Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments

June 30, 2021 (Unaudited)

Security Description	Shares		Value
INVESTMENTS IN SECURITIES — 63.1%
COMMON STOCK — 19.4%
Africa — 0.0%
Materials — 0.0%
Platinum Group Metals Ltd. (a)		700	$	2,534
Total Africa				2,534
Asia — 0.6%
Automotive — 0.1%
NIO, Inc., ADR (a),(b)		80,400		4,277,280
Biotechnology & Pharmaceuticals — 0.0%
Sinovac Biotech Ltd. (a)		200		1,294
Consumer Discretionary Services — 0.0%
New Oriental Education & Technology Group, Inc., ADR (a)		12,700		104,013
TAL Education Group, ADR (a)		20,700		522,261
				626,274
Financial Services — 0.3%
360 Finance, Inc., ADR (a)		9,400		393,296
FinVolution Group, ADR		3,300		31,416
Freedom Holding Corp. (a)		760		49,514
Futu Holdings Ltd., ADR (a)		6,700		1,199,903
Ivanhoe Capital Acquisition Corp., Class A (a),(b),(c)		489,387		4,977,066
L Catterton Asia Acquisition Corp. (a),(b),(c)		310,000		3,100,000
LexinFintech Holdings Ltd., ADR (a)		4,800		58,800
Noah Holdings Ltd., ADR (a)		2,600		122,720
Qudian, Inc., ADR (a)		13,200		31,812
Silver Crest Acquisition Corp. (a),(c)		310,000		3,112,400
				13,076,927
Industrial Services — 0.0%
Textainer Group Holdings Ltd. (a)		1,300		43,901
Machinery — 0.0%
China Yuchai International Ltd.		445		7,138
Hollysys Automation Technologies Ltd.		4,800		71,520
				78,658
Materials — 0.0%
Tantech Holdings Ltd. (a)		700		868
Media — 0.2%
Autohome, Inc., ADR (a)		300		19,188
Baidu, Inc., ADR (a),(b)		55,400		11,296,060
				11,315,248
Real Estate — 0.0%
Xinyuan Real Estate Co. Ltd., ADR		100		265
Semiconductors — 0.0%
Himax Technologies, Inc., ADR		20,900		348,194
MagnaChip Semiconductor Corp. (a)		10,100		240,986
Silicon Motion Technology Corp., ADR		7,039		451,200
				1,040,380
Software & Technology Services — 0.0%
Aurora Mobile Ltd., ADR (a)		100		322
Gaotu Techedu, Inc., ADR (a),(b)		31,900		471,163

See Notes to Consolidated Schedule of Investments.

1

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Xunlei Ltd., ADR (a)		100	$	462
				471,947
Technology Services — 0.0%
WNS Holdings Ltd., ADR (a)		2,000		159,740
Telecommunications — 0.0%
VEON Ltd., ADR		107,200		196,176
Total Asia				31,288,958
Europe — 0.5%
Consumer Staple Products — 0.0%
British American Tobacco PLC, ADR		500		19,655
Financial Services — 0.2%
AerCap Holdings NV (a)		9,100		466,011
ScION Tech Growth (a),(b),(c)		300,000		3,015,000
ScION Tech Growth I, Class A (a),(b),(c)		465,000		4,543,050
				8,024,061
Health Care — 0.1%
AC Immune SA (a)		900		7,137
Affimed NV (a)		17,100		145,350
Alcon, Inc.		600		42,156
Artelo Biosciences, Inc. (a)		5,000		5,950
Contra Aduro Biotech I (a),(c)		1,040		0
CRISPR Therapeutics AG (a),(b)		15,500		2,509,295
ICON PLC (a)		7,400		1,529,654
Merus NV (a)		4,600		96,922
Novartis AG, ADR (b)		31,100		2,837,564
Novo Nordisk A/S, ADR		900		75,393
Prothena Corp. plc (a)		6,900		354,729
Smith & Nephew PLC, ADR		1,400		60,816
				7,664,966
Industrial Products — 0.1%
Airbus Group SE (c)		20,300		2,610,230
Luxfer Holdings plc (a)		100		2,225
				2,612,455
Industrial Services — 0.0%
Costamare, Inc.		9,900		116,919
Diana Shipping, Inc. (a)		10,047		52,345
EuroDry Ltd. (a)		500		12,170
Euroseas Ltd. (a)		400		9,232
Global Ship Lease, Inc., Class A		100		1,957
Golden Ocean Group Ltd. (a)		1,420		15,677
Performance Shipping, Inc.		1,000		5,500
Safe Bulkers, Inc. (a)		24,900		99,849
Star Bulk Carriers Corp.		7,600		174,420
				488,069
Insurance — 0.0%
Aegon NV		100		413
Materials — 0.0%
Mercer International, Inc.		2,800		35,700
Orion Engineered Carbons SA (a)		5,700		108,243
				143,943
Media — 0.0%
Trivago NV, ADR (a)		10,100		33,431

See Notes to Consolidated Schedule of Investments.

2

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Oil, Gas & Coal — 0.1%
BP plc		166,700	$	726,378
BP plc, ADR		14,600		385,732
Eni SpA (c)		49,300		600,358
Equinor ASA (c)		6,650		140,706
Royal Dutch Shell plc, Class A (c)		42,800		862,955
Royal Dutch Shell plc, Class A, ADR		14,600		589,840
TechnipFMC plc (a),(b)		99,100		896,855
TOTAL SA (a),(c)		29,900		1,352,744
				5,555,568
Retail - Discretionary — 0.0%
Farfetch Ltd., Class A (a)		20,500		1,032,380
Software & Technology Services — 0.0%
Endava plc, ADR (a)		1,200		136,056
Materialise NV, ADR (a)		3,100		74,679
Micro Focus International plc, ADR		13,800		103,914
				314,649
Total Europe				25,889,590
Middle East — 0.2%
Aerospace & Defense — 0.0%
Ituran Location and Control Ltd. (a)		300		8,172
Electrical Equipment — 0.0%
Camtek Ltd. (a)		400		15,084
Financial Services — 0.1%
ION Acquisition Corp. Ltd. (a),(b),(c)		348,254		3,513,883
ION Acquisition Corp., 3 Ltd., Class A (a),(b),(c)		209,600		2,056,176
				5,570,059
Health Care — 0.0%
Compugen Ltd. (a)		300		2,484
InspireMD, Inc. (a)		1,727		8,652
				11,136
Industrial Products — 0.0%
RADA Electronic Industries Ltd. (a)		3,000		36,540
Materials — 0.0%
Eldorado Gold Corp. (a)		3,540		35,223
Media — 0.0%
Fiverr International Ltd. (a)		200		48,498
Software & Technology Services — 0.1%
Check Point Software Technologies Ltd. (a),(b)		18,000		2,090,340
Perion Network Ltd. (a)		4,200		89,964
Tufin Software Technologies Ltd. (a)		400		3,648
				2,183,952
Tech Hardware & Semiconductors — 0.0%
Radware Ltd. (a)		5,300		163,134
Silicom Ltd. (a)		100		4,406
Tower Semiconductor Ltd. (a)		100		2,943
				170,483
Total Middle East				8,079,147

See Notes to Consolidated Schedule of Investments.

3

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
North America — 18.1%
Apparel & Textile Products — 0.0%
Levi Strauss & Co., Class A		11,200	$	310,464
Asset Management — 0.0%
Monroe Capital Corp.		1,900		20,387
PennantPark Investment Corp.		9,400		62,792
Solar Senior Capital Ltd.		1,300		19,747
TCG BDC, Inc. (a)		4,100		54,161
				157,087
Automotive — 0.2%
Cooper-Standard Holding, Inc. (a)		1,900		55,100
Tesla, Inc. (a),(b)		13,503		9,177,989
				9,233,089
Banking — 0.6%
Altabancorp		1,100		47,641
Arrow Financial Corp.		291		10,461
Atlantic Capital Bancshares, Inc. (a)		900		22,914
Banc of California, Inc.		4,000		70,160
BancorpSouth Bank		300		8,499
Bank of Marin Bancorp		700		22,330
Bank of NT Butterfield & Son Ltd.		600		21,270
BankFinancial Corp.		608		6,956
BayCom Corp. (a)		68		1,221
Bridgewater Bancshares, Inc. (a)		400		6,460
Byline Bancorp, Inc.		1,500		33,945
Cadence BanCorp (a)		15,240		318,211
Capital City Bank Group, Inc.		300		7,737
Capstar Financial Holdings, Inc.		100		2,050
Carter Bankshares, Inc. (a)		900		11,259
Central Pacific Financial Corp.		600		15,636
CIT Group, Inc.		900		46,431
Citigroup, Inc. (b)		125,500		8,879,125
Civista Bancshares, Inc.		400		8,840
CNB Financial Corp.		500		11,410
Comerica, Inc.		600		42,804
ConnectOne Bancorp, Inc.		800		20,936
Farmers National Banc Corp.		800		12,408
Financial Institutions, Inc.		800		24,000
First BanCorp		12,300		146,616
First Commonwealth Financial Corp.		1,500		21,105
First Community Bankshares, Inc.		400		11,940
First Financial Corp.		1,300		53,066
First Financial Northwest, Inc.		100		1,515
First Foundation, Inc.		400		9,004
First Midwest Bancorp, Inc.		2,800		55,524
First of Long Island Corp. (The)		100		2,123
Flagstar Bancorp, Inc.		100		4,227
Flushing Financial Corp.		500		10,715
FS Bancorp, Inc.		100		7,127
Great Southern Bancorp, Inc.		100		5,390
HBT Financial, Inc.		400		6,964
Heritage Commerce Corp.		3,600		40,068
HomeStreet, Inc.		300		12,222
HomeTrust Bancshares, Inc.		700		19,530
Horizon Bancorp, Inc.		800		13,944
Huntington Bancshares, Inc.		25		357
Independent Bank Corp.		1,200		26,052
Kearny Financial Corp.		700		8,365
Macatawa Bank Corp.		1,000		8,750

See Notes to Consolidated Schedule of Investments.

4

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Mercantile Bank Corp.		500	$	15,100
Metrocity Bankshares, Inc.		100		1,751
Midland States Bancorp, Inc.		100		2,627
MidWestOne Financial Group, Inc.		400		11,508
National Bank Holdings Corp., Class A		800		30,192
National Bankshares, Inc.		100		3,501
Northfield Bancorp, Inc.		200		3,280
Northrim BanCorp, Inc.		200		8,550
Northwest Bancshares, Inc.		6,300		85,932
OceanFirst Financial Corp. (b),(c)		916,547		19,100,839
Old Second Bancorp, Inc.		1,400		17,360
OP Bancorp		59		594
Origin Bancorp, Inc.		100		4,246
Pacific Mercantile Bancorp (a)		1,200		10,320
PCB Bancorp		363		5,844
PCSB Financial Corp.		600		10,902
Peapack Gladstone Financial Corp.		600		18,642
People’s United Financial, Inc.		4,200		71,988
Peoples Bancorp, Inc.		1,100		32,582
Popular, Inc. (b)		390		29,269
Preferred Bank		100		6,327
Premier Financial Corp.		1,348		38,297
PRIMIS FINANCIAL Corp.		1,100		16,786
Provident Bancorp, Inc.		500		8,155
QCR Holdings, Inc.		100		4,809
Republic First Bancorp, Inc. (a)		2,400		9,576
Richmond Mutual BanCorp, Inc.		100		1,490
Royal Bank of Canada		1,300		131,703
Sierra Bancorp		300		7,635
Silvergate Capital Corp., Class A (a)		1,300		147,316
SmartFinancial, Inc.		400		9,604
Spirit of Texas Bancshares, Inc.		600		13,704
Stock Yards Bancorp, Inc.		600		30,534
Territorial Bancorp, Inc.		700		18,179
Texas Capital Bancshares, Inc. (a)		3,000		190,470
Trico Bancshares		700		29,806
TriState Capital Holdings, Inc. (a)		1,500		30,585
TrustCo Bank Corp.		920		31,630
Washington Trust Bancorp, Inc.		300		15,405
Waterstone Financial, Inc.		1,100		21,626
				30,345,972
Biotechnology & Pharmaceuticals — 0.0%
Achieve Life Sciences, Inc. (a)		800		7,184
Adamas Pharmaceuticals, Inc.		8,200		43,296
Cellectar Biosciences, Inc. (a)		7,300		8,687
ElectroCore, Inc. (a)		8,500		10,115
Evelo Biosciences, Inc. (a)		2,000		27,480
Eyenovia, Inc. (a)		2,500		12,400
Hepion Pharmaceuticals, Inc. (a)		13,100		25,938
Immunic, Inc. (a)		2,600		31,876
Onconova Therapeutics, Inc. (a)		1,833		12,703
Synlogic, Inc. (a)		10,100		39,289
USANA Health Sciences, Inc. (a)		900		92,187
				311,155
Commercial Services — 0.0%
ARC Document Solutions, Inc.		2,400		5,160
Communications — 0.0%
DHI Group, Inc. (a)		100		336

See Notes to Consolidated Schedule of Investments.

5

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Consumer Discretionary Products — 0.2%
Acushnet Holdings Corp.		500	$	24,700
American Axle & Manufacturing Holdings, Inc. (a)		1,500		15,525
American Outdoor Brands, Inc. (a)		600		21,084
Aterian, Inc. (a)		6,900		100,947
Beazer Homes USA, Inc. (a)		1,500		28,935
Caesarstone Ltd. (a)		1,700		25,092
Callaway Golf Co. (a)		24,600		829,758
Canada Goose Holdings, Inc. (a)		1,800		78,732
Casper Sleep, Inc. (a)		1,631		13,439
Charles & Colvard Ltd. (a)		4,000		11,920
Columbia Sportswear Co.		1,000		98,360
Crocs, Inc. (a),(b)		14,000		1,631,280
Culp, Inc.		500		8,150
Express, Inc. (a)		14,500		94,105
Flexsteel Industries, Inc.		700		28,273
Forestar Group, Inc. (a)		100		2,091
Funko, Inc., Class A (a)		8,200		174,496
Goodyear Tire & Rubber Co. (a)		18,500		317,275
Griffon Corp.		200		5,126
Hanesbrands, Inc.		100		1,856
Harley-Davidson, Inc.		1,600		73,312
Herman Miller, Inc.		5,700		268,698
JAKKS Pacific, Inc. (a)		100		1,100
JELD-WEN Holding, Inc. (a)		300		7,878
Kimball International, Inc., Class B		1,900		24,985
Kontoor Brands, Inc.		800		45,128
Modine Manufacturing Co. (a)		4,700		77,973
Movado Group, Inc.		1,500		47,205
Nautilus, Inc. (a)		6,700		112,895
New Home Co., Inc. (a)		300		1,761
OneWater Marine, Inc., Class A		200		8,406
Polaris, Inc.		3,600		493,056
Ralph Lauren Corp. (b)		8,100		954,261
Skechers U.S.A., Inc., Class A (a)		100		4,983
Smith & Wesson Brands, Inc.		10,500		364,350
Standard Motor Products, Inc.		100		4,335
Superior Industries International, Inc. (a)		5,700		49,134
Tenneco, Inc., Class A (a)		18,000		347,760
Toll Brothers, Inc.		300		17,343
Under Armour, Inc., Class A (a)		36,200		765,630
Unifi, Inc. (a)		1,100		26,796
Urban Outfitters, Inc. (a)		100		4,122
Velodyne Lidar, Inc. (a)		300		3,192
VF Corp.		1		82
Westport Fuel Systems, Inc. (a)		8,800		46,728
Wolverine World Wide, Inc.		200		6,728
				7,268,985
Consumer Discretionary Services — 0.1%
Aaron’s Co., Inc. (The)		900		28,791
Bally’s Corp. (a)		200		10,822
Bluegreen Vacations Holding Corp. (a)		400		7,200
Carriage Services, Inc.		1,400		51,758
Carrols Restaurant Group, Inc. (a)		600		3,606
Century Casinos, Inc. (a)		3,000		40,290
Chegg, Inc. (a)		2,900		241,019
Dave & Buster’s Entertainment, Inc. (a)		9,100		369,460
Del Taco Restaurants, Inc.		2,200		22,022
Denny’s Corp. (a)		200		3,298
DineEquity, Inc. (a)		500		44,625
Full House Resorts, Inc. (a)		400		3,976

See Notes to Consolidated Schedule of Investments.

6

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Golden Entertainment, Inc. (a)		1,700	$	76,160
Jack in the Box, Inc.		2,700		300,888
Lincoln Educational Services Corp. (a)		1,300		10,114
Lindblad Expeditions Holdings, Inc. (a)		2,000		32,020
Marcus Corp. (a)		300		6,363
Medifast, Inc.		1,400		396,172
Monarch Casino & Resort, Inc. (a)		800		52,936
Papa John’s International, Inc. (b)		3,300		344,652
Rush Street Interactive, Inc. (a)		100		1,226
Ruth’s Hospitality Group, Inc. (a)		2,600		59,878
SeaWorld Entertainment, Inc. (a)		16,300		814,022
Select Interior Concepts, Inc., Class A (a)		2,600		24,440
Service Corp. International/US		2,400		128,616
Six Flags Entertainment Corp. (a)		5,100		220,728
Starbucks Corp. (b)		21,900		2,448,639
Stride, Inc. (a)		100		3,213
Target Hospitality Corp. (a)		500		1,855
Universal Technical Institute, Inc. (a)		400		2,596
Vail Resorts, Inc.		1,300		411,476
Wingstop, Inc. (b)		600		94,578
				6,257,439
Consumer Products — 0.0%
Contra Restorbio, Inc. (a)		1,142		0
elf Beauty, Inc. (a)		2,800		75,992
RiceBran Technologies (a)		1,300		1,469
				77,461
Consumer Services — 0.0%
2U, Inc. (a)		15,200		633,384
American Public Education, Inc. (a)		400		11,336
Perdoceo Education Corp (a)		5,400		66,258
WW International, Inc. (a)		1,100		39,754
				750,732
Consumer Staple Products — 0.1%
AquaBounty Technologies, Inc. (a)		11,400		61,104
BellRing Brands, Inc., Class A (a)		1,700		53,278
Calyxt, Inc. (a)		200		804
Canopy Growth Corp. (a)		18,500		447,330
Cronos Group, Inc. (a)		12,300		105,780
Farmer Brothers Co. (a)		1,400		17,766
Hormel Foods Corp.		7,200		343,800
Hostess Brands, Inc. (a)		17,500		283,325
Kimberly-Clark Corp. (b)		2,700		361,206
Molson Coors Brewing Co., Class B (a),(b)		22,800		1,224,132
Mondelez International, Inc., Class A (b)		59,600		3,721,424
Nature’s Sunshine Products, Inc. (a)		1,300		22,581
SunOpta, Inc. (a)		3,000		36,720
Sysco Corp.		100		7,706
Tejon Ranch Co. (a)		1,600		24,336
Tilray, Inc., Class 2 (a)		11		199
Tootsie Roll Industries, Inc.		1,400		47,474
Vital Farms, Inc. (a)		100		1,996
				6,760,961
Distributors - Discretionary — 0.0%
KAR Auction Services, Inc. (a)		18,900		331,695
Diversified Financials — 0.1%
Corner Growth Acquisition Corp. 2 (a),(c)		375,000		3,776,250

See Notes to Consolidated Schedule of Investments.

7

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Electrical Equipment — 0.0%
Babcock & Wilcox Enterprises, Inc. (a)		10,200	$	80,376
Capstone Turbine Corp. (a)		1,052		5,912
Image Sensing Systems, Inc.		1,100		7,480
LSI Industries, Inc.		1,200		9,612
SMART Global Holdings, Inc. (a)		2,500		119,200
				222,580
Financial Services — 10.2%
26 Capital Acquisition Corp., Class A (a),(b),(c)		527,700		5,123,967
7GC & Co. Holdings, Inc. (a),(c)		436,939		4,426,192
ABG Acquisition Corp. (a),(b),(c)		300,000		2,955,000
ACRES Commercial Realty Corp. (a)		1,233		19,802
Adit EdTech Acquisition Corp. (a),(b)		214,900		2,151,149
AG Mortgage Investment Trust, Inc.		10,600		45,262
Air Lease Corp.		3,000		125,220
Alliance Data Systems Corp.		2,529		263,497
Alpha Capital Acquisition Co. (a),(b),(c)		417,953		4,221,325
Apollo Investment Corp.		7,600		103,740
Apollo Strategic Growth Capital (a),(c)		439,000		4,451,460
Apollo Strategic Growth Capital II (a),(b),(c)		450,000		4,500,000
ArcLight Clean Transition Corp. (a),(b),(c)		310,000		3,115,500
Ares Acquisition Corp. (a),(b),(c)		425,500		4,255,000
Ares Commercial Real Estate Corp. (a)		10,300		151,307
Arlington Asset Investment Corp., Class A		5,100		20,706
ARMOUR Residential REIT, Inc.		15,600		178,152
Athena Technology Acquisition Corp. (a),(b),(c)		81,000		807,570
Athlon Acquisition Corp. (a),(b),(c)		465,000		4,668,600
Atlas Crest Investment Corp. II (a),(b)		421,140		4,228,246
Austerlitz Acquisition Corp. II, Class A (a),(c)		465,000		4,524,450
Authentic Equity Acquisition Corp., Class A (a),(b),(c)		550,000		5,329,500
B Riley Principal 250 Merger Corp. (a),(b),(c)		250,000		2,492,500
Bain Capital Specialty Finance, Inc.		1,900		29,070
Barings BDC, Inc.		4,300		45,408
BGC Partners, Inc., Class A		10,300		58,401
Biotech Acquisition Co. (a),(b),(c)		465,000		4,696,500
BlackRock Capital Investment Corp.		11,781		46,299
BlackRock TCP Capital Corp.		7,100		98,122
Blucora, Inc. (a)		3,200		55,392
BlueRiver Acquisition Corp. (a),(b),(c)		142,900		1,430,429
BrightSpire Capital, Inc.		5,600		52,640
Broadmark Realty Capital, Inc.		8,800		93,192
Broadscale Acquisition Corp. (a),(b),(c)		465,000		4,645,350
Capital Southwest Corp. (a)		3,200		74,336
Capstar Special Purpose Acquisition Corp., Class A (a),(b),(c)		499,718		4,892,239
Capstead Mortgage Corp.		12,400		76,136
Cartesian Growth Corp. (a),(b),(c)		394,700		3,939,106
Catalyst Partners Acquisition Corp. (a),(b),(c)		250,000		2,510,000
CC Neuberger Principal Holdings II, Class A (a),(b),(c)		465,000		4,598,850
CC Neuberger Principal Holdings III (a),(b),(c)		405,677		4,052,713
CF Acquisition Corp. (a),(b),(c)		1,225,000		12,301,300
CF Acquisition Corp. V, Class A (a),(c)		465,000		4,538,400
Cherry Hill Mortgage Investment Corp.		3,700		36,482
CHP Merger Corp., Class A(a),(b),(c)		465,000		4,626,750
Churchill Capital Corp. VI (a),(b),(c)		300,000		3,036,000
Churchill Capital Corp. VII (a),(b),(c)		164,831		1,649,958
Climate Real Impact Solutions II Acquisition Corp. (a),(b),(c)		407,004		4,118,880
Colicity, Inc. (a),(b),(c)		465,000		4,682,550
Colonnade Acquisition Corp. II (a),(b),(c)		310,000		3,081,400
Community Bankers Trust Corp.		700		7,938
Compute Health Acquisition Corp., Class A (a),(b),(c)		465,000		4,566,300
Consumer Portfolio Services, Inc. (a)		100		450

See Notes to Consolidated Schedule of Investments.

8

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Corner Growth Acquisition Corp. (a),(c)		375,000	$	3,787,500
COVA Acquisition Corp. (a),(b),(c)		186,700		1,883,803
Cowen, Inc., Class A		5,900		242,195
Curo Group Holdings Corp.		1,100		18,700
DFP Healthcare Acquisitions Corp., Class A (a),(b),(c)		85,651		851,371
DiamondHead Holdings Corp. (a),(b),(c)		406,735		4,063,283
dMY Technology Group, Inc., Class A (a),(b),(c)		465,000		4,543,050
Dragoneer Growth Opportunities Corp., Class A (a),(b),(c)		270,531		2,705,310
Dynex Capital, Inc.		2,800		52,248
E.Merge Technology Acquisition Corp., Class A (a),(b),(c)		620,000		6,051,200
ECP Environmental Growth Opportunities Corp. (a),(b),(c)		300,000		3,030,000
EJF Acquisition Corp. (a),(b),(c)		221,068		2,206,259
Elevate Credit, Inc. (a)		4,800		17,136
Ellington Residential Mortgage REIT		1,300		15,301
Elliott Opportunity II Corp. (a),(c)		375,000		3,753,750
Enova International, Inc. (a)		1,839		62,912
Entasis Therapeutics Holdings, Inc. (a)		2,300		6,141
Epiphany Technology Acquisition Corp. (a),(b),(c)		291,000		2,933,280
Executive Network Partnering Corp., Class A (a),(b),(c)		465,000		4,529,100
EZCORP, Inc., Class A (a)		3,700		22,311
Fidelity National Financial, Inc. (b)		11,217		487,491
Fidus Investment Corp.		3,300		56,100
Fifth Wall Acquisition Corp. III, Class A (a),(b),(c)		299,377		2,978,801
Figure Acquisition Corp. (a),(b),(c)		355,047		3,678,287
FinServ Acquisition Corp. (a),(b),(c)		313,923		3,139,230
Fintech Evolution Acquisition Group (a),(b),(c)		310,000		3,093,800
First American Financial Corp.		10,700		667,145
FirstMark Horizon Acquisition Corp. (a),(c)		90,149		939,353
Forest Road Acquisition Corp. II (a),(b),(c)		310,000		3,110,850
Fortistar Sustainable Solutions Corp. (a),(b),(c)		208,700		2,145,436
Forum Merger IV Corp. (a),(b),(c)		310,000		3,096,900
Frontier Acquisition Corp. (a),(b),(c)		310,000		3,100,000
FS Development Corp., Class A (a),(b),(c)		470,475		4,704,750
FS KKR Capital Corp.		1,200		25,812
FTAC Hera Acquisition Corp. (a),(b),(c)		310,000		3,113,950
FTAC Parnassus Acquisition Corp. (a),(b),(c)		310,000		3,177,500
G Squared Ascend I, Inc. (a),(c)		250,000		2,512,500
G Squared Ascend II, Inc. (a),(c)		276,529		2,768,055
Gladstone Capital Corp.		1,800		20,574
Gladstone Investment Corp.		1,400		20,174
Global Synergy Acquisition Corp., Class A (a),(b),(c)		509,300		4,940,210
GO Acquisition Corp., Class A (a),(b),(c)		465,000		4,547,700
Golub Capital BDC, Inc.		10,600		163,452
Gores Guggenheim, Inc. (a),(b),(c)		283,700		2,839,837
Gores Holdings VIII, Inc. (a),(b),(c)		310,000		3,093,800
Gores Metropoulos II, Inc. (a),(b),(c)		346,655		3,522,015
Gores Technology Partners II, Inc. (a),(b),(c)		308,094		3,127,154
Gores Technology Partners, Inc. (a),(b),(c)		211,498		2,163,625
Granite Point Mortgage Trust, Inc.		6,800		100,300
Great Ajax Corp.		1,400		18,172
Great Elm Capital Corp.		4,623		16,227
Greenhill & Co., Inc.		1,400		21,784
HealthCor Catalio Acquisition Corp., Class A (a),(b),(c)		480,000		4,728,000
Hercules Capital, Inc.		9,700		165,482
HIG Acquisition Corp., Class A (a),(c)		465,000		4,515,150
Horizon Technology Finance Corp.		2,500		43,175
Hudson Executive Investment Corp. II (a),(b),(c)		504,448		4,898,190
Independence Holdings Corp. (a),(b),(c)		162,100		1,621,000
InterPrivate II Acquisition Corp. (a),(b),(c)		269,479		2,686,706
Invesco Mortgage Capital, Inc.		63,700		248,430
Investar Holding Corp.		51		1,164
Jaws Hurricane Acquisition Corp. (a),(b),(c)		262,600		2,641,756

See Notes to Consolidated Schedule of Investments.

9

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Jaws Juggernaut Acquisition Corp. (a),(c)		328,200	$	3,301,692
Jaws Mustang Acquisition Corp., Class A (a),(c)		380,700		3,715,632
Kensington Capital Acquisition Corp. (a),(b),(c)		259,162		2,695,285
Khosla Ventures Acquisition Co. (a),(b),(c)		103,159		1,020,242
Khosla Ventures Acquisition Co., Class A (a),(b),(c)		495,100		4,903,341
Kismet Acquisition Three Corp. (a),(b),(c)		308,419		3,081,106
KKR Acquisition Holdings I Corp. (a),(b),(c)		465,000		4,668,600
Ladder Capital Corp.		3,400		39,236
Landcadia Holdings IV, Inc. (a),(b),(c)		465,000		4,626,750
Lazard Growth Acquisition Corp. (a),(b),(c)		450,000		4,500,000
LDH Growth Corp. (a),(b),(c)		310,000		3,100,000
Lead Edge Growth Opportunities Ltd. (a),(b),(c)		434,621		4,346,210
LendingClub Corp. (a)		21,300		386,169
LendingTree, Inc. (a)		2,200		466,136
Leo Holdings III Corp. (a),(c)		79,412		800,473
Lifesci Acquisition II Corp. (a),(b)		50,200		502,000
Live Oak Mobility Acquisition Corp. (a),(b),(c)		310,000		3,112,400
Logan Ridge Financial Corp. (a)		383		9,521
Logistics Innovation Technologies Corp. (a),(c)		305,914		3,043,844
Longview Acquisition Corp. (a),(b),(c)		370,200		3,731,616
Marlin Business Services Corp.		700		15,932
Marlin Technology Corp., Class A (a),(b),(c)		619,998		6,001,581
Mason Industrial Technology, Inc. (a),(b),(c)		465,000		4,682,550
Medallion Financial Corp. (a)		1,000		8,860
MFA Financial, Inc. (b)		87,400		401,166
Moringa Acquisition Corp., Class A (a),(c)		300,000		2,895,000
Motive Capital Corp. (a),(b),(c)		363,900		3,653,556
MSD Acquisition Corp. (a),(b),(c)		324,154		3,273,955
New Mountain Finance Corp.		6,900		90,873
New Residential Investment Corp.		13,200		139,788
New York Mortgage Trust, Inc.		23,900		106,833
Newtek Business Services Corp.		1,200		41,904
Nexpoint Real Estate Finance, Inc.		1,000		20,890
NightDragon Acquisition Corp., Class A (a),(c)		465,000		4,614,959
Noble Rock Acquisition Corp., Class A (a),(b),(c)		600,000		5,802,000
North Mountain Merger Corp., Class A (a),(b),(c)		465,000		4,524,450
Northern Genesis Acquisition Corp. III, Class A (a),(c)		465,000		4,435,667
Northern Star Investment Corp. III (a),(b),(c)		310,000		3,100,000
Northern Star Investment Corp. IV (a),(b),(c)		310,000		3,100,000
Novus Capital Corp. II (a),(b),(c)		364,199		3,685,694
Oaktree Specialty Lending Corp.		10,500		70,245
OCA Acquisition Corp., Class A (a),(b),(c)		467,500		4,632,925
Ocwen Financial Corp. (a)		794		24,598
Omega Alpha SPAC, Class A (a),(b),(c)		136,000		1,353,200
One Equity Partners Open Water I Corp. (a),(b),(c)		430,200		4,302,000
OneMain Holdings, Inc. (a)		11,200		670,992
Oppenheimer Holdings, Inc., Class A		100		5,084
Orchid Island Capital, Inc.		19,700		102,243
Orion Acquisition Corp. (a),(c)		249,194		2,472,004
Osiris Acquisition Corp. (a),(b),(c)		243,900		2,419,488
Oxford Square Capital Corp.		5,800		28,478
Panacea Acquisition Corp. II, Class A (a),(b),(c)		310,000		3,100,000
Pathfinder Acquisition Corp. (a),(b),(c)		450,000		4,473,000
Paysign, Inc. (a)		700		2,226
PennantPark Floating Rate Capital Ltd.		4,600		58,512
Periphas Capital Partnering Corp. (a),(b),(c)		186,025		4,639,463
Pivotal Investment Corp. III (a),(b),(c)		300,000		3,000,000
PJT Partners, Inc., Class A		700		49,966
Plum Acquisition Corp. I (a),(b),(c)		310,000		3,069,000
Poema Global Holdings Corp. (a),(b),(c)		465,000		4,696,500
Pontem Corp. (a),(b),(c)		465,000		4,654,650
Post Holdings Partnering Corp. (a),(b),(c)		203,300		2,112,287

See Notes to Consolidated Schedule of Investments.

10

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Powered Brands, Class A (a),(c)		465,000	$	4,519,800
PROG Holdings, Inc. (a),(b)		4,900		235,837
PropTech Investment Corp. (a),(b),(c)		126,993		1,275,010
Ready Capital Corp.		6,726		106,742
RedBall Acquisition Corp. (a),(b),(c)		465,000		4,543,050
Regional Management Corp.		100		4,654
Reinvent Technology Partners Y (a),(b),(c)		465,000		4,691,850
Revolution Healthcare Acquisition Corp. (a),(b),(c)		465,000		4,663,950
Safeguard Scientifics, Inc. (a)		300		2,328
Saratoga Investment Corp.		400		10,748
Science Strategic Acquisition Corp. Alpha (a),(b),(c)		465,000		4,622,100
Sculptor Capital Management, Inc.		2,000		49,180
Senior Connect Acquisition Corp. (a),(b),(c)		310,000		3,137,200
Shelter Acquisition Corp. I (a),(c)		375,000		3,748,389
Silver Spike Acquisition Corp. (a),(b),(c)		310,000		3,121,700
Sixth Street Specialty Lending, Inc. (a)		2,800		62,132
Skydeck Acquisition Corp. (a),(b),(c)		243,900		2,439,000
Slam Corp. (a),(b),(c)		449,298		4,483,994
SLM Corp.		15,000		314,100
Smartrent.Com, LLC (a),(d)		400,000		4,530,080
Solar Capital Ltd.		2,500		46,600
Spartan Acquisition Corp. (a),(b),(c)		450,000		4,527,000
Stellus Capital Investment Corp. (a)		800		10,072
Supernova Partners Acquisition Co. II Ltd. (a),(b),(c)		464,838		4,639,083
SuRo Capital Corp. (a)		5,316		71,713
SVF Investment Corp. 2 (a),(b),(c)		310,000		3,084,500
SVF Investment Corp. 3 (a),(b),(c)		310,000		3,081,400
Tailwind International Acquisition Corp. (a),(b),(c)		300,000		3,000,000
TCV Acquisition Corp., Class A (a),(b),(c)		326,088		3,231,532
Tekkorp Digital Acquisition Corp. (a),(b),(c)		423,000		4,335,750
Thunder Bridge Capital Partners III, Inc. (a),(b),(c)		198,200		1,980,018
TPG Pace Beneficial II Corp., Class A (a),(b),(c)		228,473		2,303,008
TPG RE Finance Trust, Inc.		4,500		60,525
Trebia Acquisition Corp., Class A (a),(b),(c)		465,000		4,603,500
Trepont Acquisition Corp. I, Class A (a),(b),(c)		465,000		4,598,850
TriplePoint Venture Growth BDC Corp.		3,500		53,165
Turmeric Acquisition Corp. (a),(b),(c)		202,705		2,102,051
Two Harbors Investment Corp.		60,200		455,112
TZP Strategies Acquisition Corp. (a),(b),(c)		447,500		4,466,050
Vector Acquisition Corp. II, Class A (a),(c)		515,579		5,119,699
Virgin Group Acquisition Corp. II (a),(b),(c)		310,000		3,106,200
Vy Global Growth (a),(b),(c)		255,263		2,641,972
Vy Global Growth, Class A (a),(b),(c)		219,113		2,180,174
Warburg Pincus Capital Corp. I-A (a),(b),(c)		310,000		3,090,700
Warburg Pincus Capital Corp. I-B (a),(b),(c)		310,000		3,075,200
Western Asset Mortgage Capital Corp.		13,300		43,225
WhiteHorse Finance, Inc.		1,800		26,820
WisdomTree Investments, Inc.		1,500		9,300
Yucaipa Acquisition Corp., Class A (a),(b),(c)		465,000		4,589,550
				527,591,008
Financials — 0.0%
Franklin Financial Services Corp.		25		800
Select Bancorp, Inc. (a)		100		1,596
				2,396
Gaming, Lodging & Restaurants — 0.1%
Cracker Barrel Old Country Store, Inc.		3,000		445,380
Everi Holdings, Inc. (a)		19,300		481,342
International Game Technology plc (a)		30,700		735,572
J Alexander’s Holdings, Inc. (a)		500		5,820
Noodles & Co. (a)		3,900		48,672

See Notes to Consolidated Schedule of Investments.

11

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Red Rock Resorts, Inc., Class A (a)		6,600	$	280,500
Scientific Games Corp., Class A (a)		4,400		340,736
Wendy’s Co.		35,400		829,068
				3,167,090
Hardware — 0.1%
Airgain, Inc. (a)		1,000		20,620
Anterix, Inc. (a)		2,200		131,978
Casa Systems, Inc. (a)		5,200		46,124
Clearfield, Inc. (a)		100		3,745
Dell Technologies Inc., Class C (a),(b)		13,030		1,298,700
Dolby Laboratories, Inc., Class A		1,500		147,435
Extreme Networks, Inc. (a)		23,200		258,912
InterDigital, Inc.		1,700		124,151
NETGEAR, Inc. (a)		2,200		84,304
PagerDuty, Inc. (a)		12,900		549,282
PlayAGS, Inc. (a)		6,200		61,380
Pure Storage, Inc., Class A (a)		39,200		765,576
Sonos, Inc. (a)		27,400		965,302
Stratasys Ltd. (a)		14,300		369,798
ViaSat, Inc. (a)		2,000		99,680
Vishay Precision Group, Inc. (a)		700		23,828
Vocera Communications, Inc. (a)		5,000		199,250
VOXX International Corp. (a)		1,600		22,416
Xerox Holdings Corp.		34,300		805,707
				5,978,188
Health Care — 1.8%
89bio, Inc. (a)		1,800		33,660
9 Meters Biopharma, Inc. (a)		32,300		35,530
Abbott Laboratories (b)		36,500		4,231,445
AbbVie, Inc. (b)		27,160		3,059,302
ABIOMED, Inc. (a)		900		280,899
Accelerate Diagnostics, Inc. (a)		1,800		14,508
Accuray, Inc. (a)		14,700		66,444
Aclaris Therapeutics, Inc. (a)		800		14,048
Acorda Therapeutics, Inc. (a)		34		162
Adicet Bio, Inc. (a)		1,842		18,954
Adverum Biotechnologies, Inc. (a)		17,800		62,300
Aerie Pharmaceuticals, Inc. (a)		4,400		70,444
Agenus, Inc. (a)		200		1,098
Aileron Therapeutics, Inc. (a)		2,300		2,875
Akero Therapeutics, Inc. (a)		2,700		66,987
Albireo Pharma, Inc. (a)		3,000		105,540
Aldeyra Therapeutics, Inc. (a)		12,600		142,758
Alector, Inc. (a)		2,200		45,826
Align Technology, Inc. (a)		500		305,500
Alkermes plc (a)		2,000		49,040
Allakos, Inc. (a)		300		25,611
Alphatec Holdings, Inc. (a)		10,000		153,200
Alpine Immune Sciences, Inc. (a)		1,400		12,600
Amedisys, Inc. (a)		1,300		318,409
American Well Corp., Class A (a)		3,100		38,998
Amgen, Inc. (b)		12,000		2,925,000
Amicus Therapeutics, Inc. (a)		15,500		149,420
AnaptysBio, Inc. (a)		3,500		90,755
AngioDynamics, Inc. (a)		1,200		32,556
ANI Pharmaceuticals, Inc. (a)		700		24,535
Anika Therapeutics, Inc. (a)		1,600		69,264
Anixa Biosciencies, Inc. (a)		438		1,699
Antares Pharma, Inc. (a)		21,100		91,996
Anthem, Inc. (b)		3,200		1,221,760

See Notes to Consolidated Schedule of Investments.

12

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Apellis Pharmaceuticals, Inc. (a),(b)		9,600	$	606,720
Applied Genetic Technologies Corp. (a)		1,900		7,429
Aptinyx, Inc. (a)		7,500		21,225
Aravive, Inc. (a)		4,400		26,312
Arbutus Biopharma Corp. (a)		5,700		17,271
Arcturus Therapeutics Holdings Co. (a)		5,700		192,888
Arcus Biosciences, Inc. (a)		7,600		208,696
Arcutis Biotherapeutics, Inc. (a)		700		19,103
Ardelyx, Inc. (a)		4,600		34,868
Arvinas Holding Co. LLC (a)		6,000		462,000
Assembly Biosciences, Inc. (a)		8,800		34,144
Atara Biotherapeutics, Inc. (a)		12,300		191,265
aTyr Pharma, Inc. (a)		2,000		9,760
AVEO Pharmaceuticals, Inc. (a)		3,800		25,042
Avid Bioservices, Inc. (a)		1,200		30,780
Avrobio, Inc. (a)		1,400		12,446
Axogen, Inc. (a)		1,400		30,254
Bausch Health Cos., Inc. (a)		12,400		363,568
Baxter International, Inc. (b)		30,200		2,431,100
Beam Therapeutics, Inc. (a)		200		25,742
Berkeley Lights, Inc. (a)		2,400		107,544
Beyond Air, Inc. (a)		4,800		31,104
BioCryst Pharmaceuticals, Inc. (a)		11,700		184,977
BioDelivery Sciences International, Inc. (a)		10,400		37,232
BioMarin Pharmaceutical, Inc. (a)		3,000		250,320
Bioxcel Therapeutics, Inc. (a)		500		14,530
Black Diamond Therapeutics, Inc. (a)		800		9,752
Boston Scientific Corp. (a)		48,100		2,056,756
BrainStorm Cell Therapeutics, Inc. (a)		100		380
Brickell Biotech, Inc. (a)		1,500		1,427
Bridgebio Pharma, Inc. (a)		1,700		103,632
Brookdale Senior Living, Inc.		11,409		90,131
Calithera Biosciences, Inc. (a)		100		209
Cara Therapeutics, Inc. (a)		5,300		75,631
Cardiff Oncology, Inc. (a)		8,200		54,530
CareDx, Inc. (a)		6,000		549,120
Castle Biosciences, Inc. (a)		600		43,998
Catalyst Biosciences, Inc. (a)		2,300		9,959
Catalyst Pharmaceuticals, Inc. (a)		10,800		62,100
Celldex Therapeutics, Inc. (a)		3,334		111,489
Cerecor, Inc. (a)		19,400		63,438
Cerus Corp. (a)		4,500		26,595
Checkpoint Therapeutics, Inc. (a)		4,300		12,685
Chimerix, Inc. (a)		14,700		117,600
Chinook Therapeutics, Inc. (a)		2,820		39,818
Clearside Biomedical, Inc. (a)		12,600		61,362
Collegium Pharmaceutical, Inc. (a)		400		9,456
Community Health Systems, Inc. (a)		27,700		427,688
Concert Pharmaceuticals, Inc. (a)		1,600		6,752
Conformis, Inc. (a)		17,900		20,585
Cooper Cos., Inc. (The)		3,100		1,228,437
CorMedix, Inc. (a)		2,500		17,150
Corvus Pharmaceuticals, Inc. (a)		4,400		11,748
Crinetics Pharmaceuticals, Inc. (a)		600		11,310
CryoLife, Inc. (a)		100		2,840
CTI BioPharma Corp. (a)		18,100		45,250
Cue Biopharma, Inc. (a)		5,200		60,580
Cutera, Inc. (a)		3,900		191,217
Cyclerion Therapeutics, Inc. (a)		5,200		20,280
Cymabay Therapeutics, Inc. (a)		11,300		49,268
Cytokinetics, Inc. (a)		15,300		302,787
CytomX Therapeutics, Inc. (a)		4,400		27,852

See Notes to Consolidated Schedule of Investments.

13

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
CytoSorbents Corp. (a)		4,400	$	33,220
Delcath Systems, Inc. (a)		600		7,566
Denali Therapeutics, Inc. (a)		7,200		564,768
DENTSPLY SIRONA, Inc.		1,900		120,194
Dicerna Pharmaceuticals, Inc. (a)		4,000		149,280
Durect Corp. (a)		17,000		27,710
Dyadic International, Inc. (a)		100		359
Dynavax Technologies Corp. (a)		6,900		67,965
Eagle Pharmaceuticals, Inc.		200		8,560
Editas Medicine, Inc. (a)		13,200		747,648
Edwards Lifesciences Corp. (a)		1,300		134,641
Eiger BioPharmaceuticals, Inc. (a)		2,900		24,708
Electromed, Inc. (a)		100		1,130
Eledon Pharmaceuticals, Inc. (a)		1,500		11,865
Eloxx Pharmaceuticals, Inc. (a)		2,100		4,179
Emergent BioSolutions, Inc. (a)		2,900		182,671
Enanta Pharmaceuticals, Inc. (a)		1,800		79,218
Envista Holdings Corp. (a)		600		25,926
Enzo Biochem, Inc. (a)		700		2,219
Establishment Labs Holdings, Inc. (a)		900		78,606
Exelixis, Inc. (a)		14,900		271,478
EyeGate Pharmaceuticals, Inc. (a)		600		2,184
Fate Therapeutics, Inc. (a)		13,000		1,128,270
FibroGen, Inc. (a)		3,100		82,553
Five Star Senior Living, Inc. (a)		200		1,152
Flexion Therapeutics, Inc. (a)		10,900		89,707
Fluidigm Corp. (a)		2,800		17,248
FONAR Corp. (a)		500		8,840
Fortress Biotech, Inc. (a)		2,700		9,639
Frequency Therapeutics, Inc. (a)		2,400		23,904
G1 Therapeutics, Inc. (a)		8,900		195,266
Genocea Biosciences, Inc. (a)		6,000		14,040
Globus Medical, Inc., Class A (a)		2,000		155,060
GlycoMimetics, Inc. (a)		9,200		21,344
Gossamer Bio, Inc. (a)		6,800		55,216
Gritstone Oncology, Inc. (a)		6,100		55,693
Haemonetics Corp. (a)		400		26,656
Halozyme Therapeutics, Inc. (a)		2,500		113,525
Hancock Jaffe Laboratories, Inc. (a)		40		275
Hanger, Inc. (a)		100		2,528
Harpoon Therapeutics, Inc. (a)		400		5,548
Harrow Health, Inc. (a)		4,300		39,947
Harvard Bioscience, Inc. (a)		4,300		35,819
Hologic, Inc. (a),(b)		14,500		967,440
Hookipa Pharma, Inc. (a)		100		916
iCAD, Inc. (a)		1,800		31,158
Ideaya Biosciences, Inc. (a)		2,200		46,178
Idera Pharmaceuticals, Inc. (a)		10,400		12,480
Illumina, Inc. (a)		1,900		899,099
ImmunoGen, Inc. (a)		43,900		289,301
Immunovant, Inc. (a)		15,500		163,835
Infinity Pharmaceuticals, Inc. (a)		19,500		58,305
InfuSystem Holdings, Inc. (a)		1,400		29,106
Inmode Ltd. (a)		8,400		795,312
Inogen, Inc. (a)		1,700		110,789
Inotiv, Inc. (a)		800		21,344
Insmed, Inc. (a)		1,200		34,152
Intellia Therapeutics, Inc. (a)		10,100		1,635,291
Intercept Pharmaceuticals, Inc. (a),(b)		7,200		143,784
Intersect ENT, Inc. (a)		3,100		52,979
Intuitive Surgical, Inc. (a)		2,100		1,931,244
Invacare Corp. (a)		3,400		27,438

See Notes to Consolidated Schedule of Investments.

14

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Ionis Pharmaceuticals, Inc. (a)		5,400	$	215,406
IQVIA Holdings, Inc. (a)		1,900		460,408
iRhythm Technologies, Inc. (a)		2,500		165,875
iTeos Therapeutics, Inc. (a)		100		2,565
IVERIC bio, Inc. (a)		3,800		23,978
Johnson & Johnson (b)		56,500		9,307,810
Joint Corp. (The) (a)		2,500		209,800
Jounce Therapeutics, Inc. (a)		4,000		27,200
Kadmon Holdings, Inc. (a)		7,800		30,186
Kaleido Biosciences, Inc. (a)		1,000		7,440
Karyopharm Therapeutics, Inc. (a)		14,500		149,640
Kezar Life Sciences, Inc. (a)		3,200		17,376
Kindred Biosciences, Inc. (a)		4,600		42,182
Kiniksa Pharmaceuticals Ltd., Class A (a)		2,000		27,860
Kintara Therapeutics, Inc. (a)		100		214
Kodiak Sciences, Inc. (a)		1,100		102,300
Kura Oncology, Inc. (a)		12,200		254,370
La Jolla Pharmaceutical Co. (a)		423		1,810
Lantheus Holdings, Inc. (a)		1,200		33,168
Larimar Therapeutics, Inc. (a)		133		1,306
Leap Therapeutics, Inc. (a)		7,401		12,138
LeMaitre Vascular, Inc.		1,200		73,224
Lexicon Pharmaceuticals, Inc. (a)		8,500		39,015
Lineage Cell Therapeutics, Inc. (a)		28,600		81,510
LivaNova PLC (a)		2,900		243,919
Longeveron, Inc. (a)		400		3,252
Luminex Corp.		300		11,040
Lyra Therapeutics, Inc. (a)		400		3,212
MacroGenics, Inc. (a)		5,900		158,474
Madrigal Pharmaceuticals, Inc. (a)		1,200		116,892
Magenta Therapeutics, Inc. (a)		3,600		35,208
MannKind Corp. (a)		23,771		129,552
Marinus Pharmaceuticals, Inc. (a)		1,625		29,153
Marker Therapeutics, Inc. (a)		18,200		50,778
Matinas BioPharma Holdings, Inc. (a)		7,600		5,889
MEDNAX, Inc. (a)		800		24,120
Medtronic plc (b)		58,200		7,224,366
MEI Pharma, Inc. (a)		10,400		29,640
Merck & Co., Inc. (b)		129,900		10,102,323
Merit Medical Systems, Inc. (a)		500		32,330
Merrimack Pharmaceuticals, Inc. (a)		600		3,834
Mersana Therapeutics, Inc. (a)		9,800		133,084
Metacrine, Inc. (a)		500		1,900
Milestone Pharmaceuticals, Inc. (a)		1,200		6,600
Minerva Neurosciences, Inc. (a)		3,674		8,524
Mirum Pharmaceuticals, Inc. (a)		800		13,832
Moderna, Inc. (a)		2,750		646,195
Molecular Templates, Inc. (a)		5,728		44,793
Mustang Bio, Inc. (a)		19,000		63,080
Myriad Genetics, Inc. (a)		6,900		211,002
NanoString Technologies, Inc. (a)		6,000		388,740
Natera, Inc. (a)		10,700		1,214,771
Navidea Biopharmaceuticals, Inc. (a)		2,279		4,171
Nektar Therapeutics (a)		100		1,716
Neoleukin Therapeutics, Inc. (a)		200		1,846
Neubase Therapeutics, Inc. (a)		3,500		16,765
Neuronetics, Inc. (a)		3,300		52,866
NextCure, Inc. (a)		1,600		12,848
NGM Biopharmaceuticals, Inc. (a)		300		5,916
Novocure Ltd. (a),(b)		5,500		1,220,010
NuVasive, Inc. (a)		6,200		420,236
Ocular Therapeutix, Inc. (a)		16,700		236,806

See Notes to Consolidated Schedule of Investments.

15

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Odonate Therapeutics, Inc. (a)		8,000	$	27,920
Omeros Corp.		1,300		19,292
Omthera Pharmaceutical, Inc. (a)		700		0
Oncocyte Corp. (a)		11,400		65,436
OncoSec Medical, Inc. (a)		2,800		7,868
Oncternal Therapeutics, Inc. (a)		800		3,800
Organogenesis Holdings, Inc . (a)		12,900		214,398
Orthofix Medical, Inc. (a)		900		36,099
Otonomy, Inc. (a)		8,200		18,286
Outlook Therapeutics, Inc. (a)		13,100		32,619
Ovid therapeutics, Inc. (a)		6,600		25,806
Pacific Biosciences of California, Inc. (a)		3,600		125,892
Pacira BioSciences, Inc. (a)		5,200		315,536
Palatin Technologies, Inc. (a)		2,600		1,586
Paratek Pharmaceuticals, Inc. (a)		9,300		63,426
Pennant Group, Inc. (The) (a)		100		4,090
Personalis, Inc. (a)		9,600		242,880
Pfizer, Inc. (b)		264,200		10,346,072
Phathom Pharmaceuticals, Inc. (a)		100		3,385
Phio Pharmaceuticals Corp. (a)		500		1,130
Plus Therapeutics, Inc. (a)		3,000		7,680
PLx Pharma, Inc. (a)		4,700		64,860
PolarityTE, Inc. (a)		801		817
PPD, Inc. (a)		13,100		603,779
PRA Health Sciences, Inc. (a)		10,500		1,734,705
Precigen, Inc. (a)		7,100		46,292
Precision BioSciences, Inc. (a)		400		5,008
Protagonist Therapeutics, Inc. (a)		4,600		206,448
Protara Therapeutics, Inc. (a)		900		8,766
Puma Biotechnology, Inc. (a)		3,000		27,540
Quanterix Corp. (a)		700		41,062
Quest Diagnostics, Inc.		3,700		488,289
Quotient Ltd. (a)		10,500		38,220
Radius Health, Inc. (a)		3,500		63,840
RadNet, Inc. (a)		3,000		101,070
RAPT Therapeutics, Inc. (a)		2,600		82,654
REGENXBIO, Inc. (a)		100		3,885
Replimune Group, Inc. (a)		4,700		180,574
Repro-Med Systems, Inc. (a)		100		463
Rigel Pharmaceuticals, Inc. (a)		32,000		138,880
Rocket Pharmaceuticals, Inc. (a)		3,600		159,444
Sage Therapeutics, Inc. (a),(b)		2,900		164,749
Sangamo BioSciences, Inc. (a)		20,100		240,597
Satsuma Pharmaceuticals, Inc. (a)		2,400		16,920
Savara, Inc. (a)		12,200		20,740
SCYNEXIS, Inc. (a)		4,500		33,120
SeaSpine Holdings Corp. (a)		2,400		49,224
Seelos Therapeutics, Inc. (a)		17,600		46,464
Selecta Biosciences, Inc. (a)		24,400		101,992
Sensei Biotherapeutics, Inc. (a)		300		2,928
Seres Therapeutics, Inc. (a)		200		4,770
Sesen Bio, Inc. (a)		37,832		174,784
SI-BONE, Inc. (a)		3,500		110,145
Sientra, Inc. (a)		11,400		90,744
Silk Road Medical, Inc. (a)		200		9,572
Sio Gene Therapies, Inc. (a)		7,000		19,110
Soleno Therapeutics, Inc. (a)		9,600		10,944
Solid Biosciences, Inc. (a)		23,300		85,278
Soliton, Inc. (a)		4,600		103,454
Spectrum Pharmaceuticals, Inc. (a)		27,900		104,625
STAAR Surgical Co. (a)		1,000		152,500
Stereotaxis, Inc. (a)		1,600		15,424

See Notes to Consolidated Schedule of Investments.

16

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
STERIS PLC		95	$	19,599
Stoke Therapeutics, Inc. (a)		500		16,830
Strongbridge Biopharma plc (a)		4,700		13,959
Supernus Pharmaceuticals, Inc. (a)		2,100		64,659
Surmodics, Inc. (a)		500		27,125
Sutro Biopharma, Inc. (a)		1,100		20,449
Syndax Pharmaceuticals, Inc. (a)		7,700		132,209
Syros Pharmaceuticals, Inc. (a)		7,400		40,330
Talaris Therapeutics, Inc. (a)		100		1,469
TCR2 Therapeutics, Inc. (a)		5,200		85,332
Tela Bio, Inc. (a)		400		6,444
Tivity Health, Inc. (a)		4,700		123,657
Tracon Pharmaceuticals, Inc. (a)		3,400		22,066
Translate Bio, Inc. (a)		4,100		112,914
Tricida, Inc. (a)		6,100		26,352
Triple-S Management Corp., Class B (a)		1,050		23,384
Turning Point Therapeutics, Inc. (a)		700		54,614
Tyme Technologies, Inc. (a)		300		378
Ultragenyx Pharmaceutical, Inc.		1,200		114,420
UNITY Biotechnology, Inc. (a)		600		2,784
Vanda Pharmaceuticals, Inc. (a)		5,800		124,758
Vapotherm, Inc. (a)		1,400		33,096
Varex Imaging Corp. (a)		400		10,728
Venus Concept, Inc. (a)		500		1,555
Veracyte, Inc. (a)		1,900		75,962
Verastem, Inc. (a)		35,200		143,264
Vericel Corp. (a)		1,000		52,500
Veru, Inc. (a)		1,400		11,298
ViewRay, Inc. (a)		22,100		145,860
Viking Therapeutics, Inc. (a)		16,100		96,439
Virios Therapeutics, Inc. (a)		300		1,887
VistaGen Therapeutics, Inc. (a)		9,800		30,870
Voyager Therapeutics, Inc. (a)		2,200		9,086
Xencor, Inc. (a)		100		3,449
Xenon Pharmaceuticals, Inc. (a)		700		13,034
Y-mAbs Therapeutics, Inc. (a)		2,500		84,500
Zentalis Pharmaceuticals, Inc. (a)		300		15,960
Zimmer Biomet Holdings, Inc. (b)		17,600		2,830,432
ZIOPHARM Oncology, Inc. (a)		15,000		39,600
Zymeworks, Inc. (a)		2,100		72,849
Zynerba Pharmaceuticals, Inc. (a)		900		4,761
				92,966,938
Home & Office Products — 0.0%
ACCO Brands Corp.		4,200		36,246
Armstrong Flooring, Inc. (a)		3,700		22,903
Tempur Sealy International, Inc.		5,600		219,464
				278,613
Industrial Products — 0.1%
A. O. Smith Corp.		600		43,236
AAR Corp. (a)		4,900		189,875
Acuity Brands, Inc.		300		56,109
Advanced Emissions Solutions, Inc. (a)		4,100		30,381
Aerojet Rocketdyne Holdings, Inc. (a)		4,731		228,460
AGCO Corp.		100		13,038
Allegion PLC		6,000		835,800
Allied Motion Technologies, Inc.		50		1,727
Allison Transmission Holdings, Inc.		700		27,818
Astronics Corp. (a)		3,200		56,032
Atkore International Group, Inc. (a)		200		14,200
AZZ, Inc.		100		5,178

See Notes to Consolidated Schedule of Investments.

17

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Bel Fuse, Inc., Class B		100	$	1,440
Blue Bird Corp. (a)		1,000		24,860
Caterpillar, Inc.		600		130,578
ChargePoint Holdings, Inc. (a)		1,700		59,058
Cognex Corp.		700		58,835
Columbus McKinnon Corp.		600		28,944
Commercial Vehicle Group, Inc. (a)		5,400		57,402
Core Molding Technologies, Inc. (a)		300		4,629
Crane Co.		2,000		184,740
Donaldson Co., Inc.		300		19,059
Ducommun, Inc. (a)		200		10,912
Flowserve Corp.		5,200		209,664
Gates Industrial Corp. plc (a)		6,900		124,683
Graco, Inc.		700		52,990
GrafTech International Ltd.		23,100		268,422
Graham Corp.		400		5,504
Hexcel Corp. (a)		6,899		430,498
Honeywell International, Inc.		1,400		307,090
Howmet Aerospace, Inc. (a)		5		172
Ichor Holdings Ltd. (a)		1,600		86,080
Intevac, Inc.		200		1,348
ITT, Inc.		1,000		91,590
Kaman Corp.		200		10,080
Kimball Electronics, Inc. (a)		400		8,696
LB Foster Co., Class A (a)		600		11,184
Lockheed Martin Corp.		100		37,695
Manitowoc Co., Inc. (The) (a)		100		2,450
nLight, Inc. (a)		200		7,256
NN, Inc. (a)		6,200		45,570
nVent Electric plc		5,000		156,200
Oshkosh Corp.		1,000		124,640
Park Aerospace Corp.		100		1,490
Powell Industries, Inc.		500		15,475
Proto Labs, Inc. (a)		3,800		348,840
Ranpak Holdings Corp. (a)		4,100		102,623
Rekor Systems, Inc. (a)		700		7,112
REV Group, Inc.		600		9,414
Spirit AeroSystems Holdings, Inc., Class A		19,500		920,205
Triumph Group, Inc.		7,500		155,625
Welbilt, Inc. (a)		5,600		129,640
Westinghouse Air Brake Technologies Corp.		25		2,057
				5,756,604
Industrial Services — 0.3%
Alta Equipment Group, Inc. (a)		400		5,316
Atlas Corp.		700		9,975
Barrett Business Services, Inc.		400		29,044
BGSF, Inc.		698		8,613
Brady Corp., Class A		100		5,604
CAI International, Inc.		2,300		128,800
Canadian National Railway Co. (b)		20,200		2,131,504
Canadian Pacific Railway Ltd. (b)		45,870		3,527,862
CBIZ, Inc. (a)		100		3,277
Civeo Corp. (a)		725		12,905
Concrete Pumping Holdings, Inc. (a)		2,500		21,175
CoreCivic, Inc. (a)		600		6,282
CorVel Corp. (a)		400		53,720
Covenant Transportation Group, Inc., Class A (a)		1,300		26,884
CRA International, Inc.		400		34,240
CSX Corp. (b)		93,400		2,996,272
Daseke, Inc. (a)		8,900		57,672
Douglas Dynamics, Inc.		100		4,051

See Notes to Consolidated Schedule of Investments.

18

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
DXP Enterprises, Inc. (a)		300	$	9,990
Eagle Bulk Shipping, Inc. (a)		2,397		113,426
Echo Global Logistics, Inc. (a)		200		6,148
Emerald Holding, Inc. (a)		2,200		11,858
Fluor Corp. (a)		22,100		391,170
Franklin Covey Co. (a)		500		16,175
FTI Consulting, Inc. (a)		3,800		519,118
GEE Group, Inc. (a)		2,900		1,662
Genasys, Inc. (a)		100		548
Genco Shipping & Trading Ltd.		9,200		173,696
H&E Equipment Services, Inc.		3,500		116,445
H&R Block, Inc.		300		7,044
Hackett Group, Inc.		2,000		36,040
Heartland Express, Inc.		3,700		63,381
Herc Holdings, Inc. (a)		654		73,294
Hub Group, Inc., Class A (a)		300		19,794
Information Services Group, Inc.		400		2,340
Infrastructure and Energy Alternatives, Inc. (a)		500		6,430
Insperity, Inc.		800		72,296
Iteris, Inc. (a)		2,000		13,300
Kansas City Southern		500		141,685
Kelly Services, Inc., Class A (a)		100		2,397
Limbach Holdings, Inc. (a)		1,300		12,038
Macquarie Infrastructure Corp. (a)		8,300		317,641
Manpowergroup, Inc.		1,200		142,692
Marten Transport Ltd.		4,299		70,890
Mistras Group, Inc. (a)		1,700		16,711
Navigator Holdings Ltd.		200		2,190
Norfolk Southern Corp.		2,000		530,820
Orion Group Holdings, Inc. (a)		2,900		16,675
Overseas Shipholding Group, Inc., Class A (a)		1,500		3,135
Quad/Graphics, Inc. (a)		8,700		36,105
R1 RCM, Inc. (a)		1,700		37,808
Radiant Logistics, Inc. (a)		3,800		26,334
Resideo Technologies, Inc. (a)		11,900		357,000
Resources Connection, Inc.		1,700		24,412
Ritchie Bros Auctioneers, Inc.		800		47,424
Rollins, Inc.		200		6,829
RR Donnelley & Sons Co. (a)		15,866		99,638
Schneider National, Inc., Class B		100		2,177
Sharps Compliance Corp. (a)		700		7,210
ShotSpotter, Inc. (a)		600		29,262
Sterling Construction Co., Inc. (a)		3,500		84,455
Titan Machinery, Inc. (a)		3,800		117,572
Transcat, Inc. (a)		200		11,302
TriNet Group, Inc. (a)		3,500		253,680
Triton International Ltd.		2,000		104,680
Tutor Perini Corp. (a)		6,400		88,640
United Parcel Service, Inc., Class B (b)		18,700		3,889,039
US Xpress Enterprises, Inc., Class A (a)		300		2,580
USA Truck, Inc. (a)		900		14,463
Viad Corp. (a)		1,900		94,715
Volt Information Sciences, Inc. (a)		4,300		19,651
				17,329,201
Insurance — 0.1%
American Equity Investment Life Holding Co.		7,800		252,096
Argo Group International Holdings Ltd.		100		5,183
Athene Holding Ltd., Class A (a)		10,700		722,250
Brighthouse Financial, Inc. (a)		7,500		341,550
Donegal Group, Inc., Class A		700		10,199
Genworth Financial, Inc., Class A (a)		14,100		54,990

See Notes to Consolidated Schedule of Investments.

19

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Greenlight Capital Re Ltd., A Shares (a)		1,900	$	17,347
Hallmark Financial Services, Inc. (a)		2,100		9,345
Hanover Insurance Group, Inc. (b)		400		54,256
Heritage Insurance Holdings, Inc.		2,900		24,882
James River Group Holdings Ltd.		200		7,504
Kingstone Cos., Inc.		200		1,560
Lincoln National Corp.		7,800		490,152
Maiden Holdings Ltd. (a)		1,400		4,718
Manulife Financial Corp.		28,200		555,540
Principal Financial Group, Inc.		2,100		132,699
ProSight Global, Inc. (a)		1,098		14,010
Radian Group, Inc.		4,000		89,000
Reinsurance Group of America, Inc.		700		79,800
Safety Insurance Group, Inc.		100		7,828
Trean Insurance Group, Inc. (a)		400		6,032
Trupanion, Inc. (a)		400		46,040
United Insurance Holdings Corp.		200		1,140
Universal Insurance Holdings, Inc.		2,700		37,476
Unum Group (a),(b)		21,900		621,960
Willis Towers Watson plc		3,100		713,062
				4,300,619
Leisure Products — 0.0%
Clarus Corp.		2,609		67,051
MasterCraft Boat Holdings, Inc. (a)		3,000		78,870
				145,921
Machinery — 0.0%
Titan International, Inc. (a)		6,400		54,272
Manufactured Goods — 0.0%
Insteel Industries, Inc.		900		28,935
Materials — 0.1%
A-Mark Precious Metals, Inc. (a)		100		4,650
AdvanSix, Inc. (a)		2,200		65,692
Alcoa Corp. (a),(b)		41,001		1,510,477
Allegheny Technologies, Inc. (a)		21,800		454,530
Alpha Metallurgical Resources, Inc. (a)		3,400		87,142
Amyris, Inc. (a)		200		3,274
Arch Resources, Inc. (a)		3,300		188,034
Ardagh Group SA		200		4,904
Axalta Coating Systems Ltd. (a)		18,200		554,918
Carpenter Technology Corp.		2,200		88,484
Celanese Corp., Series A		900		136,440
Chemours Co.		13,200		459,360
Codexis, Inc. (a)		5,300		120,098
Coeur Mining, Inc. (a)		4,136		36,728
CONSOL Energy, Inc. (a)		2,000		36,940
Constellium SE (a)		10,100		191,395
Crown Holdings, Inc. (a)		4,900		500,829
Ferroglobe plc (a)		6,500		39,780
Forterra, Inc. (a)		5,100		119,901
Freeport-McMoRan, Inc.		7,000		259,770
Glatfelter Corp.		100		1,397
Gold Resource Corp.		15,300		39,474
Hallador Energy Co. (a)		1,100		2,964
Haynes International, Inc.		100		3,538
Hecla Mining Co.		481		3,579
Huntsman Corp.		1,500		39,780
Ingevity Corp. (a)		2,700		219,672
Lydall, Inc. (a)		1,600		96,832
Marrone Bio Innovations, Inc. (a)		2,800		4,648

See Notes to Consolidated Schedule of Investments.

20

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
McEwen Mining, Inc.		42,900	$	59,202
Myers Industries, Inc.		700		14,700
NACCO Industries, Inc., Class A		100		2,604
New Gold, Inc. (a)		69,000		124,890
Nexa Resources SA		1,600		14,032
Northwest Pipe Co. (a)		600		16,950
Olin Corp.		100		4,626
Peabody Energy Corp. (a)		18,000		142,740
Pretium Resources, Inc. (a)		13,100		125,236
Rayonier Advanced Materials, Inc. (a)		11,300		75,597
Resolute Forest Products, Inc.		7,200		87,840
Rogers Corp. (a)		100		20,080
Ryerson Holding Corp. (a)		600		8,760
Sandstorm Gold Ltd. (a)		10,700		84,423
Sierra Metals, Inc. (a)		3,700		11,137
Southern Copper Corp.		100		6,434
Stepan Co.		700		84,189
SunCoke Energy, Inc.		14,200		101,388
Taseko Mines Ltd. (a)		12,200		25,864
TimkenSteel Corp. (a)		10,000		141,500
United States Steel Corp.		100		2,358
Venator Materials plc (a)		8,400		39,816
Verso Corp., Class A		4,800		84,960
Yamana Gold, Inc.		45,600		192,432
Yield 10 Bioscience, Inc. (a)		100		853
				6,747,841
Media — 0.7%
Airbnb, Inc., Class A (a)		300		45,942
Altice USA, Inc., Class A (a),(b)		56,200		1,918,668
ANGI Homeservices, Inc., Class A (a)		16,600		224,432
Audacy, Inc. (a)		11,200		48,272
Cargurus, Inc. (a),(b)		19,700		516,731
Cars.com, Inc. (a)		8,200		117,506
Charter Communications, Inc., Class A (a),(b)		3,640		2,626,078
Clear Channel Outdoor Holdings, Inc. (a)		7,800		20,592
Cumulus Media, Inc., Class A (a)		300		4,395
Discovery, Inc., Class A (a)		37,100		1,138,228
Electronic Arts, Inc. (b)		17,700		2,545,791
Entravision Communications Corp., Class A		1,800		12,024
Eventbrite, Inc., Class A (a)		16,400		311,600
EverQuote, Inc., Class A (a)		3,600		117,648
Expedia Group, Inc. (a)		1,784		292,059
Fluent, Inc. (a)		2,600		7,618
Groupon, Inc. (a)		25		1,079
HealthStream, Inc. (a)		700		19,558
HyreCar, Inc. (a)		1,500		31,380
IMAX Corp. (a)		13,000		279,500
iMedia Brands, Inc. (a)		1,770		14,248
Liberty Media Corp-Liberty SiriusXM, Class A (a),(b),(c)		20,505		955,123
Liberty Media Corp-Liberty SiriusXM, Class C (a),(b),(c)		21,740		1,008,519
Liberty TripAdvisor Holdings, Inc., Class A (a)		12,100		49,247
LifeMD, Inc. (a)		5,800		68,324
Lions Gate Entertainment Corp., Class A (a)		9,700		200,790
LiveXLive Media, Inc. (a)		200		944
Marchex, Inc., Class B (a)		1,500		4,590
National CineMedia, Inc.		7,900		40,053
Opendoor Technologies, Inc. (a)		2,100		37,233
Pinterest, Inc., Class A (a)		10,300		813,185
QuinStreet, Inc. (a)		1,100		20,438
Quotient Technology, Inc. (a)		4,100		44,321
Roku, Inc. (a),(b)		22,700		10,424,975

See Notes to Consolidated Schedule of Investments.

21

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Sciplay Corp., Class A (a)		5,000	$	84,750
SharpSpring, Inc. (a)		1,100		18,579
Shaw Communications, Inc.		900		26,028
Shutterstock, Inc.		100		9,817
Snap, Inc., Class A (a),(b)		153,000		10,425,420
Townsquare Media, Inc., Class A (a)		200		2,550
Travelzoo, Inc. (a)		1,000		14,760
TripAdvisor, Inc. (a),(b)		20,600		830,180
TrueCar, Inc. (a)		16,800		94,920
Upwork, Inc. (a)		400		23,316
Urban One, Inc. (a)		6,400		32,128
ViacomCBS, Inc., Class B (b)		47,071		2,127,609
WideOpenWest, Inc. (a)		4,500		93,195
World Wrestling Entertainment, Inc., Class A		4,400		254,716
Yelp, Inc. (a),(b)		7,300		291,708
				38,290,767
Medical Equipment & Devices — 0.0%
Pulse Biosciences, Inc. (a)		351		5,756
Oil, Gas & Coal — 0.3%
Amplify Energy Corp. (a)		8,266		33,477
Antero Resources Corp. (a)		65,800		988,974
Berry Corp.		600		4,032
Bonanza Creek Energy, Inc.		100		4,707
Callon Petroleum Co. (a)		2,700		155,763
Canadian Natural Resources Ltd.		15,600		565,968
Cenovus Energy, Inc.		3,800		36,404
Centennial Resource Development, Inc., Class A (a),(b)		61,400		416,292
ChampionX Corp. (a)		8,100		207,765
Comstock Resources, Inc. (a)		1,400		9,338
Continental Resources, Inc. (b)		14,500		551,435
Crescent Point Energy Corp.		32,400		146,772
CVR Energy, Inc. (a)		8,800		158,048
Enerplus Corp.		31,200		224,328
EnLink Midstream LLC (a)		36,900		235,791
Evolution Petroleum Corp.		1,000		4,960
Exterran Corp. (a)		700		3,332
Falcon Minerals Corp.		6,300		32,004
Flotek Industries, Inc. (a)		1,400		2,422
Forum Energy Technologies, Inc. (a)		50		1,174
Helmerich & Payne, Inc. (b)		17,200		561,236
HollyFrontier Corp.		33,600		1,105,440
Independence Contract Drilling, Inc. (a)		1,100		4,719
Kosmos Energy Ltd. (a)		37,800		130,788
Laredo Petroleum, Inc. (a)		2,750		255,173
Magnolia Oil & Gas Corp., Class A (a)		38,600		603,318
Mammoth Energy Services, Inc. (a)		2,100		9,639
Marathon Oil Corp.		40,600		552,972
Matador Resources Co.		19,600		705,796
Matrix Service Co. (a)		800		8,400
MRC Global, Inc. (a)		8,600		80,840
Natural Gas Services Group, Inc. (a)		700		7,196
Newpark Resources, Inc. (a)		15,100		52,246
NexTier Oilfield Solutions, Inc. (a)		4,646		22,115
Northern Oil and Gas, Inc.		6,210		128,982
NOW, Inc. (a)		12,200		115,778
Oasis Petroleum, Inc.		700		70,385
Oceaneering International, Inc. (a)		3,900		60,723
Oil States International, Inc. (a)		12,900		101,265
Ovintiv, Inc. (b)		55,218		1,737,710
Patterson-UTI Energy, Inc.		33,000		328,020

See Notes to Consolidated Schedule of Investments.

22

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
PBF Energy, Inc., Class A (a)		15,500	$	237,150
PDC Energy, Inc.		1,784		81,689
Penn Virginia Corp. (a)		3,300		77,913
PHX Minerals, Inc.		5,300		19,716
Pioneer Natural Resources Co. (a),(b)		2,344		380,947
Plains GP Holdings LP, Class A (a)		9,600		114,624
Range Resources Corp. (a)		13		218
Ring Energy, Inc. (a)		4,500		13,410
SandRidge Energy, Inc. (a)		6,800		42,704
Select Energy Services, Inc., Class A (a)		1,500		9,060
SilverBow Resources, Inc. (a)		2,600		60,372
SM Energy Co.		25,100		618,213
Targa Resources Corp.		7,000		311,150
Tellurian, Inc. (a)		500		2,325
TETRA Technologies, Inc. (a)		14,100		61,194
Thermon Group Holdings, Inc. (a)		300		5,112
Transocean Ltd. (a),(b)		135,733		613,513
TravelCenters of America, Inc. (a)		1,140		33,334
VAALCO Energy, Inc. (a)		2,100		6,825
Vermilion Energy, Inc. (a)		27,000		236,250
W&T Offshore, Inc. (a)		13,300		64,505
Whiting Petroleum Corp. (a)		3,800		207,290
				13,623,241
Real Estate — 0.1%
Agree Realty Corp.		400		28,196
Alexander & Baldwin, Inc. (a)		600		10,992
Alpine Income Property Trust, Inc.		2,700		51,354
American Finance Trust, Inc.		100		848
Apartment Investment and Management Co., Class A (a)		700		4,697
AvalonBay Communities, Inc. (b)		254		53,007
Bluerock Residential Growth REIT, Inc.		600		6,102
Boston Properties, Inc. (c)		272		31,168
Braemar Hotels & Resorts, Inc. (a)		10,700		66,447
BRT Apartments Corp.		100		1,734
Cedar Realty Trust, Inc.		984		16,571
City Office REIT, Inc.		800		9,944
Colliers International Group, Inc.		200		22,396
CorEnergy Infrastructure Trust, Inc.		2,500		16,550
CorePoint Lodging, Inc. (a)		1,800		19,260
CTO Realty Growth, Inc.		800		42,816
Digital Realty Trust, Inc. (b),(c)		511		76,885
DigitalBridge Group, Inc. (a)		64,279		507,804
Diversified Healthcare Trust		700		2,926
EPR Properties (a)		4,100		215,988
Equinix, Inc. (b),(c)		128		102,733
Equity LifeStyle Properties, Inc.		7,900		587,049
Equity Residential (b),(c)		739		56,903
Essex Property Trust, Inc. (b),(c)		243		72,902
eXp World Holdings, Inc. (a)		800		31,016
First Industrial Realty Trust, Inc.		1,800		94,014
Four Corners Property Trust, Inc.		1,900		52,459
Gaming and Leisure Properties, Inc.		38		1,761
Geo Group, Inc. (The) (a)		22,500		160,200
Getty Realty Corp.		100		3,115
Global Medical REIT, Inc.		5,800		85,608
Global Net Lease, Inc.		1,500		27,750
Healthpeak Properties, Inc. (b),(c)		2,286		76,101
Hersha Hospitality Trust (a)		2,300		24,748
Host Hotels & Resorts, Inc. (a),(b),(c)		2,679		45,784
iStar Financial, Inc.		2,600		53,898
JBG SMITH Properties (b),(c)		102		3,214

See Notes to Consolidated Schedule of Investments.

23

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Lexington Realty Trust		8,900	$	106,355
Macerich Co. (The)		45,400		828,550
Marcus & Millichap, Inc. (a)		300		11,661
McGrath RentCorp		1,000		81,570
Monmouth Real Estate Investment Corp., Class A		100		1,872
National Storage Affiliates Trust		1,500		75,840
NETSTREIT Corp.		1,800		41,508
New Senior Investment Group, Inc.		399		3,503
Newmark Group, Inc., Class A		1,700		20,417
Omega Healthcare Investors, Inc.		47		1,706
Park Hotels & Resorts, Inc. (a)		9,212		189,859
Plymouth Industrial REIT, Inc.		4,100		82,082
Postal Realty Trust, Inc.		1,600		29,184
Preferred Apartment Communities, Inc., Class A		6,200		60,450
Prologis, Inc. (b),(c)		1,049		125,387
Public Storage (b),(c)		293		88,102
RE/MAX Holdings, Inc., Class A		200		6,666
Realogy Holdings Corp. (a)		22,300		406,306
Realty Income Corp. (b),(c)		1,022		68,208
Retail Opportunity Investments Corp.		200		3,532
Retail Value, Inc.		1,725		37,519
Seritage Growth Properties		300		5,520
Service Properties Trust		700		8,820
Simon Property Group, Inc. (b),(c)		1,804		235,386
SITE Centers Corp.		17,300		260,538
Spirit Realty Capital, Inc.		4,600		220,064
Summit Hotel Properties, Inc. (a)		900		8,397
Tanger Factory Outlet Centers, Inc.		8,400		158,340
Ventas, Inc. (b),(c)		686		39,171
VEREIT, Inc.		2,139		98,244
Vornado Realty Trust (b),(c)		313		14,608
Washington Prime Group, Inc. (a)		45		98
Welltower, Inc. (b),(c)		698		58,004
Wheeler Real Estate Investment Trust, Inc. (a)		1,100		5,566
Whitestone REIT		3,900		32,175
				6,080,148
Recreation Facilities & Services — 0.0%
Cinemark Holdings, Inc. (a)		26,200		575,090
Drive Shack, Inc. (a)		10,433		34,533
Planet Fitness, Inc., Class A (a)		1,900		142,975
				752,598
Renewable Energy — 0.0%
American Superconductor Corp. (a)		200		3,478
Green Plains, Inc. (a)		2,400		80,688
SunPower Corp. (a)		1,500		43,830
				127,996
Retail & Wholesale - Staples — 0.0%
Chefs’ Warehouse, Inc. (a)		4,300		136,869
Five Below, Inc. (a)		298		57,594
OptimizeRx Corp. (a)		2,700		167,130
Rite Aid Corp. (a)		12		196
Target Corp. (b)		5,400		1,305,396
US Foods Holding Corp. (a)		1,500		57,540
				1,724,725
Retail - Discretionary — 0.6%
Academy Sports & Outdoors, Inc. (a)		1,700		70,108
Amazon.com, Inc. (a),(b)		542		1,864,567

See Notes to Consolidated Schedule of Investments.

24

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
American Eagle Outfitters, Inc.		11,800	$	442,854
At Home Group, Inc. (a)		10,400		383,136
Avis Budget Group, Inc. (a),(b)		14,000		1,090,460
Barnes & Noble Education, Inc. (a)		5,600		40,376
Bassett Furniture Industries, Inc.		1,100		26,785
Best Buy Co., Inc. (b)		7,600		873,848
Big 5 Sporting Goods Corp.		2,283		58,628
BlueLinx Holdings, Inc. (a)		2,000		100,560
Boot Barn Holdings, Inc. (a)		4,000		336,200
Buckle, Inc. (The)		3,000		149,250
Build-A-Bear Workshop, Inc. (a)		3,500		60,585
Caleres, Inc.		700		19,103
Chewy, Inc., Class A (a)		600		47,826
Chico’s FAS, Inc.		300		1,974
Children’s Place, Inc. (a)		3,100		288,486
Citi Trends, Inc. (a)		1,500		130,500
Conn’s, Inc. (a)		6,400		163,200
Container Store Group, Inc. (The) (a)		11,100		144,744
Cricut, Inc., Class A (a)		3,600		153,360
Designer Brands, Inc., Class A (a)		11,700		193,635
Dick’s Sporting Goods, Inc. (b)		14,000		1,402,660
Dillard’s, Inc., Class A		200		36,176
Duluth Holdings, Inc., Class B (a)		900		18,585
eBay, Inc. (b)		10,900		765,289
Etsy, Inc. (a),(b)		14,300		2,943,512
FlexShopper, Inc. (a)		900		2,673
Foot Locker, Inc. (b)		20,900		1,288,067
Gaia, Inc. (a)		1,800		19,782
Gap, Inc. (b)		70,100		2,358,865
GMS, Inc. (a)		200		9,628
Group 1 Automotive, Inc.		200		30,886
Guess?, Inc.		3,800		100,320
Hibbett Sports, Inc.		1,300		116,519
IAA, Inc. (a)		600		32,724
Kirkland’s, Inc. (a)		600		13,728
Kohl’s Corp. (b)		34,300		1,890,273
L Brands, Inc. (b)		36,200		2,608,572
La-Z-Boy, Inc.		100		3,704
Lands’ End, Inc. (a)		600		24,630
Liquidity Services, Inc. (a)		1,500		38,175
Lumber Liquidators Holdings, Inc. (a)		400		8,440
Macy’s, Inc. (a),(b)		68,600		1,300,656
Nordstrom, Inc. (a)		27,100		991,047
O’Reilly Automotive, Inc. (a),(b)		2,500		1,415,525
Party City Holdco, Inc. (a)		24,400		227,652
Qurate Retail, Inc., Class A		12,434		162,761
Revolve Group, Inc. (a)		7,800		537,420
ScanSource, Inc. (a)		100		2,813
Shift Technologies, Inc. (a)		1,700		14,586
Shoe Carnival, Inc.		2,900		207,611
Signet Jewelers Ltd. (a)		10,700		864,453
Sonic Automotive, Inc., Class A		300		13,422
Spark Energy, Inc., Class A		100		1,131
Tilly’s, Inc., Class A		3,200		51,136
TJX Cos., Inc. (b)		24,300		1,638,306
Ulta Beauty, Inc. (a)		2,600		899,002
Vera Bradley, Inc. (a)		5,100		63,189
Veritiv Corp. (a)		1,200		73,704
Wayfair, Inc., Class A (a),(b)		4,800		1,515,408
Williams-Sonoma, Inc.		2,800		447,020

See Notes to Consolidated Schedule of Investments.

25

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Zumiez, Inc. (a)		500	$	24,495
				30,804,729
Semiconductors — 0.0%
Alpha & Omega Semiconductor Ltd. (a)		4,500		136,755
Ambarella, Inc. (a)		5,000		533,150
AXT, Inc. (a)		4,100		45,018
DSP Group, Inc. (a)		2,100		31,080
eMagin Corp. (a)		1,500		5,220
MACOM Technology Solutions Holdings, Inc. (a)		32		2,051
MaxLinear, Inc., Class A (a)		6,100		259,189
NeoPhotonics Corp. (a)		9,100		92,911
Pixelworks, Inc. (a)		11,400		38,874
				1,144,248
Software — 0.4%
Agilysys, Inc. (a)		300		17,061
Alteryx, Inc., Class A (a)		2,500		215,050
Avaya Holdings Corp. (a)		11,400		306,660
Avid Technology, Inc. (a)		9,100		356,265
Benefitfocus, Inc. (a)		6,300		88,830
Blackline, Inc. (a),(b)		2,200		244,794
Box, Inc., Class A (a),(b)		30,200		771,610
Brightcove, Inc. (a)		5,400		77,490
Calix, Inc. (a)		2,600		123,500
Castlight Health, Inc., Class B (a)		17,300		45,499
Cornerstone OnDemand, Inc. (a),(b)		5,700		294,006
Crowdstrike Holdings, Inc. (a),(b)		32,900		8,268,099
Donnelley Financial Solutions, Inc. (a)		900		29,700
Dropbox, Inc., Class A (a),(b)		44,200		1,339,702
eGain Corp. (a)		3,600		41,328
Evolent Health, Inc., Class A (a)		10,200		215,424
FireEye, Inc. (a)		32,600		659,172
Limelight Networks, Inc. (a)		27,600		86,940
Mimecast Ltd. (a)		9,100		482,755
New Relic, Inc. (a),(b)		10,200		683,094
NextGen Healthcare, Inc. (a)		4,800		79,632
Nutanix, Inc., Class A (a)		12,000		458,640
Paylocity Holding Corp. (a),(b)		3,100		591,480
Phreesia, Inc. (a)		2,700		165,510
PROS Holdings, Inc. (a)		4,400		200,508
QAD, Inc., Class A		300		26,106
SecureWorks Corp., Class A (a)		1,500		27,795
SPS Commerce, Inc. (a)		900		89,865
Synchronoss Technologies, Inc. (a)		700		2,513
Tenable Holdings, Inc. (a)		4,100		169,535
Teradata Corp. (a),(b)		14,500		724,565
Verra Mobility Corp. (a)		11,700		179,829
Workiva, Inc. (a)		3,200		356,256
Zoom Video Communications, Inc., Class A (a),(b)		3,100		1,199,793
Zovio, Inc. (a)		3,200		8,288
Zscaler, Inc. (a),(b)		15,800		3,413,748
				22,041,042
Software & Technology Services — 0.8%
1Life Healthcare, Inc. (a)		7,400		244,644
8x8, Inc. (a)		12,700		352,552
Absolute Software Corp.		1,700		24,616
Allscripts Healthcare Solutions, Inc. (a)		2,800		51,828
Altair Engineering, Inc., Class A (a)		300		20,691
Amdocs Ltd.		2,700		208,872
Anaplan, Inc. (a)		2,100		111,930

See Notes to Consolidated Schedule of Investments.

26

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Appian Corp. (a)		1,800	$	247,950
Asana, Inc., Class A (a)		400		24,812
Asure Software, Inc. (a)		1,000		8,870
BigCommerce Holdings, Inc. (a)		200		12,984
Bill.com Holdings, Inc. (a)		400		73,272
Bottomline Technologies, Inc. (a)		1,000		37,080
Cass Information Systems, Inc.		500		20,375
Cerner Corp. (b)		36,300		2,837,208
ChannelAdvisor Corp. (a)		2,700		66,177
Cloudera, Inc. (a)		11,900		188,734
Cognizant Technology Solutions Corp., Class A		400		27,549
CommVault Systems, Inc. (a)		1,200		93,804
Conduent, Inc. (a)		26,600		199,500
CSG Systems International, Inc.		1,800		84,924
CyberArk Software Ltd. (a)		4,300		560,161
Descartes Systems Group, Inc. (a)		100		6,916
Digi International, Inc. (a)		2,800		56,308
Digimarc Corp. (a)		100		3,350
Domo, Inc., Class B (a)		5,800		468,814
Dynatrace, Inc. (a)		9,600		560,832
E2open Parent Holdings, Inc. (a)		1,800		20,556
Ebix, Inc.		1,900		64,410
Euronet Worldwide, Inc. (a)		1,100		148,885
Evertec, Inc.		300		13,095
FactSet Research Systems, Inc.		1,500		503,415
Fastly, Inc., Class A (a)		5,800		345,680
GreenSky, Inc., Class A (a)		1,700		9,435
Guidewire Software, Inc. (a)		5,100		574,872
HubSpot, Inc. (a)		1,000		582,720
I3 Verticals, Inc., Class A (a)		400		12,088
IHS Markit Ltd. (b),(c)		15,900		1,791,294
Immersion Corp. (a)		6,700		58,759
International Business Machines Corp. (b)		11,200		1,641,808
LivePerson, Inc. (a)		6,100		385,764
Manhattan Associates, Inc. (a)		400		57,936
McAfee Corp., Class A (a)		200		5,604
Microsoft Corp. (b),(c)		10,800		2,925,720
Mitek Systems, Inc. (a)		2,100		40,446
Model N, Inc. (a)		3,700		126,799
Momentive Global, Inc. (a)		9,100		191,737
MoneyGram International, Inc. (a)		900		9,072
NetSol Technologies, Inc. (a)		100		471
Nuance Communications, Inc. (a),(b),(c)		32,000		1,742,080
Open Lending Corp., Class A (a)		3,300		142,197
Open Text Corp.		4,200		213,360
Oracle Corp.		200		15,571
PAE, Inc. (a)		400		3,560
Palo Alto Networks, Inc. (a),(b)		11,200		4,155,760
PDF Solutions, Inc. (a)		3,114		56,612
PFSweb, Inc. (a)		800		5,904
Porch Group, Inc. (a)		300		5,802
Progress Software Corp.		2,300		106,375
Proofpoint, Inc. (a)		300		52,128
Qualys, Inc. (a)		400		40,276
Qumu Corp. (a)		1,000		2,880
Rapid7, Inc. (a)		2,700		255,501
SailPoint Technologies Holding, Inc. (a)		4,700		240,029
SeaChange International, Inc. (a)		10,600		13,674
SilverSun Technologies, Inc. (a)		100		1,217
Slack Technologies, Inc., Class A (a),(b),(c)		38,500		1,705,550
Smith Micro Software, Inc. (a)		3,800		19,836
Splunk, Inc. (a),(b)		16,800		2,428,944

See Notes to Consolidated Schedule of Investments.

27

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Sprout Social, Inc., Class A (a)		2,600	$	232,492
Square, Inc, Class A (a),(b)		19,200		4,680,960
Talend SA, ADR(a)		6,700		439,520
Varonis Systems, Inc. (a)		11,200		645,344
Verint Systems, Inc. (a)		3,300		148,731
Veritone, Inc. (a)		5,900		116,289
VMware, Inc., Class A (a),(b)		16,500		2,639,505
Western Union Co. (The) (b)		55,800		1,281,726
Zedge, Inc., Class B (a)		400		7,364
Zendesk, Inc. (a)		6,800		981,512
Zuora, Inc., Class A (a)		3,000		51,750
				38,537,768
Specialty Finance — 0.2%
Green Dot Corp., Class A (a)		8,300		388,855
NewStar Financial, Inc. (a)		100		0
Sachem Capital Corp.		5,100		27,285
Visa, Inc., Class A (b)		36,400		8,511,048
				8,927,188
Tech Hardware & Semiconductors — 0.7%
3D Systems Corp. (a)		4,300		171,871
A10 Networks, Inc. (a)		11,100		124,986
Amkor Technology, Inc.		6,700		158,589
Amtech Systems, Inc. (a)		1,500		14,460
Analog Devices, Inc. (b)		8,000		1,377,280
Apple, Inc.		51,300		7,026,048
Applied Optoelectronics, Inc. (a)		100		847
Arlo Technologies, Inc. (a)		13,500		91,395
Avnet, Inc. (b)		1,500		60,120
Axcelis Technologies, Inc. (a)		2,750		111,155
Benchmark Electronics, Inc.		3,100		88,226
Bio-key International, Inc. (a)		1		4
CalAmp Corp. (a)		2,300		29,256
Cambium Networks Corp. (a)		1,900		91,865
Celestica, Inc. (a)		500		3,925
Cirrus Logic, Inc. (a)		400		34,048
Cohu, Inc. (a)		600		22,074
Comtech Telecommunications Corp.		1,000		24,160
Daktronics, Inc. (a)		700		4,613
Diebold Nixdorf, Inc. (a)		1,700		21,828
DZS, Inc. (a)		1,900		39,425
EMCORE Corp. (a)		4,700		43,334
Everspin Technologies, Inc. (a)		800		5,144
ExOne Co. (The) (a)		3,100		67,084
FormFactor, Inc. (a)		100		3,646
Harmonic, Inc. (a)		8,000		68,160
Impinj, Inc. (a)		2,500		128,975
Intel Corp. (b)		185,600		10,419,584
inTEST Corp. (a)		400		6,708
KLA Corp.		200		64,842
Knowles Corp. (a)		5,000		98,700
Maxim Integrated Products, Inc. (a),(c)		13,900		1,464,504
Microchip Technology, Inc.		100		14,974
NCR Corp. (a)		1,500		68,415
NetApp, Inc.		100		8,182
O2Micro International Ltd., ADR (a)		200		1,442
One Stop Systems, Inc. (a)		800		4,632
PAR Technology Corp. (a)		200		13,988
Photronics, Inc. (a)		7,800		103,038
Pitney Bowes, Inc.		3,100		27,187
Powerfleet, Inc. (a)		600		4,320

See Notes to Consolidated Schedule of Investments.

28

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
QUALCOMM, Inc. (b)		77,300	$	11,048,489
Quantum Corp. (a)		400		2,756
QuickLogic Corp. (a)		300		2,169
Rambus, Inc. (a)		10,000		237,100
Resonant, Inc. (a)		2,700		8,667
SiTime Corp. (a)		100		12,659
Summit Wireless Technologies, Inc. (a)		900		3,609
TTM Technologies, Inc. (a)		7,200		102,960
Turtle Beach Corp. (a)		2,900		92,568
Ultra Clean Holdings, Inc. (a)		700		37,604
Veeco Instruments, Inc. (a)		6,430		154,577
Vishay Intertechnology, Inc.		5,800		130,790
Xilinx, Inc. (a),(b),(c)		10,900		1,576,576
				35,523,558
Technology Services — 0.0%
comScore, Inc. (a)		12,200		61,000
DXC Technology Co. (a)		20,101		782,733
Sabre Corp. (a)		44,600		556,608
ServiceSource International, Inc. (a)		3,500		4,935
				1,405,276
Telecommunications — 0.0%
BCE, Inc.		3,000		147,960
EchoStar Corp., Class A (a)		9,000		218,610
ESC NII Holdings, Inc. (a)		50,677		109,969
Gogo, Inc. (a)		24,100		274,258
HC2 Holdings, Inc. (a)		8,458		33,663
IDT Corp., Class B (a)		300		11,088
Ooma, Inc. (a)		2,600		49,036
ORBCOMM, Inc. (a)		5,000		56,200
Spok Holdings, Inc.		800		7,696
Zix Corp. (a)		200		1,410
				909,890
Transportation & Logistics — 0.1%
American Airlines Group, Inc. (a),(b)		131,300		2,784,873
Mesa Air Group, Inc. (a)		7,800		72,774
Spirit Airlines, Inc. (a),(b)		23,700		721,428
United Airlines Holdings, Inc. (a)		6,500		339,885
				3,918,960
Utilities — 0.1%
Ameren Corp. (b)		3,306		264,612
American Electric Power Co., Inc. (b)		3,276		277,117
American Water Works Co., Inc. (b)		1,337		206,072
Charah Solutions, Inc. (a)		2,900		14,645
CMS Energy Corp. (b),(c)		4,122		243,528
Consolidated Water Co. Ltd.		500		5,865
Duke Energy Corp. (b),(c)		4,980		491,626
Entergy Corp. (b),(c)		262		26,121
Evergy, Inc. (b),(c)		2,510		151,679
Eversource Energy (b),(c)		2,929		235,023
FirstEnergy Corp. (b),(c)		559		20,800
Hawaiian Electric Industries, Inc.		800		33,824
NextEra Energy, Inc. (b),(c)		6,000		439,680
NiSource, Inc. (b),(c)		4,210		103,145
PG&E Corp. (a),(b),(c)		220,374		2,241,204
Pinnacle West Capital Corp. (b),(c)		1,300		106,561
Portland General Electric Co.		1,600		73,728
PPL Corp.		10,400		290,888

See Notes to Consolidated Schedule of Investments.

29

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Southern Co. (b),(c)		2,668	$	161,441
WEC Energy Group, Inc. (b),(c)		3,310		294,424
Xcel Energy, Inc. (b),(c)		1,556		102,509
				5,784,492
Waste & Environmental Services & Equipment — 0.0%
CECO Environmental Corp. (a)		1,900		13,604
Heritage-Crystal Clean, Inc. (a)		500		14,840
Republic Services, Inc.		7,200		792,072
				820,516
Total North America				940,579,890
South America — 0.0%
Industrial Services — 0.0%
Azul SA, ADR (a)		1,900		50,160
Materials — 0.0%
Braskem SA, ADR (a)		100		2,384
Cia Siderurgica Nacional SA, ADR		800		7,024
Gerdau SA, ADR		13,900		82,010
				91,418
Oil, Gas & Coal — 0.0%
Geopark Ltd.		2,200		27,830
Gran Tierra Energy, Inc. (a)		13,400		9,915
				37,745
Software & Technology Services — 0.0%
Atento SA (a)		219		5,615
Total South America				184,938
TOTAL COMMON STOCK (COST $955,010,887)				1,006,025,057
PREFERRED STOCK — 0.2%
North America — 0.2%
Private Equity — 0.0%
Millennium Equity Private Equity (a),(c),(d)		60,879		1,126,261
Real Estate — 0.1%
EPR Properties (b),(c)		129,375		3,355,769
Retail - Discretionary — 0.1%
Guitar Center, Inc. (a),(c),(d)		38,645		4,521,465
Total North America				9,003,495
TOTAL PREFERRED STOCK (COST $7,983,031)				9,003,495

See Notes to Consolidated Schedule of Investments.

30

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount		Value
ASSET-BACKED SECURITIES — 0.8%
North America — 0.8%
AIG CLO Ltd., Series 2019-2A, Class E, 3 mo. USD LIBOR + 7.25%, 6.74%, 10/25/32 (b),(c),(e),(f)	$	250,000	$	248,220
Arbor Realty Collateralized Loan Obligation Ltd., Series 2020-FL1, Class C, 1 mo. USD LIBOR + 2.05%, 6.59%, 02/15/35 (b),(c),(e),(f)		1,792,000		1,790,803
Ares LIV CLO Ltd., Series 2019-54A, Class E, 3 mo. USD LIBOR + 7.34%, 4.78%, 10/15/32 (b),(c),(e),(f)		250,000		249,242
Ares XLIII CLO Ltd., Series 2017-43A, Class ER, 3 mo. USD LIBOR + 6.86%, 2.34%, 07/15/34 (b),(c),(e),(f)		1,500,000		1,483,030
Balboa Bay Loan Funding Ltd., Series 2021-1A, Class E, 3 mo. USD LIBOR + 6.16%, 6.31%, 07/20/34 (b),(c),(e),(f)		1,000,000		988,539
Barings CLO Ltd.,
Series 2019-2A, Class DR, 3 mo. USD LIBOR + 6.78%, 3.94%, 04/15/36 (b),(c),(e),(f)		500,000		496,536
Series 2019-3A, Class ER, 3 mo. USD LIBOR + 6.70%, 2.99%, 04/20/31 (b),(c),(e),(f)		1,000,000		997,472
Barings Clo Ltd., Series 2020-2A, Class E2, 3 mo. USD LIBOR + 7.90%, 3.09%, 10/15/33 (b),(c),(e),(f)		1,000,000		1,006,890
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class DRR, 3 mo. USD LIBOR + 7.20%, 6.03%, 01/20/32 (b),(c),(e),(f)		1,000,000		996,345
BlueMountain CLO XXVIII Ltd., Series 2021-28A, Class E, 3 mo. USD LIBOR + 6.40%, 3.91%, 04/15/34 (b),(c),(e),(f)		250,000		249,363
Broad River Bsl Funding CLO Ltd., Series 2020-1A, Class ER, 3 mo. USD LIBOR + 6.50%, 4.88%, 07/20/34 (b),(c),(e),(f)		1,000,000		997,490
CarVal CLO I Ltd., Series 2018-1A, Class E, 3 mo. USD LIBOR + 5.77%, 2.00%, 07/16/31 (b),(c),(e),(f)		2,000,000		1,965,462
CarVal CLO IV Ltd., Series 2021-1A, Class E, 3 mo. USD LIBOR + 6.60%, 1.00%, 07/20/34 (c),(e),(f)		1,000,000		990,000
Cedar Funding IV CLO Ltd., Series 2014-4A, Class ERR, 3 mo. USD LIBOR + 6.61%, 6.75%, 07/23/34 (b),(c),(e),(f)		1,500,000		1,482,808
Citigroup Mortgage Loan Trust, Series 2019-E, Class A2, 4.88%, 11/25/70 (b),(c),(e)		1,000,000		1,014,414
CoreVest American Finance Trust,
Series 2019-1, Class E, 3.74%, 03/15/52 (b),(c),(e)		196,000		217,106
Series 2019-2, Class E, 3.49%, 06/15/52 (b),(c),(e),(f)		707,000		764,371
Series 2019-2, Class XA, 8.25%, 06/15/52 (b),(c),(e),(f)		15,410,679		1,267,482
Series 2019-3, Class XA, 4.38%, 10/15/52 (b),(c),(e),(f)		12,455,526		871,762
Series 2019-3, Class E, 5.24%, 10/15/52 (b),(c),(e),(f)		124,000		137,338
Series 2020-1, Class E, 3.48%, 03/15/50 (b),(c),(e),(f)		100,000		109,820
Series 2020-4, Class XB, 2.83%, 12/15/52 (b),(c),(e),(f)		1,000,000		153,194
Series 2020-4, Class XA, 3.87%, 12/15/52 (b),(c),(e),(f)		982,596		153,245
Series 2021-1, Class XA, 3.11%, 04/15/53 (b),(c),(e),(f)		912,694		113,921
Fort Washington CLO, Series 2019-1A, Class E, 3 mo. USD LIBOR + 7.25%, 4.00%, 10/20/32 (b),(c),(e),(f)		500,000		497,838
Galaxy XXII CLO Ltd., Series 2016-22A, Class ERR, 3 mo. USD LIBOR + 6.50%, 4.50%, 04/16/34 (b),(c),(e),(f)		500,000		493,991
Galaxy XXVII CLO Ltd., Series 2018-27A, Class E, 3 mo. USD LIBOR + 5.78%, 6.34%, 05/16/31 (b),(c),(e),(f)		1,000,000		994,704
Greywolf CLO II Ltd., Series 2013-1A, Class C1RR, 3 mo. USD LIBOR + 3.35%, 3.73%, 04/15/34 (b),(c),(e),(f)		1,000,000		998,490
GSAA Home Equity Trust, Series 2004-5, Class M2, 3.99%, 06/25/34 (b),(c)		302,299		249,126
Gulf Stream Meridian 5 Ltd., Series 2021-5A, Class D, 3 mo. USD LIBOR + 6.33%, 3.75%, 07/15/34 (b),(c),(e),(f)		1,500,000		1,489,530
HalseyPoint CLO 4 Ltd., Series 2021-4A, Class E, 3 mo. USD LIBOR + 6.71%, 6.84%, 04/20/34 (b),(c),(e),(f)		1,500,000		1,496,250
Kayne CLO II Ltd., Series 2018-2A, Class ER, 3 mo. USD LIBOR + 6.00%, 6.97%, 10/15/31 (b),(c),(e),(f)		416,667		411,025
Kayne CLO III Ltd., Series 2019-3A, Class ER, 3 mo. USD LIBOR + 6.50%, 4.13%, 04/15/32 (b),(c),(e),(f)		1,000,000		997,500
Long Beach Mortgage Loan Trust,
Series 2006-10, Class 2A3, 1 mo. USD LIBOR + .16%, 2.97%, 11/25/36 (c),(f),(g)		2,591,959		1,134,573
Series 2006-4, Class 2A4, 1 mo. USD LIBOR + .52%, 4.14%, 05/25/36 (c),(f),(g)		7,524,250		3,250,784
Mastr Asset Backed Securities Trust,
Series 2006-WMC3, Class A4, 1 mo. USD LIBOR + .16%, 3.98%, 08/25/36 (b),(c),(f)		526,277		244,778
Series 2006-WMC4, Class A5, 1 mo. USD LIBOR + .15%, 5.00%, 10/25/36 (b),(c),(f)		553,756		242,691
Morgan Stanley ABS Capital I, Inc.,
Series 2007-HE3, Class A2C, 1 mo. USD LIBOR + .15%, 0.24%, 12/25/36 (c),(f),(g)		541,855		342,889
Series 2007-HE3, Class A2D, 1 mo. USD LIBOR + .25%, 0.34%, 12/25/36 (c),(f),(g)		658,470		425,402
Morgan Stanley Mortgage Loan Trust,
Series 2007-10XS, Class A6, 1 mo. USD LIBOR + .60%, 4.47%, 02/25/37 (b),(c),(f)		367,336		228,209
Series 2007-10XS, Class A4, 1 mo. USD LIBOR + .59%, 7.25%, 02/25/37 (b),(c),(f)		367,336		227,721
Nomura CRE CDO Ltd., Series 2007-2A, Class D, 3 mo. USD LIBOR + .45%, 3.48%, 05/21/42 (b),(c),(e),(f)		360,879		205,867

See Notes to Consolidated Schedule of Investments.

31

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount			Value
OHA Credit Funding 6 Ltd., Series 2020-6A, Class E, 3 mo. USD LIBOR + 7.33%, 4.47%, 07/20/31 (b),(c),(e),(f)	$	750,000		$	748,125
Parallel Ltd., Series 2019-1A, Class E, 3 mo. USD LIBOR + 6.72%, 4.23%, 07/20/32 (b),(c),(e),(f)		666,500			662,094
Pikes Peak CLO 6, Series 2020-6A, Class ER2, 3 mo. USD LIBOR + 6.43%, 0.01%, 05/18/34 (b),(c),(e),(f)		500,000			498,715
PPM CLO 2 Ltd., Series 2019-2A, Class E, 3 mo. USD LIBOR + 6.55%, 3.49%, 04/16/32 (b),(c),(e),(f)		500,000			493,930
PPM CLO 3 Ltd., Series 2019-3A, Class ER, 3 mo. USD LIBOR + 6.61%, 2.88%, 04/17/34 (b),(c),(e),(f)		500,000			494,329
Romark CLO IV Ltd., Series 2021-4A, Class D, 3 mo. USD LIBOR + 6.95%, 3.63%, 07/10/34 (b),(c),(e),(f)		500,000			499,175
RR 2 Ltd., Series 2017-2A, Class DR, 3 mo. USD LIBOR + 5.80%, 1.94%, 04/15/36 (b),(c),(e),(f)		1,000,000			987,696
Shackleton XIV CLO Ltd., Series 2019-14A, Class ER, 3 mo. USD LIBOR + 7.32%, 3.75%, 07/20/34 (c),(e),(f)		500,000			494,240
TCI-Flatiron CLO Ltd., Series 2017-1A, Class E, 3 mo. USD LIBOR + 6.35%, 4.25%, 11/18/30 (b),(c),(e),(f)		750,000			750,010
Trinitas CLO VI Ltd., Series 2017-6A, Class ER, 3 mo. USD LIBOR + 6.82%, 4.14%, 01/25/34 (b),(c),(e),(f)		1,000,000			975,626
Trinitas CLO VIII Ltd., Series 2018-8A, Class E, 3 mo. USD LIBOR + 5.90%, 5.00%, 07/20/31 (b),(c),(e),(f)		500,000			472,672
Vibrant CLO XIII Ltd., Series 2021-13A, Class D, 3 mo. USD LIBOR + 7.06%, 4.73%, 07/15/34 (b),(c),(e),(f)		1,500,000			1,469,235
Voya CLO Ltd., Series 2018-3A, Class E, 3 mo. USD LIBOR + 5.75%, 3.14%, 10/15/31 (b),(c),(e),(f)		1,000,000			964,137
Washington Mutural Asset-Backed Certificates WMABS Trust, Series 2006-HE2, Class A3, 1 mo. USD LIBOR + .30%, 7.75%, 05/25/36 (b),(c),(f)		425,906			380,434
Total North America					42,566,639
TOTAL ASSET-BACKED SECURITIES (COST $42,653,674)					42,566,639
CONVERTIBLE BONDS — 0.1%
North America — 0.1%
Financial Services — 0.1%
RWT Holdings Inc, 5.75%, 10/01/25 (b),(c)		3,418,000			3,448,078
Health Care — 0.0%
Haemonetics Corp., 0.01%, 03/01/26 (b),(c),(e),(h)		1,396,000			1,170,895
Total North America					4,618,973
TOTAL CONVERTIBLE BONDS (COST $4,535,132)					4,618,973
BANK DEBT — 3.3%
Asia — 0.0%
Software & Services — 0.0%
Grab Holdings Inc Term Loan B ,5.500%, 01/29/26 (c)		1,301,742			1,320,188
Total Asia					1,320,188
Europe — (0.0)%
Manufactured Goods — 0.0%
McLaren Racing Limited, GBP Term Loan, PIK, 0.00%, 12/31/35 (c),(d)		1,807,064	GBP		2,499,712
North America — 3.0%
Apparel & Textile Products — 0.1%
S&S Holdings LLC,
Term Loan, 1 mo. USD LIBOR, 0.00%, 03/11/28 (c),(d)	$	2,937,044			2,907,674
Term Loan, 3 mo. LIBOR + 5.00%, 5.50%, 03/11/28 (c),(d)		3,249,095			3,216,604
					6,124,278
Casinos & Gaming — 0.1%
Gateway Casinos & Entertainment Limited 2018 Term Loan B, 3.000%, 12/01/23 (c)		5,085,887			5,052,269

See Notes to Consolidated Schedule of Investments.

32

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount		Value
Chemicals — 0.0%
SCIH Salt Holdings Inc.,
2021 Incremental Term Loan B, 1 mo. USD LIBOR, 0.00%, 03/16/27 (c)	$	108,497	$	108,678
2021 Incremental Term Loan B, 3 mo. LIBOR + 4.00%, 4.75%, 03/16/27 (c)		120,045		120,246
				228,924
Consumer Discretionary Services — 0.2%
Infinity Bidco US LLC Fixed Term Loan, 9.500%, 12/23/22 (c),(d)		5,715,387		5,658,234
Montreign Resort Casino 2021 2nd Lien Term Loan, 10.592%, 03/19/22 (c),(d)		6,118,009		6,118,009
				11,776,243
Consumer Services — 0.0%
KNS Acquisition Corp.,
Term Loan, 1 mo. USD LIBOR, 0.00%, 04/16/27 (c)		791,144		788,178
Term Loan, 3 mo. LIBOR + 6.25%, 7.00%, 04/16/27 (c)		875,353		872,070
				1,660,248
Containers & Packaging — 0.2%
Fort Dearborn Company,
2016 1st Lien Term Loan, 5.00%, 10/19/23 (c),(d)		5,074,307		5,072,734
2016 2nd Lien Term Loan, 9.50%, 10/21/24 (c)		2,510,496		2,497,944
				7,570,678
Entertainment Resources — 0.2%
Equinox Holdings, Inc.,
2017 1st Lien Term Loan, 4.00%, 03/08/24 (c)		6,631,047		6,343,724
2017 2nd Lien Term Loan, 8.00%, 09/06/24 (c)		2,065,953		1,854,193
Life Time Fitness Inc 2021 Term Loan B, 5.750%, 12/16/24 (c)		2,775,884		2,782,823
				10,980,740
Exploration & Production — 0.0%
Par Pacific Holdings, Inc. Term Loan B, 6.936%, 01/12/26 (c)		1,764,406		1,751,172
Financial Services — 0.0%
Syncapay Inc Term Loan B, 7.500%, 12/10/27 (c)		1,202,960		1,211,236
Health Care Facilities & Services — 0.4%
Gordian Medical, Inc. Term Loan B, 7.000%, 03/29/27 (c)		1,179,563		1,169,737
New Millennium HoldCo, Inc. 2020 Term Loan, 6.500%, 05/01/25 (c),(d)		2,304,450		2,275,645
Quorum Health Corporation 2020 Term Loan, 9.250%, 04/29/25 (c)		8,793,511		8,892,439
Team Health Holdings, Inc. 1st Lien Term Loan, 3.750%, 02/06/24 (c)		7,504,983		7,270,451
				19,608,272
Home Improvement — 0.0%
AI Aqua Merger Sub, Inc.,
2021 Term Loan, 1 mo. USD LIBOR, 0.00%, 12/13/23 (c)		52,569		52,569
2021 Term Loan, 3 mo. LIBOR + 3.75%, 4.75%, 12/13/23 (c)		58,120		58,120
AI AQUA MERGER SUB, Inc. 2021 1ST LIEN DDTL, 0.00%, 06/16/28 (c),(i)		95,181		95,419
AI AQUA MERGER SUB, Inc. 2021 1ST LIEN TERM LOAN B, 0.00%, 06/16/28 (c),(i)		761,452		763,356
				969,464
Industrial Other — 0.3%
Brand Energy & Infrastructure Services, Inc. 2017 Term Loan ,5.250%, 06/21/24 (c)		1,030,529		1,012,980
Infinite Bidco LLC 2nd Lien Term Loan ,7.500%, 03/02/29 (c),(d)		1,544,345		1,552,067
Infinity Bidco US LLC,
6 mo. Fixed + 9.50%, 9.50%, 04/01/28 (c),(d)		1,162,705		1,151,078
2021 Incremental Fixed Term Loan, 6 mo. Fixed + 9.50%, 9.50%, 04/01/28 (c),(d)		1,286,462		1,273,597
QualTek USA, LLC 2018 1st Lien Term Loan, 7.250%, 07/18/25 (c)		10,272,263		10,143,859
				15,133,581
Leisure Products — 0.1%
Bulldog Purchaser Inc., 2018 Term Loan, 3 mo. LIBOR + 3.75%, 3.89%, 09/05/25 (a),(c),(f)		4,329,851		4,198,353

See Notes to Consolidated Schedule of Investments.

33

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount			Value
HILTON GRAND VACATIONS BWR LLC 2021 TERM LOAN B, 0.00%, 05/19/28 (c),(i)	$	1,054,000		$	1,054,327
					5,252,680
Machinery Manufacturing — 0.2%
Arcline FM Holdings, LLC 2021 2nd Lien Term Loan, 9.000%, 06/23/29 (c),(d)		1,425,713			1,425,713
Engineered Machinery Holdings, Inc.,
2021 EUR Incremental Term Loan, 3 mo. EURIBOR, 0.00%, 05/05/28 (c)		149,183	EUR		176,629
2021 EUR Incremental Term Loan, Euribor + 3.75%, 3.75%, 05/05/28 (c)		165,062	EUR		195,429
2021 USD 2nd Lien Incremental Term Loan, 1 mo. USD LIBOR, 0.00%, 05/21/29 (a),(c),(d),(f)	$	190,451			192,355
USD 2nd Lien Term Loan, 8.25%, 07/18/25 (c)		8,435,663			8,443,593
					10,433,719
Manufactured Goods — 0.2%
Hillman Group Inc. (The), 2018 Term Loan B, 1 mo. LIBOR + 4.00%, 4.10%, 05/31/25 (a),(c),(f)		1,086,954			1,084,236
WireCo WorldGroup, Inc. 1st Lien Term Loan, 6.000%, 09/30/23 (c)		6,717,080			6,714,662
					7,798,898
Oil, Gas & Coal — 0.0%
Aegion Corporation,
Term Loan, 1 mo. USD LIBOR, 0.00%, 05/17/28 (c),(d)		734,261			740,686
Term Loan, 3 mo. LIBOR + 4.75%, 5.50%, 05/17/28 (c),(d)		812,274			819,381
					1,560,067
Pharmaceuticals — 0.3%
Mallinckrodt International Finance S.A.,
2018 Term Loan B, 6.25%, 02/24/25 (c),(j)		1,809,774			1,750,957
Revolver, 0.00%, 02/28/22 (a),(c),(f),(i),(j)		4,730,182			4,647,404
USD Term Loan B, 6.00%, 09/24/24 (c),(j)		8,059,132			7,805,027
					14,203,388
Publishing & Broadcasting — 0.1%
A-L Parent LLC 2016 1st Lien Term Loan, 4.250%, 12/01/23 (c)		2,840,557			2,741,137
LBI Media, Inc., Exit Term Loan, 3 mo. LIBOR + 7.50%, 8.50%, 10/15/24 (c),(d)		336,035			102,491
					2,843,628
Real Estate — 0.1%
Geo Group, Inc. (The) 2018 Term Loan B, 2.750%, 03/22/24 (c)		2,146,283			1,910,470
Real Estate Investment Trusts (REITs) — 0.0%
Apollo Commercial Real Estate Finance, Inc, Term Loan B, 1 mo. LIBOR + 2.75%, 2.84%, 05/15/26 (a),(c),(d),(f)		201,065			198,049
Refining & Marketing — 0.2%
CITGO Holding Inc. 2019 Term Loan B, 8.000%, 08/01/23 (c)		3,990,416			3,954,503
Citgo Petroleum Corporation 2019 Term Loan B, 7.250%, 03/28/24 (c)		5,397,077			5,420,716
Gulf Finance, LLC,
Term Loan B, 1 mo. LIBOR + 5.25%, 6.25%, 08/25/23 (c)		77,682			65,780
Term Loan B, 1 mo. LIBOR + 5.25%, 8.25%, 08/25/23 (c)		57,111			48,361
					9,489,360
Software & Services — 0.2%
Blackboard, Inc. 2019 Term Loan B5 ,7.000%, 06/30/24 (c)		4,273,806			4,284,490
Constant Contact Inc Second Lien Term Loan, 8.250%, 02/10/29 (c),(d)		2,830,542			2,788,084
DMT Solutions Global Corporation 2020 Incremental Term Loan, 8.000%, 07/02/24 (c),(d)		3,242,422			3,209,997
Project Ruby Ultimate Parent Corp., 2021 Term Loan, 1 mo. LIBOR + 3.25%, 4.00%, 03/03/28 (a),(c),(f)		309,558			308,494
					10,591,065
Travel & Lodging — 0.1%
Casablanca US Holdings, Inc., 2018 1st Lien Term Loan, 2 mo. LIBOR + 4.00%, 4.13%, 03/29/24 (a),(c),(f)		1,973,087			1,811,136

See Notes to Consolidated Schedule of Investments.

34

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount			Value
Hornblower Sub, LLC,
2020 Repriced Term Loan B, 5.50%, 04/27/25 (c)	$	4,670,435		$	4,386,332
2020 Term Loan, 6 mo. USD LIBOR, 0.00%, 11/10/25 (c),(d)		53,035			55,687
2020 Term Loan, 6 mo. LIBOR + 8.12%, 9.13%, 11/10/25 (c),(d)		55,012			57,763
					6,310,918
Utilities — 0.0%
Brazos Electric Power Cooperative Inc, Revolver, 0.50%, 09/28/23 (a),(c),(f),(i),(j)		573,476			459,497
Total North America					153,118,844
South America — 0.3%
Airlines — 0.1%
Latam Airlines Group S.A.,
PIK DIP Delayed Draw Term Loan A, 3 mo. LIBOR + 11.00%, PIK, 0.50%, 03/29/22 (c),(d)		1,185,946			1,191,876
PIK DIP Delayed Draw Term Loan A, 1 mo. USD LIBOR, 11.50%, 03/29/22 (c),(d)		1,101,476			1,106,984
PIK DIP Delayed Draw Term Loan C, 16.00%, 03/29/22 (c),(d)		1,345,475			1,412,749
					3,711,609
Iron & Steel — 0.2%
Samarco Mineracao S.A., Fixed Rate Term Loan, 6 mo. Fixed, 0.00%, 08/31/21 (c),(d)		11,623,127			8,368,651
Travel & Lodging — 0.0%
Hornblower Sub, LLC 2021 Incremental Term Loan, 9.125%, 11/10/25 (c),(d)		1,110,886			1,166,430
Total South America					13,246,690
TOTAL BANK DEBT (COST $167,860,068)					170,185,434
CORPORATE BONDS & NOTES — 5.3%
Africa — (0.1)%
Utilities — 0.1%
Eskom Holdings SOC Ltd., 8.45%, 08/10/28 (k)		3,660,000			4,133,055
Asia — 0.1%
Financial Services — 0.1%
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (k)		3,232,000			3,415,319
Total Asia					3,415,319
Europe — 0.7%
Aerospace & Defense — 0.1%
Rolls-Royce PLC,
4.63%, 02/16/26 (c),(k)		1,161,000	EUR		1,501,243
5.75%, 10/15/27 (b),(c),(e)	$	1,848,000			2,035,554
MTN, 1.63%, 05/09/28 (c),(k)		1,422,000	EUR		1,570,215
					5,107,012
Automobiles Manufacturing — 0.2%
Aston Martin Capital Holdings Ltd. ,10.500%, 11/30/25 (b),(c),(e)	$	4,118,000			4,585,352
Mclaren Finance PLC,
5.00%, 08/01/22 (c),(k)		3,999,000	GBP		5,471,520
5.75%, 08/01/22 (b),(c),(e)	$	579,000			577,014
					10,633,886
Banks — 0.1%
HSBC Bank plc ,0.010%, 07/15/21 - 08/19/21 (e),(h)		68,650,000			4,327,700
Food & Beverage — 0.1%
Forno d’Asolo SpA, 3 mo. EURIBOR + 5.50%, 5.50%, 04/30/27 (c),(e),(f)		3,404,000	EUR		3,920,250
Real Estate — 0.0%
Unique Pub Finance Co. PLC (The), 7.40%, 03/28/24 (c),(k)		86,007	GBP		125,567
Restaurants — 0.1%
Stonegate Pub Co. Financing 2019 plc ,8.250%, 07/31/25 (c),(e),(k)	$	6,244,000			9,026,005

See Notes to Consolidated Schedule of Investments.

35

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount			Value
Transportation & Logistics — 0.1%
Heathrow Finance PLC,
4.38%, 03/01/27 (c),(k)	$	1,508,000	GBP		2,142,339
4.63%, 09/01/29 (c),(k)		1,483,000	GBP		2,110,412
				$	4,252,751
Total Europe					37,393,171
Middle East — 0.0%
Integrated Oils — 0.0%
OQ SAOC, 5.13%, 05/06/28 (e)	$	725,000			728,671
Utilities — 0.0%
Oryx Funding Ltd., 5.80%, 02/03/31 (e)		917,000			967,545
Total Middle East					1,696,216
North America — 4.3%
Airlines — 0.0%
American Airlines Inc/AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/26 (b),(c),(e)		1,376,762			1,457,647
5.75%, 04/20/29 (b),(c),(e)		688,382			744,313
					2,201,960
Banks — 0.1%
JPMorgan Chase Bank N.A., 0.01%, 09/16/21 (e),(h)		46,252,000	EGP		2,874,868
Chemicals — 0.0%
LyondellBasell Industries NV,
0.00%, 08/15/49 (c),(i)	$	16,732,095			120,471
1.00%, 08/15/15 (c),(i)		980,468	EUR		10,463
SCIH Salt Holdings, Inc.,
4.88%, 05/01/28 (b),(c),(e)	$	457,000			456,945
6.63%, 05/01/29 (b),(c),(e)		457,000			458,143
					1,046,022
Consumer Finance — 0.3%
Curo Group Holdings Corp., 8.25%, 09/01/25 (b),(c),(e)		12,577,000			13,017,195
PHH Mortgage Corp., 7.88%, 03/15/26 (b),(c),(e)		2,364,000			2,443,430
					15,460,625
Consumer Products — 0.0%
Kronos Acquisition Holdings, Inc., 7.00%, 12/31/27 (b),(c),(e)		2,219,000			2,224,015
Consumer Services — 0.1%
TKC Holdings, Inc.,
6.88%, 05/15/28 (b),(c),(e)		1,999,000			2,061,469
10.50%, 05/15/29 (b),(c),(e)		4,950,000			5,358,375
					7,419,844
Containers & Packaging — 0.1%
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/25 (b),(c),(e)		4,217,000			4,132,660
Entertainment Resources — 0.0%
Carlson Travel, Inc., 6.75%, 12/15/25 (c),(e)		63,043			57,960
Exploration & Production — 0.3%
Par Petroleum LLC/Par Petroleum Finance Corp., 12.88%, 01/15/26 (b),(c),(e)		340,000			385,050
Par Petroleum LLC/Petroleum Finance Corp., 7.75%, 12/15/25 (b),(c),(e)		11,339,000			11,397,169
Tullow Oil plc, 10.25%, 05/15/26 (e)		2,843,000			2,983,160
					14,765,379
Financial Services — 0.2%
Citigroup Global Markets Holdings, Inc.,
0.00%, 12/16/21 (e),(h)		62,079,797	EGP		3,728,071

See Notes to Consolidated Schedule of Investments.

36

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount			Value
0.01%, 09/30/21 (e),(h)	$	122,357,404	EGP		7,549,128
MF Global Holdings Ltd., 6.75%, 08/08/16 (c),(d),(j),(l)	$	436,000		$	126,440
					11,403,639
Food & Beverage — 0.0%
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 8.50%, 12/15/22 (b),(c),(e)		564,000			578,805
Hardware — 0.0%
Pitney Bowes, Inc.,
6.88%, 03/15/27 (b),(c),(e)		803,000			848,169
7.25%, 03/15/29 (b),(c),(e)		1,377,000			1,463,062
					2,311,231
Health Care Facilities & Services — 0.2%
BCPE Cycle Merger Sub II, Inc., 10.63%, 07/15/27 (b),(c),(e)		3,694,000			3,874,083
CAN Community Health, Inc., 8.50%, 03/01/28 (b),(c),(e)		4,230,000			4,526,100
					8,400,183
Health Care Facilities & Services — 0.1%
Team Health Holdings, Inc., 6.38%, 02/01/25 (b),(c),(e)		4,576,000			4,352,051
Home Improvement — 0.1%
Werner FinCo LP / Werner FinCo, Inc., 8.75%, 07/15/25 (b),(c),(e)		4,383,000			4,569,278
Industrial Other — 0.5%
Brand Industrial Services, Inc., 8.50%, 07/15/25 (b),(c),(e)		2,940,000			2,989,186
Michael Baker International LLC, 8.75%, 03/01/23 (b),(c)		20,381,000			20,737,668
					23,726,854
Integrated Oils — 0.3%
Petroleos Mexicanos,
3.50%, 01/30/23		2,372,000			2,421,788
4.50%, 01/23/26		1,027,000			1,039,735
5.95%, 01/28/31		1,712,000			1,663,208
6.35%, 02/12/48 (g)		5,773,000			4,919,751
6.38%, 01/23/45		2,673,000			2,298,780
6.75%, 09/21/47		1,167,000			1,032,795
6.88%, 10/16/25 (e)		1,081,000			1,196,667
6.95%, 01/28/60		1,976,000			1,748,562
					16,321,286
Internet Media — 0.1%
Getty Images, Inc., 9.75%, 03/01/27 (b),(c),(e)		3,162,000			3,391,245
Machinery Manufacturing — 0.1%
Husky III Holding Ltd., PIK, 13.00%, 02/15/25 (b),(c),(e)		4,110,000			4,459,350
Manufactured Goods — 0.2%
Foxtrot Escrow Issuer LLC / Foxtrot Escrow Corp., 12.25%, 11/15/26 (b),(c),(e)		4,730,000			5,445,412
Hillman Group, Inc. (The), 6.38%, 07/15/22 (b),(c),(e)		2,449,000			2,452,429
					7,897,841
Oil & Gas Services — 0.2%
CSI Compressco LP / CSI Compressco Finance, Inc.,
7.25%, 08/15/22 (b),(c)		7,753,000			7,656,087
7.50%, 04/01/25 (b),(c),(e)		1,433,000			1,454,495
					9,110,582
Pharmaceuticals — 0.1%
Emergent BioSolutions, Inc., 3.88%, 08/15/28 (b),(c),(e)		2,856,000			2,797,509
Endo Luxembourg Finance Co. I Sarl / Endo US, Inc., 6.13%, 04/01/29 (b),(c),(e)		4,154,000			4,070,920
					6,868,429

See Notes to Consolidated Schedule of Investments.

37

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount		Value
Pipeline — 0.4%
Martin Midstream Partners LP / Martin Midstream Finance Corp.,
10.00%, 02/29/24 (b),(c),(e)	$	3,151,352	$	3,230,136
11.50%, 02/28/25 (b),(c),(e)		14,311,133		14,847,800
				18,077,936
Property & Casualty Insurance — 0.1%
Highlands Holdings Bond Issuer Ltd / Highlands Holdings Bond Co-Issuer, Inc., PIK, 7.63%, 10/15/25 (b),(c),(e)		3,145,044		3,326,953
Publishing & Broadcasting — 0.0%
Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/29 (b),(c),(e)		1,153,000		1,193,743
Real Estate — 0.2%
EPR Properties, 3.75%, 08/15/29 (b),(c)		2,523,000		2,526,501
Kennedy-Wilson, Inc., 4.75%, 03/01/29 (b),(c)		1,000,000		1,030,000
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer., Inc., 3.88%, 02/15/29 (b),(c),(e)		1,000,000		1,015,570
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 4.88%, 05/15/29 (b),(c),(e)		100,000		103,445
Service Properties Trust,
3.95%, 01/15/28 (b),(c)		905,000		852,963
4.38%, 02/15/30 (b),(c)		5,605,000		5,338,762
4.95%, 10/01/29 (b),(c)		1,216,000		1,199,280
5.50%, 12/15/27 (b),(c)		134,000		143,009
XHR LP, 4.88%, 06/01/29 (b),(c),(e)		100,000		103,250
				12,312,780
Refining & Marketing — 0.1%
Citgo Holding, Inc., 9.25%, 08/01/24 (b),(c),(e)		1,693,000		1,726,860
CITGO Petroleum Corp., 6.38%, 06/15/26 (b),(c),(e)		567,000		591,098
				2,317,958
Software & Services — 0.0%
MicroStrategy, Inc., 6.13%, 06/15/28 (b),(c),(e)		1,395,000		1,395,000
Travel & Lodging — 0.3%
Viking Cruises Ltd.,
5.88%, 09/15/27 (b),(c),(e)		4,255,000		4,204,791
6.25%, 05/15/25 (b),(c),(e)		5,384,000		5,357,080
7.00%, 02/15/29 (b),(c),(e)		1,477,000		1,536,715
13.00%, 05/15/25 (b),(c),(e)		4,199,000		4,939,872
				16,038,458
Utilities — 0.2%
Ferrellgas Escrow LLC / FG Operating Finance Escrow Corp.,
5.38%, 04/01/26 (b),(c),(e)		3,094,000		3,066,927
5.88%, 04/01/29 (b),(c),(e)		3,094,000		3,055,325
Pacific Gas and Electric Co., 3.15%, 01/01/26 (c)		1,076		1,110
Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/23 (b),(c),(e)		5,992,000		6,126,820
				12,250,182
Wireless Telecommunications Services — 0.0%
Switch Ltd.,
3.75%, 09/15/28 (b),(c),(e)		864,000		874,800
4.13%, 06/15/29 (b),(c),(e)		100,000		102,625
				977,425
Total North America				221,464,542

See Notes to Consolidated Schedule of Investments.

38

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount			Value
South America — 0.1%
Airlines — 0.1%
Azul Investments LLP,
5.88%, 10/26/24 (b),(c),(e),(k)	$	2,181,000		$	2,121,023
7.25%, 06/15/26 (b),(c),(k)		122,000			119,560
Latam Finance Ltd.,
6.88%, 04/11/24 (c),(e),(j),(k)		2,137,000			1,998,095
7.00%, 03/01/26 (b),(c),(e),(j)		503,000			471,145
					4,709,823
Metals & Mining — 0.0%
CSN Islands XI Corp., 6.75%, 01/28/28 (e)		1,972,000			2,181,032
Samarco Mineracao SA, 4.13%, 11/01/22 (b),(c),(j),(k)		1,600,000			1,166,400
					3,347,432
Total South America					8,057,255
TOTAL CORPORATE BONDS & NOTES (COST $259,032,629)					276,159,558
SOVEREIGN DEBT — 3.7%
Angolan Government International Bond, MTN, 8.00%, 11/26/29 (k)		1,654,000			1,695,152
Bahamas Government International Bond, 8.95%, 10/15/32 (b),(e)		2,623,000			2,970,548
Bahrain Government International Bond, 7.00%, 01/26/26 (k)		2,600,000			2,957,500
Banque Centrale de Tunisie International Bond,
5.63%, 02/17/24 (k)		6,800,000	EUR		7,516,261
5.75%, 01/30/25 (g),(k)	$	19,082,000			17,757,709
6.38%, 07/15/26 (k)		7,600,000	EUR		8,313,294
Egypt Government International Bond,
5.88%, 02/16/31 (e)	$	1,584,000			1,538,064
7.50%, 01/31/27 (k)		4,424,000			4,965,940
7.90%, 02/21/48 (g),(k)		8,275,000			8,180,748
8.88%, 05/29/50 (k)		2,237,000			2,407,374
MTN, 7.60%, 03/01/29 (k)		2,517,000			2,762,911
Egypt Treasury Bill, 0.00%, 12/14/21 (h)		62,079,797	EGP		3,730,665
French Republic Government Bond OAT, 0.10%, 03/01/29 (c),(k)		8,215,886	EUR		10,998,704
Gabon Government International Bond,
6.38%, 12/12/24 (k)	$	1,000,000			1,063,750
6.63%, 02/06/31 (k)		14,400,000			14,500,454
Ghana Government International Bond, 0.01%, 04/07/25 (e)		900,000			714,150
Ivory Coast Government International Bond, 6.63%, 03/22/48 (k)		4,400,000	EUR		5,465,122
Kingdom Of Jordan,
4.95%, 07/07/25 (e)	$	2,099,000			2,178,132
5.85%, 07/07/30 (e)		1,404,000			1,460,160
Nigeria Government International Bond ,7.625%, 11/21/25 (k)		6,135,000			6,921,286
Oman Government International Bond,
6.25%, 01/25/31 (e)		1,367,000			1,467,242
6.75%, 01/17/48 (k)		1,360,000			1,351,500
7.00%, 01/25/51 (e)		911,000			925,849
Oman Sovereign Sukuk Co., 4.88%, 06/15/30 (e)		718,000			736,639
Paraguay Government International Bond, 4.63%, 01/25/23 (k)		7,644,000			8,045,387
Philippine Government International Bond, 3.20%, 07/06/46		1,793,000			1,790,744
Republic of Belarus International Bond, 6.20%, 02/28/30 (k)		5,300,000			4,597,220
Republic of Belarus Ministry of Finance,
5.88%, 02/24/26 (k)		2,400,000			2,214,480
6.38%, 02/24/31 (k)		12,700,000			11,000,740
Republic Of Ghana, 7.75%, 04/07/29 (e)		1,203,000			1,228,564
Republic of South Africa Government Bond,
8.00%, 01/31/30		43,585,155	ZAR		2,894,318
8.25%, 03/31/32		45,590,000	ZAR		2,915,533
8.88%, 02/28/35		45,293,552	ZAR		2,879,048
Romanian Government International Bond, 2.00%, 04/14/33 (e)		551,000	EUR		647,892
Russian Federal Bond - OFZ,
6.10%, 07/18/35		459,286,000	RUB		5,731,324
7.15%, 11/12/25		326,157,000	RUB		4,508,200
7.40%, 07/17/24		380,731,000	RUB		5,290,017

See Notes to Consolidated Schedule of Investments.

39

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount			Value
Saudi Government International Bond, 3.75%, 01/21/55 (e)	$	1,685,000		$	1,778,524
Turkey Government International Bond, 6.38%, 10/14/25		2,656,000			2,779,398
Ukraine Government International Bond,
1.26%, 05/31/40 (f),(g),(k)		11,617,000			13,766,145
6.88%, 05/21/29 (e),(k)		4,448,000			4,615,600
7.38%, 09/25/32 (k)		1,573,000			1,653,110
TOTAL SOVEREIGN DEBT (COST $187,316,134)					190,915,398
MORTGAGE-BACKED SECURITIES — 5.5%
Europe — 0.2%
Commercial Mortgage-Backed Securities — 0.1%
Cold Finance plc, Series 1, Class E, Update Replacements.xls: BP0003M + 3.55%, 2.98%, 08/20/29 (c),(f),(k)		3,725,511	GBP		5,139,615
Mortgage Securities — 0.1%
Cold Finance plc,
Series 1, Class D, Update Replacements.xls: BP0003M + 2.50%, 3.23%, 08/20/29 (c),(f),(k)		3,638,387	GBP		5,033,983
Series 1, Class C, Update Replacements.xls: BP0003M + 1.95%, 4.22%, 08/20/29 (c),(f),(k)		1,104,882	GBP		1,529,603
					6,563,586
Total Europe					11,703,201
North America — 5.3%
Collateralized Mortgage Obligation (Residential) — 0.2%
Alternative Loan Trust,
Series 2006-H, Class 5A1, 1 mo. USD LIBOR + .36%, 7.45%, 10/20/36 (c),(f),(g)	$	4,579,515			2,213,481
Series 2006-OA17, Class 1A1D, 1 mo. USD LIBOR + .29%, 4.39%, 12/20/46 (b),(c),(f)		319,678			266,023
Series 2006-OA19, Class A1, 1 mo. USD LIBOR + .18%, 4.62%, 02/20/47 (b),(c),(f)		495,941			389,843
Series 2006-OA19, Class A4, 1 mo. USD LIBOR + .21%, 4.74%, 02/20/47 (b),(c),(f)		474,293			377,589
Series 2006-OA9, Class 2A1A, 1 mo. USD LIBOR + .21%, 6.68%, 07/20/46 (b),(c),(f)		302,853			229,136
Banc of America Funding Trust, Series 2005-B, Class 3M2, 1 mo. USD LIBOR + 1.05%, 3.48%, 04/20/35 (c),(f),(g)		1,519,623			1,362,284
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Class A2, 1 mo. USD LIBOR + .25%, 3.38%, 07/25/47 (b),(c),(f)		256,969			232,579
Federal National Mortgage Association, Series 2017-C07, Class 1X3, 1.00%, 05/25/30 (b),(c),(m)		2,531,611			21,906
HarborView Mortgage Loan Trust,
Series 2006-4, Class 1A1A, 1 mo. USD LIBOR + .36%, 3.25%, 05/19/46 (b),(c),(f)		670,941			382,082
Series 2006-4, Class 1A2A, 1 mo. USD LIBOR + .38%, 4.71%, 05/19/46 (b),(c),(f)		402,648			238,122
Legacy Mortgage Asset Trust, Series 2020-GS4 SEQ, Class A2, 4.00%, 02/25/60 (b),(c),(e)		1,000,000			1,009,904
LHOME Mortgage Trust, Series 2021-RTL1, Class M, 4.46%, 09/25/26 (b),(c),(e),(f)		1,884,000			1,883,614
WaMu Mortgage Pass-Through Certificates Series, 12 mo. MTA + 1.07%, 7.97%, 01/25/46 (b),(c),(f)		348,590			320,141
					8,926,704
Commercial Mortgage-Backed Securities — 0.5%
Ashford Hospitality Trust, Series 2018-KEYS, Class D, 1 mo. USD LIBOR + 2.75%, 7.10%, 06/15/35 (b),(c),(e),(f)		90,000			87,789
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW18, Class B, 6.94%, 06/11/50 (b),(e),(f)		6,394,787			5,720,136
BX Commercial Mortgage Trust, Series 2020-VIVA, Class E, 3.90%, 03/11/44 (b),(c),(e),(f)		1,000,000			1,002,769
COMM Mortgage Trust, Series 2014-CR21, Class E, 3.00%, 12/10/47 (b),(e)		1,686,000			849,407
Commercial Mortgage Trust, Series 2016-CD1, Class D, 5.88%, 08/10/49 (b),(c),(e),(f)		2,075,000			1,710,470
Crescent Capital Trust, 1 mo. USD LIBOR + 2.55%, 3.99%, 04/15/36 (b),(c),(e),(f)		1,000,000			1,000,428
FREMF Mortgage Trust, Series 2017-KL1P, Class BP, 5.75%, 10/25/25 (b),(c),(e),(f)		1,000,000			1,025,060
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2020-NNNZ SEQ, Class M, 8.54%, 01/16/37 (b),(e)		2,280,497			1,859,102
KKR Industrial Portfolio Trust,
Series 2020-AIP, Class F, 1 mo. USD LIBOR + 3.43%, 4.24%, 03/15/37 (b),(c),(e),(f)		4,828,742			4,840,838
Series 2021-KDIP, Class G, 1 mo. USD LIBOR + 3.75%, 6.97%, 12/15/37 (b),(c),(e),(f)		1,000,000			1,008,750
LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class C, 5.34%, 02/15/41 (b),(f)		5,200,821			2,547,362
Prima Capital CRE Securitization Ltd., Series 2019-1S, Class C, 5.50%, 10/01/33 (b),(c),(e)		1,000,000			1,077,248

See Notes to Consolidated Schedule of Investments.

40

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount		Value
SG Commercial Mortgage Securities Trust, Series 2019-PREZ, Class E, 3.48%, 09/15/39 (b),(c),(e),(f)	$	1,720,000	$	1,632,953
UBS Commercial Mortgage Trust, Series 2018-C11, Class D, 3.00%, 06/15/51 (c),(e),(f)		100,000		86,844
Wells Fargo Commercial Mortgage Trust, Series 2019-JWDR SEQ, Class D, 0.01%, 09/15/31 (b),(c),(e),(f)		100,000		99,823
				24,548,979
Inverse Interest Only Collateralized Mortgage Obligations — 0.8%
CFK Trust, Series 2020-MF2, Class X, 1.14%, 03/15/39 (b),(c),(e),(f),(m)		19,612,000		819,115
Citigroup Commercial Mortgage Trust,
Series 2019-C7, Class XD, 4.42%, 12/15/72 (b),(c),(e),(f),(m)		5,347,000		462,826
Series 2019-GC43, Class XD, 3.63%, 11/10/52 (b),(c),(e),(f),(m)		5,918,000		269,713
Commercial Mortgage Trust, Series 2014-UBS4, Class XA, 0.94%, 08/10/47 (b),(c),(f),(m)		16,105,081		433,581
Connecticut Avenue Securities Trust,
Series 2018-R07, Class 1X2, 1.30%, 04/25/31 (b),(c),(e),(m)		278,167		262
Series 2019-R01, Class 2X2, 1.30%, 07/25/31 (b),(c),(e),(m)		1,786,166		3,265
Series 2019-R06, Class 2X2, 1.10%, 09/25/39 (b),(c),(e),(m)		1,085,369		1,143
CSAIL Commercial Mortgage Trust,
Series 2015-C2, Class XA, 2.58%, 06/15/57 (b),(c),(f),(m)		36,480,939		858,323
Series 2015-C3, Class XA, 2.03%, 08/15/48 (b),(c),(f),(m)		95,905,983		2,223,484
Series 2019-C18, Class XD, 4.56%, 12/15/52 (b),(c),(e),(f),(m)		4,452,333		451,035
DC Office Trust, Series 2019-MTC, Class X, 4.23%, 09/15/45 (b),(c),(e),(f),(m)		64,579,000		662,710
Federal Home Loan Mortgage Corp.,
Series 2017-DNA2, Class M2AI, 2.50%, 10/25/29 (b),(c),(m)		1,381,500		28,929
Series 2017-DNA3, Class M2AI, 1.75%, 03/25/30 (b),(c),(m)		1,935,200		26,474
Series 2017-HQA1, Class M2AI, 2.50%, 08/25/29 (b),(c),(m)		3,769,635		55,613
Series 2017-HQA2, Class M2AI, 2.00%, 12/25/29 (b),(c),(m)		7,136,147		112,002
Series 2018-DNA1, Class M2AI, 1.25%, 07/25/30 (b),(c),(m)		6,000,356		46,029
Series 2018-HQA1, Class M2AI, 1.50%, 09/25/30 (b),(c),(m)		2,056,657		21,934
Series K-1514, Class X3, 4.38%, 10/25/34 (b),(c),(f),(m)		13,043,739		3,586,533
Series K049, Class X3, 8.25%, 10/25/43 (b),(c),(f),(m)		2,177,000		118,842
Series K061, Class X1, 3.63%, 11/25/26 (b),(c),(f),(m)		17,766,452		165,299
Series K071, Class X1, 3.75%, 11/25/27 (b),(c),(f),(m)		88,850,544		1,467,811
Series K089, Class X3, 8.00%, 01/25/46 (b),(c),(f),(m)		7,963,000		1,205,208
Series K095, Class X3, 5.23%, 08/25/47 (b),(c),(f),(m)		9,297,000		1,327,314
Series K102, Class X3, 3.64%, 12/25/46 (b),(c),(f),(m)		20,880,337		2,715,655
Series K105, Class X3, 6.25%, 03/25/53 (b),(c),(f),(m)		8,413,000		1,169,626
Series K154, Class X1, 3.97%, 11/25/32 (b),(c),(f),(m)		32,348,365		846,621
Series K725, Class X1, 3.63%, 01/25/24 (b),(c),(f),(m)		137,441,380		2,094,469
Series KG01, Class X3, 4.50%, 05/25/29 (b),(c),(f),(m)		9,477,000		1,993,999
Series KLU1, Class X3, 3.50%, 01/25/31 (b),(c),(f),(m)		24,936,329		3,967,195
Series KLU2, Class X3, 3.98%, 08/25/29 (b),(c),(f),(m)		9,447,946		2,049,807
Series KLU2, Class X1, 4.96%, 08/25/29 (b),(c),(f),(m)		63,612,333		4,135,310
Series KS11, Class XFX, 4.96%, 06/25/29 (b),(c),(f),(m)		25,265,000		2,553,685
Series KW08, Class X3, 4.00%, 10/25/31 (b),(c),(f),(m)		6,701,000		1,263,205
Series KW09, Class X3, 9.50%, 06/25/29 (b),(c),(f),(m)		6,654,000		1,290,823
Series KW10, Class X3, 2.75%, 10/25/32 (b),(c),(f),(m)		5,935,000		1,052,448
Federal National Mortgage Association,
Series 2017-C01, Class 1X1, 2.30%, 07/25/29 (b),(c),(m)		7,864,312		149,123
Series 2017-C02, Class 2X3, 2.30%, 09/25/29 (b),(c),(m)		8,118,775		169,650
Series 2017-C02, Class 2X4, 2.80%, 09/25/29 (b),(c),(m)		2,640,362		72,626
Series 2017-C03, Class 1X2, 1.80%, 10/25/29 (b),(c),(m)		11,971,298		195,563
Series 2017-C04, Class 2X2, 1.75%, 11/25/29 (b),(c),(m)		21,456,151		393,699
Series 2017-C05, Class 1X3, 1.00%, 01/25/30 (b),(c),(m)		9,296,742		77,070
Series 2017-C06, Class 2X1, 1.80%, 02/25/30 (b),(c),(m)		6,360,631		97,986
Series 2018-C01, Class 1X2, 1.40%, 07/25/30 (b),(c),(m)		28,079,322		336,896
Series 2018-C02, Class 2X2, 1.30%, 08/25/30 (b),(c),(m)		2,586,234		30,647
Series 2018-C03, Class 1X2, 1.30%, 10/25/30 (b),(c),(m)		11,574,498		132,563
GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class XCP, 0.93%, 12/15/36 (b),(c),(e),(f),(m)		15,243,000		152
GS Mortgage Securities Trust, Series 2019-GC40, Class XD, 6.28%, 07/10/52 (b),(c),(e),(f),(m)		2,219,000		186,789

See Notes to Consolidated Schedule of Investments.

41

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount		Value
JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6, Class XD, 7.00%, 11/13/52 (b),(c),(e),(f),(m)	$	4,231,000	$	418,124
MFT Trust, Series 2020-ABC, Class XA, 5.50%, 02/10/42 (b),(c),(e),(f),(m)		20,401,000		239,753
STACR Trust,
Series 2018-DNA2, Class M2AI, 1.50%, 12/25/30 (b),(c),(e),(m)		7,780,200		96,163
Series 2018-DNA3, Class M2AI, 1.50%, 09/25/48 (b),(c),(e),(m)		7,351,600		83,595
Series 2018-HRP2, Class M3AI, 1.75%, 02/25/47 (b),(c),(e),(m)		1,358,000		29,714
				42,190,401
Mortgage Securities — 3.8%
Alternative Loan Trust,
Series 2004-2CB, Class M, 3.78%, 03/25/34 (b),(c),(f)		525,932		448,554
Series 2006-OA2, Class A1, 1 mo. USD LIBOR + .42%, 4.23%, 05/20/46 (c),(f)		770,846		668,987
Series 2006-OA8, Class 2A4, 1 mo. USD LIBOR + .26%, 6.85%, 07/25/46 (b),(c),(f)		332,457		250,047
American Home Mortgage Investment Trust, Series 2005-2, Class 5A4C, 5.91%, 09/25/35 (c),(g)		994,164		740,991
Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2 SEQ, Class A5, 2.51%, 06/15/54 (b),(c),(e)		509,000		526,599
BAMLL Commercial Mortgage Securities Trust,
Series 2019-BPR, Class FMP, 4.83%, 11/05/32 (c),(e),(f),(g)		4,408,000		3,877,356
Series 2019-BPR, Class EMP, 5.93%, 11/05/32 (c),(e),(f),(g)		8,817,000		8,101,368
Bancorp Commercial Mortgage Trust, Series 2018-CRE4, Class D, 1 mo. USD LIBOR + 2.10%, 6.51%, 09/15/35 (b),(c),(e),(f)		2,132,000		2,113,142
BX Trust, Series 2018-GW, Class F, 1 mo. USD LIBOR + 2.42%, 7.16%, 05/15/35 (b),(c),(e),(f)		106,000		105,999
CFCRE Commercial Mortgage Trust,
Series 2016-C6, Class D, 1.18%, 11/10/49 (c),(e),(f),(g)		3,266,000		2,940,801
Series 2017-C8, Class E, 3.22%, 06/15/50 (b),(c),(e)		3,158,000		1,944,381
Chase Mortgage Finance Trust, Series 2007-A1, Class 1M, 7.25%, 02/25/37 (b),(c),(f)		288,862		249,248
CHL Mortgage Pass-Through Trust, Series 2005-3, Class 1A4, 1 mo. USD LIBOR + .72%, 3.88%, 04/25/35 (b),(c),(f)		732,102		615,198
Citigroup Commercial Mortgage Trust,
Series 2012-GC8, Class D, 8.00%, 09/10/45 (b),(c),(e),(f)		926,000		767,525
Series 2014-GC25, Class D, 3.55%, 10/10/47 (b),(c),(e)		155,000		154,212
Series 2015-GC29, Class D, 3.11%, 04/10/48 (b),(c),(e),(g)		2,918,000		2,842,208
Series 2015-GC31, Class D, 4.88%, 06/10/48 (c),(f),(g)		1,850,000		1,863,253
Series 2016-C3, Class D, 3.00%, 11/15/49 (c),(e),(g)		1,826,000		1,417,633
Series 2016-GC37, Class D, 2.79%, 04/10/49 (b),(c),(e)		100,000		91,024
Series 2019-C7, Class E, 2.75%, 12/15/72 (b),(c),(e)		697,000		604,862
COMM Mortgage Trust,
Series 2014-CR14, Class D, 5.38%, 02/10/47 (b),(c),(e),(f)		591,000		545,650
Series 2014-CR18, Class D, 3.60%, 07/15/47 (b),(c),(e),(f)		2,161,000		2,176,646
Series 2015-CR27, Class E, 3.25%, 10/10/48 (b),(c),(e)		1,993,000		1,606,175
Series 2019-GC44, Class 180D, 4.32%, 08/15/57 (b),(c),(e),(f)		227,000		200,789
Series 2019-GC44, Class 180C, 5.25%, 08/15/57 (b),(c),(e),(f)		334,000		314,209
Commercial Mortgage Trust,
Series 2015-CR22, Class E, 3.00%, 03/10/48 (b),(c),(e)		239,000		198,213
Series 2015-CR23, Class D, 0.39%, 05/10/48 (b),(c),(f)		502,000		512,134
Series 2015-CR23, Class E, 3.23%, 05/10/48 (b),(c),(e)		4,668,000		3,876,900
Series 2015-CR25, Class D, 3.33%, 08/10/48 (b),(c),(f)		479,000		441,509
Series 2015-CR27, Class D, 4.75%, 10/10/48 (b),(c),(e),(f)		2,955,000		2,915,075
Series 2015-LC21, Class D, 0.86%, 07/10/48 (b),(c),(f)		1,127,000		1,148,996
CSAIL Commercial Mortgage Trust,
Series 2015-C2, Class D, 3.63%, 06/15/57 (c),(f),(g)		843,000		650,106
Series 2015-C3, Class D, 2.63%, 08/15/48 (c),(f),(g)		3,139,000		1,744,468
Series 2015-C4, Class F, 3.50%, 11/15/48 (b),(c),(e),(f)		5,568,000		4,918,465
Series 2018-C14, Class D, 3.86%, 11/15/51 (b),(c),(e),(f)		100,000		103,328
Series 2018-CX11, Class D, 2.75%, 04/15/51 (b),(c),(e),(f)		604,000		499,336
Series 2019-C16, Class D, 3.00%, 06/15/52 (b),(c),(e)		163,000		138,233
Series 2019-C17, Class D, 2.50%, 09/15/52 (b),(c),(e)		1,409,000		1,182,210
DBWF Mortgage Trust, Series 2018-GLKS, Class F, 1 mo. USD LIBOR + 3.49%, 8.00%, 12/19/30 (b),(c),(e),(f)		2,202,000		2,131,811
Eagle RE Ltd.,
Series 2019-1, Class M2, 1 mo. USD LIBOR + 3.30%, 3.79%, 04/25/29 (c),(e),(f),(g)		8,674,000		8,783,735

See Notes to Consolidated Schedule of Investments.

42

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount		Value
Series 2020-1, Class M2, 1 mo. USD LIBOR + 2.00%, 3.88%, 01/25/30 (c),(e),(f),(g)	$	10,192,000	$	10,019,755
Federal Home Loan Mortgage Corp., Series K743, Class X3, 2.95%, 05/25/28 (c),(f)		100,000		17,847
FHLMC, Series 2021-MN1, Class M2, Update Replacements.xls: SOFR30A + 3.75%, 4.23%, 01/25/51 (b),(c),(e),(f)		100,000		104,947
Government National Mortgage Association, 4.50%, 10/20/49 (c),(g)		5,683,834		6,108,120
GS Mortgage Securities Corp.,
Series 2013-GC10, Class E, 2.88%, 02/10/46 (b),(c),(e),(f)		3,900,000		3,134,192
Series 2018-GS10, Class E, 3.00%, 07/10/51 (b),(c),(e),(f)		1,393,000		1,276,274
GS Mortgage Securities Corp. Trust,
Series 2021-ROSS, Class H, 1 mo. USD LIBOR + 5.90%, 3.18%, 05/15/26 (b),(c),(e),(f)		1,000,000		1,002,411
Series 2021-ROSS, Class F, 1 mo. USD LIBOR + 3.90%, 3.48%, 05/15/26 (b),(c),(e),(f)		1,000,000		1,002,514
Series 2021-ROSS, Class G, 1 mo. USD LIBOR + 4.65%, 3.89%, 05/15/26 (b),(c),(e),(f)		1,000,000		1,002,535
GS Mortgage Securities Trust,
Series 2014-GC20, Class C, 3.14%, 04/10/47 (b),(c),(f)		1,453,000		1,426,083
Series 2014-GC20, Class D, 4.25%, 04/10/47 (b),(c),(e),(f)		1,199,911		667,898
Series 2014-GC24, Class B, 3.99%, 09/10/47 (b),(c),(f)		100,000		104,594
Series 2014-GC24, Class C, 6.04%, 09/10/47 (b),(c),(f)		303,000		260,418
Series 2016-GS2, Class D, 2.75%, 05/10/49 (b),(c),(e)		1,415,000		1,306,460
Series 2016-GS4, Class D, 3.23%, 11/10/49 (c),(e),(f)		200,000		168,709
Series 2017-GS8, Class D, 2.70%, 11/10/50 (b),(c),(e)		1,593,000		1,499,387
Hilton USA Trust, Series 2016-HHV, Class F, 4.20%, 11/05/38 (b),(c),(e),(f)		20,139,000		20,094,130
IMT Trust, Series 2017-APTS, Class FFX, 4.73%, 06/15/34 (b),(c),(e),(f)		625,000		625,716
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2019-MARG, Class E, 1 mo. USD LIBOR + 2.50%, 4.64%, 05/15/34 (b),(c),(e),(f)		3,258,000		3,160,820
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class D, 5.25%, 08/15/49 (b),(c),(e),(f)		100,000		87,949
JPMBB Commercial Mortgage Securities Trust,
Series 2015-C28, Class D, 3.47%, 10/15/48 (c),(e),(f),(g)		5,074,000		4,212,217
Series 2015-C29, Class D, 3.36%, 05/15/48 (b),(c),(f)		112,000		92,172
Series 2015-C30, Class D, 3.38%, 07/15/48 (b),(c),(f)		4,360,000		4,131,885
Series 2015-C31, Class E, 3.97%, 08/15/48 (b),(c),(e),(f)		1,093,000		727,787
Series 2016-C1, Class E, 3.89%, 03/15/49 (b),(c),(e),(f)		3,126,000		2,666,375
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A2, 3.25%, 07/25/61 (b),(c),(e)		556,000		556,456
LHOME Mortgage Trust, Series 2019-RTL1, Class M, 6.90%, 10/25/23 (b),(c),(e)		571,000		572,666
LSTAR Commercial Mortgage Trust,
Series 2017-5, Class D, 3.39%, 03/10/50 (b),(c),(e),(f)		1,125,000		1,068,474
Series 2017-5, Class C, 3.89%, 03/10/50 (b),(c),(e),(f)		967,000		979,594
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C20, Class D, 3.07%, 02/15/48 (b),(c),(e)		176,000		171,266
Series 2015-C21, Class D, 9.25%, 03/15/48 (c),(e),(f),(g)		3,575,000		2,517,315
Series 2015-C22, Class D, 5.00%, 04/15/48 (b),(c),(e),(f)		870,000		648,043
Series 2016-C29, Class D, 3.00%, 05/15/49 (c),(e),(g)		2,517,000		1,848,052
Series 2016-C30, Class D, 3.00%, 09/15/49 (c),(e),(f),(g)		1,323,000		1,001,613
Series 2016-C31, Class D, 3.00%, 11/15/49 (b),(c),(e),(f)		2,354,000		1,824,075
Series 2016-C32, Class D, 3.40%, 12/15/49 (c),(e),(f),(g)		991,000		658,560
Morgan Stanley Capital I Trust,
Series 2016-UB11, Class E, 3.94%, 08/15/49 (b),(c),(e),(f)		3,200,500		1,754,921
Series 2016-UB12, Class D, 3.31%, 12/15/49 (c),(e),(g)		1,761,000		898,668
Series 2018-SUN, Class F, 1 mo. USD LIBOR + 2.55%, 3.73%, 07/15/35 (b),(c),(e),(f)		1,000,000		995,606
Mortgage Insurance-Linked Notes,
Series 2019-1, Class M2, 1 mo. USD LIBOR + 2.90%, 3.23%, 11/26/29 (c),(e),(f),(g)		8,540,000		8,515,217
Series 2020-1, Class M2B, 1 mo. USD LIBOR + 2.25%, 3.13%, 01/25/30 (c),(e),(f),(g)		1,425,000		1,393,423
Motel 6 Trust, Series 2017-MTL6, Class E, 1 mo. USD LIBOR + 3.25%, 3.88%, 08/15/34 (b),(c),(e),(f)		379,558		380,398
Natixis Commercial Mortgage Securities Trust,
Series 2018-RIVA, Class D, 1 mo. USD LIBOR + 2.05%, 4.25%, 02/15/33 (b),(c),(e),(f)		250,000		236,413
Series 2019-MILE, Class E, 1 mo. USD LIBOR + 3.50%, 4.14%, 07/15/36 (b),(c),(e),(f)		105,000		103,946
Series 2019-MILE, Class D, 1 mo. USD LIBOR + 2.75%, 4.49%, 07/15/36 (b),(c),(e),(f)		102,000		101,966
New Orleans Hotel Trust, Series 2019-HNLA, Class E, 1 mo. USD LIBOR + 2.69%, 2.63%, 04/15/32 (b),(c),(e),(f)		1,301,000		1,262,673
PMT Credit Risk Transfer Trust, Series 2019-2R, Class A, 1 mo. USD LIBOR + 2.75%, 4.75%, 05/27/23 (c),(e),(f),(g)		3,415,531		3,363,113

See Notes to Consolidated Schedule of Investments.

43

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount		Value
Prima Capital CRE Securitization Ltd.,
Series 2019-RK1, Class BD, 3.50%, 04/15/38 (b),(c),(e)	$	100,000	$	100,674
Series 2019-RK1, Class DD, 3.50%, 04/15/38 (b),(c),(e)		1,648,000		1,640,217
Series 2019-RK1, Class CG, 4.00%, 04/15/38 (b),(c),(e)		339,000		328,080
Series 2019-RK1, Class BT, 4.45%, 04/15/38 (b),(c),(e)		1,173,000		1,159,855
Series 2019-RK1, Class CT, 4.45%, 04/15/38 (b),(c),(e)		121,000		116,632
ReadyCap Commercial Mortgage Trust,
Series 2019-6, Class D, 1.88%, 10/25/52 (b),(c),(e),(f)		227,000		230,126
Series 2019-6, Class C, 4.13%, 10/25/52 (b),(c),(e),(f)		1,691,000		1,721,514
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class D, 4.75%, 10/10/48 (b),(c),(e),(f)		295,000		252,229
STACR Trust, Series 2018-HRP2, Class B1, 1 mo. USD LIBOR + 4.20%, 5.75%, 02/25/47 (b),(c),(e),(f)		1,198,000		1,263,141
TPGI Trust 2021-DGWD,
Series 2021-DGWD, Class G, 1 mo. USD LIBOR + 3.85%, 2.22%, 06/15/26 (b),(c),(e),(f)		1,000,000		1,000,021
Series 2021-DGWD, Class F, 1 mo. USD LIBOR + 3.00%, 4.38%, 06/15/26 (b),(c),(e),(f)		1,000,000		1,000,022
UBS Commercial Mortgage Trust,
Series 2018-C9, Class D, 6.38%, 03/15/51 (b),(c),(e),(f)		331,000		334,783
Series 2018-NYCH, Class F, 1 mo. USD LIBOR + 3.82%, 2.75%, 02/15/32 (c),(e),(f),(g)		798,000		778,897
WaMu Mortgage Pass-Through Certificates Series, Series 2005-AR19, Class B1, 1 mo. USD LIBOR + 1.05%, 3.97%, 12/25/45 (c),(f),(g)		1,710,051		1,442,147
WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR17, Class 1A, 12 mo. MTA + .82%, 2.97%, 12/25/46 (c),(f),(g)		2,040,650		1,877,110
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2007-OA3, Class 2A, 12 mo. MTA + .75%, 6.00%, 02/25/47 (c),(f)		262,291		248,083
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC18, Class D, 3.96%, 12/15/47 (b),(c),(e),(f)		992,000		915,006
Series 2015-C26, Class D, 3.59%, 02/15/48 (b),(c),(e)		4,590,000		4,567,449
Series 2015-C27, Class D, 3.77%, 02/15/48 (c),(e),(g)		5,146,000		3,697,741
Series 2015-C31, Class D, 3.85%, 11/15/48 (c),(g)		3,546,000		3,215,179
Series 2016-LC24, Class D, 3.21%, 10/15/49 (b),(c),(e)		4,253,000		3,925,812
Series 2019-JWDR, Class E, 0.01%, 09/15/31 (b),(c),(e),(f)		1,983,000		1,971,707
Series 2019-JWDR, Class G, 3.72%, 09/15/31 (b),(c),(e),(f)		2,074,000		2,014,460
Series 2019-JWDR, Class F, 4.00%, 09/15/31 (b),(c),(e),(f)		2,300,000		2,270,339
WFRBS Commercial Mortgage Trust,
Series 2014-C19, Class D, 4.23%, 03/15/47 (b),(c),(e)		379,000		371,680
Series 2014-C22, Class D, 3.14%, 09/15/57 (b),(c),(e),(f)		4,703,000		4,409,340
Worldwide Plaza Trust, Series 2017-WWP, Class F, 3.24%, 11/10/36 (b),(c),(e),(f)		129,000		117,981
				201,135,254
Total North America				276,801,338
TOTAL MORTGAGE-BACKED SECURITIES (COST $287,533,134)				288,504,539
U.S. GOVERNMENT SPONSORED AGENCY SECURITIES — 0.2%
North America — 0.2%
Interest Only Collateralized Mortgage Obligations — 0.2%
Government National Mortgage Association,
Series 2015-151, Class SC, 1 mo. USD LIBOR + 6.15%, 6.06%, 10/20/45 (c),(f)		4,771,619		917,263
Series 2015-161, Class AS, 1 mo. USD LIBOR + 6.20%, 6.11%, 11/20/45 (c),(f)		5,279,186		1,100,937
Series 2017-114, Class SP, 1 mo. USD LIBOR + 6.20%, 6.11%, 07/20/47 (c),(f)		4,230,863		730,175
Series 2017-117, Class SA, 1 mo. USD LIBOR + 6.20%, 6.11%, 08/20/47 (c),(f)		5,301,730		1,111,232
Series 2017-156, Class SB, 1 mo. USD LIBOR + 6.20%, 6.11%, 10/20/47 (c),(f)		5,403,419		1,032,134
Series 2017-56, Class AS, 1 mo. USD LIBOR + 6.15%, 6.06%, 04/20/47 (c),(f)		4,585,663		862,499
Series 2017-73, Class SM, 1 mo. USD LIBOR + 6.20%, 6.11%, 05/20/47 (c),(f)		4,741,574		927,058
Series 2018-48, Class SA, 1 mo. USD LIBOR + 6.20%, 6.11%, 04/20/48 (c),(f)		6,794,781		1,374,761
Series 2018-65, Class PS, 1 mo. USD LIBOR + 6.15%, 6.06%, 05/20/48 (c),(f)		4,543,660		705,090

See Notes to Consolidated Schedule of Investments.

44

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Principal Amount		Value
Series 2018-93, Class SA, 1 mo. USD LIBOR + 6.20%, 6.11%, 07/20/48 (c),(f)	$	3,749,009	$	557,215
				9,318,364
Total North America				9,318,364
TOTAL U.S. GOVERNMENT SPONSORED AGENCY SECURITIES (COST $9,315,011)				9,318,364
MUNICIPALS — 0.6%
North America — 0.6%
California Housing Finance, Rev., Series 2019 X, (SER X), 0.29%, 01/15/35 (a),(b),(c),(f)		15,104,838		314,437
Puerto Rico,
GO, Series 2012 A, (REF-PUBLIC IMPT-SER A), 5.00%, 07/01/41 (b),(j)		5,505,000		4,617,319
GO, Series 2012 A, (REF-PUBLIC IMPT-SER A), 5.50%, 07/01/39 (b),(j)		3,740,000		3,291,200
GO, Series 2014 A, (SER A), 8.00%, 07/01/35 (b),(j)		25,250,000		20,894,375
Total North America				29,117,331
TOTAL MUNICIPALS (COST $17,974,116)				29,117,331
U.S. TREASURY NOTES — 5.8%
North America — 5.8%
U.S. Treasury Notes,
0.25%, 05/15/24 - 06/15/24		100,000,000		99,421,876
0.38%, 04/15/24		50,000,000		49,941,406
0.75%, 03/31/26 - 05/31/26		90,000,000		89,541,796
1.88%, 06/30/26 - 07/31/26		60,000,000		62,929,688
Total North America				301,834,766
TOTAL U.S. TREASURY NOTES (COST $301,660,672)				301,834,766
Security Description	Shares		Value
EXCHANGE-TRADED FUNDS — 0.1%
Invesco Emerging Markets Sovereign Debt ETF (c)		4,662		128,765
SPDR Dow Jones International Real Estate ETF (b),(c)		125,850		4,621,212
Vanguard Emerging Markets Government Bond ETF (c)		1,375		109,766
Vanguard Real Estate ETF (b),(c)		17,477		1,778,984
TOTAL EXCHANGE-TRADED FUNDS (COST $6,432,035)				6,638,727
WARRANTS — 0.1%
26 Capital Acquisition Corp., A Shares (a),(b),(c)		263,850		271,765
Amplitude Healthcare Acquisition Corp. (a),(b),(c)		150,000		174,000
Austerlitz Acquisition Corp. II, A Shares (a),(c)		116,250		145,313
Authentic Equity Acquisition Corp. (a),(b),(c)		275,000		234,657
Capstar Special Purpose Acquisition Corp. (a),(b),(c)		268,650		241,758
CC Neuberger Principal Holdings II, A Shares (a),(b),(c)		130,450		177,412
CF Acquisition Corp. V, A Shares (a),(c)		155,000		158,100
CHP Merger Corp., Class A (a),(b),(c)		291,000		253,199
Compute Health Acquisition Corp., A Shares (a),(b),(c)		116,250		175,538
dMY Technology Group, Inc. IV, A Shares (a),(b),(c)		93,000		132,060
E.Merge Technology Acquisition Corp. (a),(b),(c)		213,333		206,933
Executive Network Partnering Corp. (a),(b),(c)		116,250		115,088
Global Synergy Acquisition Corp. (a),(b),(c)		254,650		201,199
GO Acquisition Corp., A Shares (a),(b),(c)		188,000		206,800
HIG Acquisition Corp., A Shares (a),(b),(c)		155,000		176,685
Hudson Executive Investment Corp. II (a),(b),(c)		126,112		150,073
Isleworth Healthcare Acquisi (a),(b),(c)		114,434		80,092
Ivanhoe Capital Acquisition Corp., A Shares (a),(b),(c)		163,129		300,157
Jaws Mustang Acquisition Corp., C Shares (a),(b),(c)		132,975		167,549
LIV Capital Acquisition Corp. (a),(b),(c)		210,000		199,500
Marlin Technology Corp. (a),(b),(c)		206,666		243,866

See Notes to Consolidated Schedule of Investments.

45

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
McLaren Racing Ltd. (a),(c)		22,935	$	0
Moringa Acquisition Corp. (a),(c)		150,000		114,000
NightDragon Acquisition Corp. (a),(c)		93,000		124,968
Noble Rock Acquisition Corp., A Shares (a),(b),(c)		200,000		164,300
North Mountain Merger Corp. (a),(b),(c)		232,500		227,525
Northern Genesis Acquisition Corp. III (a),(c)		116,250		192,016
OCA Acquisition Corp., A Shares (a),(b),(c)		233,750		162,152
Powered Brands, A Shares (a),(c)		155,000		151,900
RedBall Acquisition Corp. (a),(b),(c)		181,700		196,236
ScION Tech Growth I, A Shares (a),(b),(c)		155,000		162,750
SCVX Corp., Class A (a),(b),(c)		214,286		229,286
Trebia Acquisition Corp. (a),(b),(c)		209,746		360,763
Trepont Acquisition Corp. I (a),(b),(c)		232,500		208,064
Union Acquisition Corp. II (a),(b),(c)		525,000		477,750
Yucaipa Acquisition Corp. (a),(b),(c)		177,141		237,369
TOTAL WARRANTS (COST $6,348,599)				7,020,823
INVESTMENTS IN INVESTEE FUNDS — 10.6%
North America — 10.6%
Aeolus Property Catastrophe Keystone PF Fund LP (cost $ 142,841,711) (a),(n)		4		145,474,050
Atreides Foundation Fund, Ltd. (cost $ 100,000,000) (a)		1		101,108,659
Islet Offshore Fund Ltd. (cost $ 167,000,000) (a),(n)		1		190,925,040
Islet Onshore Fund LP (cost $ 23,000,000) (a),(n)		1		26,313,024
PIMCO ILS Fund SP II (cost $ 22,327,163) (a),(n)		3		23,068,887
Saba Capital Carry Neutral Tail Hedge Offshore Fund Ltd. (cost $ 42,250,000) (a),(n)		1		40,307,963
Saba Capital Carry Neutral Tail Hedge Partners, L.P. (cost $ 22,750,000) (a),(n)		1		21,708,521
Total North America				548,906,144
TOTAL INVESTMENTS IN INVESTEE FUNDS (COST $520,168,874)				548,906,144
TOTAL LONG-TERM INVESTMENTS (COST $2,773,823,996)				2,890,815,248
Security Description	Certificates		Value
COMMODITIES — 6.4%
California Carbon Allowance Vintage Specific 2017 (a),(c)		1,017,701		22,073,935
California Carbon Allowance Vintage Specific 2018 (a),(c)		16,515		358,210
California Carbon Allowance Vintage Specific 2019 (a),(c)		404,770		8,779,461
California Carbon Allowance Vintage Specific 2020 (a),(c)		9,592,014		208,050,784
California Carbon Allowance Vintage Specific 2022 (a),(c)		1,161,000		25,193,700
California Carbon Allowance Vintage Specific 2023 (a),(c)		525,000		11,660,250
California Carbon Allowance Vintage Specific 2024 (a),(c)		2,482,000		55,373,420
TOTAL COMMODITIES (COST $273,458,746)				331,489,760

	Strike		Expiration Date		Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
PURCHASED OPTIONS — 1.0%
Exchange-Traded Call Options — 0.9%
Cap Call		0.01 USD		03/31/22		800,000,000	$	800,000,000	$	1,700,000	$	448,056	$	(1,251,944	)
Cap Call		0.01 USD		04/05/22		800,000,000		800,000,000		1,680,000		604,008		(1,075,992	)
CRUDE OIL FUT OPT AUG21		80.00 USD		07/15/21		1,200		3,597,600		265,824		204,000		(61,824	)
CRUDE OIL FUTURE DEC21		70.00 USD		11/16/21		125		376,125		62,690		685,000		622,310
CRUDE OIL FUTURE DEC22		98.00 USD		11/16/22		11,999		35,925,006		4,997,849		11,399,050		6,401,201

See Notes to Consolidated Schedule of Investments.

46

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Strike		Expiration Date		Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
CRUDE OIL FUTURE DEC22		80.00 USD		11/16/22		300	$	19,131,000	$	435,456	$	804,000	$	368,544
NASDAQ 100 EUR AUG21		15,353.45 USD		08/20/21		12,450		18,130,935,000		249,000		249,000		—
NAT GAS CAL STRIP DEC21		4.00 USD		12/29/21		300		33,516,000		198,000		383,400		185,400
NAT GAS EURO FUTURE MAR22		6.00 USD		02/23/22		172		5,149,680		202,129		330,756		128,627
NAT GAS EURO OPT DEC21		4.00 USD		11/24/21		299		8,964,020		485,179		928,694		443,515
NAT GAS EURO OPT DEC21		5.00 USD		11/24/21		22		659,560		31,079		31,079		—
NAT GAS EURO OPT FEB22		3.00 USD		01/26/22		43		27,421,100		175,985		375,046		199,061
NAT GAS EURO OPT FEB22		3.25 USD		01/26/22		354		225,745,800		1,386,195		2,572,872		1,186,677
NAT GAS EURO OPT JAN22		4.00 USD		12/28/21		150		4,497,000		472,841		620,700		147,859
NAT GAS EURO OPT MAR22		3.75 USD		02/23/22		129		82,263,300		316,395		577,533		261,138
NAT GAS EURO OPT NOV21		3.75 USD		10/26/21		257		7,704,860		251,261		753,524		502,263
NAT GAS EURO OPT NOV21		4.00 USD		10/26/21		536		16,069,280		1,115,531		1,174,376		58,845
NATURAL GAS FUTURE APR22		3.00 USD		03/28/22		57		1,662,690		62,852		171,684		108,832
NATURAL GAS FUTURE APR22		2.50 USD		03/28/22		307		8,955,190		977,175		1,787,354		810,179
NATURAL GAS FUTURE APR23		3.00 USD		03/28/23		139		3,725,200		272,349		266,046		(6,303	)
NATURAL GAS FUTURE APR23		4.00 USD		03/28/23		21		562,800		16,856		9,030		(7,826	)
NATURAL GAS FUTURE AUG21		3.00 USD		07/27/21		425		12,788,250		898,470		2,790,975		1,892,505
NATURAL GAS FUTURE AUG22		3.00 USD		07/26/22		75		2,187,750		82,700		217,800		135,100
NATURAL GAS FUTURE AUG23		3.00 USD		07/26/23		139		3,725,200		272,349		235,188		(37,161	)
NATURAL GAS FUTURE AUG23		4.00 USD		07/26/23		21		562,800		16,856		6,300		(10,556	)
NATURAL GAS FUTURE DEC23		3.00 USD		11/27/23		139		3,725,200		272,349		521,945		249,596
NATURAL GAS FUTURE DEC23		4.00 USD		11/27/23		21		553,980		16,856		27,720		10,864
NATURAL GAS FUTURE FEB23		3.00 USD		01/26/23		139		4,459,120		272,349		804,393		532,044
NATURAL GAS FUTURE FEB23		4.00 USD		01/26/23		21		562,800		16,856		63,336		46,480
NATURAL GAS FUTURE JAN22		3.50 USD		12/28/21		696		20,942,640		2,637,621		4,147,464		1,509,843
NATURAL GAS FUTURE JAN23		3.00 USD		12/22/22		50		376,125		375		18,175		17,800
NATURAL GAS FUTURE JAN23		3.00 USD		12/27/22		139		3,725,200		272,349		796,748		524,399
NATURAL GAS FUTURE JAN23		4.00 USD		12/27/22		21		552,510		16,856		58,947		42,091
NATURAL GAS FUTURE JUL21		4.00 USD		08/26/21		429		12,513,930		494,495		494,495		—
NATURAL GAS FUTURE JUL22		3.00 USD		06/27/22		75		2,187,750		82,700		210,000		127,300
NATURAL GAS FUTURE JUL23		3.00 USD		06/27/23		139		3,725,200		272,349		229,211		(43,138	)
NATURAL GAS FUTURE JUL23		4.00 USD		06/27/23		21		562,800		16,856		6,027		(10,829	)
NATURAL GAS FUTURE JUN22		3.00 USD		05/25/22		75		2,187,750		82,700		192,675		109,975
NATURAL GAS FUTURE JUN23		3.00 USD		05/25/23		139		3,657,090		272,349		211,002		(61,347	)
NATURAL GAS FUTURE JUN23		4.00 USD		05/25/23		21		562,800		16,856		5,439		(11,417	)
NATURAL GAS FUTURE MAR23		3.00 USD		02/23/23		139		3,725,200		272,349		683,741		411,392
NATURAL GAS FUTURE MAR23		4.00 USD		02/23/23		21		631,890		16,856		54,915		38,059
NATURAL GAS FUTURE MAY22		3.00 USD		04/26/22		75		2,187,750		82,700		183,975		101,275
NATURAL GAS FUTURE MAY23		3.00 USD		04/25/23		139		3,605,660		272,349		206,137		(66,212	)
NATURAL GAS FUTURE MAY23		4.00 USD		04/25/23		21		210,000		16,856		5,607		(11,249	)
NATURAL GAS FUTURE NOV23		3.00 USD		10/26/23		139		3,725,200		272,349		330,542		58,193
NATURAL GAS FUTURE NOV23		4.00 USD		10/26/23		21		562,800		16,856		13,398		(3,458	)
NATURAL GAS FUTURE OCT21		4.00 USD		09/27/21		1,795		54,011,550		582,148		3,008,420		2,426,272
NATURAL GAS FUTURE OCT21		3.50 USD		09/27/21		26		782,340		23,730		89,466		65,736
NATURAL GAS FUTURE OCT21		3.25 USD		09/27/21		1,141		34,332,690		1,276,519		5,547,542		4,271,023
NATURAL GAS FUTURE OCT22		3.00 USD		09/27/22		75		2,187,750		82,701		239,550		156,849
NATURAL GAS FUTURE OCT23		3.00 USD		09/26/23		139		3,725,200		272,349		263,405		(8,944	)
NATURAL GAS FUTURE OCT23		4.00 USD		09/26/23		21		562,800		16,856		7,917		(8,939	)
NATURAL GAS FUTURE SEP22		3.00 USD		08/26/22		75		52,597,500		82,700		218,475		135,775
NATURAL GAS FUTURE SEP23		3.00 USD		08/28/23		139		3,708,520		272,349		234,771		(37,578	)
NATURAL GAS FUTURE SEP23		4.00 USD		08/28/23		21		562,800		16,856		6,468		(10,388	)
NYME Natural Gas CAL 3M Spread OCT21		0.20 USD		09/27/21		597		21,605,430		168,026		441,780		273,754
S&P 500 EUR AUG21		4,465.67 USD		08/20/21		12,450		22,285,500		249,000		249,000		—
									$	25,362,486	$	47,198,157	$	21,835,671

See Notes to Consolidated Schedule of Investments.

47

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Strike		Expiration Date		Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
Exchange-Traded Put Options — 0.1%
CRUDE OIL FUTURE DEC21		40.00 USD		11/16/21		22	$	66,198	$	38,093	$	5,060	$	(33,033	)
NAT GAS EURO OPT APR22		2.00 USD		03/28/22		204		6,115,920		131,105		23,052		(108,053	)
NAT GAS EURO OPT APR22		2.50 USD		03/28/22		65		1,948,700		100,924		54,860		(46,064	)
NAT GAS EURO OPT AUG21		2.75 USD		07/27/21		1		29,980		103		17		(86	)
NAT GAS EURO OPT AUG21		3.00 USD		07/27/21		74		2,218,520		6,118		5,032		(1,086	)
NAT GAS EURO OPT AUG22		2.00 USD		07/26/22		204		130,090,800		131,105		43,248		(87,857	)
NAT GAS EURO OPT AUG22		2.50 USD		07/26/22		65		1,948,700		100,923		69,030		(31,893	)
NAT GAS EURO OPT JUL22		2.00 USD		06/27/22		204		6,115,920		131,105		39,168		(91,937	)
NAT GAS EURO OPT JUL22		2.50 USD		06/27/22		65		1,948,700		100,924		65,975		(34,949	)
NAT GAS EURO OPT JUN22		2.00 USD		05/25/22		204		6,115,920		131,105		39,576		(91,529	)
NAT GAS EURO OPT JUN22		2.50 USD		05/25/22		65		1,948,700		100,924		67,990		(32,934	)
NAT GAS EURO OPT MAR22		2.25 USD		02/23/22		407		259,543,900		217,257		120,879		(96,378	)
NAT GAS EURO OPT MAR22		2.75 USD		02/23/22		300		8,994,000		389,081		386,400		(2,681	)
NAT GAS EURO OPT MAY22		2.00 USD		04/26/22		204		130,090,800		131,105		42,636		(88,469	)
NAT GAS EURO OPT MAY22		2.50 USD		04/26/22		65		1,948,700		100,923		72,215		(28,708	)
NAT GAS EURO OPT NOV21		2.25 USD		10/26/21		643		410,041,100		265,237		40,509		(224,728	)
NAT GAS EURO OPT OCT22		2.00 USD		09/27/22		204		130,090,800		131,105		55,692		(75,413	)
NAT GAS EURO OPT OCT22		2.50 USD		09/27/22		65		1,948,700		100,923		78,195		(22,728	)
NAT GAS EURO OPT SEP21		2.25 USD		08/26/21		5		149,700		263		115		(148	)
NAT GAS EURO OPT SEP21		2.50 USD		08/26/21		1,106		33,157,880		321,113		42,028		(279,085	)
NAT GAS EURO OPT SEP21		3.00 USD		08/26/21		150		4,497,000		157,900		37,200		(120,700	)
NAT GAS EURO OPT SEP21		3.50 USD		08/26/21		107		3,207,860		135,106		184,254		49,148
NAT GAS EURO OPT SEP22		2.00 USD		08/26/22		204		130,090,800		131,105		50,592		(80,513	)
NAT GAS EURO OPT SEP22		2.50 USD		08/26/22		65		1,948,700		100,923		75,465		(25,458	)
NATURAL GAS FUTURE APR23		1.50 USD		03/28/23		76		2,036,800		16,640		6,916		(9,724	)
NATURAL GAS FUTURE APR23		2.00 USD		03/28/23		21		562,800		25,309		14,553		(10,756	)
NATURAL GAS FUTURE AUG21		2.25 USD		07/27/21		732		21,916,080		284,244		1,464		(282,780	)
NATURAL GAS FUTURE AUG23		1.50 USD		07/26/23		76		2,286,840		16,640		3,040		(13,600	)
NATURAL GAS FUTURE AUG23		2.00 USD		07/26/23		21		562,800		25,309		9,219		(16,090	)
NATURAL GAS FUTURE DEC23		1.50 USD		11/27/23		76		2,036,800		16,640		6,688		(9,952	)
NATURAL GAS FUTURE DEC23		2.00 USD		11/27/23		21		553,980		25,309		12,432		(12,877	)
NATURAL GAS FUTURE FEB23		1.50 USD		01/26/23		76		1,999,560		16,640		3,496		(13,144	)
NATURAL GAS FUTURE FEB23		2.00 USD		01/26/23		21		553,980		25,309		7,161		(18,148	)
NATURAL GAS FUTURE JAN22		2.50 USD		12/28/21		214		6,407,160		279,306		49,648		(229,658	)
NATURAL GAS FUTURE JAN22		2.00 USD		12/28/21		214		6,407,160		64,771		11,556		(53,215	)
NATURAL GAS FUTURE JAN23		1.50 USD		12/27/22		76		2,036,800		16,640		1,672		(14,968	)
NATURAL GAS FUTURE JAN23		2.00 USD		12/27/22		21		562,800		25,309		4,032		(21,277	)
NATURAL GAS FUTURE JUL23		1.50 USD		06/27/23		76		2,036,800		16,640		3,040		(13,600	)
NATURAL GAS FUTURE JUL23		2.00 USD		06/27/23		21		553,980		25,309		9,324		(15,985	)
NATURAL GAS FUTURE JUN23		1.50 USD		05/25/23		76		2,036,800		16,640		3,496		(13,144	)
NATURAL GAS FUTURE JUN23		2.00 USD		05/25/23		21		562,800		25,309		10,374		(14,935	)
NATURAL GAS FUTURE MAR23		1.50 USD		02/23/23		76		2,286,840		16,640		6,460		(10,180	)
NATURAL GAS FUTURE MAR23		2.00 USD		02/23/23		21		631,890		25,309		11,928		(13,381	)
NATURAL GAS FUTURE MAY23		1.50 USD		04/25/23		76		2,036,800		16,640		4,788		(11,852	)
NATURAL GAS FUTURE MAY23		2.00 USD		04/25/23		21		562,800		25,309		12,474		(12,835	)
NATURAL GAS FUTURE NOV23		1.50 USD		10/26/23		76		2,036,800		16,640		4,104		(12,536	)
NATURAL GAS FUTURE NOV23		2.00 USD		10/26/23		21		562,800		25,309		10,416		(14,893	)
NATURAL GAS FUTURE OCT21		2.75 USD		09/27/21		1,387		41,582,260		440,783		257,982		(182,801	)
NATURAL GAS FUTURE OCT22		2.25 USD		09/27/21		214		6,415,720		104,831		8,774		(96,057	)
NATURAL GAS FUTURE OCT23		1.50 USD		09/26/23		76		2,004,880		16,640		3,800		(12,840	)
NATURAL GAS FUTURE OCT23		2.00 USD		09/26/23		21		562,800		25,309		10,122		(15,187	)
NATURAL GAS FUTURE SEP23		1.50 USD		08/28/23		76		2,004,880		16,640		3,420		(13,220	)
NATURAL GAS FUTURE SEP23		2.00 USD		08/28/23		21		631,890		25,309		9,912		(15,397	)
NYME Natural Gas CAL 1M Spread SEP21		0.05 USD		08/26/21		321		11,616,990		48,615		25,680		(22,935	)
S&P 500 EUR JUL21		4,050.00 USD		07/16/21		80		143,200		880,000		39,333		(840,667	)
S&P 500 Index, Strike Price 95.0274 EUR SEP21 PUT		95.03 CNH		09/17/21		10,255,500		10,255,500		3,054,062		3,045,839		(8,223	)
									$	8,814,470	$	5,212,331	$	(3,602,139	)
Total Purchased Options Outstanding									$	34,176,956	$	52,410,488	$	18,233,532

See Notes to Consolidated Schedule of Investments.

48

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description			Value
TOTAL INVESTMENTS IN SECURITIES — 63.1% (COST $3,081,459,698)			$	3,274,715,496
TOTAL SECURITIES SOLD SHORT— (7.8)% (PROCEEDS $365,555,852)				(402,514,787	)
Other Assets (o) — 44.7%				2,316,110,792
Net Assets — 100.0%			$	5,188,311,501
Security Description	Shares		Value
SECURITIES SOLD SHORT — (7.8)%
COMMON STOCK — (7.7)%
Africa — (0.0)%
Materials — (0.0)%
AngloGold Ashanti Ltd., ADR		2,800	$	(52,024	)
Caledonia Mining Corp. plc		400		(4,840	)
Gold Fields Ltd., ADR		12,200		(108,580	)
Harmony Gold Mining Co. Ltd., ADR		15,700		(58,561	)
Total Africa				(224,005	)
Asia — (0.8)%
Banking — (0.1)%
HDFC Bank Ltd., ADR		18,900		(1,381,968	)
KB Financial Group, Inc., ADR		3,000		(147,900	)
Mitsubishi UFJ Financial Group, Inc., ADR		45,900		(248,778	)
Mizuho Financial Group, Inc., ADR		8,100		(23,085	)
Shinhan Financial Group Co. Ltd., ADR		1,800		(64,530	)
Sumitomo Mitsui Financial Group, Inc., ADR		29,100		(200,499	)
				(2,066,760	)
Biotechnology & Pharmaceuticals — (0.0)%
China SXT Pharmaceuticals, Inc. (a)		3,425		(4,966	)
Communications — (0.0)%
GigaMedia Ltd. (a)		100		(295	)
Consumer Discretionary Products — (0.1)%
KBS Fashion Group Ltd. (a)		700		(2,646	)
Li Auto, Inc., ADR (a)		71,700		(2,505,198	)
Tata Motors Ltd., ADR (a)		2,100		(47,838	)
Toyota Motor Corp., ADR		5,600		(979,104	)
XPeng, Inc., ADR (a)		21,000		(932,820	)
Zepp Health Corp., ADR (a)		3,200		(37,568	)
				(4,505,174	)
Consumer Discretionary Services — (0.0)%
Bright Scholar Education Holdings Ltd., ADR		100		(424	)
China Liberal Education Holdings Ltd. (a)		3,800		(11,780	)
iHuman, Inc., ADR (a)		800		(8,272	)
Melco Resorts & Entertainment Ltd., ADR (a)		49,800		(825,186	)
Meten EdtechX Education Group Ltd. (a)		21,400		(20,767	)
OneSmart International Education Group Ltd., ADR (a)		3,800		(4,674	)
Puxin Ltd., ADR (a)		4,400		(7,876	)
Skillful Craftsman Education Technology Ltd. (a)		3,700		(8,140	)
Yum China Holdings, Inc.		4,200		(278,250	)
				(1,165,369	)
Consumer Products — (0.0)%
Viomi Technology Co. Ltd., ADR (a)		1,900		(16,131	)
Consumer Services — (0.0)%
RISE Education Cayman Ltd., ADR (a)		199		(519	)

See Notes to Consolidated Schedule of Investments.

49

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Tarena International, Inc., ADR		6,000	$	(16,740	)
				(17,259	)
Consumer Staple Products — (0.0)%
China Xiangtai Food Co. Ltd. (a)		8,700		(13,659	)
Farmmi, Inc. (a)		12,200		(5,479	)
Happiness Biotech Group Ltd.		1,000		(1,580	)
RLX Technology, Inc., ADR (a)		32,500		(283,725	)
				(304,443	)
Financial Services — (0.0)%
9F, Inc., ADR (a)		16,000		(42,080	)
Dunxin Financial Holdings Ltd., ADR (a)		2,900		(4,785	)
Fly Leasing Ltd., ADR		800		(13,552	)
Hudson Capital, Inc. (a)		1,980		(7,405	)
Jianpu Technology, Inc., ADR (a)		300		(798	)
Lion Group Holding Ltd., ADR (a)		8,100		(16,848	)
Lufax Holding Ltd., ADR (a)		22,900		(258,770	)
Nomura Holdings, Inc., ADR		2,000		(10,180	)
ORIX Corp., ADR		300		(25,398	)
Weidai Ltd., ADR (a)		300		(537	)
				(380,353	)
Financials — (0.0)%
Senmiao Technology Ltd. (a)		300		(363	)
Gaming, Lodging & Restaurants — (0.0)%
Huazhu Group Ltd., ADR		4,100		(216,521	)
Health Care — (0.0)%
111, Inc., ADR (a)		1,600		(14,536	)
Aesthetic Medical International Holdings Group Ltd., ADR (a)		100		(796	)
Aslan Pharmaceuticals Ltd., ADR (a)		3,200		(10,560	)
Dr Reddy’s Laboratories Ltd., ADR		1,800		(132,318	)
Gracell Biotechnologies, Inc., ADR (a)		1,300		(16,900	)
Newegg Commerce, Inc. (a)		700		(13,566	)
Qilian International Holding Group Ltd. (a)		1,000		(4,210	)
Takeda Pharmaceutical Co. Ltd., ADR		47,291		(795,908	)
				(988,794	)
Industrial Products — (0.0)%
Asia Pacific Wire & Cable Corp. Ltd.		1,700		(6,800	)
Industrial Services — (0.0)%
BEST, Inc., ADR (a)		16,100		(28,658	)
EHang Holdings Ltd., ADR (a)		10,200		(438,600	)
ZTO Express Cayman, Inc., ADR		2,600		(78,910	)
				(546,168	)
Insurance — (0.0)%
China Life Insurance Co. Ltd., ADR		8,300		(82,585	)
Fanhua, Inc., ADR		800		(12,080	)
				(94,665	)
Materials — (0.0)%
Antelope Enterprise Holdings Ltd. (a)		400		(1,216	)
China Natural Resources, Inc. (a)		100		(153	)
Vedanta Ltd., ADR		900		(12,780	)
				(14,149	)
Media — (0.1)%
51job, Inc., ADR (a)		5,194		(403,937	)

See Notes to Consolidated Schedule of Investments.

50

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Bilibili, Inc., ADR (a)		1,400	$	(170,576	)
Blue Hat Interactive Entertainment Technology (a)		100		(87	)
Dada Nexus Ltd., ADR (a)		8,900		(258,189	)
iQIYI, Inc., ADR (a)		117,200		(1,825,976	)
MakeMyTrip Ltd. (a)		3,700		(111,185	)
NetEase, Inc., ADR		2,600		(299,650	)
Phoenix New Media Ltd., ADR		500		(775	)
Pintec Technology Holdings Ltd., ADR (a)		11,100		(12,654	)
Sogou, Inc., ADR (a)		100		(853	)
SOS Ltd., ADR (a)		56,500		(187,015	)
Tencent Music Entertainment Group, ADR (a)		17,600		(272,448	)
Trip.com Group Ltd., ADR		51,500		(1,826,190	)
Uxin Ltd., ADR (a)		87,500		(336,875	)
Zhongchao, Inc., Class A (a)		5,000		(9,200	)
				(5,715,610	)
Oil, Gas & Coal — (0.0)%
China Petroleum & Chemical Corp., ADR		1,200		(61,212	)
Recon Technology Ltd. (a)		6,500		(28,145	)
				(89,357	)
Real Estate — (0.0)%
KE Holdings, Inc., ADR (a)		3,800		(181,184	)
Renewable Energy — (0.0)%
Jinksolar Holding Co., ADR (a)		6,500		(364,130	)
Retail & Wholesale—Staples — (0.0)%
China Jo-Jo Drugstores, Inc. (a)		7,200		(6,777	)
Wunong Net Technology Co. Ltd. (a)		7,700		(50,820	)
				(57,597	)
Retail - Discretionary — (0.3)%
Boqii Holding Ltd., ADR (a)		6,200		(27,838	)
Coupang, Inc. (a)		15,700		(656,574	)
Global-e Online Ltd. (a)		1,100		(62,788	)
JD.com, Inc., ADR (a)		134,500		(10,734,445	)
LightInTheBox Holding Co. Ltd., ADR (a)		7,400		(14,652	)
MINISO Group Holding Ltd., ADR (a)		4,900		(101,871	)
MOGU, Inc., ADR (a)		4,200		(6,972	)
Oriental Culture Holding Ltd. (a)		6,300		(30,996	)
Pinduoduo, Inc., ADR (a)		1,200		(152,424	)
Renren, Inc., ADR (a)		900		(10,773	)
Sea Ltd., ADR (a)		5,300		(1,455,380	)
Yatsen Holding Ltd., ADR (a)		30,800		(288,596	)
Yunji, Inc., ADR (a)		7,000		(12,180	)
				(13,555,489	)
Semiconductors — (0.0)%
NXP Semiconductors NV		168		(34,561	)
Software — (0.0)%
Kingsoft Cloud Holdings Ltd., ADR (a)		3,000		(101,790	)
Link Motion, Inc., ADR		11,000		0
				(101,790	)
Software & Technology Services — (0.0)%
17 Education & Technology Group, Inc., ADR (a)		10,100		(36,865	)
BlueCity Holdings Ltd., ADR (a)		2,300		(17,204	)
Cango, Inc., ADR		5,900		(32,981	)
CooTek Cayman, Inc., ADR (a)		400		(668	)
Datasea, Inc. (a)		1,300		(3,250	)
Diginex Ltd. (a)		3,200		(20,960	)

See Notes to Consolidated Schedule of Investments.

51

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Future FinTech Group, Inc. (a)		22,600	$	(71,190	)
Infosys Ltd., ADR		28,000		(593,320	)
Kulicke & Soffa Industries, Inc.		100		(6,143	)
LAIX, Inc., ADR (a)		8,200		(15,252	)
Lizhi, Inc., ADR (a)		11,900		(87,227	)
Luokung Technology Corp.		40,200		(101,706	)
Mercury Fintech Holding, Inc., ADR (a)		2,900		(14,906	)
Molecular Data, Inc., ADR (a)		25,300		(23,655	)
Powerbridge Technologies Co. Ltd. (a)		1,200		(2,592	)
Qutoutiao, Inc., ADR (a)		50,800		(94,488	)
Scienjoy Holding Corp. (a)		199		(1,236	)
Taoping, Inc. (a)		200		(972	)
TELUS International CDA, Inc. (a)		1,200		(37,332	)
Tuya, Inc., ADR (a)		5,000		(122,500	)
Youdao, Inc., ADR (a)		1,900		(43,871	)
				(1,328,318	)
Tech Hardware & Semiconductors — (0.1)%
ASE Technology Holding Co. Ltd., ADR		6,200		(49,910	)
Canaan, Inc., ADR (a)		46,600		(379,790	)
Canon, Inc., ADR		600		(13,578	)
Ebang International Holdings, Inc., A Shares (a)		43,100		(132,748	)
Sony Corp., ADR		15,800		(1,536,076	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		38,300		(4,602,128	)
				(6,714,230	)
Technology Services — (0.0)%
Baozun, Inc., ADR (a)		10,900		(386,296	)
Wipro Ltd., ADR		16,166		(126,256	)
				(512,552	)
Telecommunications — (0.1)%
Chindata Group Holdings Ltd., ADR (a)		4,700		(70,923	)
Chunghwa Telecom Co. Ltd., ADR		700		(28,462	)
GDS Holdings Ltd., ADR (a)		16,300		(1,279,387	)
PLDT, Inc., ADR		1,400		(36,792	)
SK Telecom Co. Ltd., ADR		5,800		(182,178	)
Telkom Indonesia Persero Tbk PT, ADR		3,400		(73,678	)
				(1,671,420	)
Utilities — (0.0)%
Azure Power Global Ltd.		300		(8,076	)
Korea Electric Power Corp., ADR		3,100		(33,480	)
				(41,556	)
Total Asia				(40,696,004	)
Europe — (0.1)%
Banking — (0.0)%
Barclays plc, ADR		5,981		(57,717	)
HSBC Holdings plc, ADR		16,126		(465,235	)
Lloyds Banking Group plc, ADR		6,400		(16,320	)
				(539,272	)
Consumer Discretionary Services — (0.0)%
Esports Entertainment Group, Inc. (a)		4,900		(53,214	)
GAN Ltd.		5,000		(82,200	)
InterContinental Hotels Group plc, ADR		900		(60,021	)
Manchester United plc, Class A		3,000		(45,570	)
				(241,005	)

See Notes to Consolidated Schedule of Investments.

52

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Consumer Products — (0.1)%
Anheuser-Busch InBev NV, ADR		14,800	$	(1,065,748	)
Consumer Staple Products — (0.0)%
Unilever plc, ADR		1,900		(111,150	)
Financial Services — (0.0)%
UBS Group AG		16,600		(254,644	)
Health Care — (0.0)%
ADC Therapeutics SA (a)		100		(2,435	)
Calliditas Therapeutics AB, ADR (a)		100		(2,944	)
Centogene NV (a)		400		(4,176	)
Koninklijke Philips NV		10,738		(533,679	)
Mereo Biopharma Group plc, ADR (a)		11,200		(35,504	)
Tiziana Life Sciences plc, ADR (a)		1,800		(4,221	)
uniQure NV (a)		400		(12,320	)
Verona Pharma plc, ADR (a)		1,300		(8,502	)
				(603,781	)
Industrial Services — (0.0)%
Ardmore Shipping Corp. (a)		1,600		(6,752	)
Frontline Ltd.		1,540		(13,860	)
International Consolidated Airlines Group SA (c)		42,050		(101,340	)
Ryanair Holdings plc (a),(c)		4,450		(83,739	)
Scorpio Tankers, Inc.		42		(926	)
				(206,617	)
Insurance — (0.0)%
Prudential plc, ADR		4,100		(156,210	)
Materials — (0.0)%
CRH plc, ADR		8,400		(427,056	)
Media — (0.0)%
Jumia Technologies AG, ADR (a)		500		(15,165	)
Liberty Global plc, Class A (a)		1,000		(27,160	)
WPP plc, ADR		1,600		(108,464	)
				(150,789	)
Metals & Mining — (0.0)%
Ferroglobe PLC		400		0
Oil, Gas & Coal — (0.0)%
Equinor ASA, ADR		30,300		(642,360	)
Retail - Discretionary — (0.0)%
MYT Netherlands Parent BV, ADR (a)		900		(27,387	)
Software & Technology Services — (0.0)%
RELX plc, ADR		900		(24,003	)
Tech Hardware & Semiconductors — (0.0)%
Nokia Oyj, ADR(a)		46,400		(246,848	)
Telefonaktiebolaget LM Ericsson, ADR		27,800		(349,724	)
				(596,572	)
Transportation & Logistics — (0.0)%
Ryanair Holdings plc, ADR (a)		5,500		(595,155	)
Utilities — (0.0)%
National Grid plc, ADR		2,000		(127,880	)
Total Europe				(5,769,629	)

See Notes to Consolidated Schedule of Investments.

53

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Middle East — (0.0)%
Biotechnology & Pharmaceuticals — (0.0)%
Biondvax Pharmaceuticals Ltd., ADR (a)		1,700	$	(4,879	)
Intec Pharma Ltd. (a)		1,415		(4,910	)
				(9,789	)
Consumer Discretionary Products — (0.0)%
Foresight Autonomous Holdings Ltd., ADR (a)		8,000		(34,000	)
Health Care — (0.0)%
Entera Bio Ltd. (a)		1,700		(10,166	)
Nano-X Imaging Ltd.		10,600		(339,730	)
PainReform Ltd. (a)		200		(564	)
Teva Pharmaceutical Industries Ltd., ADR (a)		23,000		(227,700	)
				(578,160	)
Industrial Services — (0.0)%
Castor Maritime, Inc. (a)		27,860		(72,575	)
ZIM Integrated Shipping Services Ltd. (a)		1,100		(49,423	)
				(121,998	)
Materials — (0.0)%
Evogene Ltd. (a)		3,500		(11,970	)
Media — (0.0)%
Eros STX Global Corp. (a)		59,100		(90,423	)
Oil, Gas & Coal — (0.0)%
Borr Drilling Ltd.		7,500		(6,096	)
Software & Technology Services — (0.0)%
CYREN Ltd. (a)		900		(729	)
My Size, Inc. (a)		1,400		(2,156	)
Wix.com Ltd. (a)		400		(116,112	)
				(118,997	)
Tech Hardware & Semiconductors — (0.0)%
Nano Dimension Ltd., ADR (a)		68,300		(562,792	)
SuperCom Ltd. (a)		2,900		(3,973	)
				(566,765	)
Total Middle East				(1,538,198	)
North America — (6.7)%
Apparel & Textile Products — (0.0)%
Capri Holdings Ltd. (a)		15,900		(909,321	)
Fossil Group, Inc. (a)		2,400		(34,272	)
				(943,593	)
Automotive — (0.1)%
Aptiv plc (a)		14,200		(2,234,086	)
Sypris Solutions, Inc. (a)		4,200		(15,624	)
				(2,249,710	)
Banking — (0.2)%
Allegiance Bancshares, Inc.		500		(19,220	)
Ameris Bancorp		5,099		(258,162	)
Axos Financial, Inc. (a)		200		(9,278	)
Banco Latinoamericano de Comercio Exterior SA, Class E		600		(9,222	)
BankUnited, Inc.		2,800		(119,532	)
Berkshire Hills Bancorp, Inc.		100		(2,741	)
Canadian Imperial Bank of Commerce		2,200		(250,492	)
Capitol Federal Financial, Inc.		5,200		(61,256	)

See Notes to Consolidated Schedule of Investments.

54

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Carver Bancorp, Inc. (a)		900	$	(9,216	)
Credicorp Ltd.		3,200		(387,552	)
Customers Bancorp, Inc. (a)		1,700		(66,283	)
Fifth Third Bancorp		26,900		(1,028,387	)
First Horizon National Corp.		31		(536	)
First Republic Bank		9,900		(1,852,983	)
Glacier Bancorp, Inc.		100		(5,508	)
Great Western Bancorp, Inc.		800		(26,232	)
Hilltop Holdings, Inc.		1,100		(40,040	)
Independent Bank Group, Inc.		700		(51,786	)
Pacific Premier Bancorp, Inc.		920		(38,907	)
Park National Corp.		100		(11,742	)
Pinnacle Financial Partners, Inc.		5,300		(467,937	)
PNC Financial Services Group, Inc.		13,900		(2,651,564	)
Renasant Corp.		1,200		(48,000	)
Signature Bank		900		(221,085	)
Simmons First National Corp., Class A		1,100		(32,274	)
South State Corp.		2,300		(188,048	)
Sterling Bancorp		2,708		(67,131	)
TFS Financial Corp.		700		(14,210	)
Truist Financial Corp.		42,800		(2,375,400	)
UMB Financial Corp.		100		(9,306	)
Valley National Bancorp		4,900		(65,807	)
WSFS Financial Corp.		100		(4,659	)
				(10,394,496	)
Biotechnology & Pharmaceuticals — (0.0)%
Adamis Pharmaceuticals Corp. (a)		46,100		(50,710	)
Aeterna Zentaris, Inc. (a)		30,024		(26,328	)
Atossa Genetics, Inc. (a)		37,400		(236,368	)
cbdMD, Inc. (a)		600		(1,740	)
Genprex, Inc. (a)		13,300		(44,555	)
Graybug Vision, Inc. (a)		6,500		(35,295	)
Regulus Therapeutics, Inc. (a)		800		(651	)
Tonix Pharmaceuticals Holding Corp. (a)		40,300		(44,733	)
				(440,380	)
Communications — (0.0)%
Creatd, Inc. (a)		100		(370	)
Cuentas, Inc. (a)		100		(820	)
				(1,190	)
Consumer Discretionary Products — (0.2)%
Adient PLC (a)		400		(18,080	)
American Woodmark Corp. (a)		1,200		(98,028	)
AYRO, Inc. (a)		8,600		(41,968	)
BorgWarner, Inc.		2,640		(128,146	)
Carter’s, Inc.		6,200		(639,654	)
CBAK Energy Technology, Inc. (a)		16,800		(79,128	)
Comstock Holding Cos., Inc. (a)		2,300		(13,754	)
DR Horton, Inc.		11,300		(1,021,181	)
Dream Finders Homes, Inc., Class A (a)		900		(21,987	)
ElectraMeccanica Vehicles Corp. (a)		17,400		(74,298	)
HNI Corp.		700		(30,779	)
Hooker Furniture Corp.		600		(20,784	)
Hovnanian Enterprises, Class A (a)		416		(44,217	)
Iconix Brand Group, Inc. (a)		510		(1,596	)
Lakeland Industries, Inc. (a)		2,000		(44,660	)
Lear Corp.		2,900		(508,312	)
Mattel, Inc. (a)		29,000		(582,900	)
Mohawk Industries, Inc. (a)		6,800		(1,306,892	)
Motorcar Parts of America, Inc. (a)		800		(17,952	)

See Notes to Consolidated Schedule of Investments.

55

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Newell Brands, Inc.		9,418	$	(258,712	)
Oxford Industries, Inc.		100		(9,884	)
Peloton Interactive, Inc., Class A (a)		42,800		(5,308,056	)
PVH Corp. (a)		6,700		(720,853	)
QuantumScape Corp. (a)		11,400		(333,564	)
Sequential Brands Group, Inc. (a)		15		(128	)
Sportsman’s Warehouse Holdings, Inc. (a)		200		(3,543	)
Stellantis NV		46,300		(912,573	)
Steven Madden Ltd.		50		(2,188	)
Terminix Global Holdings, Inc. (a)		400		(19,084	)
Thor Industries, Inc.		600		(67,800	)
Vinco Ventures, Inc. (a)		1,700		(6,715	)
Vista Outdoor, Inc. (a)		800		(37,024	)
XL Fleet Corp. (a)		300		(2,547	)
				(12,376,987	)
Consumer Discretionary Services — (0.2)%
Aspen Group, Inc. (a)		1,800		(11,736	)
BJ’s Restaurants, Inc. (a)		3,600		(176,904	)
Cannae Holdings, Inc. (a)		1,300		(44,083	)
Cheesecake Factory, Inc. (The) (a)		400		(21,672	)
Chipotle Mexican Grill, Inc. (a)		100		(155,034	)
Choice Hotels International, Inc.		1,100		(130,746	)
Grand Canyon Education, Inc. (a)		1,000		(89,970	)
Kura Sushi USA, Inc., Class A (a)		700		(26,607	)
Las Vegas Sands Corp. (a)		97,000		(5,110,930	)
Liberty Media Corp-Liberty Braves, Class C (a)		1,500		(41,655	)
Live Nation Entertainment, Inc. (a)		600		(52,554	)
Luby’s, Inc. (a)		1,000		(3,840	)
Madison Square Garden Entertainment Corp.		2,100		(176,337	)
Madison Square Garden Sports Corp. (a)		2,100		(362,397	)
Marriott International, Inc., Class A (a)		6,800		(928,336	)
Muscle Maker, Inc. (a)		400		(560	)
Penn National Gaming, Inc. (a)		5,800		(443,642	)
Potbelly Corp. (a)		2,000		(15,800	)
Regis Corp. (a)		3,800		(35,568	)
Restaurant Brands International, Inc.		1,500		(96,660	)
Super League Gaming, Inc. (a)		200		(1,078	)
Virgin Galactic Holdings, Inc. (a)		6,600		(303,600	)
Waitr Holdings, Inc. (a)		23,100		(41,118	)
Wynn Resorts Ltd. (a)		24,100		(2,947,430	)
XpresSpa Group, Inc. (a)		32,500		(50,050	)
				(11,268,307	)
Consumer Products — (0.0)%
22nd Century Group, Inc. (a)		7,100		(32,873	)
Alkaline Water Co., Inc. (The) (a)		27,400		(41,922	)
Fresh Del Monte Produce, Inc.		2,100		(69,048	)
Helen of Troy Ltd. (a)		2,100		(479,052	)
Pilgrim’s Pride Corp. (a)		3,800		(84,284	)
Primo Water Corp.		4,400		(73,612	)
Reed’s, Inc.		7,000		(7,140	)
RingCentral, Inc., Class A		1,900		(552,102	)
Vector Group Ltd.		4,228		(59,784	)
				(1,399,817	)
Consumer Staple Products — (0.1)%
Aurora Cannabis, Inc. (a)		61,300		(554,152	)
Beyond Meat, Inc. (a)		12,300		(1,937,127	)
Cal-Maine Foods, Inc.		3,100		(112,251	)
Celsius Holdings, Inc. (a)		18,100		(1,377,229	)
Conagra Brands, Inc.		800		(29,104	)

See Notes to Consolidated Schedule of Investments.

56

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Constellation Brands, Inc., Class A		300	$	(70,167	)
Coty, Inc., Class A (a)		90,485		(845,130	)
Edgewell Personal Care Co.		1,400		(61,460	)
Energizer Holdings, Inc.		300		(12,894	)
FSD Pharma, Inc., Class B (a)		7,700		(13,475	)
Greenlane Holdings, Inc., Class A (a)		1,700		(7,599	)
Hershey Co.		100		(17,418	)
Limoneira Co.		200		(3,510	)
Mission Produce, Inc. (a)		1,400		(28,994	)
Neptune Wellness Solutions, Inc.		9,449		(11,055	)
NewAge, Inc. (a)		33,200		(74,036	)
Ocean Bio-Chem, Inc.		300		(3,660	)
Post Holdings, Inc. (a)		900		(97,623	)
Revlon, Inc., Class A (a)		1,600		(20,544	)
Simply Good Foods Co. (The) (a)		7,800		(284,778	)
Universal Corp.		600		(34,182	)
Village Farms International, Inc. (a)		7,200		(77,040	)
				(5,673,428	)
Design, Manufacturing & Distribution — (0.0)%
SYNNEX Corp.		3,000		(365,280	)
Distributors - Consumer Staples — (0.1)%
Bunge Ltd.		18,700		(1,461,405	)
Grocery Outlet Holding Corp. (a)		13,700		(474,842	)
Performance Food Group Co. (a)		8,100		(392,769	)
				(2,329,016	)
Distributors - Discretionary — (0.0)%
Pool Corp.		600		(275,196	)
Electrical Equipment — (0.0)%
Energous Corp. (a)		19,200		(55,104	)
IntriCon Corp. (a)		500		(11,240	)
Novanta, Inc. (a)		1,200		(161,712	)
				(228,056	)
Financial Services — (0.4)%
Altisource Portfolio Solutions SA (a)		300		(2,667	)
Altus Midstream		510		(34,430	)
Artisan Partners Asset Management, Inc., Class A		1,100		(55,902	)
Ault Global Holdings, Inc. (a)		14,900		(42,018	)
Brookfield Asset Management, Inc., Class A		29,775		(1,517,929	)
Charles Schwab Corp.		79,597		(5,795,458	)
CME Group, Inc.		1,100		(233,948	)
Columbia Financial, Inc. (a)		1,900		(32,718	)
Credit Acceptance Corp. (a)		100		(45,411	)
FirstCash, Inc.		400		(30,576	)
Goldman Sachs Group, Inc.		21,500		(8,159,895	)
Home Point Capital, Inc. (a)		2,400		(14,232	)
KKR & Co., Inc., Class A		2,800		(165,872	)
loanDepot, Inc., Class A		1,300		(16,705	)
Main Street Capital Corp.		6		(246	)
Marathon Digital Holdings, Inc. (a)		30,800		(966,196	)
Mogo, Inc. (a)		2,000		(15,700	)
Nelnet, Inc., Class A		200		(15,046	)
Owl Rock Capital Corp.		100		(1,428	)
Patria Investments Ltd., Class A		4,300		(75,766	)
Rocket Cos., Inc., Class A		8,500		(164,475	)
Santander Consumer USA Holdings, Inc.		800		(29,056	)
T Rowe Price Group, Inc.		9,100		(1,801,527	)
Upstart Holdings, Inc. (a)		700		(87,430	)
US Global Investors, Inc., Class A		2,600		(16,094	)

See Notes to Consolidated Schedule of Investments.

57

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Virtu Financial, Inc., Class A		400	$	(11,052	)
World Acceptance Corp. (a)		300		(48,072	)
				(19,379,849	)
Financials — (0.0)%
Brookfield Asset Management Reinsurance Partners Ltd., Class A (a)		206		(10,716	)
Gaming, Lodging & Restaurants — (0.1)%
Caesars Entertainment, Inc. (a)		41,476		(4,303,135	)
DraftKings, Inc., Class A (a)		4,400		(229,548	)
Fiesta Restaurant Group, Inc. (a)		1,500		(20,145	)
Marriott Vacations Worldwide Corp. (a)		3,200		(509,760	)
Red Robin Gourmet Burgers, Inc. (a)		900		(29,799	)
				(5,092,387	)
Hardware — (0.0)%
Lumentum Holdings, Inc. (a)		300		(24,609	)
NXT-ID, Inc. (a)		9,000		(8,009	)
Ubiquiti, Inc.		1,000		(312,190	)
				(344,808	)
Health Care — (0.9)%
10X Genomics, Inc., Class A (a)		400		(78,328	)
Abeona Therapeutics, Inc. (a)		27,900		(43,524	)
Acadia Healthcare Co., Inc. (a)		1,100		(69,025	)
ACADIA Pharmaceuticals, Inc. (a)		1,400		(34,146	)
Acasti Pharma, Inc. (a)		64,500		(36,217	)
Acceleron Pharma, Inc. (a)		100		(12,549	)
Accolade, Inc. (a)		1,100		(59,741	)
Actinium Pharmaceuticals, Inc. (a)		286		(2,262	)
AdaptHealth Corp. (a)		6,700		(183,647	)
Adaptive Biotechnologies Corp. (a)		200		(8,172	)
Adial Pharmaceuticals, Inc. (a)		5,400		(13,770	)
ADMA Biologics, Inc. (a)		29,500		(47,200	)
Advaxis, Inc. (a)		40,000		(18,548	)
Aeglea BioTherapeutics, Inc. (a)		200		(1,392	)
Aerpio Pharmaceuticals, Inc. (a)		7,500		(12,675	)
Aethlon Medical, Inc. (a)		400		(1,968	)
AgeX Therapeutics, Inc. (a)		2,400		(3,720	)
agilon health, Inc. (a)		200		(8,114	)
Agios Pharmaceuticals, Inc. (a)		3,400		(187,374	)
Akebia Therapeutics, Inc. (a)		5		(19	)
Akouos, Inc. (a)		1,100		(13,805	)
Alexion Pharmaceuticals, Inc.		4,600		(845,066	)
Allied Healthcare Products, Inc. (a)		100		(414	)
Alpha Pro Tech Ltd. (a)		4,100		(35,137	)
Altimmune, Inc. (a)		600		(6,141	)
ALX Oncology Holdings, Inc. (a)		100		(5,468	)
Ampio Pharmaceuticals, Inc. (a)		46,812		(78,176	)
Anavex Life Sciences Corp. (a)		400		(9,144	)
Annovis Bio, Inc. (a)		1,100		(94,138	)
Applied Molecular Transport, Inc. (a)		900		(41,166	)
Aptose Biosciences, Inc. (a)		7,200		(23,904	)
Apyx Medical Corp. (a)		100		(1,031	)
Aquestive Therapeutics, Inc. (a)		500		(1,985	)
Asensus Surgical, Inc. (a)		30		(95	)
Aspira Women’s Health, Inc. (a)		2,600		(14,612	)
Assertio Holdings, Inc. (a)		13,450		(20,982	)
Atea Pharmaceuticals, Inc. (a)		1,400		(30,072	)
Athersys, Inc. (a)		300		(432	)
Aurinia Pharmaceuticals, Inc.		39,700		(514,512	)
Avalon GloboCare Corp. (a)		7,000		(6,877	)

See Notes to Consolidated Schedule of Investments.

58

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Avenue Therapeutics, Inc. (a)		1,200	$	(3,012	)
Axcella Health, Inc. (a)		100		(401	)
Aytu BioScience, Inc. (a)		5,724		(28,677	)
AzurRx BioPharma, Inc. (a)		2,000		(1,640	)
Bellicum Pharmaceuticals, Inc. (a)		2,570		(8,481	)
Bio-Techne Corp.		100		(45,026	)
BioAtla, Inc. (a)		1,700		(72,046	)
BioCardia, Inc. (a)		1,600		(6,352	)
Biocept, Inc. (a)		4,110		(17,221	)
BioNano Genomics, Inc. (a)		86,400		(633,312	)
BioSig Technologies, Inc. (a)		1,600		(6,176	)
BioVie, Inc. (a)		200		(3,390	)
Blueprint Medicines Corp. (a)		200		(17,592	)
BriaCell Therapeutics Corp. (a)		1,700		(9,061	)
Capital Senior Living Corp. (a)		146		(7,227	)
Capricor Therapeutics, Inc. (a)		400		(2,052	)
Cassava Sciences, Inc. (a)		10,800		(922,752	)
Catabasis Pharmaceuticals, Inc. (a)		200		(422	)
Catalent, Inc. (a)		4,500		(486,540	)
CEL-SCI Corp. (a)		6,800		(59,024	)
Centene Corp. (a)		59,900		(4,368,507	)
Certara, Inc. (a)		5,500		(155,815	)
Check Cap Ltd. (a)		17,200		(22,016	)
Chembio Diagnostics, Inc. (a)		6,200		(18,414	)
Chiasma, Inc. (a)		2,000		(9,460	)
China Pharma Holdings, Inc. (a)		2,600		(1,880	)
ChromaDex Corp. (a)		3,800		(37,468	)
Citius Pharmaceuticals, Inc. (a)		2,500		(8,700	)
Cleveland BioLabs, Inc.		300		(1,641	)
Clover Health Investments Corp. (a)		45,900		(611,388	)
Clovis Oncology, Inc. (a)		32,400		(187,920	)
CNS Pharmaceuticals, Inc. (a)		229		(450	)
Co-Diagnostics, Inc. (a)		8,500		(70,125	)
Cocrystal Pharma, Inc. (a)		24,300		(30,375	)
Cogent Biosciences, Inc. (a)		700		(5,677	)
Coherus Biosciences, Inc. (a)		5,000		(69,150	)
Congent Biosciences, Inc.		1,000		0
Cullinan Oncology, Inc. (a)		1,600		(41,200	)
Curis, Inc. (a)		1,600		(12,912	)
CVS Health Corp.		28,600		(2,386,384	)
Danaher Corp.		20,900		(5,608,724	)
Dare Bioscience, Inc. (a)		1,800		(3,402	)
Deciphera Pharmaceuticals, Inc. (a)		700		(25,627	)
Design Therapeutics, Inc. (a)		100		(1,989	)
DexCom, Inc. (a)		400		(170,800	)
Diffusion Pharmaceuticals, Inc. (a)		5,300		(3,869	)
Elanco Animal Health, Inc.		6,500		0
Elanco Animal Health, Inc. (a)		34,400		(1,193,336	)
Enochian Biosciences, Inc. (a)		200		(994	)
Ensign Group, Inc.		500		(43,335	)
Enveric Biosciences, Inc. (a)		6,575		(15,648	)
Epizyme, Inc. (a)		3,500		(29,085	)
Equillium, Inc. (a)		3,300		(19,437	)
Evofem Biosciences, Inc. (a)		37,200		(42,036	)
Evoke Pharma, Inc. (a)		3,300		(4,521	)
Evolus, Inc. (a)		400		(5,060	)
Exact Sciences Corp. (a)		1,200		(149,172	)
Fennec Pharmaceuticals, Inc. (a)		2,600		(18,954	)
Figs, Inc., Class A(a)		100		(4,775	)
Flex Pharma, Inc.		1,000		0
Foghorn Therapeutics, Inc. (a)		300		(3,201	)
Forma Therapeutics Holdings, Inc. (a)		500		(12,445	)

See Notes to Consolidated Schedule of Investments.

59

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Forte Biosciences, Inc. (a)		400	$	(13,448	)
Fulgent Genetics, Inc.		5,600		(516,488	)
Galera Therapeutics, Inc. (a)		300		(2,949	)
GBS, Inc. (a)		3,800		(14,972	)
Generation Bio Co. (a)		400		(10,760	)
Geron Corp. (a)		500		(705	)
Global Blood Therapeutics, Inc. (a)		1,000		(35,020	)
GoodRx Holdings, Inc., Class A (a)		12,500		(450,125	)
Greenwich Lifesciences, Inc. (a)		141		(6,336	)
GT Biopharma, Inc. (a)		1,800		(27,900	)
HealthEquity, Inc. (a)		4,800		(386,304	)
Heat Biologics, Inc. (a)		7,828		(52,682	)
Heron Therapeutics, Inc. (a)		16,500		(256,080	)
Horizon Therapeutics plc (a)		400		(37,456	)
HTG Molecular Diagnostics, Inc. (a)		833		(4,840	)
Humanigen, Inc. (a)		16,200		(281,556	)
iBio, Inc. (a)		67,500		(101,925	)
IGM Biosciences, Inc. (a)		600		(49,920	)
ImmunityBio, Inc. (a)		13,100		(187,068	)
ImmunoPrecise Antibodies Ltd. (a)		300		(1,806	)
IMV, Inc. (a)		1,100		(2,398	)
Inari Medical, Inc. (a)		2,400		(223,872	)
Inmune Bio, Inc. (a)		3,400		(59,738	)
Innoviva, Inc. (a)		400		(5,364	)
Inovio Pharmaceuticals, Inc. (a)		61,700		(571,959	)
Instil Bio, Inc. (a)		100		(1,932	)
Insulet Corp. (a)		2,400		(658,824	)
INVO BioScience, Inc. (a)		1,700		(7,905	)
Iovance Biotherapeutics, Inc. (a)		4,200		(109,284	)
IsoRay, Inc. (a)		400		(319	)
Jaguar Health, Inc. (a)		42,500		(67,150	)
JanOne, Inc. (a)		800		(6,240	)
Jupiter Wellness, Inc. (a)		1,200		(5,376	)
KemPharm, Inc. (a)		1,100		(14,102	)
Kronos Bio, Inc. (a)		1,300		(31,135	)
Krystal Biotech, Inc. (a)		500		(34,000	)
Lexaria Bioscience Corp. (a)		1,500		(10,500	)
LHC Group, Inc. (a)		1,583		(317,012	)
Lipocine, Inc. (a)		1,800		(2,520	)
Lucira Health, Inc. (a)		5,500		(36,520	)
Lumos Pharma, Inc. (a)		222		(2,207	)
Magellan Health, Inc. (a)		2,900		(273,180	)
MediciNova, Inc. (a)		2,700		(11,475	)
Microbot Medical, Inc. (a)		1,200		(9,528	)
Milestone Scientific, Inc. (a)		9,500		(23,275	)
MiMedx Group, Inc. (a)		100		(1,251	)
ModivCare, Inc. (a)		400		(68,028	)
Moleculin Biotech, Inc. (a)		4,500		(16,515	)
Motus GI Holdings, Inc. (a)		14,900		(15,496	)
MyMD Pharmaceuticals, Inc. (a)		3,500		(22,050	)
Nabriva Therapeutics plc (a)		15,300		(20,655	)
NanoViricides, Inc.		600		(2,784	)
NeoGenomics, Inc. (a)		5,200		(234,884	)
Neurobo Pharmaceuticals, Inc.		92		(29	)
Neurocrine Biosciences, Inc. (a)		4,900		(476,868	)
Nkarta, Inc. (a)		600		(19,014	)
Novan, Inc. (a)		5,810		(58,449	)
Novavax, Inc. (a)		22,200		(4,713,282	)
Nurix Therapeutics, Inc. (a)		200		(5,306	)
Ocugen, Inc. (a)		61,400		(493,042	)
OPKO Health, Inc. (a)		20,599		(83,426	)
Option Care Health, Inc. (a)		1,300		(28,431	)

See Notes to Consolidated Schedule of Investments.

60

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Oragenics, Inc. (a)		18,000	$	(12,699	)
Organovo Holdings, Inc. (a)		1,805		(16,967	)
Orgenesis, Inc. (a)		2,200		(11,154	)
ORIC Pharmaceuticals, Inc. (a)		100		(1,769	)
Ortho Clinical Diagnostics Holdings plc (a)		2,000		(42,820	)
Osmotica Pharmaceuticals plc (a)		3,700		(11,137	)
PDL BioPharma, Inc.		4,500		(11,115	)
Penumbra, Inc. (a)		2,100		(575,526	)
PerkinElmer, Inc.		4,000		(617,640	)
PhaseBio Pharmaceuticals, Inc. (a)		5,700		(21,204	)
Pliant Therapeutics, Inc. (a)		200		(5,824	)
Prestige Brands Holdings, Inc. (a)		200		(10,420	)
Protagenic Therapeutics, Inc. (a)		4,200		(12,096	)
Protalix BioTherapeutics, Inc. (a)		4,200		(8,022	)
Provention Bio, Inc. (a)		700		(5,901	)
Pulmatrix, Inc. (a)		1,000		(1,040	)
Qualigen Therapeutics, Inc. (a)		1,100		(2,189	)
Quidel Corp. (a)		9,400		(1,204,328	)
RA Medical Systems, Inc. (a)		1,700		(7,429	)
Reata Pharmaceuticals, Inc., Class A (a)		2,700		(382,131	)
Regeneron Pharmaceuticals, Inc. (a)		7,100		(3,965,634	)
ReShape Lifesciences, Inc. (a)		966		(4,830	)
ResMed, Inc.		1,700		(419,084	)
Retractable Technologies, Inc. (a)		3,000		(34,680	)
Rockwell Medical, Inc. (a)		9,900		(9,010	)
Royalty Pharma plc, Class A		10,000		(409,900	)
Salarius Pharmaceuticals, Inc. (a)		13,800		(14,628	)
Sanara Medtech, Inc. (a)		200		(7,390	)
Sarepta Therapeutics, Inc. (a)		300		(23,322	)
Second Sight Medical Products, Inc. (a)		23		(114	)
SELLAS Life Sciences Group, Inc. (a)		2,267		(25,164	)
Senestech, Inc. (a)		1,300		(2,093	)
Senseonics Holdings, Inc. (a)		100		(384	)
Shattuck Labs, Inc. (a)		800		(23,192	)
Shockwave Medical, Inc. (a)		3,900		(739,947	)
Silverback Therapeutics, Inc. (a)		100		(3,089	)
SmileDirectClub, Inc. (a)		3,300		(28,644	)
Soligenix, Inc. (a)		9,000		(9,990	)
Sorrento Therapeutics, Inc. (a)		92,200		(893,418	)
Sotera Health Co. (a)		10,300		(249,569	)
Star Equity Holdings, Inc. (a)		200		(620	)
Sundial Growers, Inc. (a)		279,000		(264,771	)
SunLink Health Systems, Inc. (a)		2,100		(7,182	)
Surface Oncology, Inc. (a)		100		(746	)
Surgalign Holdings, Inc. (a)		2,000		(2,780	)
Surgery Partners, Inc. (a)		2,400		(159,888	)
T2 Biosystems, Inc. (a)		1,200		(1,428	)
Tactile Systems Technology, Inc. (a)		100		(5,200	)
Tandem Diabetes Care, Inc. (a)		37		(3,604	)
Taro Pharmaceutical Industries Ltd. (a)		300		(21,588	)
Teladoc Health, Inc. (a)		28,200		(4,689,378	)
Tempest Therapeutics, Inc. (a)		476		(5,322	)
TG Therapeutics, Inc. (a)		1,600		(62,064	)
Theravance Biopharma, Inc. (a)		1,500		(21,780	)
Titan Medical, Inc. (a)		18,100		(30,951	)
Titan Pharmaceuticals, Inc. (a)		2,900		(7,540	)
Trillium Therapeutics, Inc. (a)		26,600		(258,020	)
UroGen Pharma Ltd. (a)		1,200		(18,324	)
Vaccinex, Inc. (a)		8,800		(24,640	)
Vaxart, Inc. (a)		37,900		(283,871	)
Viatris, Inc.		1		(14	)
Vir Biotechnology, Inc. (a)		12,000		(567,360	)

See Notes to Consolidated Schedule of Investments.

61

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Viracta Therapeutics, Inc. (a)		3,982	$	(45,156	)
Virpax Pharmaceuticals, Inc. (a)		1,400		(6,370	)
VolitionRX Ltd.		600		(1,974	)
Vor BioPharma, Inc. (a)		200		(3,730	)
VYANT BIO, Inc. (a)		300		(1,122	)
West Pharmaceutical Services, Inc.		400		(143,640	)
XBiotech, Inc. (a)		1,100		(18,216	)
Xeris Pharmaceuticals, Inc. (a)		15,700		(63,899	)
Xtant Medical Holdings, Inc. (a)		4,000		(6,520	)
Yumanity Therapeutics, Inc. (a)		900		(10,485	)
Zivo Bioscience, Inc. (a)		100		(472	)
Zogenix, Inc. (a)		100		(1,772	)
Zomedica Corp. (a)		233,600		(194,519	)
Zosano Pharma Corp. (a)		32,996		(31,349	)
Zynex, Inc. (a)		4,200		(65,226	)
				(48,332,523	)
Home & Office Products — (0.0)%
LGI Homes, Inc. (a)		3,000		(485,820	)
Toughbuilt Industries, Inc. (a)		25,100		(20,881	)
				(506,701	)
Industrial Products — (0.1)%
Advanced Energy Industries, Inc.		2,500		(281,775	)
AeroVironment, Inc. (a)		400		(40,060	)
AgEagle Aerial Systems, Inc. (a)		21,300		(112,251	)
Air Industries Group		500		(650	)
Alamo Group, Inc.		400		(61,072	)
API Group Corp. (a),(e)		1,800		(37,602	)
Astec Industries, Inc.		1,600		(100,704	)
Badger Meter, Inc.		200		(19,624	)
Blink Charging Co. (a)		4,000		(164,680	)
Bloom Energy Corp. (a)		2,300		(61,801	)
BWX Technologies, Inc.		2,000		(116,240	)
Chart Industries, Inc. (a)		1,600		(234,112	)
Dynatronics Corp. (a)		600		(720	)
Eastman Kodak Co. (a)		24,300		(202,176	)
Electro-Sensors, Inc. (a)		100		(489	)
Energy Focus, Inc. (a)		1,500		(5,970	)
Enerpac Tool Group Corp.		3,200		(85,184	)
FreightCar America, Inc. (a)		500		(2,965	)
Generac Holdings, Inc. (a)		500		(207,575	)
General Electric Co.		69,200		(931,432	)
Hillenbrand, Inc.		284		(12,519	)
Hydrofarm Holdings Group, Inc. (a)		7,100		(419,681	)
Ideal Power, Inc. (a)		1,500		(19,065	)
John Bean Technologies Corp.		1,900		(270,978	)
Kelso Technologies, Inc. (a)		8,100		(5,532	)
L3Harris Technologies, Inc.		7,300		(1,577,895	)
Mercury Systems, Inc. (a)		1,800		(119,304	)
Middleby Corp. (a)		5,300		(918,278	)
Navistar International Corp.		11,500		(511,750	)
Nikola Corp. (a)		800		(14,448	)
Raven Industries, Inc.		200		(11,570	)
Raytheon Technologies Corp.		26		(2,218	)
Research Frontiers, Inc. (a)		1,100		(2,607	)
Rexnord Corp.		1,300		(65,052	)
Rockwell Automation, Inc.		1,500		(429,030	)
Stoneridge, Inc. (a)		700		(20,650	)
Teledyne Technologies, Inc. (a)		207		(86,698	)
Textron, Inc.		2,700		(185,679	)
Timken Co. (The)		300		(24,177	)

See Notes to Consolidated Schedule of Investments.

62

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
TuSimple Holdings, Inc., Class A (a)		300	$	(21,372	)
Universal Security Instruments, Inc. (a)		700		(5,880	)
WidePoint Corp. (a)		100		(726	)
Wrap Technologies, Inc.		1,500		(11,775	)
				(7,403,966	)
Industrial Services — (0.1)%
Agrify Corp. (a)		5,200		(61,880	)
Air Transport Services Group, Inc. (a)		1,800		(41,814	)
Ameresco, Inc., Class A (a)		1,000		(62,720	)
ASGN, Inc. (a)		2,300		(222,939	)
BioHiTech Global, Inc. (a)		2,200		(3,190	)
Centrus Energy Corp., Class A (a)		1,200		(30,456	)
Cintas Corp.		200		(76,400	)
Comfort Systems USA, Inc.		800		(63,032	)
Construction Partners, Inc., Class A (a)		1,100		(34,540	)
CryoPort, Inc. (a)		100		(6,310	)
Denison Mines Corp.		97,000		(115,430	)
Diamond S Shipping, Inc.		5,700		(56,772	)
Dycom Industries, Inc. (a)		800		(59,624	)
Eneti, Inc.		910		(16,953	)
EVI Industries, Inc.		100		(2,840	)
Harsco Corp. (a)		3,700		(75,554	)
Innodata, Inc. (a)		100		(700	)
International Seaways, Inc. (a)		2,100		(40,278	)
Matson, Inc.		1,000		(64,000	)
Nordic American Tankers Ltd.		5,600		(18,368	)
NV5 Global, Inc. (a)		300		(28,353	)
Orbital Energy Group, Inc. (a)		16,100		(70,357	)
Performant Financial Corp. (a)		1,200		(4,500	)
PureCycle Technologies, Inc. (a)		200		(4,730	)
Quanta Services, Inc.		3,400		(307,938	)
Saia, Inc. (a)		600		(125,694	)
Schnitzer Steel Industries, Inc., Class A		300		(14,715	)
SEACOR Marine Holdings, Inc. (a)		1,800		(7,938	)
SiteOne Landscape Supply, Inc. (a)		100		(16,926	)
Southwest Airlines Co. (a), (c)		4,930		(261,734	)
Stantec, Inc.		100		(4,462	)
Team, Inc. (a)		2,600		(17,420	)
Teekay Corp. (a)		1,000		(3,720	)
Teekay Tankers Ltd., Class A (a)		8,537		(123,104	)
TOMI Environmental Solutions, Inc. (a)		1,600		(4,608	)
TOP Ships, Inc. (a)		12,200		(19,520	)
TrueBlue, Inc. (a)		200		(5,622	)
UFP Industries, Inc.		4,200		(312,228	)
United Rentals, Inc. (a)		4,200		(1,339,842	)
Vivint Smart Home, Inc.		7,500		(99,000	)
WESCO International, Inc. (a)		1,400		(143,948	)
Willdan Group, Inc. (a)		500		(18,820	)
WillScot Mobile Mini Holdings Corp. (a)		35		(975	)
				(3,989,954	)
Insurance — (0.3)%
Aflac, Inc.		4,200		(225,372	)
Ambac Financial Group, Inc. (a)		4,400		(68,904	)
American International Group, Inc.		42,200		(2,008,720	)
Atlantic American Corp.		3,300		(14,256	)
Berkshire Hathaway, Inc., Class B (a)		36,400		(10,116,288	)
Cincinnati Financial Corp.		1,400		(163,268	)
CNA Financial Corp.		1,400		(63,686	)
eHealth, Inc. (a)		6,200		(362,080	)
Enstar Group Ltd. (a)		100		(23,892	)

See Notes to Consolidated Schedule of Investments.

63

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Erie Indemnity Co., Class A		300	$	(58,005	)
Lemonade, Inc. (a)		600		(65,646	)
Mercury General Corp.		600		(38,970	)
MetLife, Inc.		3,700		(221,445	)
Palomar Holdings, Inc. (a)		300		(22,638	)
Selectquote, Inc. (a)		4,300		(82,818	)
Watford Holdings Ltd.		1,800		(62,982	)
				(13,598,970	)
Leisure Products — (0.0)%
Fox Factory Holding Corp. (a)		2,900		(451,414	)
LCI Industries		1,200		(157,704	)
				(609,118	)
Machinery — (0.0)%
Altra Industrial Motion Corp.		3,300		(214,566	)
CIRCOR International, Inc. (a)		400		(13,040	)
Helios Technologies, Inc.		700		(54,635	)
Ingersoll Rand, Inc. (a)		34,552		(1,686,483	)
SPX FLOW, Inc.		100		(6,524	)
				(1,975,248	)
Manufactured Goods — (0.0)%
RBC Bearings, Inc. (a)		300		(59,826	)
Materials — (0.2)%
Advanced Drainage Systems, Inc.		700		(81,599	)
Alamos Gold, Inc., Class A		46		(352	)
Albemarle Corp.		4,600		(774,916	)
Almaden Minerals Ltd., Class B (a)		4,700		(2,355	)
American Resources Corp. (a)		18,700		(47,685	)
Americas Gold & Silver Corp. (a)		24,900		(37,848	)
Avient Corp.		3,100		(152,396	)
Barrick Gold Corp.		28,048		(580,033	)
Berry Global Group, Inc. (a)		3,200		(208,704	)
Boise Cascade Co.		200		(11,670	)
Century Aluminum Co. (a)		9,700		(125,033	)
Clearwater Paper Corp. (a)		100		(2,852	)
Commercial Metals Co.		2,600		(79,872	)
CPS Technologies Corp. (a)		4,400		(42,284	)
Diversey Holdings Ltd. (a)		200		(3,526	)
Eagle Materials, Inc.		1,800		(255,798	)
Energy Fuels, Inc. (a)		23,600		(142,780	)
Equinox Gold Corp. (a)		6,900		(47,955	)
FMC Corp.		7,500		(811,500	)
Fury Gold Mines Ltd. (a)		100		(119	)
Galiano Gold, Inc. (a)		600		(654	)
Gatos Silver, Inc. (a)		1,500		(26,235	)
Golden Star Resources Ltd. (a)		100		(261	)
Great Panther Mining Ltd. (a)		100		(62	)
Greif, Inc., Class A		2,400		(145,320	)
International Flavors & Fragrances, Inc.		7,500		(1,120,500	)
International Tower Hill Mines Ltd. (a)		2,500		(2,625	)
IT Tech Packaging, Inc.		1,200		(565	)
Kaiser Aluminum Corp.		500		(61,745	)
Kirkland Lake Gold Ltd.		2,200		(84,766	)
LSB Industries, Inc. (a)		300		(1,815	)
Martin Marietta Materials, Inc.		700		(246,267	)
Methanex Corp.		200		(6,614	)
Minerals Technologies, Inc.		100		(7,867	)
North American Construction Group Ltd.		300		(4,554	)
Novagold Resources, Inc. (a)		22,400		(179,424	)

See Notes to Consolidated Schedule of Investments.

64

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Nucor Corp.		8,200	$	(786,626	)
Nutrien Ltd.		1		(60	)
Pactiv Evergreen, Inc.		3,100		(46,717	)
Pan American Silver Corp.		2,200		(62,854	)
Piedmont Lithium, Inc. (a)		3,500		(273,560	)
PolyMet Mining Corp.		4,300		(15,523	)
Quaker Chemical Corp.		700		(166,033	)
Reliance Steel & Aluminum Co.		500		(75,450	)
SilverCrest Metals, Inc. (a)		1,700		(14,841	)
SiNtx Technologies, Inc. (a)		7,600		(14,592	)
Solitario Zinc Corp. (a)		12,300		(8,241	)
SSR Mining, Inc.		13,400		(208,906	)
Steel Dynamics, Inc.		1,900		(113,240	)
Summit Materials, Inc., Class A (a)		1,900		(66,215	)
Tanzanian Gold Corp. (a)		200		(101	)
Trex Co., Inc. (a)		12,100		(1,236,741	)
Trilogy Metals, Inc. (a)		100		(251	)
Turquoise Hill Resources Ltd. (a)		5,470		(92,279	)
United States Antimony Corp. (a)		9,259		(9,145	)
Ur-Energy, Inc.		10,900		(15,260	)
Uranium Energy Corp. (a)		21,900		(58,254	)
US Concrete, Inc. (a)		100		(7,380	)
Valvoline, Inc.		4,100		(133,086	)
WD-40 Co.		500		(128,145	)
Westwater Resources, Inc. (a)		1,200		(5,712	)
Worthington Industries, Inc.		1,300		(79,534	)
				(8,917,297	)
Media — (0.7)%
AutoWeb, Inc. (a)		1,700		(5,304	)
Boston Omaha Corp., Class A (a)		1,600		(50,736	)
Brooklyn ImmunoTherapeutics, Inc. (a)		2,950		(53,129	)
Bumble, Inc., Class A (a)		4,600		(264,960	)
Cinedigm Corp. (a)		15,400		(19,866	)
DISH Network Corp., Class A (a)		700		(29,260	)
Dolphin Entertainment, Inc. (a)		2,280		(21,295	)
DoorDash, Inc., Class A (a)		51,300		(9,148,329	)
Endeavor Group Holdings, Inc., Class A (a)		200		(5,542	)
EW Scripps Co., Class A		700		(14,273	)
fuboTV, Inc. (a)		43,500		(1,396,785	)
Gannett Co., Inc. (a)		14		(77	)
Gray Television, Inc.		1,200		(28,080	)
Houghton Mifflin Harcourt Co. (a)		14,700		(162,288	)
IAC / Inter Active Corp. (a)		2,000		(308,340	)
Interpublic Group of Cos., Inc. (The)		45,200		(1,468,548	)
Inuvo, Inc. (a)		36,700		(35,419	)
IZEA Worldwide, Inc. (a)		18,900		(48,195	)
Liberty Broadband Corp., Class C (a)		11,200		(1,944,992	)
Liberty Media Corp-Liberty SiriusXM, Class C (a)		900		(41,751	)
Liberty Media Group, Class A (a)		1,092		(46,552	)
Liquid Media Group Ltd. (a)		4,000		(7,000	)
Lyft, Inc., Class A(a)		23,023		(1,392,431	)
Marin Software, Inc. (a)		3,300		(35,409	)
Match Group, Inc. (a)		16,900		(2,725,125	)
Media General, Inc.		12,100		0
MediaAlpha, Inc., Class A (a)		500		(21,050	)
Netflix, Inc. (a)		9,200		(4,859,532	)
Nexstar Media Group, Inc., Class A		3,611		(533,995	)
Playtika Holding Corp. (a)		15,332		(365,515	)
Remark Holdings, Inc. (a)		30,900		(57,474	)
ROBLOX Corp., Class A (a)		5,900		(530,882	)
Scholastic Corp.		200		(7,578	)

See Notes to Consolidated Schedule of Investments.

65

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Score Media and Gaming, Inc. (a)		1,800	$	(35,910	)
Sinclair Broadcast Group, Inc., Class A		2,000		(66,440	)
Sirius XM Holdings, Inc.		41,100		(268,794	)
Social Reality		200		0
Stamps.com, Inc. (a)		200		(40,058	)
Trade Desk, Inc. (The), Class A (a)		17,700		(1,369,272	)
TRxADE HEALTH, Inc. (a)		900		(3,969	)
Uber Technologies, Inc. (a)		79,800		(3,999,576	)
Walt Disney Co.		22,100		(3,884,517	)
				(35,298,248	)
Medical Equipment & Devices — (0.0)%
Avinger, Inc. (a)		10,474		(12,883	)
Metals & Mining — (0.0)%
Comstock Mining, Inc. (a)		13,300		(48,279	)
Golden Minerals Co. (a)		3,200		(1,966	)
				(50,245	)
Oil, Gas & Coal — (0.2)%
Abraxas Petroleum Corp. (a)		2,545		(8,220	)
APA Corp.		2,700		(58,401	)
California Resources Corp. (a)		200		(6,028	)
Camber Energy, Inc. (a)		10,900		(7,182	)
Chesapeake Energy Corp.		20,000		(1,038,400	)
Chevron Corp. (c)		5,820		(609,587	)
Clean Energy Fuels Corp. (a)		69,000		(700,350	)
CNX Resources Corp. (a)		1,200		(16,392	)
ConocoPhillips		7,823		(476,421	)
Contango Oil & Gas Co. (a)		300		(1,296	)
Delek US Holdings, Inc.		2,443		(52,818	)
Denbury, Inc. (a)		1,900		(145,882	)
Devon Energy Corp. (a)		14,583		(425,678	)
Diamondback Energy, Inc.		5		(469	)
Dril-Quip, Inc. (a)		3,000		(101,490	)
Equitrans Midstream Corp.		54,200		(461,242	)
Frank’s International NV (a)		12,700		(38,481	)
Geospace Technologies Corp. (a)		200		(1,618	)
Hess Corp.		13,500		(1,178,820	)
ION Geophysical Corp. (a)		8,200		(17,138	)
KLX Energy Services Holdings, Inc. (a)		2,700		(25,785	)
Liberty Oilfield Services, Inc., Class A (a)		4,000		(56,640	)
Meta Materials, Inc. (a)		24,550		(183,879	)
New Concept Energy, Inc.		1,500		(9,150	)
New Fortress Energy LLC		2,300		(87,124	)
ONEOK, Inc.		16,000		(890,240	)
Par Pacific Holdings, Inc. (a)		1,500		(25,230	)
RPC, Inc. (a)		7,900		(39,105	)
Smart Sand, Inc. (a)		3,800		(12,654	)
Solaris Oilfield Infrastructure, Inc., Class A		400		(3,896	)
Southwestern Energy Co. (a)		18,512		(104,963	)
Superior Drilling Products, Inc. (a)		100		(92	)
Talos Energy, Inc. (a)		1,000		(15,640	)
Vertex Energy, Inc.		13,300		(175,959	)
Williams Cos., Inc.		15,700		(416,835	)
World Fuel Services Corp.		3,200		(101,536	)
				(7,494,641	)
Real Estate — (0.4)%
Alexandria Real Estate Equities, Inc.		7,100		(1,291,774	)
American Campus Communities, Inc.		3,100		(144,832	)
Americold Realty Trust		24,700		(934,895	)

See Notes to Consolidated Schedule of Investments.

66

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Apartment Income REIT Corp.		900	$	(42,687	)
Ashford Hospitality Trust, Inc.		31,600		(144,096	)
AvalonBay Communities, Inc.		300		(62,607	)
Boston Properties, Inc.		6,400		(733,376	)
Broadstone Net Lease, Inc.		500		(11,705	)
CBRE Group, Inc., Class A (a)		6,300		(540,099	)
Cousins Properties, Inc.		15,498		(570,016	)
Crown Castle International Corp.		6,300		(1,229,130	)
CyrusOne, Inc.		1,300		(92,976	)
DiamondRock Hospitality Co. (a)		26,700		(258,990	)
Digital Realty Trust, Inc.		13,600		(2,046,256	)
Douglas Emmett, Inc.		1,800		(60,516	)
Equinix, Inc.		1,200		(963,120	)
Equity Residential		11,500		(885,500	)
Essential Properties Realty Trust, Inc.		200		(5,408	)
Fathom Holdings, Inc. (a)		400		(13,116	)
Five Point Holdings LLC, Class A (a)		100		(808	)
Harbor Custom Development, Inc. (a)		500		(1,620	)
Highwoods Properties, Inc.		5,700		(257,469	)
Host Hotels & Resorts, Inc. (a)		58,800		(1,004,892	)
Iron Mountain, Inc.		28,500		(1,206,120	)
Kennedy-Wilson Holdings, Inc.		600		(11,922	)
Kite Realty Group Trust		3,900		(85,839	)
Lamar Advertising Co., Class A		1,400		(146,188	)
Life Storage, Inc.		400		(42,940	)
Mack-Cali Realty Corp.		2,700		(46,305	)
NexPoint Residential Trust, Inc.		1,300		(71,474	)
Office Properties Income Trust		2,373		(69,553	)
Pebblebrook Hotel Trust		11,700		(275,535	)
Piedmont Office Realty Trust, Inc., Class A		1,900		(35,093	)
PotlatchDeltic Corp.		3,821		(203,086	)
Rayonier, Inc.		9,400		(337,742	)
Redfin Corp. (a)		100		(6,341	)
Regency Centers Corp.		7,700		(493,339	)
Safehold, Inc.		300		(23,550	)
SL Green Realty Corp.		2,200		(176,000	)
Sunstone Hotel Investors, Inc. (a)		9,300		(115,506	)
Uniti Group, Inc.		2,100		(22,239	)
Urban Edge Properties		2,000		(38,200	)
Ventas, Inc.		6,900		(393,990	)
Vornado Realty Trust		18,200		(849,394	)
Washington Real Estate Investment Trust		300		(6,900	)
Welltower, Inc.		27,500		(2,285,250	)
Weyerhaeuser Co.		13,700		(471,554	)
Xenia Hotels & Resorts, Inc. (a)		2,300		(43,079	)
				(18,753,027	)
Recreation Facilities & Services — (0.0)%
Hall of Fame Resort & Entertainment Co. (a)		14,500		(56,985	)
Renewable Energy — (0.1)%
Alto Ingredients, Inc. (a)		22,500		(137,475	)
Array Technologies, Inc. (a)		5,000		(78,000	)
Beam Global (a)		500		(19,155	)
Broadwind, Inc. (a)		2,900		(13,137	)
Cleanspark, Inc. (a)		10,500		(174,720	)
Enphase Energy, Inc. (a)		10,800		(1,983,204	)
First Solar, Inc. (a)		6,400		(579,264	)
Flux Power Holdings, Inc. (a)		2,300		(26,749	)
FuelCell Energy, Inc. (a)		13,729		(122,188	)
Plug Power, Inc. (a)		5,200		(177,788	)
Renewable Energy Group, Inc. (a)		10,300		(642,102	)

See Notes to Consolidated Schedule of Investments.

67

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Shoals Technologies Group, Inc., Class A (a)		16,200	$	(575,100	)
Sunrun, Inc. (a)		11,715		(653,463	)
Sunworks, Inc. (a)		8,300		(87,233	)
				(5,269,578	)
Retail & Wholesale - Staples — (0.2)%
Albertsons Cos., Inc., Class A		4,300		(84,538	)
Archer-Daniels-Midland Co.		16,400		(993,840	)
Arko Corp. (a)		500		(4,595	)
Big Lots, Inc.		1,400		(92,414	)
Blue Apron Holdings, Inc., Class A (a)		4,300		(18,404	)
Dollar General Corp.		20,300		(4,392,717	)
Dollar Tree, Inc. (a)		39,700		(3,950,150	)
HF Foods Group, Inc. (a)		2,100		(11,109	)
Laird Superfood, Inc. (a)		300		(8,961	)
Natural Grocers by Vitamin Cottage, Inc.		1,100		(11,814	)
PriceSmart, Inc.		1,100		(100,111	)
United Natural Foods, Inc. (a)		1,700		(62,866	)
				(9,731,519	)
Retail - Consumer Staples — (0.0)%
BJ’s Wholesale Club Holdings, Inc. (a)		5,800		(275,964	)
Sprouts Farmers Market, Inc. (a)		21,200		(526,820	)
				(802,784	)
Retail - Discretionary — (0.5)%
1847 Goedeker, Inc. (a)		100		(385	)
Abercrombie & Fitch Co., Class A (a)		700		(32,501	)
ADDvantage Technologies Group, Inc. (a)		1,300		(3,432	)
Asbury Automotive Group, Inc. (a)		100		(17,137	)
Aspen Aerogels, Inc. (a)		200		(5,984	)
Beacon Roofing Supply, Inc. (a)		1,300		(69,225	)
Bed Bath & Beyond, Inc. (a)		1,900		(63,251	)
Builders FirstSource, Inc. (a)		25,000		(1,066,500	)
Burlington Stores, Inc. (a)		2,500		(804,975	)
CarLotz, Inc. (a)		4,500		(24,570	)
CarParts.com, Inc. (a)		13,300		(270,788	)
Carvana Co. (a)		23,200		(7,002,224	)
Cato Corp., Class A		1,100		(18,557	)
Copart, Inc. (a)		9,800		(1,291,934	)
Driven Brands Holdings, Inc. (a)		4,100		(126,772	)
Freshpet, Inc. (a)		900		(146,664	)
Home Depot, Inc. (The)		33,100		(10,555,259	)
Leslie’s, Inc. (a)		8,500		(233,665	)
Lithia Motors, Inc., Class A		500		(171,820	)
LKQ Corp. (a)		1,600		(78,752	)
LMP Automotive Holdings, Inc. (a)		200		(3,400	)
MarineMax, Inc. (a)		6,800		(331,432	)
Monro, Inc.		2,500		(158,775	)
Net Element, Inc. (a)		1,600		(20,672	)
NovaBay Pharmaceuticals, Inc. (a)		13,000		(8,728	)
ODP Corp. (The) (a)		5,100		(244,851	)
Overstock.com, Inc. (a)		11,600		(1,069,520	)
Petco Health & Wellness Co., Inc. (a)		70,200		(1,573,182	)
Poshmark, Inc., Class A (a)		4,700		(224,378	)
Vroom, Inc. (a)		23,600		(987,896	)
Vuzix Corp. (a)		200		(3,738	)
				(26,610,967	)
Semiconductors — (0.2)%
Aehr Test Systems (a)		100		(276	)

See Notes to Consolidated Schedule of Investments.

68

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
MKS Instruments, Inc.		600	$	(106,770	)
NVIDIA Corp.		11,500		(9,201,150	)
				(9,308,196	)
Software — (0.1)%
BlackBerry Ltd. (a)		42,900		(524,238	)
Cloudflare, Inc., Class A (a)		15,900		(1,682,856	)
Coupa Software, Inc. (a)		12,400		(3,250,164	)
Evolving Systems, Inc. (a)		100		(244	)
salesforce.com, Inc. (a),(c)		2,254		(550,585	)
Support.com, Inc. (a)		6,500		(25,090	)
Twilio, Inc., Class A (a)		1,600		(630,656	)
VirnetX Holding Corp. (a)		10,000		(42,700	)
				(6,706,533	)
Software & Technology Services — (0.6)%
Adobe, Inc. (a)		700		(409,948	)
Affirm Holdings, Inc. (a)		45,700		(3,077,895	)
Akerna Corp. (a)		7,900		(31,837	)
Alithya Group, Inc., Class A (a)		1,600		(4,496	)
Amesite, Inc. (a)		309		(850	)
Appfolio, Inc., Class A (a)		100		(14,120	)
Auddia, Inc. (a)		3,500		(19,740	)
Bandwidth, Inc., Class A (a)		400		(55,168	)
Bentley Systems, Inc., Class B		200		(12,956	)
Black Knight, Inc. (a)		200		(15,596	)
BM Technologies, Inc. (a)		384		(4,777	)
Boxlight Corp., Class A (a)		17,600		(42,416	)
Bridgeline Digital, Inc. (a)		900		(3,870	)
Broadridge Financial Solutions, Inc.		2,500		(403,825	)
BSQUARE Corp. (a)		4,100		(19,557	)
C3.ai, Inc., Class A (a)		12,700		(794,131	)
CareCloud, Inc. (a)		1,100		(9,262	)
CDK Global, Inc.		2,200		(109,318	)
Computer Programs & Systems, Inc.		200		(6,646	)
ContextLogic, Inc., Class A (a)		156,500		(2,061,105	)
Datto Holding Corp. (a)		1,900		(52,896	)
DoubleVerify Holdings, Inc. (a)		100		(4,746	)
Duck Creek Technologies, Inc. (a)		2,800		(121,828	)
Dun & Bradstreet Holdings, Inc. (a)		10,300		(220,111	)
Envestnet, Inc. (a)		600		(45,516	)
Exela Technologies, Inc. (a)		4,200		(10,038	)
Fiserv, Inc. (a)		31,400		(3,356,346	)
Genius Brands International, Inc. (a)		93,200		(171,488	)
GreenBox POS (a)		3,900		(46,527	)
Ideanomics, Inc. (a)		132,000		(374,880	)
Inpixon (a)		6,100		(7,137	)
Leidos Holdings, Inc.		3,800		(384,180	)
Lightspeed POS, Inc. (a)		2,200		(183,942	)
MarketAxess Holdings, Inc.		1,100		(509,949	)
Maximus, Inc.		300		(26,391	)
MongoDB, Inc. (a)		2,700		(976,104	)
NantHealth, Inc. (a)		4,200		(9,744	)
nCino, Inc. (a)		3,100		(185,752	)
Oblong, Inc.		1,200		(4,080	)
Okta, Inc. (a)		400		(97,872	)
Oscar Health, Inc., Class A (a)		100		(2,150	)
Outset Medical, Inc. (a)		500		(24,990	)
Palantir Technologies, Inc., Class A (a)		113,900		(3,002,404	)
Parsons Corp. (a)		200		(7,872	)
Paysafe Ltd. (a)		200		(2,422	)
Phunware, Inc. (a)		15,836		(22,012	)

See Notes to Consolidated Schedule of Investments.

69

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Q2 Holdings, Inc. (a)		200	$	(20,516	)
Qualtrics International, Inc., Class A (a)		1,600		(61,200	)
Rackspace Technology, Inc. (a)		7,600		(149,036	)
Repay Holdings Corp. (a)		1,500		(36,060	)
Riot Blockchain, Inc. (a)		26,000		(979,420	)
Root, Inc., Class A (a)		16,900		(182,858	)
S&P Global, Inc. (c)		4,087		(1,677,509	)
Science Applications International Corp.		500		(43,865	)
Shift4 Payments, Inc., Class A (a)		1,000		(93,720	)
ShiftPixy, Inc. (a)		600		(1,416	)
Shopify, Inc., Class A (a)		400		(584,392	)
Signify Health, Inc., Class A (a)		700		(21,301	)
Snowflake, Inc., Class A (a)		33,900		(8,197,020	)
SolarWinds Corp.		13,400		(226,326	)
Sphere 3D Corp. (a)		5,900		(15,399	)
Sumo Logic, Inc. (a)		6,200		(128,030	)
Tabula Rasa HealthCare, Inc. (a)		4,000		(200,000	)
Telos Corp. (a)		1,900		(64,619	)
Unity Software, Inc. (a)		10,700		(1,175,181	)
Verb Technology Co., Inc. (a)		19,400		(39,770	)
VerifyMe, Inc. (a)		600		(2,532	)
Vislink Technologies, Inc. (a)		8,566		(24,413	)
ZW Data Action Technologies, Inc. (a)		300		(600	)
				(30,874,073	)
Specialty Finance — (0.1)%
Global Payments, Inc.		18,800		(3,525,752	)
Tech Hardware & Semiconductors — (0.3)%
ADTRAN, Inc.		2,200		(45,430	)
Advanced Micro Devices, Inc. (a),(c)		14,132		(1,327,419	)
Analog Devices, Inc. (c)		7,056		(1,214,761	)
Apple, Inc. (c)		8,880		(1,216,205	)
Applied DNA Sciences, Inc. (a)		300		(2,037	)
Applied UV, Inc. (a)		200		(1,962	)
Arrow Electronics, Inc. (a)		3,400		(387,022	)
Atomera, Inc. (a)		3,600		(77,184	)
Aviat Networks, Inc. (a)		700		(22,939	)
Ballantyne Strong, Inc. (a)		2,300		(11,017	)
Ciena Corp. (a)		3,500		(199,115	)
ComSovereign Holding Corp. (a)		5,500		(12,760	)
Digital Ally, Inc. (a)		15,900		(28,620	)
F5 Networks, Inc. (a)		2,900		(541,314	)
Forward Industries, Inc.		1,200		(3,552	)
II-VI, Inc. (a)		14,100		(1,023,519	)
Insignia Systems, Inc. (a)		5		(42	)
Jabil, Inc.		200		(11,624	)
Kopin Corp. (a)		15,600		(127,608	)
LightPath Technologies, Inc., Class A (a)		800		(2,032	)
Marvell Technology, Inc.		135,870		(7,925,297	)
MicroVision, Inc. (a)		31,339		(524,928	)
MICT, Inc. (a)		35,300		(82,602	)
Ondas Holdings, Inc. (a)		200		(1,588	)
Sonim Technologies, Inc. (a)		15,500		(8,649	)
				(14,799,226	)
Technology Services — (0.0)%
Globant SA (a)		3,300		(723,294	)
Insight Enterprises, Inc. (a)		3,100		(310,031	)
NextPlay Technologies, Inc. (a)		1,200		(2,688	)
				(1,036,013	)

See Notes to Consolidated Schedule of Investments.

70

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Telecommunications — (0.2)%
Cincinnati Bell, Inc. (a)		5,149	$	(79,398	)
Consolidated Communications Holdings, Inc. (a)		3,476		(30,554	)
Globalstar, Inc. (a)		76,500		(136,170	)
GTT Communications, Inc. (a)		18,200		(44,226	)
Lumen Technologies, Inc.		43,800		(595,242	)
Shenandoah Telecommunications Co. (a)		1,900		(92,169	)
T-Mobile US, Inc. (a)		56,532		(8,187,529	)
United States Cellular Corp. (a)		500		(18,155	)
				(9,183,443	)
Transportation & Logistics — (0.0)%
American Airlines Group, Inc. (a),(c)		4,280		(90,779	)
Copa Holdings SA, Class A (a)		4,600		(346,518	)
Delta Air Lines, Inc. (a),(c)		8,900		(385,014	)
Golar LNG Ltd. (a)		17,500		(231,875	)
Seanergy Maritime Holdings Corp. (a)		29,843		(33,424	)
United Airlines Holdings, Inc. (a),(c)		1,830		(95,691	)
				(1,183,301	)
Transportation Equipment — (0.0)%
Meritor, Inc. (a)		3,500		(81,970	)
Workhorse Group, Inc. (a)		38,200		(633,738	)
				(715,708	)
Utilities — (0.1)%
American Water Works Co., Inc.		2,300		(354,499	)
Atmos Energy Corp.		1,300		(124,943	)
Avangrid, Inc.		6,900		(354,867	)
Brookfield Infrastructure Corp., Class A		500		(37,700	)
Brookfield Renewable Corp., Class A		50		(2,097	)
California Water Service Group		2,100		(116,634	)
CenterPoint Energy, Inc.		100		(2,432	)
Clearway Energy, Inc., Class C		9,700		(256,856	)
Consolidated Edison, Inc.		200		(14,344	)
Edison International		200		(11,564	)
Essential Utilities, Inc.		6,400		(292,480	)
Exelon Corp.		2,000		(88,620	)
Genie Energy Ltd., Class B		1,300		(8,216	)
National Fuel Gas Co.		400		(20,900	)
New Jersey Resources Corp.		700		(27,699	)
NextEra Energy Partners LP		2,300		(175,628	)
NRG Energy, Inc.		46,300		(1,865,890	)
PG&E Corp. (a)		250,400		(2,546,568	)
SJW Group		900		(56,970	)
UGI Corp.		700		(32,417	)
Vistra Energy Corp.		14,100		(261,555	)
				(6,652,879	)
Waste & Environmental Services & Equipment — (0.0)%
Evoqua Water Technologies Corp. (a)		100		(3,378	)
Lightbridge Corp. (a)		1,690		(12,455	)
Pentair PLC		400		(26,996	)
Stericycle, Inc. (a)		900		(64,395	)
				(107,224	)
Total North America				(346,340,044	)

See Notes to Consolidated Schedule of Investments.

71

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Oceania — (0.0)%
Apparel & Textile Products — (0.0)%
Naked Brand Group Ltd. (a)		224,600	$	(144,845	)
Banking — (0.0)%
Westpac Banking Corp., ADR		2,400		(46,368	)
Health Care — (0.0)%
Opthea Ltd., ADR (a)		100		(794	)
Tech Hardware & Semiconductors — (0.0)%
Integrated Media Technology Ltd. (a)		2,100		(10,332	)
Total Oceania				(202,339	)
South America — (0.1)%
Aerospace & Defense — (0.0)%
Embraer SA, ADR		1,400		(21,196	)
Banking — (0.1)%
Banco BBVA Argentina SA, ADR		5,800		(18,850	)
Banco Bradesco SA, ADR (a)		10		(51	)
Banco de Chile, ADR		2,300		(45,425	)
Banco Santander Brasil SA, ADR (a)		18,100		(148,420	)
Banco Santander Chile, ADR		8,000		(158,960	)
Bancolombia SA, ADR		3,500		(100,800	)
Grupo Aval Acciones y Valores SA, ADR		1,700		(9,690	)
Itau Unibanco Holding SA, ADR		98,900		(594,389	)
				(1,076,585	)
Consumer Services — (0.0)%
Afya Ltd., Class A (a)		2,000		(51,560	)
Consumer Staple Products — (0.0)%
Adecoagro SA (a)		100		(1,004	)
Natura & Co. Holding SA, ADR (a)		1,500		(34,035	)
				(35,039	)
Financial Services — (0.0)%
Vinci Partners Investments Ltd., Class A (a)		900		(13,050	)
XP, Inc., Class A (a)		7,900		(344,045	)
				(357,095	)
Gaming, Lodging & Restaurants — (0.0)%
Arcos Dorados Holdings, Inc., A Shares		7,100		(42,387	)
Industrial Services — (0.0)%
Corporacion America Airports SA (a)		5,200		(29,744	)
Materials — (0.0)%
Sociedad Quimica y Minera de Chile SA, ADR		4,700		(222,451	)
Media — (0.0)%
Despegar.com Corp. (a)		600		(7,926	)
Liberty Latin America Ltd., Class C (a)		12,300		(173,430	)
				(181,356	)
Oil, Gas & Coal — (0.0)%
Ecopetrol SA, ADR		1,700		(24,854	)
Transportadora de Gas del Sur SA, ADR		2,300		(10,649	)
				(35,503	)
Software & Technology Services — (0.0)%
Arco Platform Ltd., Class A (a)		100		(3,066	)

See Notes to Consolidated Schedule of Investments.

72

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Security Description	Shares		Value
Vasta Platform Ltd. (a)		1,700	$	(13,804	)
				(16,870	)
Specialty Finance — (0.0)%
Pagseguro Digital Ltd., Class A (a)		9,700		(542,424	)
Telecommunications — (0.0)%
Millicom International Cellular SA		600		(23,742	)
Telefonica Brasil SA, ADR (a)		5,200		(44,200	)
TIM SA, ADR		3,600		(41,472	)
				(109,414	)
Transportation & Logistics — (0.0)%
Gol Linhas Aereas Inteligentes SA, ADR (a)		15,123		(139,434	)
Utilities — (0.0)%
Central Puerto SA, ADR		1,900		(4,864	)
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		19,800		(146,520	)
Enel Americas SA, ADR		45,100		(325,622	)
Pampa Energia SA, ADR (a)		2,200		(33,374	)
				(510,380	)
Total South America				(3,371,438	)
TOTAL COMMON STOCK (PROCEEDS $361,303,745)				(398,141,657	)
EXCHANGE-TRADED FUNDS — (0.1)%
Energy Select Sector SPDR Fund (c)		33,970		(1,829,964	)
iShares iBoxx $ Investment Grade Corporate Bond ETF (c)		18,928		(2,543,166	)
TOTAL EXCHANGE-TRADED FUNDS (PROCEEDS $4,252,107)				(4,373,130	)
WARRANTS — (0.0)%
FTS International, Inc.		698		0
Galectin Therapeutics, Inc.		1,340		0
TOTAL WARRANTS (PROCEEDS $0)				0
TOTAL SECURITIES SOLD SHORT— (7.8)% (PROCEEDS $365,555,852)			$	(402,514,787	)

Footnote Legend:

(a) Non-income producing.

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

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

(d) Security is valued using significant unobservable inputs.

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

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

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

(h) Non-interest bearing bond.

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

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

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

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

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

(n) Security is restricted per Rule 12-12.8 of Regulation S-X. First acquisition dates of Aeolus Property Catastrophe Keystone PF Fund LP, PIMCO ILS Fund SP II, Saba Capital Carry Neutral Tail Hedge Offshore Fund Ltd., Saba Capital Carry Neutral Tail Hedge Partners, L.P., Islet Offshore Fund Ltd. And Islet Onshore Fund LP are 1/2/2019 and 12/30/2019, 10/20/2020, 10/20/2020, 02/01/2021 and 02/01/2021.

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

See Notes to Consolidated Schedule of Investments.

73

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Options Written Contracts Outstanding at June 30, 2021

	Strike		Expiration Date		Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
Exchange-Traded Call Options Written
Cap Call		0.01 USD		06/30/22		939,560,000		(939,560,000	)	$	(2,490,000	)	$	(2,490,000	)	$	—
CRUDE OIL FUTURE DEC22		100.00 USD		11/16/22		12,299		(36,823,206	)		(4,489,105	)		(10,577,140	)		(6,088,035	)
NAT GAS EURO FUTURE FEB22		6.00 USD		01/26/22		150		(4,497,000	)		(143,276	)		(298,950	)		(155,674	)
NAT GAS EURO OPT AUG21		3.40 USD		07/27/21		150		(4,497,000	)		(165,401	)		(475,200	)		(309,799	)
NAT GAS EURO OPT AUG21		3.75 USD		07/27/21		12		(359,760	)		(16,832	)		(16,832	)		—
NAT GAS EURO OPT AUG21		4.00 USD		07/27/21		107		(3,121,190	)		(42,166	)		(71,583	)		(29,417	)
NAT GAS EURO OPT DEC21		3.25 USD		11/24/21		300		(8,994,000	)		(1,137,801	)		(1,910,700	)		(772,899	)
NAT GAS EURO OPT MAR22		3.75 USD		02/23/22		75		(47,827,500	)		(195,950	)		(335,775	)		(139,825	)
NAT GAS EURO OPT NOV21		5.00 USD		10/26/21		300		(8,994,000	)		(126,801	)		(249,000	)		(122,199	)
NAT GAS EURO OPT OCT21		2.75 USD		09/27/21		107		(68,233,900	)		(237,826	)		(949,625	)		(711,799	)
NAT GAS EURO OPT SEP21		4.50 USD		08/26/21		429		(12,861,420	)		(202,775	)		(202,775	)		—
NATURAL GAS FUTURE APR22		2.50 USD		03/28/22		332		(9,953,360	)		(967,929	)		(1,932,904	)		(964,975	)
NATURAL GAS FUTURE APR23		3.50 USD		03/28/23		63		(1,661,940	)		(79,946	)		(57,582	)		22,364
NATURAL GAS FUTURE APR23		4.00 USD		03/28/23		76		(2,036,800	)		(61,841	)		(32,680	)		29,161
NATURAL GAS FUTURE APR23		3.00 USD		03/28/23		21		(562,800	)		(39,326	)		(40,194	)		(868	)
NATURAL GAS FUTURE AUG21		3.50 USD		07/27/21		5		(149,700	)		(1,663	)		(12,630	)		(10,967	)
NATURAL GAS FUTURE AUG21		3.00 USD		07/27/21		499		(15,014,910	)		(867,972	)		(3,276,933	)		(2,408,961	)
NATURAL GAS FUTURE AUG22		2.50 USD		07/26/22		150		(4,375,500	)		(427,901	)		(881,850	)		(453,949	)
NATURAL GAS FUTURE AUG23		3.50 USD		07/26/23		63		(1,688,400	)		(79,946	)		(45,171	)		34,775
NATURAL GAS FUTURE AUG23		4.00 USD		07/26/23		76		(2,036,800	)		(61,841	)		(22,800	)		39,041
NATURAL GAS FUTURE AUG23		3.00 USD		07/26/23		21		(562,800	)		(39,326	)		(35,532	)		3,794
NATURAL GAS FUTURE DEC23		3.50 USD		11/27/23		63		(1,844,010	)		(79,946	)		(140,049	)		(60,103	)
NATURAL GAS FUTURE DEC23		4.00 USD		11/27/23		76		(2,004,880	)		(61,840	)		(100,320	)		(38,480	)
NATURAL GAS FUTURE DEC23		3.00 USD		11/27/23		21		(562,800	)		(39,326	)		(78,855	)		(39,529	)
NATURAL GAS FUTURE FEB23		3.50 USD		01/26/23		63		(1,688,400	)		(79,946	)		(258,552	)		(178,606	)
NATURAL GAS FUTURE FEB23		4.00 USD		01/26/23		76		(2,438,080	)		(61,841	)		(229,216	)		(167,375	)
NATURAL GAS FUTURE FEB23		3.00 USD		01/26/23		21		(673,680	)		(39,326	)		(121,527	)		(82,201	)
NATURAL GAS FUTURE JAN23		3.50 USD		12/22/22		50		(376,125	)		—			(5,300	)		(5,300	)
NATURAL GAS FUTURE JAN23		3.50 USD		12/27/22		63		(1,688,400	)		(79,946	)		(247,842	)		(167,896	)
NATURAL GAS FUTURE JAN23		4.00 USD		12/27/22		76		(1,999,560	)		(61,840	)		(213,332	)		(151,492	)
NATURAL GAS FUTURE JAN23		3.00 USD		12/27/22		21		(562,800	)		(39,326	)		(120,372	)		(81,046	)
NATURAL GAS FUTURE JUL22		2.50 USD		06/27/22		150		(4,497,000	)		(427,901	)		(867,450	)		(439,549	)
NATURAL GAS FUTURE JUL23		3.50 USD		06/27/23		63		(1,688,400	)		(79,946	)		(43,659	)		36,287
NATURAL GAS FUTURE JUL23		4.00 USD		06/27/23		76		(2,036,800	)		(61,841	)		(21,812	)		40,029
NATURAL GAS FUTURE JUL23		3.00 USD		06/27/23		21		(562,800	)		(39,326	)		(34,629	)		4,697
NATURAL GAS FUTURE JUN22		2.50 USD		05/25/22		150		(4,497,000	)		(427,901	)		(820,950	)		(393,049	)
NATURAL GAS FUTURE JUN23		3.50 USD		05/25/23		63		(1,657,530	)		(79,946	)		(39,627	)		40,319
NATURAL GAS FUTURE JUN23		4.00 USD		05/25/23		76		(2,036,800	)		(61,840	)		(19,684	)		42,156
NATURAL GAS FUTURE JUN23		3.00 USD		05/25/23		21		(552,510	)		(39,326	)		(31,878	)		7,448
NATURAL GAS FUTURE MAR23		3.50 USD		02/23/23		63		(1,895,670	)		(79,946	)		(221,319	)		(141,373	)
NATURAL GAS FUTURE MAR23		4.00 USD		02/23/23		76		(2,286,840	)		(61,840	)		(198,740	)		(136,900	)
NATURAL GAS FUTURE MAR23		3.00 USD		02/23/23		21		(562,800	)		(39,326	)		(103,299	)		(63,973	)
NATURAL GAS FUTURE MAY22		2.50 USD		04/26/22		150		(4,497,000	)		(427,901	)		(791,850	)		(363,949	)
NATURAL GAS FUTURE MAY23		3.50 USD		04/25/23		63		(1,688,400	)		(79,946	)		(39,690	)		40,256
NATURAL GAS FUTURE MAY23		4.00 USD		04/25/23		76		(760,000	)		(61,841	)		(20,292	)		41,549
NATURAL GAS FUTURE MAY23		3.00 USD		04/25/23		21		(544,740	)		(39,326	)		(31,143	)		8,183
NATURAL GAS FUTURE NOV23		3.50 USD		10/26/23		63		(1,740,060	)		(79,946	)		(76,230	)		3,716
NATURAL GAS FUTURE NOV23		4.00 USD		10/26/23		76		(2,036,800	)		(61,840	)		(48,488	)		13,352
NATURAL GAS FUTURE NOV23		3.00 USD		10/26/23		21		(562,800	)		(39,326	)		(49,938	)		(10,612	)
NATURAL GAS FUTURE OCT21		5.00 USD		09/27/21		2,336		(69,939,840	)		(423,307	)		(1,170,336	)		(747,029	)
NATURAL GAS FUTURE OCT21		3.25 USD		09/27/21		1,261		(37,943,490	)		(1,558,852	)		(6,130,982	)		(4,572,130	)

See Notes to Consolidated Schedule of Investments.

74

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Strike		Expiration Date		Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
NATURAL GAS FUTURE OCT22		2.50 USD		09/27/22		150	$	(4,497,000	)	$	(427,901	)	$	(920,700	)	$	(492,799	)
NATURAL GAS FUTURE OCT23		3.50 USD		09/26/23		63		(1,688,400	)		(79,946	)		(53,739	)		26,207
NATURAL GAS FUTURE OCT23		4.00 USD		09/26/23		76		(2,036,800	)		(61,840	)		(28,652	)		33,188
NATURAL GAS FUTURE OCT23		3.00 USD		09/26/23		21		(562,800	)		(39,326	)		(39,795	)		(469	)
NATURAL GAS FUTURE SEP21		3.50 USD		08/26/21		591		(17,694,540	)		(583,698	)		(1,750,542	)		(1,166,844	)
NATURAL GAS FUTURE SEP21		3.00 USD		08/26/21		75		(2,256,750	)		(123,950	)		(486,600	)		(362,650	)
NATURAL GAS FUTURE SEP21		3.25 USD		08/26/21		571		(17,181,390	)		(666,915	)		(2,563,790	)		(1,896,875	)
NATURAL GAS FUTURE SEP22		2.50 USD		08/26/22		150		(4,375,500	)		(427,901	)		(874,050	)		(446,149	)
NATURAL GAS FUTURE SEP23		3.50 USD		08/28/23		63		(1,688,400	)		(79,946	)		(45,738	)		34,208
NATURAL GAS FUTURE SEP23		4.00 USD		08/28/23		76		(2,036,800	)		(61,840	)		(23,408	)		38,432
NATURAL GAS FUTURE SEP23		3.00 USD		08/28/23		21		(560,280	)		(39,326	)		(35,469	)		3,857
NYME Natural Gas CAL 3M Spread SEP21		0.20 USD		09/27/21		668		(24,174,920	)		(333,601	)		(494,320	)		(160,719	)
NYME Natural Gas CAL 3M Spread SEP21		0.10 USD		09/27/21		375		(13,571,250	)		(54,654	)		(105,000	)		(50,346	)
PHE FUTURE APR22		2.50 USD		03/28/22		857		(6,423,215	)		(686,153	)		(1,247,364	)		(561,211	)
										$	(20,257,382	)	$	(44,862,384	)	$	(24,605,002	)
Exchange-Traded Put Options Written
CRUDE OIL FUTURE DEC21		40.00 USD		11/16/21		90	$	(6,311,700	)	$	(441,847	)	$	(20,700	)	$	421,147
NAT GAS EURO FUTURE MAR22		2.50 USD		02/23/22		492		(14,730,480	)		(863,641	)		(319,308	)		544,333
NAT GAS EURO OPT APR22		2.25 USD		03/28/22		204		(6,115,920	)		(269,825	)		(70,788	)		199,037
NAT GAS EURO OPT AUG22		2.25 USD		07/26/22		204		(130,090,800	)		(269,825	)		(105,468	)		164,357
NAT GAS EURO OPT DEC21		2.25 USD		11/24/21		1		(637,700	)		(113	)		(72	)		41
NAT GAS EURO OPT DEC21		3.00 USD		11/24/21		289		(8,664,220	)		(330,232	)		(207,213	)		123,019
NAT GAS EURO OPT JAN22		2.25 USD		12/28/21		86		(54,842,200	)		(13,130	)		(9,890	)		3,240
NAT GAS EURO OPT JUL22		2.25 USD		06/27/22		204		(130,090,800	)		(269,825	)		(98,736	)		171,089
NAT GAS EURO OPT JUN22		2.25 USD		05/25/22		204		(130,090,800	)		(269,825	)		(100,776	)		169,049
NAT GAS EURO OPT MAR22		3.00 USD		02/23/22		43		(1,289,140	)		(189,315	)		(99,072	)		90,243
NAT GAS EURO OPT MAR22		3.25 USD		02/23/22		300		(8,994,000	)		(1,094,081	)		(1,095,900	)		(1,819	)
NAT GAS EURO OPT MAY22		2.25 USD		04/26/22		204		(6,115,920	)		(269,825	)		(107,916	)		161,909
NAT GAS EURO OPT NOV21		2.25 USD		10/26/21		131		(83,538,700	)		(60,610	)		(8,253	)		52,357
NAT GAS EURO OPT OCT21		3.25 USD		09/27/21		428		(12,831,440	)		(936,043	)		(501,616	)		434,427
NAT GAS EURO OPT OCT21		3.50 USD		09/27/21		86		(2,578,280	)		(169,650	)		(193,672	)		(24,022	)
NAT GAS EURO OPT OCT22		2.25 USD		09/27/22		204		(130,090,800	)		(269,825	)		(126,276	)		143,549
NAT GAS EURO OPT SEP21		3.00 USD		08/26/21		75		(2,248,500	)		(116,450	)		(18,600	)		97,850
NAT GAS EURO OPT SEP22		2.25 USD		08/26/22		204		(130,090,800	)		(269,825	)		(118,728	)		151,097
NATURAL GAS FUTURE APR23		2.00 USD		03/28/23		76		(2,036,800	)		(82,136	)		(52,668	)		29,468
NATURAL GAS FUTURE APR23		1.50 USD		03/28/23		21		(562,800	)		(4,256	)		(1,911	)		2,345
NATURAL GAS FUTURE AUG21		2.25 USD		07/27/21		726		(21,736,440	)		(277,126	)		(1,452	)		275,674
NATURAL GAS FUTURE AUG23		2.00 USD		07/26/23		76		(2,036,800	)		(82,135	)		(33,364	)		48,771
NATURAL GAS FUTURE AUG23		1.50 USD		07/26/23		21		(631,890	)		(4,256	)		(840	)		3,416
NATURAL GAS FUTURE DEC23		2.00 USD		11/27/23		76		(2,004,880	)		(82,135	)		(44,992	)		37,143
NATURAL GAS FUTURE DEC23		1.50 USD		11/27/23		21		(562,800	)		(4,256	)		(1,848	)		2,408
NATURAL GAS FUTURE FEB23		2.00 USD		01/26/23		76		(2,004,880	)		(82,135	)		(25,916	)		56,219
NATURAL GAS FUTURE FEB23		1.50 USD		01/26/23		21		(552,510	)		(4,256	)		(966	)		3,290
NATURAL GAS FUTURE JAN22		2.00 USD		02/23/22		214		(6,407,160	)		(177,656	)		(26,536	)		151,120
NATURAL GAS FUTURE JAN23		2.00 USD		12/27/22		76		(2,036,800	)		(82,135	)		(14,592	)		67,543
NATURAL GAS FUTURE JAN23		1.50 USD		12/27/22		21		(562,800	)		(4,256	)		(462	)		3,794
NATURAL GAS FUTURE JUL23		2.00 USD		06/27/23		76		(2,004,880	)		(82,135	)		(33,744	)		48,391
NATURAL GAS FUTURE JUL23		1.50 USD		06/27/23		21		(210,000	)		(4,256	)		(840	)		3,416
NATURAL GAS FUTURE JUN23		2.00 USD		05/25/23		76		(2,036,800	)		(82,135	)		(37,544	)		44,591
NATURAL GAS FUTURE JUN23		1.50 USD		05/25/23		21		(562,800	)		(4,256	)		(966	)		3,290
NATURAL GAS FUTURE MAR23		2.00 USD		02/23/23		76		(2,286,840	)		(82,135	)		(43,168	)		38,967
NATURAL GAS FUTURE MAR23		1.50 USD		02/23/23		21		(631,890	)		(4,256	)		(1,785	)		2,471
NATURAL GAS FUTURE MAY23		2.00 USD		04/25/23		76		(2,036,800	)		(82,135	)		(45,144	)		36,991
NATURAL GAS FUTURE MAY23		1.50 USD		04/25/23		21		(544,740	)		(4,256	)		(1,323	)		2,933
NATURAL GAS FUTURE NOV23		2.00 USD		10/26/23		76		(2,036,800	)		(82,135	)		(37,696	)		44,439
NATURAL GAS FUTURE NOV23		1.50 USD		10/26/23		21		(562,800	)		(4,256	)		(1,134	)		3,122
NATURAL GAS FUTURE OCT22		2.50 USD		09/27/21		8		(239,520	)		(581	)		(656	)		(75	)
NATURAL GAS FUTURE OCT23		2.00 USD		09/26/23		76		(2,036,800	)		(82,135	)		(36,632	)		45,503
NATURAL GAS FUTURE OCT23		1.50 USD		09/26/23		21		(553,980	)		(4,256	)		(1,050	)		3,206
NATURAL GAS FUTURE SEP23		2.00 USD		08/28/23		76		(2,286,840	)		(82,135	)		(35,872	)		46,263
NATURAL GAS FUTURE SEP23		1.50 USD		08/28/23		21		(553,980	)		(4,256	)		(945	)		3,311

See Notes to Consolidated Schedule of Investments.

75

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Strike		Expiration Date		Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
NYME Natural Gas CAL 1M Spread SEP21		0.10 USD		08/26/21		321		(11,616,990	)	$	(16,516	)	$	(6,420	)	$	10,096
S&P 500 EUR JUL21		3,750.00 USD		07/16/21		80		(143,200	)		(376,000	)		(3,000	)		373,000
S&P 500 Index, Strike Price 86.853 EUR SEP21 PUT		86.85 CNH		09/17/21		10,255,500		(10,255,500	)		(650,231	)		(648,051	)		2,180
										$	(8,638,690	)	$	(4,344,501	)	$	4,294,189
Total Options Written Outstanding										$	(28,896,072	)	$	(49,206,885	)	$	(20,310,813	)

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

Borrower	Unfunded Loan Commitment		Value		Unrealized Appreciation (Depreciation)
Latam Airlines Group S.A., PIK DIP Delayed Draw Term Loan A, 0.50%, 03/29/22	$	801,039	$	809,431	$	8,392
Latam Airlines Group S.A., PIK DIP Delayed Draw Term Loan C, 0.50%, 03/29/22		595,299		625,064		29,765
Total Unfunded Loan Commitment	$	1,396,338	$	1,434,495	$	38,157

Reverse Repurchase Agreements Outstanding at June 30, 2021

Counterparty	Interest Rate	Trade Date		Maturity Date		Face Value		Face Value Including Accrued Interest
Barclays Bank plc	0.25%		05/06/21		10/03/22	$	2,095,305	$	2,096,105
Barclays Bank plc	0.25%		05/06/21		10/03/22		4,481,250		4,482,962
Barclays Bank plc	0.40%		02/05/21		07/05/22		8,033,069		8,045,833
BNP Paribas Securities Corp.	1.61%		04/12/21		07/12/21		6,496,000		6,519,277
Goldman Sachs Bank USA	1.59%		06/17/21		07/19/21		2,331,000		2,332,445
Goldman Sachs Bank USA	1.64%		06/17/21		07/19/21		777,000		777,497
Goldman Sachs Bank USA	1.64%		06/17/21		07/19/21		929,000		929,594
Goldman Sachs Bank USA	1.64%		06/17/21		07/19/21		1,568,000		1,569,002
Goldman Sachs Bank USA	1.64%		06/17/21		07/19/21		1,340,000		1,340,856
Goldman Sachs Bank USA	1.73%		06/17/21		07/19/21		500,000		500,337
Goldman Sachs Bank USA	1.73%		06/17/21		07/19/21		218,000		218,147
Goldman Sachs Bank USA	1.73%		06/17/21		07/19/21		268,000		268,180
Goldman Sachs Bank USA	1.73%		06/17/21		07/19/21		5,551,000		5,554,741
Goldman Sachs Bank USA	1.73%		06/17/21		07/19/21		6,492,000		6,496,375
Goldman Sachs Bank USA	1.74%		06/17/21		07/19/21		930,000		930,630
Goldman Sachs Bank USA	1.93%		06/17/21		07/19/21		2,128,000		2,129,599
Goldman Sachs Bank USA	1.98%		06/17/21		07/19/21		771,000		771,594
Goldman Sachs Bank USA	2.05%		06/17/21		07/19/21		914,000		914,729
Goldman Sachs Bank USA	2.08%		06/17/21		07/19/21		1,117,000		1,117,904
Goldman Sachs Bank USA	2.08%		06/17/21		07/19/21		506,000		506,410
Goldman Sachs Bank USA	2.13%		06/17/21		07/19/21		4,483,000		4,486,718
Goldman Sachs Bank USA	2.14%		06/17/21		07/19/21		1,584,000		1,585,319
Goldman Sachs Bank USA	2.14%		06/17/21		07/19/21		1,804,000		1,805,503
Goldman Sachs Bank USA	2.14%		06/17/21		07/19/21		2,721,000		2,723,267
Goldman Sachs Bank USA	2.33%		06/17/21		07/19/21		1,698,000		1,699,540
Goldman Sachs Bank USA	2.33%		06/17/21		07/19/21		407,000		407,369
Goldman Sachs Bank USA	2.51%		06/17/21		07/19/21		1,653,000		1,654,616
JPMorgan Chase Bank, N.A.	0.35%		04/07/21		09/05/22		4,107,860		4,111,175
JPMorgan Chase Bank, N.A.	0.40%		05/28/21		10/26/22		2,494,223		2,495,054
RBC (Barbados) Trading Bank Corporation	1.71%		05/11/21		07/12/21		1,238,000		1,240,999
RBC (Barbados) Trading Bank Corporation	1.81%		05/11/21		07/12/21		2,526,000		2,532,477
RBC (Barbados) Trading Bank Corporation	1.81%		05/11/21		07/12/21		2,196,000		2,201,630
RBC (Barbados) Trading Bank Corporation	1.81%		05/11/21		07/12/21		616,000		617,579
RBC (Barbados) Trading Bank Corporation	2.01%		05/11/21		07/12/21		400,000		401,139
RBC (Barbados) Trading Bank Corporation	2.11%		05/11/21		07/12/21		1,056,000		1,059,156
RBC (Barbados) Trading Bank Corporation	2.21%		05/11/21		07/12/21		497,000		498,556
Royal Bank of Canada	0.12%		06/17/21		07/21/21		5,900,000		5,900,197
Total Reverse Repurchase Agreements Outstanding						$	82,826,707	$	82,922,511

See Notes to Consolidated Schedule of Investments.

76

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Futures Contracts Outstanding at June 30, 2021

Description	Contracts		Exchange		Notional Amount		Expiration Date		Value/ Unrealized Appreciaton (Depreciation)
Long Futures
3 Month Eurodollar		218		ICE		54,788,366 EUR		12/13/21	$	574
3 Month Eurodollar		400		ICE		100,506,687 EUR		03/14/22		(2,000	)
3 Month Eurodollar		243		ICE		61,042,875 EUR		09/19/22		(8,716	)
3 Month Eurodollar		209		ICE		52,489,192 EUR		12/19/22		(7,920	)
90 Day Eurodollar		472		CME		117,744,192 USD		12/13/21		13,908
90 Day Eurodollar		4		CME		997,998 USD		03/14/22		2
90 Day Eurodollar		325		CME		81,071,694 USD		06/13/22		(41,069	)
90 Day Eurodollar		1,131		CME		281,919,383 USD		09/19/22		(201,421	)
90 Day Eurodollar		1,254		CME		312,181,648 USD		12/19/22		(311,848	)
90 Day Eurodollar		3		CME		746,670 USD		03/13/23		(1,433	)
90 Day Eurodollar		10		CME		2,478,664 USD		09/18/23		(3,664	)
90 Day Eurodollar		1		CME		247,603 USD		12/18/23		(415	)
90 Day Eurodollar		1		CME		246,965 USD		03/18/24		(65	)
90 Day Sterling		272		ICE		33,957,488 GBP		12/15/21		17
90 Day Sterling		870		ICE		108,514,484 GBP		03/16/22		(35,252	)
90 Day Sterling		19		ICE		2,365,359 GBP		09/21/22		852
90 Day Sterling		235		ICE		29,235,994 GBP		12/21/22		9,432
Aluminum		12		LME		729,502 USD		09/13/21		27,848
Amsterdam Index		3		Euronext		439,697 EUR		07/16/21		(2,489	)
Argus Eurobob Oxy FOB Rotterdam Barges		21		ICE		69,076 USD		06/30/21		111,587
Argus Eurobob Oxy FOB Rotterdam Barges		21		ICE		69,076 USD		07/30/21		155,624
Argus Eurobob Oxy FOB Rotterdam Barges		21		ICE		69,076 USD		08/31/21		158,480
Argus Eurobob Oxy FOB Rotterdam Barges		21		ICE		69,076 USD		09/30/21		142,436
Argus Eurobob Oxy FOB Rotterdam Barges		21		ICE		69,076 USD		10/29/21		82,313
Argus Eurobob Oxy FOB Rotterdam Barges		21		ICE		69,076 USD		11/30/21		61,397
Argus Eurobob Oxy FOB Rotterdam Barges		21		ICE		69,076 USD		12/31/21		48,965
Australian 10-Year Bond		270		SFE		38,222,680 AUD		09/15/21		(76,234	)
Australian dollar Currency		17		CME		1,306,169 USD		09/13/21		(31,509	)
Brent 1st Line		10		ICE		9,529 USD		07/30/21		10,441
Brent 1st Line		10		ICE		9,529 USD		08/31/21		13,471
Brent 1st Line		10		ICE		9,529 USD		09/30/21		14,481
Brent 1st Line		10		ICE		9,529 USD		10/29/21		14,381
Brent 1st Line		10		ICE		9,529 USD		11/30/21		14,411
Brent 1st Line		10		ICE		9,529 USD		12/31/21		14,671
Brent Crude		3		ICE		221,734 USD		07/30/21		2,126
Brent Crude		417		ICE		30,620,433 USD		08/31/21		149,997
Brent Crude		35		ICE		2,527,131 USD		09/30/21		29,619
Brent Crude		50		ICE		200,001 USD		10/26/21		939,999
Brent Crude		550		ICE		1,170,136 USD		10/26/21		6,359,364
Brent Crude		34		ICE		2,473,303 USD		10/29/21		(12,723	)
British Pound Currency		33		CME		2,917,650 USD		09/13/21		(70,369	)
CAC40 Index		8		Euronext		530,825 EUR		07/16/21		(12,362	)
California Carbon Allowance Vintage Specific 2022		227		ICE		4,213,188 USD		12/27/21		798,972
California Carbon Allowance Vintage Specific 2023		575		ICE		10,702,673 USD		12/27/21		1,987,578
CAN 10YR BOND FUT SEP21 XMOD 20210921		31		CDE		4,487,743 CAD		09/21/21		18,859
Canadian Dollar Currency		37		CME		3,033,290 USD		09/14/21		(50,350	)
CG Mainline Index		90		ICE		79 USD		07/02/21		(47,171	)
CGR 07022021		4		ICE		34,278 USD		07/06/21		(148	)
CGR 07032021		4		ICE		34,278 USD		07/06/21		(148	)
CGR 07042021		4		ICE		34,278 USD		07/06/21		(148	)

See Notes to Consolidated Schedule of Investments.

77

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciaton (Depreciation)
CGR 07052021	4	ICE		34,278 USD		07/06/21	$	(148	)
CGR 07062021	4	ICE		34,278 USD		07/07/21		(148	)
CGR 07072021	4	ICE		34,278 USD		07/08/21		(148	)
CGR 07082021	4	ICE		34,278 USD		07/09/21		(148	)
CGR 07092021	4	ICE		34,278 USD		07/12/21		(148	)
CGR 07102021	4	ICE		34,278 USD		07/12/21		(148	)
CGR 07112021	4	ICE		34,278 USD		07/12/21		(148	)
CGR 07122021	4	ICE		34,278 USD		07/13/21		(148	)
CGR 07132021	4	ICE		34,278 USD		07/14/21		(148	)
CGR 07142021	4	ICE		34,278 USD		07/15/21		(148	)
CGR 07152021	4	ICE		34,278 USD		07/16/21		(148	)
CGR 07162021	4	ICE		34,278 USD		07/19/21		(148	)
CGR 07172021	4	ICE		34,278 USD		07/19/21		(148	)
CGR 07182021	4	ICE		34,278 USD		07/19/21		(148	)
CGR 07192021	4	ICE		34,278 USD		07/20/21		(148	)
CGR 07202021	4	ICE		34,278 USD		07/21/21		(148	)
CGR 07212021	4	ICE		34,278 USD		07/22/21		(148	)
CGR 07222021	4	ICE		34,278 USD		07/23/21		(148	)
CGR 07232021	4	ICE		34,278 USD		07/26/21		(148	)
CGR 07242021	4	ICE		34,278 USD		07/26/21		(148	)
CGR 07252021	4	ICE		34,278 USD		07/26/21		(148	)
CGR 07262021	4	ICE		34,278 USD		07/27/21		(148	)
CGR 07272021	4	ICE		34,278 USD		07/28/21		(148	)
CGR 07282021	4	ICE		34,278 USD		07/29/21		(148	)
CGR 07292021	4	ICE		34,278 USD		07/30/21		(148	)
CGR 07302021	4	ICE		34,278 USD		08/02/21		(148	)
CGR 07312021	4	ICE		34,278 USD		08/02/21		(148	)
Cocoa	56	ICE		1,380,962 USD		12/15/21		(20,722	)
Coffee ‘C’	582	ICE		34,338,974 USD		12/20/21		1,159,389
Copper	5	COMEX		537,312 USD		09/28/21		(1,187	)
Copper	28	COMEX		3,001,616 USD		12/29/21		(3,166	)
Corn	152	CBOT		4,130,111 USD		03/14/22		395,689
Cotton No.2	194	ICE		8,380,288 USD		03/09/22		(163,418	)
Crude Palm Oil	13	MYX		1,358,969 MYR		09/15/21		(45,597	)
DAX Index	7	Eurex		2,744,071 EUR		09/17/21		(31,625	)
DJIA mini E-CBOT	10	CBOT		1,716,432 USD		09/17/21		3,518
DSS 06302021	2	ICE		10,051 USD		07/01/21		5,478
E-mini Russell 2000	10	CME		1,165,228 USD		09/17/21		(11,328	)
Euro BOBL	199	Eurex		26,700,128 EUR		09/08/21		(5,073	)
Euro BTP	26	Eurex		3,933,635 EUR		09/08/21		3,587
Euro OAT	8	Eurex		1,272,975 EUR		09/08/21		(776	)
Euro Stoxx 50	268	Eurex		10,946,595 EUR		09/17/21		(92,317	)
Euro-Bund	123	Eurex		21,218,390 EUR		09/08/21		14,988
Euro-Schatz	340	Eurex		38,131,455 EUR		09/08/21		(4,571	)
FTSE 100 Index	5	ICE		355,804 GBP		09/17/21		(9,377	)
FTSE Taiwan Index	58	SGX		3,495,708 USD		07/29/21		42,872
FTSE/MIB Index	3	IDEM		384,457 EUR		09/17/21		(11,142	)
Gasoline RBOB	321	NYMEX		29,189,162 USD		07/30/21		1,034,786
Gasoline RBOB	247	NYMEX		22,718,416 USD		08/31/21		347,136
Globex Natural Gas	244	NYMEX		8,357,420 USD		07/27/21		548,580
Globex Natural Gas	520	NYMEX		15,819,694 USD		08/26/21		3,025,106
Globex Natural Gas	82	NYMEX		3,041,741 USD		09/27/21		(74,161	)
Globex Natural Gas	60	NYMEX		1,618,103 USD		04/26/22		132,097
Globex Natural Gas	60	NYMEX		1,618,103 USD		05/25/22		147,697
Globex Natural Gas	60	NYMEX		1,618,103 USD		06/27/22		168,097
Globex Natural Gas	60	NYMEX		1,618,103 USD		07/26/22		171,097
Globex Natural Gas	60	NYMEX		1,618,103 USD		08/26/22		162,097
Globex Natural Gas	60	NYMEX		1,618,103 USD		09/27/22		178,297
Gold 100 OZ	11	COMEX		2,077,336 USD		08/27/21		(128,576	)
Henry Hub	900	ICE		1,800 USD		07/02/21		470,700
Henry Hub	2,148	ICE		19,314,642 USD		07/28/21		285,858
Henry Hub	60	ICE		445,844 USD		08/27/21		97,156

See Notes to Consolidated Schedule of Investments.

78

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciaton (Depreciation)
Henry Hub	1,472	ICE		12,039,509 USD		09/28/21	$	1,282,091
Henry Hub	150	ICE		1,133,984 USD		10/27/21		237,767
Henry Hub	124	ICE		934,237 USD		11/26/21		226,093
Henry Hub	124	ICE		940,360 USD		12/29/21		239,810
Henry Hub	112	ICE		849,357 USD		01/27/22		193,643
Henry Hub	155	ICE		1,151,484 USD		02/24/22		200,116
Henry Hub	273	NYMEX		1,706,869 USD		03/28/22		339,266
Henry Hub	162	ICE		1,150,320 USD		03/29/22		63,870
Henry Hub	37	NYMEX		233,127 USD		04/26/22		36,695
Henry Hub	156	ICE		1,107,715 USD		04/27/22		29,915
Henry Hub	37	NYMEX		233,127 USD		05/25/22		39,100
Henry Hub	162	ICE		1,146,270 USD		05/26/22		45,645
Henry Hub	37	NYMEX		233,127 USD		06/27/22		42,245
Henry Hub	528	ICE		3,613,166 USD		06/28/22		316,474
Henry Hub	37	NYMEX		233,127 USD		07/26/22		42,708
Henry Hub	528	ICE		3,613,166 USD		07/27/22		323,074
Henry Hub	37	NYMEX		233,127 USD		08/26/22		41,320
Henry Hub	522	ICE		3,574,811 USD		08/29/22		297,124
Henry Hub	37	NYMEX		233,127 USD		09/27/22		43,818
Henry Hub	60	ICE		404,653 USD		10/27/22		52,847
Henry Hub	93	ICE		633,615 USD		11/28/22		105,735
Henry Hub	467	ICE		3,256,786 USD		12/28/22		566,776
Henry Hub	140	ICE		941,785 USD		01/27/23		181,015
Henry Hub	124	ICE		821,018 USD		02/24/23		111,772
Henry Hub	60	ICE		389,669 USD		03/29/23		6,031
Henry Hub	62	ICE		402,658 USD		04/26/23		(588	)
Henry Hub	60	ICE		389,669 USD		05/26/23		4,981
Henry Hub	62	ICE		402,658 USD		06/28/23		11,347
Henry Hub	62	ICE		402,658 USD		07/27/23		12,742
Henry Hub	60	ICE		389,669 USD		08/29/23		10,531
Henry Hub	62	ICE		402,658 USD		09/27/23		15,687
Henry Hub	60	ICE		389,880 USD		10/27/23		24,420
Henry Hub	62	ICE		402,876 USD		11/28/23		50,809
Henry Hub	279	ICE		1,797,354 USD		12/29/25		323,046
Henry Hub	252	ICE		1,623,416 USD		01/28/26		266,584
Henry Hub	279	ICE		1,797,354 USD		02/25/26		197,496
Henry Hub	270	ICE		1,739,375 USD		03/27/26		(4,625	)
Henry Hub	279	ICE		1,797,354 USD		04/28/26		(18,729	)
Henry Hub	270	ICE		1,739,375 USD		05/27/26		8,875
Henry Hub	279	ICE		1,797,354 USD		06/26/26		37,071
Henry Hub	279	ICE		1,797,354 USD		07/29/26		44,046
Henry Hub	270	ICE		1,739,375 USD		08/27/26		35,875
Henry Hub	279	ICE		1,797,354 USD		09/28/26		64,971
Henry Hub	270	ICE		1,739,375 USD		10/28/26		130,375
Henry Hub	279	ICE		1,797,354 USD		11/25/26		274,221
Henry Penultimate Fixed Price	471	ICE		2,920,421 USD		03/28/22		609,724
HHD 07012021	2	ICE		18,311 USD		07/02/21		289
Japanese Yen Currency	6	CME		678,309 USD		09/13/21		(2,784	)
KOSPI 200 Index	24	KRX FM		2,589,096,000 KRW		09/09/21		39,075
Lean Hogs	254	CME		10,428,957 USD		08/13/21		61,243
Live Cattle	177	CME		8,584,567 USD		08/31/21		104,363
Low Sulphar Gasoil	21	ICE		107,604 USD		07/30/21		11,172
Low Sulphar Gasoil	21	ICE		107,604 USD		08/31/21		32,554
Low Sulphar Gasoil	184	ICE		11,023,159 USD		09/10/21		12,241
Low Sulphar Gasoil	21	ICE		107,604 USD		09/30/21		50,528
Low Sulphar Gasoil	21	ICE		107,604 USD		10/29/21		62,395
Low Sulphar Gasoil	72	ICE		4,308,471 USD		11/11/21		2,529
Low Sulphar Gasoil	21	ICE		107,604 USD		11/30/21		68,548
Low Sulphar Gasoil	204	ICE		11,464,656 USD		12/10/21		693,744
Low Sulphar Gasoil	21	ICE		107,604 USD		12/31/21		74,785
Low Sulphar Gasoil	163	ICE		9,003,260 USD		12/12/22		446,665
Michcon Basis	124	ICE		57,242 USD		10/04/21		1,442

See Notes to Consolidated Schedule of Investments.

79

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciaton (Depreciation)
Michcon Index	180	ICE		6,533 USD		07/02/21	$	92,468
MSCI Singapore Index	56	SGX		1,991,621 SGD		07/29/21		(819	)
NASDAQ 100 E-Mini	11	CME		3,077,136 USD		09/17/21		123,644
Natural Gas	20	NYMEX		651,639 USD		07/28/21		78,361
Natural Gas	774	NYMEX		26,970,125 USD		08/27/21		1,079,635
Natural Gas	428	NYMEX		12,525,498 USD		09/28/21		2,963,822
Natural Gas	19	NYMEX		633,984 USD		12/29/21		89,346
Natural Gas	109	NYMEX		3,993,013 USD		01/27/22		67,237
Natural Gas	141	NYMEX		4,941,670 USD		02/24/22		(23,590	)
Natural Gas	43	NYMEX		1,272,874 USD		03/29/22		17,126
Natural Gas	43	NYMEX		1,272,874 USD		04/27/22		(17,274	)
Natural Gas	43	NYMEX		1,272,874 USD		05/26/22		(8,674	)
Natural Gas	43	NYMEX		1,272,874 USD		06/28/22		8,526
Natural Gas	43	NYMEX		1,272,874 USD		07/27/22		8,526
Natural Gas	43	NYMEX		1,272,874 USD		08/29/22		4,226
Natural Gas	311	NYMEX		7,957,580 USD		09/28/22		1,353,760
Natural Gas	7	NYMEX		181,592 USD		10/27/22		32,118
Natural Gas	10	NYMEX		286,718 USD		12/28/22		40,782
Natural Gas	214	NYMEX		6,013,768 USD		12/28/22		994,732
Natural Gas	6	NYMEX		162,611 USD		02/24/23		17,929
Natural Gas	27	NYMEX		722,298 USD		12/27/23		95,262
Natural Gas	25	NYMEX		668,794 USD		01/29/24		77,206
Natural Gas	27	NYMEX		722,298 USD		02/27/24		42,072
Natural Gas	26	NYMEX		695,546 USD		03/26/24		(36,186	)
Natural Gas	27	NYMEX		722,298 USD		04/26/24		(44,868	)
Natural Gas	26	NYMEX		695,546 USD		05/29/24		(33,586	)
Natural Gas	27	NYMEX		722,298 USD		06/26/24		(24,888	)
Natural Gas	27	NYMEX		722,298 USD		07/29/24		(20,298	)
Natural Gas	26	NYMEX		695,546 USD		08/28/24		(21,366	)
Natural Gas	27	NYMEX		722,298 USD		09/26/24		(10,308	)
Natural Gas	26	NYMEX		695,546 USD		10/29/24		16,854
Natural Gas	27	NYMEX		722,298 USD		11/26/24		74,742
New Zealand Dollar Currency	56	CME		4,011,524 USD		09/13/21		(101,044	)
Nickel	8	LME		837,228 USD		09/13/21		37,044
NWP Rockies Basis	62	ICE		7,804 USD		10/04/21		2,271
NY Harbor ULSD	142	NYMEX		12,369,531 USD		07/30/21		323,650
NY Harbor ULSD	131	NYMEX		11,636,783 USD		08/31/21		86,329
NY Harbor ULSD	221	NYMEX		16,969,454 USD		11/30/21		2,786,355
OMXS30 Index	14	Nasdaq OMX		3,198,463 SEK		07/16/21		(3,045	)
S&P 500 E-mini	24	CME		5,074,852 USD		09/17/21		71,468
S&P/TSX 60 Index	12	CDE		2,890,505 CAD		09/16/21		(3,247	)
SGX Nifty 50	45	SGX		1,431,556 USD		07/29/21		(14,326	)
Silver	4	COMEX		524,310 USD		09/28/21		(430	)
Soyabean	56	CBOT		3,651,156 USD		11/12/21		266,044
Soyabean Meal	114	CBOT		4,206,088 USD		12/14/21		145,292
Soyabean Oil	53	CBOT		1,864,437 USD		01/14/22		115,431
SPI 200	5	SFE		912,110 AUD		09/16/21		(6,926	)
Sugar 11	1,075	ICE		21,266,314 USD		02/28/22		502,006
Swiss Franc Currency	4	CME		558,543 USD		09/13/21		(17,593	)
Swiss Market Index	11	Eurex		1,310,231 CHF		09/17/21		1,642
Topix	45	OSE		880,217,159 JPY		09/09/21		(52,812	)
Trans Z4 Index	150	ICE		132 USD		07/02/21		93,618
U.S. Treasury 10-Year Note	879	CBOT		116,206,207 USD		09/21/21		261,293
U.S. Treasury 2-Year Note	143	CBOT		31,531,584 USD		09/30/21		(25,780	)
U.S. Treasury 5-Year Note	268	CBOT		33,187,631 USD		09/30/21		(108,475	)
U.S. Treasury Long Bond	33	CBOT		5,218,070 USD		09/21/21		86,680
U.S. Treasury Ultra Bond	4	CBOT		763,442 USD		09/21/21		7,308
UCS 06302021	4	ICE		29,975 USD		07/01/21		7,525
Waha Gas Basis	60	ICE		750 USD		11/02/21		(25,125	)
Waha Gas Basis	62	ICE		775 USD		12/02/21		(4,650	)
Waha Gas Basis	62	ICE		775 USD		01/04/22		(11,625	)
Waha Gas Basis	56	ICE		700 USD		02/02/22		(7,700	)

See Notes to Consolidated Schedule of Investments.

80

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Description	Contracts		Exchange		Notional Amount		Expiration Date		Value/ Unrealized Appreciaton (Depreciation)
Waha Gas Basis		62		ICE		775 USD		03/02/22	$	(29,450	)
Wheat		294		CBOT		10,185,513 USD		12/14/21		(116,013	)
WTI Crude		319		NYMEX		22,501,193 USD		08/20/21		712,437
WTI Crude		67		NYMEX		4,591,687 USD		09/21/21		216,233
WTI Crude		88		NYMEX		6,065,429 USD		10/20/21		172,891
WTI Crude		53		NYMEX		1,950,928 USD		11/19/21		1,765,962
WTI Crude		120		NYMEX		8,185,282 USD		02/22/22		(4,882	)
WTI Crude		240		NYMEX		14,753,935 USD		11/21/22		550,865
XICE JNB		8		ICE		43,600 USD		07/31/21		(11,552	)
XICE JNB		8		ICE		43,600 USD		08/31/21		(2,472	)
XICE JNB		8		ICE		43,600 USD		09/30/21		5,840
XICE JNB		158		ICE		1,542,245 USD		10/29/21		(430,399	)
XICE JNB		158		ICE		1,542,245 USD		11/30/21		(351,399	)
XICE JNB		158		ICE		1,542,245 USD		12/31/21		(267,185	)
Zinc		8		LME		596,473 USD		09/13/21		(1,073	)
									$	40,531,640
Short Futures
3 Month Eurodollar		5		ICE		1,256,107 EUR		06/13/22	$	(21	)
90 Day Eurodollar		11		CME		2,745,396 USD		09/13/21		(754	)
90 Day Eurodollar		2		CME		498,945 USD		12/13/21		(30	)
90 Day Eurodollar		787		CME		196,403,123 USD		03/14/22		46,623
90 Day Eurodollar		7		CME		1,743,982 USD		12/19/22		3,082
90 Day Eurodollar		1		CME		248,060 USD		06/19/23		10
90 Day Eurodollar		4		CME		987,490 USD		06/17/24		1,040
90 Day Eurodollar		3		CME		738,798 USD		09/16/24		(252	)
90 Day Eurodollar		1		CME		246,022 USD		12/16/24		(115	)
90 Day Eurodollar		5		CME		1,230,824 USD		03/17/25		762
90 Day Eurodollar		5		CME		1,229,062 USD		06/16/25		(251	)
90 Day Eurodollar		1		CME		245,585 USD		09/15/25		(153	)
90 Day Eurodollar		1		CME		245,410 USD		12/15/25		(178	)
90 Day Eurodollar		1		CME		245,310 USD		03/16/26		(190	)
90 Day Sterling		38		ICE		4,734,790 GBP		06/15/22		(672	)
Brent 1st Line		43		ICE		41,680 USD		06/30/21		(26,931	)
Brent 1st Line		43		ICE		41,680 USD		07/30/21		(19,750	)
Brent 1st Line		43		ICE		41,680 USD		08/31/21		(27,490	)
Brent 1st Line		43		ICE		41,680 USD		09/30/21		(30,070	)
Brent 1st Line		43		ICE		41,680 USD		10/29/21		(31,790	)
Brent 1st Line		43		ICE		41,680 USD		11/30/21		(33,940	)
Brent 1st Line		43		ICE		41,680 USD		12/31/21		(36,090	)
Brent Crude		355		ICE		26,567,893 USD		07/30/21		77,793
Brent Crude		200		ICE		80,004 USD		10/26/21		(327,996	)
Brent Crude		400		ICE		107,892 USD		10/26/21		(332,108	)
Brent Crude		176		NYMEX		11,408,598 USD		10/29/21		(1,328,522	)
Brent Crude		153		ICE		10,274,833 USD		10/29/21		(797,777	)
Brent Crude		122		ICE		7,742,287 USD		10/31/22		(453,673	)
California Carbon Allowance Vintage Specific 2021		6		ICE		132,418 USD		07/27/21		2,278
California Carbon Allowance Vintage Specific 2021		50		ICE		1,016,485 USD		09/27/21		(76,015	)
California Carbon Allowance Vintage Specific 2021		300		ICE		5,837,910 USD		09/27/21		(720,090	)
California Carbon Allowance Vintage Specific 2021		2,182		ICE		46,093,305 USD		12/27/21		(2,085,255	)
California Carbon Allowance Vintage Specific 2022		275		ICE		6,070,168 USD		03/28/22		(78,833	)
California Carbon Allowance Vintage Specific 2022		1,051		ICE		23,713,835 USD		12/23/22		(679,875	)
CBOE Volatility Index		16		CFE		314,659 USD		07/21/21		28,206
CBOE Volatility Index		2		CFE		40,156 USD		08/18/21		659
CBOE Volatility Index		43		CFE		919,983 USD		09/15/21		16,381
Cocoa		71		ICE		1,715,608 USD		09/15/21		19,418
Coffee ‘C’		572		ICE		33,106,968 USD		09/20/21		(1,159,407	)
Copper		25		COMEX		2,679,907 USD		09/28/21		(718	)
Corn		138		CBOT		3,702,671 USD		12/14/21		(357,979	)
Cotton No.2		166		ICE		7,182,576 USD		12/08/21		135,876
Dominion SP		180		ICE		5,468 USD		07/02/21		(17,033	)

See Notes to Consolidated Schedule of Investments.

81

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciaton (Depreciation)
Euro FX Currency	123	CME		18,678,912 USD		09/13/21	$	436,475
Euro Stoxx 50	101	Eurex		4,164,253 EUR		09/17/21		80,866
FTSE 100 Index	1	ICE		70,159 GBP		09/17/21		490
Gasoline RBOB	208	NYMEX		19,203,884 USD		07/30/21		(380,480	)
Gasoline RBOB	120	NYMEX		9,266,130 USD		11/30/21		(941,382	)
Globex Natural Gas	110	NYMEX		4,005,111 USD		10/26/21		(18,689	)
Globex Natural Gas	4	NYMEX		153,193 USD		11/24/21		3,473
Globex Natural Gas	162	NYMEX		5,312,421 USD		12/28/21		(854,919	)
Globex Natural Gas	82	NYMEX		2,436,559 USD		01/26/22		(617,941	)
Globex Natural Gas	160	NYMEX		4,714,025 USD		02/23/22		(866,775	)
Globex Natural Gas	66	NYMEX		1,668,966 USD		03/28/22		(309,714	)
Globex Natural Gas	8	NYMEX		200,398 USD		12/27/22		(61,602	)
Globex Natural Gas	8	NYMEX		200,398 USD		01/26/23		(56,242	)
Globex Natural Gas	8	NYMEX		200,398 USD		02/23/23		(40,322	)
Globex Natural Gas	8	NYMEX		200,398 USD		03/28/23		(10,642	)
Globex Natural Gas	8	NYMEX		200,398 USD		04/25/23		(7,122	)
Globex Natural Gas	8	NYMEX		200,398 USD		05/25/23		(10,082	)
Globex Natural Gas	8	NYMEX		200,398 USD		06/27/23		(13,282	)
Globex Natural Gas	8	NYMEX		200,398 USD		07/26/23		(14,002	)
Globex Natural Gas	8	NYMEX		200,398 USD		08/28/23		(13,042	)
Globex Natural Gas	8	NYMEX		200,398 USD		09/26/23		(15,522	)
Globex Natural Gas	8	NYMEX		200,398 USD		10/26/23		(20,562	)
Globex Natural Gas	8	NYMEX		200,398 USD		11/27/23		(33,762	)
Henry Hub	197	NYMEX		1,351,057 USD		07/27/21		(446,568	)
Henry Hub	197	NYMEX		1,351,057 USD		08/26/21		(433,763	)
Henry Hub	57	NYMEX		418,908 USD		09/27/21		(96,800	)
Henry Hub	127	NYMEX		1,190,531 USD		10/26/21		29,116
Henry Hub	534	NYMEX		4,680,280 USD		11/24/21		(316,625	)
Henry Hub	414	NYMEX		3,467,138 USD		12/28/21		(473,107	)
Henry Hub	420	NYMEX		3,280,939 USD		01/26/22		(630,311	)
Henry Hub	1	NYMEX		7,149 USD		02/23/22		(1,576	)
Henry Hub	1	ICE		6,374 USD		09/28/22		(1,111	)
Henry Hub	86	NYMEX		537,769 USD		12/27/22		(166,356	)
Henry Hub	86	NYMEX		537,769 USD		01/26/23		(151,951	)
Henry Hub	86	NYMEX		537,769 USD		02/23/23		(109,166	)
Henry Hub	86	NYMEX		537,769 USD		03/28/23		(29,401	)
Henry Hub	86	NYMEX		537,769 USD		04/25/23		(19,941	)
Henry Hub	86	NYMEX		537,769 USD		05/25/23		(27,896	)
Henry Hub	86	NYMEX		537,769 USD		06/27/23		(36,496	)
Henry Hub	86	NYMEX		537,769 USD		07/26/23		(38,431	)
Henry Hub	86	NYMEX		537,769 USD		08/28/23		(35,851	)
Henry Hub	86	NYMEX		537,769 USD		09/26/23		(42,516	)
Henry Hub	86	NYMEX		537,769 USD		10/26/23		(56,061	)
Henry Hub	86	NYMEX		537,769 USD		11/27/23		(91,536	)
Henry Hub	279	ICE		1,791,516 USD		12/27/23		(321,909	)
Henry Hub	261	ICE		1,675,934 USD		01/29/24		(268,516	)
Henry Hub	279	ICE		1,791,516 USD		02/27/24		(182,409	)
Henry Hub	270	ICE		1,733,725 USD		03/26/24		19,225
Henry Hub	279	ICE		1,791,516 USD		04/26/24		40,791
Henry Hub	270	ICE		1,733,725 USD		05/29/24		12,475
Henry Hub	279	ICE		1,791,516 USD		06/26/24		(8,034	)
Henry Hub	279	ICE		1,791,516 USD		07/29/24		(21,984	)
Henry Hub	270	ICE		1,733,725 USD		08/28/24		(14,525	)
Henry Hub	279	ICE		1,791,516 USD		09/26/24		(49,884	)
Henry Hub	270	ICE		1,733,725 USD		10/29/24		(115,775	)
Henry Hub	279	ICE		1,791,516 USD		11/26/24		(266,109	)
HHD 06302021	3	ICE		23,225 USD		07/01/21		(4,825	)
HHD 07022021	2	ICE		18,814 USD		07/06/21		514
HHD 07032021	2	ICE		18,814 USD		07/06/21		514
HHD 07042021	2	ICE		18,814 USD		07/06/21		514
HHD 07052021	2	ICE		18,814 USD		07/06/21		514
HHD 07062021	2	ICE		18,814 USD		07/07/21		514

See Notes to Consolidated Schedule of Investments.

82

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciaton (Depreciation)
HHD 07072021	2	ICE		18,814 USD		07/08/21	$	514
HHD 07082021	2	ICE		18,814 USD		07/09/21		514
HHD 07092021	2	ICE		18,814 USD		07/12/21		514
HHD 07102021	2	ICE		18,814 USD		07/12/21		514
HHD 07112021	2	ICE		18,814 USD		07/12/21		514
HHD 07122021	2	ICE		18,814 USD		07/13/21		514
HHD 07132021	2	ICE		18,814 USD		07/14/21		514
HHD 07142021	2	ICE		18,814 USD		07/15/21		514
HHD 07152021	2	ICE		18,814 USD		07/16/21		514
HHD 07162021	2	ICE		18,814 USD		07/19/21		514
HHD 07172021	2	ICE		18,814 USD		07/19/21		514
HHD 07182021	2	ICE		18,814 USD		07/19/21		514
HHD 07192021	2	ICE		18,814 USD		07/20/21		514
HHD 07202021	2	ICE		18,814 USD		07/21/21		514
HHD 07212021	2	ICE		18,814 USD		07/22/21		514
HHD 07222021	2	ICE		18,814 USD		07/23/21		514
HHD 07232021	2	ICE		18,814 USD		07/26/21		514
HHD 07242021	2	ICE		18,814 USD		07/26/21		514
HHD 07252021	2	ICE		18,814 USD		07/26/21		514
HHD 07262021	2	ICE		18,814 USD		07/27/21		514
HHD 07272021	2	ICE		18,814 USD		07/28/21		514
HHD 07282021	2	ICE		18,814 USD		07/29/21		514
HHD 07292021	2	ICE		18,814 USD		07/30/21		514
HHD 07302021	2	ICE		18,814 USD		08/02/21		564
HHD 07312021	2	ICE		18,814 USD		08/02/21		564
HSC Index	120	ICE		6,833 USD		07/02/21		(11,168	)
Japanese Yen Currency	38	CME		4,331,925 USD		09/13/21		53,600
Lean Hogs	301	CME		10,234,540 USD		10/14/21		(273,370	)
Live Cattle	201	CME		10,188,423 USD		10/29/21		(114,837	)
Low Sulphar Gasoil	212	ICE		12,668,772 USD		08/12/21		(14,128	)
Low Sulphar Gasoil	8	ICE		480,891 USD		10/12/21		691
Natural Gas	30	NYMEX		849,728 USD		07/28/21		(245,272	)
Natural Gas	1,207	NYMEX		41,106,905 USD		07/28/21		(2,948,595	)
Natural Gas	667	NYMEX		19,699,179 USD		08/27/21		(4,472,901	)
Natural Gas	321	NYMEX		10,663,068 USD		09/28/21		(953,922	)
Natural Gas	48	NYMEX		1,560,405 USD		10/27/21		(195,435	)
Natural Gas	242	NYMEX		8,697,022 USD		11/26/21		(361,038	)
Natural Gas	21	NYMEX		155,400 USD		12/29/21		(44,468	)
Natural Gas	21	NYMEX		155,400 USD		01/27/22		(40,163	)
Natural Gas	21	NYMEX		155,400 USD		02/24/22		(27,720	)
Natural Gas	318	NYMEX		9,318,767 USD		03/29/22		(214,873	)
Natural Gas	21	NYMEX		155,400 USD		03/29/22		(1,995	)
Natural Gas	432	NYMEX		11,253,485 USD		04/27/22		(1,347,955	)
Natural Gas	21	NYMEX		155,400 USD		04/27/22		2,257
Natural Gas	199	NYMEX		5,454,993 USD		05/26/22		(401,577	)
Natural Gas	21	NYMEX		155,400 USD		05/26/22		893
Natural Gas	123	NYMEX		3,564,452 USD		06/28/22		(97,258	)
Natural Gas	21	NYMEX		155,400 USD		06/28/22		(893	)
Natural Gas	46	NYMEX		1,366,789 USD		07/27/22		(4,931	)
Natural Gas	21	NYMEX		155,400 USD		07/27/22		(1,155	)
Natural Gas	141	NYMEX		4,046,310 USD		08/29/22		(137,160	)
Natural Gas	21	NYMEX		155,400 USD		08/29/22		(368	)
Natural Gas	171	NYMEX		4,308,906 USD		09/28/22		(810,834	)
Natural Gas	21	NYMEX		155,400 USD		09/28/22		(1,785	)
Natural Gas	21	NYMEX		155,400 USD		10/27/22		(4,883	)
Natural Gas	21	NYMEX		155,400 USD		11/28/22		(11,288	)
Natural Gas	1	NYMEX		6,769 USD		12/28/22		(1,419	)
Natural Gas	4	NYMEX		27,101 USD		01/27/23		(4,979	)
Natural Gas	1	NYMEX		6,769 USD		02/24/23		(754	)
Natural Gas	2	NYMEX		13,546 USD		03/29/23		356
Natural Gas	1	NYMEX		6,769 USD		04/26/23		284
Natural Gas	2	NYMEX		13,546 USD		05/26/23		391

See Notes to Consolidated Schedule of Investments.

83

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciaton (Depreciation)
Natural Gas	1	NYMEX		6,769 USD		06/28/23	$	91
Natural Gas	1	NYMEX		6,769 USD		07/27/23		69
Natural Gas	2	NYMEX		13,546 USD		08/29/23		206
Natural Gas	1	NYMEX		6,778 USD		09/27/23		30
Natural Gas	2	NYMEX		13,555 USD		10/27/23		(255	)
Natural Gas	1	NYMEX		6,778 USD		11/28/23		(540	)
NMS 06302021	2	ICE		15,076 USD		07/01/21		(2,924	)
NY Harbor ULSD	129	NYMEX		11,442,603 USD		07/30/21		(88,526	)
NY Harbor ULSD	161	NYMEX		11,865,631 USD		11/30/22		(2,065,442	)
S&P 500 E-mini	105	CME		22,177,678 USD		09/17/21		(337,472	)
Soyabean	63	CBOT		4,115,216 USD		01/14/22		(293,996	)
Soyabean Meal	139	CBOT		5,121,752 USD		01/14/22		(161,638	)
Soyabean Oil	45	CBOT		1,588,703 USD		12/14/21		(105,817	)
Sugar 11	951	ICE		18,528,993 USD		09/30/21		(526,004	)
Swiss Franc Currency	16	CME		2,200,448 USD		09/13/21		36,648
U.S. Treasury 10-Year Note	14	CBOT		1,845,813 USD		09/21/21		(9,188	)
U.S. Treasury Long Bond	147	CBOT		23,075,290 USD		09/21/21		(554,960	)
Wheat	277	CBOT		9,485,688 USD		09/14/21		74,613
WTI Crude	704	NYMEX		49,549,678 USD		07/20/21		(2,173,202	)
WTI Crude	30	NYMEX		2,193,247 USD		08/20/21		10,147
WTI Crude	397	NYMEX		27,640,927 USD		11/19/21		(200,683	)
WTI Crude	120	NYMEX		8,255,828 USD		01/20/22		2,228
WTI Crude	240	NYMEX		12,135,385 USD		11/20/23		(2,111,015	)
							$	(37,595,198	)
Total Futures Contracts Outstanding							$	2,936,442

Forward Foreign Currency Exchange Contracts Outstanding at June 30, 2021

Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD		1,770,000	USD		1,370,587	State Street Bank and Trust Company		09/15/21	$	(42,787	)
CLP		105,000,000	USD		146,199	State Street Bank and Trust Company		09/15/21		(3,487	)
CNH		20,543,026	USD		3,194,176	Bank of America, N.A.		09/15/21		(33,625	)
CNH		3,500,000	USD		543,652	State Street Bank and Trust Company		09/15/21		(5,176	)
COP		16,475,339,935	USD		4,421,723	Barclays Bank plc		09/15/21		(47,255	)
CZK		93,878,396	USD		4,492,617	Deutsche Bank AG		09/15/21		(128,903	)
EUR		715,000	USD		870,334	State Street Bank and Trust Company		07/22/21		(22,169	)
EUR		13,904,708	USD		16,966,746	State Street Bank and Trust Company		09/15/21		(454,336	)
GBP		9,500,000	USD		13,452,180	State Street Bank and Trust Company		09/15/21		(308,847	)
HKD		4,950,000	USD		637,992	State Street Bank and Trust Company		09/15/21		(353	)
IDR		6,200,000,000	USD		430,376	State Street Bank and Trust Company		09/15/21		(5,312	)
MXN		118,973,197	USD		5,952,529	Deutsche Bank AG		09/15/21		(38,814	)
MXN		6,600,000	USD		331,106	State Street Bank and Trust Company		09/15/21		(3,044	)
NOK		6,746,666	USD		816,112	State Street Bank and Trust Company		09/15/21		(32,241	)
PLN		16,425,936	USD		4,353,721	HSBC Bank plc		09/15/21		(44,639	)
RUB		218,038,288	USD		2,947,539	JPMorgan Chase Bank, N.A.		09/15/21		2,023
SEK		15,728	USD		1,906	State Street Bank and Trust Company		09/15/21		(66	)
SGD		940,001	USD		710,040	State Street Bank and Trust Company		09/15/21		(11,000	)
USD		1,626,120	AUD		2,100,000	State Street Bank and Trust Company		09/15/21		50,764
USD		3,952,651	CHF		3,535,000	State Street Bank and Trust Company		09/15/21		124,370
USD		144,211	CLP		105,000,000	State Street Bank and Trust Company		09/15/21		1,499
USD		8,488,762	EUR		7,040,000	State Street Bank and Trust Company		07/22/21		137,602
USD		663,971	EUR		544,978	HSBC Bank plc		09/15/21		16,788
USD		22,979,970	EUR		18,832,708	State Street Bank and Trust Company		09/15/21		615,358
USD		12,021,288	GBP		8,490,000	Citibank N.A.		11/22/21		271,852
USD		13,840,104	GBP		9,773,954	State Street Bank and Trust Company		09/15/21		317,754
USD		22,385,258	GBP		15,898,000	State Street Bank and Trust Company		09/17/21		389,789
USD		199,646	HKD		1,549,000	State Street Bank and Trust Company		09/15/21		111
USD		11,026,729	IDR		158,939,265,966	JPMorgan Chase Bank, N.A.		09/15/21		203,305
USD		780,097	KRW		870,900,000	State Street Bank and Trust Company		09/15/21		5,459
USD		1,430,325	NOK		11,930,000	State Street Bank and Trust Company		09/15/21		44,220

See Notes to Consolidated Schedule of Investments.

84

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD		4,475,645	PLN		16,425,936	Morgan Stanley Capital Services, Inc.		09/15/21	$	166,563
USD		13,459,109	RUB		994,258,004	Goldman Sachs International		09/15/21		9,061
USD		2,594,269	RUB		189,978,290	Barclays Bank plc		09/15/21		24,295
USD		479,277	SGD		634,501	State Street Bank and Trust Company		09/15/21		7,425
USD		5,910,339	ZAR		80,680,849	Deutsche Bank AG		09/15/21		312,972
USD		3,273,710	ZAR		45,000,000	State Street Bank and Trust Company		09/15/21		151,761
USD		1,465,521	ZAR		21,236,139	Goldman Sachs International		09/15/21		(7,771	)
USD		1,427,906	ZAR		20,650,800	HSBC Bank plc		09/15/21		(4,778	)
Total Forward Foreign Currency Exchange Contracts Outstanding									$	1,658,368

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

Reference Obligation	Financing Fee		Payment Frequency	Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Republic of South Africa		(1.00)%	3M	12/21/2024	Credit Suisse Securities (USA) LLC		14,543,000   USD	$	190,233		$	27,470	$	162,763
Republic of Turkey		(1.00)%	3M	12/21/2022	Credit Suisse Securities (USA) LLC		2,816,000   USD		84,261			87,706		(3,445	)
Republic of Turkey		(1.00)%	3M	6/21/2025	Credit Suisse Securities (USA) LLC		291,000   USD		27,930			66,010		(38,080	)
United Mexican States		(1.00)%	3M	12/21/2023	Credit Suisse Securities (USA) LLC		12,069,000   USD		(170,137	)		1,676		(171,813	)
United Mexican States		(1.00)%	3M	6/21/2023	Credit Suisse Securities (USA) LLC		8,000,000   USD		(102,216	)		907		(103,123	)
Total Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection)								$	30,071		$	183,769	$	(153,698	)

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

Reference Obligation	Financing Fee		Payment Frequency	Maturity Date		Counterparty	Rating(1)		Notional Amount(2)		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.EM.35		1.00%	3M		06/20/26	Merrill Lynch, Pierce, Fenner & Smith, Inc.		NR		11,880,000 USD	$	(312,494	)	$	(418,140	)	$	105,646
CDX.NA.HY.34		5.00%	3M		06/20/25	Merrill Lynch, Pierce, Fenner & Smith, Inc.		NR		368 USD		37			9			28
CDX.NA.HY.36		5.00%	3M		06/21/26	Merrill Lynch, Pierce, Fenner & Smith, Inc.		NR		4,550,000 USD		463,888			387,432			76,456
iTraxx Europe Crossover series 35		5.00%	3M		06/20/26	Merrill Lynch, Pierce, Fenner & Smith, Inc.		NR		9,368,367 EUR		1,381,648			1,314,425			67,223
Total Centrally Cleared Credit Default Swaps on Index (Sell Protection)											$	1,533,079		$	1,283,726		$	249,353

See Notes to Consolidated Schedule of Investments.

85

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

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

Reference Obligation	Financing Fee		Payment Frequency	Maturity Date	Counterparty	Notional Amount		Market Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CMBX.NA.BBB-.10		(3.00)%	1M	11/18/2059	Morgan Stanley Capital Services LLC		5,645,000  USD	$	498,794	$	453,500	$	45,294
CMBX.NA.BBB-.10		(3.00)%	1M	11/18/2059	Morgan Stanley Capital Services LLC		1,102,000  USD		97,373		374,805		(277,432	)
CMBX.NA.BBB-,10		(3.00)%	1M	11/18/2059	J.P. Morgan Securities LLC		7,363,000  USD		650,597		71,578		579,019
CMBX.NA.BBB-.8		(3.00)%	1M	10/18/2057	Morgan Stanley Capital Services LLC		69,000  USD		9,550		14,170		(4,620	)
CMBX.NA.BBB-.9		(3.00)%	1M	9/18/2058	Credit Suisse International		10,000  USD		778		594		184
CMBX.NA.BBB-.9		(3.00)%	1M	9/18/2058	Goldman Sachs International		177,000  USD		13,765		5,121		8,644
Total OTC Credit Default Swaps on Index (Buy Protection)								$	1,270,857	$	919,768	$	351,089

OTC Credit Default Swaps on Index (Sell Protection) - Outstanding at June 30, 2021

Reference Obligation	Financing Fee			Payment Frequency	Maturity Date	Counterparty	Rating(1)	Notional Amount(2)		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.BBB-.10		3.00%		1M	11/18/59	Goldman Sachs Bank USA	BBB-		1,096,000  USD	$	(96,843	)	$	(30,005	)	$	(66,838	)
CMBX.NA.BBB-.10		3.00%		1M	11/18/59	Goldman Sachs International	BBB-		18,066,000  USD		(1,596,317	)		(682,643	)		(913,674	)
CMBX.NA.BBB-.11		3.00%		1M	11/19/54	J.P. Morgan Securities LLC	BBB-		7,500,000  USD		(259,279	)		(620,026	)		360,747
CMBX.NA.BBB-.8		(2.00%	)	1M	10/18/57	Goldman Sachs Bank USA	BBB-		100,000  USD		(1,098	)		(1,537	)		439
CMBX.NA.BBB-.8		3.00%		1M	10/18/57	Credit Suisse International	BBB-		286,000  USD		(39,585	)		(20,492	)		(19,093	)
CMBX.NA.BBB-.8		3.00%		1M	10/18/57	Goldman Sachs International	BBB-		1,294,000  USD		(179,104	)		(72,380	)		(106,724	)
CMBX.NA.BBB-.8		3.00%		1M	10/18/57	Goldman Sachs International	BBB-		232,000  USD		(32,111	)		(5,855	)		(26,256	)
CMBX.NA.BBB-.8		3.00%		1M	10/18/57	J.P. Morgan Securities LLC	BBB-		2,160,000  USD		(298,967	)		(114,149	)		(184,818	)
CMBX.NA.BBB-.9		3.00%		1M	09/18/58	J.P. Morgan Securities LLC	BBB-		187,000  USD		(14,543	)		(962	)		(13,581	)
Total OTC Credit Default Swaps on Index (Sell Protection)										$	(2,517,847	)	$	(1,548,049	)	$	(969,798	)

⁽¹⁾ Using the higher of the 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.

OTC Total Return Swaps Outstanding at June 30, 2021

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Buys
10X Genomics, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		898,573  USD	$	(9,354)
1Life Healthcare, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		252,320  USD		(10,321)
2U, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		44,564  USD		1,273
3D Systems Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		15,566  USD		5,978
3M Co.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,161,684  USD		35,658
8x8, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		298,065  USD		18,594
AbbVie, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		7,655,996  USD		(126,125)
ABIOMED, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		260,634  USD		(958)
ABT Networks		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		58,188  USD		(88)
ABT Networks		06/25/21		M	0.49%	Credit Suisse International		44,525  USD		(413)
Acadia Healthcare Co., Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		58,642  USD		(1,100)

See Notes to Consolidated Schedule of Investments.

86

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
ACADIA Pharmaceuticals, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC	$	5,860  USD	$	(104)
Accelink Technologies Co., Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		131,025  USD		324
Accelink Technologies Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		97,094  USD		751
ACI Worldwide, Inc		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		740,398  USD		(22,482)
AdaptHealth Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		350,551  USD		(10,475)
Adient PLC		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		30,654  USD		534
AECOM		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,668,231  USD		60,658
Aerojet Rocketdyne Holdings, Inc.		01/25/23	M	0.35%	Goldman Sachs International		688,544  USD		1,859
Aerojet Rocketdyne Holdings, Inc.		12/23/22	M	0.60%	JPMorgan Chase Bank, N.A.		22,916,454  USD		61,859
Affiliated Managers Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		680,257  USD		5,977
AGCO Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,308,784  USD		104,680
agilon health, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		169,711  USD		6,120
Agios Pharmaceuticals, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,028,878  USD		11,103
AGNC Investment Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		381,293  USD		(4,021)
Agree Realty Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		48,605  USD		104
AIER Eye Hospital Group Co.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		558,366  USD		63,042
AIER Eye Hospital Group Co.		06/30/21	M	0.49%	Credit Suisse International		403,292  USD		51,284
Air Products & Chemicals, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,733,792  USD		(7,760)
Airbnb, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,650,545  USD		34,301
Alarm.com Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		309,163  USD		6,260
Alaska Air Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,575,593  USD		(124,172)
Alcon, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		270,725  USD		(1,980)
Alexion Pharmaceuticals, Inc.		12/16/22	M	0.60%	JPMorgan Chase Bank, N.A.		26,839,572  USD		453,120
Align Technology, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,858,022  USD		20,803
Alkermes PLC		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		38,322  USD		(341)
All Winner Technology Co., Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.		84,989  USD		15,404
All Winner Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		63,675  USD		13,655
Allegheny Technologies, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		48,947  USD		(1,721)
Allegiant Travel Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,705,006  USD		(54,648)
Allison Transmission Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		689,583  USD		7,576
Allogene Therapeutics, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		135,781  USD		5,077
Alphabet, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,059,853  USD		(5,521)
Alteryx, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		302,733  USD		488
Altria Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		6,459,450  USD		53,685
Amazon.com, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,657,409  USD		(89,057)
Amcor PLC		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,178,010  USD		(1,010)
Amdocs Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,822  USD		(31)
Amedisys, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,163,948  USD		(2,245)
AMERCO		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		466,389  USD		47,568
American Homes 4 Rent		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		41,299  USD		(390)
American International Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		475,204  USD		511
American Well Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		91,283  USD		(7,462)
Ameriprise Financial, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		9,413  USD		294
Ameris Bancorp		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		334,195  USD		(6,062)
AmerisourceBergen Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		38,601  USD		(705)

See Notes to Consolidated Schedule of Investments.

87

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
AMETEK, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		$1,061,664  USD	$	(739)
Amethystum Storage Technology Co. Ltd.		03/21/23	M	0.48%	JPMorgan Chase Bank, N.A.		90,400  USD		1,185
Amethystum Storage Technology Co. Ltd.		06/24/21	M	0.49%	Credit Suisse International		62,420  USD		1,068
Amicus Therapeutics, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		5,175  USD		(201)
Amkor Technology, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		18,867  USD		567
Amlogic Shanghai Co., Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.		555,631  USD		30,213
Amlogic Shanghai Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		427,361  USD		25,263
Amoy Diagnostics Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		78,967  USD		(393)
Anaplan, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		687,730  USD		(21,747)
Angang Steel Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		72,415  USD		(33)
Angang Steel Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		75,437  USD		113
Angel Yeast Co. Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		109  USD		1
Anhui Anke Biotechnology (Group) Co., Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.		7,692  USD		(174)
Anhui Anke Biotechnology (Group) Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		5,444  USD		(140)
Anhui Conch Cement Co. Ltd.		03/17/23	M	0.48%	JPMorgan Chase Bank, N.A.		34,908  USD		34
Anhui Conch Cement Co. Ltd.		06/24/21	M	0.49%	Credit Suisse International		29,695  USD		164
Anhui Expressway Co. Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,355  USD		(156)
Anhui Expressway Co. Ltd.		06/24/21	M	0.49%	Credit Suisse International		3,013  USD		(114)
Anhui Fengyuan Pharmaceutical Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		48,775  USD		(291)
Anhui Fengyuan Pharmaceutical Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		36,255  USD		(194)
Anhui Gujing Distillery Co., Ltd.		06/23/23	M	0.48%	JPMorgan Chase Bank, N.A.		13,928  USD		899
Anhui Gujing Distillery Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		10,566  USD		554
Anhui Guofeng Plastic Industry Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		30  USD		1
Anhui Honglu Steel Construction(Group) Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		98,684  USD		651
Anhui Honglu Steel Construction(Group) Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		73,575  USD		475
Anhui Jianghuai Automobile Group Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		159,444  USD		39,276
Anhui Jianghuai Automobile Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		105,363  USD		32,760
Anhui Korrun Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		10,669  USD		(56)
Anhui Korrun Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		8,334  USD		(43)
Anhui Kouzi Distillery Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		325  USD		(22)
Anhui Kouzi Distillery Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		214  USD		(4)

See Notes to Consolidated Schedule of Investments.

88

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Anhui Sunhere Pharmaceutical Excipients Co., ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		$49,940  USD	$	(987)
Anhui Sunhere Pharmaceutical Excipients Co., ltd.		11/30/99	M	0.49%	Credit Suisse International		37,062  USD		(809)
Anhui Truchum Advanced Materials & Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		74,491  USD		495
Anhui Truchum Advanced Materials & Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		61,396  USD		484
Anhui Yingjia Distillery Co. Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		13,245  USD		467
Anhui Yingjia Distillery Co. Ltd.		06/24/21	M	0.49%	Credit Suisse International		11,371  USD		285
Anhui Yingliu Electromechanical Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		67,570  USD		822
Anhui Yingliu Electromechanical Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		55,358  USD		570
Anhui Zhongding Sealing Parts Co. Ltd.		02/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		132,025  USD		713
Anhui Zhongding Sealing Parts Co. Ltd.		07/02/21	M	0.49%	Credit Suisse International		108,534  USD		648
Anhui Zhonghuan Environmental Protectional Technology		03/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		24  USD		1
Anhui Zhonghuan Environmental Protectional Technology		06/24/21	M	0.49%	Credit Suisse International		24  USD		1
Anji Microelectronics Technology (Shanghai) Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,710  USD		359
ANSYS, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		716,437  USD		21,759
Anthem, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		58,996  USD		184
Aofu Environmental Technology Co. ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		113,045  USD		(4,336)
Aofu Environmental Technology Co. ltd.		06/24/21	M	0.49%	Credit Suisse International		87,907  USD		(3,374)
Aoshikang Technology Co., Ltd.		05/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		189,989  USD		3,033
Aoshikang Technology Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		143,956  USD		2,017
Apellis Pharmaceuticals, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		43,018  USD		1,096
Apeloa Pharmaceutical Co. Ltd.		07/02/21	M	0.00%	Credit Suisse International		111,775  USD		(1,664)
Apeloa Pharmaceutical Co. Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		134,010  USD		(2,059)
Appian Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		54,720  USD		1,344
Apple, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,403,603  USD		185,899
Applovin Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		127,580  USD		(8,135)
Appotronics Corporation Ltd.		05/17/23	M	0.48%	JPMorgan Chase Bank, N.A.		891  USD		10
Appotronics Corporation Ltd.		06/24/21	M	0.49%	Credit Suisse International		173  USD		2
Aptargroup, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,610,717  USD		(8,734)
Archer-Daniels-Midland Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,213,372  USD		(2,160)
Arcsoft Corp. Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		66,221  USD		12,226

See Notes to Consolidated Schedule of Investments.

89

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Arcsoft Corp. Ltd.		06/25/21	M	0.49%	Credit Suisse International		$      48,794  USD	$	8,695
Arcvideo Tech		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		124,144  USD		(4,796)
Arcvideo Tech		07/02/21	M	0.49%	Credit Suisse International		93,768  USD		(3,662)
Arena Pharmaceuticals, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		362,450  USD		3,852
Arrow Electronics, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		19,321  USD		258
Arthur J Gallagher & Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		5,498,342  USD		11,425
Artisan Partners Asset Management, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		729,112  USD		15,452
Arvinas, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		26,977  USD		(720)
Asbury Automotive Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		732,963  USD		46,770
Asia Cuanon Technology Shanghai Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		784  USD		(18)
Asia Pacific Wire & Cable Corp. Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		218,178  USD		(3,918)
Asia Pacific Wire & Cable Corp. Ltd.		11/30/99	M	0.49%	Credit Suisse International		165,747  USD		(3,178)
Aspen Technology, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,034,648  USD		(29,674)
Associated Banc-Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		186,549  USD		(1,963)
Asymchem Laboratories Tianjin Co., Ltd.		03/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		30,117  USD		(1,285)
Asymchem Laboratories Tianjin Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		24,105  USD		(1,039)
Athene Holding Ltd.		06/05/23	M	0.35%	Goldman Sachs International		29,401,880  USD		1,773,535
Atkore, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		451,683  USD		3,498
Atlas Air Worldwide Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		227,526  USD		1,324
Atlassian Corp plc		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,796,449  USD		(124,378)
Atmos Energy Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		169,239  USD		(3,546)
AtriCure, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		401,115  USD		15,605
Aupu Home Style Corp., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		11,618  USD		(219)
Aupu Home Style Corp., Ltd.		11/30/99	M	0.49%	Credit Suisse International		8,652  USD		(195)
Autel Intelligent Technology Corp., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		139,813  USD		(3,810)
Autel Intelligent Technology Corp., Ltd.		07/02/21	M	0.49%	Credit Suisse International		127,294  USD		(3,367)
Autobio Diagnostics Co., Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		265,909  USD		(5,933)
Autobio Diagnostics Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		200,002  USD		(4,404)
Autonation, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		32,589  USD		690
Avantor, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		17,399  USD		143
Avcon Information Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		28,333  USD		124
Avcon Information Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		20,970  USD		83
Avery Dennison Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		769,680  USD		3,583
Avic Jonhon Optronic Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		265,025  USD		4,023
Avic Jonhon Optronic Technology Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		203,233  USD		3,445
Avnet, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		969,296  USD		17,273
Axalta Coating Systems Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,432,041  USD		(11,451)
AZEK Co., Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,662,923  USD		65,963
B-Soft Co., Ltd.		04/28/23	M	0.48%	SAC CA BONU -		41,598  USD		(650)
B-Soft Co., Ltd.		07/01/21	M	0.49%	SAC CA BONU -		32,540  USD		(882)
Bafang Electric (Suzhou) Co., Ltd.		05/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		266,279  USD		(10,197)

See Notes to Consolidated Schedule of Investments.

90

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Bafang Electric (Suzhou) Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		$    202,194  USD	$	(8,303)
Baker Hughes Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		156,465  USD		(3,373)
Balance Medical		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,987  USD		871
Ball Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,942,588  USD		52,266
BancorpSouth Bank		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		48,702  USD		(144)
Bandwidth, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		150,438  USD		11,066
Bank Of Beijing Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		141,949  USD		(705)
Bank Of Beijing Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		104,941  USD		(479)
Bank of Changsha Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,939  USD		(34)
Bank of Changsha Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		12,083  USD		(184)
Bank of Chengdu Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		184,112  USD		(4,198)
Bank of Chengdu Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		128,184  USD		(1,959)
Bank of Hangzhou Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		165,873  USD		1,454
Bank of Hangzhou Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		155,186  USD		1,412
Bank of Jiangsu Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		116,925  USD		100
Bank of Jiangsu Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		97,732  USD		63
Bank of Nanjing Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		340,495  USD		10,202
Bank of Nanjing Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		251,285  USD		8,051
Bank Of Nova Sco.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		186,787  USD		1,005
BankUnited, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		148,267  USD		(3,121)
Baoshan Iron + Steel Co.		02/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		877,225  USD		7,006
Baoshan Iron + Steel Co.		07/02/21	M	0.00%	Credit Suisse International		649,557  USD		4,899
Barrick Gold Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,123,684  USD		(12,918)
Baxter International, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		4,056,916  USD		(50,270)
Befar Group Co., Ltd.		04/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		167,845  USD		35,247
Befar Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		125,867  USD		27,523
Beh-Property Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		10,907  USD		(206)
Beh-Property Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		8,201  USD		(162)
Beijing Aosaikang Pharmaceutical Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		81  USD		3
Beijing Baolande Software Corp.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		62,646  USD		343
Beijing Baolande Software Corp.		06/24/21	M	0.49%	Credit Suisse International		45,838  USD		130
Beijing Bashi Media Co., Ltd.		03/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		18,761  USD		(21)
Beijing Bashi Media Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		13,297  USD		(5)
Beijing Bayi Space LCD Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,016  USD		(20)
Beijing Bohui Science & Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		12,886  USD		51
Beijing Bohui Science & Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		9,226  USD		35
Beijing Capital Development Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,835  USD		19
Beijing Capital Development Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		3,384  USD		(4)
Beijing Century Real Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		11,174  USD		147
Beijing Century Real Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		7,362  USD		78
Beijing Compass Technology Development Co., Ltd		06/25/21	M	0.49%	Credit Suisse International		401  USD		47

See Notes to Consolidated Schedule of Investments.

91

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Beijing Compass Technology Development Co., Ltd		05/24/23		M	0.48%	JPMorgan Chase Bank, N.A.	$	18,882  USD	$	2,026
Beijing Dalong Weiye Real Estate Development Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		7,812  USD		56
Beijing Dalong Weiye Real Estate Development Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		5,984  USD		42
Beijing Enlight Media Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		172  USD		(5)
Beijing Haohua Energy Resource Co., Ltd.		04/26/23		M	0.48%	JPMorgan Chase Bank, N.A.		18,654  USD		(24)
Beijing Haohua Energy Resource Co., Ltd.		11/30/99		M	0.49%	Credit Suisse International		12,503  USD		(16)
Beijing Hotgen Biotech Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		2,188  USD		240
Beijing Hotgen Biotech Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		1,134  USD		124
Beijing Inhand Networks Technology Co., Ltd.		04/26/23		M	0.48%	JPMorgan Chase Bank, N.A.		26,673  USD		(200)
Beijing Inhand Networks Technology Co., Ltd.		11/30/99		M	0.49%	Credit Suisse International		20,260  USD		(192)
Beijing Kingsoft office Software Inc.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		66,326  USD		2,230
Beijing Kingsoft office Software Inc.		06/24/21		M	0.49%	Credit Suisse International		247  USD		(2)
Beijing Kingsoft office Software Inc.		06/21/23		M	0.48%	JPMorgan Chase Bank, N.A.		323,753  USD		(2,240)
Beijing Kingsoft office Software Inc.		11/30/99		M	0.49%	Credit Suisse International		295,202  USD		(2,040)
Beijing LongRuan Technologies Inc.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		94,336  USD		(3,495)
Beijing LongRuan Technologies Inc.		07/02/21		M	0.00%	Credit Suisse International		71,319  USD		(2,560)
Beijing New Building Materrial Group Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		221,203  USD		(14,671)
Beijing New Building Materrial Group Co., Ltd.		07/02/21		M	0.49%	Credit Suisse International		173,328  USD		(11,747)
Beijing Oriental Yuhong Waterproof Technology Co., Ltd.		01/30/23		M	0.48%	JPMorgan Chase Bank, N.A.		35,408  USD		(1,162)
Beijing Oriental Yuhong Waterproof Technology Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		32,184  USD		(1,362)
Beijing Piesat Information Technology Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		36,993  USD		325
Beijing Piesat Information Technology Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		31,604  USD		295
Beijing Sanlian Hope Shin-Gosen Technical Service Co., Ltd.		06/28/23		M	0.48%	JPMorgan Chase Bank, N.A.		847  USD		47
Beijing Sanyuan Foods Co., Ltd.		05/19/23		M	0.48%	JPMorgan Chase Bank, N.A.		24,304  USD		(309)
Beijing Sanyuan Foods Co., Ltd.		11/30/99		M	0.49%	Credit Suisse International		18,436  USD		(223)
Beijing Seeyon Internet Software Corp.		06/05/23		M	0.48%	JPMorgan Chase Bank, N.A.		64,627  USD		(257)
Beijing Seeyon Internet Software Corp.		06/24/21		M	0.49%	Credit Suisse International		47,823  USD		(373)

See Notes to Consolidated Schedule of Investments.

92

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Beijing Shougang Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		$   36,969  USD	$	1,040
Beijing Shougang Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		27,676  USD		418
Beijing StarNeto Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		52,523  USD		563
Beijing StarNeto Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		39,136  USD		429
Beijing SuperMap Software Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		214  USD		(28)
Beijing Tianyishangjia New Material Corp. Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		27,757  USD		1,753
Beijing Tianyishangjia New Material Corp. Ltd.		06/24/21	M	0.49%	Credit Suisse International		20,399  USD		1,309
Beijing Traffic Control Technology Co., Ltd.		03/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		426  USD		19
Beijing Traffic Control Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		727  USD		32
Beijing Tricolor Technology Co., Ltd.		03/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		272  USD		(8)
Beijing Tricolor Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		202  USD		(4)
Beijing Ultrapower Software Co., Ltd.		02/08/23	M	0.48%	JPMorgan Chase Bank, N.A.		8  USD		—
Beijing United Information Technology Co., Ltd.		02/07/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,004  USD		17
Beijing Urban Construction Group Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		66,054  USD		(2,526)
Beijing Urban Construction Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		48,812  USD		(1,789)
Beijing Worldia Diamond Tools Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		219,259  USD		3,757
Beijing Worldia Diamond Tools Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		164,252  USD		2,668
Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd.		02/13/23	M	0.48%	JPMorgan Chase Bank, N.A.		175,866  USD		5,083
Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		146,478  USD		3,982
Beijing Zuojiang Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		24,631  USD		812
Beijing Zuojiang Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		22,392  USD		736
Beijing Zuojiang Technology Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		404  USD		20
Beiqi Foton Motor Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		3,701  USD		(70)
Bengang Steel Plates Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		92,659  USD		7,085
Bengang Steel Plates Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		90,900  USD		6,914
Bengang Steel Plates Co., Ltd.		06/07/23	M	0.48%	JPMorgan Chase Bank, N.A.		140,097  USD		10,127
Bengang Steel Plates Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		84,281  USD		5,953
Berkshire Hathaway, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,888,640  USD		4,551

See Notes to Consolidated Schedule of Investments.

93

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Berry Genomics Co., Ltd.		06/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		$   20,393  USD	$	64
Berry Genomics Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		11,146  USD		12
Bestsun Energy Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		6,955  USD		(47)
Bestsun Energy Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		5,291  USD		(37)
Betta Pharmaceuticals Co., Ltd.		03/08/23	M	0.48%	JPMorgan Chase Bank, N.A.		32  USD		2
Betta Pharmaceuticals Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		32  USD		2
Beyond Meat, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,974,080  USD		205,958
Biem.L.Fdlkk Garment		04/04/23	M	0.48%	JPMorgan Chase Bank, N.A.		104,705  USD		5,394
Biem.L.Fdlkk Garment		06/24/21	M	0.49%	Credit Suisse International		80,279  USD		4,078
Big Lots, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		89,867  USD		963
Bill.com Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		31,584  USD		(626)
Bio-Thera Solutions Ltd.		05/30/23	M	0.48%	JPMorgan Chase Bank, N.A.		78,268  USD		(4,374)
Bio-Thera Solutions Ltd.		06/24/21	M	0.49%	Credit Suisse International		59,438  USD		(3,152)
Biogen, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		6,206,167  USD		(564,390)
Black Hills Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,985  USD		(16)
BlackBerry Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,408,384  USD		(63,817)
Blackline, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,050,556  USD		20,307
Bloomage Biotechnology Corp. Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		3,399  USD		256
Bloomage Biotechnology Corp. Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,520  USD		114
Blue Sail Medical Co., Ltd.		02/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		257,370  USD		6,113
Blue Sail Medical Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		196,375  USD		4,153
Bluebird Bio, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		207,392  USD		(833)
Blueprint Medicines Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		938,919  USD		59,515
Boe Technology Group Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		231,660  USD		212
Boe Technology Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		170,180  USD		947
Bohai Leasing Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		6,473  USD		(106)
Boise Cascade Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		547,349  USD		11,178
Bomin Electronics Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		32  USD		1
Booking Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		6,811,594  USD		(177,305)
Boot Barn Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		250,258  USD		4,918
Booz Allen Hamilton Holding Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		84,739  USD		(155)
Boston Beer Co., Inc. (The)		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,775,815  USD		97,737
Brightgene Bio Medical Technology Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		38,261  USD		(2,025)
Brightgene Bio Medical Technology Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		26,544  USD		(1,742)
Bristol-Myers Squibb Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,426,131  USD		117,179
Broadcom, Inc.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		9,637  USD		(248)
Broadcom, Inc.		11/30/99	M	0.49%	Credit Suisse International		4,851  USD		(19)
Broadex Technologies Co., Ltd.		01/27/23	M	0.48%	JPMorgan Chase Bank, N.A.		220  USD		1
Broadridge Financial Solutions, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,085,418  USD		10,919
Brooks Automation, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		385,072  USD		6,243
Bros Eastern Co., Ltd.		04/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		234,384  USD		854
Bros Eastern Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		174,307  USD		(131)
Bruker Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		28,285  USD		891
Brunswick Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		37,094  USD		363
Btg Hotels Group Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		29  USD		—

See Notes to Consolidated Schedule of Investments.

94

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Btg Hotels Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		$          125  USD	$	1
Builders FirstSource, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		694,470  USD		(23,727)
Bunge Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		256,421  USD		(5,794)
Burlington Stores, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		445,526  USD		16,208
Butterfly Network, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		249,083  USD		(4,559)
By Health Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		81,684  USD		(6,326)
By Health Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		34,921  USD		(2,843)
Bybon Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		26,236  USD		189
Bybon Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		19,383  USD		134
C&S Paper Co., Ltd.		03/15/23	M	0.48%	JPMorgan Chase Bank, N.A.		17,828  USD		(346)
C&S Paper Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		13,155  USD		(364)
C.H. Robinson Worldwide, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,343,280  USD		(16,892)
C3.ai, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		50,827  USD		4,074
Cabio		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		180  USD		12
Cabio		06/24/21	M	0.49%	Credit Suisse International		393  USD		26
Cabot Oil & Gas Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		108,627  USD		10,433
Calix, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		26,446  USD		2,007
Camel Group Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		182,649  USD		7,515
Camel Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		137,900  USD		5,708
Canadian National Railway, Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		29,131  USD		(219)
Canoo, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		5,824  USD		289
Canopy Growth Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		51,435  USD		1,737
Capri Holdings Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		625,993  USD		29,233
CareDx, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,319,126  USD		(4,167)
Carter’s, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		97,455  USD		969
Casey’s General Stores, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		4,000,416  USD		(28,981)
Catalent, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,398,077  USD		(18,682)
Caterpillar, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		557,603  USD		6,494
CCCG Real Estate Corp, Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		3,788  USD		15
CCCG Real Estate Corp, Ltd.		11/30/99	M	0.00%	Credit Suisse International		3,302  USD		13
CDW Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,028,096  USD		58,622
Celanese Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,725,012  USD		38,702
Cenovus Energy, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		226,280  USD		(7,108)
CenterPoint Energy, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		20,722  USD		(297)
Centre Testing International Group Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		23,031  USD		(335)
Cerence, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		414,811  USD		(16,463)
CF Industries Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		33,543  USD		1,751
ChampionX Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		27,534  USD		(781)
Changchun Faway Autombile Components Co., Ltd.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		88  USD		7
Changchunjingkai (Group) Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		14,396  USD		(1,465)
Changchunjingkai (Group) Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		10,156  USD		(1,036)
Change Healthcare, Inc.		01/19/23	M	0.60%	JPMorgan Chase Bank, N.A.		8,588,823  USD		(11,169)
Change Healthcare, Inc.		01/10/23	M	0.35%	Goldman Sachs International		15,695,190  USD		(20,410)
Change Healthcare, Inc.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		114,851  USD		501
Change Healthcare, Inc.		06/24/21	M	0.49%	Credit Suisse International		82,774  USD		435
Change Healthcare, Inc.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		7,429  USD		(90)
Change Healthcare, Inc.		06/24/21	M	0.49%	Credit Suisse International		5,459  USD		(51)
Changhong Meiling Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		22  USD		(1)

See Notes to Consolidated Schedule of Investments.

95

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Changjiang Securities Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		$  125,354  USD	$	1,188
Changjiang Securities Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		92,869  USD		819
Changzhou Tenglong Auto Parts Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		16,253  USD		(138)
Changzhou Tenglong Auto Parts Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		12,049  USD		(98)
Changzhou Xingyu Automotive		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		424,452  USD		(6,335)
Changzhou Xingyu Automotive		07/02/21	M	0.49%	Credit Suisse International		327,056  USD		(5,669)
Chaozhou Three Circle Group Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		45,119  USD		4,120
Chaozhou Three Circle Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		31,056  USD		3,083
ChargePoint Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		19,799  USD		1,948
Charles Schwab Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,485,336  USD		(18,269)
Chart Industries, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		670,891  USD		43,443
Check Point Software Technologies, Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		587,978  USD		(2,566)
Chegg, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,070,254  USD		117,762
Chengdu ALD Aviation Manufacturing Corp.		05/30/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,490  USD		(138)
Chengdu ALD Aviation Manufacturing Corp.		06/24/21	M	0.09%	Credit Suisse International		1,562  USD		(144)
Chengdu Fusen Noble House Industrial Co., Ltd.		03/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		761  USD		(15)
Chengdu Fusen Noble House Industrial Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		378  USD		(4)
Chengdu Haoneng Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		12  USD		—
Chengdu Kanghua Biological Products Co., Ltd.		06/07/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,353  USD		(193)
Chengdu Kanghua Biological Products Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		4,355  USD		(195)
Chengdu Leejun Industrial Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		48,390  USD		(864)
Chengdu Leejun Industrial Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		37,913  USD		(679)
Chengdu Xiling Power Science & Technology Incorp., Co.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		31,161  USD		389
Chengdu Xiling Power Science & Technology Incorp., Co.		11/30/99	M	0.49%	Credit Suisse International		30,133  USD		399
Chengdu Yunda Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		26,600  USD		(1,587)
Chengdu Yunda Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		19,706  USD		(1,187)
Chenguang Biotech Group Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		106  USD		10
Chevron Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,630,122  USD		(93,555)
Chewy, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,262,934  USD		4,933
China Aluminum International Engineering Corp., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		14,011  USD		(235)

See Notes to Consolidated Schedule of Investments.

96

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
China Aluminum International Engineering Corp., Ltd.		07/02/21	M	0.49%	Credit Suisse International		$  10,399  USD	$	(201)
China Coal Energy Co., Ltd.		04/13/23	M	0.48%	JPMorgan Chase Bank, N.A.		177,904  USD		(6,055)
China Coal Energy Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		131,331  USD		(424)
China Coal Xinji Energy Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		335,669  USD		26,079
China Coal Xinji Energy Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		250,783  USD		30,469
China Construction Bank		06/24/21	M	0.49%	Credit Suisse International		77  USD		—
China Fortune Land Development Co., Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		193,057  USD		(129)
China Fortune Land Development Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		143,635  USD		(500)
China Haisum Engineering Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		692  USD		(25)
China International Marine Containers Group Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		269,315  USD		14,297
China International Marine Containers Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		197,725  USD		12,170
China Jo-Jo Drugstores, Inc.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		188  USD		(15)
China Jushi Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		396,965  USD		30,734
China Jushi Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		293,982  USD		25,174
China Kings Resources Group Co., Ltd.		07/01/21	M	0.49%	Credit Suisse International		79  USD		(1)
China Life Insurance Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		521  USD		3
China Life Insurance Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		522  USD		3
China Marine Information Electronics Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		378  USD		(19)
China Merchants Bank Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		92,449  USD		643
China Merchants Bank Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		68,806  USD		804
China Merchants Property Development Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		9,776  USD		(318)
China Merchants Property Development Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		7,627  USD		(980)
China Merchants Securities Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		262,888  USD		2,802
China Merchants Securities Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		177,627  USD		1,933
China Oilfield Services Ltd.		03/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		224  USD		(2)
China Oilfield Services Ltd.		06/24/21	M	0.49%	Credit Suisse International		224  USD		(2)
China Petroleum & Chemical Corp.		06/24/21	M	0.49%	Credit Suisse International		29,476  USD		551
China Quanjude Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		24,467  USD		(23)
China Quanjude Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		18,155  USD		(24)
China Railway Prefabricated Construction Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		159  USD		7

See Notes to Consolidated Schedule of Investments.

97

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
China Resources Microelectronics Ltd.		05/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		$   2,368  USD	$	(44)
China Resources Microelectronics Ltd.		11/30/99	M	0.49%	Credit Suisse International		1,743  USD		46
China Science Publishing & Media Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		10,048  USD		(258)
China Science Publishing & Media Ltd.		11/30/99	M	0.00%	Credit Suisse International		7,357  USD		(187)
China Shenhua Energy Co., Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.		46,435  USD		88
China Shenhua Energy Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		29,145  USD		158
China South Publishing & Media Group Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,046  USD		(224)
China South Publishing & Media Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,881  USD		(151)
China Tourism Group Duty Free Corp.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		11,665  USD		782
China Tourism Group Duty Free Corp.		06/24/21	M	0.49%	Credit Suisse International		8,708  USD		581
China Tungsten and Hightech Materials Co., Ltd.		06/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		866  USD		107
China Tungsten and Hightech Materials Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		1,212  USD		200
China Zhenhua Group Scienc & Technology Co., Ltd.		02/07/23	M	0.48%	JPMorgan Chase Bank, N.A.		549,459  USD		9,905
China Zhenhua Group Scienc & Technology Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		407,107  USD		6,374
Chinalin Securities Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		105,441  USD		3,426
Chinalin Securities Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		105,815  USD		2,838
CHISON Medical Technologies Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		10,186  USD		(414)
CHISON Medical Technologies Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		6,782  USD		(267)
Chongqing Brewery Co., Ltd.		02/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		156,126  USD		422
Chongqing Brewery Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		134,578  USD		218
Chongqing Chuanyi Automation Co., Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		31,189  USD		1,059
Chongqing Chuanyi Automation Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		22,296  USD		1,348
Chongqing Department Store Co., Ltd.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		3,668  USD		155
Chongqing Department Store Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		1,224  USD		50
Chongqing Dima Industry Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,634  USD		—
Chongqing Dima Industry Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		3,100  USD		(34)
Chongqing Fuling Electric Power Industrial Co., Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		178  USD		—
Chongqing Fuling Electric Power Industrial Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		40  USD		—

See Notes to Consolidated Schedule of Investments.

98

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Chongqing Fuling Zhacai Group Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		$  239,944  USD	$	6,015
Chongqing Fuling Zhacai Group Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		178,161  USD		4,268
Chongqing New Dazheng Property Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		14,258  USD		(104)
Chongqing New Dazheng Property Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		10,863  USD		(79)
Chongqing Rural Commercial Bank Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,516  USD		(255)
Chongqing Rural Commercial Bank Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,586  USD		(94)
Chongqing Three Gorges Bank Co., Ltd.		03/29/23	M	0.48%	JPMorgan Chase Bank, N.A.		26  USD		—
Chongqing Zongshen General Power Machine Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		53,809  USD		38
Chongqing Zongshen General Power Machine Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		40,928  USD		(49)
Chow Tai Seng Jewellery Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		200  USD		30
Chubb Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		242,974  USD		1,317
Church & Dwight Co., Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		4,364,991  USD		68,579
Churchill Downs, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		130,746  USD		(92)
Ciena Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,426,722  USD		(5,496)
Cigna Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		6,952,171  USD		58,463
Cincinnati Financial, Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		172,748  USD		(850)
Cinda Real Estate Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		3,253  USD		(22)
Cinda Real Estate Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		326  USD		(3)
Cineplex, Inc.		12/20/21	M	0.66%	Goldman Sachs International		1,954,865  CAD		(106,582)
Cineplex, Inc.		03/07/22	M	0.96%	JPMorgan Chase Bank, N.A.		923,340  CAD		(50,342)
Cit Group, Inc.		10/19/22	M	0.60%	JPMorgan Chase Bank, N.A.		1,419,951  USD		(27,795)
CITIC Press Corp.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		12,660  USD		(141)
CITIC Press Corp.		07/02/21	M	0.00%	Credit Suisse International		11,502  USD		(120)
Citizens Financial Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		22,705  USD		185
Citrix Systems, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,870,617  USD		22,003
Citychamp Dartong Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		13  USD		—
Clean Harbors, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		64,265  USD		2,610
Clenergy Xiamen Technology Co., Ltd.		07/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		6,859  USD		161
Clenergy Xiamen Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		5,946  USD		138
Cleveland-Cliffs, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,088,871  USD		36,000
CMC Materials, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		308,523  USD		2,605
CME Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,351,530  USD		(11,859)
Cngr Advanced Material Co.		05/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,285  USD		238
Cngr Advanced Material Co.		06/24/21	M	0.49%	Credit Suisse International		2,286  USD		237
CNO Financial Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		109,779  USD		1,282

See Notes to Consolidated Schedule of Investments.

99

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
CNX Resources Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		$     12,968  USD	$	10
Coca-Cola Co/The		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,541,183  USD		(29,308)
Coca-Cola Europacific Partners plc		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,078,646  USD		10,884
CoCreation Grass Co., Ltd.		04/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,275  USD		37
CoCreation Grass Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,276  USD		36
Cognizant Technology Solutions Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		5,891,593  USD		(30,465)
Coherent, Inc.		01/23/23	M	0.60%	JPMorgan Chase Bank, N.A.		28,431,571  USD		201,473
Colfax Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		268  USD		7
Colgate-Palmolive Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		264,051  USD		825
Columbia Sportswear, Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,260,496  USD		(18,799)
Comerica, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		189,423  USD		912
Commerce Bancshares, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		396,746  USD		6,325
ConAgra Foods, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		13,828  USD		179
CONMED Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		282,102  USD		591
Consolidated Edison, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,307,194  USD		(28,498)
Constant Contact Inc		06/06/23	M	0.60%	JPMorgan Chase Bank, N.A.		11,398,813  USD		—
Contemporary Amperex Technology Co.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		42,169  USD		7,492
Contemporary Amperex Technology Co.		06/24/21	M	0.49%	Credit Suisse International		41,948  USD		7,713
Copa Holdings S.A.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		185,981  USD		(3,005)
Core-Mark Holding Co., Inc.		05/22/23	M	0.60%	JPMorgan Chase Bank, N.A.		14,371,250  USD		(60,410)
Corning, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		4,109,322  USD		157,529
Corteva, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		4,566,492  USD		98,818
Cosco Shipping Holdings Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		26,410  USD		3,367
Cosco Shipping Holdings Co., Ltd.		03/21/23	M	0.48%	JPMorgan Chase Bank, N.A.		33,895  USD		4,390
CoStar Group, Inc.		05/23/23	M	0.30%	SAC CA SPLI -		2,228,308  USD		(27,780)
Coupang, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		412,631  USD		40,990
Cracker Barrel Old Country Store, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,905,681  USD		27,862
Crane Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		217,074  USD		4,984
Crowdstrike Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,143,697  USD		(7,097)
Crown Castle International Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,156,019  USD		(14,684)
Crown Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		965,221  USD		23,559
CSC Financial Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		232,239  USD		1,245
CSC Financial Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		177,953  USD		1,051
CSG Holding Co., Ltd.		04/25/23	M	0.48%	JPMorgan Chase Bank, N.A.		191,170  USD		10,699
CSG Holding Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		139,433  USD		11,439
CSX Corp.		05/23/23	M	0.30%	SAC CA STOC -		7,562,985  USD		54,122
CTS International Logistic Corp. Ltd.		03/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,621  USD		24
CTS International Logistic Corp. Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,862  USD		14
Cullen/Frost Bankers, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		45,293  USD		(45)
Cultural Investment Holdings Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		470  USD		(1)
Cultural Investment Holdings Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		376  USD		(1)
Cummins, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,645,992  USD		45,806
Curtiss-Wright Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		250,070  USD		(4,237)
CVS Health Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		4,413,704  USD		(30,184)

See Notes to Consolidated Schedule of Investments.

100

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Dalian Insulator Group Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		$   107,353   USD	$	2,198
Dalian Insulator Group Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		82,082   USD		1,745
Dana, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		50,612   USD		757
Darden Restaurants, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		69,250   USD		6,519
Dashang Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		14,662   USD		(204)
Dashang Group Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		12,060   USD		(172)
DaShenLin Pharmaceutical Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		106,677   USD		(683)
DaShenLin Pharmaceutical Group Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		78,219   USD		(543)
Datadog, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		120,705   USD		(3,407)
Dazzle Fashion Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		40   USD		6
Dazzle Fashion Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		66   USD		11
Dehua Tb New Decoration Material		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		36   USD		—
Dell Technologies Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		224,023   USD		(64)
DENTSPLY SIRONA, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,138,293  USD		(2,966)
Deutsche Alt-A Securities Mortgage Loan Trust		05/29/23	M	0.05%	JPMorgan Chase Bank, N.A.		22,723,252  EUR		(31,306)
Devon Energy Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,431,085  USD		70,781
Dialog Semiconductor PLC		02/10/23	M	0.15%	Goldman Sachs International		21,911,199  EUR		191,625
Diamondback Energy, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		427,654   USD		10,343
Digital China Group Co., Ltd.		05/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		3,287   USD		433
Digital China Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,692   USD		352
Digital Turbine, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		645,981   USD		79,269
Doctorglasses Chain Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		54,698   USD		2,452
Doctorglasses Chain Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		41,665   USD		1,858
Dominion Energy, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		6,729,294  USD		(206,578)
Domtar Corp.		05/15/23	M	0.60%	JPMorgan Chase Bank, N.A.		21,611,615  USD		404,592
Donaldson Co., Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		53,680   USD		1,210
Dong Yi Ri Sheng Home Decoration Group Co., Ltd.		04/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		7,880   USD		966
Dong Yi Ri Sheng Home Decoration Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		5,271   USD		662
DongFeng Automobile Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		167,814   USD		(1,962)
DongFeng Automobile Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		110,581   USD		(1,444)
Dongguan Development (Holdings) Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		69   USD		5
Dongguan Winnerway Industrial Zone Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		41,188   USD		(695)
Dongguan Winnerway Industrial Zone Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		32,969   USD		(633)
Dow, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,781,121   USD		6,363
DR Horton, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		426,461   USD		2,615
DTE Energy Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,621,949   USD		(154,916)

See Notes to Consolidated Schedule of Investments.

101

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Dun & Bradstreet Holdings, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC	$	1,012,582  USD	$	9,566
Eagle Materials, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		518,290   USD		5,527
East Money Information Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		22,812  USD		531
East Money Information Co., Ltd.		07/02/21		M	0.00%	Credit Suisse International		24,282   USD		585
East West Bancorp, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		193,182   USD		6,116
Eastern Pioneer Driving School Co., Ltd.		02/28/23		M	0.48%	JPMorgan Chase Bank, N.A.		111   USD		8
Eastman Chemical Co.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		996,865   USD		(2,389)
Ecolab, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		7,537,437   USD		(129,726)
Ecovacs Robotics Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		384,715   USD		31,773
Ecovacs Robotics Co., Ltd.		07/02/21		M	0.49%	Credit Suisse International		293,637   USD		27,580
Editas Medicine, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		192,630   USD		103,370
Elanco Animal Health, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		1,089,772   USD		(13,653)
Elastic Nv		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		1,303,241   USD		3,206
Electric Connector Technology Co., Ltd.		06/12/23		M	0.48%	JPMorgan Chase Bank, N.A.		196   USD		27
Eli Lilly & Company Ltd.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		4,706,798   USD		144,795
Elion Energy Co, Ltd.		06/20/23		M	0.48%	JPMorgan Chase Bank, N.A.		21,435   USD		575
Elion Energy Co, Ltd.		11/30/99		M	0.49%	Credit Suisse International		14,403   USD		566
EmbedWay Technologies Shanghai Corp.		05/24/23		M	0.48%	JPMorgan Chase Bank, N.A.		11,193   USD		108
EmbedWay Technologies Shanghai Corp.		11/30/99		M	0.00%	Credit Suisse International		8,451   USD		75
Emergent BioSolutions, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		197,015   USD		6,128
Enbridge, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		145,529   USD		937
Encompass Health Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		804,440   USD		(22,891)
Enn Natural Gas Co., Ltd.		05/17/23		M	0.48%	JPMorgan Chase Bank, N.A.		190,934   USD		191
Enn Natural Gas Co., Ltd.		06/30/21		M	0.49%	Credit Suisse International		141,072   USD		1,506
Enphase Energy, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		1,211,397   USD		43,347
Ensign Group, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		312,042   USD		8,377
Entegris, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		42,880   USD		1,758
Entergy Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		403,746   USD		(8,635)
Envestnet, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		830,180   USD		(21,740)
Envista Holdings Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		662,231   USD		(2,458)
EOG Resources, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		374,501   USD		(7,031)
Epoxy Base Electronic Material Corp., Ltd.		06/28/23		M	0.48%	JPMorgan Chase Bank, N.A.		187,814   USD		8,879
Epoxy Base Electronic Material Corp., Ltd.		11/30/99		M	0.49%	Credit Suisse International		141,701   USD		6,897
Equitable Holdings, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		1,854,523   USD		8,895
Equity Commonwealth		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		1,101,350   USD		(62,232)
Espressif Systems Shanghai Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		141,068   USD		14,125
Espressif Systems Shanghai Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		122,233   USD		12,260
Essent Group Ltd.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		271,516   USD		(5,907)
Etsy, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		1,147,367   USD		235,466
Euronet Worldwide, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		26,903   USD		(104)
Euskaltel SA		03/31/23		M	0.05%	JPMorgan Chase Bank, N.A.		17,113,387  EUR		74,195
Evergy, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		274,306   USD		(3,881)
Eversource Energy		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		522,546   USD		1,421
Exact Sciences Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		175,022   USD		(4,593)
Exelixis, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		71,813   USD		1,067
eXp World Holdings, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		235,930   USD		22,899
Expedia Group, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		946,536   USD		(6,514)

See Notes to Consolidated Schedule of Investments.

102

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Exxon Mobil Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC	$	7,091   USD	$	(152)
F.N.B. Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		19,272  USD		—
FactSet Research Systems, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		49,780   USD		897
Fair Isaac Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		42,381   USD		347
Fangda Special Steel Technology Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		16   USD		(1)
Far East Smarter Energy Co., Ltd.		05/24/23		M	0.48%	JPMorgan Chase Bank, N.A.		156,576  USD		4,812
Far East Smarter Energy Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		112,010   USD		3,331
Farfetch Ltd.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		170,551   USD		170
Fate Therapeutics, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		525,798   USD		31,394
Faw Jiefang Group Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		43   USD		1
FedEx Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		7,458,126  USD		173,155
Ferro Corp.		05/15/23		M	0.60%	JPMorgan Chase Bank, N.A.		21,846,470  USD		91,535
Fibocom Wireless, Inc.		05/10/23		M	0.48%	JPMorgan Chase Bank, N.A.		24,614   USD		2,055
Fibocom Wireless, Inc.		06/24/21		M	0.49%	Credit Suisse International		19,277   USD		1,611
Fidelity National Financial, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		47,503   USD		(1,132)
Fidelity National Information Services, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		7,645,504   USD		(202,871)
Fifth Third Bancorp		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		1,718,274   USD		20,006
Financial Street Holdings Co., Ltd.		03/01/23		M	0.48%	JPMorgan Chase Bank, N.A.		107   USD		(2)
Financial Street Holdings Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		107   USD		(2)
First Horizon Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		404,881   USD		2,357
First Majestic Silver Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		209,430   USD		5,270
First Republic Bank		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		5,005   USD		48
Fiserv, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		7,581,553   USD		(111,225)
Fisker, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		135,510   USD		13,698
Five Below, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		87,827   USD		2,236
Five9, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		2,687,728   USD		(7,667)
Fiverr International Ltd.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		566,912   USD		36,161
FIYTA Precision Technology Co., Ltd.		04/12/23		M	0.48%	JPMorgan Chase Bank, N.A.		227,645   USD		4,805
FIYTA Precision Technology Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		175,809   USD		3,430
Flagstar Bancorp, Inc.		04/28/23		M	0.60%	JPMorgan Chase Bank, N.A.		96,731   USD		(3,230)
Flat Glass Group Co., Ltd.		06/28/23		M	0.48%	JPMorgan Chase Bank, N.A.		225,918   USD		12,065
Flat Glass Group Co., Ltd.		06/25/21		M	0.49%	Credit Suisse International		162,995   USD		8,916
FleetCor Technologies, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		6,651,462   USD		(57,661)
Floor & Decor Holdings, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		877,208   USD		73,775
FMC Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		523,907   USD		(10,498)
Focus Media Information Technology Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		747,748   USD		36,631
Focus Media Information Technology Co., Ltd.		07/02/21		M	0.49%	Credit Suisse International		556,109   USD		32,976
Focused Photonics (Hangzhou), Inc.		06/24/21		M	0.49%	Credit Suisse International		43   USD		2
Fortive Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		1,612,377   USD		3,917
Fortune Brands Home & Security, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		5,278   USD		101
Foshan Golden Milky Way Intelligent Equipment Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		28,297   USD		(315)

See Notes to Consolidated Schedule of Investments.

103

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Foshan Golden Milky Way Intelligent Equipment Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International	$	25,701  USD	$	(296)
Foshan Haitian Flavouring & Food Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		1,242   USD		(4)
Foshan Haitian Flavouring & Food Co., Ltd.		06/12/23		M	0.48%	JPMorgan Chase Bank, N.A.		2,349   USD		128
Franco-Nevada Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		850,524  USD		1,182
Freedom Holding Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		629,855  USD		32,004
Freshpet, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		2,353,645  USD		9,927
FTI Consulting, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		380,117   USD		1,982
Fujian Expressway Development Co, Ltd.		05/30/23		M	0.48%	JPMorgan Chase Bank, N.A.		22   USD		—
Fujian Forecam Optics Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		13,243   USD		119
Fujian Forecam Optics Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		16,873   USD		98
Fujian Ideal Jewellery Industrial Co., Ltd.		05/22/23		M	0.48%	JPMorgan Chase Bank, N.A.		126   USD		—
Fujian Sanmu Group, Co.		06/20/23		M	0.48%	JPMorgan Chase Bank, N.A.		6,549   USD		(231)
Fujian Sanmu Group, Co.		06/25/21		M	0.49%	Credit Suisse International		4,846   USD		(176)
Fujian Septwolves Industry Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		31,923   USD		545
Fujian Septwolves Industry Co., Ltd.		11/30/99		M	0.49%	Credit Suisse International		23,918   USD		407
Fujian Star-Net Communication Co., Ltd.		06/20/23		M	0.48%	JPMorgan Chase Bank, N.A.		137,382   USD		(918)
Fujian Star-Net Communication Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		102,565   USD		(465)
Fujian Sunner Development Co., Ltd.		03/10/23		M	0.48%	JPMorgan Chase Bank, N.A.		3,888   USD		(192)
Fujian Sunner Development Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		2,734   USD		(147)
Fujian Supertech Advanced Material Co., Ltd.		06/12/23		M	0.48%	JPMorgan Chase Bank, N.A.		64   USD		(1)
Fujian Supertech Advanced Material Co., Ltd.		11/30/99		M	0.49%	Credit Suisse International		809   USD		(21)
Fujian Torch Electron Technology Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		598,090   USD		14,915
Fujian Torch Electron Technology Co., Ltd.		07/02/21		M	0.49%	Credit Suisse International		454,172   USD		11,746
Fujian Yongfu Power Engineering Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		66,462   USD		4,844
Fujian Yongfu Power Engineering Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		54,441   USD		3,962
Fujian Yuanli Active Carbon Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		8,157   USD		188
Fujian Yuanli Active Carbon Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		7,426   USD		183
Fulgent Genetics, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		115,241   USD		19,692
Fushun Special Steel Co., Ltd.		04/26/23		M	0.48%	JPMorgan Chase Bank, N.A.		1,372   USD		(24)
G-bits Network Technology (Xiamen) Co., Ltd.		04/13/23		M	0.48%	JPMorgan Chase Bank, N.A.		422,129   USD		(12,004)
G-bits Network Technology (Xiamen) Co., Ltd.		07/02/21		M	0.49%	Credit Suisse International		314,154   USD		(10,661)

See Notes to Consolidated Schedule of Investments.

104

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Gamesys Group PLC		04/19/23		M	0.60%	CHASUS33 HU -	$	4,861,911  GBP	$	(36,276)
Gaming and Leisure Properties, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		1,329,904  USD		(5,144)
Ganso Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		12,933   USD		(255)
Ganso Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		9,633   USD		(192)
Gansu Jiu Steel Group Hongxing Iron & Steel Co, Ltd.		11/30/99		M	0.49%	Credit Suisse International		1,392   USD		(27)
Gap, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		722,890   USD		20,944
GCL Energy Technology Co. Ltd.		06/24/21		M	0.49%	Credit Suisse International		290   USD		(11)
GD Power Development Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		73,916   USD		(55)
GD Power Development Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		56,712   USD		(37)
Gem Year Industrial Co., Ltd.		02/28/23		M	0.48%	JPMorgan Chase Bank, N.A.		120,756   USD		(1,688)
Gem Year Industrial Co., Ltd.		11/30/99		M	0.49%	Credit Suisse International		91,981   USD		(1,283)
General Dynamics Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		377,531   USD		2,378
General Mills, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		1,963,459   USD		28,099
Genius Sports Ltd.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		38,768   USD		1,287
Genpact Ltd.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		506,993   USD		960
Gentex Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		775,210   USD		15,046
Georgian Government Bonds		09/22/21		M	0.00%	Credit Suisse International		19,496,205  USD		1,002,221
Geron Co., Ltd.		05/22/23		M	0.48%	JPMorgan Chase Bank, N.A.		20,507   USD		(454)
Geron Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		16,321   USD		(356)
GFL Environmental ,Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		708,588   USD		18,039
Giant Network Group Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		193   USD		(18)
Giantec Semiconductor, Inc.		06/28/23		M	0.48%	JPMorgan Chase Bank, N.A.		404   USD		(2)
Giantec Semiconductor, Inc.		11/30/99		M	0.49%	Credit Suisse International		766   USD		(8)
Gifore Agricultural Science & Technology Service Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		27,771   USD		46
Gifore Agricultural Science & Technology Service Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		20,547   USD		23
Gigadevice Semiconductor, Inc.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		386,108   USD		42,883
Gigadevice Semiconductor, Inc.		06/25/21		M	0.49%	Credit Suisse International		264,100   USD		38,101
Glarun Technology Co., Ltd.		02/01/23		M	0.48%	JPMorgan Chase Bank, N.A.		55,726   USD		148
Glarun Technology Co., Ltd.		07/02/21		M	0.00%	Credit Suisse International		47,445   USD		134
Glaukos Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		287,502   USD		3,889
Global Blood Therapeutics, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		400,053   USD		6,179
Global Payments, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		7,706,572   USD		(240,229)
Globant SA		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		546,442   USD		(19,095)
Goertek, Inc.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		33,512   USD		223
Goertek, Inc.		06/24/21		M	0.49%	Credit Suisse International		24,866   USD		270
GoldenHome Living Co., Ltd.		05/24/23		M	0.48%	JPMorgan Chase Bank, N.A.		33,656   USD		(2,066)
GoldenHome Living Co., Ltd.		07/02/21		M	0.09%	Credit Suisse International		24,538   USD		(1,510)
Goldenmax International Technology Ltd.		05/30/23		M	0.48%	JPMorgan Chase Bank, N.A.		104,446   USD		5,002

See Notes to Consolidated Schedule of Investments.

105

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Goldenmax International Technology Ltd.		06/24/21		M	0.49%	Credit Suisse International	$	75,126   USD	$	5,654
Goldman Sachs Fusion Swap		06/23/21		M	0.00%	Goldman Sachs International		315,231,399  USD		1,213,704
Goldman Sachs Intraday Momentum ES Series 4 Excess Return Strategy		06/23/21		M	0.00%	Goldman Sachs International		8,134,146   USD		—
Goldman Sachs Intraday Momentum NQ Series 4 Excess Return Strategy		06/23/21		M	0.00%	Goldman Sachs International		42,797,184   USD		11,456
Goldman Sachs Intraday Momentum RT Series 4 Excess Return Strategy		06/23/21		M	0.00%	Goldman Sachs International		3,172,971   USD		(919)
Gongniu Group Co., Ltd.		05/10/23		M	0.48%	JPMorgan Chase Bank, N.A.		184,114   USD		19,091
Gongniu Group Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		137,461   USD		15,724
GoodRx Holdings, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		334,266   USD		(18,170)
Graco, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		589,418   USD		24,660
Grand Canyon Education, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		81,917   USD		46
Grandjoy Holdings Group Co., Ltd.		06/05/23		M	0.48%	JPMorgan Chase Bank, N.A.		19,178   USD		(513)
Grandjoy Holdings Group Co., Ltd.		06/25/21		M	0.49%	Credit Suisse International		14,534   USD		(327)
Gree Real Estate Co., Ltd.		06/28/23		M	0.48%	JPMorgan Chase Bank, N.A.		20,624   USD		(1,690)
Gree Real Estate Co., Ltd.		06/25/21		M	0.49%	Credit Suisse International		9,657   USD		(761)
Green Dot Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		268,093   USD		(5,640)
Greenland Holdings Corp. Ltd.		06/20/23		M	0.48%	JPMorgan Chase Bank, N.A.		72,873   USD		(302)
Greenland Holdings Corp. Ltd.		06/30/21		M	0.49%	Credit Suisse International		53,352   USD		(214)
GreenTech Environmental Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		5,681   USD		6
GreenTech Environmental Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		6,412   USD		(13)
Grocery Outlet Holding Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		213,534   USD		(167)
GrowGeneration Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		259,073   USD		43,380
Gs Optimized Cn Basket Swap		12/21/21		M	10.21%	Goldman Sachs International		195,215,720   USD		3,845,745
Guangdong Baolihua New Energy Stock Co., Ltd.		02/22/23		M	0.48%	JPMorgan Chase Bank, N.A.		57   USD		—
Guangdong Baolihua New Energy Stock Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		49   USD		—
Guangdong Biolight Meditech Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		59   USD		(1)
Guangdong Champion Asia Electronics Co., Ltd.		06/02/23		M	0.48%	JPMorgan Chase Bank, N.A.		187,066   USD		(6,920)
Guangdong Champion Asia Electronics Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		140,727   USD		(4,659)
Guangdong Ellington Electronics Technology Co., Ltd.		03/01/23		M	0.48%	JPMorgan Chase Bank, N.A.		6,442   USD		(4)
Guangdong Ellington Electronics Technology Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		4,279   USD		(13)
Guangdong Fenghua Advanced A		06/24/21		M	0.49%	Credit Suisse International		72   USD		8
Guangdong Guangzhou Daily Media Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		61   USD		(2)

See Notes to Consolidated Schedule of Investments.

106

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Guangdong Haid Group Co Co., Ltd.		03/08/23		M	0.48%	JPMorgan Chase Bank, N.A.	$	32,828  USD	$	2,532
Guangdong Haid Group Co Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		22,299   USD		1,709
Guangdong Hoshion Aluminum Co., Ltd.		06/28/23		M	0.48%	JPMorgan Chase Bank, N.A.		38,411   USD		879
Guangdong Hoshion Aluminum Co., Ltd.		11/30/99		M	0.49%	Credit Suisse International		27,187   USD		644
Guangdong Huate Gas Co., Ltd.		06/05/23		M	0.48%	JPMorgan Chase Bank, N.A.		62,054   USD		2,510
Guangdong Huate Gas Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		60,370   USD		2,460
Guangdong Hybribio Biotech Co., Ltd.		06/07/23		M	0.48%	JPMorgan Chase Bank, N.A.		176,778  USD		9,181
Guangdong Hybribio Biotech Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		132,754   USD		6,690
Guangdong Jia Yuan Technology Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		1,734   USD		39
Guangdong Jia Yuan Technology Co., Ltd.		11/30/99		M	0.49%	Credit Suisse International		4,118   USD		63
Guangdong Jialong Food Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		7,899   USD		(72)
Guangdong Jialong Food Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		6,087   USD		(55)
Guangdong Jingyi Metal Co Co., Ltd.		05/12/23		M	0.48%	JPMorgan Chase Bank, N.A.		9,238   USD		65
Guangdong Jingyi Metal Co Co., Ltd.		07/02/21		M	0.00%	Credit Suisse International		6,090   USD		40
Guangdong Kinlong Hardware Products Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		23,018   USD		1,008
Guangdong Kinlong Hardware Products Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		23,027   USD		999
Guangdong Redwall New Materials Co., Ltd.		05/31/23		M	0.48%	JPMorgan Chase Bank, N.A.		55   USD		(2)
GuangDong Rifeng Electric Cable Co., Ltd.		06/19/23		M	0.48%	JPMorgan Chase Bank, N.A.		70,972   USD		1,928
GuangDong Rifeng Electric Cable Co., Ltd.		11/30/99		M	0.49%	Credit Suisse International		53,636   USD		1,493
Guangdong Senssun Weighing Apparatus Group Ltd.		05/03/23		M	0.48%	JPMorgan Chase Bank, N.A.		195,469   USD		15,459
Guangdong Senssun Weighing Apparatus Group Ltd.		06/24/21		M	0.49%	Credit Suisse International		142,791   USD		14,001
Guangdong Sirio Pharma Co Co., Ltd.		06/20/23		M	0.48%	JPMorgan Chase Bank, N.A.		32,001   USD		2,295
Guangdong Sirio Pharma Co Co., Ltd.		06/30/21		M	0.49%	Credit Suisse International		21,614   USD		1,690
Guangdong South New Media Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		186   USD		(5)
Guangdong South New Media Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		751   USD		(20)
Guangdong Tapai Group Co Co., Ltd.		03/01/23		M	0.48%	JPMorgan Chase Bank, N.A.		3,782   USD		36
Guangdong Tapai Group Co Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		2,522   USD		23
Guangdong Topstrong Living Innovation & Integration Co., Ltd.		05/22/23		M	0.48%	JPMorgan Chase Bank, N.A.		15,239   USD		169

See Notes to Consolidated Schedule of Investments.

107

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Guangdong Topstrong Living Innovation & Integration Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International	$	11,495  USD	$	126
Guangdong Wencan Die Casting Co., Ltd.		04/17/23		M	0.48%	JPMorgan Chase Bank, N.A.		123,453  USD		(4,506)
Guangdong Wencan Die Casting Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		94,002   USD		(3,542)
Guangdong Xianglu Tungsten Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		132   USD		4
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd.		05/10/23		M	0.48%	JPMorgan Chase Bank, N.A.		19,024  USD		(1,555)
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		10,937   USD		(781)
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd.		05/02/23		M	0.48%	JPMorgan Chase Bank, N.A.		133,972  USD		(9,252)
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd.		07/02/21		M	0.49%	Credit Suisse International		108,502   USD		(6,938)
Guangdong Xinhui Meida Nylon Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		11,745   USD		175
Guangdong Xinhui Meida Nylon Co., Ltd.		11/30/99		M	0.49%	Credit Suisse International		8,729  USD		121
Guangdong Yantang Dairy Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		15,019  USD		(215)
Guangdong Yantang Dairy Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		12,815   USD		(178)
Guangdong Zhongsheng Pharmaceutical Co.		03/01/23		M	0.48%	JPMorgan Chase Bank, N.A.		37   USD		1
Guangxi Liugong Machinery Co., Ltd.		03/10/23		M	0.48%	JPMorgan Chase Bank, N.A.		1,539   USD		66
Guangxi Liugong Machinery Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		1,087   USD		55
Guangzhou Automobile Group Co., Ltd.		05/10/23		M	0.48%	JPMorgan Chase Bank, N.A.		1,495   USD		109
Guangzhou Automobile Group Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		1,102   USD		100
Guangzhou Baiyun Electric Equipment Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		4,425   USD		44
Guangzhou Baiyun Electric Equipment Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		3,289   USD		31
Guangzhou Fangbang Electronics Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		17,375   USD		(109)
Guangzhou Fangbang Electronics Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		14,473   USD		(85)
Guangzhou GRG Metrology & Test Co., Ltd.		03/22/23		M	0.48%	JPMorgan Chase Bank, N.A.		16,348   USD		(79)
Guangzhou GRG Metrology & Test Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		10,919   USD		(73)
Guangzhou Haozhi Industrial Co., Ltd.		06/28/23		M	0.48%	JPMorgan Chase Bank, N.A.		5,140   USD		46
Guangzhou Haozhi Industrial Co., Ltd.		11/30/99		M	0.49%	Credit Suisse International		3,962   USD		(25)
Guangzhou Jet Bio-Filtration Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		37,855   USD		(545)

See Notes to Consolidated Schedule of Investments.

108

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Guangzhou Jet Bio-Filtration Co., Ltd.		07/02/21		M	0.00%	Credit Suisse International	$	29,685   USD	$	(369)
Guangzhou Jiacheng International		06/28/23		M	0.48%	JPMorgan Chase Bank, N.A.		22,654   USD		97
Guangzhou Jiacheng International		11/30/99		M	0.49%	Credit Suisse International		20,013   USD		29
Guangzhou KDT Machinery Co., Ltd.		06/21/23		M	0.48%	JPMorgan Chase Bank, N.A.		55,383   USD		(1,529)
Guangzhou KDT Machinery Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		42,604   USD		(1,224)
Guangzhou Kingmed Diagnostics Group Co., Ltd.		07/02/21		M	0.49%	Credit Suisse International		413,158  USD		26,976
Guangzhou Restaurant Group Co., Ltd.		03/13/23		M	0.48%	JPMorgan Chase Bank, N.A.		31,982   USD		29
Guangzhou Restaurant Group Co., Ltd.		06/25/21		M	0.49%	Credit Suisse International		21,842   USD		(108)
Guangzhou Risong Intelligent Technology Holding Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		4,145   USD		63
Guangzhou Risong Intelligent Technology Holding Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		2,064   USD		40
Guangzhou Shangpin Home Collection Co., Ltd.		06/26/23		M	0.48%	JPMorgan Chase Bank, N.A.		1,254   USD		116
Guangzhou Sie Consulting Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		253   USD		12
Guangzhou Sie Consulting Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		253   USD		11
Guangzhou Tinci Materials Technology Co., Ltd.		01/18/23		M	0.48%	JPMorgan Chase Bank, N.A.		51,687  USD		2,911
Guangzhou Tinci Materials Technology Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		47,505   USD		3,464
Guangzhou Yuexiu Financial Holdings Group Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		103   USD		1
Guardant Health, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		2,202,127  USD		70,550
Guidewire Software, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		576,793   USD		4,955
Guiyang Xintian Pharmaceutical Co., Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		10,916   USD		370
Guiyang Xintian Pharmaceutical Co., Ltd.		11/30/99		M	0.00%	Credit Suisse International		8,899   USD		308
Guizhou Bailing Group Pharmaceutical Co., Ltd.		03/24/23		M	0.48%	JPMorgan Chase Bank, N.A.		45   USD		—
Guizhou Transportation Planning Survey & Design Academe Co., Ltd.		06/09/23		M	0.48%	JPMorgan Chase Bank, N.A.		31   USD		1
Guoguang Electric Co., Ltd.		06/20/23		M	0.48%	JPMorgan Chase Bank, N.A.		111,972   USD		5,084
Guoguang Electric Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		90,064   USD		4,082
Guomai Technologies, Inc.		06/12/23		M	0.48%	JPMorgan Chase Bank, N.A.		2,731   USD		(111)
Guomai Technologies, Inc.		06/24/21		M	0.49%	Credit Suisse International		921   USD		(48)

See Notes to Consolidated Schedule of Investments.

109

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Guosen Securities Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		$  57,902  USD	$	328
Guosen Securities Co., Ltd.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		78,180  USD		427
Guotai Junan Securities Co Co., Ltd.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		115,401  USD		2,112
Guotai Junan Securities Co Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		70,292  USD		1,330
Haibo Heavy Engineering Science and Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		8,543  USD		(72)
Haibo Heavy Engineering Science and Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		6,626  USD		(57)
Hailir Pesticides and Chemicals Group Co., Ltd.		05/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		29,571  USD		(59)
Hailir Pesticides and Chemicals Group Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		21,760  USD		12
Hain Celestial Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		154,001  USD		(1,103)
Haitong Securities Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		43  USD		—
Halozyme Therapeutics, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		379,149  USD		28,678
Hanesbrands, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		993,082  USD		5,838
Hangcha Group Co., Ltd.		03/21/23	M	0.48%	JPMorgan Chase Bank, N.A.		78,314  USD		(343)
Hangcha Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		58,373  USD		(259)
Hangjin Technology Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		359,282  USD		(2,148)
Hangjin Technology Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		219,881  USD		(1,383)
Hangzhou Binjiang Real Estate		03/15/23	M	0.48%	JPMorgan Chase Bank, N.A.		24  USD		—
Hangzhou Boiler Group Co Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		4  USD		1
Hangzhou Dptech Technologies Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		20,241  USD		86
Hangzhou Dptech Technologies Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		16,677  USD		63
Hangzhou Everfine Photo-E-Info Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,518  USD		(3)
Hangzhou Everfine Photo-E-Info Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		2,564  USD		(52)
Hangzhou First Applied Material Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		441,025  USD		19,100
Hangzhou First Applied Material Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		300,348  USD		10,415
Hangzhou Hopechart IoT Technology Co., Ltd.		01/30/23	M	0.48%	JPMorgan Chase Bank, N.A.		138,287  USD		(410)
Hangzhou Hopechart IoT Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		108,920  USD		(216)
Hangzhou Jizhi Mechatronic Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		7,128  USD		19
Hangzhou Jizhi Mechatronic Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		5,228  USD		14
Hangzhou Nbond Nonwovens Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		158  USD		(1)
Hangzhou Oxygen Plant Group Co., Ltd.		04/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		41,803  USD		4,235
Hangzhou Oxygen Plant Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		31,222  USD		3,574

See Notes to Consolidated Schedule of Investments.

110

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hangzhou Prevail Optoelectronic Equipment Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.	$	33,852  USD	$	154
Hangzhou Prevail Optoelectronic Equipment Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		29,197  USD		151
Hangzhou Raycloud Technology Co., Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		141,539  USD		3,460
Hangzhou Raycloud Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		104,607  USD		2,708
Hangzhou Robam Appliances Co., Ltd.		03/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		115,361  USD		6,692
Hangzhou Robam Appliances Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		75,916  USD		4,685
Hangzhou Xzb Tech Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		78  USD		(3)
Hangzhou Youngsun Intelligent Equipment Co. Ltd		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		77,166  USD		1,244
Hangzhou Youngsun Intelligent Equipment Co. Ltd		11/30/99	M	0.00%	Credit Suisse International		57,118  USD		922
Hans Laser Technology, Inc.		06/25/21	M	0.49%	Credit Suisse International		440  USD		29
Hanshang Group Co Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		21,845  USD		(227)
Hanshang Group Co Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		15,973  USD		(166)
Hanyu Group Joint-Stock Co, Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		50  USD		3
Harbin Electric Corporation Jiamusi Electric Machine Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		85  USD		—
Harbin Pharmaceutical Group Co., Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		13,932  USD		291
Harbin Pharmaceutical Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		10,300  USD		211
Harbin VITI Electronics Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		12,029  USD		(133)
Harbin VITI Electronics Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		7,958  USD		(93)
Harbin Xinguang Optic-Electronics Technology Co., Ltd		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		14,923  USD		(62)
Harbin Xinguang Optic-Electronics Technology Co., Ltd		06/24/21	M	0.49%	Credit Suisse International		16,266  USD		(42)
Harley-Davidson, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		46,750  USD		(14)
Hasbro, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,759,180  USD		70,654
HB Fuller Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		772,560  USD		(23,234)
Hbis Resources Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		129,793  USD		656
Hbis Resources Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		112,047  USD		399
Hbis Resources Co., Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.		3  USD		—
Healthcare Realty Trust, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		405,900  USD		(8,528)
Healthcare Trust of America, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,595,850  USD		(75,659)
Healthpeak Properties, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,046,102  USD		(16,942)

See Notes to Consolidated Schedule of Investments.

111

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hefei Meiya Optoelectronic Technology, Inc.		04/18/23	M	0.48%	JPMorgan Chase Bank, N.A.	$	94,475  USD	$	1,314
Hefei Meiya Optoelectronic Technology, Inc.		06/25/21	M	0.49%	Credit Suisse International		65,807  USD		1,504
Heilongjiang Agriculture Co., Ltd.		03/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,351  USD		(36)
Heilongjiang Agriculture Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,636  USD		(16)
Henan Ancai Hi-Tech Co., Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.		172,063  USD		17,342
Henan Ancai Hi-Tech Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		130,620  USD		12,009
Henan Jindan Lactic Acid Technology Co., Ltd.		06/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		25,972  USD		2,412
Henan Jindan Lactic Acid Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		24,252  USD		2,104
Henan Mingtai Aluminum Industry Co.,Ltd		06/09/23	M	0.48%	JPMorgan Chase Bank, N.A.		176,156  USD		6,593
Henan Mingtai Aluminum Industry Co.,Ltd		06/24/21	M	0.49%	Credit Suisse International		131,638  USD		7,844
Henan Provincial Communications Planning & Design Institute Co., Ltd.		04/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		96  USD		5
Henan Provincial Communications Planning & Design Institute Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		32  USD		2
Henan Splendor Science & Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		12,145  USD		171
Henan Splendor Science & Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		8,985  USD		118
Henan Taloph Pharmaceutical Stock Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,606  USD		30
Henan Taloph Pharmaceutical Stock Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		5,019  USD		96
Henan Thinker Automation Equipment Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		14,470  USD		98
Henan Thinker Automation Equipment Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		10,375  USD		66
Henan Yuguang Gold & Lead Co Co., Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.		44  USD		—
Henan Yuguang Gold & Lead Co Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		4  USD		—
Henan Zhongyuan Expressway Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		41,951  USD		(304)
Henan Zhongyuan Expressway Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		31,025  USD		(242)
Hengdian Group DMEGC Magnetics Co., Ltd		06/24/21	M	0.49%	Credit Suisse International		151  USD		8
Hengfeng Information Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		20,832  USD		835
Hengfeng Information Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		18,036  USD		729
Hengli Petrochemical Co., Ltd.		06/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		167,992  USD		22,063

See Notes to Consolidated Schedule of Investments.

112

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hengli Petrochemical Co., Ltd.		06/25/21		M	0.49%	Credit Suisse International	$	122,657  USD	$	16,636
Hengyi Petrochemical Co Co., Ltd.		01/31/23		M	0.48%	JPMorgan Chase Bank, N.A.		146  USD		2
Henry Schein, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		142,772  USD		43
Heren Health Co., Ltd.		06/05/23		M	0.48%	JPMorgan Chase Bank, N.A.		20,134  USD		495
Heren Health Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		14,788  USD		366
Hershey Co.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,004,967  USD		10,154
Hewlett Packard Enterprise Co.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		1,723,351  USD		(17,549)
Hiecise Precision Equipment Co.,Ltd.		07/03/23		M	0.00%	JPMorgan Chase Bank, N.A.		16,109  USD		212
Hiecise Precision Equipment Co.,Ltd.		11/30/99		M	0.00%	Credit Suisse International		12,703  USD		166
Hillstone Networks Co., Ltd.		06/20/23		M	0.48%	JPMorgan Chase Bank, N.A.		94,174  USD		927
Hillstone Networks Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		72,938  USD		635
Hisense Home Appliances Group Co., Ltd.		04/24/23		M	0.48%	JPMorgan Chase Bank, N.A.		182,910  USD		(2,989)
Hisense Home Appliances Group Co., Ltd.		07/02/21		M	0.49%	Credit Suisse International		138,110  USD		(1,879)
Hisense Visual Tech Co., Ltd.		02/03/23		M	0.48%	JPMorgan Chase Bank, N.A.		31,826  USD		1,653
Hisense Visual Tech Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		25,691  USD		2,295
HitGen, Inc.		06/24/21		M	0.49%	Credit Suisse International		398  USD		36
Hithink RoyalFlush Information Network Co., Ltd.		01/25/23		M	0.48%	JPMorgan Chase Bank, N.A.		1,075  USD		25
Hla Corp. Ltd.		05/03/23		M	0.48%	JPMorgan Chase Bank, N.A.		188,254  USD		4,470
Hla Corp. Ltd.		06/24/21		M	0.49%	Credit Suisse International		143,390  USD		2,610
HMT Xiamen New Technical Materials Co., Ltd.		06/28/23		M	0.48%	JPMorgan Chase Bank, N.A.		2,104  USD		142
HollyFrontier Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		454,879  USD		(13,328)
Honeywell International, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		3,329,713  USD		49,813
Hongfa Technology Co., Ltd.		04/04/23		M	0.48%	JPMorgan Chase Bank, N.A.		92  USD		5
Hongli Zhihui Group Co., Ltd.		06/28/23		M	0.48%	JPMorgan Chase Bank, N.A.		108,288  USD		598
Hongli Zhihui Group Co., Ltd.		07/02/21		M	0.49%	Credit Suisse International		78,981  USD		487
Horizon Acquisition Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		377,070  USD		(1,106)
Hormel Foods Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		643,388  USD		(912)
Hoshine Silicon Industry Co., Ltd.		05/03/23		M	0.48%	JPMorgan Chase Bank, N.A.		433,267  USD		67,465
Hoshine Silicon Industry Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		301,091  USD		41,712
Host Hotels & Resorts, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		359,670  USD		(11,017)
Howard Hughes Corp.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		1,081,146  USD		(39,981)
HP, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		1,314,958  USD		40,754
Huadian Power Intl Corp., Ltd.		04/13/23		M	0.48%	JPMorgan Chase Bank, N.A.		30,881  USD		477
Huadian Power Intl Corp., Ltd.		06/24/21		M	0.49%	Credit Suisse International		23,031  USD		394
Huafa Industrial Co., Ltd.		03/01/23		M	0.48%	JPMorgan Chase Bank, N.A.		4,481  USD		108
Huafa Industrial Co., Ltd.		06/24/21		M	0.49%	Credit Suisse International		3,066  USD		63
Huafon Chemical Co., Ltd.		02/07/23		M	0.48%	JPMorgan Chase Bank, N.A.		208,255  USD		37,442

See Notes to Consolidated Schedule of Investments.

113

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Huafon Chemical Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International	$	149,300  USD	$	28,050
Huaibei Mining Holdings Co Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,097  USD		439
Huaibei Mining Holdings Co Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,673  USD		350
Huali Industries Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		6,472  USD		413
Huali Industries Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		5,353  USD		351
Huaneng Power International, Inc.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		14  USD		1
Huapont Life Sciences Co Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		284  USD		5
Huapont Life Sciences Co Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		190  USD		2
Huarui Electrical Appliance Co., Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		23,946  USD		(207)
Huarui Electrical Appliance Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		17,866  USD		(236)
Huasi Holding Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		685  USD		(9)
Huasi Holding Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		742  USD		(10)
Huatai Securities Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		88  USD		—
Huaxi Securities Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		243,465  USD		3,341
Huaxi Securities Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		186,365  USD		2,316
Huaxin Cement Co., Ltd.		03/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,771  USD		(52)
Huaxin Cement Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,931  USD		(28)
Hubbell, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		4,502  USD		169
Hubei Chutian Smart Communication Co., Ltd.		05/30/23	M	0.48%	JPMorgan Chase Bank, N.A.		7,073  USD		170
Hubei Chutian Smart Communication Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		5,185  USD		154
Hubei Guochuang Hi-tech Material Co.,Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		6,076  USD		47
Hubei Guochuang Hi-tech Material Co.,Ltd.		11/30/99	M	0.00%	Credit Suisse International		4,229  USD		30
Hubei Jumpcan Pharmaceutical Co.,Ltd.		03/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,708  USD		63
Hubei Jumpcan Pharmaceutical Co.,Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,895  USD		45
Hubei Kaile Science and Technology Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		110  USD		—
Hubei Sanxia New Building Material Co, Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		44,662  USD		(1,856)
Hubei Sanxia New Building Material Co, Ltd.		06/24/21	M	0.49%	Credit Suisse International		36,806  USD		(1,753)
Hubei Xingfa Chemicals Group Co.,Ltd		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		258  USD		22
HubSpot, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,827,014  USD		(32,872)
Huizhou China Eagle Electronic Technology Co., Ltd.		04/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,580  USD		33
Huizhou China Eagle Electronic Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		128  USD		2
Huizhou Desay Sv Automotive Co., Ltd.		02/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		462,602  USD		19,529
Huizhou Desay Sv Automotive Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		339,138  USD		15,220

See Notes to Consolidated Schedule of Investments.

114

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hunan Baili Engineering Sci & Tech Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.	$	22,901  USD	$	(128)
Hunan Baili Engineering Sci & Tech Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		17,145  USD		(105)
Hunan Haili Chemical Industry Co.,Ltd		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		12  USD		—
Hunan Haili Chemical Industry Co.,Ltd		06/24/21	M	0.49%	Credit Suisse International		35  USD		1
Hunan Huakai Cultural & Creative Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		52,301  USD		(842)
Hunan Huakai Cultural & Creative Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		44,791  USD		(742)
Hunan Nanxin Environmental Protection Technology Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		28,665  USD		(440)
Hunan Nanxin Environmental Protection Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		25,739  USD		(380)
Hunan Oil Pump Co., Ltd.		03/29/23	M	0.48%	JPMorgan Chase Bank, N.A.		203  USD		25
Hunan Valin Steel Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		135,935  USD		530
Hunan Valin Steel Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		116,969  USD		395
Hunan Yujin Machinery Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		32,072  USD		(539)
Hunan Yujin Machinery Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		23,844  USD		(383)
Hunan Zhongke Electric Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		219,680  USD		13,414
Hunan Zhongke Electric Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		114,199  USD		9,158
Hundsun Technologies, Inc.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		33,649  USD		2,430
Hundsun Technologies, Inc.		06/24/21	M	0.49%	Credit Suisse International		25,839  USD		1,870
Huntington Bancshares, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,690,788  USD		116,050
Huntsman Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		638,240  USD		19,085
Huolinhe Opencut Coal Ind Corp. Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		163  USD		(2)
Huolinhe Opencut Coal Ind Corp. Ltd.		06/24/21	M	0.49%	Credit Suisse International		163  USD		(2)
Hyatt Hotels Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		206,113  USD		(11,547)
IAC/InterActiveCorp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		547,773  USD		6,160
Icon Plc		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,903,277  USD		(87,680)
ICU Medical, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		99,988  USD		(381)
IDEX Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		901,051  USD		9,516
Illinois Tool Works, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		6,998,376  USD		14,701
Impulse Qingdao Health Tech Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		7,988  USD		(15)
Impulse Qingdao Health Tech Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		6,962  USD		(11)
Incyte Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		276,998  USD		(2,482)
Indonesian Government Bond		02/18/22	3M	0.00%	Bank of America, N.A.		80,241  USD		(1,398)
Indonesian Government Bond		05/18/22	3M	0.00%	Bank of America, N.A.		8,229,955  USD		(39,684)
Indonesian Government Bond		05/18/22	3M	0.00%	Bank of America, N.A.		2,691,996  USD		(47,890)

See Notes to Consolidated Schedule of Investments.

115

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Industrial Securities Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.	$	898  USD	$	(1)
Industrial Securities Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		36,672  USD		853
INESA Intelligent Tech, Inc.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		11,113  USD		(192)
INESA Intelligent Tech, Inc.		11/30/99	M	0.49%	Credit Suisse International		8,241  USD		(165)
Ingenic Semiconductor Co., Ltd.		05/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		15,336  USD		283
Ingenic Semiconductor Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		15,340  USD		279
Ingenic Semiconductor Co., Ltd.		05/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		24,598  USD		392
Ingenic Semiconductor Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		15,359  USD		260
Ingersoll Rand, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,143,353  USD		86,337
Ingredion, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		602,949  USD		(853)
Inly Media Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		40,419  USD		(1,206)
Inly Media Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		38,257  USD		(1,151)
Inly Media Co., Ltd.		05/15/23	M	0.48%	JPMorgan Chase Bank, N.A.		11,329  USD		(473)
Inmode Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		167,594  USD		3,303
Inner Mongolia Furui Medical Science Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		105,636  USD		2,293
Inner Mongolia Furui Medical Science Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		78,570  USD		1,966
Inner Mongolia Mengdian Huaneng Thermal Power Corp. Ltd		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		19,027  USD		(96)
Inner Mongolia Mengdian Huaneng Thermal Power Corp. Ltd		11/30/99	M	0.00%	Credit Suisse International		14,573  USD		(77)
Inner Mongolia Xingye Mining Co., Ltd.		02/08/23	M	0.48%	JPMorgan Chase Bank, N.A.		111  USD		(2)
Inner Mongolia Yili Industrial Group Co., Ltd.		05/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		176,418  USD		(1,201)
Inner Mongolia Yili Industrial Group Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		94,801  USD		(752)
Inner Mongolia Yuan Xing Energy Co., Ltd.		06/13/23	M	0.48%	JPMorgan Chase Bank, N.A.		192,751  USD		6,973
Inner Mongolia Yuan Xing Energy Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		145,673  USD		4,875
Innovative Industrial Properties, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		759,183  USD		6,807
Insmed, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		29,117  USD		709
Installed Building Products, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		121,474  USD		7,494
Integra LifeSciences Holdings Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		345,135  USD		(4,003)
Interactive Brokers Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,583,340  USD		66,105
International Flavors & Fragrances, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		951,902  USD		6,350
Intuitive Surgical, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		16,249  USD		417
Inventronics (Hangzhou), Inc.		04/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		233  USD		38
Investors Bancorp, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		45,390  USD		(628)
Invitae Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		169,056  USD		1,786

See Notes to Consolidated Schedule of Investments.

116

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Inzone Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.	$	2,997  USD	$	19
Inzone Group Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		2,248  USD		14
IQVIA Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,635,296  USD		1,145
iRay Technology Co., Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		8,609  USD		58
iRay Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		8,612  USD		54
iRhythm Technologies, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		35,331  USD		1,361
iRobot Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		187,006  USD		(1,160)
ITT, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		984,957  USD		22,259
Jack Sewing Machine Co., Ltd.		05/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		112,870  USD		(1,589)
Jack Sewing Machine Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		95,976  USD		(1,243)
Jacobs Engineering Group, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		342,449  USD		3,776
Jade Bird Fire Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		140  USD		1
Jade Bird Fire Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		220  USD		2
Jafron Biomedical Co., Ltd.		03/21/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,414  USD		32
Jafron Biomedical Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,319  USD		17
Jason Furniture (Hangzhou) Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		132  USD		—
Jason Furniture (Hangzhou) Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		574  USD		—
Jazz Pharmaceuticals Plc		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,262,935  USD		7,837
JB Hunt Transport Services, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,260,761  USD		20,189
Jenkem Technology Co., Ltd.		05/17/23	M	0.48%	JPMorgan Chase Bank, N.A.		15,306  USD		5,030
Jenkem Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		15,313  USD		5,023
JetBlue Airways, Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		821,237  USD		(40,480)
Ji Yao Holding Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		39,122  USD		3,019
Ji Yao Holding Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		30,076  USD		2,309
Jiangling Motors Corp., Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.		6,587  USD		302
Jiangling Motors Corp., Ltd.		06/24/21	M	0.49%	Credit Suisse International		6,589  USD		301
Jiangling Motors Corp., Ltd.		05/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		15,402  USD		191
Jiangling Motors Corp., Ltd.		06/24/21	M	0.49%	Credit Suisse International		10,069  USD		447
Jiangnan Mould & Plastic Technology Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		89,240  USD		(1,714)
Jiangnan Mould & Plastic Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		59,946  USD		(765)
Jiangsu Ankura Smart Transmission Engineering Technology Co., Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		21,937  USD		(40)
Jiangsu Ankura Smart Transmission Engineering Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		14,912  USD		(75)
Jiangsu Apon Medical Technology Co. Ltd.		04/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		127  USD		(1)
Jiangsu Beiren Robot System Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		14,558  USD		726

See Notes to Consolidated Schedule of Investments.

117

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Jiangsu Beiren Robot System Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International	$	10,731  USD	$	527
Jiangsu Changhai Composite Materials Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		28,129  USD		22
Jiangsu Changhai Composite Materials Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		21,512  USD		—
Jiangsu Changshu Automotive Trim Group Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		26,446  USD		1,555
Jiangsu Changshu Automotive Trim Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		20,170  USD		1,272
Jiangsu Changshu Rural Commercial Bank Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		20,154  USD		(867)
Jiangsu Changshu Rural Commercial Bank Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		15,294  USD		(805)
Jiangsu Cnano Technology Co Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,654  USD		542
Jiangsu Cnano Technology Co Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,987  USD		405
Jiangsu Dongzhu Landscape Co Ltd		06/24/21	M	0.49%	Credit Suisse International		101  USD		3
Jiangsu Eazytec Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		163,213  USD		11,364
Jiangsu Eazytec Co., Ltd.		02/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		216,643  USD		15,765
Jiangsu Fengshan Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		136  USD		(3)
Jiangsu Flag Chemical Industry Co., Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		179  USD		9
Jiangsu Hengli Hydraulic Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		238,533  USD		2,149
Jiangsu High Hope International Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		10,502  USD		(114)
Jiangsu High Hope International Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		7,772  USD		(86)
Jiangsu Huachang Chemical Co., Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		457,871  USD		6,710
Jiangsu Huachang Chemical Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		343,231  USD		4,465
Jiangsu Huaxicun Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		62,540  USD		78
Jiangsu Huaxicun Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		41,782  USD		35
Jiangsu Jibeier Pharmaceutical Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		7,951  USD		(45)
Jiangsu Jibeier Pharmaceutical Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		5,571  USD		(37)
Jiangsu Jingyuan Environmental Protection Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		3,820  USD		(31)
Jiangsu Jingyuan Environmental Protection Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		3,817  USD		(28)

See Notes to Consolidated Schedule of Investments.

118

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Jiangsu King’s Luck Brewery JSC Ltd		03/27/23	M	0.48%	JPMorgan Chase Bank, N.A.	$	195,060  USD	$	1,918
Jiangsu King’s Luck Brewery JSC Ltd		07/02/21	M	0.49%	Credit Suisse International		159,730  USD		366
Jiangsu Lihua Animal Husbandry Stock Co., Ltd.		06/23/23	M	0.48%	JPMorgan Chase Bank, N.A.		542,668  USD		(7,062)
Jiangsu Lihua Animal Husbandry Stock Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		403,702  USD		(5,457)
Jiangsu Lopal Tech Co., Ltd.		02/07/23	M	0.48%	JPMorgan Chase Bank, N.A.		93  USD		15
Jiangsu Lopal Tech Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		93  USD		15
Jiangsu Pacific Precision Forging Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		10  USD		—
Jiangsu Pacific Quartz Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		83,138  USD		512
Jiangsu Pacific Quartz Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		66,546  USD		374
Jiangsu Phoenix Publishing & Media Corp., Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		144,704  USD		(7,130)
Jiangsu Phoenix Publishing & Media Corp., Ltd.		06/24/21	M	0.49%	Credit Suisse International		103,284  USD		(4,717)
Jiangsu Rainbow Heavy Industries Co ., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		210,171  USD		(3,819)
Jiangsu Rainbow Heavy Industries Co ., Ltd.		11/30/99	M	0.49%	Credit Suisse International		155,911  USD		(2,710)
Jiangsu Sanfangxiang Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		3,644  USD		(22)
Jiangsu Sanfangxiang Group Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		2,803  USD		(18)
Jiangsu Seagull Cooling Tower Co., Ltd.		05/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		11,792  USD		(311)
Jiangsu Seagull Cooling Tower Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		9,156  USD		(247)
Jiangsu Shentong Valve Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		47,918  USD		137
Jiangsu Shentong Valve Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		41,150  USD		65
Jiangsu SOPO Chemical Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		104,615  USD		(3,004)
Jiangsu SOPO Chemical Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		80,902  USD		(2,320)
Jiangsu Tianmu Lake Tourism Co.,Ltd.		03/07/23	M	0.48%	JPMorgan Chase Bank, N.A.		11,336  USD		(230)
Jiangsu Tianmu Lake Tourism Co.,Ltd.		06/24/21	M	0.49%	Credit Suisse International		8,363  USD		(168)
Jiangsu Tongda Power Technology Co., Ltd.		04/06/23	M	0.48%	JPMorgan Chase Bank, N.A.		93,235  USD		1,616
Jiangsu Tongda Power Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		71,338  USD		1,253
Jiangsu Wujiang Rural Commercial Bank Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		27,092  USD		(316)
Jiangsu Wujiang Rural Commercial Bank Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		20,290  USD		(225)
Jiangsu Yuxing Film Technology Co., Ltd.		04/25/23	M	0.48%	JPMorgan Chase Bank, N.A.		11  USD		4

See Notes to Consolidated Schedule of Investments.

119

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.	$	256  USD	$	10
Jiangsu Zhongli Group Co., Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		94,397  USD		18,110
Jiangsu Zhongli Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		70,236  USD		13,686
Jiangsu Zhongnan Construction Group Co. Ltd.		01/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		11  USD		—
Jiangsu Zhongnan Construction Group Co. Ltd.		06/24/21	M	0.49%	Credit Suisse International		65  USD		—
Jiangsu Zitian Media Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		190,514  USD		7,816
Jiangsu Zitian Media Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		163,206  USD		6,872
Jiangxi Ganyue Expressway Co Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		9,873  USD		7
Jiangxi Ganyue Expressway Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		7,587  USD		5
Jiangxi Lianchuang Optoelectronic Science and Technology Co., Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		4  USD		—
Jiangxi Tianli Technology, Inc.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		12,066  USD		875
Jiangxi Tianli Technology, Inc.		11/30/99	M	0.00%	Credit Suisse International		8,959  USD		649
Jiangyin Hengrun Heavy Industries Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		33,802  USD		405
Jiangyin Hengrun Heavy Industries Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		27,718  USD		351
Jianmin Pharmaceutical Group Co., Ltd.		05/02/23	M	0.48%	JPMorgan Chase Bank, N.A.		330,642  USD		77,780
Jianmin Pharmaceutical Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		245,787  USD		59,408
Jilin Expressway Co., Ltd.		05/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		6,760  USD		15
Jilin Expressway Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		4,913  USD		27
Jilin Jinguan Electric Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		75,473  USD		1,785
Jilin Jinguan Electric Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		52,609  USD		1,249
Jinduicheng Molybdenum Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		71,870  USD		(165)
Jinduicheng Molybdenum Group Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		53,083  USD		(131)
Jinhe Biotechnology Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		6,591  USD		130
Jinhe Biotechnology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		1,095  USD		7
Jinhui Liquor Co., Ltd.		03/29/23	M	0.48%	JPMorgan Chase Bank, N.A.		3,306  USD		(124)
Jinhui Liquor Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,657  USD		(112)
Jinke Properties Group Co. Ltd.		06/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		97,379  USD		1,818
Jinke Properties Group Co. Ltd.		07/02/21	M	0.49%	Credit Suisse International		69,706  USD		1,622
Jinling Pharmaceutical Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1  USD		—
Jinlongyu Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		5,105  USD		(49)
Jinlongyu Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		3,725  USD		(35)

See Notes to Consolidated Schedule of Investments.

120

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
JiuGui Liquor Co., Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.	$	95,293  USD	$	(354)
JiuGui Liquor Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		75,436  USD		(276)
Jiugui Liquor Co., Ltd.		05/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		31,797  USD		(151)
Jiugui Liquor Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		19,876  USD		(97)
Jl Mag Rare Earth Co., Ltd.		03/27/23	M	0.48%	JPMorgan Chase Bank, N.A.		67,776  USD		15,834
Jl Mag Rare Earth Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		53,149  USD		11,115
Jm Smucker Co.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		30,410  USD		168
Johnson & Johnson		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,517,302  USD		42,782
Jones Lang LaSalle, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		304,432  USD		(5,574)
Joyoung Co., Ltd.		03/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,042  USD		(37)
Joyoung Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,099  USD		(87)
JS Corrugating Machinery Co, Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		128,360  USD		9,396
JS Corrugating Machinery Co, Ltd.		06/24/21	M	0.49%	Credit Suisse International		96,910  USD		7,973
Juewei Food Co., Ltd.		03/21/23	M	0.48%	JPMorgan Chase Bank, N.A.		940  USD		104
Juneyao Airlines Co., Ltd.		03/15/23	M	0.48%	JPMorgan Chase Bank, N.A.		38,737  USD		(2,367)
Juneyao Airlines Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		26,507  USD		(1,473)
Junhe Pumps Holding Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		776  USD		5
Just Eat Takeaway.com		06/15/22	M	0.35%	Goldman Sachs International		8,242,381  USD		198,779
K.B. Home		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		322,358  USD		(17,447)
Kailuan Energy Chemical Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		168,579  USD		(2,130)
Kailuan Energy Chemical Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		138,101  USD		(1,715)
Kaiser (China) Culture Co., Ltd.		04/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		3,635  USD		(138)
Kaiser (China) Culture Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,558  USD		(97)
Kangxin New Materials Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		34,677  USD		(2,957)
Kangxin New Materials Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		18,758  USD		(1,013)
Kangyue Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		49,633  USD		(2,214)
Kangyue Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		39,325  USD		(1,726)
Kansas City Southern		03/24/23	M	0.60%	JPMorgan Chase Bank, N.A.		28,256,071  USD		(25,902)
KBC Corp Ltd.		06/24/21	M	0.49%	Credit Suisse International		3,688  USD		476
KBR, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		742,858  USD		13,351
Kehua Data Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		179,810  USD		38,324
Kehua Data Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		136,392  USD		29,235
Kehua Holdings Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		14,634  USD		(171)
Kehua Holdings Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		10,866  USD		(128)
Kellogg Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		682,897  USD		1,703
Kennametal, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		83,729  USD		3,270
Keshun Waterproof Technologies Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		136,900  USD		(5,524)
Keshun Waterproof Technologies Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		106,129  USD		(4,921)
Keurig Dr Pepper, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,976,205  USD		79,707
King-Strong New Material Technology Co., Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		180  USD		(5)
Kingclean Electric Co., Ltd.		03/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		7,075  USD		630
Kingclean Electric Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		5,183  USD		595
Kingnet Network Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		176,495  USD		(7,345)
Kingnet Network Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		136,903  USD		(5,661)

See Notes to Consolidated Schedule of Investments.

121

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Kingsemi Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.	$	36,446  USD	$	2,802
Kingsemi Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		14,003  USD		1,309
Kirby Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		434,971  USD		(11,886)
Kirkland Lake Gold Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,056,602  USD		(6,583)
KLA Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,778,599  USD		188,434
Knight-Swift Transportation Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,577,165  USD		(2,931)
Knoll, Inc.		04/21/23	M	0.60%	JPMorgan Chase Bank, N.A.		13,310,502  USD		46,253
Koal Software Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		99  USD		4
Kodiak Sciences, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		553,480  USD		48,974
Kontoor Brands, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		786,492  USD		(12,209)
Kraft Heinz Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		911,448  USD		(1,116)
Kratos Defense & Security Solutions, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		319,909  USD		24,649
Kunlun Tech Co., Ltd.		04/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		139  USD		(12)
Kunwu Jiuding Investment Holdings Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		85  USD		2
Kweichow Moutai Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		48,842  USD		(460)
Kweichow Moutai Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		32,141  USD		(311)
Kyland Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		5,308  USD		(193)
L3Harris Technologies, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		4,265,491  USD		(63,103)
Lam Research Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,850,911  USD		95,983
Lands’ End, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,782,301  USD		(4,418)
Lanzhou Foci Pharmaceutical Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		131  USD		9
Lao Feng Xiang Co., Ltd.		04/13/23	M	0.48%	JPMorgan Chase Bank, N.A.		536  USD		13
Las Vegas Sands Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		241,253  USD		6,706
LB Group Co., Ltd.		06/21/23	M	0.48%	JPMorgan Chase Bank, N.A.		34,763  USD		558
LB Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		30,631  USD		409
LCI Industries		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		66,480  USD		1,464
Lemonade, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		581,082  USD		37,303
LendingTree, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		111,130  USD		(3,495)
Leon Technology Co., Ltd.		02/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		2  USD		—
Lepu Medical Technology (Beijing) Co., Ltd.		05/02/23	M	0.48%	JPMorgan Chase Bank, N.A.		77,548  USD		2,486
Lepu Medical Technology (Beijing) Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		59,497  USD		2,144
Levi Strauss & Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		41,537  USD		4,451
LHC Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		69,730  USD		(40)
LianChuang Electronic Technology Co.,Ltd,		06/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		6,166  USD		347
LianChuang Electronic Technology Co.,Ltd,		11/30/99	M	0.49%	Credit Suisse International		95  USD		7
Lianhe Chemical Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		88,932  USD		(2,142)
Lianhe Chemical Technology Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		76,002  USD		(1,734)
Liaoning Energy Industry Co, Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		53,252  USD		(418)
Liaoning Energy Industry Co, Ltd.		11/30/99	M	0.00%	Credit Suisse International		40,916  USD		(375)
Liaoning Fu-An Heavy Industry Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		153  USD		(5)
Lier Chemical Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		150,355  USD		20,941

See Notes to Consolidated Schedule of Investments.

122

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Lier Chemical Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International	$	103,974  USD	$	14,216
Linde plc		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,554,362  USD		73,830
Linewell Software Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		24,882  USD		(142)
Linewell Software Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		18,442  USD		(110)
Lingyi Itech Guangdong Co Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		29,352  USD		2,132
Lingyi Itech Guangdong Co Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		19,582  USD		1,866
Lingyuan Iron & Steel Co, Ltd.		04/06/23	M	0.48%	JPMorgan Chase Bank, N.A.		12  USD		—
Linkage Software Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		53  USD		—
Linkage Software Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		53  USD		—
Lithia Motors, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,355,939  USD		72,916
Liuzhou Iron & Steel Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		6,851  USD		(94)
Liuzhou Iron & Steel Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		5,502  USD		(115)
Livzon Pharmaceutical Group		02/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		130,738  USD		(2,248)
Livzon Pharmaceutical Group		07/02/21	M	0.49%	Credit Suisse International		101,542  USD		(1,679)
Lockheed Martin Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		290,720  USD		1,745
Loews Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		50,250  USD		83
Logitech International S.A.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		413,890  USD		(17,756)
LONGi Green Energy Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		61,114  USD		8,457
LONGi Green Energy Technology Co., Ltd.		06/28/21	M	0.49%	Credit Suisse International		60,615  USD		8,681
Longjian Road & Bridge Co., Ltd.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		30  USD		—
Longjian Road & Bridge Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		26  USD		—
Longxing Chemical Industry Co., Ltd.		05/30/23	M	0.48%	JPMorgan Chase Bank, N.A.		207,101  USD		11,540
Longxing Chemical Industry Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		153,380  USD		10,408
Longyan Zhuoyue New Energy Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		15,355  USD		123
Longyan Zhuoyue New Energy Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		14,422  USD		214
Lotus Health Group Co.		05/30/23	M	0.48%	JPMorgan Chase Bank, N.A.		58,106  USD		898
Lotus Health Group Co.		06/24/21	M	0.49%	Credit Suisse International		43,108  USD		915
Louisiana-Pacific Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,271,835  USD		51,711
LPL Financial Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,827,444  USD		(38,352)
Luminar Technologies, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		413,268  USD		(6,490)
Luminex Corp.		04/14/23	M	0.60%	JPMorgan Chase Bank, N.A.		2,101,131  USD		8,024
Luoyang Jalon Micro-nano New Materials Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,080  USD		260
Luoyang Jalon Micro-nano New Materials Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		288  USD		18
Luxi Chemical Group Co., Ltd.		03/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		287,253  USD		6,388

See Notes to Consolidated Schedule of Investments.

123

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Luxi Chemical Group Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International	$	156,948  USD	$	2,772
Lydall, Inc.		06/23/23	M	0.59%	JPMorgan Chase Bank, N.A.		11,991,174  USD		(200,304)
LyondellBasell Industries NV		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		508,579  USD		2,788
M&T Bank Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,115,634  USD		(26,512)
Maanshan Iron & Steel Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		256,048  USD		32,699
Maanshan Iron & Steel Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		190,295  USD		22,829
Maccura Biotech Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		225,782  USD		769
Maccura Biotech Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		149,010  USD		812
Macquarie Infrastructure Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		148,865  USD		(1,602)
Macrolink Culturaltainment Development Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		39  USD		(2)
Macrolink Culturaltainment Development Co., Ltd.		02/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		6  USD		—
Magellan Health, Inc.		01/19/23	M	0.60%	JPMorgan Chase Bank, N.A.		10,142,925  USD		(8,607)
Magellan Health, Inc.		01/06/23	M	0.35%	Goldman Sachs International		10,192,045  USD		(8,648)
Magnite, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		30,633  USD		3,681
Mango Excellent Media Co.,Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		308,910  USD		(726)
Mango Excellent Media Co.,Ltd.		07/02/21	M	0.49%	Credit Suisse International		239,997  USD		(2,637)
Manulife Financial Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,594,503  USD		23,962
Maoming Petro-Chemical Shihua Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		9,678  USD		(46)
Maoming Petro-Chemical Shihua Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		7,441  USD		(36)
Marathon Digital Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		441,384  USD		56,144
MarketAxess Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,156,663  USD		21,319
Marriott International, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		5,732,163  USD		(103,443)
Marriott Vacations Worldwide Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,837,785  USD		(5,039)
Martin Marietta Materials, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		39,664  USD		90
Marvell Technology Group Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		117,978  USD		8,423
Masco Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,382,831  USD		38,190
Masimo Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		230,801  USD		2,678
Matador Resources Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		82,697  USD		5,095
Mattel, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		47,393  USD		1,590
Maxim Integrated Products		06/05/23	M	0.35%	Goldman Sachs International		27,595,526  USD		1,340,229
Maxscend Microelectronics Co., Ltd.		04/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		294,205  USD		20,237
Maxscend Microelectronics Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		296,245  USD		18,197
McCormick & Co., Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		5,416,016  USD		76,164
MDC Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		469,505  USD		(18,456)
MDU Resources Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,257,457  USD		5,263
Medallia, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		630,043  USD		40,468
Medical Properties Trust, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		4,129,613  USD		(33,615)

See Notes to Consolidated Schedule of Investments.

124

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Medifast, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC	$	310,193  USD	$	18,913
Medtronic plc		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,228  USD		6
MercadoLibre, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,328,044  USD		27,335
Merck & Co., Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		700,607  USD		7,489
Meridian Bancorp, Inc.		04/28/23	M	0.60%	JPMorgan Chase Bank, N.A.		5,064,579  USD		(118,456)
MetLife, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,787,476  USD		5,092
Metro Land Corp. Ltd.		04/06/23	M	0.48%	JPMorgan Chase Bank, N.A.		78,966  USD		(1,289)
Metro Land Corp. Ltd.		06/24/21	M	0.49%	Credit Suisse International		58,062  USD		(991)
Mettler-Toledo International, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,090,241  USD		24,958
MGM Growth Properties LLC		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		404,544  USD		(992)
Mianyang Fulin Precision Machining Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,183  USD		(31)
Mianyang Fulin Precision Machining Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		2,453  USD		(86)
Micro-Tech Nanjing Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,000  USD		315
Micro-Tech Nanjing Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		4,503  USD		707
MicroStrategy, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		636,784  USD		88,186
Mimecast Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		46,635  USD		(535)
Ming Yang Smart Energy Group Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		154  USD		4
Ming Yang Smart Energy Group Ltd.		06/24/21	M	0.49%	Credit Suisse International		15  USD		—
Mingchen Health Co., Ltd.		05/02/23	M	0.48%	JPMorgan Chase Bank, N.A.		58  USD		(2)
Mingchen Health Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		363  USD		(13)
Minsheng Holdings Co., Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		161,401  USD		(3,001)
Minsheng Holdings Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		119,413  USD		(2,200)
Mirati Therapeutics, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		543,999  USD		(5,781)
MKS Instruments, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		510,228  USD		24,868
MLS Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		218  USD		(14)
Moelis & Co.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		10,786  USD		649
Molina Healthcare, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		362,239  USD		10,771
Monmouth Real Estate Investment Corp.		05/09/23	M	0.60%	JPMorgan Chase Bank, N.A.		7,422  USD		(140)
Monster Beverage Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,927,823  USD		(22,885)
Montage Technology Co., Ltd.		02/27/23	M	0.48%	JPMorgan Chase Bank, N.A.		239,359  USD		953
Montage Technology Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		186,260  USD		771
Montage Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		68,402  USD		(272)
Montage Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		56,934  USD		(119)
Morningstar, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		39,944  USD		1,451
Mosaic Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		595,203  USD		19,830
Motic (Xiamen) Electric Group Co., Ltd.		06/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		107,349  USD		(1,737)
Motic (Xiamen) Electric Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		82,167  USD		(1,094)
MP Materials Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		166,290  USD		27,926
MS Alpha Swap		08/16/21	M	0.00%	Morgan Stanley Capital Services LLC		624,066  USD		(105,284)
MS Alpha Swap		12/27/21	M	0.00%	Morgan Stanley Capital Services LLC		1,500,000  USD		(48,143)
MS Index Swap		08/16/21	M	0.00%	Morgan Stanley Capital Services LLC		1,700,000  USD		(1,667,319)
Ms Intraday Trend Swap		06/23/21	M	0.15%	Morgan Stanley Capital Services LLC		195,440,128  USD		47
Murphy USA, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,037,272  USD		29,822

See Notes to Consolidated Schedule of Investments.

125

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Myhome Real Estate Development Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.	$	27,053  USD	$	(217)
Myhome Real Estate Development Group Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		20,006  USD		(154)
Nacity Property Service Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		188  USD		(11)
Nancal Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		48,630  USD		(356)
Nancal Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		35,631  USD		(267)
Nanfang Black Sesame Group Co, Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,310  USD		(30)
Nanfang Black Sesame Group Co, Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,588  USD		(51)
Nanjing Aolian AE&EA Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		28,350  USD		(357)
Nanjing Aolian AE&EA Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		21,044  USD		(249)
Nanjing Chervon Auto Precision Technology Co., Ltd		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		167,575  USD		3,394
Nanjing Chervon Auto Precision Technology Co., Ltd		07/02/21	M	0.49%	Credit Suisse International		126,229  USD		3,040
Nanjing Chixia Development Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,487  USD		3
Nanjing Chixia Development Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		1,556  USD		(11)
Nanjing Gaoke Co., Ltd.		03/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,009  USD		(140)
Nanjing Gaoke Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,855  USD		(130)
Nanjing Hanrui Cobalt Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		787  USD		67
Nanjing Iron and Steel Group Co., Ltd.		02/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		6,625  USD		199
Nanjing Iron and Steel Group Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		4,487  USD		86
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd.		03/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		186,221  USD		2,691
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		141,234  USD		2,855
Nanjing Wondux Environmental Protection Technology Corp., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		5,663  USD		(73)
Nanjing Wondux Environmental Protection Technology Corp., Ltd.		11/30/99	M	0.00%	Credit Suisse International		3,239  USD		(45)
Nantong Jianghai Capacitor Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		84,004  USD		1,764
Nantong Jianghai Capacitor Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		68,995  USD		1,440
Nari Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		245  USD		(4)
Natera, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		754,303  USD		28,146
National Health Investors, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,588,387  USD		24,165

See Notes to Consolidated Schedule of Investments.

126

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
National Retail Properties, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC	$	48,628  USD	$	(764)
National Vision Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		33,368  USD		2,014
NAURA Technology Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		146,320  USD		3,930
NAURA Technology Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		142,475  USD		3,481
Navistar International Corp.		11/14/22	M	0.35%	Goldman Sachs International		20,778,019  USD		23,372
NetApp, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		10,008  USD		301
Neurocrine Biosciences, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		304,209  USD		792
Nevro Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		707,292  USD		1,958
New Hope Dairy Co., Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		15,845  USD		(370)
New Hope Dairy Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		8,935  USD		(260)
New Relic, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		244,869  USD		(9,135)
New York Times Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		287,311  USD		9,613
Newmont Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		436,615  USD		5,207
News Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,598,572  USD		6,388
Nielsen Holdings plc		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		45,770  USD		338
Ninestar Corp.		03/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		116,870  USD		738
Ninestar Corp.		07/02/21	M	0.49%	Credit Suisse International		105,467  USD		679
Ningbo BaoSi Energy Equipment Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		5,546  USD		77
Ningbo BaoSi Energy Equipment Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,773  USD		(6)
Ningbo Fubang Jingye Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		4,099  USD		(6)
Ningbo Fubang Jingye Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		3,438  USD		(5)
Ningbo Haitian Precison Machinery Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		24,055  USD		(471)
Ningbo Haitian Precison Machinery Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		19,405  USD		(393)
Ningbo Heli Mould Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		3,158  USD		(19)
Ningbo Heli Mould Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		2,441  USD		(15)
Ningbo Huaxiang Electronic Co., Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		85,499  USD		9,565
Ningbo Huaxiang Electronic Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		65,629  USD		7,706
Ningbo Orient Wires & Cables Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		135  USD		6
Ningbo Peacebird Fashion Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		26,676  USD		1,412
Ningbo Peacebird Fashion Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		10,683  USD		569
Ningbo Ronbay New Energy Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		526,295  USD		27,180
Ningbo Ronbay New Energy Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		383,896  USD		22,033
Ningbo Shanshan Co., Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.		852,695  USD		71,234
Ningbo Shanshan Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		641,706  USD		53,839
Ningbo Solartron Technology Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		53,400  USD		(609)

See Notes to Consolidated Schedule of Investments.

127

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Ningbo Solartron Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International	$	44,798  USD	$	(537)
Ningbo Tuopu Group Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		43,247  USD		(3,277)
Ningbo Tuopu Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		42,615  USD		(2,645)
Ningxia Baofeng Energy Group Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		181,333  USD		(4,761)
Ningxia Baofeng Energy Group Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		134,805  USD		(2,270)
Ningxia Younglight Chemicals Co., Ltd.		06/23/21	M	0.48%	JPMorgan Chase Bank, N.A.		187,234  USD		8,630
Ningxia Younglight Chemicals Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		137,471  USD		5,920
Norfolk Southern Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,550,589  USD		25,009
Northeast Securities Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		25,113  USD		(135)
Northeast Securities Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		23,240  USD		(93)
Northking Information Technology Co., Ltd.		06/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		124,409  USD		1,187
Northking Information Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		87,362  USD		180
Northking Information Technology Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		25,415  USD		100
Northking Information Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		25,520  USD		94
Novavax, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,374,438  USD		237,844
Novoray Corp.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		50,934  USD		295
Novoray Corp.		06/24/21	M	0.49%	Credit Suisse International		34,804  USD		276
Nuance Communications, Inc.		04/14/23	M	0.60%	JPMorgan Chase Bank, N.A.		26,321,587  USD		(67,516)
Nuode Investment Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		899  USD		44
Nutanix, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		539,505  USD		16,290
Oak Street Health, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		10,490  USD		(6)
OKE Precision Cutting Tools Co., Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,325  USD		(227)
OKE Precision Cutting Tools Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,326  USD		(228)
Okta, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		436,294  USD		(3,944)
Old Dominion Freight Line, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,220,857  USD		(841)
Ollie’s Bargain Outlet Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		480,941  USD		(8,635)
Omnicom Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		69,302  USD		770
ON Semiconductor Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,359,054  USD		164,774
ONEOK, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		195,161  USD		524
Onto Innovation, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		14,209  USD		765
Opendoor Technologies, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		380,479  USD		29,457
Oppein Home Group Inc.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		208,547  USD		(11,935)
Oppein Home Group Inc.		07/02/21	M	0.49%	Credit Suisse International		158,199  USD		(8,801)
Opple Lighting Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		34,474  USD		90
Opple Lighting Co., Ltd.		02/07/23	M	0.48%	JPMorgan Chase Bank, N.A.		45,550  USD		129
Org Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		70,343  USD		344
Org Technology Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		48,629  USD		373
Orient Securities Co., Ltd.		01/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		8,911  USD		(21)
Orient Securities Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		7,909  USD		(24)
Oshkosh Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		148,520  USD		4,165
Ovctek China Inc.		02/06/23	M	0.48%	JPMorgan Chase Bank, N.A.		182,148  USD		(1,056)
Ovctek China Inc.		06/24/21	M	0.49%	Credit Suisse International		128,405  USD		763

See Notes to Consolidated Schedule of Investments.

128

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Overstock.com, inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC	$	134,821  USD	$	11,592
Owens & Minor, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		180,344  USD		(10,474)
Owens Corning		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		389,016  USD		4,151
PACCAR, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		79,017  USD		1,219
Pacific Biosciences of California, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		74,499  USD		13,101
Pacira BioSciences, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		618,873  USD		(2,182)
Packaging Corp. of America		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,331,930  USD		3,524
PacWest Bancorp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		79,899  USD		363
Pagseguro Digital Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		92,088  USD		1,242
Palo Alto Networks, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,873,892  USD		(1,985)
Pan American Silver Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,497,622  USD		(5,297)
Park Hotels & Resorts, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		30,878  USD		(705)
Patterson Cos., Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		186,901  USD		(16,535)
PCI Technology Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		33,516  USD		1,003
PCI Technology Group Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		48,105  USD		1,439
PDC Energy, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		237,832  USD		(5,951)
Pebblebrook Hotel Trust		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		40,503  USD		73
Pegasystems, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		10,803  USD		54
Pengdu Agriculture & Animal Husbandry Co., Ltd.		06/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		35  USD		—
Pengdu Agriculture & Animal Husbandry Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		4,672  USD		(61)
Pengxin International Mining Co., Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		89,407  USD		565
Pengxin International Mining Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		59,979  USD		857
PennyMac Financial Services, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		577,263  USD		(14,809)
Penske Automotive Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		192,430  USD		2,183
Penumbra, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		628,119  USD		849
People’s United Financial, Inc.		02/24/23	M	0.60%	JPMorgan Chase Bank, N.A.		20,897,621  USD		(276,710)
PepsiCo, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,405,292  USD		33,586
Performance Food Group Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		548,811  USD		(6,402)
Petpal Pet Nutrition Technology Co., Ltd.		04/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		32,630  USD		(1,452)
Petpal Pet Nutrition Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		24,482  USD		(1,228)
PetroChina Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		108,410  USD		1,214
PetroChina Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		80,217  USD		916
Pfizer, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		724,698  USD		1,837
PharmaBlock Sciences (Nanjing), Inc.		03/27/23	M	0.48%	JPMorgan Chase Bank, N.A.		36,539  USD		(141)
PharmaBlock Sciences (Nanjing), Inc.		06/24/21	M	0.49%	Credit Suisse International		28,110  USD		173
Pharmaron Beijing Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		899  USD		41
Pharmaron Beijing Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,087  USD		96
Philip Morris International, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		4,102,154  USD		20,326
Phreesia, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		394,245  USD		29,890

See Notes to Consolidated Schedule of Investments.

129

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Physicians Realty Trust		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC	$	320,468  USD	$	(10,246)
Ping An Bank Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		357  USD		(7)
Pingdingshan Tianan Coal. Mining Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		817  USD		(47)
Pingdingshan Tianan Coal. Mining Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		334  USD		(3)
Pinnacle Financial Partners, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		238,782  USD		2,073
Pnc Process Systems Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		109,587  USD		(142)
Pnc Process Systems Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		50,474  USD		1,434
Pnm Resources, Inc.		10/25/22	M	0.60%	JPMorgan Chase Bank, N.A.		24,889,712  USD		(71,244)
POCO Holding Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		618  USD		(55)
Polaris, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		37,267  USD		808
Poly Union Chemical Holding Group Co., Ltd.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		2  USD		—
Portland General Electric Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		395,102  USD		(16,601)
Porton Pharma Solutions Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		66,799  USD		(4,309)
Porton Pharma Solutions Ltd.		06/24/21	M	0.49%	Credit Suisse International		38,645  USD		(2,960)
PotlatchDeltic Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		600,984  USD		8,859
PPD, Inc.		04/19/23	M	0.60%	JPMorgan Chase Bank, N.A.		27,311,054  USD		(118,000)
PPG Industries, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,410,097  USD		7,258
PPL Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		911,650  USD		(4,863)
Pra Health Sciences, Inc.		02/28/23	M	0.60%	JPMorgan Chase Bank, N.A.		29,032,608  USD		(396,923)
Primeton Information Technologies, Inc.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,624  USD		186
Primeton Information Technologies, Inc.		06/25/21	M	0.49%	Credit Suisse International		4,758  USD		(20)
Procter & Gamble Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		4,994,712  USD		33,859
PROG Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		19,919  USD		(41)
Prosperity Bancshares, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,094  USD		(11)
Proto Labs, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		477,987  USD		11,307
Proya Cosmetics Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,821  USD		128
PTC Therapuitcs, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,194,888  USD		(33,013)
PTC, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		527,587  USD		25,869
Public Service Enterprise Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,752,611  USD		(9,338)
Pulike Biological Engineering, Inc.		05/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		91,391  USD		(4,234)
Pulike Biological Engineering, Inc.		06/24/21	M	0.49%	Credit Suisse International		68,384  USD		(3,105)
Pure Storage, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		74,011  USD		496
Purple Innovation, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		18,895  USD		(64)
PVH Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,542  USD		116
Q2 Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		270,855  USD		(8,250)
Qi An Xin Technology Group, Inc.		02/06/23	M	0.48%	JPMorgan Chase Bank, N.A.		234  USD		(5)
Qifeng New Material Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		110,659  USD		(1,914)
Qifeng New Material Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		84,433  USD		(1,441)
Qingdao Eastsoft Communication Technology Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		235  USD		(16)
Qingdao Haier Biomedical Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		92,977  USD		4,617

See Notes to Consolidated Schedule of Investments.

130

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Qingdao Haier Biomedical Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International	$	98,292  USD	$	1,856
Qingdao Hiron Commercial Cold Chain Co.,Ltd.		04/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		961  USD		(32)
Qingdao Hiron Commercial Cold Chain Co.,Ltd.		06/24/21	M	0.49%	Credit Suisse International		962  USD		(33)
Qinghai Spring Medicinal Resources Technology Co., Ltd.		06/27/23	M	0.48%	JPMorgan Chase Bank, N.A.		8,176  USD		1
Qinghai Spring Medicinal Resources Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		6,410  USD		(157)
QuakeSafe Technologies Co. Ltd.		06/24/21	M	0.49%	Credit Suisse International		298  USD		62
Qualtrics International, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		262,235  USD		9,378
Qualys, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		175,026  USD		(3,450)
Quanta Services, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,644,563  USD		35,601
Quick Intelligent Equipment Co., Ltd.		05/30/23	M	0.48%	JPMorgan Chase Bank, N.A.		12,525  USD		3,560
Quick Intelligent Equipment Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		9,347  USD		2,478
QuMei Home Furnishings Group Co., Ltd.		03/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		201,303  USD		(13,848)
QuMei Home Furnishings Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		148,870  USD		(9,653)
Ralph Lauren Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		204,162  USD		827
Raven Industries, Inc.		06/23/23	M	0.59%	JPMorgan Chase Bank, N.A.		19,647,426  USD		63,169
Raytron Technology Co., Ltd. A		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,378  USD		47
Raytron Technology Co., Ltd. A		06/25/21	M	0.49%	Credit Suisse International		2,744  USD		160
Realcan Pharmaceutical Group Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		13,335  USD		(446)
Realcan Pharmaceutical Group Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		10,634  USD		(350)
Reata Pharmaceuticals, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		77,654  USD		2,311
Red Avenue New Materials Group Co., Ltd.		02/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		602,907  USD		791
Red Avenue New Materials Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		482,121  USD		468
Red Star Macalline Group Corp., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		84,123  USD		3,888
Red Star Macalline Group Corp., Ltd.		06/24/21	M	0.49%	Credit Suisse International		65,728  USD		3,061
Regal Beloit Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		983,211  USD		27,860
Regions Financial Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		560,906  USD		9,038
Reinsurance Group of America, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,019,722  USD		(15,724)
Reliance Steel & Aluminum Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		176,218  USD		(2,985)
RenaissanceRe Holdings Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		349,305  USD		10,393
Renewable Energy Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		66,283  USD		(2,010)
Repsol S.A		05/25/22	M	0.18%	Morgan Stanley Capital Services LLC		280,237  EUR		(6,604)

See Notes to Consolidated Schedule of Investments.

131

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Restaurant Brands International, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC	$	1,290,560  USD	$	(14,519)
Rexford Industrial Realty, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		282,537  USD		(7,184)
Rexnord Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		5,134  USD		70
Riot Blockchain, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		352,700  USD		68,149
Ritchie Bros Auctioneers, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		222,491  USD		(309)
Robert Half International, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		27,456  USD		125
RocKontrol Technology Group Co., Ltd.		04/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		63,277  USD		254
RocKontrol Technology Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		54,800  USD		188
Rollins, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		849,020  USD		10,289
Rongan Property Co., Ltd.		06/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		26,851  USD		(193)
Rongan Property Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		20,223  USD		(168)
Ronglian Group Ltd.		06/24/21	M	0.49%	Credit Suisse International		38  USD		(1)
Rongsheng Petrochemical Co., Ltd.		01/23/23	M	0.48%	JPMorgan Chase Bank, N.A.		184,198  USD		77
Rongsheng Petrochemical Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		137,791  USD		125
Royalty Pharma plc		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		351,619  USD		(17,059)
RPM International, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,203,297  USD		(6,604)
Ruitai Materials Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		10,902  USD		(263)
Ruitai Materials Technology Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		8,082  USD		(179)
Ryder System, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		631,390  USD		3,983
S.F. Holding Co., Ltd.		04/17/23	M	0.48%	JPMorgan Chase Bank, N.A.		51,257  USD		(2,013)
S.F. Holding Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		39,610  USD		(1,891)
Saia, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		271,036  USD		463
SAIC Motor Corp., Ltd.		05/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		64,964  USD		(21)
SAIC Motor Corp., Ltd.		06/25/21	M	0.49%	Credit Suisse International		26,556  USD		(34)
SailPoint Technologies Holding, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		174,365  USD		(3,332)
Sailun Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2  USD		—
Sailun Group Co., Ltd.		02/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		28  USD		—
Saimo Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		54  USD		1
Salesforce.Com, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		5,041,521  USD		(521)
Sanderson Farms, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		729,282  USD		(1,275)
Sangfor Technologies, Inc.		05/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		3,921  USD		95
Sangfor Technologies, Inc.		06/24/21	M	0.49%	Credit Suisse International		3,922  USD		94
Sansteel Minguang Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		5,128  USD		(17)
Sansteel Minguang Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,896  USD		(27)
Sanxiang Advanced Materials Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		9,117  USD		(147)
Sanxiang Advanced Materials Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		7,296  USD		(120)
Sanxiang Impression Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,667  USD		(38)
Sanxiang Impression Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		1,237  USD		(15)
Sany Heavy Industry Co., Ltd.		04/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		3,389  USD		211
Sany Heavy Industry Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,926  USD		223

See Notes to Consolidated Schedule of Investments.

132

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Sany Heavy Industry Co., Ltd.		02/01/23	M	0.48%	JPMorgan Chase Bank, N.A.	$	32,640  USD	$	2,002
Sany Heavy Industry Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		29,928  USD		2,015
Schlumberger NV		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		6,922  USD		(232)
Schrodinger, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		80,314  USD		589
Scotts Miracle-Gro Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,619,547  USD		(25,556)
Sdic Capital Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		231,581  USD		(178)
Sdic Capital Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		171,427  USD		(141)
Seagen, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		15,197  USD		(40)
SEI Investments Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		13,631  USD		64
Selectquote Inc		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		35,550  USD		(882)
Sempra Energy		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		880,681  USD		(18,899)
Service Corp. International/US		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		34,917  USD		935
Sg Micro Corp.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		36,640  USD		10,296
Sg Micro Corp.		06/24/21	M	0.49%	Credit Suisse International		26,374  USD		7,654
Shaanxi Construction Engineering Group Corp, Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		29,766  USD		(1,090)
Shaanxi Construction Engineering Group Corp, Ltd.		11/30/99	M	0.49%	Credit Suisse International		21,583  USD		(955)
Shaanxi Construction Machinery Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		88  USD		—
Shaanxi Road & Bridge Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		9,208  USD		(216)
Shaanxi Road & Bridge Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		6,834  USD		(154)
Shaanxi Xinghua Chemistry Co., Ltd.		06/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		183,081  USD		(716)
Shaanxi Xinghua Chemistry Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		136,696  USD		(589)
Shan Xi Hua Yang Group New Energy Co.,Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,210,733  USD		56,815
Shan Xi Hua Yang Group New Energy Co.,Ltd.		07/02/21	M	0.49%	Credit Suisse International		908,774  USD		42,403
Shandong Bohui Paper Industry Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		131,626  USD		(5,599)
Shandong Bohui Paper Industry Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		105,453  USD		(4,469)
Shandong Bohui Paper Industry Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		4  USD		—
Shandong Buchang Pharmaceuticals Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,399  USD		126
Shandong Buchang Pharmaceuticals Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		3,057  USD		75
Shandong Chenming Paper Holdings Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		188,078  USD		(10,071)
Shandong Chenming Paper Holdings Ltd.		07/02/21	M	0.49%	Credit Suisse International		142,894  USD		(7,593)
Shandong Chiway Industry Development Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		9,677  USD		488
Shandong Chiway Industry Development Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		7,169  USD		351
Shandong Daye Co., Ltd.		04/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		60,680  USD		61
Shandong Daye Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		45,221  USD		117

See Notes to Consolidated Schedule of Investments.

133

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shandong Fiberglass Group Co., Ltd.		04/12/23	M	0.48%	JPMorgan Chase Bank, N.A.	$	1,474  USD	$	37
Shandong Fiberglass Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,100  USD		33
Shandong Head Co., Ltd.		02/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		57,804  USD		(1,459)
Shandong Head Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		40,960  USD		(964)
Shandong Hi Speed Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,460  USD		13
Shandong Hi Speed Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		3,134  USD		7
Shandong Hi-Speed Road & Bridge Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		41,022  USD		(808)
Shandong Hi-Speed Road & Bridge Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		28,107  USD		(546)
Shandong Hualu-Hengsheng Chemical Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		233,308  USD		(1,585)
Shandong Hualu-Hengsheng Chemical Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		176,250  USD		(3,093)
Shandong Jincheng Pharmaceutical Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		92,813  USD		1,578
Shandong Jincheng Pharmaceutical Group Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		69,879  USD		1,135
Shandong Linglong Tyre Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		352  USD		7
Shandong Meichen Ecology & Environment Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		61,270  USD		(2,667)
Shandong Meichen Ecology & Environment Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		52,735  USD		(2,192)
Shandong Pharmaceutical Glass Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		329  USD		(3)
Shandong Rike Chemical Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		5,541  USD		(32)
Shandong Rike Chemical Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		4,766  USD		(27)
Shandong Shengli Co.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		913  USD		(33)
Shandong Shengli Co.		06/24/21	M	0.49%	Credit Suisse International		660  USD		(32)
Shandong Shida Shenghua Chemical Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,435  USD		471
Shandong Sito Biotechnology Co., Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,898  USD		35
Shandong Sito Biotechnology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		3,593  USD		25
Shandong Sun Paper Industry JSC Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		187,941  USD		(2,819)
Shandong Sun Paper Industry JSC Ltd.		07/02/21	M	0.49%	Credit Suisse International		167,247  USD		(2,372)
Shandong Sunway Chemical Group Co., Ltd.		06/27/23	M	0.48%	JPMorgan Chase Bank, N.A.		71,429  USD		109
Shandong Sunway Chemical Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		55,231  USD		10
Shandong Weida Machinery Co., Ltd.		04/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		614,625  USD		111,560

See Notes to Consolidated Schedule of Investments.

134

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shandong Weida Machinery Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International	$	463,194  USD	$	83,506
Shandong WIT Dyne Health Co, Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		63,989  USD		1,146
Shandong WIT Dyne Health Co, Ltd.		06/24/21	M	0.49%	Credit Suisse International		73,194  USD		1,269
Shandong WIT Dyne Health Co., Ltd.		05/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		146,356  USD		3,398
Shandong WIT Dyne Health Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		83,652  USD		1,567
Shandong Xiantan Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		14,712  USD		(26)
Shandong Xiantan Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		10,853  USD		(21)
Shandong Xinneng Taishan Power Generation Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		9,502  USD		(579)
Shandong Xinneng Taishan Power Generation Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		5,859  USD		(267)
Shandong Yanggu Huatai Chemical Co., Ltd.		03/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		171,845  USD		(572)
Shandong Yanggu Huatai Chemical Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		133,082  USD		(483)
Shanghai Ace Investment & Development Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		49,703  USD		(1,735)
Shanghai Ace Investment & Development Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		37,848  USD		(1,639)
Shanghai Amarsoft Information & Technology Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		71  USD		(1)
Shanghai Bailian Group Co.,Ltd.		02/06/23	M	0.48%	JPMorgan Chase Bank, N.A.		48,472  USD		220
Shanghai Bailian Group Co.,Ltd.		06/30/21	M	0.49%	Credit Suisse International		16,452  USD		(180)
Shanghai Bairun Investment Holding Group Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		215,334  USD		18,111
Shanghai Bairun Investment Holding Group Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		145,542  USD		12,294
Shanghai Baolong Automotive Corp.		05/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		61,961  USD		(1,897)
Shanghai Baolong Automotive Corp.		06/24/21	M	0.49%	Credit Suisse International		47,814  USD		(1,493)
Shanghai Baosight Software Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		236,967  USD		2,509
Shanghai Baosight Software Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		176,372  USD		1,659
Shanghai Beite Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		17,165  USD		(20)
Shanghai Beite Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		13,214  USD		(19)
Shanghai Belling Co., Ltd.		02/06/23	M	0.48%	JPMorgan Chase Bank, N.A.		169  USD		5
Shanghai Bright Power Semiconductor Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		5,647  USD		9
Shanghai Chlor-Alkali Chemical Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		47,466  USD		2,239
Shanghai Chlor-Alkali Chemical Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		35,719  USD		1,383

See Notes to Consolidated Schedule of Investments.

135

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shanghai Daimay Automotive Interior Co., Ltd.		03/15/23	M	0.48%	JPMorgan Chase Bank, N.A.	$	6  USD	$	—
Shanghai Daimay Automotive Interior Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		165  USD		(12)
Shanghai DragonNet Technology Co., Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		278  USD		—
Shanghai Fengyuzhu Culture Technology Co., Ltd.		06/13/23	M	0.48%	JPMorgan Chase Bank, N.A.		184,259  USD		(12,370)
Shanghai Fengyuzhu Culture Technology Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		140,195  USD		(10,284)
Shanghai Film Co., Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		76  USD		(4)
Shanghai Flyco Electrical Appliance Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		651  USD		—
Shanghai Haishun New Pharmaceutical Packaging Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		5,725  USD		(250)
Shanghai Haishun New Pharmaceutical Packaging Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		3,901  USD		(249)
Shanghai Hanbell Precise Machinery Co., Ltd.		06/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		181,730  USD		14,904
Shanghai Hanbell Precise Machinery Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		137,022  USD		11,742
Shanghai Haohai Biological Technology Co., Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,099  USD		294
Shanghai Haohai Biological Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		555  USD		125
Shanghai Huace Navigation Technology Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		85,802  USD		774
Shanghai Huace Navigation Technology Ltd.		06/24/21	M	0.49%	Credit Suisse International		64,590  USD		342
Shanghai Huayi Group Co., Ltd.		05/30/23	M	0.48%	JPMorgan Chase Bank, N.A.		194,202  USD		(2,010)
Shanghai Huayi Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		141,894  USD		(2,002)
Shanghai Industrial Development Co., Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		17,340  USD		(41)
Shanghai Industrial Development Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		13,480  USD		(25)
Shanghai Jahwa United Co., Ltd.		02/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		131,434  USD		13,763
Shanghai Jahwa United Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		100,557  USD		11,133
Shanghai Jinjiang International Investment Management Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		132,407  USD		4,207
Shanghai Jinjiang International Investment Management Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		107,849  USD		3,205
Shanghai Kaichuang Marine International Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		10,334  USD		(170)

See Notes to Consolidated Schedule of Investments.

136

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shanghai Kaichuang Marine International Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International	$	8,299  USD	$	(139)
Shanghai Kehua Bio-Engineering co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		22  USD		1
Shanghai Kelai Mechatronics Engineeering Co. Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		59,218  USD		205
Shanghai Kelai Mechatronics Engineeering Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		48,489  USD		177
Shanghai Lianming Machinery Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		12,228  USD		(202)
Shanghai Lianming Machinery Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		9,036  USD		(154)
Shanghai Mechanical & Electrical Industry Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		81,064  USD		(587)
Shanghai Mechanical & Electrical Industry Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		57,956  USD		(113)
Shanghai Medicilon, Inc.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		16,409  USD		(960)
Shanghai Medicilon, Inc.		06/24/21	M	0.49%	Credit Suisse International		13,423  USD		(791)
Shanghai MicroPort Endovascular MedTech Group Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		312,209  USD		39,155
Shanghai MicroPort Endovascular MedTech Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		216,199  USD		33,148
Shanghai New Culture Media Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		21,023  USD		(88)
Shanghai New Culture Media Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		18,155  USD		(62)
Shanghai New Huang Pu Industrial Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		6,248  USD		(68)
Shanghai New Huang Pu Industrial Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		4,794  USD		(54)
Shanghai Pharmaceuticals Holding Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		67,987  USD		(294)
Shanghai Pharmaceuticals Holding Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		55,189  USD		(250)
Shanghai Pudong Construction Co., Ltd.		02/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		40  USD		1
Shanghai Putailai New Energy Technology Co., Ltd.		04/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		198,940  USD		9,508
Shanghai Putailai New Energy Technology Co., Ltd.		07/01/21	M	0.49%	Credit Suisse International		142,147  USD		6,663
Shanghai Rongtai Health Technology Corp., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		14,014  USD		609
Shanghai Rongtai Health Technology Corp., Ltd.		11/30/99	M	0.00%	Credit Suisse International		10,982  USD		462
Shanghai Runda Medical Technology Co., Ltd		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		27,113  USD		52
Shanghai Runda Medical Technology Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		20,302  USD		33
Shanghai Sanyou Medical Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		67,133  USD		5,300

See Notes to Consolidated Schedule of Investments.

137

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shanghai Sanyou Medical Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International	$	56,312  USD	$	4,351
Shanghai Shen Lian Biomedical Corp.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		42,893  USD		163
Shanghai Shen Lian Biomedical Corp.		06/24/21	M	0.49%	Credit Suisse International		31,945  USD		8
Shanghai Shimao Co., Ltd.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,310  USD		4
Shanghai Shimao Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		3,092  USD		(28)
Shanghai Sinyang Semiconductor Materials Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		45,130  USD		(1,559)
Shanghai Sinyang Semiconductor Materials Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		26,888  USD		(595)
Shanghai SMI Holding Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		148  USD		(1)
Shanghai SMI Holding Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		2,694  USD		(17)
Shanghai Tianchen Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		45,461  USD		(666)
Shanghai Tianchen Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		33,678  USD		(583)
Shanghai Topcare Medical Services Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		233  USD		2
Shanghai Trendzone Construction Decoration Group Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,468  USD		40
Shanghai Wanye Enterprises Co., Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		278,276  USD		(786)
Shanghai Wanye Enterprises Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		222,341  USD		950
Shanghai Weaver Network Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		821  USD		3
Shanghai Weihong Electronic Technology Co., Ltd.		06/30/23	M	0.00%	JPMorgan Chase Bank, N.A.		13,216  USD		192
Shanghai Weihong Electronic Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		10,108  USD		145
Shanghai Xinhua Media Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		31,554  USD		(353)
Shanghai Xinhua Media Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		24,243  USD		(285)
Shanghai Xintonglian Packaging Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		16,353  USD		(208)
Shanghai Xintonglian Packaging Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		12,066  USD		(159)
Shanghai Yahong Moulding Co., Ltd.		03/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		47  USD		(1)
Shanghai Yongli Belting Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		12,124  USD		299
Shanghai Zhangjiang Hi-Tech Park Development Co.,Ltd.		05/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		73,844  USD		(1,459)
Shanghai Zhangjiang Hi-Tech Park Development Co.,Ltd.		06/24/21	M	0.49%	Credit Suisse International		49,795  USD		(1,161)
Shanxi C&Y Pharmaceutical Group Co., Ltd.		02/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		11,750  USD		317

See Notes to Consolidated Schedule of Investments.

138

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shanxi C&Y Pharmaceutical Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International	$	8,715  USD	$	236
Shanxi Coking Coal Energy Group Co., Ltd.		05/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		157,349  USD		(8,162)
Shanxi Coking Coal Energy Group Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		98,357  USD		4,838
Shanxi Guoxin Energy Corp.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		9,028  USD		(70)
Shanxi Guoxin Energy Corp.		11/30/99	M	0.00%	Credit Suisse International		7,209  USD		(55)
Shanxi Lanhua Sci-Tech Venture Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		65  USD		(5)
Shanxi Lu’an Environmental EnergyDev. Co., Ltd.		05/02/23	M	0.48%	JPMorgan Chase Bank, N.A.		293,487  USD		(11,280)
Shanxi Lu’an Environmental EnergyDev. Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		224,196  USD		(7,057)
Shanxi Taigang Stainless Steel Co., Ltd.		05/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		427,642  USD		18,759
Shanxi Taigang Stainless Steel Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		314,649  USD		17,109
Shanxi Yongdong Chemistry Industry Co., Ltd.		03/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		180,587  USD		(1,506)
Shanxi Yongdong Chemistry Industry Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		131,394  USD		3,889
Shaw Communications, Inc.		03/17/23	M	0.96%	JPMorgan Chase Bank, N.A.		31,779,168  CAD		57,241
Shenergy Group Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		242  USD		(4)
Shenergy Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		194  USD		(4)
Shengyi Technology Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		29,370  USD		2,150
Shengyi Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		17,750  USD		1,452
Shenma Industry Co., Ltd.		03/07/23	M	0.48%	JPMorgan Chase Bank, N.A.		109,401  USD		1,171
Shenma Industry Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		80,186  USD		1,547
Shenwan Hongyuan Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		127,760  USD		(429)
Shenwan Hongyuan Group Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		86,629  USD		(293)
Shenzhen Aisidi Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		120  USD		4
Shenzhen Bestek Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		16,772  USD		106
Shenzhen Bestek Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		12,687  USD		75
Shenzhen Bingchuan Network Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		10,627  USD		(3)
Shenzhen Bingchuan Network Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		9,059  USD		3
Shenzhen Capchem Technology Co., Ltd.		02/08/23	M	0.48%	JPMorgan Chase Bank, N.A.		603  USD		63
Shenzhen Chipscreen Biosciences Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		63  USD		8
Shenzhen Cotran New Material Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		26,214  USD		4
Shenzhen Cotran New Material Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		34,796  USD		(5)
Shenzhen Das Intellitech Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		18,512  USD		(624)

See Notes to Consolidated Schedule of Investments.

139

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shenzhen Das Intellitech Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International	$	3,182  USD	$	(91)
Shenzhen Dawei Innovation Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		25,323  USD		25
Shenzhen Dawei Innovation Technology Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		22,527  USD		29
Shenzhen Desay Battery Technology Co., Ltd.		02/07/23	M	0.48%	JPMorgan Chase Bank, N.A.		9,796  USD		221
Shenzhen Desay Battery Technology Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		5,626  USD		455
Shenzhen Desay Battery Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		335,032  USD		2,018
Shenzhen Desay Battery Technology Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		310,033  USD		2,166
Shenzhen Dynanonic Co., Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		210,374  USD		13,543
Shenzhen Dynanonic Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		121,208  USD		9,943
Shenzhen Etmade Automatic Equipment Co., Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		299  USD		—
Shenzhen Expressway Co., Ltd.		03/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		18,080  USD		138
Shenzhen Expressway Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		14,558  USD		152
Shenzhen Fine Made Electronics Group Co., Ltd.		04/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		66,148  USD		42,645
Shenzhen Fine Made Electronics Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		54,354  USD		36,307
Shenzhen Fortune Trend Technology Co., Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,323  USD		124
Shenzhen Fortune Trend Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		4,896  USD		458
Shenzhen Glory Medical Co., Ltd.		05/02/23	M	0.48%	JPMorgan Chase Bank, N.A.		25  USD		(1)
Shenzhen H&T Intelligent Control Co.,Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		278,906  USD		5,998
Shenzhen H&T Intelligent Control Co.,Ltd.		07/02/21	M	0.00%	Credit Suisse International		226,348  USD		4,766
Shenzhen Heungkong Holding Co.,Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,122  USD		(38)
Shenzhen Heungkong Holding Co.,Ltd.		11/30/99	M	0.49%	Credit Suisse International		1,548  USD		(27)
Shenzhen Hopewind Electric Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		72,992  USD		6,106
Shenzhen Hopewind Electric Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		60,546  USD		4,985
Shenzhen Huaqiang Industry Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		26,432  USD		2,356
Shenzhen Huaqiang Industry Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		22,314  USD		2,024
Shenzhen Huijie Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		44,990  USD		(1,075)
Shenzhen Huijie Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		33,267  USD		(809)
Shenzhen Infinova Ltd.		03/13/23	M	0.48%	JPMorgan Chase Bank, N.A.		1  USD		—
Shenzhen Inovance Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		572,355  USD		58,024

See Notes to Consolidated Schedule of Investments.

140

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shenzhen Inovance Technology Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International	$	433,079  USD	$	42,262
Shenzhen Jinjia Group Co., Ltd.		03/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		199,527  USD		1,040
Shenzhen Jinjia Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		164,963  USD		694
Shenzhen JPT Opto - electronics Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		27,466  USD		1,274
Shenzhen JPT Opto - electronics Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		27,870  USD		1,293
Shenzhen Kaifa Technology Co., Ltd.		02/06/23	M	0.48%	JPMorgan Chase Bank, N.A.		141  USD		10
Shenzhen Kangtai Biological Products Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		551  USD		49
Shenzhen Kedali Industry Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		235,577  USD		14,661
Shenzhen Kedali Industry Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		156,191  USD		8,830
Shenzhen Kingdom Sci-Tech Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		184,488  USD		(6,822	)
Shenzhen Kingdom Sci-Tech Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		137,118  USD		(5,712	)
Shenzhen Kingkey Smart Agriculture Times Co., Ltd.		06/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		37,651  USD		326
Shenzhen Kingkey Smart Agriculture Times Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		35,651  USD		327
Shenzhen Kingkey Smart Agriculture Times Co., Ltd.		05/17/23	M	0.48%	JPMorgan Chase Bank, N.A.		30,076  USD		419
Shenzhen Kingkey Smart Agriculture Times Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		15,639  USD		163
Shenzhen Laibao Hi-tech Co., Ltd.		04/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		66,403  USD		978
Shenzhen Laibao Hi-tech Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		50,035  USD		979
Shenzhen Leaguer Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		107  USD		(4	)
Shenzhen Lifotronic Technology Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		46,336  USD		(565	)
Shenzhen Lifotronic Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		38,686  USD		(502	)
Shenzhen Longood Intelligent Electric Co., Ltd.		05/16/23	M	0.48%	JPMorgan Chase Bank, N.A.		175  USD		14
Shenzhen Longood Intelligent Electric Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		132  USD		10
Shenzhen Microgate Technology Co., Ltd.		05/02/23	M	0.48%	JPMorgan Chase Bank, N.A.		22,082  USD		1,229
Shenzhen Microgate Technology Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		16,698  USD		646
Shenzhen MinDe Electronics Technology Ltd.		06/24/21	M	0.49%	Credit Suisse International		425  USD		(6	)
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		216,782  USD		6,101

See Notes to Consolidated Schedule of Investments.

141

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International	$	158,413  USD	$	5,035
Shenzhen Neoway Technology Co., Ltd.		02/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		87,084  USD		311
Shenzhen Neoway Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		64,074  USD		387
Shenzhen New Industries Biomedical Engineering Co., Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		799  USD		(17	)
Shenzhen New Industries Biomedical Engineering Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		488  USD		(11	)
Shenzhen New Nanshan Holding (Group) Co.,Ltd,		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,688  USD		(8	)
Shenzhen Qingyi Photomask Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		140,647  USD		6,163
Shenzhen Qingyi Photomask Ltd.		06/24/21	M	0.49%	Credit Suisse International		103,214  USD		4,691
Shenzhen Sunlord Electronics Co., Ltd.		04/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		826,146  USD		46,284
Shenzhen Sunlord Electronics Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		609,487  USD		38,534
Shenzhen Sunmoon Microelectronics Co., Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		6,028  USD		2,804
Shenzhen Sunmoon Microelectronics Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		6,030  USD		2,801
Shenzhen Sunnypol Optoelectronics Co., Ltd.		03/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		326,879  USD		30,072
Shenzhen Sunnypol Optoelectronics Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		244,110  USD		23,163
Shenzhen Sunshine Laser & Electronics Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		142  USD		(4	)
Shenzhen Sunxing Light Alloys Materials Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,400  USD		(56	)
Shenzhen Sunxing Light Alloys Materials Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,136  USD		(61	)
Shenzhen Tagen Group Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		170  USD		1
Shenzhen Tagen Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		170  USD		1
Shenzhen Textile Holdings Co., Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		22,764  USD		836
Shenzhen Textile Holdings Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		14,327  USD		527
Shenzhen Topband Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		65,831  USD		(1,237	)
Shenzhen Topband Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		50,212  USD		(654	)
Shenzhen Transsion Holdings Co., Ltd.		06/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		164,070  USD		7,123
Shenzhen Transsion Holdings Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		135,859  USD		6,381

See Notes to Consolidated Schedule of Investments.

142

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shenzhen Transsion Holdings Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.	$	124,084  USD	$	19,096
Shenzhen Transsion Holdings Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		98,616  USD		15,027
Shenzhen TXD Technology Co., Ltd.		06/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		69,806  USD		(22	)
Shenzhen TXD Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		60,226  USD		42
Shenzhen TXD Technology Co., Ltd.		02/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		113,701  USD		472
Shenzhen TXD Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		77,822  USD		607
Shenzhen United Winners Laser Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		27,770  USD		6,508
Shenzhen United Winners Laser Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		23,285  USD		5,457
Shenzhen Urovo Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		2  USD		—
Shenzhen Weiguang Biological Products Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		116  USD		2
Shenzhen Weiguang Biological Products Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		116  USD		2
Shenzhen World Union Group, Inc.		06/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		309,216  USD		(4,777	)
Shenzhen World Union Group, Inc.		07/02/21	M	0.49%	Credit Suisse International		225,065  USD		(5,156	)
Shenzhen Yinghe Technology Co., Ltd.		06/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		338,009  USD		(10,014	)
Shenzhen Yinghe Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		266,499  USD		(7,086	)
Shenzhen Ysstech Infotech Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		162  USD		5
Shenzhen YUTO Packaging Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		299  USD		(5	)
Sherwin-Williams Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,064,631  USD		2,066
Shijiazhuang Yiling Pharmaceutical Co.,Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		233  USD		6
Shopify, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,454,143  USD		(111,258	)
Shuifa Energas Gas Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		11,496  USD		(222	)
Shuifa Energas Gas Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		7,971  USD		(158	)
Sichuan Chuanhuan Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		96  USD		(1	)
Sichuan Chuanhuan Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		129  USD		(1	)
Sichuan Dowell Science & Technology, Inc.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		66,771  USD		(315	)
Sichuan Dowell Science & Technology, Inc.		06/24/21	M	0.49%	Credit Suisse International		50,335  USD		(389	)
Sichuan EM Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		58,371  USD		3,257
Sichuan EM Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		43,313  USD		2,403
Sichuan Golden Summit Group		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		601  USD		(8	)
Sichuan Golden Summit Group		11/30/99	M	0.49%	Credit Suisse International		431  USD		(8	)

See Notes to Consolidated Schedule of Investments.

143

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Sichuan Goldstone Asia Pharmaceutical, Inc.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.	$	7,073  USD	$	157
Sichuan Goldstone Asia Pharmaceutical, Inc.		11/30/99	M	0.00%	Credit Suisse International		4,715  USD		105
Sichuan Haowu Electromechanical Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		6,412  USD		2
Sichuan Haowu Electromechanical Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		4,708  USD		12
Sichuan Hebang Biotechnology Co., Ltd.		05/15/23	M	0.48%	JPMorgan Chase Bank, N.A.		135,038  USD		12,783
Sichuan Hebang Biotechnology Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		97,630  USD		8,793
Sichuan Kelun Pharmaceutical Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		49,852  USD		(1,504	)
Sichuan Kelun Pharmaceutical Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		27,063  USD		255
Sichuan Languang Development Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		140  USD		(3	)
Sichuan Languang Development Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		94  USD		(3	)
Sichuan Meifeng Chemical Industry Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		5,309  USD		(32	)
Sichuan Meifeng Chemical Industry Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		1,969  USD		(11	)
Sichuan Xichang Electric Power Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		88  USD		5
Sichuan Xunyou Network Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		45,522  USD		60
Sichuan Xunyou Network Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		35,254  USD		28
Sichuan Zhenjing Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		212,850  USD		(9,869	)
Sichuan Zhenjing Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		162,449  USD		(9,441	)
Sieyuan Electric Co., Ltd.		03/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		108,800  USD		10,330
Sieyuan Electric Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		76,205  USD		7,186
Signature Bank		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		334,707  USD		1,342
Signet Jewelers Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		593,719  USD		35,150
Siltronic AG-Tend		02/24/23	M	0.05%	JPMorgan Chase Bank, N.A.		21,598,013  EUR		18,241
Silvergate Capital Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		704,391  USD		110,947
Sino Medical Sciences Technology, Inc.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		104,486  USD		(4,052	)
Sino Medical Sciences Technology, Inc.		06/24/21	M	0.49%	Credit Suisse International		77,601  USD		(2,630	)
Sino Wealth Electronic Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.		175,757  USD		45,844
Sino Wealth Electronic Ltd.		06/24/21	M	0.49%	Credit Suisse International		131,412  USD		36,148
Sinodata Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		60,164  USD		(740	)
Sinodata Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		44,775  USD		(646	)
Sinolink Securities Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		42  USD		1
Sinoma International Engineering Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,344  USD		56
Sinoma International Engineering Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		2,932  USD		49

See Notes to Consolidated Schedule of Investments.

144

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Sinoma Science & Technology Co., Ltd.		02/10/23	M	0.48%	JPMorgan Chase Bank, N.A.	$	39,543  USD	$	7,034
Sinoma Science & Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		29,957  USD		6,089
Sinomine Resource Group Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		159,930  USD		12,545
Sinomine Resource Group Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		158,740  USD		12,361
Sinomine Resource Group Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		335,419  USD		19,152
Sinomine Resource Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		200,054  USD		15,465
Sinopec Shanghai Petrochemical Co., Ltd.		04/11/23	M	0.48%	JPMorgan Chase Bank, N.A.		503,469  USD		5,239
Sinopec Shanghai Petrochemical Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		373,021  USD		4,873
Sinosteel Engineering & Technology Co., Ltd.		04/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		3,389  USD		(151	)
Sinosteel Engineering & Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,464  USD		(109	)
Sinosun Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		65,000  USD		2,939
Sinosun Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		48,888  USD		2,193
Sinotrans Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		61,370  USD		139
Sinotrans Ltd.		06/25/21	M	0.49%	Credit Suisse International		44,747  USD		583
SITE Centers Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		15,795  USD		(42	)
SiteOne Landscape Supply, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		390,668  USD		5,739
Slack Technologies, Inc., Class A		12/06/22	M	0.35%	Goldman Sachs International		18,031,328  USD		(109,232	)
SMART Global Holdings, Inc.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		517  USD		—
SMART Global Holdings, Inc.		11/30/99	M	0.49%	Credit Suisse International		516  USD		—
Snap-on, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		601,850  USD		9,901
Songcheng Performance Development Co., Ltd.		02/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		211  USD		—
Sonoco Products Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		37,604  USD		596
Sonos, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		711,138  USD		20,589
SonoScape Medical Corp.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		63,740  USD		(790	)
SonoScape Medical Corp.		07/02/21	M	0.00%	Credit Suisse International		57,346  USD		(652	)
Soochow Securities Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		3,163  USD		(66	)
Sotera Health Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		138,820  USD		4,985
South State Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		441,919  USD		(9,409	)
Southern Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,609,721  USD		(221,692	)
Southwest Airlines, Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,923,367  USD		(436,774	)
Southwest Gas Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,076,321  USD		29,913
Spectrum Brands Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		615,883  USD		18,005
Spring Airlines Co., Ltd.		02/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		18,480  USD		13
Spring Airlines Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		8,003  USD		(78	)
Sprout Social, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		200,521  USD		(1,651	)
Square, Inc		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,126,125  USD		279,300
SS&C Technologies Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,480,764  USD		(25,680	)
SSR Mining, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		204,097  USD		(304	)
STAG Industrial, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		126,542  USD		(403	)

See Notes to Consolidated Schedule of Investments.

145

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
State Grid Information & Telecommunication Group Co., Ltd.		02/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		$19,013  USD	$	142
State Grid Information & Telecommunication Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		13,924  USD		214
Stericycle, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		290,781  USD		499
StoneCo Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,048,573  USD		(24,701	)
STORE Capital Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		74,360  USD		(957	)
Strait Innovation Internet Co., Ltd.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		69  USD		9
Suez SA		05/19/23	M	0.05%	JPMorgan Chase Bank, N.A.		17,761,380  EUR		52,651
Sun Life Financial, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		652,996  USD		9,963
Sungrow Power Supply Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		35,606  USD		4,388
Sungrow Power Supply Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		32,396  USD		3,949
Suning Universal Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		16,578  USD		870
Suning Universal Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		11,137  USD		667
Sunrun, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		108,928  USD		(2,333	)
Sunsea AIoT Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		32,193  USD		247
Sunsea AIoT Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		28,419  USD		216
Sunstone Hotel Investors, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		13,791  USD		(676	)
Suntar Environmental Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		21,064  USD		213
Suntar Environmental Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		16,777  USD		166
Sunwoda Electronic Co., Ltd.		05/02/23	M	0.48%	JPMorgan Chase Bank, N.A.		331,893  USD		4,100
Sunwoda Electronic Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		243,430  USD		7,014
Sunyard Technology Co., Ltd.		05/16/23	M	0.48%	JPMorgan Chase Bank, N.A.		56  USD		(2	)
Suplet Power Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		346  USD		58
Suplet Power Co., Ltd.		06/24/21	M	0.09%	Credit Suisse International		461  USD		77
Suzhou Dongshan Precision Manufacturing Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		25  USD		4
Suzhou Goldengreen Technologies Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		131  USD		(8	)
Suzhou Harmontronics Automation Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		510  USD		14
Suzhou Harmontronics Automation Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		926  USD		78
Suzhou Hyc Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		28,022  USD		271
Suzhou Hyc Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		24,025  USD		238
Suzhou Jin Hong Shun Auto Parts Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		5,672  USD		(30	)
Suzhou Jin Hong Shun Auto Parts Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		4,725  USD		(23	)
Suzhou Jinfu Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		46,683  USD		(156	)
Suzhou Jinfu Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		33,713  USD		(132	)

See Notes to Consolidated Schedule of Investments.

146

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Suzhou Jinhong Gas Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		$      72,630  USD	$	2,669
Suzhou Jinhong Gas Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		65,613  USD		2,370
Suzhou Keda Technology Co., Ltd.		04/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		74,593  USD		(959	)
Suzhou Keda Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		55,410  USD		(905	)
Suzhou New District Hi-Tech Industrial Co., Ltd.		02/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		35  USD		(1	)
Suzhou Shijia Science & Technology Inc.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		16,622  USD		108
Suzhou Shijia Science & Technology Inc.		11/30/99	M	0.00%	Credit Suisse International		13,460  USD		91
Suzhou SLAC Precision Equipment Co., Ltd.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		19  USD		5
Suzhou TA&A Ultra Clean Technology Co., Ltd.		06/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		668,055  USD		47,773
Suzhou TA&A Ultra Clean Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		482,036  USD		47,587
Suzhou TFC Optical Communication Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		129,400  USD		(9,098	)
Suzhou TFC Optical Communication Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		91,676  USD		(6,328	)
Suzhou TZTEK Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		20,216  USD		70
Suzhou TZTEK Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		15,263  USD		35
Suzhou Yangtze New Materials Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,152  USD		214
Suzhou Yangtze New Materials Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		154  USD		15
Suzhou Zelgen Biopharmaceuticals Co., Ltd.		05/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		403  USD		(9	)
Suzhou Zelgen Biopharmaceuticals Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		641  USD		(61	)
SVB Financial Group		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		289,975  USD		(75	)
Sykes Enterprises, Inc.		03/04/22	M	0.45%	Morgan Stanley Capital Services LLC		15,707,475  USD		(35,022	)
Sykes Enterprises, Inc.		06/23/23	M	0.59%	JPMorgan Chase Bank, N.A.		7,703,421  USD		435
Synaptics, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		32,946  USD		1,904
SYNNEX Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		247,077  USD		5,453
Synovus Financial Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		224,454  USD		(1,061	)
Syoung Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		83,931  USD		(2,821	)
Syoung Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		70,372  USD		(2,356	)
Sysco Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		5,908,132  USD		32,668
T-Mobile U.S., Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,110,111  USD		1,561
Tahoe Group Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		48,042  USD		(1,743	)
Tahoe Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		36,691  USD		(1,323	)
Taiji Computer Corp. Ltd		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		28,500  USD		(1,801	)
Taiji Computer Corp. Ltd		06/24/21	M	0.49%	Credit Suisse International		15,176  USD		(957	)
Tangel Culture Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		42,200  USD		(963	)
Tangel Culture Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		32,689  USD		(761	)
Tangshan Jidong Equipment and Engineering Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		42  USD		(1	)

See Notes to Consolidated Schedule of Investments.

147

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Tangshan Port Group Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		$        148  USD	$	2
Tangshan Port Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		110  USD		2
Tangshan Sanyou Chemical Industries Co., Ltd.		04/13/23	M	0.48%	JPMorgan Chase Bank, N.A.		255,135  USD		7,707
Tangshan Sanyou Chemical Industries Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		187,523  USD		6,570
Tangshan Sunfar Silicon Industry Co., Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		129,847  USD		31,439
Tangshan Sunfar Silicon Industry Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		97,328  USD		24,551
Tanyuan Technology Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		15,580  USD		102
Tanyuan Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		11,595  USD		(73	)
Tapestry, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		992,506  USD		20,926
Targa Resources Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		145,201  USD		(3,761	)
TC Energy Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		264,522  USD		(8,553	)
TCL Technology Group Corp.		06/21/23	M	0.48%	JPMorgan Chase Bank, N.A.		412,843  USD		(239	)
TCL Technology Group Corp.		07/02/21	M	0.49%	Credit Suisse International		317,293  USD		360
TE Connectivity Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		109,661  USD		2,969
Tecnon (Fujian)Commercial Lighting Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		333,027  USD		12,905
Tecnon (Fujian)Commercial Lighting Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		246,870  USD		9,497
Tederic Machinery Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		16,425  USD		146
Tederic Machinery Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		12,172  USD		112
Teledyne Technologies, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		370,473  USD		(2,321	)
Tenable Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,473,009  USD		(40,975	)
Tengda Construction Group Co., Ltd.		05/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		248,775  USD		(5,865	)
Tengda Construction Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		182,829  USD		(4,281	)
Tetra Tech, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		987,224  USD		25,220
Texas Roadhouse, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		152,792  USD		5,841
TFI International Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		15,821  USD		(45	)
TG Therapeutics, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		919,507  USD		23,711
Thalys Medical Technology Group, Inc.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		13,757  USD		849
Thalys Medical Technology Group, Inc.		11/30/99	M	0.49%	Credit Suisse International		11,206  USD		704
Thinkingdom Media Group Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		7,247  USD		(58	)
Thinkingdom Media Group Ltd.		11/30/99	M	0.00%	Credit Suisse International		7,243  USD		(54	)
Thinkon Semiconductor Jinzhou Corp.		05/02/23	M	0.48%	JPMorgan Chase Bank, N.A.		311,358  USD		19,973
Thinkon Semiconductor Jinzhou Corp.		06/24/21	M	0.49%	Credit Suisse International		236,120  USD		14,038
Tiandi Science & Technology Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		181,958  USD		(4,566	)

See Notes to Consolidated Schedule of Investments.

148

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Tiandi Science & Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		$127,065  USD	$	1,618
Tianfeng Securities Co., Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		49,726  USD		67
Tianfeng Securities Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		37,674  USD		(66	)
Tianjin 712 Communication & Broadcasting Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		89,508  USD		442
Tianjin 712 Communication & Broadcasting Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		75,610  USD		373
Tianjin Hi-Tech Development Co, Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		5,138  USD		114
Tianjin Hi-Tech Development Co, Ltd.		11/30/99	M	0.00%	Credit Suisse International		4,403  USD		99
Tianjin Jiuri New Material Co., Ltd.		06/05/23	M	0.48%	JPMorgan Chase Bank, N.A.		51,841  USD		868
Tianjin Jiuri New Material Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		45,978  USD		779
Tianjin Printronics Circuit Corp.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		4,892  USD		13
Tianjin Printronics Circuit Corp.		11/30/99	M	0.00%	Credit Suisse International		3,606  USD		8
Tianjin Realty Development (Group) Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,142  USD		(25	)
Tianjin Realty Development (Group) Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		850  USD		(27	)
Tianjin Ringpu Bio-Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		510  USD		(28	)
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		43,061  USD		3,021
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd.		07/02/21	M	0.00%	Credit Suisse International		31,670  USD		2,239
Tianqi Lithium Corp.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		14,088  USD		1,269
Tianqi Lithium Corp.		06/24/21	M	0.49%	Credit Suisse International		13,656  USD		1,702
Tianze Information Industry, Inc.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		3,690  USD		(175	)
Tianze Information Industry, Inc.		11/30/99	M	0.49%	Credit Suisse International		2,619  USD		(138	)
Tianze Information Industry, Inc.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		418  USD		(20	)
Tianze Information Industry, Inc.		06/24/21	M	0.49%	Credit Suisse International		445  USD		(32	)
Tibet Tianlu Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		50  USD		(1	)
Timken Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		974,982  USD		3,945
Titan Wind Energy (Suzhou) Co., Ltd.		03/17/23	M	0.48%	JPMorgan Chase Bank, N.A.		43,775  USD		(802	)
Titan Wind Energy (Suzhou) Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		32,709  USD		(580	)
Tong Petrotech Corp.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,010  USD		(87	)
Tong Petrotech Corp.		11/30/99	M	0.49%	Credit Suisse International		1,053  USD		(130	)
Tonghua Dongbao Pharmaceutical Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		59,152  USD		1,063
Tonghua Dongbao Pharmaceutical Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		43,940  USD		626

See Notes to Consolidated Schedule of Investments.

149

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Tongkun Group Co., Ltd.		07/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		336,386  USD	$	(1,215	)
Tongkun Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		275,094  USD		(1,066	)
Tongling Jingda Special Magnet Wire Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		19,253  USD		(97	)
Tongling Jingda Special Magnet Wire Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		7,522  USD		(18	)
Topchoice Medical Corp.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		63,603  USD		3,122
Topchoice Medical Corp.		06/24/21	M	0.49%	Credit Suisse International		42,123  USD		2,403
Topsec Technologies Group Inc.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		401,053  USD		1,602
Topsec Technologies Group Inc.		07/02/21	M	0.49%	Credit Suisse International		311,601  USD		(125	)
Topsec Technologies Group Inc.		05/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		30,741  USD		162
Topsec Technologies Group Inc.		06/24/21	M	0.49%	Credit Suisse International		15,142  USD		(150	)
Toro Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,817,785  USD		56,987
Toronto-Dominion Bank		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		928,879  USD		(2,468	)
Tractor Supply Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,167,541  USD		68,642
Tradeweb Markets, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		51,396  USD		101
Travelers Cos., Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		28,541  USD		204
TreeHouse Foods, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,333,326  USD		(37,348	)
Trex Co., Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		559,525  USD		10,705
Trina Solar Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		262,791  USD		(1,293	)
Trina Solar Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		221,215  USD		(1,104	)
TripAdvisor, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		169,693  USD		(2,408	)
Troy Information Technology Co., Ltd.		02/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		107  USD		(7	)
Truist Financial Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,421,762  USD		44,436
Truking Technology Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		22,928  USD		(342	)
Truking Technology Ltd.		11/30/99	M	0.49%	Credit Suisse International		9,686  USD		(131	)
Tsinghua Tongfang Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		91,463  USD		(1,441	)
Tsinghua Tongfang Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		67,853  USD		(1,187	)
Tunghsu Azure Renewable Energy Co., Ltd.		02/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		37  USD		3
Tungkong, Inc.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		50,432  USD		(1,350	)
Tungkong, Inc.		11/30/99	M	0.49%	Credit Suisse International		38,019  USD		(1,013	)
Turning Point Therapeutics, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,157,961  USD		(6,230	)
Tus-Pharmaceutical Group Co, Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		7,035  USD		252
Tus-Pharmaceutical Group Co, Ltd.		07/02/21	M	0.00%	Credit Suisse International		5,205  USD		193
Twist Bioscience Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		732,310  USD		103,567
Two Harbors Investment Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		11,206  USD		(630	)
Tyson Foods, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,466,145  USD		3,670
Ubisoft Entertainment		05/29/23	M	(0.08%)	MSCGP RESET -		20,858,885  EUR		452,181
UBS Group AG		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		41,251  USD		(662	)
Ucap Cloud Information Technology Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		5,413  USD		12
Ucap Cloud Information Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		5,936  USD		25
Ucloud Technology Co., Ltd.		02/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		144,985  USD		(3,638	)
Ucloud Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		111,310  USD		(3,585	)
UFP Industries, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		344,068  USD		10,088
Under Armour, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		762,425  USD		37,108

See Notes to Consolidated Schedule of Investments.

150

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Union Acquisition Corp. II		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,449,801  USD	$	70,266
United States Steel, Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		26,387  USD		781
United Therapeutics Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,981,790  USD		15,043
UnitedHealth Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,475,368  USD		38,888
UniTTEC Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		113,510  USD		2,584
UniTTEC Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		82,852  USD		1,902
Universal Health Services, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		37,921  USD		4
Universal Scientific Industrial Co., Ltd.		02/27/23	M	0.48%	JPMorgan Chase Bank, N.A.		93,026  USD		(9	)
Universal Scientific Industrial Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		68,995  USD		(24	)
Uroica Precision Information Engineering Co., Ltd.		04/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		35  USD		(1	)
US Bancorp		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		678,198  USD		11,994
US Concrete, Inc.		06/09/23	M	0.60%	JPMorgan Chase Bank, N.A.		4,641,093  USD		(32	)
US Foods Holding Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,317  USD		202
Vail Resorts, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		146,108  USD		(509	)
Valiant Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		58,171  USD		3,192
Valiant Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		52,446  USD		2,864
Valley National Bancorp		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		10,035  USD		10
Varonis Systems, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		52,039  USD		(66	)
Vats Liquor Chain Store Management Joint Stock Co., Ltd.		04/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		113,528  USD		(2,999	)
Vats Liquor Chain Store Management Joint Stock Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		86,022  USD		(2,652	)
VCANBIO Cell & Gene Engineering Corp. Ltd.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		189  USD		3
Velodyne Lidar, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		13,857  USD		(429	)
VEREIT, Inc.		05/02/23	M	0.60%	JPMorgan Chase Bank, N.A.		25,545,776  USD		(660,994	)
Vericel Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		26,076  USD		(3,711	)
Verisk Analytics, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		876,824  USD		(952	)
Verizon Communications, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,277,556  USD		(20,924	)
Vertiv Holdings Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		153,069  USD		2,213
VICI Properties, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		264,183  USD		(8,330	)
Vir Biotechnology, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		87,730  USD		305
Virtu Financial, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		783,320  USD		(25,540	)
Vishay Intertechnology, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		83,934  USD		4,304
Vornado Realty Trust		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		39,563  USD		(1,200	)
Voya Financial, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,808,925  USD		18,670
Walgreens Boots Alliance, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,252,604  USD		16,402
Walmart, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		7,463,802  USD		194,289
Walt Disney Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		6,266,267  USD		64,089
Wanda Film Holding Co., Ltd.		06/21/23	M	0.48%	JPMorgan Chase Bank, N.A.		723  USD		10
Wanda Film Holding Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		359  USD		8
Wangfujing Group Co., Ltd.		03/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		904  USD		(10	)
Wangfujing Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		904  USD		(11	)
Wanhua Chemical Group Co.,Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		194,411  USD		7,686
Wanhua Chemical Group Co.,Ltd.		06/24/21	M	0.49%	Credit Suisse International		149,152  USD		5,789

See Notes to Consolidated Schedule of Investments.

151

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Wanma Technology Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		7,342  USD	$	(465	)
Wanma Technology Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		4,800  USD		(315	)
Waste Connections, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,513,253  USD		(11,075	)
Waste Management, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,462,129  USD		15,016
Watsco, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,614,958  USD		29,209
Webster Financial Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		36,807  USD		(856	)
WEC Energy Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,581,947  USD		(48,562	)
Wedge Industrial Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		220  USD		(18	)
Weifu High-Technology Group Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		49,977  USD		(9	)
Weifu High-Technology Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		40,638  USD		(19	)
Weingarten Realty Investors		04/19/23	M	0.60%	JPMorgan Chase Bank, N.A.		24,143,010  USD		(60,076	)
Welbilt, Inc.		04/25/23	M	0.60%	JPMorgan Chase Bank, N.A.		20,258,257  USD		(846,889	)
Werner Enterprises, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		100,648  USD		768
West Fraser Timber Co., Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		780,963  USD		10,742
Western Alliance Bancorp		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,304,319  USD		(10,918	)
Western Mining Co., Ltd.		06/21/23	M	0.48%	JPMorgan Chase Bank, N.A.		180,534  USD		1,330
Western Mining Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		136,183  USD		1,553
Western Securities Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		13  USD		—
Western Superconducting Technologies Co.,Ltd.		02/06/23	M	0.48%	JPMorgan Chase Bank, N.A.		341,756  USD		13,845
Western Superconducting Technologies Co.,Ltd.		07/02/21	M	0.49%	Credit Suisse International		267,813  USD		12,420
Western Union Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,414,128  USD		(64,756	)
Westlake Chemical Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,209,652  USD		(5,329	)
Westone Information Industry, Inc.		04/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		187  USD		(6	)
Westrock Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		40,387  USD		(259	)
WEX, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,370,764  USD		(37,120	)
Weyerhaeuser Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,109,456  USD		18,733
Whirlpool (China) Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		41,170  USD		193
Whirlpool (China) Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		30,511  USD		155
Whirlpool Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		605,087  USD		9,076
Will Semiconductor Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		101,762  USD		12,857
Will Semiconductor Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		33,329  USD		6,538
Willfar Information Technology Co.,Ltd.		03/06/23	M	0.48%	JPMorgan Chase Bank, N.A.		704  USD		20
Willfar Information Technology Co.,Ltd.		06/24/21	M	0.49%	Credit Suisse International		242  USD		2
Williams Cos Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		115,159  USD		2,033
Williams-Sonoma, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,902,574  USD		61,280
Willis Towers Watson Plc		03/11/22	M	0.60%	JPMorgan Chase Bank, N.A.		10,907,770  USD		(7,582	)
Willis Towers Watson Plc		03/04/22	M	0.45%	Morgan Stanley Capital Services LLC		15,327,226  USD		(10,654	)
WillScot Mobile Mini Holdings Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		1,744,582  USD		(31,246	)
Wintrust Financial Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		86,381  USD		(1,903	)
Wiscom System Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		14,452  USD		(161	)
Wiscom System Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		12,447  USD		(141	)
Wisesoft Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		9,585  USD		1,581
Wisesoft Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		7,113  USD		1,198
Wix.com Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		226,746  USD		(3,521	)

See Notes to Consolidated Schedule of Investments.

152

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Wolong Electric Group Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		230,302  USD	$	6,410
Wolong Electric Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		173,520  USD		5,146
Wonders Information Co., Ltd.		03/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		31,359  USD		(1,097	)
Wonders Information Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		23,471  USD		(875	)
Workday, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		4,855,406  USD		37,092
World Wrestling Entertainment, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		883,976  USD		1,683
WR Berkley Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,031,239  USD		2,561
Wuchan Zhongda Group Co.,Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		9,642  USD		(2,090	)
Wuchan Zhongda Group Co.,Ltd.		06/24/21	M	0.49%	Credit Suisse International		6,726  USD		(1,367	)
Wuhan DR Laser Technology Corp., Ltd.		06/30/21	M	0.49%	Credit Suisse International		925  USD		—
Wuhan East Lake High Technology Group Co, Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		36,764  USD		(206	)
Wuhan East Lake High Technology Group Co, Ltd.		11/30/99	M	0.00%	Credit Suisse International		27,706  USD		(172	)
Wuhan EasyDiagnosis Biomedicine Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		179,046  USD		6,689
Wuhan EasyDiagnosis Biomedicine Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		135,405  USD		5,028
Wuhan Jingce Electronic Gr A		03/08/23	M	0.48%	JPMorgan Chase Bank, N.A.		336,502  USD		19,928
Wuhan Jingce Electronic Gr A		07/02/21	M	0.49%	Credit Suisse International		251,594  USD		15,483
Wuhan P+S Information Tech A		06/24/21	M	0.49%	Credit Suisse International		8  USD		—
Wuhan Raycus Fiber Laser Technologies Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		117,001  USD		4,801
Wuhan Raycus Fiber Laser Technologies Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		97,248  USD		3,865
Wuhan Xingtu Xinke Electronics Co., Ltd.		07/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,204  USD		(58	)
Wuhan Xingtu Xinke Electronics Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		2,220  USD		(74	)
Wuliangye Yibin Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		27,398  USD		264
Wuliangye Yibin Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		18,335  USD		106
Wuxi Acryl Technology Co.,Ltd.		11/30/99	M	0.49%	Credit Suisse International		669  USD		136
Wuxi Apptec Co., Ltd.		03/27/23	M	0.48%	JPMorgan Chase Bank, N.A.		49,674  USD		3,158
Wuxi Apptec Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		32,461  USD		2,436
Wuxi Autowell Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		69,667  USD		3,629
Wuxi Autowell Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		54,779  USD		2,896
Wuxi Delinhai Environmental Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		914  USD		10
Wuxi Huaguang Environment & Energy Group Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		122,258  USD		1,598

See Notes to Consolidated Schedule of Investments.

153

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Wuxi Huaguang Environment & Energy Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		90,595  USD	$	1,643
Wuxi Lead Intelligent Equipment Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		556  USD		(7	)
Wuxi Lead Intelligent Equipment Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		19  USD		—
Wuxi Longsheng Technology Co.,Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		47  USD		2
Wuxi NCE Power Co., Ltd.		05/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		3,440  USD		466
Wuxi NCE Power Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		3,441  USD		465
Wuxi Xuelang Environmental Technology Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		32  USD		(1	)
Wuxi Xuelang Environmental Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		81  USD		(3	)
Ww Grainger, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		451,269  USD		(5,823	)
Wyndham Hotels & Resorts, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		515,243  USD		980
Xcel Energy, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		2,932,194  USD		(40,589	)
Xi An Global Printing Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		60  USD		(1	)
Xi’an Bright Laser Technologies Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		5,370  USD		415
Xi’an Bright Laser Technologies Co.,Ltd.		01/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		6,253  USD		284
Xi’an Qujiang Cultural Tourism Co., Ltd.		04/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,772  USD		73
Xi’an Qujiang Cultural Tourism Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,450  USD		67
Xiamen Amoytop Biotech Co., Ltd.		06/30/23	M	0.00%	JPMorgan Chase Bank, N.A.		20,340  USD		(423	)
Xiamen Amoytop Biotech Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		15,456  USD		(304	)
Xiamen C & D, Inc.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,381  USD		7
Xiamen C & D, Inc.		06/24/21	M	0.49%	Credit Suisse International		2,633  USD		—
Xiamen Comfort Science & Technology Group Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		300  USD		(2	)
Xiamen Comfort Science & Technology Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		190  USD		20
Xiamen Faratronic Co., Ltd.		03/06/23	M	0.48%	JPMorgan Chase Bank, N.A.		249,712  USD		14,979
Xiamen Faratronic Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		160,211  USD		10,857
Xiamen Intretech, Inc.		03/29/23	M	0.48%	JPMorgan Chase Bank, N.A.		5,426  USD		(127	)
Xiamen Intretech, Inc.		06/24/21	M	0.49%	Credit Suisse International		4,283  USD		(128	)
Xiamen Kingdomway Group Co.		06/24/21	M	0.49%	Credit Suisse International		140  USD		(2	)
Xiamen Sunrise Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		11,201  USD		83
Xiamen Sunrise Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		8,563  USD		73
Xiamen Tungsten Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		455,940  USD		24,075
Xiamen Tungsten Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		413,530  USD		21,858
Xiamen XindeCo., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		11,527  USD		(127	)

See Notes to Consolidated Schedule of Investments.

154

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Xiamen XindeCo., Ltd.		11/30/99	M	0.49%	Credit Suisse International		8,938  USD	$	(101	)
Xianhe Co., Ltd.		04/21/23	M	0.48%	JPMorgan Chase Bank, N.A.		324,130  USD		36,377
Xianhe Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		250,497  USD		28,852
Xilinx, Inc.		10/31/22	M	0.60%	JPMorgan Chase Bank, N.A.		22,735,283  USD		3,050,268
Xinjiang Winka Times Department Stores Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		2,621  USD		(1	)
Xinjiang Winka Times Department Stores Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		2,005  USD		(1	)
Xinjiang Zhongtai Chemical Co., Ltd.		02/07/23	M	0.48%	JPMorgan Chase Bank, N.A.		281,781  USD		15,601
Xinjiang Zhongtai Chemical Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		208,540  USD		12,772
Xinxiang Chemical Fiber Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		675,769  USD		46,510
Xinxiang Chemical Fiber Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		522,818  USD		32,459
Xinxing Ductile Iron Pipes Co.,Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		14,151  USD		(564	)
Xinxing Ductile Iron Pipes Co.,Ltd.		06/24/21	M	0.49%	Credit Suisse International		10,349  USD		(274	)
Xinyu Iron & Steel Co., Ltd.		04/25/23	M	0.48%	JPMorgan Chase Bank, N.A.		167,212  USD		(624	)
Xinyu Iron & Steel Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		125,354  USD		(566	)
XP, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		890,804  USD		(27,513	)
Yabao Pharmaceutical Group Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,120  USD		19
Yabao Pharmaceutical Group Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		2,143  USD		47
Yandex NV		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		108,656  USD		3,553
Yangguang Co., Ltd.		04/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		269  USD		1
Yangguang Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		323  USD		1
Yangling Metron New Material, Inc.		05/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,222  USD		83
Yangling Metron New Material, Inc.		06/24/21	M	0.49%	Credit Suisse International		1,223  USD		82
Yangmei Chemical Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		182,204  USD		2,784
Yangmei Chemical Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		136,856  USD		2,877
Yangzhou Chenhua New Material Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		117,961  USD		12,004
Yangzhou Chenhua New Material Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		86,234  USD		8,811
Yangzhou Yangjie Electronic Technology Co., Ltd		03/17/23	M	0.48%	JPMorgan Chase Bank, N.A.		99,253  USD		10,370
Yangzhou Yangjie Electronic Technology Co., Ltd		06/24/21	M	0.49%	Credit Suisse International		72,326  USD		10,125
Yangzhou Yaxing Motor Coach Co, Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		54,068  USD		1,391
Yangzhou Yaxing Motor Coach Co, Ltd.		07/02/21	M	0.49%	Credit Suisse International		41,568  USD		1,093
Yankershop Food Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		906  USD		(11	)
Yankershop Food Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		187  USD		(2	)
Yantai Changyu Pioneer Wine Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		168  USD		(1	)

See Notes to Consolidated Schedule of Investments.

155

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Yantai Dongcheng Pharmaceutical Co. Ltd.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		56,067  USD	$	(2,178	)
Yantai Dongcheng Pharmaceutical Co. Ltd.		06/30/21	M	0.49%	Credit Suisse International		41,372  USD		(1,590	)
Yantai Eddie Precision Machinery Co., Ltd.		04/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		160,815  USD		7,674
Yantai Eddie Precision Machinery Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		120,674  USD		5,784
Yantai Jereh Oilfield Service Group Co., Ltd.		05/16/23	M	0.48%	JPMorgan Chase Bank, N.A.		110,886  USD		3,952
Yantai Jereh Oilfield Service Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		82,354  USD		4,120
Yantai Tayho Advanced materials Co.,Ltd.		06/24/21	M	0.49%	Credit Suisse International		22  USD		—
Yantai Zhenghai Bio Tech Co., Ltd.		03/07/23	M	0.48%	JPMorgan Chase Bank, N.A.		257,977  USD		23,124
Yantai Zhenghai Bio Tech Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		194,960  USD		17,105
Yanzhou Coal Mining Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		195,065  USD		6,044
Yanzhou Coal Mining Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		146,274  USD		4,677
Yingkou Jinchen Machinery Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		79,434  USD		23,978
Yingkou Jinchen Machinery Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		59,303  USD		17,593
Yintai Gold Co., Ltd.		02/22/23	M	0.48%	JPMorgan Chase Bank, N.A.		48  USD		(1	)
Yonggao Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		60  USD		4
YongXing Special Materials Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		304,249  USD		(3,689	)
YongXing Special Materials Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		253,962  USD		(3,036	)
Yonyou Network Technology Co., Ltd.		06/23/21	M	0.48%	JPMorgan Chase Bank, N.A.		43,449  USD		42
Yonyou Network Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		33,775  USD		59
Yorhe Fluid Intelligent Control Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		18,931  USD		511
Yorhe Fluid Intelligent Control Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		15,930  USD		443
Youon Technology Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		14,640  USD		(560	)
Youon Technology Co., Ltd.		06/25/21	M	0.00%	Credit Suisse International		7,155  USD		(451	)
Yuhuan CNC Machine Tool Co., Ltd.		06/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		114,251  USD		459
Yuhuan CNC Machine Tool Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		87,112  USD		346
Yunda Holding Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		103  USD		2
Yunnan Aluminium Co., Ltd.		05/16/23	M	0.48%	JPMorgan Chase Bank, N.A.		146,578  USD		1,863
Yunnan Aluminium Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		95,991  USD		3,644
Yunnan Yuntianhua Co., Ltd.		03/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		382,264  USD		2,337
Yunnan Yuntianhua Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		280,819  USD		9,479
Yusys Technologies Co., Ltd.		03/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		53  USD		2

See Notes to Consolidated Schedule of Investments.

156

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zbom Home Collection Co., Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		$    319,611  USD	$	(24,285	)
Zbom Home Collection Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		234,668  USD		(14,782	)
Zendesk, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,296,737  USD		(45,046	)
Zhangjiagang Guangda Special Material Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		857  USD		(44	)
Zhangjiagang Guangda Special Material Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		418  USD		(21	)
Zhe Kuang Heavy Industry Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		8,126  USD		(296	)
Zhe Kuang Heavy Industry Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		6,653  USD		(247	)
Zhejiang Baida Precision Manufacturing Corp.		02/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		6,461  USD		(169	)
Zhejiang Baida Precision Manufacturing Corp.		11/30/99	M	0.49%	Credit Suisse International		4,560  USD		(122	)
Zhejiang Cfmoto Power Co., Ltd.		05/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		183,414  USD		(4,825	)
Zhejiang Cfmoto Power Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		138,730  USD		(3,675	)
Zhejiang Cheng Yi Pharmaceutical Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,054  USD		20
Zhejiang Cheng Yi Pharmaceutical Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		801  USD		4
Zhejiang China Light & Textile Industrial City Group Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		95  USD		—
Zhejiang China Light & Textile Industrial City Group Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		666  USD		(5	)
Zhejiang Dayuan Pumps Industrial Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		11,279  USD		400
Zhejiang Dayuan Pumps Industrial Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		8,609  USD		305
Zhejiang Dibay Electric Co., Ltd.		05/30/23	M	0.48%	JPMorgan Chase Bank, N.A.		9,673  USD		50
Zhejiang Dibay Electric Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		7,330  USD		28
Zhejiang Double Arrow Rubber Co., Ltd.		04/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		84  USD		1
Zhejiang Double Arrow Rubber Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		19  USD		—
Zhejiang Fenglong Electric Co., Ltd.		01/30/23	M	0.48%	JPMorgan Chase Bank, N.A.		321  USD		(35	)
Zhejiang Garden Bio-chemical High-tech Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		26,125  USD		534
Zhejiang Garden Bio-chemical High-tech Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		21,374  USD		438
Zhejiang Guangsha Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		26,047  USD		(67	)
Zhejiang Guangsha Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		19,448  USD		(69	)
Zhejiang Hailide New Material Co., Ltd.		04/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		4,183  USD		238

See Notes to Consolidated Schedule of Investments.

157

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zhejiang Hailide New Material Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		$        2,794  USD	$	185
Zhejiang HangKe Technology, Inc.		03/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		408,971  USD		5,108
Zhejiang HangKe Technology, Inc.		07/02/21	M	0.49%	Credit Suisse International		309,530  USD		3,887
Zhejiang Henglin Chair Industry Co. Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		442  USD		(25	)
Zhejiang Henglin Chair Industry Co. Ltd.		06/24/21	M	0.49%	Credit Suisse International		467  USD		(26	)
Zhejiang Huace Film & Television Co., Ltd.		04/21/23	M	0.48%	JPMorgan Chase Bank, N.A.		113,771  USD		(2,361	)
Zhejiang Huace Film & Television Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		83,859  USD		(1,492	)
Zhejiang Huatie Emergency Equipment Science & Technology Co.,Ltd.		03/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		61  USD		9
Zhejiang Huatie Emergency Equipment Science & Technology Co.,Ltd.		06/24/21	M	0.49%	Credit Suisse International		63  USD		9
Zhejiang Huatong Meat Products Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		14,461  USD		(98	)
Zhejiang Huatong Meat Products Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		10,654  USD		(57	)
Zhejiang Jianfeng Group Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		56,233  USD		(242	)
Zhejiang Jianfeng Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		41,761  USD		(183	)
Zhejiang Jinghua Laser Technology Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		10,318  USD		33
Zhejiang Jinghua Laser Technology Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		7,854  USD		22
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd.		02/07/23	M	0.48%	JPMorgan Chase Bank, N.A.		37,621  USD		1,613
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		35,997  USD		1,518
Zhejiang Jingxin Pharmaceutical Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		26  USD		—
Zhejiang Jiuli Hi-Tech Metals Co., Ltd.		06/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		2,051  USD		181
Zhejiang Jiuli Hi-Tech Metals Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		1,039  USD		77
Zhejiang Jiuzhou Pharmaceutical Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		338,607  USD		(5,202	)
Zhejiang Jiuzhou Pharmaceutical Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		441,373  USD		(7,559	)
Zhejiang Medicine Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		74,264  USD		317
Zhejiang Medicine Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		60,311  USD		271
Zhejiang Meida Industrial Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		183,237  USD		(3,307	)
Zhejiang Meida Industrial Co., Ltd.		07/02/21	M	0.00%	Credit Suisse International		147,520  USD		(2,671	)

See Notes to Consolidated Schedule of Investments.

158

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zhejiang Orient Gene Biotech Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		$    5,750  USD	$	649
Zhejiang Orient Gene Biotech Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		4,783  USD		537
Zhejiang Runtu Co., Ltd.		03/01/23	M	0.48%	JPMorgan Chase Bank, N.A.		140  USD		(3	)
Zhejiang Runtu Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		140  USD		(3	)
Zhejiang Satellite Petrochemical Co Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		190,944  USD		3,992
Zhejiang Satellite Petrochemical Co Ltd.		07/02/21	M	0.00%	Credit Suisse International		170,277  USD		3,795
Zhejiang Semir Garment Co Ltd.		03/15/23	M	0.48%	JPMorgan Chase Bank, N.A.		159,281  USD		6,428
Zhejiang Semir Garment Co Ltd.		06/25/21	M	0.49%	Credit Suisse International		114,306  USD		3,133
Zhejiang Shapuaisi Pharmaceutical Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		161  USD		(25	)
Zhejiang Stary Pharmaceutical Co., Ltd.		02/08/23	M	0.48%	JPMorgan Chase Bank, N.A.		119  USD		(23	)
Zhejiang Sunriver Culture Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		24,457  USD		(304	)
Zhejiang Sunriver Culture Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		18,152  USD		(235	)
Zhejiang Supor Co., Ltd.		04/21/23	M	0.48%	JPMorgan Chase Bank, N.A.		185,127  USD		(1,500	)
Zhejiang Supor Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		141,858  USD		(910	)
Zhejiang Three Stars New Materials Co., Ltd.		05/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		91  USD		(2	)
Zhejiang Three Stars New Materials Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		91  USD		(2	)
Zhejiang Tiancheng Controls Co., Ltd.		04/19/23	M	0.48%	JPMorgan Chase Bank, N.A.		113,973  USD		(2,800	)
Zhejiang Tiancheng Controls Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		83,937  USD		(1,646	)
Zhejiang Tiantie Industry Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		185,547  USD		3,810
Zhejiang Tiantie Industry Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		163,768  USD		3,267
Zhejiang Tieliu Clutch Co., Ltd.		11/30/99	M	0.49%	Credit Suisse International		75  USD		(2	)
Zhejiang Wansheng Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		80,140  USD		1,060
Zhejiang Wansheng Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		77,607  USD		931
Zhejiang Wansheng Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		190,470  USD		3,245
Zhejiang Wansheng Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		123,499  USD		1,448
Zhejiang Wazam New Materials Co., Ltd.		04/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		320,589  USD		11,766
Zhejiang Wazam New Materials Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		245,871  USD		10,872
Zhejiang Weiming Environmental Protection Co., Ltd.		02/10/23	M	0.48%	JPMorgan Chase Bank, N.A.		170  USD		7
Zhejiang Weiming Environmental Protection Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		201  USD		7
Zhejiang Weixing New Building Materials Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,683  USD		(83	)

See Notes to Consolidated Schedule of Investments.

159

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty		Notional Amount		Unrealized Appreciation (Depreciation)
Zhejiang Weixing New Building Materials Co., Ltd.		06/24/21	M	0.49%		Credit Suisse International	$	1,445  USD	$	(75	)
Zhejiang Windey Co., Ltd.		07/03/23	M	0.00%		JPMorgan Chase Bank, N.A.		27,119  USD		(909	)
Zhejiang Windey Co., Ltd.		11/30/99	M	0.49%		Credit Suisse International		23,028  USD		(763	)
Zhejiang Xinan Chemical Industrial Group Co., Ltd.		06/21/23	M	0.48%		JPMorgan Chase Bank, N.A.		520,181  USD		5,815
Zhejiang Xinan Chemical Industrial Group Co., Ltd.		07/02/21	M	0.49%		Credit Suisse International		389,371  USD		4,714
Zhejiang Yangfan New Materials Co., Ltd.		07/03/23	M	0.00%		JPMorgan Chase Bank, N.A.		40,772  USD		980
Zhejiang Yangfan New Materials Co., Ltd.		11/30/99	M	0.00%		Credit Suisse International		30,116  USD		725
Zhejiang Yasha Decoration Co., Ltd.		06/24/21	M	0.49%		Credit Suisse International		43  USD		6
Zhejiang Yonggui Electric Equipment Co., Ltd.		07/03/23	M	0.00%		JPMorgan Chase Bank, N.A.		9,647  USD		114
Zhejiang Yonggui Electric Equipment Co., Ltd.		11/30/99	M	0.00%		Credit Suisse International		7,134  USD		86
Zhejiang Yongjin Metal Technology Co., Ltd.		06/28/23	M	0.48%		JPMorgan Chase Bank, N.A.		104,063  USD		3,050
Zhejiang Yongjin Metal Technology Co., Ltd.		11/30/99	M	0.49%		Credit Suisse International		77,450  USD		2,289
Zhejiang Zhongxin Fluoride Materials Co., Ltd.		05/19/23	M	0.48%		JPMorgan Chase Bank, N.A.		86,966  USD		5,254
Zhejiang Zhongxin Fluoride Materials Co., Ltd.		06/24/21	M	0.49%		Credit Suisse International		66,719  USD		3,855
Zhejiang Zomax Transmission Co., Ltd.		11/30/99	M	0.49%		Credit Suisse International		728  USD		(4	)
Zhengzhou Coal Mining Machinery Group Co., Ltd.		02/13/23	M	0.48%		JPMorgan Chase Bank, N.A.		126  USD		9
Zhewen Interactive Group Co., Ltd.		04/10/23	M	0.48%		JPMorgan Chase Bank, N.A.		182,709  USD		(6,492	)
Zhewen Interactive Group Co., Ltd.		06/24/21	M	0.49%		Credit Suisse International		134,438  USD		(5,086	)
Zhongda Leader		02/22/23	M	0.48%		JPMorgan Chase Bank, N.A.		36,251  USD		232
Zhongda Leader		06/24/21	M	0.49%		Credit Suisse International		24,781  USD		71
Zhongfu Information, Inc.		01/25/23	M	0.48%		JPMorgan Chase Bank, N.A.		125,023  USD		(3,159	)
Zhongfu Information, Inc.		07/02/21	M	0.49%		Credit Suisse International		99,010  USD		(2,724	)
Zhongji Innolight Co., Ltd.		01/18/23	M	0.48%		JPMorgan Chase Bank, N.A.		24  USD		—
Zhongji Innolight Co., Ltd.		06/24/21	M	0.49%		Credit Suisse International		45,178  USD		129
Zhongjin Gold Corp.		03/03/23	M	0.48%		JPMorgan Chase Bank, N.A.		94  USD		(2	)
Zhongmin Energy Co., Ltd.		05/22/23	M	0.48%		JPMorgan Chase Bank, N.A.		101,563  USD		(3,856	)
Zhongmin Energy Co., Ltd.		06/24/21	M	0.49%		Credit Suisse International		75,546  USD		(3,145	)
Zhongshan Public Utilities Group Co.,Ltd.		03/10/23	M	0.48%		JPMorgan Chase Bank, N.A.		1,403  USD		(13	)
Zhongshan Public Utilities Group Co.,Ltd.		06/24/21	M	0.49%		Credit Suisse International		1,275  USD		(12	)
Zhongxing Shenyang Commercial Building Group Co., Ltd.		07/03/23	M	0.00%		JPMorgan Chase Bank, N.A.		5,095  USD		(97	)

See Notes to Consolidated Schedule of Investments.

160

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zhongxing Shenyang Commercial Building Group Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International	$	3,803  USD	$	(73	)
Zhongyin Babi Food Co., Ltd.		05/03/23	M	0.48%	JPMorgan Chase Bank, N.A.		1,089  USD		(89	)
Zhongyin Babi Food Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		1,090  USD		(89	)
Zhuhai Bojay Electronics Co., Ltd.		06/26/23	M	0.48%	JPMorgan Chase Bank, N.A.		172,088  USD		13,134
Zhuhai Bojay Electronics Co., Ltd.		06/25/21	M	0.49%	Credit Suisse International		130,191  USD		10,087
Zhuhai Enpower Electric Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		13,913  USD		489
Zhuhai Enpower Electric Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		11,218  USD		414
Zhuhai Port Co., Ltd.		06/20/23	M	0.48%	JPMorgan Chase Bank, N.A.		91  USD		3
Zhuhai Port Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		91  USD		3
Zhuhai Rundu Pharmaceutical Co., Ltd.		07/03/23	M	0.00%	JPMorgan Chase Bank, N.A.		43,956  USD		239
Zhuhai Rundu Pharmaceutical Co., Ltd.		11/30/99	M	0.00%	Credit Suisse International		33,545  USD		163
ZhuhaiOrbita Aerospace Science & Technology Co., Ltd.		06/12/23	M	0.48%	JPMorgan Chase Bank, N.A.		303  USD		(15	)
ZhuhaiOrbita Aerospace Science & Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,579  USD		9
Zhuzhou Feilu High-Tech Materials Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		56  USD		1
Zhuzhou Hongda Electronics Corp.,Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		199,780  USD		(7,809	)
Zhuzhou Hongda Electronics Corp.,Ltd.		07/02/21	M	0.49%	Credit Suisse International		151,806  USD		(7,803	)
Zhuzhou Huarui Precision Cutting Tools Co., Ltd.		05/31/23	M	0.48%	JPMorgan Chase Bank, N.A.		5,476  USD		(279	)
Zhuzhou Huarui Precision Cutting Tools Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		2,794  USD		(144	)
Zhuzhou Kibing Group Co., Ltd.		04/14/23	M	0.48%	JPMorgan Chase Bank, N.A.		533,342  USD		24,195
Zhuzhou Kibing Group Co., Ltd.		07/02/21	M	0.49%	Credit Suisse International		453,379  USD		23,730
Zhuzhou Times New Material Technology Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		75  USD		—
Zibo Qixiang Tengda Chemical Co., Ltd.		06/28/23	M	0.48%	JPMorgan Chase Bank, N.A.		175,580  USD		12,984
Zibo Qixiang Tengda Chemical Co., Ltd.		06/30/21	M	0.49%	Credit Suisse International		133,201  USD		9,863
Zijin Mining Group Co., Ltd.		01/18/23	M	0.48%	JPMorgan Chase Bank, N.A.		59,373  USD		(282	)
Zijin Mining Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		47,771  USD		(231	)
Zillow Group, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		3,157,845  USD		257,960
ZIM Integrated Shipping Services Ltd.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		64,354  USD		884
Zimmer Biomet Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		647,672  USD		(3,909	)
Zions Bancorp, NA.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		12,801  USD		44
ZJAMP Group Co., Ltd.		04/24/23	M	0.48%	JPMorgan Chase Bank, N.A.		68,930  USD		(101	)
ZJAMP Group Co., Ltd.		06/24/21	M	0.49%	Credit Suisse International		52,351  USD		(377	)

See Notes to Consolidated Schedule of Investments.

161

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument

Termination Date

Payment Frequency

Financing Rate

Counterparty

Notional Amount

Unrealized Appreciation (Depreciation)

ZJBC Information Technology Co., Ltd.

03/15/23

M

0.48%

JPMorgan Chase Bank, N.A.

$

13  USD

$

(1

)

Zoom Video Communications, Inc.

05/23/23

M

0.30%

Morgan Stanley Capital Services LLC

4,334,995  USD

208,737

Zscaler, Inc.

05/23/23

M

0.30%

Morgan Stanley Capital Services LLC

947,417  USD

(14,686

)

Zte Corp.

03/22/23

M

0.48%

JPMorgan Chase Bank, N.A.

126,345  USD

168

Zte Corp.

06/24/21

M

0.49%

Credit Suisse International

90,302  USD

(303

)

Zynga, Inc.

05/23/23

M

0.30%

Morgan Stanley Capital Services LLC

800,221  USD

11,454

Total Buys

$

16,356,981

Sells

A. O. Smith Corp.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

$

1,741,000  USD

$

(67,057

)

Abbott Laboratories

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

2,716,419  USD

44,812

Abercrombie & Fitch Co.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

1,055,089  USD

(90,664

)

Academy Sports & Outdoors, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

1,016,817  USD

(33,359

)

Accolade, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

112,977  USD

(748

)

Activision Blizzard, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

4,552,356  USD

2,922

Acuity Brands, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

886,990  USD

(7,574

)

Adaptive Biotechnologies Corp.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

40,159  USD

(987

)

Adobe, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

7,263,573  USD

(185,767

)

Advance Auto Parts, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

3,994,737  USD

(60,676

)

Advance Auto Parts, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

6,117,699  USD

(460,594

)

Advanced Drainage Systems, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

416,290  USD

(17,933

)

Advanced Energy Industries, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

767,261  USD

(7,170

)

Advanced Micro Devices

10/31/22

M

0.22%

JPMorgan Chase Bank, N.A.

23,096,624  USD

(3,171,276

)

Aflac, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

20,538  USD

(228

)

Agilent Technologies, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

3,891,983  USD

(37,103

)

Akamai Technologies, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

4,870,231  USD

(32,799

)

Albemarle Corp.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

197,649  USD

(6,861

)

Alcoa Corp.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

894,596  USD

15,925

Alexandria Real Estate Equities, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

2,384,116  USD

56,739

Alexion Pharmaceuticals, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

7,349,072  USD

(118,005

)

Alleghany Corp.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

223,114  USD

2,314

Allegion PLC

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

34,076  USD

(331

)

Alliant Energy Corp.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

971,410  USD

26,668

Allscripts Healthcare Solutions, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

309,567  USD

(8,638

)

Allstate Corp.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

7,470,117  USD

(131,535

)

Ally Financial, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

37,924  USD

295

Alnylam Pharmaceuticals, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

1,785,728  USD

18,143

Ambarella, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

588,576  USD

3,391

American Airlines Group, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

2,415,181  USD

(17,358

)

American Campus Communities, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

8,493  USD

364

American Eagle Outfitters, Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

552,418  USD

(49,564

)

American Electric Power Co., Inc

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

346,153  USD

1,026

American Express Co.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

5,265,232  USD

(4,779

)

American Tower Corp.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

996,499  USD

8,867

American Water Works Co., Inc.

05/23/23

M

0.10%

Morgan Stanley Capital Services LLC

30,647  USD

1,362

See Notes to Consolidated Schedule of Investments.

162

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Americold Realty Trust		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC	$	172,625   USD	$	4,722
AMN Healthcare Services, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		405,639  USD		(6,526	)
Analog Devices, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		5,034,774   USD		(59,441	)
Analog Devices, Inc.		05/02/23	M	0.22%	JPMorgan Chase Bank, N.A.		406,271  USD		(19,825	)
Analog Devices, Inc.		07/15/22	M	0.30%	Goldman Sachs International		27,028,939  USD		(1,318,927	)
Annaly Capital Management, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,349,645  USD		44,356
Antero Resources Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		76,516  USD		(7,306	)
Aon Plc		03/04/22	M	0.15%	Morgan Stanley Capital Services LLC		16,251,066  USD		(330,577	)
Aon Plc		04/05/22	M	0.22%	JPMorgan Chase Bank, N.A.		9,697,428  USD		(197,264	)
Apartment Income REIT Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		119,759  USD		2,465
Apollo Global Management, Inc.		03/10/23	M	0.30%	Goldman Sachs International		28,995,331  USD		(1,849,711	)
Apple Hospitality REIT, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		160,871  USD		7,248
Applied Materials, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		11,708  USD		(823	)
Aptiv PLC		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		885,970  USD		(37,243	)
Arch Capital Group Ltd.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		133,296  USD		(813	)
Arconic Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		21,305  USD		(138	)
Ares Capital Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		56,701  USD		(90	)
Arista Networks, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,248,541  USD		24,295
Armstrong World Industries, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		737,599  USD		616
Arrowhead Pharmaceuticals, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		65,471  USD		5,096
Ashland Global Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		273,393  USD		2,056
Assurant, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		289,700  USD		(2,200	)
Assured Guaranty Ltd.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		460,186  USD		(6,258	)
Astrazeneca Plc, Adr		12/16/22	M	0.23%	JPMorgan Chase Bank, N.A.		17,808,865  USD		(485,613	)
AT&T, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		641,660  USD		3,147
Autodesk, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,015,336  USD		30,124
Autoliv, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,055,424  USD		4,504
AutoZone, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,593,344  USD		(52,362	)
Avalara, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		361,628  USD		(14,071	)
AvalonBay Communities, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		7,518,179  USD		120,745
Avangrid, Inc.		05/23/23	M	0.00%	Morgan Stanley Capital Services LLC		159,188  USD		2,892
Axon Enterprise, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,411,526  USD		(53,969	)
Axonics, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		4,835  USD		269
Ballard Power Systems, Inc.		05/23/23	M	0.80%	Morgan Stanley Capital Services LLC		15,694  USD		274
Bally’s Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		45,713  USD		(1,092	)
Bally’s Corp.		04/19/23	M	0.22%	JPMorgan Chase Bank, N.A.		856,491  USD		(14,518	)
Bank of America, Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		4,922,983  USD		25,560
Bank of Montreal		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,821,174  USD		38,761
Bank of New York Mellon Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,363,938  USD		(47,417	)
Bank OZK		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		133,915  USD		(955	)
BCE, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		194,404  USD		1,316
Beam Therapeutics, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		310,629  USD		(51,819	)
Berkeley Lights, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		27,241  USD		2,506
Best Buy Co., Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		620,430  USD		4,712
BigCommerce Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		26,467  USD		(20	)
Bio-Rad Laboratories, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,111,752  USD		(31,862	)
Bio-Techne Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		386,127  USD		(7,851	)
BioMarin Pharmaceutical, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,922,777  USD		12,251

See Notes to Consolidated Schedule of Investments.

163

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
BJ’s Wholesale Club Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC	$	681,484  USD	$	(22,795	)
Black Knight, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,154,049  USD		(16,509	)
BlackRock, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		5,216,652  USD		(83,041	)
BorgWarner, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		230,084  USD		(190	)
Boston Properties, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,632,086  USD		153,019
Boston Scientific Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,559,678  USD		68,581
Brandywine Realty Trust		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		9,638  USD		494
Bridgebio Pharma, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		11,868  USD		408
Bright Horizons Family Solutions, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		52,729  USD		2,564
Brighthouse Financial, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		396,485  USD		(6,544	)
Brixmor Property Group, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		55,042  USD		495
Brookfield Renewable Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,073,526  USD		5,482
Brown & Brown, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		18,087  USD		179
Brown-Forman Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		47,916  USD		179
Bumble, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		470,518  USD		(38,724	)
Cable One, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,230,568  USD		(29,973	)
Cadence Design Systems, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,265,659  USD		(20,586	)
Callaway Golf Co.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		339,451  USD		(2,841	)
Camden Property Trust		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		6,935,747  USD		141,849
Cameco Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		158,158  USD		2,436
Campbell Soup Co.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		261,320  USD		(229	)
Canada Goose Holdings, Inc.		05/23/23	M	0.60%	Morgan Stanley Capital Services LLC		763  USD		(111	)
Canadian Imperial Bank of Commerce		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		4,162,137  USD		165,196
Canadian National Railway, Co.		05/24/23	M	0.22%	JPMorgan Chase Bank, N.A.		10,689,816  USD		(48,849	)
Canadian Natural Resources, Ltd.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,998,146  USD		4,175
Canadian Pacific Railway Ltd.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,220,286  USD		(1,430	)
Canadian Solar, Inc.		05/23/23	M	0.60%	Morgan Stanley Capital Services LLC		535,313  USD		(25,725	)
Capital One Financial Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		5,547,695  USD		7,163
Cardinal Health, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,945,386  USD		10,092
Cardlytics, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		74,841  USD		(2,840	)
Carlisle Cos, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		523,214  USD		(16,860	)
Carlyle Group, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		307,552  USD		(4,561	)
CarMax, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		427,184  USD		(42,018	)
Carnival Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		557,287  USD		44,902
Carrier Global Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		7,186,314  USD		(273,252	)
Cboe Global Markets, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		248,988  USD		(184	)
Celsius Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		944,770  USD		(95,761	)
Centene Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		454,580  USD		(2,910	)
Century Communities, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,014,419  USD		(14,289	)
Ceridian HCM Holding, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,005,436  USD		(1,882	)
Cerner Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		45,860  USD		762
Charles River Laboratories International, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,101,074  USD		(80,238	)
Charter Communications, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,176,606  USD		(11,481	)
Chemed Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		909,497  USD		12,692

See Notes to Consolidated Schedule of Investments.

164

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Chipotle Mexican Grill, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC	$	4,893,418  USD	$	(276,966	)
Choice Hotels International, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		298,831  USD		7,624
Cintas Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,244,574  USD		(103,580	)
Cirrus Logic, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		350,588  USD		(12,194	)
Cisco Systems, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		664,325  USD		2,249
Citigroup, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		7,564,141  USD		(1,581	)
Clarivate PLC		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,140,386  USD		(67,107	)
Clorox Co.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		4,010,346  USD		6,449
Cloudflare, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,019,594  USD		(48,014	)
CMS Energy Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,531,795  USD		26,732
CNH Industrial NV		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		343,050  USD		(6,432)
Cognex Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		595,926  USD		(4,780	)
Coinbase Global, Inc.		05/23/23		M	0.55%	Morgan Stanley Capital Services LLC		4,049,020  USD		(137,776	)
Commercial Metals Co.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		586,952  USD		(6,374	)
CommVault Systems, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,254,845  USD		16,945
Concentrix Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		95,973  USD		(3,080	)
ConocoPhillips		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		5,103,914  USD		(37,994	)
Continental Resources, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		453,198  USD		(17,994	)
Cooper Cos. Inc. (The)		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,729,791  USD		(41,722	)
Copart, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,120,540  USD		55
Corporate Office Properties Trust		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		49,319  USD		2,044
Corsair Gaming, Inc.		05/23/23		M	1.60%	Morgan Stanley Capital Services LLC		50,514  USD		(2,185	)
Costco Wholesale Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		5,987,175  USD		(60,641	)
Coupa Software, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		412,047  USD		(1,825	)
Coursera, Inc.		05/23/23		M	0.60%	Morgan Stanley Capital Services LLC		88,234  USD		7,057
Cousins Properties, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		49,744  USD		1,673
Credicorp Ltd.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		368,879  USD		(9,227	)
Credit Acceptance, Corp.		05/23/23		M	0.75%	Morgan Stanley Capital Services LLC		2,899,486  USD		(143,959	)
Cree, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		110,392  USD		3,550
Crocs, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		128,391  USD		(10,851	)
CubeSmart		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,025,475  USD		19,404
CyberArk Software Ltd.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		57,936  USD		2,441
CyrusOne, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		3,941,650  USD		28,790
Danaher Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		499,950  USD		(3,493)
Darling Ingredients, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		185,280  USD		(6,555	)
Deckers Outdoor Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,571,888  USD		(342,819	)
Deere & Co.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		38,473  USD		(678	)
Denali Therapeutics, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		24,329  USD		(1,243	)
Desktop Metal, Inc.		05/23/23		M	2.75%	Morgan Stanley Capital Services LLC		154,059  USD		12,770
Deutsche Bank AG		05/23/23		M	0.15%	Morgan Stanley Capital Services LLC		89,076  USD		276
Dexcom, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		173,663  USD		(553	)
Dick’s Sporting Goods, Inc.		05/23/23		M	0.00%	Morgan Stanley Capital Services LLC		2,032,529  USD		(10,946	)
Digital Realty Trust, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		150,151  USD		2,700
Discover Financial Services		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		5,915,131  USD		(12,026	)
Discovery, Inc.		05/23/23		M	2.00%	Morgan Stanley Capital Services LLC		548,849  USD		(18,301	)
DISH Network Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,755,993  USD		(35,137	)
DocuSign, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,303,029  USD		(17,961	)
Dolby Laboratories, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,779  USD		10
Dollar General Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,070  USD		(12	)
Dollar Tree, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,093,767  USD		16,083
DoorDash, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		422,459  USD		(12,488	)
Douglas Emmett, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		288,901  USD		16,680
DraftKings, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		5,648,358  USD		1,842
Dropbox, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,912,804  USD		(67,288	)
DuPont de Nemours, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		588,918  USD		(2,959	)
DXC Technology Co.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		295,512  USD		1,749

See Notes to Consolidated Schedule of Investments.

165

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Dycom Industries, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC	$	620,760  USD	$	(14,235	)
Dynatrace, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,143,139  USD		8,472
EastGroup Properties, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		35,115  USD		1,074
Eaton Corp., PLC		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		970,253  USD		(8,032	)
eBay, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		6,893,500  USD		(557,396	)
Edison International		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		166,594  USD		(1,257	)
Edwards Lifesciences Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		4,671,198  USD		(33,158	)
Electronic Arts, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,803,178  USD		(738	)
Element Solutions, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		715,050  USD		(612	)
EMCOR Group, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		42,379  USD		(368	)
Emerson Electric Co.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		303,396  USD		(4,187	)
EnerSys		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		354,212  USD		(6,216	)
EPAM Systems, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,675,921  USD		24,499
EQT Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		340,690  USD		(28,113	)
Equifax, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		222,487  USD		(736	)
Equity Commonwealth		05/09/23	M	0.22%	JPMorgan Chase Bank, N.A.		7,258  USD		420
Equity LifeStyle Properties, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,074,452  USD		65,927
Equity Residential		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,488,904  USD		103,753
Essential Utilities Inc		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		236,883  USD		8,977
Essex Property Trust, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		39,102  USD		1,000
Estee Lauder Cos., Inc. (The)		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,244,409  USD		(20,957	)
Everbridge, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		157,950  USD		4,452
Evercore, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		344,083  USD		(10,235	)
Everest Re Group, Ltd.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		557,980  USD		786
Evoqua Water Technologies Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		550,940  USD		(22,644	)
Exelon Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		6,348,322  USD		58,828
Expeditors International of Washington, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		6,573,184  USD		(166,240	)
Extra Space Storage, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		6,438,956  USD		3,942
F5 Networks, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		52,694  USD		1,176
Facebook, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,637,390  USD		(51,452	)
Federal Realty Investment Trust		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		45,857  USD		980
Federated Hermes, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		65,959  USD		(708	)
Ferrari NV		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		263,875  USD		(3,166	)
FireEye, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,567,467  USD		43,708
First American Financial Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		18,327  USD		183
First Citizens BancShares, Class A		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		125,251  USD		3,671
First Citizens BancShares, Class A		10/19/22	M	0.22%	JPMorgan Chase Bank, N.A.		1,418,771  USD		25,597
First Industrial Realty Trust, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		775,940  USD		17,143
First Solar, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,954,979  USD		(55,474	)
Flex Acquisition Company, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		291,600  USD		3,661
Flowers Foods, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		38,287  USD		(529	)
Flowserve Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		61,443  USD		1,487
Fluor Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		129,998  USD		(2,699	)
Foot Locker, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		774,809  USD		(35,071	)
Fortinet, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		4,569,646  USD		685
Fox Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		367,102  USD		3,525
Fox Factory Holding Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		43,031  USD		(1,954	)
Franklin Resources, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		610,987  USD		8,104
Freeport-McMoRan, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,964,609  USD		16,483
fuboTV, Inc.		05/23/23	M	1.75%	Morgan Stanley Capital Services LLC		135,081  USD		(2,093	)

See Notes to Consolidated Schedule of Investments.

166

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
GameStop Corp.		05/23/23	M	0.75%	Morgan Stanley Capital Services LLC	$	24,245  USD	$	(1,666	)
Garmin Ltd.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		433,298  USD		1,692
Gartner, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		725,128  USD		(6,800	)
Generac Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,830,983  USD		(118,562	)
General Motors Co.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,179,774  USD		2,586
Genuine Parts Co.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		811,792  USD		1,245
Gilead Sciences, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		5,399,103  USD		(99,024	)
Globe Life, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		170,918  USD		3,087
Globus Medical, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		372,899  USD		(13,278	)
Graphic Packaging Holding Co.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		470,710  USD		(11,560	)
Halliburton Co.		05/23/23	M	0.00%	Morgan Stanley Capital Services LLC		202,146  USD		1,302
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		869,735  USD		(24,959	)
Hanover Insurance Group, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		260,476  USD		(88	)
HealthEquity, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		343,278  USD		5,665
HEICO Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		35,144  USD		428
Helen of Troy Ltd.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		202,545  USD		(938	)
Helmerich & Payne, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		39,380  USD		877
Herc Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		19,080  USD		700
Herman Miller, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		305,480  USD		9,300
Herman Miller, Inc.		04/21/23	M	0.22%	JPMorgan Chase Bank, N.A.		7,433,565  USD		(50,806	)
Hexcel Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		296,130  USD		3,599
Highwoods Properties, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		502,123  USD		17,178
Hill-Rom Holdings, Inc.		05/23/23	M	0.00%	Morgan Stanley Capital Services LLC		452,351  USD		(1,668	)
Hologic, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		4,394,633  USD		111,076
Home Depot, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		7,388,595  USD		(126,686	)
Houlihan Lokey, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,571,612  USD		(48,811	)
Howmet Aerospace, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,265,380  USD		(26,564	)
Hudson Pacific Properties, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		50,130  USD		1,890
Huntington Bancshares, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		494,489  USD		5,338
Hydrofarm Holdings Group, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		90,618  USD		(4,726	)
IBM		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,023,459  USD		663
Icon Plc		02/28/23	M	0.22%	JPMorgan Chase Bank, N.A.		14,866,940  USD		419,358
IDACORP, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		4,011  USD		111
IDEXX Laboratories, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		7,112,196  USD		(283,254	)
II-VI, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		196,382  USD		1,260
II-VI, Inc.		03/29/23	M	0.22%	JPMorgan Chase Bank, N.A.		6,133,435  USD		(374,766	)
Illumina, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,618,806  USD		(44,786	)
Inari Medical, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,433,455  USD		21,196
Independent Bank Corp.		04/28/23	M	0.22%	JPMorgan Chase Bank, N.A.		5,008,813  USD		138,686
Insight Enterprises, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		634,894  USD		(2,870	)
Inspire Medical Systems, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		36,808  USD		(878	)
Insulet Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		937,661  USD		23,543
Intellia Therapeutics, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		401,951  USD		(157,610	)
International Paper Co.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,384,161  USD		(10,546	)
Interpublic Group of Cos., Inc		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,466,952  USD		(7,616	)
Intuitive Surgical, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,989,150  USD		(57,049	)
Invesco Ltd.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		75,428  USD		477
Invitation Homes., Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,508,166  USD		20,923
Ionis Pharmaceuticals, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		743,278  USD		(38,645	)

See Notes to Consolidated Schedule of Investments.

167

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Iovance Biotherapeutics, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC	$	97,532  USD	$	(4,674	)
IPG Photonics Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		39,379  USD		(35	)
Iridium Communications, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		156,195  USD		6,992
Itron, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		616,896  USD		(17,177	)
J2 Global, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,671,729  USD		(27,002	)
Jabil, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		281,445  USD		(6,947	)
Jack Henry & Associates, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		245,969  USD		3,974
Janus Henderson Group plc		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		674,596  USD		(10,478	)
Jefferies Financial Group, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		119,530  USD		1,096
JFrog Ltd.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		40,973  USD		3,555
Johnson Controls International plc		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,708,330  USD		(17,516	)
JPMorgan Chase & Co.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,484,665  USD		(7,364	)
Juniper Networks, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		739,547  USD		7,688
Just Eat Takeaway		06/15/22	M	0.98%	Goldman Sachs International		6,778,581  EUR		(274,328	)
KeyCorp		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		23,164  USD		(68	)
Keysight Technologies., Inv.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		591,438  USD		(6,746	)
Kilroy Realty Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,151,578  USD		41,447
Kimberly-Clark Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,035,886  USD		(37,308	)
Kimco Realty Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		475,178  USD		2,717
Kimco Realty Corp.		04/19/23	M	0.22%	JPMorgan Chase Bank, N.A.		21,457,657  USD		173,540
Kinder Morgan, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		799,895  USD		2,624
Kohl’s Corp.		05/23/23	M	0.00%	Morgan Stanley Capital Services LLC		1,172,326  USD		(33,701	)
Kornit Digital Ltd.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		142,367  USD		9
Kroger Co. (The)		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,025,930  USD		39,869
Kulicke & Soffa Industries, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		320,144  USD		(8,133	)
Laboratory Corp. of America Holdings		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		5,496,347  USD		(147,269	)
Lamar Advertising Co.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		65,863  USD		600
Lattice Semiconductor Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		317,947  USD		3,115
Lear Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,017,230  USD		5,542
Leggett & Platt, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		217,970  USD		(3,570	)
Leidos Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		40,843  USD		1,818
Lennox International, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		167,269  USD		(2,518	)
Lexington Realty Trust		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		150,696  USD		6,400
LGI Homes, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		971,192  USD		(39,962	)
Liberty Broadband Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,885,361  USD		(34,210	)
Liberty Global PLC		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		77,899  USD		3,323
Liberty Media Corp-Liberty Formula One		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		841,862  USD		15,012
Liberty Media Corp-Liberty SiriusXM		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,256,203  USD		17,329
Life Storage, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		4,174,500  USD		41,203
Lightspeed POS, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		127,399  USD		229
Lincoln National Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		744,354  USD		(7,051	)
Lincoln National Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		322,759  USD		(4,889	)
Livent Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		218,135  USD		(19,122	)
LivePerson, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		248,808  USD		(2,191	)
LiveRamp Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		758,099  USD		(4,853	)
LKQ Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,565,294  USD		(11,518	)
Lowe’s Cos Inc		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		202,527  USD		992
Lululemon Athletica, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		5,717,508  USD		(50,113	)
Lumentum Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		42,648  USD		(254	)
Lyft, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		807,356  USD		(13,298	)

See Notes to Consolidated Schedule of Investments.

168

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
M&T Bank		02/24/23	M	0.22%	JPMorgan Chase Bank, N.A.	$	20,967,481  USD	$	332,299
MACOM Technology Solutions Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		20,570  USD		(1,730	)
Magna International, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,578,329  USD		(16,005	)
Manhattan Associates, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		395,505  USD		(1,501	)
Manpowergroup, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		16,501  USD		448
Marathon Oil Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,080,885  USD		(14,476	)
Maravai LifeSciences Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		692,975  USD		43,865
Markel Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		563,655  USD		(1,219	)
Marsh & McLennan Cos., Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		5,331,858  USD		(84,885	)
MasTec, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		29,764  USD		586
Maximus, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		203,627  USD		2,000
McKesson Corp.		05/23/23	M	0.00%	Morgan Stanley Capital Services LLC		1,954,474  USD		14,344
Medpace Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		44,927  USD		1,476
Meritage Homes Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		60,898  USD		875
MGIC Investment Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		311,833  USD		6,730
Microchip Technology, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		294,153  USD		5,305
Micron Technology, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,883,456  USD		(160,058	)
Microsoft Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		6,215,489  USD		(11,147	)
Mid-America Apartment Communities, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,192,166  USD		32,685
Middleby Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		43,942  USD		(1,972	)
Middleby Corp.		04/25/23	M	0.22%	JPMorgan Chase Bank, N.A.		16,465,594  USD		(738,777	)
Moderna, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,439,082  USD		(137,474	)
Mohawk Industries, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		108,027  USD		(368	)
Molson Coors Beverage Co.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		257,102  USD		9,322
Mondelez International, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,355,886  USD		9,742
Monolithic Power Systems, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		974,786  USD		(11,122	)
Moody’s Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		6,633,422  USD		(125,141	)
Motorola Solutions, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		5,464,316  USD		(133,016	)
MSC Industrial Direct Co., Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		340,290  USD		(1,492	)
Murphy Oil Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		30,190  USD		1,998
NanoString Technologies, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		101,411  USD		1,440
NASDAQ 100 E-Mini		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		924,471  USD		15,410
National Instruments Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		50,447  USD		599
National Storage Affiliates Trust		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,023,733  USD		3,887
nCino, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		534,610  USD		43,745
NCR Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		304,346  USD		(5,710	)
NeoGenomics, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		348,988  USD		9,671
Netflix, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		4,450,425  USD		(62,073	)
New York Community Bancorp, Inc.		04/28/23	M	0.22%	JPMorgan Chase Bank, N.A.		88,047  USD		2,333
Newell Brands, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		364,283  USD		(4,144	)
NextEra Energy, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		800,440  USD		19,055
Nike, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		542,011  USD		(87,227	)
NiSource, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		244,607  USD		8,574
Northern Trust Corp		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		451,942  USD		793
Nu Skin Enterprises, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		32,832  USD		542
Nucor Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,246,563  USD		(910	)
Nutrien Ltd.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		4,965,949  USD		(60,923	)
NuVasive, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,222,970  USD		9,640

See Notes to Consolidated Schedule of Investments.

169

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
nVent Electric PLC		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC	$	112,639  USD	$	(2,168	)
NVIDIA Corp.		05/23/23	M	0.00%	Morgan Stanley Capital Services LLC		1,418,898  USD		(121,294	)
NVR, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,732,114  USD		(87,747	)
NXP Semiconductors NV		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,759,949  USD		(23,849	)
O’Reilly Automotive, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		5,713,046  USD		(101,931	)
OGE Energy Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		298,481  USD		5,827
Old Republic International Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		776,851  USD		7,107
Olin Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		24,481  USD		10
Omega Healthcare Investors, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		29,274  USD		60
Omnicell, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		811,042  USD		(22,387	)
Open Lending Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		14,067  USD		(282	)
Open Text Corp.		05/23/23	M	0.00%	Morgan Stanley Capital Services LLC		2,662,515  USD		(9,768	)
Oracle Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		176,169  USD		1,885
Ormat Technologies, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		65,819  USD		461
Otis Worldwide Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,407,612  USD		(11,833	)
PagerDuty, Inc.		05/23/23	M	0.50%	Morgan Stanley Capital Services LLC		190,750  USD		4,931
Palantir Technologies, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		464,099  USD		(4,186	)
Parker-Hannifin Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,166,033  USD		(40,196	)
Paycom Software, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,603,425  USD		(19,105	)
Paylocity Holding Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		727,376  USD		14,547
PayPal Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,469,116  USD		16,671
Paysafe Ltd.		05/23/23	M	2.65%	Morgan Stanley Capital Services LLC		325,635  USD		4,599
Peloton Interactive, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,769,656  USD		21,718
Pembina Pipeline Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		193,314  USD		7,205
Pentair PLC		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		594,889  USD		(10,564	)
Performance Food Group Co.		05/22/23	M	0.22%	JPMorgan Chase Bank, N.A.		6,602,744  USD		45,974
PerkinElmer, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,625,841  USD		(28,776	)
Perrigo Co PLC		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,720,878  USD		48,866
Petco Health & Wellness Co., Inc.		05/23/23	M	0.75%	Morgan Stanley Capital Services LLC		481,213  USD		(13,465	)
Phillips 66		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,394,057  USD		28,575
Pinnacle West Capital Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		748,678  USD		6,767
Pinterest, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		37,130  USD		(4,082	)
Plug Power, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		255,218  USD		(37,107	)
Pool Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		620,754  USD		2,939
Popular, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		63,704  USD		(239	)
Power Integrations, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		12,798  USD		(496	)
Principal Financial Group, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		39,608  USD		(138	)
Progressive Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,605,021  USD		(47,802	)
Progyny, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		313,449  USD		23,582
Prudential Financial, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,201,119  USD		(37,133	)
Public Storage		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		7,455,188  USD		70,242
PulteGroup, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		639,746  USD		10,500
QIAGEN NV		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		357,630  USD		2,182
Qorvo, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,492,234  USD		(44,369	)
QUALCOMM, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,315,095  USD		(7,231	)
Quest Diagnostics, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		5,332,264  USD		(51,188	)
Quidel Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		430,095  USD		(62,655	)
Radian Group, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		39,051  USD		1,025
Rapid7, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		861,375  USD		10,368
Raymond James Financial, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		122,125  USD		279
Rayonier, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		223,223  USD		(549	)
Raytheon Technologies Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,569,632  USD		109,117
Realty Income Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		774,468  USD		15,701
Realty Income Corp.		05/02/23	M	0.22%	JPMorgan Chase Bank, N.A.		25,472,476  USD		494,030

See Notes to Consolidated Schedule of Investments.

170

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Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Redfin Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC	$	13,269  USD	$	270
Regency Centers Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		19,177  USD		404
Regeneron Pharmaceuticals, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,847,879  USD		(53,737	)
Rent-A-Center, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		189,198  USD		2,020
Replimune Group, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		759,869  USD		8,500
Republic Services, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		124,079  USD		(452	)
ResMed, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		4,700,519  USD		(115,989	)
RingCentral, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,141,556  USD		(23,846	)
ROBLOX Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		222,781  USD		6,919
Rockwell Automation, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		3,737,279  USD		(19,880	)
Roku, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		738,669  USD		(147,684	)
Roper Technologies, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		6,413,289  USD		(107,445	)
Ross Stores, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		18,029  USD		49
Royal Bank of Canada		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,897,291  USD		24,950
Royal Gold, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		62,061  USD		(123	)
S&P Global, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,856,872  USD		(31,198	)
Sabra Health Care REIT, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		23,283  USD		(13	)
Sage Therapeutics, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		7,916  USD		20
Salesforce.Com, Inc.		12/06/22		M	0.30%	Goldman Sachs International		7,440,015  USD		6,391
Sarepta Therapeutics, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		377,294  USD		5,075
Science Applications International Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		797,835  USD		42,041
Semtech Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		91,678  USD		(308	)
Sensata Technologies Holding PLC		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		59,404  USD		(653	)
ServiceNow, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,049,697  USD		(56,728	)
Shake Shack, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		78,361  USD		(298	)
Shift4 Payments, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		124,733  USD		8,426
Shockwave Medical, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		155,852  USD		5,016
Shutterstock, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		237,273  USD		(2,851	)
Silicon Laboratories, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		654,184  USD		(6,630	)
Simon Property Group, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		3,092,623  USD		24,125
Skechers U.S.A., Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		53,721  USD		(1,840	)
Skyworks Solutions, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		5,128,604  USD		(117,101	)
SL Green Realty Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,351,534  USD		32,974
SLM Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		703,612  USD		(29,770	)
Smartsheet, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		219,093  USD		397
SolarEdge Technologies, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		935,915  USD		(62,334	)
Southern Copper, Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,022,058  USD		(42,357	)
Spirit Realty Capital, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		226,169  USD		890
Splunk, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		267,545  USD		(40,700	)
Spotify Technology SA		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		152,487  USD		(1,292	)
Sprouts Farmers Market, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		131,311  USD		15,311
STAAR Surgical Co.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		38,670  USD		(1,133	)
Stamps.com, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		403,703  USD		(282	)
Stanley Black & Decker, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,891,442  USD		2,664
Starwood Property Trust, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		737,435  USD		12,212
State Street Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		969,690  USD		(7,961	)
Steel Dynamics, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,831,614  USD		12,443
STERIS PLC		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,464,894  USD		(35,939	)
Steven Madden Ltd.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		41,020  USD		1,680
Stifel Financial Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		26,285  USD		(697	)
Stitch Fix, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		35,338  USD		605
Summit Materials, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		296,177  USD		(10,991	)

See Notes to Consolidated Schedule of Investments.

171

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Sun Communities, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC	$	479,942  USD	$	13,048
Suncor Energy, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,330,805  USD		58,209
Switch, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		863,269  USD		23,471
Synchrony Financial		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		6,787,536  USD		(73,532	)
Syneos Health, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		776,177  USD		(27,086	)
Synopsys, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		3,601,438  USD		(115,935	)
T Rowe Price Group, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		6,433,125  USD		(95,727	)
Take-Two Interactive Software, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,735,735  USD		(3,309	)
Tandem Diabetes Care, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,433,293  USD		(30,337	)
Target Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		7,290,117  USD		(248,544	)
Taylor Morrison Home Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		81,739  USD		1,607
TechnipFMC PLC		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		34,763  USD		1,151
Teck Resources Ltd.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,281,131  USD		(87,537	)
Teladoc Health, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,067,694  USD		62,735
Teleflex, Inc.		05/23/23		M	0.30%	Morgan Stanley Capital Services LLC		12,542  USD		87
Telephone and Data Systems, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		5,518  USD		170
TELUS Corp.		05/23/23		M	0.45%	Morgan Stanley Capital Services LLC		572,026  USD		666
Tempur Sealy International, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		126,851  USD		(830	)
Teradata Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		459,630  USD		(25,279	)
Terex Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		602,418  USD		(26,118	)
Terminix Global Holdings, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		230,075  USD		11,325
Tesla, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		297,748  USD		719
Texas Instruments, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		458,784  USD		726
Textron, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,123,545  USD		(35,298	)
Thermo Fisher Scientific, Inc.		05/23/23		M	0.00%	Morgan Stanley Capital Services LLC		7,154,462  USD		(274,363	)
Thomson Reuters Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,761,138  USD		(15,200	)
Thor Industries, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		417,545  USD		(16,036	)
Tjx Cos Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		383,722  USD		(2,729	)
Toll Brothers, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		32,645  USD		330
Topbuild Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		147,656  USD		(481	)
Trade Desk, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		855,095  USD		(77,635	)
TransUnion		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,551,412  USD		9,460
Tri Pointe Homes, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		42,396  USD		758
Trimble, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		571,096  USD		6,223
Tronox Holdings PLC		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,034  USD		(139	)
Trupanion, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		657,068  USD		(53,214	)
Twilio, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		3,366,784  USD		(114,831	)
Twitter, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		3,712,073  USD		(242,851	)
Tyler Technologies, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,749,431  USD		(37,169	)
Uber Technologies, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,473,878  USD		42,701
UDR, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		605,295  USD		7,347
UGI Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		989,280  USD		747
Ulta Beauty, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		3,135,855  USD		7,673
Ultra Clean Holdings, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		42,824  USD		(45	)
United Parcel Service, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,200,575  USD		(2,532	)
United Rentals, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		15,549  USD		(82	)
Unity Software, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		344,547  USD		10,774
Univar Solutions, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		527,603USD		23,766
Universal Display Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		937,444  USD		(13,461	)
Unum Group		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		108,852  USD		(772	)
Upstart Holdings, Inc.		05/23/23		M	2.00%	Morgan Stanley Capital Services LLC		394,460  USD		(2,223	)
Urban Edge Properties		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		151,433  USD		(18,558	)
Valero Energy Corp.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		2,461,041  USD		82,178
Valmont Industries, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		31,504  USD		(127	)
Veeva Systems, Inc.		05/23/23		M	0.10%	Morgan Stanley Capital Services LLC		1,811,028  USD		(15,804	)

See Notes to Consolidated Schedule of Investments.

172

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Ventas, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC	$	1,221,263  USD	$	34,611
Veracyte, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		56,521  USD		(2,929)
Verint Systems, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		26,360  USD		(6)
Vertex Energy, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		6,148,028  USD		(229,932)
VF Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		528,494  USD		(9,442)
ViacomCBS, Inc.		05/23/23	M	0.00%	Morgan Stanley Capital Services LLC		1,070,314  USD		(97,157)
ViaSat, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		43,876  USD		1,312
Viatris, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,450,125  USD		6,063
Viavi Solutions, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		137,196  USD		(2,371)
Virgin Galactic Holdings, Inc.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		10,012  USD		(1,212)
Visa, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		2,092,861  USD		21,216
Vista Outdoor, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		404,005  USD		(15,801)
Visteon Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		82,166  USD		169
Vistra Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,007,289  USD		(22,347)
VMware, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,711,753  USD		16,551
Vonage Holdings Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		274,524  USD		6,872
Vroom, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		316,383  USD		7,540
Vulcan Materials Co.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		85,988  USD		1,912
Waterstone Financial, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		3,283,315  USD		(30,394)
Wells Fargo & Co.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		7,319,686  USD		(244,921)
Welltower, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		5,852,624  USD		(88,859)
WESCO International, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,432  USD		(7)
West Pharmaceutical Services, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		4,639,849  USD		(17,319)
Western Alliance Bancorp		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		307,040  USD		(8,741)
Wheaton Precious Metals Corp.		05/23/23	M	0.30%	Morgan Stanley Capital Services LLC		4,452  USD		45
White Mountains Insurance Group Ltd.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		341,381  USD		(4,176)
Winnebago Industries, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		31,749  USD		(600)
Woodward, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		119,962  USD		(461)
Workiva, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		9,728  USD		42
WW Grainger, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		175,436  USD		(9,024)
Xerox Holdings Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		290,647  USD		6,629
XPO Logistics, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		412,740  USD		16,431
Xylem, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		650,122  USD		(14,816)
Yelp, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		51,327  USD		(302)
YETI Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		912,955  USD		13,670
Yum China Holdings, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,615,287  USD		9,453
Zebra Technologies Corp.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		1,438,834  USD		9,741
Zoetis, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		459,036  USD		590
Zoominfo Technologies, Inc.		05/23/23	M	0.10%	Morgan Stanley Capital Services LLC		59,413  USD		(217	)
Total Sells								$	(15,482,989	)
Total OTC Total Return Swaps Outstanding								$	873,992

See Notes to Consolidated Schedule of Investments.

173

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Centrally Cleared Interest Rate Swaps Outstanding at June 30, 2021

The Fund Pays/Receives Floting 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		0.21%	3M/6M		03/20/2023	Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	14,000,000  USD	$	(13,608	)	$	—	$	(13,608	)
Pays	3-Month USD LIBOR		0.21%	3M/6M		05/5/2023	Merrill Lynch, Pierce, Fenner & Smith, Inc.		12,900,000  USD		(18,920	)		—		(18,920	)
Pays	3-Month USD LIBOR		0.23%	3M/6M		12/14/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		4,700,000  USD		409			—		409
Pays	3-Month USD LIBOR		0.25%	3M/6M		03/3/2023	Merrill Lynch, Pierce, Fenner & Smith, Inc.		27,700,000  USD		(1,899	)		—		(1,899	)
Pays	3-Month USD LIBOR		0.27%	3M/6M		08/3/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		114,616,000  USD		102,833			—		102,833
Pays	3-Month USD LIBOR		0.28%	3M/6M		09/7/2023	Merrill Lynch, Pierce, Fenner & Smith, Inc.		13,000,000  USD		(25,177	)		—		(25,177	)
Pays	3-Month USD LIBOR		0.31%	3M/6M		07/25/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		33,588,605  USD		45,054			—		45,054
Pays	3-Month USD LIBOR		0.31%	3M/6M		07/29/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		9,141,220  USD		12,422			—		12,422
Pays	3-Month USD LIBOR		0.33%	3M/6M		07/18/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		82,371,000  USD		125,996			—		125,996
Pays	3-Month USD LIBOR		0.34%	3M/6M		07/7/2023	Merrill Lynch, Pierce, Fenner & Smith, Inc.		10,000,000  USD		3,328			—		3,328
Pays	3-Month USD LIBOR		0.36%	3M/6M		06/30/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		18,347,000  USD		33,623			—		33,623
Pays	3-Month USD LIBOR		0.37%	3M/6M		10/6/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,600,000  USD		(30,643	)		—		(30,643	)
Pays	3-Month USD LIBOR		0.41%	3M/6M		06/29/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		84,970,800  USD		196,781			—		196,781
Pays	3-Month USD LIBOR		0.44%	3M/6M		07/24/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		6,032,440  USD		(83,271	)		—		(83,271	)
Pays	3-Month USD LIBOR		0.46%	3M/6M		07/29/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		2,362,800  USD		(31,621	)		—		(31,621	)
Pays	3-Month USD LIBOR		0.50%	3M/6M		06/30/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,932,800  USD		(21,199	)		—		(21,199	)
Pays	3-Month USD LIBOR		0.57%	3M/6M		06/30/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		22,060,000  USD		(172,146	)		—		(172,146	)
Pays	3-Month USD LIBOR		0.69%	3M/6M		10/7/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		6,300,000  USD		(385,782	)		—		(385,782	)
Pays	3-Month USD LIBOR		0.78%	3M/6M		06/9/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		35,000,000  USD		31,852			—		31,852
Pays	3-Month USD LIBOR		0.98%	3M/6M		03/25/2030	Morgan Stanley & Co. LLC		3,000,000  USD		(119,976	)		—		(119,976	)
Pays	3-Month USD LIBOR		0.99%	3M/6M		06/10/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		25,000,000  USD		(782,860	)		—		(782,860	)

See Notes to Consolidated Schedule of Investments.

174

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

The Fund Pays/Receives Floting 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		1.46%	3M/6M	05/12/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	20,809,000  USD	$	570,761		$	—	$	570,761
Pays	3-Month USD LIBOR		1.63%	3M/6M	09/8/2031	Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,800,000  USD		30,229			—		30,229
Pays	3-Month USD LIBOR		1.66%	3M/6M	02/27/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		3,221,000  USD		88,687			—		88,687
Pays	3-Month USD LIBOR		1.67%	3M/6M	02/25/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		10,246,000  USD		288,927			—		288,927
Pays	3-Month USD LIBOR		1.93%	3M/6M	07/15/2027	Merrill Lynch, Pierce, Fenner & Smith, Inc.		50,000,000  USD		2,496,323			—		2,496,323
Pays	3-Month USD LIBOR		2.02%	3M/6M	06/4/2027	Merrill Lynch, Pierce, Fenner & Smith, Inc.		15,000,000  USD		827,559			—		827,559
Pays	3-Month USD LIBOR		2.17%	3M/6M	05/20/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		40,000,000  USD		2,196,859			—		2,196,859
Pays	28-Days MXN TIIE		5.47%	28D/28D	09/13/2023	Credit Suisse Securities (USA) LLC		140,586,105  USD		(109,893	)		—		(109,893	)
Pays	28-Days MXN TIIE		6.19%	28D/28D	09/9/2026	Credit Suisse Securities (USA) LLC		141,266,367  USD		(161,690	)		—		(161,690	)
Receives	3-Month USD LIBOR		0.22%	6M/3M	10/5/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		31,600,000  USD		(7,410	)		—		(7,410	)
Receives	3-Month USD LIBOR		0.37%	6M/3M	12/15/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		5,300,000  USD		114,373			—		114,373
Receives	3-Month USD LIBOR		0.40%	6M/3M	08/4/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		24,941,000  USD		394,630			—		394,630
Receives	3-Month USD LIBOR		0.48%	6M/3M	03/23/2026	Merrill Lynch, Pierce, Fenner & Smith, Inc.		10,655,000  USD		207,655			—		207,655
Receives	3-Month USD LIBOR		0.51%	6M/3M	03/3/2026	Merrill Lynch, Pierce, Fenner & Smith, Inc.		20,650,000  USD		368,808			—		368,808
Receives	3-Month USD LIBOR		0.62%	6M/3M	08/5/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		6,512,706  USD		421,850			—		421,850
Receives	3-Month USD LIBOR		0.63%	6M/3M	05/5/2026	Merrill Lynch, Pierce, Fenner & Smith, Inc.		2,600,000  USD		36,235			—		36,235
Receives	3-Month USD LIBOR		0.65%	6M/3M	06/8/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		14,000,000  USD		(63,261	)		—		(63,261	)
Receives	3-Month USD LIBOR		0.66%	6M/3M	03/12/2035	Morgan Stanley & Co. LLC		1,500,000  USD		176,067			—		176,067
Receives	3-Month USD LIBOR		0.67%	6M/3M	07/24/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		4,438,980  USD		268,572			—		268,572
Receives	3-Month USD LIBOR		0.68%	6M/3M	07/29/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		713,880  USD		42,602			—		42,602

See Notes to Consolidated Schedule of Investments.

175

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

The Fund Pays/Receives Floting 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		0.69%	6M/3M	12/29/2027	Morgan Stanley & Co. LLC	$	3,000,000  USD	$	86,904		$	—	$	86,904
Receives	3-Month USD LIBOR		0.70%	6M/3M	06/28/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		3,605,000  USD		205,169			—		205,169
Receives	3-Month USD LIBOR		0.79%	6M/3M	06/28/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		,347,000  USD		311,735			—		311,735
Receives	3-Month USD LIBOR		0.82%	6M/3M	07/16/2030	Merrill Lynch, Pierce, Fenner & Smith, Inc.		11,975,000  USD		559,989			—		559,989
Receives	3-Month USD LIBOR		0.94%	6M/3M	06/2/2026	Merrill Lynch, Pierce, Fenner & Smith, Inc.		4,000,000  USD		(2,100	)		—		(2,100	)
Receives	3-Month USD LIBOR		0.95%	6M/3M	03/3/2031	Merrill Lynch, Pierce, Fenner & Smith, Inc.		719,000  USD		29,568			—		29,568
Receives	3-Month USD LIBOR		0.98%	6M/3M	09/8/2026	Merrill Lynch, Pierce, Fenner & Smith, Inc.		8,000,000  USD		9,701			—		9,701
Receives	3-Month USD LIBOR		1.10%	6M/3M	03/25/2030	Morgan Stanley & Co. LLC		1,500,000  USD		30,442			—		30,442
Receives	3-Month USD LIBOR		1.12%	6M/3M	07/7/2026	Merrill Lynch, Pierce, Fenner & Smith, Inc.		4,000,000  USD		(32,878	)		—		(32,878	)
Receives	3-Month USD LIBOR		1.24%	6M/3M	05/6/2031	Merrill Lynch, Pierce, Fenner & Smith, Inc.		2,000,000  USD		32,755			—		32,755
Receives	3-Month USD LIBOR		1.24%	6M/3M	04/19/2028	Morgan Stanley & Co. LLC		700,000  USD		(3,029	)		—		(3,029	)
Receives	6-Month SGD SONAR		1.28%	6M/6M	09/15/2031	Credit Suisse (USA) Securities LLC		7,641,739  SGD		75,352			—		75,352
Receives	3-Month USD LIBOR		1.32%	6M/3M	02/26/2027	Morgan Stanley & Co. LLC		5,000,000  USD		(77,337	)		—		(77,337	)
Receives	3-Month USD LIBOR		1.46%	6M/3M	02/14/2024	Morgan Stanley & Co. LLC		10,000,000  USD		(261,163	)		—		(261,163	)
Receives	3-Month USD LIBOR		1.48%	6M/3M	01/2/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		4,163,000  USD		(117,068	)		—		(117,068	)
Receives	3-Month USD LIBOR		1.49%	6M/3M	08/28/2029	Morgan Stanley & Co. LLC		3,140,000  USD		(47,737	)		—		(47,737	)
Receives	3-Month USD LIBOR		1.52%	6M/3M	02/5/2025	Merrill Lynch, Pierce, Fenner & Smith, Inc.		6,245,000  USD		(184,745	)		—		(184,745	)
Receives	3-Month USD LIBOR		1.53%	6M/3M	02/25/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		47,860,000  USD		(425,236	)		—		(425,236	)
Receives	3-Month USD LIBOR		1.53%	6M/3M	02/7/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		11,244,800  USD		(92,544	)		—		(92,544	)
Receives	3-Month USD LIBOR		1.54%	6M/3M	01/4/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		80,236,000  USD		(567,657	)		—		(567,657	)

See Notes to Consolidated Schedule of Investments.

176

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

The Fund Pays/Receives Floating Rate

Floating Rate Index

Fixed Rate

Pay/ Receive Payment Frequency

Maturity Date

Counterparty

Notional Amount

Market Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Receives

3-Month USD LIBOR

1.55%

6M/3M

01/28/2025

Merrill Lynch, Pierce, Fenner & Smith, Inc.

$

4,580,000  USD

$

(139,963)

$

—

$

(139,963)

Receives

3-Month USD LIBOR

1.55%

6M/3M

02/7/2022

Merrill Lynch, Pierce, Fenner & Smith, Inc.

25,106,000  USD

(208,587)

—

(208,587)

Receives

3-Month USD LIBOR

1.55%

6M/3M

02/28/2022

Merrill Lynch, Pierce, Fenner & Smith, Inc.

14,928,000  USD

(136,423)

—

(136,423)

Receives

3-Month USD LIBOR

1.55%

6M/3M

02/28/2022

Merrill Lynch, Pierce, Fenner & Smith, Inc.

5,033,000  USD

(46,112)

—

(46,112)

Receives

3-Month USD LIBOR

1.55%

6M/3M

01/28/2022

Merrill Lynch, Pierce, Fenner & Smith, Inc.

10,000,000  USD

(80,179)

—

(80,179)

Receives

3-Month USD LIBOR

1.56%

6M/3M

09/28/2026

Morgan Stanley & Co. LLC

1,800,000  USD

(53,664)

6,114

(59,778)

Receives

3-Month USD LIBOR

1.56%

6M/3M

06/2/2031

Merrill Lynch, Pierce, Fenner & Smith, Inc.

5,500,000  USD

(78,506)

—

(78,506)

Receives

3-Month USD LIBOR

1.57%

6M/3M

02/18/2022

Merrill Lynch, Pierce, Fenner & Smith, Inc.

25,187,000  USD

(223,048)

—

(223,048)

Receives

3-Month USD LIBOR

1.58%

6M/3M

05/21/2025

Morgan Stanley & Co. LLC

10,000,000  USD

(321,445)

—

(321,445)

Receives

3-Month USD LIBOR

1.58%

6M/3M

02/18/2025

Merrill Lynch, Pierce, Fenner & Smith, Inc.

6,253,000  USD

(199,691)

—

(199,691)

Receives

3-Month USD LIBOR

1.59%

6M/3M

04/14/2022

Merrill Lynch, Pierce, Fenner & Smith, Inc.

15,118,000  USD

(168,883)

—

(168,883)

Receives

3-Month USD LIBOR

1.61%

6M/3M

03/23/2027

Morgan Stanley & Co. LLC

7,000,000  USD

(223,015)

—

(223,015)

Receives

3-Month USD LIBOR

1.62%

6M/3M

03/24/2027

Morgan Stanley & Co. LLC

7,000,000  USD

(225,438)

—

(225,438)

Receives

3-Month USD LIBOR

1.62%

6M/3M

07/27/2026

Morgan Stanley & Co. LLC

1,900,000  USD

(63,195)

4,658

(67,853)

Receives

3-Month USD LIBOR

1.62%

6M/3M

04/14/2025

Merrill Lynch, Pierce, Fenner & Smith, Inc.

5,222,000  USD

(174,991)

—

(174,991)

Receives

3-Month USD LIBOR

1.63%

6M/3M

11/8/2027

Merrill Lynch, Pierce, Fenner & Smith, Inc.

40,000,000  USD

(1,249,218)

—

(1,249,218)

Receives

3-Month USD LIBOR

1.64%

6M/3M

07/22/2022

Merrill Lynch, Pierce, Fenner & Smith, Inc.

15,000,000  USD

(230,926)

—

(230,926)

Receives

3-Month USD LIBOR

1.66%

6M/3M

06/17/2025

Morgan Stanley & Co. LLC

10,000,000  USD

(353,006)

—

(353,006)

Receives

3-Month USD LIBOR

1.69%

6M/3M

07/29/2022

Merrill Lynch, Pierce, Fenner & Smith, Inc.

25,000,000  USD

(406,185)

—

(406,185)

Receives

3-Month USD LIBOR

1.72%

6M/3M

02/19/2030

Merrill Lynch, Pierce, Fenner & Smith, Inc.

1,945,000  USD

(62,939)

—

(62,939)

See Notes to Consolidated Schedule of Investments.

177

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Frequency	Maturity Date		Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Receives	3-Month USD LIBOR		1.73%	6M/3M		07/17/2023	Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	100,000,000  USD	$	(2,869,916	)	$	—	$	$(2,869,916	)
Receives	3-Month USD LIBOR		1.77%	6M/3M		11/26/2029	Morgan Stanley & Co. LLC		1,000,000  USD		(36,674	)		43		(36,717	)
Receives	3-Month USD LIBOR		1.77%	6M/3M		10/25/2021	Merrill Lynch, Pierce, Fenner & Smith, Inc.		18,500,000  USD		(95,546	)		—		(95,546	)
Receives	3-Month USD LIBOR		1.79%	6M/3M		07/7/2031	Merrill Lynch, Pierce, Fenner & Smith, Inc.		2,000,000  USD		(69,353	)		—		(69,353	)
Receives	3-Month USD LIBOR		1.81%	6M/3M		02/1/2024	Morgan Stanley & Co. LLC		2,500,000  USD		(87,295	)		—		(87,295	)
Receives	6-Month PLN WIBOR		1.86%	12M/6M		09/15/2031	Credit Suisse Securities (USA) LLC		11,059,056  USD		(15,214	)		—		(15,214	)
Receives	3-Month USD LIBOR		1.86%	6M/3M		12/21/2023	Morgan Stanley & Co. LLC		8,000,000  USD		(283,621	)		—		(283,621	)
Receives	3-Month USD LIBOR		1.86%	6M/3M		05/25/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		8,200,000  USD		(124,867	)		—		(124,867	)
Receives	3-Month USD LIBOR		1.88%	6M/3M		01/25/2027	Morgan Stanley & Co. LLC		1,500,000  USD		(70,187	)		—		(70,187	)
Receives	3-Month USD LIBOR		1.90%	6M/3M		08/28/2029	Morgan Stanley & Co. LLC		1,650,000  USD		(78,363	)		—		(78,363	)
Receives	6-Month PLN WIBOR		1.98%	12M/6M		09/15/2031	Credit Suisse Securities (USA) LLC		52,552,696  USD		(226,353	)		—		(226,353	)
Receives	3-Month USD LIBOR		2.05%	6M/3M		11/29/2024	Morgan Stanley & Co. LLC		5,000,000  USD		(237,160	)		—		(237,160	)
Receives	3-Month USD LIBOR		2.22%	6M/3M		09/30/2024	Morgan Stanley & Co. LLC		2,000,000  USD		(103,907	)		—		(103,907	)
Receives	3-Month USD LIBOR		2.27%	6M/3M		01/26/2026	Morgan Stanley & Co. LLC		2,000,000  USD		(125,864	)		—		(125,864	)
Receives	3-Month USD LIBOR		2.30%	6M/3M		01/27/2025	Morgan Stanley & Co. LLC		900,000  USD		(51,751	)		4,800		(56,551	)
Receives	3-Month USD LIBOR		2.33%	6M/3M		08/26/2025	Morgan Stanley & Co. LLC		5,250,000  USD		(330,856	)		31,222		(362,078	)
Receives	3-Month USD LIBOR		2.34%	6M/3M		01/25/2027	Morgan Stanley & Co. LLC		1,000,000  USD		(71,722	)		—		(71,722	)
Receives	3-Month USD LIBOR		2.35%	6M/3M		11/8/2024	Morgan Stanley & Co. LLC		4,000,000  USD		(229,030	)		—		(229,030	)
Receives	3-Month USD LIBOR		2.37%	6M/3M		11/1/2024	Morgan Stanley & Co. LLC		2,000,000  USD		(115,250	)		—		(115,250	)
Receives	3-Month USD LIBOR		2.38%	6M/3M		10/5/2023	Morgan Stanley & Co. LLC		3,000,000  USD		(135,688	)		—		(135,688	)

See Notes to Consolidated Schedule of Investments.

178

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Frequency	Maturity Date		Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Receives	3-Month USD LIBOR		2.39%	6M/3M		11/16/2028	Morgan Stanley & Co. LLC	$	4,000,000  USD	$	(332,258	)	$	—		$	(332,258	)
Receives	3-Month USD LIBOR		2.40%	6M/3M		01/25/2027	Morgan Stanley & Co. LLC		2,900,000  USD		(217,368	)		24,111			(241,479	)
Receives	3-Month USD LIBOR		2.41%	6M/3M		02/26/2027	Morgan Stanley & Co. LLC		2,300,000  USD		(175,100	)		—			(175,100	)
Receives	3-Month USD LIBOR		2.41%	6M/3M		12/22/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		50,000,000  USD		(1,613,684	)		—			(1,613,684	)
Receives	3-Month USD LIBOR		2.42%	6M/3M		09/23/2024	Morgan Stanley & Co. LLC		2,000,000  USD		(116,430	)		—			(116,430	)
Receives	3-Month USD LIBOR		2.42%	6M/3M		10/24/2024	Morgan Stanley & Co. LLC		2,000,000  USD		(118,592	)		—			(118,592	)
Receives	3-Month USD LIBOR		2.43%	6M/3M		10/13/2026	Morgan Stanley & Co. LLC		3,000,000  USD		(226,029	)		—			(226,029	)
Receives	3-Month USD LIBOR		2.45%	6M/3M		10/18/2024	Morgan Stanley & Co. LLC		4,000,000  USD		(239,774	)		—			(239,774	)
Receives	3-Month USD LIBOR		2.58%	6M/3M		08/5/2025	Morgan Stanley & Co. LLC		7,000,000  USD		(507,690	)		—			(507,690	)
Receives	3-Month USD LIBOR		2.67%	6M/3M		09/13/2028	Morgan Stanley & Co. LLC		2,500,000  USD		(255,890	)		—			(255,890	)
Receives	3-Month USD LIBOR		2.72%	6M/3M		09/8/2028	Morgan Stanley & Co. LLC		1,000,000  USD		(105,178	)		—			(105,178	)
Receives	3-Month USD LIBOR		2.72%	6M/3M		08/8/2028	Morgan Stanley & Co. LLC		3,000,000  USD		(314,378	)		—			(314,378	)
Receives	3-Month USD LIBOR		2.83%	6M/3M		07/30/2029	Morgan Stanley & Co. LLC		3,000,000  USD		(362,301	)		—			(362,301	)
Receives	3-Month USD LIBOR		2.90%	6M/3M		03/27/2026	Merrill Lynch, Pierce, Fenner & Smith, Inc.		20,000,000  USD		(1,873,819	)		—			(1,873,819	)
Receives	3-Month USD LIBOR		3.08%	6M/3M		04/30/2027	Merrill Lynch, Pierce, Fenner & Smith, Inc.		20,000,000  USD		(2,313,715	)		—			(2,313,715	)
Receives	3-Month USD LIBOR		3.15%	6M/3M		05/23/2022	Merrill Lynch, Pierce, Fenner & Smith, Inc.		20,000,000  USD		(532,976	)		—			(532,976	)
Receives	3-Month USD LIBOR		3.21%	6M/3M		05/25/2033	Morgan Stanley & Co. LLC		2,000,000  USD		(269,112	)		(1,053	)		(268,059	)
Total Centrally Cleared Interest Rate Swaps Outstanding										$	(12,995,125	)	$	69,895		$	(13,065,020	)

Abbreviation Legend:
M	Monthly
1Y	Yearly
28D	28 Days
3M	Quarterly
6M	Semi-Annually
ADR	American Depository Receipt
BADLARPP	BADLAR Private Banks
CBOT	Chicago Board of Trade

See Notes to Consolidated Schedule of Investments.

179

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

CDE	Montreal Exchange
CFE	CBOE Futures Exchange
CME	Chicago Mercantile Exchange
COMEX	Commodities Exchange Center
Eurex	Eurex Exchange
EURIBOR	Euro Interbank Offered Rate
Euronext	Euronext Paris
ICE	Ice Futures Europe
IDEM	Italian Derivatives Exchange Market
ISE	Istanbul Stock Exchange
KRX FM	Korea Exchange (Futures Market)
LIBOR	London Interbank Offered Rate
LME	London Metal Exchange
MTN	Medium Term Note
MYX	Bursa Malaysia
Nasdaq-OMX	NASDAQ OMX Stockholm
NYMEX	New York Mercantile Exchange
OSE	Osaka Exchange
OTC	Over the Counter
PIK	Payment in Kind
REG S	Regulation-S
REIT	Real Estate Investment Trust
SFE	ASX Trade24
SGX	Singapore Exchange
T	At Maturity
TFEX	Thailand Futures Exchange
Currency Legend:
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Renminbi
COP	Colombian Peso
CZK	Czech Koruna
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
ILS	Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
USD	United States Dollar
ZAR	South African Rand

See Notes to Consolidated Schedule of Investments.

180

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments

For the Period Ended June 30, 2021 (Unaudited)

1. Organization

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

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

The Fund’s assets may be invested in three wholly-owned and controlled subsidiaries of the Fund (collectively, the “Subsidiaries”), each of which has the same investment objective as the Fund. One of the Fund’s Subsidiaries, Blackstone Alternative Multi-Strategy Sub Fund II Ltd. (the “Cayman Subsidiary”), is a Cayman Islands exempted company. Both of the other Subsidiaries, Blackstone Alternative Multi-Strategy Sub Fund III L.L.C. (the “Domestic Subsidiary III”) and Blackstone Alternative Multi-Strategy Sub Fund IV L.L.C. (the “Domestic Subsidiary IV”), are Delaware limited liability companies. The Cayman Subsidiary invests, directly or indirectly through the use of derivatives, in securities and commodity interests. The Domestic Subsidiary III and the Domestic Subsidiary IV invest, directly or indirectly through the use of derivatives, almost entirely in securities (with only de minimis exposure to commodity interests). The consolidated 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 under 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 is relying on CFTC No-Action Letter 12-38 with respect to the Domestic Subsidiary III and has claimed an exemption under Rule 4.13(a)(3) from registration as a commodity pool operator with respect to the Domestic Subsidiary IV.

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

2. Basis of Presentation

The Fund’s consolidated 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 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.

181

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2021 (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 will be reported to the Board. Due to the inherent uncertainty, estimates of fair value may differ from the values that would have been used had a ready market for these investments existed and the differences could be material.

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 ended June 30, 2021.

COVID-19 and Global Economic and Market Conditions

The ongoing novel coronavirus (“COVID-19”) pandemic has caused disruption in the U.S. and global economies. More recently, broad-based economic recovery and activity in the U.S. have accelerated following meaningful progress on vaccine distribution, the easing of shutdowns and other restrictions and support from previously implemented fiscal and monetary stimulus. Nevertheless, both in the U.S. and abroad, there is continued uncertainty regarding the trajectory of a continuing recovery, particularly given the strength of the Delta variant. Accordingly, this recovery remains uneven with dispersion across sectors and regions. The estimates and assumptions underlying these consolidated financial statements are based on the information available for the period ended June 30, 2021. The estimates and assumptions include judgments about financial market and economic conditions which have changed, and may continue to change, over time.

Fair Value Measurements

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

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

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

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

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

182

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2021 (Unaudited)

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

The types of investments categorized within Level 2 generally include certain foreign equities; fixed income securities including corporate and convertible bonds, loans, trade claims, sovereign debt obligations, U.S. Treasury obligations, and asset-backed and mortgage-backed securities; over-the-counter (“OTC”) derivative financial instruments such as total return swaps, interest rate swaps, credit default swaps, OTC options; and forward foreign currency exchange contracts (“Forwards”).

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

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

Level 3 investments are valued by broker quotes, fair value models, or pricing services that may employ valuation techniques with unobservable inputs. At June 30, 2021, the total fair value of Level 3 investments was $65,906,874. The appropriateness of fair values for these securities are monitored on an ongoing basis, including through backtesting, pricing due diligence, unchanged price review, use of specialists, and consideration of macro security specific events.

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

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

Exchange-Traded Securities

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

The Fund may use a third-party fair valuation service provider to value foreign equity securities that are primarily traded outside of North America and South America. The third-party fair valuation service provider calculates a factor (“Fair Value Factor”) that is applied to adjust the last price of each such security in the event that there is movement in excess of a specified trigger (“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, 2021, no Fair Value Factor was applied.

Short-Term Investments

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

Derivative Financial Instruments

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

183

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2021 (Unaudited)

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

Fixed Income Securities

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

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

Investments in Investee Funds

The fair value of investments in unaffiliated hedge funds (collectively, the “Investee Funds”) is generally determined using the reported 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, 2021, the Fund had an outstanding commitment of $1,396,338 related to held unfunded commitments.

Mortgage-Related and Other Asset-Backed Securities

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

184

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2021 (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 on the consolidated schedule of investments 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, 2021, the face value of open reverse repurchase agreements for the Fund was $82,826,707.

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, 2021, there were no securities on loan.

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

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 counter parties 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.

185

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2021 (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.

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

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

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

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

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

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

Swap Agreements

The Fund may enter into total return, interest rate, 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 or swap execution facility (“centrally cleared swaps”). 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.

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.

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

The Fund may utilize total return swaps on baskets of securities (“Basket Swaps”) to a significant extent in order to obtain synthetic exposure to investment strategies. For a Basket Swap, the Fund or a Subsidiary makes payments to a counterparty (at either a fixed or variable rate) in exchange for receiving from the counterparty payments that reflect the return of a “basket” of securities, derivatives, and/or commodity interests identified by the Sub-Adviser (or the Adviser). The Fund may also utilize structured notes (“Basket Notes”) in which the Fund or a Subsidiary purchases a note from an issuer in exchange for receiving from the issuer payments that reflect the return of an account through which the Sub-Adviser (or the Adviser) manages a portfolio reflecting a basket of securities, derivatives, and/or commodity interests. The Sub-Adviser (or the Adviser) will select and manage the securities, derivatives, and/or commodity interests underlying the Basket Swap or the Basket Note in a manner consistent with the Fund’s strategies. The Fund’s investment returns on Basket Swaps or Basket Notes generally will correspond to the Fund’s returns had the Sub-Adviser managed the notional equivalent of the Fund’s assets directly (although returns on Basket Swaps or Basket Notes will be reduced by financing charges and trading costs incurred by the Basket Swap counterparty or Basket Note issuer). The Fund expects to obtain a significant portion of its investment exposure through Basket Swaps and/or Basket Notes.

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

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

Interest rate swaps, total return swaps and credit default swaps outstanding at period end are listed at the end of the Fund’s consolidated schedule of investments.

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For the Period Ended June 30, 2021 (Unaudited)

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, 2021:

Assets:	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stock	$	1,001,494,977	$	—	$	4,530,080	$	1,006,025,057
Exchange-Traded Funds		6,638,727		—		—		6,638,727
Preferred Stock		3,355,769		—		5,647,726		9,003,495
Asset-Backed Securities		—		42,566,639		—		42,566,639
Convertible Bonds		—		4,618,973		—		4,618,973
Bank Debt		—		115,623,184		54,562,250		170,185,434
Corporate Bonds & Notes		—		276,033,118		126,440		276,159,558
Sovereign Debt		—		190,915,398		—		190,915,398
Mortgage-Backed Securities		—		288,504,539		—		288,504,539
U.S. Government Sponsored Agency Securities		—		9,318,364		—		9,318,364
U.S. Treasury Notes		—		301,834,766		—		301,834,766
Municipals		—		29,117,331		—		29,117,331
Warrants		7,020,823		—		—		7,020,823
Commodities		—		331,489,760		—		331,489,760
Purchased Options		52,410,488		—		—		52,410,488
Subtotal	$	1,070,920,784	$	1,590,022,072	$	64,866,496	$	2,725,809,352
Investments Valued at NAV								548,906,144
Total Investments in Securities	$	1,070,920,784	$	1,590,022,072	$	64,866,496	$	3,274,715,496
Unfunded Loan Commitment(a)		—		—		38,157		38,157
Futures Contracts		45,074,975		—		—		45,074,975
Forward Foreign Currency Exchange Contracts		—		2,852,971		—		2,852,971
Centrally Cleared Credit Default Swaps		—		2,147,997		—		2,147,997
OTC Credit Default Swaps		—		1,270,857		—		1,270,857
OTC Total Return Swaps		—		32,538,596		1,002,221		33,540,817
Centrally Cleared Interest Rate Swaps		—		10,424,050		—		10,424,050
Total Assets	$	1,115,995,759	$	1,639,256,543	$	65,906,874	$	3,370,065,320
Liabilities:	Level 1		Level 2		Level 3		Total
Securities Sold Short:
Common Stock	$	398,141,657	$	—	$	—	$	398,141,657
Exchange-Traded Funds		4,373,130		—		—		4,373,130
Total Securities Sold Short		402,514,787		—		—		402,514,787
Options Written		49,206,885		—		—		49,206,885
Reverse Repurchase Agreements		—		82,826,707		—		82,826,707
Futures Contracts		42,138,533		—		—		42,138,533
Forward Foreign Currency Exchange Contracts		—		1,194,603		—		1,194,603
Centrally Cleared Credit Default Swaps		—		584,847		—		584,847
OTC Credit Default Swaps		—		2,517,847		—		2,517,847
OTC Total Return Swaps		—		32,666,825		—		32,666,825
Centrally Cleared Interest Rate Swaps		—		23,419,175		—		23,419,175
Total Liabilities	$	493,860,205	$	143,210,004	$	—	$	637,070,209

^(a)  Represents unrealized appreciation (depreciation).

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

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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)	N/A	—	N/A	217,238,064	7 days	—	217,238,064
Equity(1)	N/A	—	N/A	—	N/A	163,125,143	163,125,143
Event - Driven(2)	27,172,837	—	N/A	23,068,886	6 months	145,474,050	168,542,937

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

^(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 that were made at differing points in time.

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

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

Assets: Investments	Common Stocks			Preferred Stocks			Bank Debts			Corporate Bonds & Notes			Unfunded Loan Commitment(a)			OTC Total Return Swaps		Total
Balance as of March 31, 2021	$	1,249,313		$	4,482,820		$	58,956,505		$	128,620		$	70,430			—	$	64,887,688
Transfers In		—			1,248,019			5,666,266			—			—			—		6,914,285
Transfers Out		(1,249,313	)		—			(9,033,988	)		—			—			—		(10,283,301	)
Purchases		4,000,000			—			5,878,759			—			—			—		9,878,759
Sales		—			—			(6,925,957	)		—			—			—		(6,925,957	)
Amortization		—			—			1,603,297			—			—			—		1,603,297
Net realized gain (loss)		—			—			(1,314,368	)		—			—			—		(1,314,368	)
Net change in unrealized appreciation (depreciation)		530,080			(83,113	)		(268,264	)		(2,180	)		(32,273	)		1,002,221		1,146,471
Balance as of June 30, 2021	$	4,530,080		$	5,647,726		$	54,562,250		$	126,440		$	38,157		$	1,002,221	$	65,906,874
Net change in unrealized appreciation (depreciation) related to investments still held as of June 30, 2021	$	530,080		$	(83,113	)	$	(1,593,652	)	$	(2,180	)	$	(33,486	)	$	1,002,221	$	(180,130	)

^(a) Represents unrealized appreciation (depreciation)

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Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2021 (Unaudited)

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

Assets	Fair Value at June 30, 2021		Valuation Technique		Unobservable Inputs		Range of inputs (Weighted Average)
Investments in Securities:
Common Stock	$	4,530,080		Discount Approach		Discount Approach		8%
Preferred Stock		5,647,726		Broker-dealer Quotations		Indicative Bid		N/A
Bank Debt		54,562,250		Broker-dealer Quotations		Indicative Bid		N/A
Corporate Bonds & Notes		126,440		Broker-dealer Quotations		Indicative Bid		N/A
Unfunded Loan Commitment		38,157		Broker-dealer Quotations		Indicative Bid		N/A
OTC Total Return Swaps		1,002,221		Broker-dealer Quotations		Indicative Bid		N/A
Total Investments in Securities	$	65,906,874

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