375
Shire PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		2,127,763 GBP		158,228
Shire PLC		07/17/19	M	0.80%	JPMorgan Chase Bank, N.A.		1,130,500 GBP		84,068
Shire PLC ADR		07/30/18	M	2.29%	Deutsche Bank AG		16,055,416 USD		304,173
Shutterstock, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		93,696 USD		(722	)
SIAS SpA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		175,820 EUR		159

See Notes to Consolidated Schedule of Investments.

113

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Siegfried Holding AG REG		09/20/18	M	0.33%	Credit Suisse Securities (Europe) Limited		265,200 CHF	$	(2,343	)
Sigma Designs, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		133,756 USD		(1,087	)
Silgan Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		509,658 USD		(5,549	)
Silicon Laboratories, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		76,368 USD		(672	)
Siltronic AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		337,180 EUR		(45,849	)
SilverBow Resources, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		148,253 USD		13,186
Simcorp A/S		09/20/18	M	0.10%	Credit Suisse Securities (Europe) Limited		711,460 DKK		(5,440	)
Simpson Manufacturing Co., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		170,507 USD		329
Simulations Plus, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		236,449 USD		5,119
Sirius XM Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		10,471 USD		(59	)
Six Flags Entertainment Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		510,678 USD		(10,031	)
SIXT SE		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		480,938 EUR		(48,896	)
SJW Group		07/30/18	M	2.29%	Deutsche Bank AG		1,956,455 USD		544
Sky PLC		07/30/18	M	0.86%	Deutsche Bank AG		4,963,010 GBP		3,066,868
Sky PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		50,539 GBP		6,211
Sky PLC		03/05/19	M	0.80%	JPMorgan Chase Bank, N.A.		5,770,906 GBP		709,208
Skywest, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		612,283 USD		(48,182	)
SMA Solar Technology		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		156,823 EUR		(28,797	)
Smart Global Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		142,369 USD		(17,088	)
Smith & Nephew PLC		04/11/19	M	0.80%	JPMorgan Chase Bank, N.A.		6,837,500 GBP		201,262
Smith & Nephew PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		1,424,566 GBP		41,932
Smurfit Kappa Group PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		71,441 GBP		(489	)
Snap On, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		63,312 USD		(631	)
Societe Generale SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		5,569,625 EUR		(123,959	)
Societe Generale SA		04/25/19	M	0.07%	JPMorgan Chase Bank, N.A.		3,995,163 EUR		(101,109	)
Sonic Automotive, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		533,475 USD		(27,333	)
Sonic Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		88,616 USD		(123	)
Sonoco Products Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		927,788 USD		2,197
Sorrento Therapeutics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		65,876 USD		2,999
Sothern Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		466,756 USD		10,237
South Jersey Industries		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		135,458 USD		263
South32 Ltd.		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		62,513 GBP		(3,119	)
Southern Copper Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		302,002 USD		(1,378	)
Southern First Bancshares		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		70,942 USD		(3,670	)
Southern National Bancorp of Virginia, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		65,136 USD		2,388
Southwest Airlines Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,294,474 USD		(34,685	)
Southwest Gas Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		340,792 USD		(6,119	)
SP Plus Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		386,680 USD		(17,359	)
Spartannash Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		92,625 USD		(1,264	)
Sparton Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		88,190 USD		(247	)
Speedway Motorsports, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		158,539 USD		(2,039	)
Spie SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		2,006,488 EUR		(131,096	)
Spie SA		04/03/19	M	0.07%	JPMorgan Chase Bank, N.A.		2,247,235 EUR		(146,825	)
Spirit Airlines, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		62,337 USD		(1,487	)
Spok Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		437,670 USD		6,786
Sports Direct International		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		74,507 GBP		(3,431	)
Sprint Corp.		07/30/18	M	2.29%	Deutsche Bank AG		14,264,872 USD		214,237
SPS Commerce, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		326,270 USD		(9,424	)
SSAB AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		924,753 SEK		(9,243	)
Staar Surgical Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		369,254 USD		21,129
Standard Chartered PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		2,188,844 GBP		(70,583	)
Standard Chartered PLC		07/17/19	M	0.80%	JPMorgan Chase Bank, N.A.		996,100 GBP		(34,921	)

See Notes to Consolidated Schedule of Investments.

114

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Standard Life Aberdeen PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		3,139,459 GBP	$	(250,867	)
Standard Motor Products, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		583,572 USD		(930	)
Standex International Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		443,460 USD		(12,891	)
Starbucks Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		26,437 USD		(9	)
Starwood Property Trust, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		882,513 USD		(23,470	)
State Bank Financial Corp.		07/30/18	M	2.29%	Deutsche Bank AG		1,161,066 USD		(12,975	)
Steel Dynamics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		261,680 USD		(6,290	)
Steelcase, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		549,756 USD		(53,321	)
Stepan Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		40,416 USD		929
Steris PLC		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		871,757 USD		(10,465	)
Stewart Information Services		07/30/18	M	2.29%	Deutsche Bank AG		1,839,836 USD		(31,111	)
Stewart Information Services Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		15,774 USD		(11	)
Stora Enso Oyj		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		429,048 EUR		(25,669	)
Store Capital Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		9,575 USD		70
Stratasys Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		149,136 USD		(7,251	)
Stryker Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		394,808 USD		(3,053	)
Sturm Ruger & Co., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		67,267 USD		(2,363	)
Suncoke Energy, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		38,631 USD		2
Super Micro Computer, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		296,707 USD		(21,705	)
Superior Industires International		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		230,238 USD		(13,899	)
Supernus Pharmaceuticals, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		131,185 USD		9,463
Surmodics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		877,658 USD		(88	)
Sutherland Asset Management		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		21,383 USD		(274	)
Svenska Cellulosa AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		4,936,369 SEK		(9,899	)
Swatch Group AG		09/20/18	M	0.33%	Credit Suisse Securities (Europe) Limited		240,286 CHF		(10,966	)
Swedish Match AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		4,569,221 SEK		21,945
Swedish Orphan Biovitrum AB		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		990,928 SEK		5,652
Sykes Enterprises, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		523,442 USD		(11,561	)
Synnex Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		100,104 USD		(9,771	)
Synopsys, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		542,104 USD		(3,269	)
Syntel, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		232,002 USD		(10,228	)
Sysco Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		311,409 USD		130
Systemax, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		446,778 USD		(34,406	)
T. Rowe Price Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		59,017 USD		(856	)
Tactile Systems Technology, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		210,159 USD		(9,751	)
TAG Immobilien AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		403,453 EUR		1,999
Tandem Diabetes Care, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		265,862 USD		(7,237	)
Targa Resources Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		478,644 USD		10,020
Target Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		136,944 USD		(537	)
Taylor Morrison Home Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		21,387 USD		182
TCF Financial Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		25,368 USD		(797	)
Tecan Group AG REG		09/20/18	M	0.33%	Credit Suisse Securities (Europe) Limited		235,522 CHF		11,372
Tech Data Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		154,512 USD		(6,204	)
Technogym SpA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		259,148 EUR		(13,937	)
TechTarget		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		585,719 USD		(3,121	)
Teekay Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		482,641 USD		(622	)
Tegna, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		308,795 USD		(16,181	)

See Notes to Consolidated Schedule of Investments.

115

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Teledyne Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		8,711 USD	$	48
Teleflex, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		367,624 USD		(14,392	)
Teleperformance		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		107,523 EUR		2,887
Telephone and Data Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		457,247 USD		6,836
Temenos Group AG REG		09/20/18	M	0.33%	Credit Suisse Securities (Europe) Limited		275,972 CHF		(3,304	)
Tenneco, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		81,368 USD		(833	)
Territorial BanCorp. Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		117,942 USD		137
Tesco PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		211,797 GBP		2,084
Tetra Tech, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		218,351 USD		2,603
Texas Instruements, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		128,069 USD		(179	)
Texas Roadhouse, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		417,779 USD		(3,821	)
TFS Financial Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		390,210 USD		(8,182	)
TGS Nopec Geophysical Co. ASA		09/20/18	M	1.21%	Credit Suisse Securities (Europe) Limited		2,072,239 NOK		27,020
Thales SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		3,135,628 EUR		(10,348	)
Thermon Group Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		17,230 USD		(9	)
Thule Group PLC		09/20/18	M	0.03%	Credit Suisse Securities (Europe) Limited		2,134,916 SEK		4,970
Tidewater, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		59,211 USD		(1,698	)
Tiffany & Co.		05/08/19	M	2.39%	Credit Suisse Securities (Europe) Limited		747,577 USD		(25,620	)
Tim Participacs ADR		05/08/19	M	2.39%	Credit Suisse Securities (Europe) Limited		1,104,954 USD		(14,871	)
Timberland Bancorp, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		25,291 USD		1,669
Timken Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		137,185 USD		(11,935	)
tivity Health, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		119,769 USD		1,565
Tivo Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		524,785 USD		(29,462	)
TJX Companies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		245,919 USD		788
TLG ImmobilienAG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		398,750 EUR		(12,306	)
Toll Brothers, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		126,267 USD		794
Tootsie Roll Industries		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		528,745 USD		22,329
Topdanmark A/S		09/20/18	M	0.10%	Credit Suisse Securities (Europe) Limited		2,459,590 DKK		(8,151	)
Torchmark Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		178,808 USD		(276	)
Toro Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		28,711 USD		209
Total SA		02/19/19	M	0.07%	JPMorgan Chase Bank, N.A.		5,385,977 EUR		(16,821	)
Total SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		1,907,686 EUR		(5,958	)
Total System Services, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		112,576 USD		(1,685	)
Tower International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		339,174 USD		(13,923	)
Townsquare Media, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		59,245 USD		(659	)
Tractor Supply Company		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		13,437 USD		(128	)
Travelport Worldwide Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		309,321 USD		(333	)
Travelzoo		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		49,887 USD		(895	)
Trecora Resources		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		128,068 USD		7,022
Tredegar Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		496,129 USD		(5,097	)
Tri Pointe Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		102,071 USD		(2,472	)
TriMas Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		72,630 USD		(2,041	)
Trimble, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		118,912 USD		(2,889	)
Trinity Industries, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		238,319 USD		(486	)
Trinseo SA		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		29,367 USD		77
Triple-S Management Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		729,655 USD		10,532
Triton International Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		414,854 USD		(36,111	)
Triumph Bancorp, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		23,150 USD		(452	)
Triumph Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		5,850 USD		(48	)
TrueBlue, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		120,808 USD		(7,564	)
TTEC Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		544,386 USD		(34,670	)
TTM Technologies		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		113,988 USD		(8,314	)
TUI AG		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		423,184 GBP		(25,641	)
Tupperware Brands Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		400,806 USD		(16,284	)
Turning Point Brands, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		26,256 USD		30

See Notes to Consolidated Schedule of Investments.

116

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Tutor Perini Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		231,192 USD	$	(5,991	)
Twenty First Century Fox		05/08/19	M	2.39%	Credit Suisse Securities (Europe) Limited		2,948,509 USD		81,695
Twenty First Century Fox		05/08/19	M	0.00%	Credit Suisse Securities (Europe) Limited		694,393 USD		(422	)
Tyler Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		524,100 USD		(7,939	)
U.S. Physical Therapy, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,171,942 USD		(15,622	)
Ubisoft Entertainment		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		480,298 EUR		(23,337	)
UBS Group AG REG		09/20/18	M	0.33%	Credit Suisse Securities (Europe) Limited		5,463,188 CHF		(23,470	)
UBS Group AG REG		01/03/19	M	0.48%	JPMorgan Chase Bank, N.A.		280,665 CHF		(2,293	)
UFP Technologies, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		75,353 USD		(202	)
UGI Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		581,317 USD		7,750
Umicore NV		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		420,045 EUR		(14,245	)
Unicaja Banco SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		84,929 EUR		(2,061	)
Unicredit SpA		10/04/19	M	0.05%	Credit Suisse Securities (Europe) Limited		20,360,194 EUR		6,492
Unifi, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		324,357 USD		(7,389	)
UniFirst Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		601,124 USD		(14,701	)
Uniper SE		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		176,256 EUR		323
Unite Group PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		324,853 GBP		2,253
United Community Financial		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		70,345 USD		(2,691	)
United Continental Holdings		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		223,017 USD		(7,551	)
United Fire Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		20,536 USD		(41	)
United Insurance Holdings Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		38,887 USD		(2,311	)
United Natural Foods, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		108,158 USD		3,184
United Parcel Service		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		494,274 USD		(1,367	)
United Therapeutics Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		366,516 USD		(10,094	)
UnitedHealth Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		404,942 USD		(12,643	)
Unitil Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		450,472 USD		4,856
Universal Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		394,610 USD		5,521
Universal Health Realty Income Trust		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		659 USD		(19	)
Universal Health Services, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		881,721 USD		(29,205	)
Universal Logistics Holdings		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		279,090 USD		(1,417	)
Universal Stainless & Alloy		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		135,114 USD		(2,396	)
Unum Therapeutics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		32,342 USD		161
UPM Kymmene Oyj		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		205,216 EUR		(10,192	)
US Cellular Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		218,998 USD		1,908
US Ecology, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		171,510 USD		5,449
Usana Health Sciences, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		53,999 USD		(269	)
USG Corp.		07/30/18	M	2.29%	Deutsche Bank AG		16,847,117 USD		7,628
Utah Medical Products, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		434,787 USD		(2,559	)
Vail Resorts, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		245,808 USD		(134	)
Valeo SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		2,416,965 EUR		(291,507	)
Valero Energy Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		688,132 USD		(17,832	)
Valhi, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		44,280 USD		(6,776	)
Validus Holdings Ltd.		07/30/18	M	2.29%	Deutsche Bank AG		19,608,171 USD		42,067
Valmont Industries		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		303,124 USD		487
Valvoline, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		320,530 USD		15,746
Vanda Pharmaceuticals, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		228,413 USD		3,655
Varex Imaging Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		488,053 USD		(1,803	)
Varian Medical Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		523,835 USD		(28,244	)
Varonis Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		58,182 USD		(4,393	)
VAT Group AG		09/20/18	M	0.33%	Credit Suisse Securities (Europe) Limited		133,637 CHF		(11,625	)

See Notes to Consolidated Schedule of Investments.

117

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Vector Group Ltd.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		649,613 USD	$	(3,965	)
Vectren Corp.		07/30/18	M	2.29%	Deutsche Bank AG		16,318,866 USD		348,275
Veeva Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		237,239 USD		(6,428	)
Vera Bradley, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		29,489 USD		(1,255	)
Veracyte, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		380,500 USD		11,780
Verbund AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		276,915 EUR		(6,370	)
Vericel Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		7,284 USD		(77	)
Verint Systems, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		187,426 USD		(3,152	)
Verisign, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		109,359 USD		165
Verisk Analytics, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		416,647 USD		243
Verizon Communications, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		219,283 USD		3,540
VF CORP		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		67,662 USD		162
Viad Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		529,684 USD		(19,409	)
ViaSat, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		53,125 USD		1,226
Victrex PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		410,591 GBP		(25,854	)
Vifor Pharma AG		09/20/18	M	0.33%	Credit Suisse Securities (Europe) Limited		380,041 CHF		(3,119	)
Village Super Market, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		220,297 USD		4,188
Vinci SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		3,849,772 EUR		(113,994	)
Virgin Money Holdings		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		63,747 GBP		2,820
Virgin Money Holdings		07/30/18	M	0.86%	Deutsche Bank AG		147,309 GBP		3,866
Virtusa Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		75,946 USD		(2,147	)
Vishay Intertechnology, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		51,157 USD		(2,298	)
Vishay Precision Group		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		463,002 USD		(1,768	)
Vivendi		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		3,131,681 EUR		(104,684	)
Vivendi		10/10/18	M	0.07%	JPMorgan Chase Bank, N.A.		13,290,515 EUR		(507,585	)
Vocera Communcations, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		632,513 USD		7,163
Vodafone Group PLC		03/21/19	M	0.80%	JPMorgan Chase Bank, N.A.		4,620,000 GBP		(32,334	)
Vodafone Group PLC		05/08/19	M	2.39%	Credit Suisse Securities (Europe) Limited		46,388 USD		(806	)
Vodafone Group PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		9,485,623 GBP		(66,387	)
Volkswagen AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		3,780,729 EUR		(413,495	)
VSE Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		381,389 USD		(11,333	)
W&T Offshore, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		110,806 USD		5,703
Walt Disney Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		84,835 USD		480
Washington REIT		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		37,880 USD		427
Waster Managemetn, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		1,079,245 USD		(6,289	)
Waters Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		48,875 USD		(284	)
Waterstone Financial, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		44,745 USD		(1,045	)
WatsCo, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		774,034 USD		(18,662	)
Watts Water Technologies		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		309,633 USD		(3,951	)
WD 40 Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		484,671 USD		(2,778	)
WEC Energy Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		143,307 USD		6,487
Weis Markets, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		668,651 USD		(8,408	)
WellCare Health Plans, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		343,134 USD		8,497
Wesco International, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		237,844 USD		(8,473	)
West Pharmaceutical Services		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		579,992 USD		(8,578	)
Western Asset Mortgage Capital		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		234,564 USD		(7,814	)
Western Union Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		332,519 USD		(2,766	)
WestRock Co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		650,772 USD		(19,218	)
WEX, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		41,319 USD		206
Weyco Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		128,980 USD		(816	)
WGL Holdings, Inc.		07/30/18	M	2.29%	Deutsche Bank AG		20,697,998 USD		1,071,045
Whirlpool Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		28,475 USD		479
White Mountains Insureance Group		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		115,363 USD		683
Willdan Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		64,013 USD		3,718
William Demant Holding		09/20/18	M	0.10%	Credit Suisse Securities (Europe) Limited		3,046,355 DKK		372

See Notes to Consolidated Schedule of Investments.

118

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
William Lyon Homes		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		114,294 USD	$	(822	)
William’s Sonoma, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		249,389 USD		(2,580	)
Williams Cos., Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		557,615 USD		4,132
Willis Lease Finance Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		107,758 USD		1,070
Wingstop, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		54,396 USD		(87	)
Wirecard AG		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		673,485 EUR		(50,922	)
Wizz Air Holdings PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		157,952 GBP		(2,686	)
Wolters Kluwer		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		87,673 EUR		526
Wolverine World Wide, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		26,037 USD		(481	)
Workiva, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		376,704 USD		(17,341	)
World Fuel Services Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		293,552 USD		(18,160	)
Worldline SA		09/20/18	M	0.05%	Credit Suisse Securities (Europe) Limited		143,660 EUR		(19,766	)
Worthington Industries		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		426,475 USD		(44,758	)
WP Carey, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		285,383 USD		(277	)
WR Berkley Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		84,075 USD		(7	)
Wright Medical Group NV		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		398,696 USD		1,919
Xbiotech, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		14,000 USD		(62	)
Xcel Energy, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		930,963 USD		37,408
Xcerra Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		817,205 USD		(4,570	)
Xencor, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		142,840 USD		(10,419	)
Xenia Hotels & Resorts, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		59,422 USD		(690	)
Xerox Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		725,561 USD		(86,633	)
Xilinx, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		126,263 USD		(311	)
XL Group Ltd.		07/30/18	M	2.29%	Deutsche Bank AG		19,237,699 USD		138,737
XO Group, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		790,711 USD		(31,703	)
Xperi Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		174,848 USD		(19,709	)
York Water co.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		89,230 USD		64
Yum! Brands, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		141,873 USD		(295	)
Zimmer Biomet Holdings, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		642,997 USD		(7,009	)
Zix Corp.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		228,582 USD		(1,005	)
Zoetis, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		356,457 USD		(5,985	)
Zscaler, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		81,818 USD		2,266
Zynga, Inc.		04/22/19	M	2.22%	Morgan Stanley Capital Services LLC		20,728 USD		(1,245	)
Total Buys								$	(8,630,674	)
Sells
2U, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		281,684 USD	$	23,901
3M Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		721,454 USD		14,049
A2A SpA		10/04/19	M	0.90%	Credit Suisse Securities (Europe) Limited		320,433 EUR		(1,900	)
AAON, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		148,352 USD		223
ABN AMRO Group NV		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		875,293 EUR		5,945
Abraxas Petroleum Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		342,358 USD		(61,485	)
Acacia Communications, Inc.		04/22/19	M	0.00%	Morgan Stanley Capital Services LLC		540,686 USD		(18	)
Acadia Pharmaceuticals, Inc.		04/22/19	M	1.15%	Morgan Stanley Capital Services LLC		507,862 USD		17,679
Acadia Realty Trust		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		48,444 USD		(439	)
Acceleron Pharma, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		235,128 USD		(82,047	)
Achillion Pharmaceuticals		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		3,811 USD		(106	)
Aclaris Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		186,705 USD		(1,632	)
Acorda Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		134,644 USD		7,130
Activision Blizzard, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		404,335 USD		4,189
Actuant Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		89,018 USD		(11,858	)
Acuity Brands, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		425,805 USD		19,797
Acxiom Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		84,727 USD		447

See Notes to Consolidated Schedule of Investments.

119

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Adamas Pharmaceuticals, Inc.		04/22/19	M	0.10%	Morgan Stanley Capital Services LLC		658,395 USD	$	3,837
Adobe Systems, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		226,823 USD		4,224
ADT, Inc.		04/22/19	M	0.65%	Morgan Stanley Capital Services LLC		77,111 USD		(2,547	)
Adtalem Global Education, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		133,485 USD		(3,119	)
Aduro Biotech, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		93,252 USD		10,624
Advance Auto Parts, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		404,756 USD		4,441
Advanced Drainage Systems, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		281,938 USD		4,375
Advanced Micro Devices		04/22/19	M	0.80%	Morgan Stanley Capital Services LLC		665,317 USD		46,290
Advansix, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		120,299 USD		9,530
Aegon N.V.		03/21/19	M	0.67%	JPMorgan Chase Bank, N.A.		5,487,040 EUR		170,032
Aegon N.V.		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		5,410,323 EUR		169,599
Aerie Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		283,146 USD		(14,750	)
Aerohive Networks, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		190,663 USD		12,601
Aerojet Rocketdyne Holdings		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		539,448 USD		(1,310	)
Aerovironment, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		440,578 USD		(90,290	)
Affiliated Managers Group		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		84,623 USD		773
Aflac, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		53,964 USD		1,307
Ageas		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		5,204,768 EUR		34,104
Agenus, Inc.		04/22/19	M	1.35%	Morgan Stanley Capital Services LLC		212,004 USD		21,224
Agilent Technologies, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		171,790 USD		(620	)
Agios Pharmaceuticals, Inc.		04/22/19	M	1.40%	Morgan Stanley Capital Services LLC		184,147 USD		14,760
AIB Group PLC		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		1,301,592 EUR		64,589
Aimmune Therapeutics, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		24,052 USD		174
Air Liquide SA		04/11/19	M	0.67%	JPMorgan Chase Bank, N.A.		3,042,875 EUR		94,738
Air Liquide SA		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		1,280,663 EUR		39,873
Air Products & Chemicals, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		33,339 USD		168
Air Transport Services Group		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		62,960 USD		1,448
AK Steel Holding Corp.		04/22/19	M	1.05%	Morgan Stanley Capital Services LLC		818,563 USD		57,514
Akamai Technologies, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		113,905 USD		4,939
Akorn, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		397,536 USD		(26,769	)
Alarm.com Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		4,652 USD		(153	)
Albemarle Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		400,314 USD		(2,947	)
Alcoa Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		323,130 USD		(11,922	)
Alder Biopharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		352,996 USD		27,090
Aldeyra Therapeutics, Inc.		04/22/19	M	0.75%	Morgan Stanley Capital Services LLC		65,948 USD		1,291
Alexandria Real Estate Equities, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		51,280 USD		(198	)
Alexion Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		181,332 USD		(2,038	)
Alibaba		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		188,910,075 USD		20,407,091
Align Technology, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		149,235 USD		3,141
Alkermes PLC		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		25,703 USD		(228	)
Allegheny Technologies, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		126,038 USD		8,100
Allegion PLC		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		197,643 USD		(708	)
Alliance Data Systems Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		169,659 USD		355
Alliance One International		04/22/19	M	0.50%	Morgan Stanley Capital Services LLC		111,859 USD		5,077
Allianz SE REG		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		1,824,161 EUR		39,449

See Notes to Consolidated Schedule of Investments.

120

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Allison Transmission Holding		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		62,556 USD	$	444
Allstate Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		45,442 USD		355
Alnylam Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		898,701 USD		70,893
Alphabet, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		279,902 USD		2,122
Alta Mesa Resources, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		550,810 USD		4,396
Altair Engineering, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		38,525 USD		(338	)
Alteryx, Inc.		04/22/19	M	0.55%	Morgan Stanley Capital Services LLC		619,532 USD		25,152
Altran Technologies SA		01/16/19	M	0.77%	JPMorgan Chase Bank, N.A.		298,326 EUR		27,395
Altran Technologies SA		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		574,841 EUR		52,788
Altria Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		133,874 USD		(1,286	)
Amazon.Com, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		1,180,098 USD		7,236
AMBAC Financial Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		371,868 USD		3,353
Ambarella, Inc.		04/22/19	M	1.35%	Morgan Stanley Capital Services LLC		444,665 USD		42,581
AMC Entertainment Holdings, Inc.		04/22/19	M	0.35%	Morgan Stanley Capital Services LLC		38,188 USD		187
AMC Networks, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		218,040 USD		18,066
Amerco		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		49,573 USD		68
Ameren Corporation		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		213,010 USD		340
America Movil		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		407,616 USD		(11,833	)
American Assets Trust, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		33,420 USD		(351	)
American Axle & Manufact. Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		13,112 USD		804
American Campus Communities		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		107,612 USD		(103	)
American Equity Investment Life Holdings		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		26,499 USD		291
American Homes 4 Rent		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		30,578 USD		(275	)
American Outdoor Brands Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		334,662 USD		19,596
American Public Education		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		297,523 USD		8,802
American States Water Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		353,894 USD		73
American Water Works Co., Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		459,149 USD		(195	)
American Woodmark Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		698,228 USD		48,955
Ametek, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		356,188 USD		8,810
Amicus Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		115,715 USD		(842	)
Amneal Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		213,397 USD		24,321
Anadarko Petroleum Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		407,137 USD		(19,471	)
Anaptysbio, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		911,105 USD		46,833
Anglo American PLC		09/20/18	M	0.50%	Credit Suisse Securities (Europe) Limited		11,564,439 GBP		200,841
Anheuser Busch Inbev SA NV		09/20/18	M	0.95%	Credit Suisse Securities (Europe) Limited		231,354 EUR		(6,100	)
Antares Pharma, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		383,289 USD		41,114
AON PLC		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		283,701 USD		(241	)
Apache Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		215,945 USD		(17,759	)
Apartment Investment & Management Co.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		702,629 USD		(63,297	)
Apartment Invt + Mgmt Co.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		20,401 USD		(114	)
Apellis Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		350,263 USD		11,903

See Notes to Consolidated Schedule of Investments.

121

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Apogee Enterprises, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		69,772 USD	$	(6,867	)
Apple, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		16,594 USD		119
Applied Materials, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		201,748 USD		3,731
Apptio, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		60,019 USD		(1,376	)
Aptiv PLC		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		74,772 USD		2,476
Aqua America, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		154,553 USD		394
AquaVenture Holdings Ltd.		04/22/19	M	1.35%	Morgan Stanley Capital Services LLC		100,899 USD		(7,148	)
ArcBest Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		257,556 USD		10,502
Arch Capital Group Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		151,097 USD		328
Arch Coal, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		39,357 USD		220
Arconic, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		409,597 USD		9,505
Arena Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		501,526 USD		42,680
Argan, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		98,370 USD		(3,309	)
Arista Networks, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		730,098 USD		61,911
Arkema		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		159,985 EUR		3,879
Armstrong World Industries		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		117,701 USD		(925	)
Arqule, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		228,929 USD		(4,326	)
Array Biopharma, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		373,297 USD		23,652
Arthur J. Gallagher & Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		162,899 USD		1,331
Ashford Hospitality Trust		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		57,062 USD		(9,730	)
Aspen Insurance Holdings Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		211,067 USD		8,463
Assembly Biosciences, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		120,314 USD		18,447
Assicurazioni Generali		10/04/19	M	0.90%	Credit Suisse Securities (Europe) Limited		5,268,657 EUR		91,337
Assurant, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		47,642 USD		(999	)
Assured Guaranty Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		85,598 USD		(368	)
Astronics Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		134,101 USD		8,062
Asure Software, Inc.		04/22/19	M	0.55%	Morgan Stanley Capital Services LLC		195,314 USD		2,527
At Home Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		437,466 USD		(18,084	)
AT&T, Inc.		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		1,126,183 USD		(3,479	)
Atara Biotherapeutics, Inc.		04/22/19	M	1.50%	Morgan Stanley Capital Services LLC		394,034 USD		54,428
Athene Holding Ltd.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		60,257 USD		65
Athenex, Inc.		04/22/19	M	2.15%	Morgan Stanley Capital Services LLC		150,836 USD		5,605
Atkore International Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		128,874 USD		8,325
Atlas Copco AB		09/20/18	M	0.48%	Credit Suisse Securities (Europe) Limited		836,936 SEK		469
Atlas Financial Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		90,516 USD		9,325
Atlassian Corp PLC		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		238,223 USD		10,963
Audentes Therapeutics, Inc.		04/22/19	M	1.32%	Morgan Stanley Capital Services LLC		382,977 USD		1,718
Autodesk, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		579,592 USD		18,788
Autonation, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		83,210 USD		1,062
Autozone, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		323,574 USD		6,895
AvalonBay Communities, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		44,253 USD		(267	)
AvalonBay Communities, Inc.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		702,104 USD		(69,166	)
Aveo Pharmaceuticals, Inc.		04/22/19	M	0.40%	Morgan Stanley Capital Services LLC		210,831 USD		(7,116	)
Avis Budget Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		996,046 USD		175,583
Axalta Coating Systems Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		506,254 USD		10,655
Axis Capital Holdings Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		85,541 USD		887
Axon Enterprise, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		629,980 USD		11,195
AXT, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		85,815 USD		5,149
AZZ, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		64,667 USD		2,447

See Notes to Consolidated Schedule of Investments.

122

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Babcock & Wilcox Enterprises, Inc.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		843,632 USD	$	8,625
Baker Hughes		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		227,925 USD		(3,219	)
Banc of California, Inc.		04/22/19	M	1.35%	Morgan Stanley Capital Services LLC		92,154 USD		933
BancorpSouth Bank		03/17/20	T	1.66%	Goldman Sachs International		2,606,504 USD		53,307
Barclays PLC		09/20/18	M	0.50%	Credit Suisse Securities (Europe) Limited		418,240 GBP		15,719
Barnes Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		14,532 USD		(16	)
Basic Energy Services, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		490,781 USD		53,524
Bayerische Motoren Werke AG		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		2,750,368 EUR		303,806
BB&T Corp.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		9,630,572 USD		654,320
Beacon Roofing Supply, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		198,221 USD		5,621
Becton Dickinson And Co.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		128,819 USD		894
Beiersdorf AG		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		140,577 EUR		5,641
Bellicum Pharmaceuticals, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		684,355 USD		157,179
Berkshire Hathaway, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		48,859 USD		(44	)
Best Buy Co., Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		278,392 USD		4,087
Biglari Holdings, Inc.		04/22/19	M	1.27%	Morgan Stanley Capital Services LLC		28,003 USD		1,030
Biocryst Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		532,055 USD		(67	)
Biohaven Pharmaceutical Holdings		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		457,504 USD		13,497
BioTelemetry, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		96,919 USD		1,204
BJ’s Restaurants, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		96,673 USD		(1,127	)
Black Knight, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		122,049 USD		(1,169	)
Blackline, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		93,443 USD		11,056
Bloomin Brands, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		136,699 USD		13,486
Blue Capital Reinsurance Holdings Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		1,931 USD		(25	)
Bluebird Bio, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		645,281 USD		80,889
Bluelinx Holdings, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		342,703 USD		(6,964	)
Blueprint Medicines Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		707,498 USD		46,798
Bmc Stock Holdings, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		1,597 USD		(8	)
Boeing Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		538,383 USD		9,284
Boingo Wireless, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		796,246 USD		57,440
Bojangles, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		74,607 USD		(1,051	)
Booking Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		890,896 USD		15,193
Boot Barn Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		337,520 USD		25,792
Boston Beer Company, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		177,250 USD		(1,371	)
Boston Properties, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		9,977 USD		(56	)
Box, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		394,651 USD		21,750
Boyd Gaming Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		81,333 USD		4,145
Bper Banca		10/04/19	M	0.90%	Credit Suisse Securities (Europe) Limited		2,027,484 EUR		(142,049	)
Brandywine Realty Trust		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		10,435 USD		(385	)
Bright Horizons Family Solutions, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		34,409 USD		(346	)
Brink’s Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		487,606 USD		(543	)
Bristow Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		19,606 USD		656
Brixmor Property Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		107,471 USD		(1,170	)
Broadcom, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		18,617 USD		176
Brookfield Property Partners		07/30/18	M	1.74%	Deutsche Bank AG		59,989 USD		(324	)
Brown Forman Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		202,933 USD		(263	)
Brunswick Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		249,448 USD		9,646
Builders Firstsource, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		241,911 USD		6,592
Bunge Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		166,496 USD		3,933

See Notes to Consolidated Schedule of Investments.

123

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Burberry Group PLC		09/20/18	M	0.00%	Credit Suisse Securities (Europe) Limited		157,148 GBP	$	(1,158	)
Burlington Stores, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		296,902 USD		3,218
Cabot Oil & Gas Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		37,269 USD		(26	)
Cadence Bancorp		07/30/18	M	1.74%	Deutsche Bank AG		1,154,776 USD		22,206
Cadence Bancorp		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		69,701 USD		1,712
Caesar’s Entertainment Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		813,085 USD		44,269
Caesarstone Ltd.		04/22/19	M	0.30%	Morgan Stanley Capital Services LLC		75,507 USD		5,111
CAI International, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		95,252 USD		(4,495	)
Caixabank SA		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		734,208 EUR		6,537
Cal Maine Foods, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		284,761 USD		27,542
Calavo Growers, Inc.		04/22/19	M	1.15%	Morgan Stanley Capital Services LLC		109,080 USD		(723	)
California Resources Corp.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		450,956 USD		(125,496	)
Calithera Biosciences, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		396,972 USD		5,372
Callaway Golf Company		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		54,170 USD		3,786
Callon Petroleum Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		100,678 USD		(8,215	)
Camden Property Trust		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		42,846 USD		(77	)
Camden Property Trust		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		704,924 USD		(95,380	)
Capgemini		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		1,297,380 EUR		11,163
Capitol Federal Financial, Inc.		04/29/20	T	1.66%	Goldman Sachs International		4,386,129 USD		6,955
CapStar Financial Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		27,999 USD		1,297
Carbonite, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		356,807 USD		35,622
Cardtronics PLC		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		320,855 USD		276
Caretrust Reit, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		46,447 USD		266
Cargurus, Inc.		04/22/19	M	0.45%	Morgan Stanley Capital Services LLC		149,424 USD		(2,182	)
Carmax, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		420,111 USD		12,768
Carrizo Oil & Gas, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		848,517 USD		(52,653	)
Catalyst Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		305,320 USD		33,234
Caterpillar, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		593,160 USD		33,521
Cathay General Bancorp		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		8,696,573 USD		177,882
Cavco Industries Inc		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		142,016 USD		(2,093	)
CBL & Associates Properties		04/22/19	M	0.75%	Morgan Stanley Capital Services LLC		348,732 USD		(13,663	)
CBS Corp.		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		428,390 USD		(2,930	)
CBS Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		400,331 USD		(574	)
Celanese Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		32,366 USD		269
Celcuity, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		149,241 USD		(22,290	)
Celgene Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		203,656 USD		(1,883	)
Centennial Resource Development, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		128,146 USD		(13,408	)
Century Aluminum Company		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		640,803 USD		23,167
Century Communities, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		53,865 USD		4,174
CF Industries Holdings, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		51,570 USD		554
Chart Industries, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		131,067 USD		10,791
Charter Communications, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		698,367 USD		8,151
Chefs’ Warehouse, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		215,081 USD		(2,288	)
Chegg, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		522,704 USD		16,287
Chemocentryx, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		3,167 USD		98
Chemours Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		535,452 USD		42,435
Chesapeake Energy Corp.		04/22/19	M	0.65%	Morgan Stanley Capital Services LLC		320,118 USD		(41,395	)
Children’s Place, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		17,630 USD		476
Chipotle Mexican Grill, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		921,901 USD		60,024
Chubb Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		48,769 USD		(260	)

See Notes to Consolidated Schedule of Investments.

124

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Cigna Corp.		07/30/18	M	1.74%	Deutsche Bank AG		11,135,855 USD	$	(123,163	)
Cimarex Energy Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		173,954 USD		(22,506	)
Cimpress NV		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		235,667 USD		3,296
Circor International, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		61,726 USD		5,769
Cisco Systems, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		438,392 USD		3,058
Cision Ltd.		04/22/19	M	1.24%	Morgan Stanley Capital Services LLC		72,857 USD		(1,161	)
Clean Energy Fuels Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		27,301 USD		490
Clean Harbors, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		35,470 USD		(304	)
Clearside Biomedical, Inc.		04/22/19	M	0.00%	Morgan Stanley Capital Services LLC		398,516 USD		(2,808	)
Clearwater Paper Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		85,520 USD		859
Cleveland Cliffs, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		814,040 USD		21,620
Clipper Realty, Inc.		04/22/19	M	0.55%	Morgan Stanley Capital Services LLC		72,601 USD		4,666
Cloud Peak Energy, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		27,905 USD		1,524
Cloudera, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		723,094 USD		63,205
Clovis Oncology, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		661,975 USD		23
CME Group, Inc.		07/30/18	M	1.74%	Deutsche Bank AG		2,734,739 USD		(28,624	)
CMS Energy Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		220,985 USD		(15,037	)
CNP Assurances		07/17/19	M	0.77%	JPMorgan Chase Bank, N.A.		413,700 EUR		5,150
CNP Assurances		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		701,025 EUR		8,727
Coca-Cola Bottling Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		240,730 USD		(1,829	)
Coca-Cola Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		733,904 USD		(7,110	)
Coeur Mining, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		255,092 USD		11,230
Cognex Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		296,412 USD		3,012
Coherent, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		521,913 USD		3,537
Coherus Biosciences, Inc.		04/22/19	M	1.65%	Morgan Stanley Capital Services LLC		563,311 USD		31,507
Colgate Palmolive Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		65,070 USD		259
Collegium Pharmaceutical, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		173,777 USD		12,551
Colony Capital, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		41,789 USD		(474	)
Columbus McKinnon Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		71,546 USD		(2,036	)
Comcast Corp.		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		896,382 USD		20,912
Comcast Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		216,834 USD		6,259
Comerica, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		205,294 USD		5,542
Commerce Bancshares, Inc.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		11,163,306 USD		(1,252,407	)
Commercial Vehicle Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		379,124 USD		4,483
Commscope Holding Co, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		370,528 USD		11,073
Community Health Systems, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		340,247 USD		73,200
Compagnie Financiere Richemont SA		09/20/18	M	0.78%	Credit Suisse Securities (Europe) Limited		734,778 CHF		31,418
Conagra Brands, Inc.		07/30/18	M	1.74%	Deutsche Bank AG		6,910,702 USD		(6,555	)
Conagra Brands, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		33,504 USD		2,454
Concert Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		266,431 USD		37,526
Concho Resources, Inc.		07/30/18	M	1.74%	Deutsche Bank AG		22,636,484 USD		898,794
Conn’s, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		445,585 USD		22,657
ConocoPhillips		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		11,014 USD		83
CONSOL Energy, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		266,329 USD		23,689
Consolidated Edison, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		371,214 USD		497
Constellation Brands, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		520,183 USD		15,031
Container Store Group, Inc.		04/22/19	M	1.13%	Morgan Stanley Capital Services LLC		108,192 USD		4,085
Continental Building Product		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		152,978 USD		4,472
Continental Resources, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		380,692 USD		(21,727	)
Copart, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		67,698 USD		(966	)
Corcept Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		227,707 USD		34,744

See Notes to Consolidated Schedule of Investments.

125

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Core Mark Holding Co., Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		160,013 USD	$	(6,514	)
Corecivic, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		62,253 USD		(4,233	)
Corium International, Inc.		04/22/19	M	0.30%	Morgan Stanley Capital Services LLC		347,434 USD		46,466
Cornerstone Ondemand, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		392,408 USD		29,000
Corporate Office Properties		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		40,563 USD		(719	)
CoStar Group, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		40,144 USD		119
Costco Wholesale Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		473,841 USD		1,965
Coupa Software, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		320,540 USD		3,863
Cousins Properties, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		35,910 USD		(224	)
Covenant Transport Group		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		77,073 USD		1,473
Cowen, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		127,836 USD		10,969
Crawford & Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		31,137 USD		(176	)
Credit Acceptance Corp.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		100,235 USD		4,817
Credit Suisse Group AG REG		10/16/18	M	1.08%	JPMorgan Chase Bank, N.A.		757,248 CHF		20,411
Crown Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		70,867 USD		773
CSX Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		588,607 USD		20,774
CTI Biopharma Corp.		04/22/19	M	0.25%	Morgan Stanley Capital Services LLC		69,669 USD		3,535
Cubesmart		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		35,083 USD		253
Cubic Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		2,377 USD		2
Cummins Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		58,022 USD		1,763
CVS Health Corp.		07/30/18	M	1.74%	Deutsche Bank AG		6,634,715 USD		184,529
CYBG PLC		07/30/18	M	5.74%	Deutsche Bank AG		147,429 GBP		(3,752	)
Cymabay Therapeutics, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		246,055 USD		791
Cytokinetics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		723,270 USD		80,244
Cytomx Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		339,819 USD		27,734
Daimler AG		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		3,073,480 EUR		323,493
Darling Ingredients, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		216,426 USD		(3,168	)
DDR Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		165,449 USD		(6,373	)
Deciphera Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		319,521 USD		5,469
Deere & Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		725,437 USD		31,889
Delek US Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		194,122 USD		5,283
Dell Technologies, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		330,774 USD		12,753
Denbury Resources, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		606,074 USD		(156,859	)
Depomed, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		390,753 USD		24,197
Dermira, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		953,045 USD		72,688
Deutsche Telekom AG		04/25/19	M	0.67%	JPMorgan Chase Bank, N.A.		2,070,750 EUR		93,716
Deutsche Telekom AG		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		3,205,466 EUR		145,070
Devon Energy Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		392,331 USD		(30,828	)
Dexcom, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		380,880 USD		15,872
Diamondback Energy, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		356,425 USD		(41,311	)
Dicerna Pharmaceuticals, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		305,680 USD		(9,965	)
Dick's Sporting Goods, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		215,895 USD		7,533
Diebold Nixdorf, Inc.		04/22/19	M	0.15%	Morgan Stanley Capital Services LLC		44,028 USD		398
Diplomat Pharmacy, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		9,603 USD		401
Discover Financial Services		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		9,761,622 USD		1,013,954
Dish Network Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		509,385 USD		14,713
Distribuidora Internacional		09/20/18	M	0.95%	Credit Suisse Securities (Europe) Limited		854,948 EUR		103,963
DMC Global, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		331,395 USD		(10,024	)
DNB ASA		09/20/18	M	0.76%	Credit Suisse Securities (Europe) Limited		17,856,120 NOK		(6,686	)
Dollar Tree, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		258,046 USD		1,771
Dominion Energy, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		171,458 USD		(2,265	)
Dominion Energy, Inc.		07/30/18	M	1.74%	Deutsche Bank AG		11,969,749 USD		328,355

See Notes to Consolidated Schedule of Investments.

126

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Domino’s Pizza, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		21,728 USD	$	1
Donnelley Financial Solution		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		164,529 USD		1,199
Dorman Products, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		9,373 USD		492
Douglas Emmett, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		22,409 USD		(413	)
Dover Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		33,658 USD		(454	)
DowDuPont, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		447,971 USD		3,802
Dr Horton, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		72,594 USD		598
Dril Quip, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		15,254 USD		40
DTE Energy Company		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		341,579 USD		636
Dunkin Brands Group, Inc.		04/22/19	M	1.55%	Morgan Stanley Capital Services LLC		17,935 USD		184
DXP Enterprises, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		163,003 USD		4,587
Dycom Industries, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		364,570 USD		14,694
Dynavax Technologies Corp.		04/22/19	M	1.15%	Morgan Stanley Capital Services LLC		971,247 USD		53,106
E-Trade Financial Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		85,169 USD		646
Eagle Bancorp, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		159,771 USD		1,066
EastGroup Properties, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		13,577 USD		(88	)
Ebay, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		325,962 USD		15,105
Echo Global Logistics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		136,341 USD		6,325
Ecolab, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		87,584 USD		299
Edgewell Personal Care Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		284,515 USD		(8,809	)
Edison International		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		103,673 USD		(2,051	)
Editas Medicine, Inc.		04/22/19	M	1.35%	Morgan Stanley Capital Services LLC		631,951 USD		28,932
Ehealth, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		344,627 USD		17,017
Eldorado Resorts, Inc.		04/22/19	M	1.30%	Morgan Stanley Capital Services LLC		355,472 USD		27,971
Electro Scientific Industries, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		583,346 USD		76,703
Electronic Arts, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		303,171 USD		5,901
Electronics for Imaging		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		399,914 USD		17,952
Elevate Credit, Inc.		04/22/19	M	0.50%	Morgan Stanley Capital Services LLC		261,291 USD		(9,564	)
Elisa Oyj		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		760,650 EUR		(12,719	)
Emerson Electric Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		279,886 USD		2,427
Empire State Realty Trust, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		69,609 USD		(1,116	)
Endo International PLC		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		210,269 USD		(6,574	)
Endurance International Group Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		162,533 USD		(2,488	)
Energen Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		37,366 USD		(1,083	)
Energizer Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		94,811 USD		(2,463	)
Energy Recovery, Inc.		04/22/19	M	0.25%	Morgan Stanley Capital Services LLC		480,617 USD		(596	)
Energy XXI Gulf Coast, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		657,831 USD		(24,696	)
ENGIE		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		739,973 EUR		49,042
Engility Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		112,181 USD		(2,841	)
Enova International, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		280,239 USD		(5,472	)
Entegris, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		3,203 USD		(18	)
EOG Resources, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		213,491 USD		1,338
Epizyme, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		511,679 USD		43,622
EPR Properties		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		36,992 USD		62
EQT Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		268,951 USD		1,990
Equifax, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		370,635 USD		(2,193	)
Equinix, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		92,924 USD		(2,942	)
Equity Lifestyle Properties		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		8,393 USD		(62	)
Equity Residential		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		37,706 USD		(317	)
Ericsson LM		09/20/18	M	1.03%	Credit Suisse Securities (Europe) Limited		1,605,467 SEK		(3,160	)
Ericsson LM		04/11/19	M	0.80%	JPMorgan Chase Bank, N.A.		1,725,253 SEK		(3,396	)
Erste Group Bank AG		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		1,015,319 EUR		14,092

See Notes to Consolidated Schedule of Investments.

127

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Esperion Therapeutics, Inc.		04/22/19	M	0.50%	Morgan Stanley Capital Services LLC		759,950 USD	$	12,989
Essent Group Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		121,079 USD		3,088
Essex Property Trust, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		190,345 USD		(3,780	)
Essex Property Trust, Inc.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		704,917 USD		(42,655	)
Essilor International S.A.		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		356,743 EUR		1,374
Essilor International S.A.		04/11/19	M	0.67%	JPMorgan Chase Bank, N.A.		2,426,000 EUR		9,342
Essilor International S.A.		07/08/19	M	0.35%	Morgan Stanley Capital Services LLC		10,087,150 EUR		(1,203,784	)
Estee Lauder Companies		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		140,467 USD		4,912
Etsy, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		277,619 USD		4,691
Everbridge, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		301,001 USD		19,848
Everest Re Group Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		83,882 USD		(243	)
Everi Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		98,678 USD		7,706
Evonik Industries AG		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		532,935 EUR		23,678
Evoqua Water Technologies LLC		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		340,070 USD		1,964
Exact Sciences Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		439,480 USD		53,237
Exela Technologies, Inc.		04/22/19	M	1.16%	Morgan Stanley Capital Services LLC		56,411 USD		1,301
Exelixis, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		132,829 USD		(12,151	)
Expedia, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		641,583 USD		16,235
Express, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		22,094 USD		1,799
Extra Space Storage, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		65,372 USD		97
Extraction Oil & Gas, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		148,167 USD		(202	)
Extreme Networks, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		473,980 USD		54,942
EZCorp, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		136,773 USD		5,970
Fabrinet		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		25,660 USD		(458	)
Facebook, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		358,678 USD		4,821
Farmers National Banc Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		7,084 USD		66
Fate Therapeutics, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		118,090 USD		1,741
FCB Financial Holdings		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		71,031 USD		1,588
FCB Financial Holdings		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		9,862,317 USD		(764,078	)
Federal Realty Investment Trust		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		119,852 USD		(750	)
Fednat Holding Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		224,900 USD		(13,321	)
Ferro Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		194,907 USD		6,506
Fiat Chrysler Automoblies NV		10/04/19	M	0.90%	Credit Suisse Securities (Europe) Limited		309,047 EUR		31,464
Fibrogen, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		686,431 USD		(42,484	)
Fifth Third Bancorp		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		5,008,328 USD		705,854
Fifth Third Bancorp		07/30/18	M	1.74%	Deutsche Bank AG		7,096,585 USD		560,992
Finisar Corporation		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		329,810 USD		(5,458	)
FireEye, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		275,911 USD		20,683
First American Financial		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		6,894 USD		(192	)
First Bancorp Puerto Rico		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		56,462 USD		1,015
First Commonwealth Financial Corp.		03/16/20	T	1.66%	Goldman Sachs International		183,336 USD		(6,025	)
First Commonwealth Financial Corp.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		4,989,574 USD		(21,536	)
First Data Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		246,379 USD		8,509
First Financial Bancorp		04/01/20	T	1.66%	Goldman Sachs International		10,395,344 USD		(736,767	)
First Foundation, Inc.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		898,375 USD		25,252
First Foundation, Inc.		03/18/20	T	1.66%	Goldman Sachs International		2,045,123 USD		72,356
First Internet Bancorp		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		25,878 USD		(38	)
First Interstate BancSystem, Inc.		04/06/20	T	1.66%	Goldman Sachs International		3,990,569 USD		(136,127	)
First of Long Island Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		37,109 USD		804
First Solar, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		186,465 USD		(2,638	)
FirstCash, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		32,279 USD		203
Firstenergy Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		280,407 USD		(8,345	)
Fitbit, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		203,111 USD		12,958
Five Below		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		342,462 USD		6,730

See Notes to Consolidated Schedule of Investments.

128

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Five Prime Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		361,172 USD	$	21,969
Five9, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		20,354 USD		(595	)
Fleetcor Technologies, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		102,130 USD		1,229
Flexion Therapeutics, Inc.		04/22/19	M	0.30%	Morgan Stanley Capital Services LLC		495,256 USD		11,757
Floor & DeCor Holdings Inc. A		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		445,533 USD		45,467
Flotek Industries, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		201,591 USD		8,686
Flowserve Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		95,786 USD		(205	)
Fluidigm Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		72,774 USD		(10,463	)
Fluor Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		272,792 USD		1,039
FMC Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		456,147 USD		2,782
FNF Group		07/30/18	M	1.74%	Deutsche Bank AG		945,319 USD		64,823
Foot Locker, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		384,386 USD		22,785
ForeScout Technologies, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		320,788 USD		11,215
Forest City Realty Trust		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		90,336 USD		(402	)
FormFactor, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		33,861 USD		1,808
Fortive Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		191,233 USD		(3,007	)
Fortum Oyj		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		892,533 EUR		—
Fortune Brands Home & Security, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		209,283 USD		537
Forum Energy Technologies, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		5,931 USD		(306	)
Fossil Group, Inc.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		539,748 USD		49,962
Foundation Medicine, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		198,923 USD		(249	)
Fox Factory Holding Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		2,647 USD		(192	)
Francesca’s Holdings Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		229,744 USD		(41,082	)
Franklin Financial Network		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		32,258 USD		298
Freeport-McMoRan, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		500,113 USD		(10,956	)
Fresenius SE & Co. KGaA		07/08/19	M	0.35%	Morgan Stanley Capital Services LLC		1,912,290 EUR		(202,877	)
Freshpet, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		183,052 USD		(20,380	)
Front Yard Residential Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		54,990 USD		1,004
Fulton Financial Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		38,822 USD		806
Fulton Financial Corp.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		8,612,413 USD		832,135
G-III Apparel Group Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		119,624 USD		6,404
G1 Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		416,599 USD		28,153
Gaia, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		85,194 USD		(423	)
Gain Capital Holdings, Inc.		04/22/19	M	0.50%	Morgan Stanley Capital Services LLC		296,613 USD		23,832
Gardner Denver Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		177,987 USD		1,383
Gartner, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		316,930 USD		5,811
GCP Applied Technologies		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		433,462 USD		34,010
Generac Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		246,128 USD		2,428
General Dynamics Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		408,626 USD		4,489
General Electric Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		387,410 USD		(9,049	)
General Finance Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		21,932 USD		(670	)
General Motors Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		405,168 USD		14,398
Genmark Diagnostics, Inc.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		524,186 USD		49,495
Genworth Financial, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		170,464 USD		5,499
GEO Group, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		12,138 USD		(393	)
GGP, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		113,158 USD		1,671
Gibraltar Industries, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		109,468 USD		6,455
Givaudan REG		09/20/18	M	1.33%	Credit Suisse Securities (Europe) Limited		484,149 CHF		4,517

See Notes to Consolidated Schedule of Investments.

129

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Global Blood Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		565,743 USD	$	(67,012	)
Global Payments, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		89,990 USD		240
GLU Mobile, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		110,058 USD		171
Glycomimetics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		322,457 USD		(30,145	)
GoDaddy, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		55,777 USD		74
Golden Entertainment, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		268,071 USD		26,430
Graftech International Ltd.		04/22/19	M	0.40%	Morgan Stanley Capital Services LLC		308,301 USD		3,101
Grand Canyon Education, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		1,804 USD		18
Gray Television, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		85,773 USD		485
Green Bancorp, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		90,413 USD		5,871
Green Dot Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		193,143 USD		10,623
Greenhill & Co., Inc.		04/22/19	M	1.05%	Morgan Stanley Capital Services LLC		182,963 USD		(5,300	)
Greenlight Capital Re, Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		58,640 USD		1,953
Griffon Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		11,973 USD		100
Groupon, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		341,298 USD		27,712
Grubhub, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		415,576 USD		32,550
GTT Communications, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		363,410 USD		35,225
GTX, Inc.		04/22/19	M	0.25%	Morgan Stanley Capital Services LLC		214,113 USD		7,765
H&R Block, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		30,593 USD		(183	)
H.B. Fuller Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		95,987 USD		544
Habit Restaurants, Inc.		04/22/19	M	0.25%	Morgan Stanley Capital Services LLC		123,806 USD		(3,175	)
Hain Celestial Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		427,292 USD		(18,993	)
HalCon Resources Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		176,671 USD		(15,888	)
Halliburton Co.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		453,858 USD		2,537
Halliburton Co.		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		276,245 USD		9,129
Halozyme Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		138,807 USD		15,521
Hamilton Beach Brand		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		101,319 USD		2,781
Hanesbrands, Inc.		04/22/19	M	1.35%	Morgan Stanley Capital Services LLC		290,251 USD		(18,998	)
Hannon Armstrong Sustainable		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		23,070 USD		(1,361	)
Hanover Insurance Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		18,982 USD		(267	)
Harborone Bancorp, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		19,509 USD		(605	)
Harley Davidson, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		38,544 USD		(759	)
Harsco Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		481,150 USD		52,896
Hasbro, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		198,862 USD		(2,928	)
HC2 Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		333,967 USD		14,592
HCI Group, Inc.		04/22/19	M	1.30%	Morgan Stanley Capital Services LLC		339,970 USD		15,641
HCP, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		153,706 USD		(10,819	)
HD Supply Holdings, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		85,546 USD		66
Health Insurance Innovations, Inc.		04/22/19	M	0.65%	Morgan Stanley Capital Services LLC		336,729 USD		10,480
Healthcare Realty Trust, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		103,451 USD		(5,832	)
Healthcare Services Group		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		192,197 USD		(5,830	)
Healthcare Trust of America, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		86,341 USD		(5,026	)
Heartland Express, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		74,323 USD		3,444
Heico Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		126,336 USD		(854	)
Hennes & Mauritz AB		10/10/18	M	0.80%	JPMorgan Chase Bank, N.A.		13,402,000 SEK		5,806
Hennes & Mauritz AB		09/20/18	M	1.73%	Credit Suisse Securities (Europe) Limited		5,965,096 SEK		2,584
Herbalife Ltd.		04/22/19	M	0.50%	Morgan Stanley Capital Services LLC		86,704 USD		645
Herc Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		235,094 USD		(2,098	)
Heritage Insurance Holdings		04/22/19	M	0.40%	Morgan Stanley Capital Services LLC		245,037 USD		(8,046	)
Heron Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		419,768 USD		(115,468	)

See Notes to Consolidated Schedule of Investments.

130

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hertz Global Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		590,181 USD	$	67,163
Hess Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		143,079 USD		(2,407	)
HFF, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		30,313 USD		(602	)
Hibbett Sports, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		192,679 USD		(3,162	)
Highwoods Properties, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		49,203 USD		(614	)
Hilltop Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		79,952 USD		4,318
Home Bancshares, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		41,929 USD		1,185
Honeywell International, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		539,120 USD		15,210
Horizon Global Corp.		04/22/19	M	1.05%	Morgan Stanley Capital Services LLC		34,405 USD		147
Hormel Foods Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		47,469 USD		(606	)
Hortonworks, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		65,536 USD		(512	)
Hostess Brands, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		402,922 USD		(4,494	)
Howard Bancorp, Inc.		04/22/19	M	1.50%	Morgan Stanley Capital Services LLC		464 USD		14
HSBC Holdings PLC		04/11/19	M	0.20%	JPMorgan Chase Bank, N.A.		5,272,103 GBP		116,478
HSBC Holdings PLC		09/20/18	M	0.50%	Credit Suisse Securities (Europe) Limited		9,127,911 GBP		203,891
HubSpot, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		350,733 USD		25,571
Huntington Ingalls Industries		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		407,631 USD		(151	)
Huntsman Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		128,783 USD		15,429
IAC/ InterActiveCorp		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		242,532 USD		8,918
Ibex 35 Index		07/24/18	0	0.00%	Merrill Lynch International		2,628,502 EUR		42,060
Ichor Holdings, Ltd.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		698,451 USD		46,743
II VI, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		103,733 USD		4,406
Illinois Tool Works		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		357,897 USD		4,066
Illumina, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		142,917 USD		(2,035	)
IMAX Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		156,774 USD		(2,153	)
Immersion Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		316,698 USD		16,451
ImmunoGen, Inc.		04/22/19	M	1.64%	Morgan Stanley Capital Services LLC		394,696 USD		16,530
Immunomedics, Inc.		04/22/19	M	1.20%	Morgan Stanley Capital Services LLC		857,088 USD		(6,346	)
Incyte Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		407,023 USD		31,220
Independent Bank Group, Inc.		07/30/18	M	1.74%	Deutsche Bank AG		940,693 USD		98,813
Independent Bank Group, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		1,010 USD		8
Infinera Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		431,463 USD		(2,160	)
Ingersoll Rand PLC		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		11,149 USD		(157	)
Ingevity Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		372,970 USD		6,755
Inovio Pharmaceuticals, Inc.		04/22/19	M	0.10%	Morgan Stanley Capital Services LLC		344,033 USD		43,675
Inphi Corp.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		287,665 USD		12,828
Insmed, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		1,009,244 USD		108,771
Installed Building Products		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		524,551 USD		35,394
Instructure, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		85,839 USD		2,228
Insulet Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		99,411 USD		8,569
Integrated Device Technology, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		86,259 USD		(454	)
Intellia Therapeutics, Inc.		04/22/19	M	0.80%	Morgan Stanley Capital Services LLC		466,851 USD		10,432
Intelsat SA		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		746,710 USD		36,611
Intercept Pharmaceuticals, Inc.		04/22/19	M	0.99%	Morgan Stanley Capital Services LLC		757,892 USD		(8,794	)
Internap Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		515,092 USD		60,477
International Business Machines Corp		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		4,648 USD		38
International Business Machines Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		68,918 USD		120
Intesa San Paolo		10/04/19	M	0.90%	Credit Suisse Securities (Europe) Limited		5,739,236 EUR		173,929
Intra-Cellular Therapies, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		322,973 USD		45,325

See Notes to Consolidated Schedule of Investments.

131

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Intrepid Potash, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		298,416 USD	$	29,514
Intrexon Corp.		04/22/19	M	2.94%	Morgan Stanley Capital Services LLC		106,396 USD		14,559
Invesco Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		47,059 USD		898
Investors Bancorp, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		66,568 USD		2,874
Investors Bancorp, Inc.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		217,254 USD		12,179
Investors Bancorp, Inc.		03/25/20	T	1.66%	Goldman Sachs International		6,878,100 USD		275,697
Invitae Corp.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		436,073 USD		36,013
ION Geophysical Corp.		04/22/19	M	0.50%	Morgan Stanley Capital Services LLC		379,692 USD		1,827
Ionis Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		274,363 USD		23,759
Iovance Biotherapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		293,751 USD		11,703
IPG Photonics Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		189,626 USD		(1,661	)
Iridium Communications, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		251,098 USD		15,716
iRobot Corp.		04/22/19	M	1.85%	Morgan Stanley Capital Services LLC		492,776 USD		19,669
Ironwood Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		95,456 USD		(1,903	)
iShares MSCI Brazil Small Cap Index ETF		05/08/19	M	0.41%	Credit Suisse Securities (Europe) Limited		496,690 USD		14,883
Itron, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		71,896 USD		(1,005	)
J. Jill, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		292,082 USD		(25,851	)
J.B. Hunt Transport Services, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		388,239 USD		20,064
J.M. Smucker Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		76,734 USD		1,283
Jacobs Engineering Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		191,194 USD		1,677
James River Group Holdings Ltd.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		396 USD		4
Janus Henderson Group PLC		06/29/20	T	1.66%	Goldman Sachs International		3,520,910 USD		130,285
JCDecaux SA		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		19,906 EUR		(685	)
Jefferies Financial Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		110,627 USD		1,384
JELD-WEN Holding, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		308,416 USD		3,675
John Bean Technologies Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		275,270 USD		2,258
Johnson Controls International PLC		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		84,207 USD		180
Johnson Matthey PLC		09/20/18	M	0.00%	Credit Suisse Securities (Europe) Limited		136,899 GBP		6,868
Jounce Therapeutics, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		108,026 USD		4,118
Julius Baer Group Ltd.		09/20/18	M	0.78%	Credit Suisse Securities (Europe) Limited		2,174,700 CHF		62,952
Kala Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		365,641 USD		(5,632	)
Kansas City Southern		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		371,800 USD		9,099
Karyopharm Therapeutics, Inc.		04/22/19	M	1.30%	Morgan Stanley Capital Services LLC		164,378 USD		12,522
KBC Groep NV		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		2,253,444 EUR		(16,823	)
KBC Groep NV		04/25/19	M	0.67%	JPMorgan Chase Bank, N.A.		1,971,000 EUR		(14,714	)
Keane Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		580,364 USD		(3,263	)
Kearny Financial Corp.		04/06/20	T	1.66%	Goldman Sachs International		6,897,471 USD		212,189
Kellogg Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		114,396 USD		(1,868	)
Kemet Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		582,436 USD		25,754
Kemper Corp.		07/30/18	M	1.74%	Deutsche Bank AG		1,378,416 USD		(486,432	)
Kennametal, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		69,872 USD		1,375
Key Energy Services, Inc.		04/22/19	M	0.70%	Morgan Stanley Capital Services LLC		234,326 USD		(1,170	)
KEYW Holding Corp.		04/22/19	M	1.20%	Morgan Stanley Capital Services LLC		482,300 USD		(14,788	)
Kilroy Realty Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		13,462 USD		(78	)
Kimco Realty Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		43,742 USD		(1,027	)
Kingstone Cos, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		70,430 USD		1,309
Kinsale Capital Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		19,360 USD		(609	)
Kite Realty Group Trust		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		53,350 USD		(1,563	)

See Notes to Consolidated Schedule of Investments.

132

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
KLX, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		43,370 USD	$	374
KMG Chemicals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		218,389 USD		11,879
Knight Swift Transportation		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		41,903 USD		1,973
Kopin Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		197,226 USD		33,253
Koppers Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		69,875 USD		4,834
Kraton Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		160,384 USD		4,708
Kratos Defense & Security Solutions, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		365,178 USD		633
Kroger Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		232,140 USD		(18,817	)
Kura Oncology, Inc.		04/22/19	M	1.30%	Morgan Stanley Capital Services LLC		170,008 USD		5,426
L’ Oreal		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		712,479 EUR		3,135
L’Oreal		06/11/19	M	0.67%	JPMorgan Chase Bank, N.A.		2,123,000 EUR		9,342
L3 Technologies, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		160,930 USD		1,112
La Jolla Pharmaceutical Co		04/22/19	M	0.50%	Morgan Stanley Capital Services LLC		474,075 USD		19,548
Lafargeholcim Ltd.		09/20/18	M	0.78%	Credit Suisse Securities (Europe) Limited		711,262 CHF		40,089
Lam Research Corp.		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		1,900,186 USD		23,553
Lam Research Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		95,043 USD		321
Lamb Weston Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		15,908 USD		83
Lands End, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		411,660 USD		(1,260	)
Landstar System, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		242,654 USD		7,328
Lantheus Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		171,727 USD		8
Laredo Petroleum, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		445,513 USD		(67,147	)
Laureate Education, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		238,279 USD		4,886
LCI Industries		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		39,606 USD		661
Legal & General Group PLC		09/20/18	M	0.50%	Credit Suisse Securities (Europe) Limited		4,033,152 GBP		(20,086	)
Legal & General Group PLC		07/17/19	M	0.15%	JPMorgan Chase Bank, N.A.		1,484,000 GBP		(7,391	)
Legg Mason, Inc.		06/22/20	T	1.66%	Goldman Sachs International		3,543,713 USD		89,815
LendingClub Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		445,056 USD		13,659
LendingTree, Inc.		04/22/19	M	1.27%	Morgan Stanley Capital Services LLC		321,103 USD		35,894
Lennox International, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		570,775 USD		(5,857	)
Leonardo SpA		10/04/19	M	0.40%	Credit Suisse Securities (Europe) Limited		444,148 EUR		27,500
Lexicon Pharmaceuticals, Inc.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		169,449 USD		12,069
Lexington Realty Trust		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		322 USD		(1	)
LGI Homes, Inc.		04/22/19	M	1.15%	Morgan Stanley Capital Services LLC		159,277 USD		(462	)
Liberty Broadband Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		42,737 USD		303
Liberty Expedia Holdings		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		180,550 USD		2,989
Liberty Global PLC		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		285,399 USD		19,143
Liberty Media Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		381,864 USD		(28,721	)
Liberty Property Trust		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		41,111 USD		106
Liberty TripAdvisor Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		558,437 USD		25,688
Life Storage, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		38,667 USD		34
Lincoln National Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		21,764 USD		288
Lions Gate Entertainment Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		156,349 USD		10,085
LittelFuse, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		93,500 USD		175
Live Nation Entertainment, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		520,860 USD		(18,219	)
LKQ Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		211,696 USD		3,931
Loews Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		158,115 USD		1,109
Lowe’s Cos, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		455,851 USD		10,495
Loxo Oncology, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		427,829 USD		8,528
LSB Industries, Inc.		04/22/19	M	1.35%	Morgan Stanley Capital Services LLC		131,065 USD		(3,598	)
LSC Communications, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		9,884 USD		174
Lululemon Athletica, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		417,603 USD		9,219

See Notes to Consolidated Schedule of Investments.

133

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Lumber Liquidators Holdings		04/22/19	M	0.55%	Morgan Stanley Capital Services LLC		541,298 USD	$	7,765
Lumentum Holdings, Inc.		07/30/18	M	1.74%	Deutsche Bank AG		1,554,112 USD		268,326
Luxottica Group SpA		10/04/19	M	0.90%	Credit Suisse Securities (Europe) Limited		3,639,357 EUR		18,379
Mack Cali Realty Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		85,070 USD		(1,729	)
Macom Technology Solutions Holdings, Inc.		04/22/19	M	0.65%	Morgan Stanley Capital Services LLC		670,048 USD		40,664
Madrigal Pharmaceuticals, Inc.		04/22/19	M	1.36%	Morgan Stanley Capital Services LLC		442,852 USD		26,394
Maiden Holdings Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		399,284 USD		41,544
Malibu Boats, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		450,781 USD		28,823
Mammoth Energy Services, Inc.		04/22/19	M	0.88%	Morgan Stanley Capital Services LLC		398,079 USD		44,590
Manitex International, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		47,398 USD		(163	)
Manitowoc Company, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		205,778 USD		(895	)
Marathon Oil Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		109,754 USD		1,116
Marathon Petroleum Corp.		07/30/18	M	1.74%	Deutsche Bank AG		20,641,141 USD		1,308,132
Marinemax, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		515,603 USD		95,311
Marinus Pharmaceuticals, Inc.		04/22/19	M	1.50%	Morgan Stanley Capital Services LLC		52,797 USD		(984	)
Markel Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		104,328 USD		1,315
Marlin Business Services, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		35,611 USD		—
Marriott International, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		135,175 USD		6,296
Marriott Vacations World		07/30/18	M	1.74%	Deutsche Bank AG		9,221,129 USD		626,002
Marsh & Mclennan Cos.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		128,343 USD		(1,006	)
Marten Transport Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		34,292 USD		430
Martin Marietta Materials		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		32,260 USD		101
Marvell Technology Group Ltd.		07/30/18	M	1.74%	Deutsche Bank AG		12,351,100 USD		(366,272	)
Masco Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		312,329 USD		3,277
Masonite International Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		126,565 USD		(1,256	)
Mastec, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		161,900 USD		2,799
Mastercard, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		236,802 USD		388
Matador Resources Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		393,083 USD		(58,839	)
Mattel, Inc.		04/22/19	M	0.10%	Morgan Stanley Capital Services LLC		739,592 USD		48,129
Maui Land & Pineapple Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		71,161 USD		(340	)
Maxlinear, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		305,619 USD		30,361
MCBC Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		344,099 USD		13,346
Mccormick & Co, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		284,305 USD		(25,655	)
McDermott International, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		274,660 USD		9,149
Medicines Company		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		344,111 USD		1,333
Medifast, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		238,769 USD		291
Mediobanca SpA		10/04/19	M	0.40%	Credit Suisse Securities (Europe) Limited		478,814 EUR		7,210
Meet Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		150,632 USD		(5,832	)
Melinta Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		208,383 USD		54,967
Mercury General Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		45,826 USD		449
Mercury Systems, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		201,253 USD		(8,077	)
Meridian Bancorp, Inc.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		4,556,820 USD		248,280
Meritor, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		362,183 USD		9,736
Mersana Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		101,169 USD		10,280
Meta Financial Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		280,350 USD		19,513
Metlife, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		26,176 USD		408
MGIC Investment Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		105,223 USD		2,429
MGM Resorts International		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		426,128 USD		25,601
MGP Ingredients, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		393,709 USD		24,437

See Notes to Consolidated Schedule of Investments.

134

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Michael Kors Holdings Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		608,682 USD	$	8,417
Michelin		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		1,806,861 EUR		161,593
Microchip Technology, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		33,792 USD		(42	)
Micron Technology, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		268,332 USD		11,114
Microsoft Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		33,352 USD		317
Mid America Apartment Communities, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		81,632 USD		(11	)
Middleby Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		410,931 USD		7,557
Midsouth Bancorp, Inc.		04/22/19	M	0.75%	Morgan Stanley Capital Services LLC		17,466 USD		387
Milacron Holdings Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		117,457 USD		8,837
Mindbody, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		287,303 USD		6,566
Minerva Neurosciences, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		197,090 USD		13,362
Mini Bovespa		09/25/18	0	0.00%	Merrill Lynch International		789,415 BRL		(3,965	)
Mirati Therapeutics, Inc.		04/22/19	M	1.35%	Morgan Stanley Capital Services LLC		353,318 USD		(5,536	)
Mitek Systems, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		11,472 USD		552
MKS Instruments, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		5,217 USD		(142	)
Model N, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		147,578 USD		(9,276	)
Modine Manufacturing Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		94,263 USD		2,758
Mohawk Industries, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		71,035 USD		111
Molecular Templates, Inc.		04/22/19	M	0.75%	Morgan Stanley Capital Services LLC		40,076 USD		448
Molson Coors Brewing Co.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		140,075 USD		321
Mondelez International, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		482,857 USD		(2,665	)
MoneyGram International, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		196,488 USD		16,420
Monster Beverage Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		844,748 USD		(12,174	)
Moody’s Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		490,771 USD		(612	)
Moog, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		30,136 USD		(658	)
MRC Global, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		118,279 USD		(4,438	)
MSG Networks, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		95,116 USD		(8,037	)
Muenchener Rueckver AG REG		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		2,833,987 EUR		12,699
Multi-Color Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		171,474 USD		13,276
Murphy USA, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		23,982 USD		358
MyoKardia, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		578,906 USD		(17,291	)
National Bank Holdings Corp.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		5,232,947 USD		(692,432	)
National Beverage Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		431,566 USD		9,204
National Retail Properties		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		29,126 USD		(63	)
National Storage Affiliates		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		5,646 USD		(87	)
National Vision Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		270,229 USD		5,499
Natixis		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		37,820 EUR		1,174
Natixis		04/10/19	M	0.67%	JPMorgan Chase Bank, N.A.		624,400 EUR		19,385
Natural Grocers by Vitamin C		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		193,629 USD		(21,065	)
Nautilus, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		4,189 USD		154
Navient Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		259,950 USD		3,285
Navigators Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		25,628 USD		719
Navistar International Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		286,412 USD		8,132
NCI Building Systems, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		351,217 USD		13,663
NCS Multistage Holdings, Inc.		04/22/19	M	1.05%	Morgan Stanley Capital Services LLC		35,319 USD		(3,796	)
Nektar Therapeutics		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		552,834 USD		61,751
Nelnet, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		50,540 USD		2,118

See Notes to Consolidated Schedule of Investments.

135

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Neos Therapeutics, Inc.		04/22/19	M	0.55%	Morgan Stanley Capital Services LLC		441,010 USD	$	28,591
Nestle SA		09/20/18	M	1.08%	Credit Suisse Securities (Europe) Limited		470,582 CHF		(14,257	)
Nestle SA REG		04/25/19	M	1.18%	JPMorgan Chase Bank, N.A.		2,239,800 CHF		(67,858	)
NetApp, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		247,375 USD		(1,958	)
Netflix, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		1,007,992 USD		4,365
Netgear, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		90,362 USD		5,362
Neurocrine Biosciences, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		345,275 USD		12,831
New Senior Investment Group		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		24,079 USD		(440	)
New York & Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		17,294 USD		(478	)
New York Community Bancorp		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		3,412,251 USD		750,706
New York Times Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		76,937 USD		(2,472	)
Newell Brands, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		100,257 USD		450
Newfield Exploration Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		462,736 USD		(37,115	)
NewLink Genetics Corp.		04/22/19	M	0.25%	Morgan Stanley Capital Services LLC		382,685 USD		32,497
NewStar Financial, Inc.		04/22/19	M	1.92%	Morgan Stanley Capital Services LLC		—USD		—
NII Holdings, Inc.		04/22/19	M	0.50%	Morgan Stanley Capital Services LLC		231,575 USD		(7,842	)
Nike, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		500,363 USD		(23,055	)
Nine Energy Service, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		296,401 USD		(25,923	)
NiSource, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		145,584 USD		(12,122	)
NL Industries, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		89,293 USD		7,087
NMI Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		257,197 USD		12,534
NN Group NV		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		4,020,902 EUR		164,800
NN Group NV		08/08/18	M	0.67%	JPMorgan Chase Bank, N.A.		1,805,000 EUR		73,571
Noble Energy, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		73,948 USD		(351	)
Nordson Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		192,822 USD		721
Northrop Grumman Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		679,956 USD		11,939
Northwest Bancshares, Inc.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		9,053,784 USD		(185,262	)
Novanta, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		47,627 USD		(1,092	)
Novartis AG		09/20/18	M	0.78%	Credit Suisse Securities (Europe) Limited		1,285,805 CHF		5,496
Novo Nordisk A/S		09/20/18	M	0.35%	Credit Suisse Securities (Europe) Limited		4,002,418 DKK		(20,011	)
Now, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		112,075 USD		1,023
NRG Energy, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		993,744 USD		62,245
Nutanix, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		958,874 USD		129,165
Nutrisystem, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		290,224 USD		(14,234	)
NV5 Global, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		24,776 USD		36
Nvidia Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		271,495 USD		7,826
NVR, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		419,864 USD		9,956
O’Reilly Automotive, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		573,945 USD		16,410
Oasis Petroleum, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		310,791 USD		(24,782	)
Ocular Therapeutix, Inc.		04/22/19	M	0.90%	Morgan Stanley Capital Services LLC		229,782 USD		36,766
Odonate Therapeutics, Inc.		04/22/19	M	0.50%	Morgan Stanley Capital Services LLC		269,084 USD		40,909
OFG Bancorp		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		270,727 USD		5,660
Oil States International Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		130,997 USD		2,533
Okta, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		448,333 USD		27,844
Old Dominion Freight Line		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		292,729 USD		14,174
Old Second Bancorp, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		625 USD		35
Ollie’s Bargain Outlet Holdings, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		76,906 USD		636
Omnicrom Group		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		1,580,954 USD		(17,818	)
Omnova Solutions, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		105,063 USD		(1,538	)
On Deck Capital, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		325,156 USD		17,576
On Semiconductor Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		67,918 USD		(210	)
OneMain Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		429,235 USD		3,822
Ooma, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		203,154 USD		(30,067	)
Oracle Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		128,147 USD		(23	)

See Notes to Consolidated Schedule of Investments.

136

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Orange		07/17/19	M	0.77%	JPMorgan Chase Bank, N.A.		1,024,450 EUR	$	23,706
Orange		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		1,053,179 EUR		24,371
Orasure Technologies, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		58,182 USD		4,588
OrbComm, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		410,993 USD		7,922
Ormat Technologies, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		211,091 USD		(1,669	)
Orthopediatrics Corp.		04/22/19	M	0.75%	Morgan Stanley Capital Services LLC		106,614 USD		(452	)
Oshkosh Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		114,375 USD		1,723
OSI Systems, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		137,526 USD		1,503
Ovid Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		68,711 USD		2,403
Owens Corning		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		303,945 USD		6,866
Owens Illinois, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		121,551 USD		5,780
Pacific Biosciences of California		04/22/19	M	0.88%	Morgan Stanley Capital Services LLC		343,645 USD		(15,161	)
Pacira Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		269,238 USD		28,030
Palo Alto Networks, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		508,353 USD		14,609
Pandora Media, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		799,230 USD		9,749
Papa John’s International, Inc.		04/22/19	M	0.65%	Morgan Stanley Capital Services LLC		42,170 USD		377
Paratek Pharmaceuticals, Inc.		04/22/19	M	0.90%	Morgan Stanley Capital Services LLC		384,786 USD		27,195
Parker Hannifin Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		417,650 USD		23,193
Parsley Energy, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		549,009 USD		(65,402	)
Party City Holdco, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		98,870 USD		2,505
Patrick Industries, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		347,251 USD		18,373
Patterson UTI Energy, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		80,991 USD		(117	)
Paycom Software, Inc.		04/22/19	M	1.35%	Morgan Stanley Capital Services LLC		152,022 USD		12,770
Paylocity Holding Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		157,598 USD		8,565
Paypal Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		526,088 USD		11,480
PDC Energy, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		74,137 USD		(2,997	)
pdvWireless, Inc.		04/22/19	M	0.45%	Morgan Stanley Capital Services LLC		270,195 USD		36,264
Pearson PLC		07/17/19	M	0.15%	JPMorgan Chase Bank, N.A.		442,100 GBP		(528	)
Pearson PLC		09/20/18	M	0.50%	Credit Suisse Securities (Europe) Limited		293,731 GBP		(351	)
Pebblebrook Hotel Trust		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		24,939 USD		(87	)
Penn National Gaming, Inc.		07/30/18	M	1.74%	Deutsche Bank AG		3,310,566 USD		(796,618	)
Penn Real Estate Investment Trust		04/22/19	M	1.15%	Morgan Stanley Capital Services LLC		264,260 USD		6,567
Penn Virginia Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		421,782 USD		(42,736	)
People’s United Financial		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		48,750 USD		1,390
People’s United Financial, Inc.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		10,565,388 USD		662,108
PepsiCo., Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		543,479 USD		(2,612	)
Petiq, Inc.		04/22/19	M	0.65%	Morgan Stanley Capital Services LLC		62,942 USD		(11,514	)
PetMed Express, Inc.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		480,552 USD		(1,135	)
PG&E Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		172,004 USD		189
PGT Innovations, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		181,854 USD		—
Philip Morris International		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		528,000 USD		(3,915	)
Physicians Realty Trust		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		106,622 USD		(2,280	)
Pieris Pharmaceuticals, Inc.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		284,426 USD		5,510
Pilgrim’s Pride Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		374,440 USD		19,568
Pinnacle Foods, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		25,090 USD		(23	)
Pioneer Energy Services Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		347,937 USD		(15,687	)
Pioneer Natural Resources Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		451,039 USD		(8,058	)
Piper Jaffray Cos.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		111,341 USD		2,982
Pitney Bowes, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		8,453 USD		208
Pixelworks, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		81,057 USD		10,377

See Notes to Consolidated Schedule of Investments.

137

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
PJT Partners, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		14,350 USD	$	468
Planet Fitness, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		97,104 USD		1,579
Plantronics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		51,994 USD		601
PlayAGS, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		236,600 USD		(17,046	)
Polaris Industries, Inc.		04/22/19	M	1.35%	Morgan Stanley Capital Services LLC		408,107 USD		16,520
Pool Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		11,623 USD		109
Popular, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		34,819 USD		1,183
Portola Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		728,903 USD		43,604
Post Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		403,754 USD		(1,228	)
Poste Italiane SpA		10/04/19	M	0.90%	Credit Suisse Securities (Europe) Limited		760,627 EUR		53,552
PPG Industries, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		216,779 USD		709
PRA Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		393,697 USD		27,356
Praxair, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		454,749 USD		700
Preferred Bank		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		8,636,929 USD		300,495
Primo Water Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		252,839 USD		1,437
Principal Financial Group		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		98,606 USD		2,502
Proassurance Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		20,127 USD		381
Profire Energy, Inc.		04/22/19	M	1.27%	Morgan Stanley Capital Services LLC		118,296 USD		23,731
Progenics Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		89,976 USD		6,151
Progressive Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		72,909 USD		805
Prologis, Inc.		07/30/18	M	1.74%	Deutsche Bank AG		13,412,812 USD		(209,258	)
Prologis, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		13,903 USD		(154	)
Proofpoint, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		363,351 USD		19,381
Propetro Holding Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		378,433 USD		(19,620	)
Protagonist Therapeutics, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		113,722 USD		7,029
Prothena Corp. PLC		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		523,251 USD		11,318
Proto Labs, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		213,047 USD		16,304
Provident Financial Services		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		4,152,543 USD		(70,614	)
Proximus		09/20/18	M	0.95%	Credit Suisse Securities (Europe) Limited		240,520 EUR		26,242
Prudential Financial, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		76,279 USD		1,471
PTC Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		375,561 USD		21,801
Public Service Enterprise Group, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		182,238 USD		165
Public Storage		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		61,284 USD		485
Puma Biotechnology, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		757,210 USD		(55,511	)
Pure Storage, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		109,842 USD		(3,277	)
PVH Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		109,359 USD		1,560
Pzena Investment Management, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		80,719 USD		6,228
Q2 Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		99,448 USD		3,718
QEP Resources, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		40,609 USD		555
Qorvo, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		61,435 USD		185
QTS Realty Trust, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		311,480 USD		575
Quantenna Communications, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		399,862 USD		24,353
Quanterix Corp.		04/22/19	M	1.35%	Morgan Stanley Capital Services LLC		207,254 USD		4,146
Quidel Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		124,112 USD		3,016
QuinStreet, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		228,049 USD		8,720
Quintana Energy Services, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		39,407 USD		589
Quotient Technology, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		127,877 USD		6,925
Qurate Retail, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		227,066 USD		797
Ra Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		260,106 USD		(24,176	)
Radian Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		103,908 USD		2,485
Radius Health, Inc.		04/22/19	M	0.75%	Morgan Stanley Capital Services LLC		368,949 USD		12,214
Raiffeisen Bank International AG		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		230,877 EUR		15,011
Ralph Lauren Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		87,129 USD		1,891

See Notes to Consolidated Schedule of Investments.

138

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Rapid7, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		94,350 USD	$	8,675
Raven Industries, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		96,356 USD		—
Raytheon Company		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		522,764 USD		5,235
RBC Bearings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		123,755 USD		1,128
Re/Max Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		63,249 USD		1,148
Realogy Holdings Corp.		04/22/19	M	1.15%	Morgan Stanley Capital Services LLC		103,111 USD		1,058
RealPage, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		127,029 USD		4,652
Realty Income Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		32,300 USD		241
Reata Pharmaceuticals, Inc.		04/22/19	M	0.50%	Morgan Stanley Capital Services LLC		35,332 USD		2,286
Red Hat, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		222,787 USD		6,451
Red Robin Gourmet Burgers		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		357,292 USD		45,865
Red Rock Resorts, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		109,491 USD		4,067
REGENXBIO, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		321,534 USD		(80,051	)
Regional Management Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		190,123 USD		9,139
Regions Financial Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		334,614 USD		12,245
Regions Financial Corp.		03/04/20	T	1.66%	Goldman Sachs International		2,678,125 USD		239,189
RELX NV		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		3,326,237 EUR		43,681
RELX PLC		09/20/18	M	0.00%	Credit Suisse Securities (Europe) Limited		49,919 GBP		122
RELX PLC		08/08/18	M	0.20%	JPMorgan Chase Bank, N.A.		993,246 GBP		2,419
Renaissancere Holdings Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		101,569 USD		2,305
Restoration Hardware Holdings, Inc.		04/22/19	M	0.77%	Morgan Stanley Capital Services LLC		616,132 USD		81,081
REV Group Inc		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		204,853 USD		(13,913	)
Revance Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		280,824 USD		35,915
Rexnord Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		136,733 USD		1,750
Rhythm Pharmaceuticals, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		288,811 USD		(6,752	)
Rigel Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		584,900 USD		65,907
Rignet, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		34,072 USD		5,212
RLJ Lodging Trust		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		1,203 USD		(10	)
Rocket Pharmaceuticals, Inc.		04/22/19	M	1.50%	Morgan Stanley Capital Services LLC		6,470 USD		11
Rockwell Automation, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		630,105 USD		28,352
Rogers Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		27,174 USD		(357	)
Roku, Inc.		04/22/19	M	0.49%	Morgan Stanley Capital Services LLC		632,852 USD		(4,573	)
Roper Technologies, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		300,717 USD		803
Ross Stores, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		12,858 USD		61
Royal Caribbean Cruises Ltd		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		71,566 USD		3,708
RPC, Inc.		04/22/19	M	0.62%	Morgan Stanley Capital Services LLC		169,804 USD		(5,677	)
Ryerson Holding Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		393,544 USD		35,339
S & T Bancorp, Inc.		05/28/20	T	1.66%	Goldman Sachs International		888,333 USD		45,715
Sage Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		847,282 USD		35,047
Saia, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		14,318 USD		(235	)
SailPoint Technologies Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		58,360 USD		5,869
Sainsbury PLC		09/20/18	M	0.50%	Credit Suisse Securities (Europe) Limited		1,462,474 GBP		(67,156	)
Saipem SpA		10/04/19	M	0.90%	Credit Suisse Securities (Europe) Limited		191,425 EUR		(13,588	)
Salesforce.com, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		210,769 USD		(242	)
Sampo Oyj		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		1,328,037 EUR		(5,212	)
Sandvik AB		09/20/18	M	0.48%	Credit Suisse Securities (Europe) Limited		837,058 SEK		(4,518	)
Sandy Spring Bancorp, Inc.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		1,759,435 USD		(92,167	)
Sangamo Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		659,808 USD		61,107

See Notes to Consolidated Schedule of Investments.

139

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Sanofi		07/08/19	M	0.35%	Morgan Stanley Capital Services LLC		5,808,746 EUR	$	(126,514	)
Santander Consumer USA Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		57,395 USD		68
Sarepta Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		707,297 USD		(116,449	)
Scana Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		38,512 USD		(239	)
Schlumberger Ltd.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		41,055 USD		167
Schlumberger Ltd.		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		274,805 USD		(822	)
Schneider Electric SE		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		505,712 EUR		(2,184	)
Schroders PLC		09/20/18	M	0.50%	Credit Suisse Securities (Europe) Limited		377,787 GBP		4,537
Schulman (A.), Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		101,321 USD		(228	)
Schwab (Charles) Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		20,439 USD		357
Scientific Games Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		589,823 USD		68,882
Scorpio Bulkers, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		61,860 USD		2,511
Scotts Miracle Gro Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		229,773 USD		5,989
Seacoast Banking Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		52,421 USD		2,051
Sealed Air Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		85,333 USD		858
Seaworld Entertainment, Inc.		04/22/19	M	0.10%	Morgan Stanley Capital Services LLC		524,259 USD		(18,295	)
Select Energy Services, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		485,724 USD		(28,377	)
Selecta Biosciences, Inc.		04/22/19	M	1.55%	Morgan Stanley Capital Services LLC		335,899 USD		(13,173	)
Sempra Energy		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		493,571 USD		(13,597	)
Semtech Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		15,275 USD		(16	)
Sendgrid, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		245,443 USD		14,772
Sensata Technologies Holding		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		213,956 USD		18,688
Servicemaster Global Holding		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		30,152 USD		(178	)
ServiceNow, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		643,326 USD		31,575
Shake Shack, Inc.		04/22/19	M	1.13%	Morgan Stanley Capital Services LLC		344,152 USD		(2,036	)
Shenandoah Telecommunication		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		406,560 USD		10,890
Sherwin Williams Co.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		447,008 USD		(3,357	)
Shoe Carnival, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		80,177 USD		1,778
Shutterfly, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		226,783 USD		8,280
SI Green Realty Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		34,631 USD		49
Sienna Biopharmaceuticcals, Inc.		04/22/19	M	0.38%	Morgan Stanley Capital Services LLC		216,540 USD		12,341
Sientra, Inc.		04/22/19	M	0.25%	Morgan Stanley Capital Services LLC		19,274 USD		(119	)
Signature Bank		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		123,358 USD		1,233
Signet Jewelers Ltd.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		316,741 USD		9,279
Simply Good Foods Co.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		157,333 USD		(1,117	)
Siteone Landscape Supply, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		264,814 USD		12,316
Skechers USA, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		726,351 USD		(13,035	)
SKF AB		09/20/18	M	0.48%	Credit Suisse Securities (Europe) Limited		838,010 SEK		(1,879	)
Skyline Champion Corp		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		394,277 USD		(3,533	)
Skyworks Solutions, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		97,761 USD		(339	)
Sleep Number Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		263,760 USD		7,774
SM Energy Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		297,630 USD		(27,708	)
Smart Sand, Inc.		04/22/19	M	2.40%	Morgan Stanley Capital Services LLC		404,758 USD		27,031
Smith (A.O.) Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		185,558 USD		714
Snam SpA		10/04/19	M	0.90%	Credit Suisse Securities (Europe) Limited		375,742 EUR		3,409
Solaris Oilfield Infrastructure, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		630,580 USD		55,051
Solvay SA		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		1,183,501 EUR		55,210
Sothebys		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		339,680 USD		20,161
Southwestern Energy Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		358,130 USD		(9,717	)
Spark Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		662,934 USD		(36,553	)
Spartan Motors, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		56,692 USD		(930	)
SPDR S&P 500 ETF Trust		06/30/20	T	1.66%	Goldman Sachs International		8,021,250 USD		(23,830	)

See Notes to Consolidated Schedule of Investments.

140

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
SPDR S&P Regional Banking ETF		03/03/20	T	1.38%	Morgan Stanley Capital Services LLC		7,173,887 USD	$	137,171
Spectrum Brands Holdings, Inc.		04/22/19	M	1.30%	Morgan Stanley Capital Services LLC		175,683 USD		(6,983	)
Spectrum Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		460,007 USD		(24,022	)
Spero Therapeutics, Inc.		04/22/19	M	0.25%	Morgan Stanley Capital Services LLC		116,032 USD		(22,380	)
Spirit Aerosystems Hold		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		315,420 USD		2,880
Splunk, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		356,781 USD		37,547
Sportsman's Warehouse Holding, Inc.		04/22/19	M	0.20%	Morgan Stanley Capital Services LLC		272,448 USD		18,824
Sprouts Farmers Market, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		162,746 USD		(6,774	)
SPX Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		122,943 USD		4,895
SPX Flow, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		146,600 USD		2,860
Square, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		869,763 USD		35,712
Stag Industrial, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		37,899 USD		(1,013	)
Stamps.com, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		463,079 USD		31,376
Stanley Black & Decker, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		200,426 USD		5,063
Stemline Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		75,650 USD		7,437
Stericycle, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		193,969 USD		(3,729	)
Sterling Construction Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		382,404 USD		4,208
Steven Madden, Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		7,832 USD		27
Stifel Financial Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		1,803 USD		27
Stoneridge, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		52,843 USD		1,855
Storebrand ASA		04/11/19	M	0.50%	JPMorgan Chase Bank, N.A.		13,896,000 NOK		91,843
Storebrand ASA		09/20/18	M	0.76%	Credit Suisse Securities (Europe) Limited		7,707,347 NOK		50,940
Stryker Corp.		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		529,723 USD		(1,510	)
Sun Communities, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		27,384 USD		(120	)
Sun Hydraulics Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		173,597 USD		8,594
Sunrun, Inc.		04/22/19	M	0.80%	Morgan Stanley Capital Services LLC		565,375 USD		19,584
Superior Energy Services, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		250,313 USD		(2,508	)
SuperValu, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		557,209 USD		(18,808	)
SVB Financial Group		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		304,195 USD		5,617
Switch, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		354,261 USD		20,049
Symantec Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		429,539 USD		10,344
Synaptics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		358,936 USD		(5,995	)
Synchrony Financial		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		6,038,161 USD		559,702
Syndax Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		462,425 USD		80,179
Syneos Health, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		97,271 USD		1,829
Synnex Corp.		07/30/18	M	0.00%	Deutsche Bank AG		419,675 USD		7,770
Syros Pharmaceuticals, Inc.		04/22/19	M	1.30%	Morgan Stanley Capital Services LLC		551,279 USD		100,875
T-Mobile US, Inc.		07/30/18	M	1.74%	Deutsche Bank AG		13,937,489 USD		(449,056	)
Tableau Software, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		6,757 USD		12
Tabula Rasa Healthcare, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		208,104 USD		(12,748	)
Tailored Brands, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		273,356 USD		9,913
Take Two Interactive Software, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		400,333 USD		7,260
Takeda Pharmaceutical Co. Ltd.		08/03/18	M	0.38%	Deutsche Bank AG		947,427,318 JPY		(248,645	)
Tanger Factory Outlet Center, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		106,238 USD		(1,182	)
Tapestry, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		219,804 USD		1,388
Taubman Centers, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		32,231 USD		207
TD Ameritrade Holding Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		41,727 USD		266

See Notes to Consolidated Schedule of Investments.

141

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Team, Inc.		04/22/19	M	0.10%	Morgan Stanley Capital Services LLC		310,007 USD	$	(25,659	)
TechnipFMC PLC		09/20/18	M	0.90%	Credit Suisse Securities (Europe) Limited		70,198 EUR		(2,821	)
TechnipFMC PLC		04/25/19	M	0.77%	JPMorgan Chase Bank, N.A.		86,908 EUR		(3,493	)
Teladoc, Inc.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		240,321 USD		9,282
Tele2 AB		09/20/18	M	0.48%	Credit Suisse Securities (Europe) Limited		9,995,554 SEK		82,901
Tele2 AB		10/10/18	M	0.80%	JPMorgan Chase Bank, N.A.		22,750,000 SEK		188,685
Tele2 AB		07/30/18	M	0.81%	Deutsche Bank AG		33,676,554 SEK		(120,042	)
Telecom Italia SpA		10/04/19	M	0.90%	Credit Suisse Securities (Europe) Limited		878,765 EUR		57,451
Telefonica Brasil		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		434,666 USD		15,536
Telefonica S.A.		02/13/19	M	0.67%	JPMorgan Chase Bank, N.A.		867,151 EUR		22,845
Telefonica S.A.		09/20/18	M	0.40%	Credit Suisse Securities (Europe) Limited		1,771,053 EUR		46,658
Telenor ASA		09/20/18	M	0.00%	Credit Suisse Securities (Europe) Limited		2,142,095 NOK		993
Tempur Sealy International, Inc.		04/22/19	M	1.05%	Morgan Stanley Capital Services LLC		576,256 USD		15,512
Tenet Healthcare Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		189,009 USD		10,786
Tennant Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		195,977 USD		(5,078	)
Teradata Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		63,590 USD		997
Teradyne, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		28,800 USD		95
Terex Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		117,103 USD		(4,405	)
Terna SpA		10/04/19	M	0.90%	Credit Suisse Securities (Europe) Limited		1,512,010 EUR		(18,879	)
Terraform Power, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		265,442 USD		(3,447	)
Terreno Realty Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		3,838 USD		(5	)
Tesaro, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		587,719 USD		(57,407	)
Tetra Technologies, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		335,641 USD		(11,708	)
Tetraphase Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		229,900 USD		32,262
Textainer Group Holdings Ltd		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		168,532 USD		2,854
Textron, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		8,976 USD		12
TG Therapeutics, Inc.		04/22/19	M	0.25%	Morgan Stanley Capital Services LLC		698,371 USD		23,355
Theravance Biopharma, Inc.		04/22/19	M	0.45%	Morgan Stanley Capital Services LLC		208,211 USD		9,058
Thermo Fisher Scientific, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		494,792 USD		(2,137	)
Thor Industries, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		189,629 USD		3,615
Tiffany & Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		208,974 USD		3,809
Tile Shop Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		118,998 USD		2,274
Tilly’s, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		20,211 USD		(408	)
Timkensteel Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		308,232 USD		29,955
Titan International, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		495,737 USD		45,334
Titan Machinery, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		147,302 USD		6,481
Tocagen, Inc.		04/22/19	M	0.25%	Morgan Stanley Capital Services LLC		235,738 USD		(8,269	)
Tompkins Financial Corp.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		1,716,818 USD		(127,369	)
Topbuild Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		74,174 USD		(14	)
Total System Services, Inc.		06/17/20	T	1.66%	Goldman Sachs International		4,422,842 USD		182,305
TPI Composites, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		318,505 USD		(37,200	)
Trade Desk, Inc.		04/22/19	M	0.57%	Morgan Stanley Capital Services LLC		709,087 USD		(28,837	)
Transdigm Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		172,486 USD		(2,155	)
Transunion		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		214,999 USD		(1,139	)
Travelers Cos., Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		44,279 USD		481
Treehouse Foods, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		552,755 USD		2,660
Trex Company, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		379,907 USD		2,426
Trinet Group, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		155,755 USD		(4,513	)
TripAdvisor, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		916,071 USD		40,867
Tronc, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		254,465 USD		588
Tronox Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		514,975 USD		9,022
TrueCar, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		236,374 USD		14,262
TrustCo Bank Corp.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		2,065,824 USD		2,839
Twenty First Century Fox, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		441,807 USD		(49,776	)
Twilio, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		395,486 USD		19,087

See Notes to Consolidated Schedule of Investments.

142

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Twin Disc, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		81,026 USD	$	2,893
Twitter, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		571,589 USD		24,360
Tyson Foods, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		123,776 USD		1,636
UBI Banca SpA		10/04/19	M	0.90%	Credit Suisse Securities (Europe) Limited		603,272 EUR		(16,873	)
UBI Banca SpA		04/10/19	M	0.67%	JPMorgan Chase Bank, N.A.		307,248 EUR		(8,593	)
UDR, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		82,994 USD		(946	)
Ulta Beauty, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		516,629 USD		27,064
Ultimate Software Group, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		5,158 USD		11
Ultra Clean Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		311,683 USD		649
Ultragenyx Pharmaceutical, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		173,201 USD		11,389
UMH Properties, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		6,687 USD		(312	)
Umpqua Holdings Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		61,712 USD		1,781
Under Armour, Inc.		04/22/19	M	0.15%	Morgan Stanley Capital Services LLC		860,533 USD		3,708
Unilever PLC		09/20/18	M	0.50%	Credit Suisse Securities (Europe) Limited		672,274 GBP		(27,382	)
Union Pacific Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		444,880 USD		7,797
Unisys Corp.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		262,422 USD		7,892
Unit Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		95,557 USD		(1,290	)
United Rentals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		379,782 USD		1,579
United States Steel Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		495,168 USD		16,487
United Technologies Corp.		07/30/18	M	1.74%	Deutsche Bank AG		4,753,084 USD		(4,182	)
United Technologies Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		6,303 USD		51
Uniti Group, Inc.		04/22/19	M	1.20%	Morgan Stanley Capital Services LLC		222,749 USD		20,987
Univar, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		81,553 USD		(605	)
Universal Display Corp.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		690,336 USD		30,716
Universal Electronics Inc		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		430,424 USD		(41,266	)
Universal Insurance Holdings		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		100,040 USD		567
Unum Group		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		182,606 USD		4,795
Upland Software, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		96,428 USD		2,461
Urban Edge Properties		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		97,017 USD		(3,771	)
Urban Outfitters, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		179,134 USD		5,166
US BanCorp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		54,222 USD		350
US Concrete, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		272,730 USD		51,600
US Foods Holding Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		157,598 USD		40
US Silica Holdings, Inc.		04/22/19	M	1.63%	Morgan Stanley Capital Services LLC		80,432 USD		5,212
USA Technologies, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		368,315 USD		(10,833	)
Vectren Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		32,894 USD		(44	)
Vectrus, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		345,638 USD		7,697
VEECO Instruments, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		486,918 USD		60,244
Ventas, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		167,954 USD		(1,301	)
Verastem, Inc.		04/22/19	M	0.30%	Morgan Stanley Capital Services LLC		175,352 USD		4,054
Verifone Systems, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		485,214 USD		563
Veritiv Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		65,003 USD		(949	)
Verso Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		1,697 USD		—
Versum Materials, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		20,355 USD		(115	)
Vertex Pharmaceuticals, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		307,252 USD		(23,151	)
Viacom, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		43,607 USD		(1,241	)
Viavi Solutions, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		249,283 USD		(7,844	)
Vicor Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		502,003 USD		36,193
Virtu Financial, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		233,539 USD		20,343
Visa, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		556,440 USD		6,111
Vista Outdoor, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		193,745 USD		13,999
Visteon Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		97,572 USD		1,288
Vistra Energy Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		415,472 USD		1,872
VMware, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		396,567 USD		7,685
Vonage Holdings Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		456,357 USD		(18,033	)
Vornado Realty Trust		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		47,502 USD		(324	)

See Notes to Consolidated Schedule of Investments.

143

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Voya Financial, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		117,060 USD	$	4,354
Voyager Therapeutics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		235,992 USD		21,248
Vulcan Materials Co.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		145,390 USD		197
Wabash National Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		120,701 USD		8,424
Wabco Holdings, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		117,624 USD		135
Wabtec Corp.		04/22/19	M	1.15%	Morgan Stanley Capital Services LLC		165,021 USD		4,829
Waddell & Reed Financial, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		14,576 USD		1,081
Wageworks, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		239,049 USD		4,199
Walgreens Boots Alliance, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		325,388 USD		24,893
Walmart Stores, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		253,426 USD		(954	)
Walt Disney Co.		05/08/19	M	1.79%	Credit Suisse Securities (Europe) Limited		605,411 USD		(810	)
Washington Federal, Inc.		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		8,157,899 USD		633,727
Washington Prime Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		185,518 USD		(5,173	)
Wave Life Sciences Ltd.		04/22/19	M	0.50%	Morgan Stanley Capital Services LLC		246,634 USD		20,385
Wayfair, Inc.		04/22/19	M	1.25%	Morgan Stanley Capital Services LLC		811,761 USD		(56,493	)
Weatherford International PLC		04/22/19	M	1.15%	Morgan Stanley Capital Services LLC		440,112 USD		14,804
Web.Com Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		54,619 USD		(700	)
Weight Watchers International, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		683,599 USD		(28,549	)
Welbilt, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		336,660 USD		(7,896	)
Welltower, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		182,216 USD		(4,224	)
Wendy’s Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		49,008 USD		1,866
Werner Enterprises, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		34,562 USD		880
Wesco Aircraft Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		336,017 USD		10,138
Westamerica Bancorporation		03/03/20	T	1.51%	Morgan Stanley Capital Services LLC		5,813,085 USD		352,298
Western Digital Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		37,164 USD		239
Western Union Co.		06/17/20	T	1.66%	Goldman Sachs International		2,653,020 USD		75,278
Westlake Chemical Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		30,207 USD		178
WestRock Co.		07/30/18	M	1.74%	Deutsche Bank AG		70,866 USD		4,780
Weyerhaeuser Co.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		36,335 USD		(417	)
Whiting Petroleum Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		526,682 USD		(52,026	)
WideOpenWest, Inc.		04/22/19	M	1.00%	Morgan Stanley Capital Services LLC		151,396 USD		130
Wig20 Index		08/16/18	0	0.00%	Merrill Lynch International		1,713,434 PLN		23,471
WildHorse Resource Development Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		337,925 USD		(16,278	)
Willis Towers Watson PLC		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		221,092 USD		1,575
Willscot Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		59,511 USD		(89	)
Winnebago Industries		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		161,347 USD		5,809
WisdomTree Investments, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		77,709 USD		12,497
Woodward, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		56,299 USD		(808	)
Workday, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		590,210 USD		24,579
World Acceptance Corp.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		276,421 USD		8,332
World Wrestiling Entertainment, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		107,166 USD		(17,357	)
Worldpay, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		345,134 USD		10,572
WPP PLC		07/17/19	M	0.15%	JPMorgan Chase Bank, N.A.		839,300 GBP		5,543
WPP PLC		09/20/18	M	0.50%	Credit Suisse Securities (Europe) Limited		539,359 GBP		3,091
WPX Energy, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		293,697 USD		(16,076	)
WR Grace & Co.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		264,945 USD		3
WW Grainger, Inc.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		123,997 USD		(596	)
Wynn Resorts Ltd.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		742,340 USD		22,611
XPO Logistics, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		133,031 USD		3,097
Xylem, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		152,134 USD		(1,088	)

See Notes to Consolidated Schedule of Investments.

144

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

Reference Instrument	Termination        Date		Payment Frequency	Financing      Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Yelp, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		128,359 USD	$	4,237
YRC Worldwide, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		513,269 USD		50,989
Yum China Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		132,195 USD		6,930
Zafgen, Inc.		04/22/19	M	0.50%	Morgan Stanley Capital Services LLC		59,799 USD		(7,975	)
ZAGG, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		303,247 USD		4,770
Zayo Group Holdings, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		437,062 USD		2,512
Zebra Technologies Corp.		04/22/19	M	1.67%	Morgan Stanley Capital Services LLC		44,682 USD		(585	)
Zendesk, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		81,943 USD		317
Zillow Group, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		28,508 USD		1,023
Zoe's Kitchen, Inc.		04/22/19	M	0.10%	Morgan Stanley Capital Services LLC		167,772 USD		(12,729	)
Zogenix, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		817,053 USD		10,182
Zumiez, Inc.		04/22/19	M	1.66%	Morgan Stanley Capital Services LLC		56,054 USD		2,522
Zurich Insurance Group AG		09/20/18	M	1.33%	Credit Suisse Securities (Europe) Limited		2,894,431 CHF		30,487
Total Sells								$	33,864,951
Total OTC Total Return Swaps Outstanding								$	25,234,277

Centrally Cleared Interest Rate Swaps Outstanding at June 30, 2018

The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate			Pay/ Receive Payment Freqency		Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Pays	6-Month CHF LIBOR		(0.50%	)		6M/1Y	09/19/20	Goldman Sachs International		42,608,000  CHF	$	(7,981	)	$	(71,530	)	$	63,549
Pays	6-Month GBP LIBOR		1.00%			6M/6M	09/19/20	Goldman Sachs International		993,611,000  GBP		(2,414,868	)		(2,912,526	)		497,658
Pays	6-Month EUR EURIBOR		1.00%			6M/1Y	09/19/28	Goldman Sachs International		172,686,000  EUR		1,592,260			(1,194,632	)		2,786,892
Pays	3-Month SEK STIBOR		1.25%			3M/1Y	09/19/28	Goldman Sachs International		1,650,278,000  SEK		1,372,963			(1,746,636	)		3,119,599
Pays	6-Month NOK NIBOR		1.50%			6M/1Y	09/19/20	Goldman Sachs International		4,059,266,000  NOK		(349,483	)		145,419			(494,902	)
Pays	3-Month USD LIBOR		1.90%			3M/6M	09/25/24	Morgan Stanley & Co. LLC		5,029,000  USD		(291,036	)		—			(291,036	)
Pays	3-Month USD LIBOR		1.93%			3M/6M	09/25/24	Morgan Stanley & Co. LLC		1,157,000  USD		(65,032	)		23			(65,055	)
Pays	3-Month USD LIBOR		1.98%			3M/6M	07/25/24	Morgan Stanley & Co. LLC		3,506,000  USD		(182,623	)		—			(182,623	)
Pays	3-Month USD LIBOR		1.98%			3M/6M	09/25/24	Morgan Stanley & Co. LLC		5,839,000  USD		(311,779	)		—			(311,779	)
Pays	3-Month USD LIBOR		1.99%			3M/6M	06/26/24	Morgan Stanley & Co. LLC		2,320,000  USD		(118,026	)		(11,818	)		(106,208	)
Pays	3-Month USD LIBOR		1.99%			3M/6M	05/25/24	Morgan Stanley & Co. LLC		3,193,000  USD		(159,726	)		(1,176	)		(158,550	)
Pays	3-Month USD LIBOR		1.99%			3M/6M	09/25/24	Morgan Stanley & Co. LLC		4,571,000  USD		(240,663	)		—			(240,663	)

See Notes to Consolidated Schedule of Investments.

145

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Freqency		Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Pays	3-Month USD LIBOR		2.03%		3M/6M	05/25/24	Morgan Stanley & Co. LLC		2,130,000  USD	$	(102,043	)	$	(11,027	)	$	(91,016	)
Pays	3-Month USD LIBOR		2.05%		3M/6M	04/25/24	Morgan Stanley & Co. LLC		6,953,000  USD		(322,847	)		(35,905	)		(286,942	)
Pays	3-Month USD LIBOR		2.07%		3M/6M	05/25/24	Morgan Stanley & Co. LLC		3,462,000  USD		(158,576	)		—			(158,576	)
Pays	3-Month USD LIBOR		2.08%		3M/6M	05/25/24	Morgan Stanley & Co. LLC		5,886,000  USD		(264,785	)		—			(264,785	)
Pays	3-Month USD LIBOR		2.09%		3M/6M	08/25/24	Morgan Stanley & Co. LLC		1,515,000  USD		(68,542	)		(619	)		(67,923	)
Pays	3-Month USD LIBOR		2.13%		3M/6M	05/25/24	Morgan Stanley & Co. LLC		1,263,000  USD		(53,471	)		(7,155	)		(46,316	)
Pays	3-Month USD LIBOR		2.13%		3M/6M	04/25/24	Morgan Stanley & Co. LLC		6,446,000  USD		(268,946	)		(35,440	)		(233,506	)
Pays	3-Month USD LIBOR		2.17%		3M/6M	04/25/24	Morgan Stanley & Co. LLC		2,609,000  USD		(103,062	)		—			(103,062	)
Pays	3-Month USD LIBOR		2.20%		3M/6M	11/27/24	Morgan Stanley & Co. LLC		4,794,000  USD		(202,095	)		—			(202,095	)
Pays	3-Month USD LIBOR		2.20%		3M/6M	11/27/24	Morgan Stanley & Co. LLC		5,689,000  USD		(239,658	)		—			(239,658	)
Pays	3-Month USD LIBOR		2.20%		3M/6M	01/30/24	Morgan Stanley & Co. LLC		29,320,500  USD		(1,075,771	)		(158,104	)		(917,667	)
Pays	3-Month USD LIBOR		2.22%		3M/6M	03/27/24	Morgan Stanley & Co. LLC		2,599,000  USD		(92,524	)		351			(92,875	)
Pays	3-Month USD LIBOR		2.22%		3M/6M	11/27/24	Morgan Stanley & Co. LLC		4,569,000  USD		(187,368	)		(1,503	)		(185,865	)
Pays	3-Month USD LIBOR		2.24%		3M/6M	11/27/24	Morgan Stanley & Co. LLC		3,288,000  USD		(131,160	)		(181	)		(130,979	)
Pays	3-Month USD LIBOR		2.24%		3M/6M	02/25/24	Morgan Stanley & Co. LLC		2,350,000  USD		(82,050	)		—			(82,050	)
Pays	3-Month CAD-BA-CDOR		2.25%		3M/6M	09/19/20	Goldman Sachs International		1,488,126,000  CAD		(2,163,072	)		1,515,573			(3,678,645	)
Pays	3-Month USD LIBOR		2.25%		3M/6M	12/27/24	Morgan Stanley & Co. LLC		1,201,000  USD		(47,024	)		(582	)		(46,442	)
Pays	3-Month USD LIBOR		2.26%		3M/6M	04/26/24	Morgan Stanley & Co. LLC		3,000,000  USD		(104,656	)		—			(104,656	)
Pays	3-Month USD LIBOR		2.28%		3M/6M	12/27/24	Morgan Stanley & Co. LLC		3,310,000  USD		(124,001	)		(1,411	)		(122,590	)
Pays	3-Month USD LIBOR		2.31%		3M/6M	12/27/24	Morgan Stanley & Co. LLC		770,000  USD		(27,636	)		(580	)		(27,056	)

See Notes to Consolidated Schedule of Investments.

146

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate			Pay/ Receive Payment Freqency		Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Pays	3-Month USD LIBOR		2.33%			3M/6M	01/25/25	Morgan Stanley & Co. LLC		4,857,000  USD	$	(170,321	)	$	—		$	(170,321	)
Pays	3-Month USD LIBOR		2.75%			3M/6M	09/19/20	Goldman Sachs International		629,668,000  USD		(1,218,591	)		(1,389,692	)		171,101
Pays	3-Month USD LIBOR		2.75%			3M/6M	04/25/25	Morgan Stanley & Co. LLC		1,792,000  USD		(15,315	)		(118	)		(15,197	)
Pays	3-Month USD LIBOR		2.83%			3M/6M	02/26/25	Morgan Stanley & Co. LLC		3,384,000  USD		(18,453	)		—			(18,453	)
Pays	3-Month USD LIBOR		2.84%			3M/6M	03/26/25	Morgan Stanley & Co. LLC		3,870,000  USD		(18,446	)		—			(18,446	)
Pays	3-Month USD LIBOR		2.87%			3M/6M	04/25/25	Morgan Stanley & Co. LLC		2,883,000  USD		(8,373	)		—			(8,373	)
Pays	3-Month USD LIBOR		2.94%			3M/6M	06/25/25	Morgan Stanley & Co. LLC		6,516,000  USD		19,281			—			19,281
Pays	6-Month AUD-BBR-BBSW		3.00%			6M/6M	09/19/28	Goldman Sachs International		143,984,721  AUD		1,278,661			190,169			1,088,492
Pays	3-Month USD LIBOR		3.00%			3M/6M	06/25/25	Morgan Stanley & Co. LLC		2,272,000  USD		15,629			—			15,629
Pays	3-Month USD LIBOR		3.02%			3M/6M	06/25/25	Morgan Stanley & Co. LLC		6,760,000  USD		55,120			(4,952	)		60,072
Pays	3-Month NZD-BBR-FRA		3.25%			3M/6M	09/19/28	Goldman Sachs International		207,238,576  NZD		2,375,221			(217,388	)		2,592,609
Pays	28-Day MXN TIIE		7.86%			28D/28D	09/13/23	Credit Suisse Securities (USA) LLC		186,872,404  MXN		(4,110	)		—			(4,110	)
Receives	6-Month EUR EURIBOR		(0.25%	)		1Y/6M	09/19/20	Goldman Sachs International		834,461,000  EUR		2,439,078			4,000,719			(1,561,641	)
Receives	3-Month SEK STIBOR		(0.25%	)		1Y/3M	09/19/20	Goldman Sachs International		7,931,888,000  SEK		2,769,381			4,435,657			(1,666,276	)
Receives	6-Month CHF LIBOR		0.50%			1Y/6M	09/19/28	Goldman Sachs International		8,656,000  CHF		(45,002	)		54,841			(99,843	)
Receives	3-Month USD LIBOR		1.18%			6M/3M	02/22/20	Merrill Lynch, Pierce, Fenner & Smith, Inc.		23,000,000  USD		578,975			—			578,975
Receives	6-Month GBP LIBOR		1.33%			6M/6M	01/09/68	Credit Suisse Securities (USA) LLC		2,324,000  GBP		216,733			65			216,668
Receives	6-Month GBP LIBOR		1.34%			6M/6M	12/14/67	Credit Suisse Securities (USA) LLC		236,000  GBP		21,012			7			21,005
Receives	6-Month GBP LIBOR		1.37%			6M/6M	01/05/67	Credit Suisse Securities (USA) LLC		2,693,653  GBP		202,018			95			201,923
Receives	6-Month GBP LIBOR		1.38%			6M/6M	01/16/68	Credit Suisse Securities (USA) LLC		1,427,000  GBP		97,246			43			97,203

See Notes to Consolidated Schedule of Investments.

147

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

The Fund Pays/Receives Floating Rate

Floating Rate Index

Fixed Rate

Pay/ Receive Payment Freqency

Maturity Date

Counterparty

Notional Amount

Market Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Receives

6-Month GBP LIBOR

1.41%

6M/6M

08/04/67

Credit Suisse Securities (USA) LLC

3,461,000  GBP

$

191,014

$

123

$

190,891

Receives

6-Month GBP LIBOR

1.44%

6M/6M

01/05/47

Credit Suisse Securities (USA) LLC

3,507,681  GBP

208,958

—

208,958

Receives

6-Month GBP LIBOR

1.50%

6M/6M

09/19/28

Goldman Sachs International

209,019,000  GBP

1,292,889

3,433,283

(2,140,394

)

Receives

3-Month USD LIBOR

1.52%

6M/3M

05/25/19

Merrill Lynch, Pierce, Fenner & Smith, Inc.

18,200,000  USD

170,444

—

170,444

Receives

6-Month GBP LIBOR

1.56%

6M/6M

11/29/46

Credit Suisse Securities (USA) LLC

2,761,160  GBP

59,717

—

59,717

Receives

3-Month USD LIBOR

1.56%

6M/3M

09/26/26

Morgan Stanley & Co. LLC

3,600,000  USD

366,493

—

366,493

Receives

6-Month GBP LIBOR

1.60%

6M/6M

12/01/46

Credit Suisse Securities (USA) LLC

1,791,270  GBP

16,238

—

16,238

Receives

3-Month USD LIBOR

1.62%

6M/3M

07/25/26

Morgan Stanley & Co. LLC

1,900,000  USD

181,072

4,658

176,414

Receives

6-Month CZK PRIBOR

1.67%

1Y/6M

03/21/23

Credit Suisse Securities (USA) LLC

91,015,762  CZK

39,178

—

39,178

Receives

6-Month CZK PRIBOR

1.74%

1Y/6M

03/21/23

Credit Suisse Securities (USA) LLC

63,416,839  CZK

18,200

—

18,200

Receives

3-Month USD LIBOR

1.77%

6M/3M

10/24/21

Merrill Lynch, Pierce, Fenner & Smith, Inc.

18,500,000  USD

637,796

—

637,796

Receives

6-Month CZK PRIBOR

1.80%

1Y/6M

03/21/23

Credit Suisse Securities (USA) LLC

82,773,289  CZK

14,000

—

14,000

Receives

6-Month CZK PRIBOR

1.84%

1Y/6M

05/22/23

Credit Suisse Securities (USA) LLC

331,283,027  CZK

34,126

—

34,126

Receives

6-Month CZK PRIBOR

1.86%

1Y/6M

03/21/23

Credit Suisse Securities (USA) LLC

233,213,709  CZK

10,766

—

10,766

Receives

3-Month USD LIBOR

1.86%

6M/3M

12/11/20

Merrill Lynch, Pierce, Fenner & Smith, Inc.

15,000,000  USD

339,492

—

339,492

Receives

3-Month USD LIBOR

1.86%

6M/3M

05/25/22

Merrill Lynch, Pierce, Fenner & Smith, Inc.

8,200,000  USD

306,046

—

306,046

Receives

6-Month CZK PRIBOR

1.88%

1Y/6M

09/19/23

Credit Suisse Securities (USA) LLC

338,826,171  CZK

55,754

—

55,754

Receives

6-Month CZK PRIBOR

1.89%

1Y/6M

09/19/23

Credit Suisse Securities (USA) LLC

341,704,709  CZK

48,871

—

48,871

Receives

3-Month USD LIBOR

1.96%

6M/3M

11/25/26

Morgan Stanley & Co. LLC

1,100,000  USD

81,013

—

81,013

See Notes to Consolidated Schedule of Investments.

148

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Freqency		Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Receives	3-Month USD LIBOR		2.04%		6M/3M	10/26/25	Morgan Stanley & Co. LLC		3,900,000   USD	$	228,396		$	—		$	228,396
Receives	3-Month USD LIBOR		2.18%		6M/3M	06/26/27	Morgan Stanley & Co. LLC		5,600,000  USD		343,033			—			343,033
Receives	3-Month USD LIBOR		2.19%		6M/3M	05/25/27	Morgan Stanley & Co. LLC		1,500,000  USD		89,372			—			89,372
Receives	3-Month AUD-BBR-BBSW		2.25%		3M/3M	09/19/20	Goldman Sachs International		653,830,637  AUD		(1,569,827	)		(639,130	)		(930,697	)
Receives	6-Month NOK NIBOR		2.25%		1Y/6M	09/19/28	Goldman Sachs International		889,706,000  NOK		(461,395	)		(49,766	)		(411,629	)
Receives	3-Month NZD-BBR-FRA		2.25%		6M/3M	09/19/20	Goldman Sachs International		928,427,045  NZD		(815,922	)		601,843			(1,417,765	)
Receives	3-Month USD LIBOR		2.27%		6M/3M	01/25/26	Morgan Stanley & Co. LLC		2,000,000  USD		90,318			—			90,318
Receives	3-Month USD LIBOR		2.30%		6M/3M	01/26/25	Morgan Stanley & Co. LLC		2,430,000  USD		89,556			—			89,556
Receives	3-Month USD LIBOR		2.33%		6M/3M	08/25/25	Morgan Stanley & Co. LLC		35,250,000  USD		1,352,875			229,547			1,123,328
Receives	3-Month USD LIBOR		2.34%		6M/3M	01/25/27	Morgan Stanley & Co. LLC		1,000,000  USD		46,275			—			46,275
Receives	3-Month USD LIBOR		2.40%		6M/3M	01/25/27	Morgan Stanley & Co. LLC		2,900,000  USD		121,095			24,111			96,984
Receives	3-Month USD LIBOR		2.41%		6M/3M	02/27/27	Morgan Stanley & Co. LLC		2,300,000  USD		94,865			—			94,865
Receives	3-Month USD LIBOR		2.41%		6M/3M	12/22/22	Merrill Lynch, Pierce, Fenner & Smith, Inc.		50,000,000  USD		986,162			—			986,162
Receives	3-Month USD LIBOR		2.41%		6M/3M	11/27/27	Morgan Stanley & Co. LLC		1,700,000  USD		76,729			—			76,729
Receives	3-Month CAD-BA-CDOR		2.50%		6M/3M	09/19/28	Goldman Sachs International		324,275,000  CAD		1,982,307			811,926			1,170,381
Receives	3-Month USD LIBOR		2.53%		6M/3M	09/25/24	Morgan Stanley & Co. LLC		2,130,000  USD		46,024			—			46,024
Receives	3-Month USD LIBOR		2.58%		6M/3M	03/27/27	Morgan Stanley & Co. LLC		300,000  USD		8,525			—			8,525
Receives	3-Month USD LIBOR		2.90%		6M/3M	03/27/26	Merrill Lynch, Pierce, Fenner & Smith, Inc.		20,000,000  USD		51,991			—			51,991
Receives	3-Month USD LIBOR		2.95%		6M/3M	02/26/28	Morgan Stanley & Co. LLC		800,000  USD		633			—			633

See Notes to Consolidated Schedule of Investments.

149

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Freqency		Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Receives	3-Month USD LIBOR		2.96%		6M/3M	03/26/28	Morgan Stanley & Co. LLC		600,000  USD	$	(1,938	)	$	354		$	(2,292	)
Receives	3-Month USD LIBOR		3.00%		6M/3M	09/19/28	Goldman Sachs International		139,498,000  USD		(727,983	)		(555,367	)		(172,616	)
Receives	3-Month USD LIBOR		3.03%		6M/3M	06/25/28	Morgan Stanley & Co. LLC		1,600,000  USD		(14,902	)		—			(14,902	)
Receives	3-Month USD LIBOR		3.05%		6M/3M	05/25/28	Morgan Stanley & Co. LLC		600,000  USD		(6,683	)		—			(6,683	)
Receives	3-Month USD LIBOR		3.08%		6M/3M	04/30/27	Merrill Lynch, Pierce, Fenner & Smith, Inc.		20,000,000  USD		(186,368	)		—			(186,368	)
Receives	3-Month USD LIBOR		3.15%		6M/3M	05/21/22	Merrill Lynch, Pierce, Fenner & Smith, Inc.		20,000,000  USD		(101,296	)		—			(101,296	)
Receives	3-Month USD LIBOR		3.21%		6M/3M	05/25/33	Morgan Stanley & Co. LLC		2,000,000  USD		(31,777	)		(1,053	)		(30,724	)
Receives	6-Month INR MIBOR OIS		6.67%		6M/6M	06/20/23	Credit Suisse Securities (USA) LLC		442,659,911  INR		146,041			—			146,041
Receives	3-Month ZAR-JIBAR-SAFEX		7.93%		3M/3M	09/19/23	Credit Suisse Securities (USA) LLC		221,107,240  ZAR		(46,345	)		—			(46,345	)
Receives	3-Month ZAR-JIBAR-SAFEX		7.98%		3M/3M	09/19/23	Credit Suisse Securities (USA) LLC		146,515,771  ZAR		(54,489	)		—			(54,489	)
Receives	3-Month ZAR-JIBAR-SAFEX		8.43%		3M/3M	09/19/28	Credit Suisse Securities (USA) LLC		54,478,988  ZAR		(19,767	)		—			(19,767	)
Receives	3-Month ZAR-JIBAR-SAFEX		8.46%		3M/3M	09/19/28	Credit Suisse Securities (USA) LLC		54,418,784  ZAR		(28,916	)		—			(28,916	)
Receives	3-Month ZAR-JIBAR-SAFEX		8.48%		3M/3M	09/19/28	Credit Suisse Securities (USA) LLC		54,698,959  ZAR		(33,510	)		—			(33,510	)
Total Centrally Cleared Interest Rate Swaps Outstanding										$	7,299,609		$	6,400,516		$	899,093

See Notes to Consolidated Schedule of Investments.

150

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

OTC Interest Rate Swaps Outstanding at June 30, 2018
The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Freqency		Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Receives	3-Month MYR KLIBOR BNM		4.14%		3M/3M	05/18/23	Morgan Stanley Capital Services LLC		16,597,969  MYR	$	(50,003	)	$	—	$	(50,003	)
Receives	3-Month MYR KLIBOR BNM		4.14%		3M/3M	05/21/23	Bank of America, N.A.		16,823,868  MYR	$	(50,620	)	$	—	$	(50,620	)
Receives	3-Month MYR KLIBOR BNM		4.02%		3M/3M	06/08/23	Bank of America, N.A.		36,673,227  MYR		(61,959	)		—		(61,959	)
Total Centrally Cleared Interest Rate Swaps Outstanding										$	(162,582	)	$	—	$	(162,582	)

Abbreviation Legend:
M	Monthly
T	At Maturity
1Y	Yearly
28D	28 Days
3M	Quarterly
6M	Semi-Annually
ADR	American Depository Receipt
BADLARPP	BADLAR Private Banks
CBOT	Chicago Board of Trade
CDE	Montreal Exchange
CME	Chicago Mercantile Exchange
COMEX	Commodities Exchange Center
Eurex	Eurex Exchange
EURIBOR	Euro Interbank Offered Rate
Euronext	Euronext Paris
HKFE	Hong Kong Futures Exchange Ltd.
ICE	Ice Futures Europe
IDEM	Italian Derivatives Exchange Market
ISE	Istanbul Stock Exchange
KRX FM	Korea Exchange (Futures Market)
LIBOR	London Interbank Offered Rate
LME	London Metal Exchange
MTN	Medium Term Note
MYX	Bursa Malaysia
Nasdaq-OMX	NASDAQ OMX Stockholm
NYMEX	New York Mercantile Exchange
OSE	Osaka Exchange
OTC	Over the Counter
PIK	Payment in Kind
REG S	Regulation-S
REIT	Real Estate Investment Trust
Safex	South African Futures Exchange
SFE	ASX Trade24
SGX	Singapore Exchange
TFEX	Thailand Futures Exchange
Currency Legend:
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound

See Notes to Consolidated Schedule of Investments.

151

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2018 (Unaudited)

HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
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
TWD	Taiwanese Dollar
USD	United States Dollar
ZAR	South African Rand

See Notes to Consolidated Schedule of Investments.

152

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments

For the Period Ended June 30, 2018 (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”) that consists of a single series, Blackstone Alternative Multi- Strategy Fund (the “Fund”). The Fund commenced operations offering Class I Shares on June 16, 2014. The Fund also offers Class D Shares, Class Y Shares and Class R Shares, of which, Class D Shares and Class Y Shares commenced operations on November 17, 2014 and January 28, 2015, respectively. As of June 30, 2018, the Fund had not issued any Class R Shares. The Fund operates as a diversified open-end investment company as defined in the 1940 Act.

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

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

The Fund and the Cayman Subsidiary are each a commodity pool subject to regulation by the Commodity Futures Trading Commission (“CFTC”). BAIA, the commodity pool operator of the Fund and the Cayman Subsidiary, is registered as such with the CFTC, but has claimed relief under Rules 4.12(c)(3) and 4.7 of the Commodity Exchange Act (“CEA”), respectively, from certain disclosure, reporting, and recordkeeping requirements otherwise applicable to commodity pools. Neither the Domestic Subsidiary III nor the Domestic Subsidiary IV intends to invest more than a de minimis level of its net assets in “commodity interests” (as defined under the CEA). Accordingly, BAIA has claimed an exemption under Rule 4.13(a)(3) from registration as a commodity pool operator with respect to the Domestic Subsidiary III and the Domestic Subsidiary 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 Prospectus of the Fund.

2. Basis of Presentation

The 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, except as otherwise noted. The preparation of the consolidated 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 period. Actual results could differ from these estimates and these differences could be material.

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

153

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2018 (Unaudited)

Consolidation

The Fund consolidates its investment in the Subsidiaries. All material intercompany balances and transactions have been eliminated.

3. Significant Accounting Policies

Valuation Policy

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

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

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, or broker-dealer quotations), including where events occur after the close of the relevant market, but prior to the close of the NYSE, that materially affect the value of the Fund’s investments. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the FVC and the Investment Adviser the responsibility for monitoring significant events that may materially affect the values of the Fund’s investments and for determining whether the value of the applicable investments should be re-evaluated in light of such significant events. There were no instances of such determination made during the period ending June 30, 2018.

Fair Value Measurements

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

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

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

• Level 1 – quoted prices are available in active markets for identical investments as of the measurement date. The Fund

does not adjust the quoted price for these investments.

The types of investments categorized within Level 1 generally include actively traded domestic and certain foreign equity

securities, short-term investments and derivative financial instruments actively traded on recognized exchanges.

• Level 2 – quoted prices are available in markets that are not active or model inputs are based on inputs that     are either

directly or indirectly observable as of the measurement date.

The types of investments categorized within Level 2 generally include certain foreign equities; fixed income securities

including corporate and convertible bonds, loans, trade claims, sovereign debt obligations, U.S. Treasury obligations,

and asset-backed and mortgage-backed securities; over-the-counter (“OTC”) derivative financial instruments such as

total return swaps, interest rate swaps, credit default swaps, OTC options; and forward foreign currency exchange

contracts (“Forwards”).

154

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2018 (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.

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

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

Exchange-Traded Securities

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

The Fund may use a third-party fair valuation service provider to value foreign equity securities that are primarily traded outside of North America and South America. The third-party fair valuation service provider calculates a factor (“Fair Value Factor”) that is applied to adjust the last price of each such security in the event that there is movement in excess of a specified trigger (“Fair Value 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 June 30, 2018, certain foreign equity securities were classified in Level 2 as a Fair Value Factor was applied to the prices of these securities.

Short-Term Investments

The Fund considers short-term, highly liquid investments with original maturities of 90 days or less when acquired to be short-term investments. At June 30, 2018, the Fund had $379,714,677 invested in State Street Institutional U.S. Government Money Market, Fund (GVMXX—Premier Class) and $136,586 invested in Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio (MSUXX). Investments in money market funds are categorized as Level 1 within the fair value hierarchy and are valued at net asset value.

Effective October 14, 2016, money market funds are required to comply with certain rules adopted by the Securities and Exchange Commission (“SEC”) in July 2014. The rules establish new definitions for money market fund classifications and certain money market funds are required to move from a stable $1.00 price per share to a floating net asset value. Money market funds that meet certain criteria can maintain a fixed $1.00 share price. The State Street Institutional U.S. Government Money Market Fund invests only in obligations issued or guaranteed as to principal and/or interest, as applicable, by the U.S. government or its agencies and instrumentalities, as well as repurchase agreements secured by such instruments and maintains a fixed $1.00 share price. Additionally, the State Street Institutional U.S. Government Money Market Fund is not subject to liquidity fees or redemption gates.

Derivative Financial Instruments

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

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

155

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2018 (Unaudited)

Fixed Income Securities

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

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

Level 3 investments are valued by broker quotes, fair value models, or pricing services that may employ valuation techniques with unobservable inputs. At June 30, 2018, the total fair value of Level 3 investments was $14,175,890. 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.

Investments in Investee Funds

The fair value of investments in unaffiliated hedge funds, (collectively, the “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, unless the investment in the Investee Fund is traded on a recognized securities exchange and a quoted price is available as of the measurement date. If the Investee Fund is not traded on an exchange, the Fund may, as a practical expedient, estimate the fair value of an Investee Fund based on the reported 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 ASC 946.

Securities and Other Investments

Bank Debt

The Fund may invest in bank debt including, for example, corporate loans, trade claims, loan participations, direct debt, revolvers, bank loans, and bridge loans. The Fund invests in loans through novations, assignments, and participation interests. In a novation, the Fund typically assumes all of the rights of a lending institution, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When the Fund

takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If the Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third-party and the Fund typically will have a contractual relationship only with the third-party loan investor, not with the borrower. As a result, the Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, the Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third-party. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. Certain types of bank debt may have an associated partially funded or unfunded commitment. The unfunded commitments may or may not be funded by the Fund. At June 30, 2018, there were no outstanding unfunded commitments held by the Fund.

Mortgage-Related and Other Asset-Backed Securities

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

156

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2018 (Unaudited)

Securities Sold Short

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

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

Reverse Repurchase Agreements

The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date, under the terms of a Master Repurchase Agreement (“MRA”). The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties is reflected as a liability. Reverse repurchase agreements involve the risk that the market value of the securities purchased with the proceeds from the sale of securities received by the Fund may decline below the price of the securities the Fund is obligated to repurchase. Reverse repurchase agreements also involve credit risk with the counterparty to the extent that the value of securities subject to repurchase 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 June 30, 2018, the face value of open reverse repurchase agreements for the Fund was $180,453,000.

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

Securities Lending

The Fund may lend securities, through its agent, to certain qualified financial institutions. The loans are collateralized by cash in an amount at least equal to the market value of the securities loaned. The market value of securities loaned is determined daily and any additional required collateral is allocated to the Fund on the next Business Day. The initial collateral received by the Fund should have a value of at least 102% of the current value of loaned securities for U.S. securities and at least 105% for all other securities. The risk of borrower default will be borne by the Fund’s agent; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while earning returns on the cash amounts which may be reinvested for the purchase of investments in securities. As of June 30, 2018, there were no securities out on loan.

When-Issued and Delayed-Delivery Transactions

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

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

157

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2018 (Unaudited)

Restricted Securities

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

4. Derivative Financial Instruments

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

Forward Foreign Currency Exchange Contracts

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

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

Futures Contracts

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

Options Contracts

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

158

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2018 (Unaudited)

Options trading involve certain additional risks. Specific market movements of the option and the instruments underlying the option cannot be predicted. No assurance can be given that a liquid secondary market will exist for any particular option or at any particular time. The Fund might not be able to enter into a closing transaction for the option as a result of an illiquid market for the option. To realize any profit in the case of an option, therefore, the option holder would need to exercise the option and comply with margin requirements for the underlying instrument. A writer could not terminate the obligation until the option expired or the writer was assigned an exercise notice. The purchaser of an option is subject to the risk of losing the entire purchase price of the option. The writer of an option is subject to the risk of loss resulting from the difference between the premium received for the option and the price of the futures contract underlying the option that the writer must purchase or deliver upon exercise of the option. The writer of a naked option may have to purchase the underlying contract in the market for substantially more than the exercise price of the option in order to satisfy his delivery obligations. This could result in a large net loss.

Equity, foreign currency or index options that may be purchased or sold by the Fund may include options not traded on securities

exchange. The risk of nonperformance by the counterparty on such option may be greater and the ability of the Fund to enter into a

closing transaction with respect to such option may be less than in the case of an exchange traded option.

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

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

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

Swap Agreements

The Fund may enter into total return, interest rate, and credit default swap agreements (“Swaps”). Swaps are bilaterally negotiated agreements between the Fund and a counterparty in which the Fund and counterparty agree to make either periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market or may be executed in a multilateral or other trade facility platform, such as a registered exchange (“centrally cleared swaps” or “swap execution facility”). The Fund 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 Fund 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 the 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. The Fund’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having an MNA between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty..

159

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2018 (Unaudited)

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

Interest rate swaps can be purchased or sold with an upfront premium. An upfront payment received by the Fund is recorded as a liability and an upfront payment made by the Fund is recorded as an asset. 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 Fund 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 may include a specified security, index, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. To the extent the total return of the instrument underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying instrument increases and receives payment from the other party if the value of the underlying asset decreases.

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

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

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

5. Fair Value Measurements

The following table presents information about the classification of the Fund’s investments measured at fair value within the fair value hierarchy as of June 30, 2018.

Assets:	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stock	$	1,719,759,961	$	—	$	—	$	1,719,759,961
Preferred Stock		—		211,763,905		—		211,763,905
Asset-Backed Securities		—		313,249,321		—		313,249,321
Convertible Bonds		—		53,621,480		—		53,621,480
Bank Debt		—		20,497,702		14,175,890		34,673,592
Corporate Bonds & Notes		—		174,583,487		—		174,583,487
Sovereign Debt		—		517,121,049		—		517,121,049
Mortgage-Backed Securities		—		1,554,150,016		—		1,554,150,016
U.S. Government Sponsored Agency Securities		—		42,755,503		—		42,755,503

160

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2018 (Unaudited)

Assets:	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	120,416,322	$	—	$	120,416,322
Exchange-Traded Funds		131,797,042		—		—		131,797,042
Purchased Options		4,338,646		103,399		—		4,442,045
Short-Term Investment - Money Market Fund		379,851,263		—		—		379,851,263
Subtotal	$	2,235,746,912	$	3,008,262,184	$	14,175,890	$	5,258,184,986
Investments Valued at NAV								334,390,154
Total Investments in Securities	$	2,235,746,912	$	3,008,262,184	$	14,175,890	$	5,592,575,140
Forward Foreign Currency Exchange Contracts		—		12,823,829		—		12,823,829
Futures Contracts		67,824,533		—		—		67,824,533
Centrally Cleared Credit Default Swaps		—		41,289,239		—		41,289,239
OTC Credit Default Swaps		—		453,357		—		453,357
OTC Total Return Swaps		—		69,260,527		—		69,260,527
Centrally Cleared Interest Rate Swaps		—		22,859,842		—		22,859,842
Total Assets	$	2,303,571,445	$	3,154,948,978	$	14,175,890	$	5,807,086,467
Liabilities:	Level 1		Level 2		Level 3		Total
Securities Sold Short:
Common Stock	$	1,255,754,700	$	—	$	—	$	1,255,754,700
Exchange-Traded Funds		141,700,204		—		—		141,700,204
Mortgage-Backed Securities		—		46,825,986		—		46,825,986
Rights		0		—		—		0
Total Securities Sold Short	$	1,397,454,904	$	46,825,986	$	—	$	1,444,280,890
Options Written		91,221		103,399		—		194,620
Reverse Repurchase Agreements		—		180,700,322		—		180,700,322
Forward Foreign Currency Exchange Contracts		—		9,106,995		—		9,106,995
Futures Contracts		48,757,280		—		—		48,757,280
Centrally Cleared Credit Default Swaps		—		17,335,945		—		17,335,945
OTC Credit Default Swaps		—		19,068,906		—		19,068,906
OTC Total Return Swaps		—		44,026,250		—		44,026,250
Centrally Cleared Interest Rate Swaps		—		15,560,233		—		15,560,233
OTC Interest Rate Swaps		—		162,582		—		162,582
Total Liabilities	$	1,446,303,405	$	332,890,618	$	—	$	1,779,194,023

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

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

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

161

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2018 (Unaudited)

Investments in Investee Funds by Strategy	Unfunded     Commitment     $	Non-Redeemable Investments (A)		Other Restricted Investments (B)		Investments Subject to No Restrictions	Total $
		Amount     $	Redemption     Restriction     Commencement     Date	Amount     $	Redemption     Restriction     Term	Amount     $
Equity (1)(2)	N/A	—	N/A	—	N/A	334,390,154	334,390,154

⁽¹⁾  The Equity strategy generally includes equity-focused Investee Funds with a bottom-up analysis that do not actively trade

exposures, with trading strategies focusing on shorter-term dynamics and appreciation for market technicals, top-down

thematic/macro views, and technically driven statistical arbitrage with fundamental quantitative long/short strategies.

⁽²⁾ Investments are redeemable quarterly upon 30 - 45 days written notice.

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

^(B) Investments subject to other restrictions include investments in Investee Funds that are subject to a lockup at the measurement date and/or have the ability to limit the individual amount of investor redemptions. The redemption restriction term is based on the restriction period (or range of restriction periods) for Investee Funds as defined in each respective Investee Fund’s governing legal agreement without consideration of the length of time elapsed from the date of investments in Investee Funds. The Fund’s investment in a particular Investee Fund classified within the strategies above may be comprised of investments with differing liquidity terms or investments which were made at differing points in time.

During the period ended June 30, 2018, the amount of transfers from Level 2 to Level 1 was $18,653,492 and $17,358,943 for common stock and securities sold short, respectively, as a result of the Fair Value Trigger. For more detail on the fair value of foreign equity securities, please refer to the discussion of fair value measurements for exchange-traded securities in Note 3.

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

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

Assets: Investment in Securities	Bank Debt			Corporate Bonds & Notes			Total
Balance as of March 31, 2018	$	12,831,298		$	21,774,895		$	34,606,193
Transfers In		2,950,176			—			2,950,176
Transfers Out		(5,189,696	)		(22,417,652	)		(27,607,348	)
Purchases		3,817,229			—			3,817,229
Sales		(1,025,915	)		—			(1,025,915	)
Amortization		23,041			878,747			901,788
Net realized gain		5,333			—			5,333
Net change in unrealized appreciation (depreciation)		764,424			(235,990	)		528,434
Balance as of June 30, 2018	$	14,175,890		$	—		$	14,175,890
Net change in unrealized appreciation (depreciation) related to investments still held as of June 30, 2018		764,424			(235,990	)		528,434

162

Blackstone Alternative Investment Funds and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2018 (Unaudited)

The following table summarizes the quantitative inputs and assumptions used for investments in securities classified within Level 3 of the fair value hierarchy as of June 30, 2018.

Assets	Fair Value at June 30, 2018		Valuation Technique		Unobservable Inputs		Range of inputs (Weighted Average)
Investments in Securities:
Bank Debt	$	14,175,890		Broker-dealer Quotations		Indicative Bid		N/A
Total Investments in Securities	$	14,175,890

163

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)
August 27, 2018

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)
August 27, 2018
By:	/s/ Arthur Liao
	Arthur Liao, Treasurer (Principal Financial and Accounting Officer)
August 27, 2018