NPORT-EX 2 HTML.htm HTML

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^

December 31, 2021 (Unaudited)

 

Security Description

    Shares             Value  

INVESTMENTS IN SECURITIES — 70.2%

         

COMMON STOCK — 19.7%

         

Africa — 0.0%

         

Materials — 0.0%

         

IAMGOLD Corp. (a)

      1,200         $ 3,756  
        

 

 

  

Total Africa

 

         3,756  
        

 

 

  

Asia — 0.3%

         

Consumer Discretionary Products — 0.0%

         

Niu Technologies, ADR (a)

      2,100           33,831  
        

 

 

  

Consumer Discretionary Services — 0.0%

         

New Oriental Education & Technology Group, Inc., ADR (a)

      405,400           851,340  

TAL Education Group, ADR (a)

      80,700           317,151  
        

 

 

  
        1,168,491  
        

 

 

  

Financial Services — 0.1%

         

Futu Holdings Ltd., ADR (a)

      15,100           653,830  

L Catterton Asia Acquisition Corp. (a),(b),(c)

      310,000           3,072,100  

Noah Holdings Ltd., ADR (a)

      1,800           55,242  

Up Fintech Holding Ltd., ADR (a)

      33,900           166,449  
        

 

 

  
        3,947,621  
        

 

 

  

Health Care — 0.0%

         

Genetron Holdings Ltd., ADR (a)

      700           4,270  

Sinovac Biotech Ltd. (a),(d)

      200           1,294  

Zai Lab Ltd., ADR (a)

      1,400           87,990  
        

 

 

  
        93,554  
        

 

 

  

Industrial Products — 0.0%

         

China Yuchai International Ltd.

      245           3,656  

Hollysys Automation Technologies Ltd. (a)

      3,100           43,648  
        

 

 

  
        47,304  
        

 

 

  

Industrial Services — 0.0%

         

Grindrod Shipping Holdings Ltd.

      2,300           41,469  
        

 

 

  

Media — 0.1%

         

Autohome, Inc., ADR

      17,700           521,796  

Baidu, Inc., ADR (a)

      25,800           3,838,782  

Bilibili, Inc., ADR (a)

      1,600           74,240  

Tencent Music Entertainment Group, ADR (a)

      104,000           712,400  
        

 

 

  
        5,147,218  
        

 

 

  

Oil & Gas — 0.0%

         

Recon Technology Ltd. (a)

      1,100           1,441  
        

 

 

  

Real Estate — 0.0%

         

Nam Tai Property, Inc. (a)

      1,000           10,090  

Xinyuan Real Estate Co. Ltd., ADR (a)

      300           189  
        

 

 

  
        10,279  
        

 

 

  

Retail & Wholesale - Discretionary — 0.1%

         

Pinduoduo, Inc., ADR (a)

      3,600           209,880  

Sea Ltd., ADR (a)

      9,885           2,211,373  

Yatsen Holding Ltd., ADR (a)

      6,500           13,975  
        

 

 

  
        2,435,228  
        

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

1

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares             Value  

Software & Technology Services — 0.0%

         

Agora, Inc., ADR (a)

      5,900         $ 95,639  

OneConnect Financial Technology Co. Ltd., ADR (a)

      3,700           9,139  

WNS Holdings Ltd., ADR (a)

      2,000           176,440  
        

 

 

  
        281,218  
        

 

 

  

Tech Hardware & Semiconductors — 0.0%

         

ChipMOS Technologies, Inc., ADR

      100           3,510  

Himax Technologies, Inc., ADR

      36,400           582,036  

NXP Semiconductors NV

      32           7,289  

SemiLEDs Corp. (a)

      300           1,386  

Silicon Motion Technology Corp., ADR

      6,700           636,701  
        

 

 

  
        1,230,922  
        

 

 

  

Telecommunications — 0.0%

         

21Vianet Group, Inc., ADR (a)

      1,000           9,030  

VEON Ltd., ADR (a)

      112,500           192,375  
        

 

 

  
        201,405  
        

 

 

  

Total Asia

 

         14,639,981  
        

 

 

  

Europe — 0.2%

         

Consumer Discretionary Products — 0.0%

         

Autoliv, Inc.

      9,000           930,690  
        

 

 

  

Consumer Discretionary Services — 0.0%

         

GAN Ltd. (a)

      9,600           88,224  

Genius Sports Ltd. (a)

      2,900           22,040  
        

 

 

  
        110,264  
        

 

 

  

Financial Services — 0.0%

         

ScION Tech Growth (a),(b),(c)

      300,000           2,973,000  
        

 

 

  

Health Care — 0.1%

         

ATAI Life Sciences NV (a)

      400           3,052  

Bicycle Therapeutics plc, ADR (a)

      1,500           91,305  

Compass Pathways plc, ADR (a)

      1,300           28,730  

Contra Aduro Biotech I (a),(d)

      1,040           0  

Galecto, Inc. (a)

      4,300           13,029  

ICON PLC (a)

      1,431           443,181  

Merus NV (a)

      3,300           104,940  

Novartis AG, ADR

      30,800           2,694,076  

Novo Nordisk A/S, ADR

      7,400           828,800  

Orchard Therapeutics plc, ADR (a)

      1,200           1,584  

Prothena Corp. plc (a)

      5,800           286,520  
        

 

 

  
        4,495,217  
        

 

 

  

Industrial Products — 0.0%

         

Arrival SA (a)

      2,100           15,582  

Luxfer Holdings plc

      1,200           23,172  
        

 

 

  
        38,754  
        

 

 

  

Industrial Services — 0.0%

         

Costamare, Inc.

      8,800           111,320  

Danaos Corp.

      800           59,720  

Diana Shipping, Inc.

      12,553           48,831  

EuroDry Ltd. (a)

      600           11,424  

Euroseas Ltd. (a)

      300           7,473  

Global Ship Lease, Inc., Class A (a)

      7,600           174,116  

Golden Ocean Group Ltd.

      1,020           9,486  

Safe Bulkers, Inc. (a)

      25,100           94,627  

Star Bulk Carriers Corp.

      12,000           272,040  
        

 

 

  
     789,037  
        

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

2

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares             Value  

Materials — 0.0%

         

Mercer International, Inc.

      1,800         $ 21,582  

Orion Engineered Carbons SA

      2,400           44,064  
        

 

 

  
        65,646  
        

 

 

  

Media — 0.0%

         

Trivago NV, ADR (a)

      7,500           16,350  
        

 

 

  

Oil & Gas — 0.1%

         

BP plc (b)

      102,424           458,192  

Eni SpA (b)

      33,940           472,189  

Equinor ASA (b)

      5,048           135,220  

Royal Dutch Shell plc, Class A (b)

      30,012           659,797  

TechnipFMC plc (a)

      106,300           629,296  

TotalEnergies SE (b)

      22,569           1,146,759  
        

 

 

  
        3,501,453  
        

 

 

  

Software & Technology Services — 0.0%

         

Endava plc, ADR (a)

      1,900           319,048  

Kaleyra, Inc. (a)

      500           5,020  

Materialise NV, ADR (a)

      4,000           95,480  

Micro Focus International plc, ADR

      5,300           29,521  
        

 

 

  
        449,069  
        

 

 

  

Total Europe

 

         13,369,480  
        

 

 

  

Middle East — 0.1%

         

Consumer Discretionary Services — 0.0%

         

NEOGAMES SA (a)

      400           11,112  
        

 

 

  

Financial Services — 0.1%

         

ION Acquisition Corp., 3 Ltd., Class A (a),(b),(c)

      209,600           2,049,888  

Target Global Acquisition I Corp. (a),(b)

      155,693           1,550,702  
        

 

 

  
        3,600,590  
        

 

 

  

Health Care — 0.0%

         

Compugen Ltd. (a)

      700           3,010  

Oramed Pharmaceuticals, Inc. (a)

      2,800           39,984  
        

 

 

  
        42,994  
        

 

 

  

Industrial Products — 0.0%

         

Ituran Location and Control Ltd.

      300           8,001  
        

 

 

  

Software & Technology Services — 0.0%

         

Check Point Software Technologies Ltd. (a)

      16,000           1,864,960  

JFrog Ltd. (a)

      9,900           294,030  

Radware Ltd. (a)

      5,700           237,348  

Wix.com Ltd. (a)

      500           78,895  
        

 

 

  
        2,475,233  
        

 

 

  

Tech Hardware & Semiconductors — 0.0%

         

AudioCodes Ltd.

      900           31,266  

Silicom Ltd. (a)

      100           5,160  
        

 

 

  
        36,426  
        

 

 

  

Telecommunications — 0.0%

         

Allot Ltd. (a)

      1,200           14,256  
        

 

 

  

Total Middle East

 

         6,188,612  
        

 

 

  

North America — 19.1%

         

Banking — 0.3%

         

1st Constitution Bancorp

      100           2,569  

ACNB Corp.

      300           9,384  

 

See Notes to Consolidated Schedule of Investments.

 

3

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares             Value  

Alerus Financial Corp.

      300         $ 8,784  

Ames National Corp.

      300           7,347  

Arrow Financial Corp.

      199           7,011  

Atlantic Capital Bancshares, Inc. (a)

      1,400           40,278  

BancFirst Corp.

      700           49,392  

Bank of Marin Bancorp

      400           14,892  

BankFinancial Corp.

      455           4,855  

Bankwell Financial Group, Inc.

      200           6,568  

Bar Harbor Bankshares

      100           2,893  

BayCom Corp. (a)

      200           3,752  

Blue Foundry Bancorp (a)

      300           4,389  

Blue Ridge Bankshares, Inc.

      400           7,160  

Bridgewater Bancshares, Inc. (a)

      400           7,076  

Business First Bancshares, Inc.

      500           14,155  

Byline Bancorp, Inc.

      1,700           46,495  

California BanCorp (a)

      100           2,004  

Camden National Corp.

      400           19,264  

Capital City Bank Group, Inc.

      200           5,280  

Capstar Financial Holdings, Inc.

      800           16,824  

Carter Bankshares, Inc. (a)

      1,100           16,929  

CBTX, Inc.

      500           14,500  

Central Pacific Financial Corp.

      1,000           28,170  

Central Valley Community Bancorp

      200           4,154  

ChoiceOne Financial Services, Inc.

      100           2,649  

Civista Bancshares, Inc.

      400           9,760  

CNB Financial Corp.

      500           13,250  

Codorus Valley Bancorp, Inc.

      200           4,320  

Colony Bankcorp, Inc.

      100           1,707  

Community Trust Bancorp, Inc.

      500           21,805  

CrossFirst Bankshares, Inc. (a)

      1,300           20,293  

Equity Bancshares, Inc., Class A

      200           6,786  

Farmers National Banc Corp.

      1,500           27,825  

Financial Institutions, Inc.

      500           15,900  

First Bancshares, Inc. (The)

      900           34,758  

First Busey Corp.

      900           24,408  

First Commonwealth Financial Corp.

      2,600           41,834  

First Community Bankshares, Inc.

      400           13,368  

First Community Corp.

      100           2,076  

First Financial Corp.

      600           27,174  

First Financial Northwest, Inc.

      100           1,617  

First Foundation, Inc.

      400           9,944  

First Internet Bancorp

      200           9,408  

First Merchants Corp.

      500           20,945  

First of Long Island Corp. (The)

      600           12,954  

Five Star Bancorp

      200           6,000  

FS Bancorp, Inc.

      100           3,363  

FVCBankcorp, Inc. (a)

      100           1,981  

German American Bancorp, Inc.

      200           7,796  

Great Southern Bancorp, Inc.

      200           11,850  

Hanmi Financial Corp.

      100           2,368  

HBT Financial, Inc.

      300           5,619  

Heritage Commerce Corp.

      2,200           26,268  

Heritage Financial Corp.

      2,100           51,324  

Home Bancorp, Inc.

      100           4,151  

Home BancShares, Inc.

      100           2,435  

HomeStreet, Inc.

      200           10,400  

HomeTrust Bancshares, Inc.

      600           18,588  

Hope Bancorp, Inc.

      400           5,884  

Horizon Bancorp, Inc.

      1,700           35,445  

Independent Bank Corp.

      1,200           28,644  

Investar Holding Corp.

      200           3,682  

Lakeland Bancorp, Inc.

      1,900           36,081  

 

See Notes to Consolidated Schedule of Investments.

 

4

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares             Value  

LCNB Corp.

      300         $ 5,859  

Level One Bancorp, Inc.

      100           3,944  

Luther Burbank Corp.

      400           5,616  

Macatawa Bank Corp.

      1,400           12,348  

Mercantile Bank Corp.

      400           14,012  

Merchants Bancorp

      100           4,733  

Meridian Corp.

      100           3,677  

Metrocity Bankshares, Inc.

      100           2,753  

Metropolitan Bank Holding Corp. (a)

      1,300           138,489  

Midland States Bancorp, Inc.

      900           22,311  

MidWestOne Financial Group, Inc.

      300           9,711  

National Bank Holdings Corp., Class A

      400           17,576  

National Bankshares, Inc.

      100           3,626  

NBT Bancorp, Inc.

      800           30,816  

Northeast Bank

      100           3,573  

Northrim BanCorp, Inc.

      100           4,346  

OceanFirst Financial Corp. (c)

      687,783           15,268,782  

Old Second Bancorp, Inc.

      2,000           25,180  

OP Bancorp

      200           2,552  

Origin Bancorp, Inc.

      500           21,460  

PCB Bancorp

      500           10,980  

PCSB Financial Corp.

      400           7,616  

Peapack Gladstone Financial Corp.

      600           21,240  

Penns Woods Bancorp, Inc.

      100           2,357  

Peoples Bancorp, Inc.

      1,300           41,353  

Preferred Bank

      100           7,179  

Premier Financial Corp.

      648           20,030  

Primis Financial Corp.

      1,000           15,040  

Professional Holding Corp., Class A (a)

      500           9,580  

Provident Bancorp, Inc.

      500           9,300  

QCR Holdings, Inc.

      500           28,000  

Red River Bancshares, Inc.

      100           5,350  

Republic First Bancorp, Inc. (a)

      4,300           15,996  

Richmond Mutual BanCorp, Inc.

      100           1,611  

Riverview Bancorp, Inc.

      600           4,614  

S&T Bancorp, Inc.

      100           3,152  

Shore Bancshares, Inc.

      600           12,510  

Sierra Bancorp

      400           10,860  

Silvergate Capital Corp., Class A (a)

      1,300           192,660  

SmartFinancial, Inc.

      400           10,944  

Spirit of Texas Bancshares, Inc.

      300           8,634  

Stock Yards Bancorp, Inc.

      100           6,388  

Territorial Bancorp, Inc.

      200           5,050  

Texas Capital Bancshares, Inc. (a)

      4,200           253,050  

Timberland Bancorp, Inc.

      100           2,770  

Towne Bank

      400           12,636  

Trico Bancshares

      800           34,368  

TriState Capital Holdings, Inc. (a)

      1,000           30,260  

TrustCo Bank Corp.

      820           27,314  

United Bankshares, Inc.

      12           435  

Univest Financial Corp.

      200           5,984  

Waterstone Financial, Inc.

      700           15,302  

Western New England Bancorp, Inc.

      700           6,132  

William Penn Bancorp, Inc.

      162           1,957  
        

 

 

  
           17,370,801  
        

 

 

  

Biotechnology & Pharmaceuticals — 0.0%

         

Omthera Pharmaceutical, Inc. (a),(d)

      700           0  
        

 

 

  

Consumer Discretionary Products — 0.3%

         

ACCO Brands Corp.

      8,100           66,906  

Acushnet Holdings Corp.

      500           26,540  

 

See Notes to Consolidated Schedule of Investments.

 

5

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares             Value  

American Outdoor Brands, Inc. (a)

      1,000         $ 19,930  

Arhaus, Inc. (a)

      200           2,650  

Armstrong Flooring, Inc. (a)

      3,500           6,930  

AYRO, Inc. (a)

      900           1,449  

Beazer Homes USA, Inc. (a)

      4,100           95,202  

Brilliant Earth Group, Inc., Class A (a)

      1,100           19,866  

Caesarstone Ltd.

      1,100           12,474  

Camping World Holdings, Inc., Class A

      1,500           60,600  

Charles & Colvard Ltd. (a)

      3,800           10,982  

Cooper-Standard Holding, Inc. (a)

      1,900           42,579  

Crocs, Inc. (a)

      8,300           1,064,226  

Culp, Inc.

      400           3,804  

Dana, Inc.

      200           4,564  

Fisker, Inc. (a)

      100           1,604  

Flexsteel Industries, Inc.

      300           8,058  

Forestar Group, Inc. (a)

      100           2,175  

Fortune Brands Home & Security, Inc.

      2,800           299,320  

Funko, Inc., Class A (a)

      8,100           152,280  

Hanesbrands, Inc.

      28,600           478,192  

JAKKS Pacific, Inc. (a)

      1,000           10,160  
        

Kimball International, Inc., Class B

      2,600           26,598  

Kontoor Brands, Inc.

      4,700           240,875  

Landsea Homes Corp. (a)

      200           1,464  

Levi Strauss & Co., Class A

      6,100           152,683  

Miller Industries, Inc.

      100           3,340  

Modine Manufacturing Co. (a)

      1,100           11,099  

OneWater Marine, Inc., Class A

      200           12,194  

Ralph Lauren Corp.

      200           23,772  

Steelcase, Inc., Class A

      1,000           11,720  

Steven Madden Ltd.

      7,200           334,584  

Superior Industries International, Inc. (a)

      3,100           13,888  

Tapestry, Inc.

      14,900           604,940  

Tenneco, Inc., Class A (a)

      11,500           129,950  

Tesla, Inc. (a),(c)

      9,000           9,511,020  

Toll Brothers, Inc.

      500           36,195  

TRI Pointe Homes, Inc. (a)

      7,000           195,230  

Velodyne Lidar, Inc. (a)

      2,100           9,744  

Westport Fuel Systems, Inc. (a)

      35,500           84,135  

Worksport Ltd. (a)

      100           242  
        

 

 

  
           13,794,164  
        

 

 

  

Consumer Discretionary Services — 0.2%

         

2U, Inc. (a)

      900           18,063  

Accel Entertainment, Inc. (a)

      500           6,510  

Allied Esports Entertainment, Inc. (a)

      800           1,368  

AZEK Co., Inc. (a)

      2,100           97,104  

BJ's Restaurants, Inc. (a)

      2,300           79,465  

Bluegreen Vacations Holding Corp. (a)

      800           28,080  

Boyd Gaming Corp. (a)

      1,700           111,469  

Carnival plc, ADR (a)

      1,100           20,339  

Carriage Services, Inc.

      1,300           83,772  

Carrols Restaurant Group, Inc.

      500           1,480  

Century Casinos, Inc. (a)

      2,600           31,668  

Chegg, Inc. (a)

      34,700           1,065,290  

Choice Hotels International, Inc.

      800           124,792  

Cinemark Holdings, Inc. (a)

      8,300           133,796  

Dave & Buster’s Entertainment, Inc. (a)

      9,400           360,960  

Del Taco Restaurants, Inc.

      300           3,735  

Denny’s Corp. (a)

      1,800           28,800  

DineEquity, Inc.

      1,900           144,039  

DraftKings, Inc., Class A (a)

      97,500           2,678,325  

El Pollo Loco Holdings, Inc. (a)

      100           1,419  

 

See Notes to Consolidated Schedule of Investments.

 

6

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares             Value  

Everi Holdings, Inc. (a)

      16,200         $ 345,870  

Full House Resorts, Inc. (a)

      3,400           41,174  

Golden Entertainment, Inc. (a)

      2,100           106,113  

International Game Technology PLC

      36,500           1,055,215  

Jack in the Box, Inc.

      2,200           192,456  

Laureate Education, Inc., Class A

      2,000           24,480  

Lincoln Educational Services Corp. (a)

      2,300           17,181  

Lindblad Expeditions Holdings, Inc. (a)

      1,500           23,400  

Marcus Corp. (a)

      800           14,288  

Monarch Casino & Resort, Inc. (a)

      700           51,765  

Noodles & Co. (a)

      4,600           41,722  

ONE Group Hospitality, Inc. (The) (a)

      1,500           18,915  

Planet Fitness, Inc., Class A (a)

      15,500           1,403,990  

Playa Hotels & Resorts NV (a)

      12,200           97,356  

Red Robin Gourmet Burgers, Inc. (a)

      3,700           61,161  

Rent the Runway, Inc., Class A (a)

      500           4,075  

Ruth's Hospitality Group, Inc.

      4,400           87,560  

SeaWorld Entertainment, Inc. (a)

      16,950           1,099,377  

Six Flags Entertainment Corp. (a)

      14,900           634,442  

Target Hospitality Corp. (a)

      2,300           8,188  

Universal Technical Institute, Inc. (a)

      2,300           17,986  

Virgin Galactic Holdings, Inc. (a)

      6,200           82,956  

Wendy’s Co.

      28,500           679,725  

Wynn Resorts Ltd. (a)

      500           42,520  

Xponential Fitness, Inc., Class A (a)

      1,300           26,572  

XpresSpa Group, Inc. (a)

      4,500           9,090  
        

 

 

  
           11,208,051  
        

 

 

  

Consumer Products — 0.0%

         

Contra Restorbio, Inc. (a),(d)

      1,142           0  
        

 

 

  

Consumer Staple Products — 0.1%

         

AppHarvest, Inc. (a)

      600           2,334  

AquaBounty Technologies, Inc. (a)

      17,000           35,700  

BellRing Brands, Inc., Class A (a)

      1,900           54,207  

Cadiz, Inc. (a)

      1,700           6,562  

Canopy Growth Corp. (a)

      22,300           194,679  

Clorox Co. (The)

      3,600           627,696  

Coca-Cola Co. (The)

      59,400           3,517,074  

Coty, Inc., Class A (a)

      17,600           184,800  

Duckhorn Portfolio, Inc. (The) (a)

      200           4,668  

Edgewell Personal Care Co.

      500           22,855  

elf Beauty, Inc. (a)

      4,900           162,729  

Farmer Brothers Co. (a)

      1,300           9,685  

Hostess Brands, Inc. (a)

      6,500           132,730  

Nature’s Sunshine Products, Inc. (a)

      1,100           20,350  

Quanex Building Products Corp.

      1,800           44,604  

Real Good Food Co., Inc. (The) (a)

      800           5,008  

RiceBran Technologies (a)

      2,700           941  

SunOpta, Inc. (a)

      8,900           61,855  

Tejon Ranch Co. (a)

      1,200           22,896  

Tootsie Roll Industries, Inc.

      100           3,623  

Vector Group Ltd.

      1,800           20,664  

Very Good Food Co., Inc. (The) (a)

      400           295  
        

 

 

  
           5,135,955  
        

 

 

  

Financial Services — 8.6%

         

7GC & Co. Holdings, Inc., Class A (a),(b),(c)

      436,938           4,255,776  

ABG Acquisition Corp. (a),(b),(c)

      300,000           2,925,000  

ACRES Commercial Realty Corp. (a)

      633           7,894  

Acropolis Infrastructure Acquisition Corp. (a),(b),(c)

      500,000           4,985,000  

Adit EdTech Acquisition Corp. (a),(b)

      203,364           2,013,304  

 

See Notes to Consolidated Schedule of Investments.

 

7

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares             Value  

AG Mortgage Investment Trust, Inc.

      1,833         $ 18,788  

Alliance Data Systems Corp.

      29           1,931  

Alpha Partners Technology Merger Corp. (a),(b),(c)

      500,000           4,990,000  

AltC Acquisition Corp., Class A (a),(b),(c)

      375,000           3,693,750  

Altus Midstream Co., Class A

      590           36,173  

Amerant Bancorp, Inc.

      300           10,365  

Anthemis Digital Acquisitions I Corp. (a),(b),(c)

      472,500           4,786,425  

Apollo Investment Corp.

      9,800           125,342  

Apollo Strategic Growth Capital, Class A (a),(b)

      450,000           4,401,000  

Ares Commercial Real Estate Corp.

      3,700           53,798  

Argus Capital Corp. (a),(b),(c)

      452,533           4,575,109  

Arlington Asset Investment Corp., Class A (a)

      3,700           12,950  

ARYA Sciences Acquisition Corp., Class A (a),(b),(c)

      147,703           1,431,242  

AssetMark Financial Holdings, Inc. (a)

      1,600           41,936  

Athena Consumer Acquisition Corp. (a),(b),(c)

      524,114           5,330,239  

Athlon Acquisition Corp. (a),(b),(c)

      465,000           4,538,400  

Atlas Crest Investment Corp. II (a),(b),(c)

      421,140           4,181,920  

Authentic Equity Acquisition Corp., Class A (a),(b),(c)

      550,000           5,379,000  

Avista Public Acquisition Corp. (a),(b),(c)

      458,200           4,641,566  

B Riley Principal 250 Merger Corp. (a),(b),(c)

      247,910           2,474,142  

Bain Capital Specialty Finance, Inc.

      2,000           30,420  

Barings BDC, Inc.

      4,800           52,896  

BGC Partners, Inc., Class A

      39,300           182,745  

Bilander Acquisition Corp. (a),(b),(c)

      365,048           3,632,228  

Black Mountain Acquisition Corp. (a),(b),(c)

      730,854           7,418,168  

BlackRock Capital Investment Corp.

      9,281           37,124  

BlackRock TCP Capital Corp.

      5,300           71,603  

Blucora, Inc. (a)

      2,700           46,764  

BlueRiver Acquisition Corp. (a),(b),(c)

      142,900           1,410,423  

BrightSpire Capital, Inc.

      8,700           89,262  

Broadscale Acquisition Corp., Class A (a),(b)

      465,000           4,622,100  

Bullpen Parlay Acquisition Co. (a),(b),(c)

      378,000           3,836,700  

Capital Southwest Corp.

      2,700           68,256  

Carlyle Group, Inc.

      7,100           389,790  

Catalyst Bancorp, Inc. (a)

      257           3,513  

Catalyst Partners Acquisition Corp. (a),(b),(c)

      250,000           2,502,500  

CC Neuberger Principal Holdings II, Class A (a),(b),(c)

      465,000           4,603,500  

CC Neuberger Principal Holdings III (a),(b),(c)

      405,677           4,056,770  

CF Acquisition Corp. IV, Class A (a),(b),(c)

      465,000           4,557,000  

Cherry Hill Mortgage Investment Corp.

      4,200           34,734  

Churchill Capital Corp., Class A (a),(b),(c)

      296,860           2,903,291  

Churchill Capital Corp. VII (a),(b),(c)

      164,831           1,651,771  

CIM Commercial Trust Corp.

      900           6,615  

Climate Real Impact Solutions II Acquisition Corp. (a),(b),(c)

      256,048           2,552,799  

Colicity, Inc. (a),(b),(c)

      465,000           4,622,100  

Colonnade Acquisition Corp. II (a),(b),(c)

      310,000           3,062,800  

Compass Digital Acquisition Corp. (a),(b),(c)

      375,016           3,705,158  

Compass Diversified Holdings

      1,200           36,696  

Compute Health Acquisition Corp., Class A (a),(b),(c)

      465,000           4,524,450  

Concord Acquisition Corp. III (a),(b),(c)

      378,000           3,851,820  

Consumer Portfolio Services, Inc. (a)

      100           1,185  

Corner Growth Acquisition Corp., Class A (a),(b),(c)

      375,000           3,675,000  

Corner Growth Acquisition Corp. 2 (a),(b),(c)

      375,000           3,765,000  

Corsair Partnering Corp. (a),(b),(c)

      375,000           3,750,000  

COVA Acquisition Corp. (a),(b),(c)

      186,700           1,867,000  

Cowen, Inc., Class A

      4,900           176,890  

Credit Acceptance Corp. (a)

      200           137,536  

Crescent Capital Bdc, Inc

      200           3,520  

Curo Group Holdings Corp.

      300           4,803  

Decarbonization Plus Acquisition Corp. IV, Class A (a),(b),(c)

      334,400           3,297,184  

Direct Selling Acquisition Corp. (a),(b),(c)

      233,300           2,370,328  

dMY Technology Group, Inc. (a),(b),(c)

      217,059           2,270,437  

 

See Notes to Consolidated Schedule of Investments.

 

8

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares             Value  

DP Cap Acquisition Corp. I (a),(b),(c)

      472,500         $ 4,743,900  

Dragoneer Growth Opportunities Corp., Class A (a),(b),(c)

      270,531           2,643,088  

Elevate Credit, Inc. (a)

      7,300           21,681  

Ellington Residential Mortgage REIT

      2,700           28,053  

Elliott Opportunity II Corp. (a),(b),(c)

      375,000           3,753,750  

Enova International, Inc. (a)

      39           1,597  

Entasis Therapeutics Holdings, Inc. (a)

      3,500           7,665  

Enterprise 4.0 Technology Acquisition Corp. (a),(b),(c)

      500,000           5,035,000  

Epiphany Technology Acquisition Corp. (a),(b),(c)

      291,000           2,883,810  

ExcelFin Acquisition Corp. (a),(b),(c)

      468,700           4,710,435  

Executive Network Partnering Corp., Class A (a),(b),(c)

      465,000           4,561,650  

EZCORP, Inc., Class A (a)

      4,900           36,113  

Fidus Investment Corp.

      1,600           28,768  

Fifth Wall Acquisition Corp. III, Class A (a),(b),(c)

      299,136           2,976,403  

Figure Acquisition Corp. (a),(b)

      355,047           3,572,447  

FinServ Acquisition Corp. (a),(b),(c)

      313,923           3,095,281  

Fintech Evolution Acquisition Group (a),(b),(c)

      310,000           3,065,900  

First Western Financial, Inc. (a)

      100           3,036  

Flywire Corp. (a),(b)

      306,127           11,651,194  

Forest Road Acquisition Corp. II (a),(b),(c)

      310,000           3,072,410  

Fortistar Sustainable Solutions Corp. (a),(b),(c)

      208,700           2,084,913  

Forum Merger IV Corp. (a),(b),(c)

      310,000           3,081,400  

Founder SPAC, Class A (a),(b),(c)

      208,078           2,070,376  

Franklin Resources, Inc.

      2,600           87,074  

Frontier Acquisition Corp. (a),(b),(c)

      310,000           3,062,800  

FTAC Hera Acquisition Corp. (a),(b),(c)

      310,000           3,087,600  

FTAC Parnassus Acquisition Corp. (a),(b),(c)

      310,000           3,056,600  

G Squared Ascend II, Inc. (a),(b),(c)

      276,529           2,762,525  

GCM Grosvenor, Inc., Class A

      1,100           11,550  

Gladstone Capital Corp.

      2,500           28,975  

Gladstone Investment Corp.

      1,700           29,036  

Golub Capital BDC, Inc.

      2,400           37,056  

Gores Technology Partners, Inc. (a),(b),(c)

      211,498           2,127,670  

Granite Point Mortgage Trust, Inc.

      3,800           44,498  

Great Ajax Corp.

      1,200           15,792  

Great Elm Capital Corp.

      2,123           6,539  

Greenhill & Co., Inc.

      1,200           21,516  

Growth For Good Acquisition Corp. (a),(b)

      378,000           3,772,440  

Hercules Capital, Inc.

      2,800           46,452  

Horizon Technology Finance Corp.

      2,700           42,984  

International Money Express, Inc. (a)

      700           11,172  

InterPrivate II Acquisition Corp. (a),(b),(c)

      225,192           2,227,149  

Invesco Ltd.

      52,100           1,199,342  

Invesco Mortgage Capital, Inc.

      50,000           139,000  

Jaws Hurricane Acquisition Corp. (a),(b),(c)

      262,600           2,631,252  

Jaws Juggernaut Acquisition Corp. (a),(b),(c)

      328,200           3,275,436  

Jaws Mustang Acquisition Corp., Class A (a),(b),(c)

      380,700           3,711,825  

Khosla Ventures Acquisition Co., Class A (a),(b),(c)

      310,000           3,025,600  

KKR Acquisition Holdings I Corp., Class A (a),(b),(c)

      465,000           4,529,100  

Landcadia Holdings IV, Inc., Class A (a),(b)

      465,000           4,529,100  

Lazard Growth Acquisition Corp. I (a),(b)

      450,000           4,378,500  

LDH Growth Corp. (a),(b),(c)

      310,000           3,087,600  

Lead Edge Growth Opportunities Ltd. (a),(b),(c)

      434,621           4,354,902  

Learn CW Investment Corp. (a),(b),(c)

      675,000           6,831,000  

LendingClub Corp. (a)

      23,900           577,902  

LendingTree, Inc. (a)

      1,200           147,120  

Logan Ridge Financial Corp. (a)

      283           6,506  

Logistics Innovation Technologies Corp. (a),(b),(c)

      305,914           3,059,140  

Marlin Business Services Corp.

      400           9,312  

Marlin Technology Corp., Class A (a),(b)

      619,998           6,051,180  

Mason Industrial Technology, Inc., Class A (a),(b)

      465,000           4,538,400  

Medallion Financial Corp. (a)

      500           2,900  

 

See Notes to Consolidated Schedule of Investments.

 

9

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares             Value  

MFA Financial, Inc.

      55,800         $ 254,448  

Monroe Capital Corp.

      1,600           17,952  

Moringa Acquisition Corp., Class A (a),(b),(c)

      300,000           2,910,000  

MSD Acquisition Corp. (a),(b),(c)

      324,154           3,273,955  

Nasdaq, Inc.

      100           21,009  

New Mountain Finance Corp.

      4,700           64,390  

New York Mortgage Trust, Inc.

      15,900           59,148  

Newtek Business Services Corp.

      4,700           129,861  

Nexpoint Real Estate Finance, Inc.

      1,300           25,025  

NightDragon Acquisition Corp., Class A (a),(b),(c)

      465,000           4,533,750  

Noble Rock Acquisition Corp., Class A (a),(b),(c)

      600,000           5,832,000  

Northern Genesis Acquisition Corp. III, Class A (a),(b),(c)

      465,000           4,520,544  

Northern Star Investment Corp. III (a),(b),(c)

      310,000           3,076,750  

Northern Star Investment Corp. IV (a),(b),(c)

      310,000           3,072,100  

Oaktree Specialty Lending Corp.

      8,700           64,902  

Ocwen Financial Corp. (a)

      694           27,739  

Omega Alpha SPAC, Class A (a),(b),(c)

      136,000           1,328,720  

One Equity Partners Open Water I Corp., Class A (a),(b)

      430,200           4,185,846  

Oppenheimer Holdings, Inc., Class A

      600           27,822  

Orion Acquisition Corp. (a),(b),(c)

      249,194           2,469,513  

Osiris Acquisition Corp. (a),(b),(c)

      243,900           2,408,269  

Oxford Square Capital Corp.

      4,500           18,360  

Panacea Acquisition Corp. II, Class A (a),(b),(c)

      310,000           3,007,000  

Parabellum Acquisition Corp. (a),(b),(c)

      390,000           3,958,500  

Paysign, Inc. (a)

      900           1,440  

PennantPark Floating Rate Capital Ltd.

      4,100           52,357  

PennantPark Investment Corp.

      6,400           44,352  

Performant Financial Corp. (a)

      100           244  

Periphas Capital Partnering Corp., Class A (a),(b)

      186,028           4,533,502  

Phoenix Biotech Acquisition Corp. (a),(b),(c)

      153,800           1,551,842  

Pivotal Investment Corp. III (a),(b),(c)

      300,000           2,970,000  

PJT Partners, Inc., Class A

      600           44,454  

Plum Acquisition Corp. I (a),(b),(c)

      310,000           3,031,800  

Pontem Corp., Class A (a),(b),(c)

      465,000           4,557,000  

Portage Fintech Acquisition Corp. (a),(b),(c)

      500,000           4,935,000  

Powered Brands, Class A (a),(b),(c)

      465,000           4,552,350  

PropTech Investment Corp. (a),(b)

      126,993           1,262,310  

Prospect Capital Corp.

      9,200           77,372  

Ready Capital Corp.

      26           406  

Regional Management Corp.

      100           5,746  

Revolution Healthcare Acquisition Corp., Class A (a),(b)

      465,000           4,515,150  

ROC Energy Acquisition Corp. (a),(b),(c)

      378,000           3,817,800  

Runway Growth Finance Corp.

      300           3,846  

Sachem Capital Corp.

      4,000           23,360  

Safeguard Scientifics, Inc. (a)

      900           6,615  

Saratoga Investment Corp.

      1,100           32,318  

Science Strategic Acquisition Corp. Alpha, Class A (a),(b)

      465,000           4,533,750  

Sculptor Capital Management, Inc.

      1,700           36,295  

Senior Connect Acquisition Corp. I, Class A (a),(b),(c)

      310,000           3,019,400  

Shelter Acquisition Corp. (a),(b),(c)

      375,000           3,727,500  

Silver Spike Acquisition Corp. (a),(b),(c)

      309,254           3,086,355  

Silvercrest Asset Management Group, Inc., Class A

      500           8,585  

Sixth Street Specialty Lending, Inc.

      4,300           100,577  

Skydeck Acquisition Corp. (a),(b),(c)

      243,900           2,414,610  

Slam Corp. (a),(b),(c)

      449,300           4,439,084  

SLR Investment Corp.

      400           7,372  

SLR Senior Investment Corp.

      1,200           16,776  

Software Acquisition Group, Inc. (a),(b),(c)

      365,596           3,696,176  

Sprott, Inc.

      1,300           58,617  

ST Energy Transition I Ltd. (a),(b)

      378,000           3,783,780  

Stellus Capital Investment Corp.

      1,500           19,530  

SuRo Capital Corp.

      7,069           91,544  

 

See Notes to Consolidated Schedule of Investments.

 

10

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares           Value  

SVF Investment Corp. 2 (a),(b),(c)

      310,000         $ 3,081,400  

SVF Investment Corp. 3 (a),(b),(c)

      310,000           3,100,000  

T Rowe Price Group, Inc.

      200           39,328  

Tailwind International Acquisition Corp. (a),(b),(c)

      300,000           2,967,000  

TCG BDC, Inc.

      4,300           59,039  

TCV Acquisition Corp., Class A (a),(b),(c)

      326,088           3,215,228  

Tekkorp Digital Acquisition Corp., Class A (a),(b),(c)

      423,000           4,200,390  

Thunder Bridge Capital Partners III, Inc. (a),(b),(c)

      198,200           1,970,108  

TPG Pace Beneficial II Corp., Class A (a),(b),(c)

      228,473           2,239,035  

TPG RE Finance Trust, Inc.

      4,200           51,744  

Trinity Capital, Inc.

      1,200           21,096  

Turmeric Acquisition Corp. (a),(b),(c)

      202,705           2,006,780  

Two Harbors Investment Corp.

      23,700           136,749  

TZP Strategies Acquisition Corp., Class A (a),(b)

      447,498           4,372,055  

Upstart Holdings, Inc. (a)

      16,800           2,541,840  

Vector Acquisition Corp. II, Class A (a),(b),(c)

      515,579           5,037,207  

VMG Consumer Acquisition Corp. (a),(b),(c)

      356,402           3,617,480  

Vy Global Growth, Class A (a),(b),(c)

      474,373           4,653,599  

Warburg Pincus Capital Corp. (a),(b),(c)

      620,000           6,184,500  

Waverley Capital Acquisition Corp. 1 (a),(b),(c)

      375,000           3,708,750  

Western Asset Mortgage Capital Corp.

      6,400           13,504  

Westwood Holdings Group, Inc.

      300           5,082  

WhiteHorse Finance, Inc.

      2,100           32,550  

WisdomTree Investments, Inc.

      9,800           59,976  
        

 

 

  
           454,148,602  
        

 

 

  

Health Care — 4.1%

         

89bio, Inc. (a)

      1,500           19,605  

9 Meters Biopharma, Inc. (a)

      1,000           979  

AbbVie, Inc.

      35,700           4,833,780  

ABIOMED, Inc. (a)

      1,200           431,004  

Accelerate Diagnostics, Inc. (a)

      5,800           30,276  

Accolade, Inc. (a)

      2,800           73,808  

Accuray, Inc. (a)

      21,800           103,986  

Achieve Life Sciences, Inc. (a)

      100           778  

Acutus Medical, Inc. (a)

      3,500           11,935  

Adicet Bio, Inc. (a)

      3,342           58,452  

Adverum Biotechnologies, Inc. (a)

      23,500           41,360  

Aeglea BioTherapeutics, Inc. (a)

      300           1,425  

Aethlon Medical, Inc. (a)

      800           1,488  

Agenus, Inc. (a)

      3,900           12,558  

Agilent Technologies, Inc.

      15,300           2,442,645  

Akero Therapeutics, Inc. (a)

      600           12,690  

Albireo Pharma, Inc. (a)

      800           18,632  

Aldeyra Therapeutics, Inc. (a)

      11,400           45,600  

Alector, Inc. (a)

      4,500           92,925  

Alkermes plc (a)

      3,300           76,758  

Alpine Immune Sciences, Inc. (a)

      1,700           23,545  

Altimmune, Inc. (a)

      9,500           87,020  

ALX Oncology Holdings, Inc. (a)

      2,600           55,874  

American Shared Hospital Services (a)

      100           237  

Amgen, Inc. (c)

      29,300           6,591,621  

Amicus Therapeutics, Inc. (a)

      8,400           97,020  

Amneal Pharmaceuticals, Inc. (a)

      3,300           15,807  

AnaptysBio, Inc. (a)

      2,100           72,975  

Angion Biomedica Corp. (a)

      300           870  

ANI Pharmaceuticals, Inc. (a)

      1,400           64,512  

Anika Therapeutics, Inc. (a)

      900           32,247  

Anixa Biosciences, Inc. (a)

      238           707  

Annovis Bio, Inc. (a)

      1,600           28,128  

Antares Pharma, Inc. (a)

      8,400           29,988  

Applied Genetic Technologies Corp. (a)

      5,400           10,260  

 

See Notes to Consolidated Schedule of Investments.

 

11

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares           Value  

Applied Molecular Transport, Inc. (a)

      4,500         $ 62,910  

Aptinyx, Inc. (a)

      3,900           10,413  

Aptose Biosciences, Inc. (a)

      2,200           2,970  

Aravive, Inc. (a)

      2,200           4,818  

Arbutus Biopharma Corp. (a)

      3,200           12,448  

Arcus Biosciences, Inc. (a)

      5,900           238,773  

Arvinas, Inc. (a)

      3,700           303,918  

Aspira Women's Health, Inc. (a)

      2,400           4,248  

Assembly Biosciences, Inc. (a)

      1,400           3,262  

Atara Biotherapeutics, Inc. (a)

      300           4,728  

Atossa Therapeutics, Inc. (a)

      23,400           37,440  

Atreca, Inc., Class A (a)

      1,300           3,939  

aTyr Pharma, Inc. (a)

      5,976           44,641  

Avalo Therapeutics, Inc. (a)

      7,500           12,750  

Avanos Medical, Inc. (a)

      4,900           169,883  

Avantor, Inc. (a)

      18,600           783,804  

Avid Bioservices, Inc. (a)

      1,100           32,098  

Avrobio, Inc. (a)

      7,100           27,335  

Axogen, Inc. (a)

      800           7,496  

Baxter International, Inc.

      44,200           3,794,128  

Berkeley Lights, Inc. (a)

      16,100           292,698  

Better Therapeutics, Inc. (a)

      500           2,325  

Beyond Air, Inc. (a)

      6,300           59,472  

BioAtla, Inc. (a)

      2,500           49,075  

BioCryst Pharmaceuticals, Inc. (a)

      40,400           559,540  

BioDelivery Sciences International, Inc. (a)

      11,200           34,720  

Biodesix, Inc. (a)

      100           529  

Biogen, Inc. (a),(c)

      134,540           32,278,837  

Biohaven Pharmaceutical Holding Co. Ltd. (a)

      400           55,124  

Black Diamond Therapeutics, Inc. (a)

      3,800           20,254  

Boston Scientific Corp. (a),(c)

      124,300           5,280,264  

Brickell Biotech, Inc. (a)

      8,100           1,854  

Bristol-Myers Squibb Co. (c)

      602,090           37,540,311  

Brookdale Senior Living, Inc. (a)

      5,109           26,362  

Brooklyn ImmunoTherapeutics, Inc. (a)

      50           208  

Bruker Corp.

      4,500           377,595  

Cabaletta Bio, Inc. (a)

      700           2,653  

Caladrius Biosciences, Inc. (a)

      1,700           1,431  

Calithera Biosciences, Inc. (a)

      17,900           11,907  

Cardiff Oncology, Inc. (a)

      9,600           57,696  

Cardinal Health, Inc.

      2,500           128,725  

CareDx, Inc. (a)

      4,500           204,660  

Castle Biosciences, Inc. (a)

      2,400           102,888  

Catalyst Biosciences, Inc. (a)

      1,900           1,737  

Catalyst Pharmaceuticals, Inc. (a)

      15,000           101,550  

Celldex Therapeutics, Inc. (a)

      1,000           38,640  

Cellectar Biosciences, Inc. (a)

      1,200           797  

Celsion Corp. (a)

      6,500           3,510  

Cerus Corp. (a)

      4,500           30,645  

Charles River Laboratories International, Inc. (a)

      200           75,356  

Checkpoint Therapeutics, Inc. (a)

      4,900           15,239  

ChemoCentryx, Inc. (a)

      1,100           40,051  

Chimerix, Inc. (a)

      5,500           35,365  

Chinook Therapeutics, Inc. (a)

      5,520           90,031  

ChromaDex Corp. (a)

      400           1,496  

Cidara Therapeutics, Inc. (a)

      8,400           10,668  

ClearPoint Neuro, Inc. (a)

      900           10,098  

Clearside Biomedical, Inc. (a)

      13,700           37,675  

Clover Health Investments Corp. (a)

      78,700           292,764  

Cognition Therapeutics, Inc. (a)

      600           3,792  

Cohbar, Inc. (a)

      20,600           7,208  

Community Health Systems, Inc. (a)

      22,300           296,813  

 

See Notes to Consolidated Schedule of Investments.

 

12

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares           Value  

Concert Pharmaceuticals, Inc. (a)

      400         $ 1,260  

Cortexyme, Inc. (a)

      7,100           89,602  

Corvus Pharmaceuticals, Inc. (a)

      11,100           26,751  

Covetrus, Inc. (a)

      4,100           81,877  

Crinetics Pharmaceuticals, Inc. (a)

      2,100           59,661  

CTI BioPharma Corp. (a)

      7,200           17,856  

Cue Biopharma, Inc. (a)

      3,600           40,716  

Cutera, Inc. (a)

      2,400           99,168  

Cyclacel Pharmaceuticals, Inc. (a)

      1,400           5,418  

Cyclerion Therapeutics, Inc. (a)

      8,400           14,448  

Cyclo Therapeutics, Inc. (a)

      100           373  

Cytokinetics, Inc. (a)

      14,300           651,794  

CytomX Therapeutics, Inc. (a)

      400           1,732  

CytoSorbents Corp. (a)

      1,100           4,609  

Denali Therapeutics, Inc. (a)

      4,600           205,160  

DermTech, Inc. (a)

      6,100           96,380  

DexCom, Inc. (a)

      9,200           4,939,940  

DiaMedica Therapeutics, Inc. (a)

      1,000           3,730  

Durect Corp. (a)

      8,000           7,887  

Dynavax Technologies Corp. (a)

      26,700           375,669  

Dyne Therapeutics, Inc. (a)

      100           1,189  

Editas Medicine, Inc. (a)

      14,400           382,320  

Edwards Lifesciences Corp. (a)

      27,500           3,562,625  

ElectroCore, Inc. (a)

      10,700           6,233  

Electromed, Inc. (a)

      400           5,200  

Eledon Pharmaceuticals, Inc. (a)

      1,900           8,379  

Eli Lilly & Co. (c)

      35,600           9,833,432  

Eloxx Pharmaceuticals, Inc. (a)

      9,900           6,930  

Emergent BioSolutions, Inc. (a)

      1,400           60,858  

Enanta Pharmaceuticals, Inc. (a)

      1,700           127,126  

Endo International plc (a)

      42,200           158,672  

enVVeno Medical Corp. (a)

      1,500           9,885  

Enzo Biochem, Inc. (a)

      1,000           3,210  

Epizyme, Inc. (a)

      4,600           11,500  

Essa Pharma, Inc. (a)

      2,200           31,240  

Establishment Labs Holdings, Inc. (a)

      1,100           74,349  

Evelo Biosciences, Inc. (a)

      2,300           13,961  

Exelixis, Inc. (a)

      31,100           568,508  

Exicure, Inc. (a)

      19,800           4,002  

EyePoint Pharmaceuticals, Inc. (a)

      1,100           13,464  

Fate Therapeutics, Inc. (a)

      2,800           163,828  

FibroGen, Inc. (a)

      15,600           219,960  

Five Star Senior Living, Inc. (a)

      700           2,065  

FONAR Corp. (a)

      500           7,490  

Forte Biosciences, Inc. (a)

      3,500           7,490  

Frequency Therapeutics, Inc. (a)

      2,000           10,260  

Fulcrum Therapeutics, Inc. (a)

      8,700           153,903  

G1 Therapeutics, Inc. (a)

      1,900           19,399  

Generation Bio Co. (a)

      900           6,372  

Genocea Biosciences, Inc. (a)

      200           232  

Gilead Sciences, Inc.

      3,100           225,091  

GlycoMimetics, Inc. (a)

      9,400           13,536  

Gossamer Bio, Inc. (a)

      4,800           54,288  

GT Biopharma, Inc. (a)

      2,000           6,100  

Haemonetics Corp. (a)

      4,400           233,376  

Hanger, Inc. (a)

      1,200           21,756  

Harpoon Therapeutics, Inc. (a)

      4,400           33,220  

Harrow Health, Inc. (a)

      2,289           19,777  

Harvard Bioscience, Inc. (a)

      3,400           23,970  

Hologic, Inc. (a)

      200           15,312  

Hookipa Pharma, Inc. (a)

      4,400           10,252  

iCAD, Inc. (a)

      4,300           30,960  

 

See Notes to Consolidated Schedule of Investments.

 

13

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares           Value  

Idera Pharmaceuticals, Inc. (a)

      400         $ 228  

Illumina, Inc. (a)

      10,000           3,804,400  

IMARA, Inc. (a)

      3,900           8,775  

Immunic, Inc. (a)

      3,000           28,710  

ImmunoGen, Inc. (a)

      32,200           238,924  

Immunovant, Inc. (a)

      11,100           94,572  

Impel Neuropharma, Inc. (a)

      900           7,767  

Infinity Pharmaceuticals, Inc. (a)

      15,200           34,200  

InfuSystem Holdings, Inc. (a)

      1,400           23,842  

InMed Pharmaceuticals, Inc. (a)

      3,300           4,323  

Inmode Ltd. (a)

      18,300           1,291,614  

Innoviva, Inc. (a)

      1,100           18,975  

Inogen, Inc. (a)

      1,300           44,200  

Inotiv, Inc. (a)

      500           21,035  

Insmed, Inc. (a)

      300           8,172  

Integer Holdings Corp. (a)

      200           17,118  

Intellia Therapeutics, Inc. (a)

      6,800           804,032  

Intercept Pharmaceuticals, Inc. (a)

      7,000           114,030  

Intuitive Surgical, Inc. (a)

      1,700           610,810  

Invacare Corp. (a)

      8,400           22,848  

Invitae Corp. (a)

      900           13,743  

Ionis Pharmaceuticals, Inc. (a)

      2,300           69,989  

Iqvia Holdings, Inc. (a)

      3,400           959,276  

iRadimed Corp. (a)

      200           9,242  

iTeos Therapeutics, Inc. (a)

      2,800           130,368  

IVERIC bio, Inc. (a)

      23,400           391,248  

Johnson & Johnson (c)

      64,100           10,965,587  

Joint Corp. (The) (a)

      2,700           177,363  

Jounce Therapeutics, Inc. (a)

      9,200           76,820  

KalVista Pharmaceuticals, Inc. (a)

      2,000           26,460  

Karyopharm Therapeutics, Inc. (a)

      6,100           39,223  

Kezar Life Sciences, Inc. (a)

      8,900           148,808  

Kintara Therapeutics, Inc. (a)

      500           255  

Kronos Bio, Inc. (a)

      300           4,077  

Kura Oncology, Inc. (a)

      8,000           112,000  

La Jolla Pharmaceutical Co. (a)

      200           930  

Lannett Co., Inc. (a)

      10,300           16,686  

Lantern Pharma, Inc. (a)

      200           1,596  

Larimar Therapeutics, Inc. (a)

      433           4,672  

Leap Therapeutics, Inc. (a)

      20,900           67,716  

LeMaitre Vascular, Inc.

      1,200           60,276  

LHC Group, Inc. (a)

      17           2,333  

Lineage Cell Therapeutics, Inc. (a)

      16,600           40,670  

Liquidia Corp. (a)

      2,600           12,662  

LivaNova PLC (a)

      4,000           349,720  

Lyra Therapeutics, Inc. (a)

      700           3,052  

Magenta Therapeutics, Inc. (a)

      3,400           15,062  

Marker Therapeutics, Inc. (a)

      10,200           9,692  

Masimo Corp. (a)

      2,500           731,950  

Medpace Holdings, Inc. (a)

      200           43,528  

Medtronic plc (c)

      499,970           51,721,896  

MEI Pharma, Inc. (a)

      2,500           6,675  

Merck & Co., Inc. (c)

      74,000           5,671,360  

Merit Medical Systems, Inc. (a)

      400           24,920  

Merrimack Pharmaceuticals, Inc. (a)

      400           1,564  

Mersana Therapeutics, Inc. (a)

      16,600           103,252  

MiMedx Group, Inc. (a)

      1,900           11,476  

Mind Medicine MindMed, Inc. (a)

      100           142  

Minerva Surgical, Inc. (a)

      400           2,056  

Mirum Pharmaceuticals, Inc. (a)

      2,700           43,065  

Moderna, Inc. (a)

      50           12,699  

Molecular Templates, Inc. (a)

      5,228           20,494  

 

See Notes to Consolidated Schedule of Investments.

 

14

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares           Value  

Mustang Bio, Inc. (a)

      10,700         $ 17,762  

NanoString Technologies, Inc. (a)

      7,100           299,833  

Natus Medical, Inc. (a)

      500           11,865  

Navidea Biopharmaceuticals, Inc. (a)

      1,200           1,200  

Nektar Therapeutics (a)

      2,500           33,775  

Neoleukin Therapeutics, Inc. (a)

      3,700           17,834  

Neubase Therapeutics, Inc. (a)

      500           1,405  

Neurocrine Biosciences, Inc. (a)

      1,200           102,204  

Neuronetics, Inc. (a)

      4,900           21,854  

Nevro Corp. (a)

      1,800           145,926  

NextCure, Inc. (a)

      2,900           17,400  

NGM Biopharmaceuticals, Inc. (a)

      4,100           72,611  

Nkarta, Inc. (a)

      100           1,535  

Novan, Inc. (a)

      1,700           7,089  

Novocure Ltd. (a)

      5,200           390,416  

Nuwellis, Inc. (a)

      200           228  

Ocular Therapeutix, Inc. (a)

      14,000           97,580  

Ocuphire Pharma, Inc. (a)

      4,100           15,293  

Odonate Therapeutics, Inc. (a)

      2,500           3,375  

Olema Pharmaceuticals, Inc. (a)

      9,600           89,856  

Omeros Corp. (a)

      1,700           10,931  

Oncocyte Corp. (a)

      6,300           13,671  

Onconova Therapeutics, Inc. (a)

      4,633           11,814  

Oncorus, Inc. (a)

      300           1,581  

OncoSec Medical, Inc. (a)

      5,000           4,798  

Opiant Pharmaceuticals, Inc. (a)

      1,100           36,993  

Organogenesis Holdings, Inc. (a)

      16,700           154,308  

Ortho Clinical Diagnostics Holdings plc (a)

      1,300           27,807  

Orthofix Medical, Inc. (a)

      400           12,436  

Osmotica Pharmaceuticals plc (a)

      400           432  

Otonomy, Inc. (a)

      4,400           9,152  

Outlook Therapeutics, Inc. (a)

      13,200           17,952  

Pacific Biosciences of California, Inc. (a)

      1,800           36,828  

Paratek Pharmaceuticals, Inc. (a)

      5,500           24,695  

Passage Bio, Inc. (a)

      7,500           47,625  

Patterson Cos., Inc.

      1,500           44,025  

PAVmed, Inc. (a)

      21,100           51,906  

PDS Biotechnology Corp. (a)

      6,800           55,080  

Pennant Group, Inc. (The) (a)

      100           2,308  

Perrigo Co. plc

      3,100           120,590  

Personalis, Inc. (a)

      6,700           95,609  

Pfizer, Inc.

      32,800           1,936,840  

Phathom Pharmaceuticals, Inc. (a)

      200           3,934  

Phibro Animal Health Corp., Class A

      1,100           22,462  

Phio Pharmaceuticals Corp. (a)

      3,200           3,200  

Pieris Pharmaceuticals, Inc. (a)

      16,300           61,614  

Pliant Therapeutics, Inc. (a)

      300           4,050  

Plus Therapeutics, Inc. (a)

      3,600           3,780  

PLx Pharma, Inc. (a)

      6,600           52,866  

Praxis Precision Medicines, Inc. (a)

      500           9,850  

Precigen, Inc. (a)

      2,300           8,533  

Prelude Therapeutics, Inc. (a)

      800           9,960  

Prestige Consumer Healthcare, Inc. (a)

      500           30,325  

Protara Therapeutics, Inc. (a)

      2,300           15,525  

Pulse Biosciences, Inc. (a)

      551           8,160  

Quanterix Corp. (a)

      1,300           55,120  

Quotient Ltd. (a)

      5,500           14,245  

Radius Health, Inc. (a)

      11,300           78,196  

RadNet, Inc. (a)

      1,900           57,209  

RAPT Therapeutics, Inc. (a)

      3,600           132,228  

Regeneron Pharmaceuticals, Inc. (a)

      6,400           4,041,728  

Regulus Therapeutics, Inc. (a)

      1,600           504  

 

See Notes to Consolidated Schedule of Investments.

 

15

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares           Value  

Renalytix plc, ADR (a)

      100         $ 1,590  

Replimune Group, Inc. (a)

      2,500           67,750  

ResMed, Inc.

      1,800           468,864  

Rigel Pharmaceuticals, Inc. (a)

      10,700           28,355  

Rocket Pharmaceuticals, Inc. (a)

      3,600           78,588  

Rubius Therapeutics, Inc. (a)

      2,800           27,104  

Salarius Pharmaceuticals, Inc. (a)

      7,154           3,545  

Sangamo BioSciences, Inc. (a)

      16,500           123,750  

Sarepta Therapeutics, Inc. (a)

      7,800           702,390  

Satsuma Pharmaceuticals, Inc. (a)

      1,300           5,850  

Savara, Inc. (a)

      11,300           14,012  

SeaSpine Holdings Corp. (a)

      1,100           14,982  

Seelos Therapeutics, Inc. (a)

      23,400           38,142  

Selecta Biosciences, Inc. (a)

      23,700           77,262  

Sema4 Holdings Corp. (a)

      800           3,568  

Sensei Biotherapeutics, Inc. (a)

      100           580  

Sensus Healthcare, Inc. (a)

      500           3,610  

Seres Therapeutics, Inc. (a)

      4,700           39,151  

Sesen Bio, Inc. (a)

      5,532           4,509  

Shattuck Labs, Inc. (a)

      900           7,659  

Sientra, Inc. (a)

      8,600           31,562  

Sierra Oncology, Inc. (a)

      900           19,566  

Silverback Therapeutics, Inc. (a)

      4,000           26,640  

Soleno Therapeutics, Inc. (a)

      6,100           2,501  

Solid Biosciences, Inc. (a)

      6,500           11,375  

Spectrum Pharmaceuticals, Inc. (a)

      700           889  

SQZ Biotechnologies Co. (a)

      100           893  

STAAR Surgical Co. (a)

      2,800           255,640  

Stereotaxis, Inc. (a)

      5,300           32,860  

Stoke Therapeutics, Inc. (a)

      1,100           26,389  

Surmodics, Inc. (a)

      500           24,075  

Sutro Biopharma, Inc. (a)

      1,400           20,832  

Syndax Pharmaceuticals, Inc. (a)

      5,900           129,151  

Synlogic, Inc. (a)

      5,600           13,552  

Synthetic Biologics, Inc. (a)

      200           54  

Syros Pharmaceuticals, Inc. (a)

      2,800           9,128  

Taysha Gene Therapies, Inc. (a)

      100           1,165  

TCR2 Therapeutics, Inc. (a)

      9,100           42,406  

Tela Bio, Inc. (a)

      100           1,280  

Teleflex, Inc.

      400           131,392  

TherapeuticsMD, Inc. (a)

      2,700           960  

Thermo Fisher Scientific, Inc.

      5,900           3,936,716  

Timber Pharmaceuticals, Inc. (a)

      100           38  

Tonix Pharmaceuticals Holding Corp. (a)

      1,900           680  

Tracon Pharmaceuticals, Inc. (a)

      4,500           12,465  

Trevena, Inc. (a)

      7,100           4,136  

Tricida, Inc. (a)

      2,800           26,768  

United Therapeutics Corp. (a)

      2,600           561,808  

UNITY Biotechnology, Inc. (a)

      8,400           12,264  

Vanda Pharmaceuticals, Inc. (a)

      8,200           128,658  

Vapotherm, Inc. (a)

      1,500           31,065  

Varex Imaging Corp. (a)

      1,900           59,945  

VBI Vaccines, Inc. (a)

      200           468  

Venus Concept, Inc. (a)

      5,100           8,670  

Verastem, Inc. (a)

      29,300           60,065  

Vericel Corp. (a)

      2,800           110,040  

Veru, Inc. (a)

      600           3,534  

ViewRay, Inc. (a)

      32,200           177,422  

Viking Therapeutics, Inc. (a)

      13,500           62,100  

Viracta Therapeutics, Inc. (a)

      318           1,161  

Virios Therapeutics, Inc. (a)

      300           1,536  

VistaGen Therapeutics, Inc. (a)

      19,500           38,025  

 

See Notes to Consolidated Schedule of Investments.

 

16

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares           Value  

Windtree Therapeutics, Inc. (a)

      1,500         $ 2,407  

Xenetic Biosciences, Inc. (a)

      200           258  

Xenon Pharmaceuticals, Inc. (a)

      2,400           74,976  

Zentalis Pharmaceuticals, Inc. (a)

      1,100           92,466  

ZIOPHARM Oncology, Inc. (a)

      51,800           56,462  
        

 

 

  
           217,992,604  
        

 

 

  

Industrial Products — 0.4%

         

AAR Corp. (a)

      4,000           156,120  

Advanced Emissions Solutions, Inc. (a)

      2,600           17,212  

Aerojet Rocketdyne Holdings, Inc. (a)

      500           23,380  

Allegion PLC

      3,700           490,028  

Allied Motion Technologies, Inc.

      300           10,947  

Allison Transmission Holdings, Inc.

      1,400           50,890  

AO Smith Corp.

      800           68,680  

Argan, Inc.

      100           3,869  

Astronics Corp. (a)

      2,300           27,600  

Babcock & Wilcox Enterprises, Inc. (a)

      9,800           88,396  

Barnes Group, Inc.

      700           32,613  

Bel Fuse, Inc., Class B

      1,100           14,223  

Berkshire Grey, Inc. (a)

      200           1,100  

Bloom Energy Corp., Class A (a)

      7,600           166,668  

Capstone Green Energy Corp. (a)

      852           2,829  

Caterpillar, Inc. (c)

      29,900           6,181,526  

CECO Environmental Corp. (a)

      1,200           7,476  

Cognex Corp.

      500           38,880  

Columbus McKinnon Corp.

      400           18,504  

Commercial Vehicle Group, Inc. (a)

      1,000           8,060  

Crane Co.

      300           30,519  

CVD Equipment Corp. (a)

      700           2,884  

CyberOptics Corp. (a)

      600           27,900  

Donaldson Co., Inc.

      2,600           154,076  

Douglas Dynamics, Inc.

      200           7,812  

Ducommun, Inc. (a)

      200           9,354  

Emerson Electric Co.

      36,600           3,402,702  

Energy Recovery, Inc. (a)

      100           2,149  

Flowserve Corp.

      11,400           348,840  

Gates Industrial Corp. plc (a)

      100           1,591  

Graco, Inc.

      2,300           185,426  

GrafTech International Ltd.

      25,500           301,665  

Hayward Holdings, Inc. (a)

      1,900           49,837  

HEICO Corp.

      700           100,954  

Honeywell International, Inc.

      6,700           1,397,017  

Hurco Cos., Inc.

      400           11,880  

Hyliion Holdings Corp. (a)

      3,300           20,460  

Ichor Holdings Ltd. (a)

      2,800           128,884  

Insteel Industries, Inc.

      600           23,886  

Intevac, Inc. (a)

      800           3,768  

Keysight Technologies, Inc. (a)

      200           41,302  

LB Foster Co., Class A (a)

      600           8,250  

Lennox International, Inc.

      800           259,488  

LSI Industries, Inc.

      1,000           6,860  

Manitowoc Co., Inc. (The) (a)

      2,300           42,757  

National Instruments Corp.

      8,700           379,929  

NN, Inc. (a)

      3,600           14,760  

nVent Electric plc

      1,000           38,000  

Orion Energy Systems, Inc. (a)

      3,800           13,756  

Oshkosh Corp.

      800           90,168  

Otis Worldwide Corp.

      8,900           774,923  

Park Aerospace Corp.

      500           6,600  

Pentair plc

      1,900           138,757  

Powell Industries, Inc.

      400           11,796  

 

See Notes to Consolidated Schedule of Investments.

 

17

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares           Value  

Proto Labs, Inc. (a)

      6,600         $ 338,910  

Ranpak Holdings Corp. (a)

      5,100           191,658  

REV Group, Inc.

      1,800           25,470  

SmartRent, Inc. (a)

      400,000           3,872,000  

Spirit AeroSystems Holdings, Inc., Class A

      13,700           590,333  

Standex International Corp.

      100           11,066  

Tennant Co.

      200           16,208  

Thermon Group Holdings, Inc. (a)

      1,400           23,702  

Titan International, Inc. (a)

      4,800           52,608  

Triumph Group, Inc. (a)

      2,800           51,884  

Woodward, Inc.

      100           10,946  

Xos, Inc. (a)

      900           2,835  

Xylem, Inc.

      100           11,992  
        

 

 

  
           20,647,563  
        

 

 

  

Industrial Services — 0.2%

         

Acacia Research Corp. (a)

      2,300           11,799  

Alta Equipment Group, Inc. (a)

      1,200           17,568  

Aqua Metals, Inc. (a)

      900           1,107  

ARC Document Solutions, Inc.

      2,000           7,000  

Avalon Holdings Corp., Class A (a)

      500           1,805  

Barrett Business Services, Inc.

      300           20,718  

BGSF, Inc.

      500           7,175  

Brady Corp., Class A

      1,100           59,290  

BrightView Holdings, Inc. (a)

      200           2,816  

Canadian Pacific Railway Ltd.

      9,970           717,242  

Charah Solutions, Inc. (a)

      900           4,257  

Civeo Corp. (a)

      625           11,981  

Concrete Pumping Holdings, Inc. (a)

      2,400           19,680  

CoreCivic, Inc. (a)

      10,300           102,691  

CorVel Corp. (a)

      300           62,400  

Covenant Transportation Group, Inc., Class A (a)

      900           23,787  

CRA International, Inc.

      300           28,008  

CSX Corp.

      42,200           1,586,720  

Daseke, Inc. (a)

      7,900           79,316  

DXP Enterprises, Inc. (a)

      300           7,701  

Eagle Bulk Shipping, Inc.

      3,197           145,463  

Emerald Holding, Inc. (a)

      1,900           7,543  

Fluor Corp. (a)

      13,400           331,918  

Franklin Covey Co. (a)

      700           32,452  

frontdoor, Inc. (a)

      300           10,995  

Genco Shipping & Trading Ltd.

      10,000           160,000  

Great Lakes Dredge & Dock Corp. (a)

      800           12,576  

H&E Equipment Services, Inc.

      2,917           129,136  

Hackett Group, Inc.

      1,300           26,689  

Heartland Express, Inc.

      1,300           21,866  

Heritage-Crystal Clean, Inc. (a)

      500           16,010  

Hudson Technologies, Inc. (a)

      5,400           23,976  

Information Services Group, Inc.

      6,900           52,578  

Infrastructure and Energy Alternatives, Inc. (a)

      6,900           63,480  

INNOVATE Corp. (a)

      3,258           12,055  

Iteris, Inc. (a)

      700           2,800  

JetBlue Airways Corp. (a)

      15,700           223,568  

Limbach Holdings, Inc. (a)

      1,200           10,800  

Manpowergroup, Inc.

      1,100           107,063  

Marten Transport Ltd.

      3,799           65,191  

Mesa Air Group, Inc. (a)

      7,800           43,680  

Mistras Group, Inc. (a)

      1,200           8,916  

Norfolk Southern Corp.

      4,300           1,280,153  

Primoris Services Corp.

      1,400           33,572  

PureCycle Technologies, Inc. (a)

      600           5,742  

Quad/Graphics, Inc. (a)

      4,300           17,200  

 

See Notes to Consolidated Schedule of Investments.

 

18

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares           Value  

Radiant Logistics, Inc. (a)

      4,000         $ 29,160  

Republic Services, Inc.

      1,000           139,450  

Resideo Technologies, Inc. (a)

      3,200           83,296  

Resources Connection, Inc.

      1,600           28,544  

Rollins, Inc.

      8,800           301,048  

RR Donnelley & Sons Co. (a)

      16,766           188,785  

Schneider National, Inc., Class B

      3,700           99,567  

Sharps Compliance Corp. (a)

      2,700           19,251  

ShotSpotter, Inc. (a)

      500           14,760  

Sterling Construction Co., Inc. (a)

      300           7,890  

Titan Machinery, Inc. (a)

      2,500           84,225  

Transcat, Inc. (a)

      200           18,486  

TriNet Group, Inc. (a)

      3,900           371,514  

Triton International Ltd.

      1,700           102,391  

Tutor Perini Corp. (a)

      5,000           61,850  

Union Pacific Corp.

      300           75,579  

Universal Logistics Holdings, Inc.

      700           13,202  

USA Truck, Inc. (a)

      900           17,892  

Viad Corp. (a)

      1,200           51,348  

Volt Information Sciences, Inc. (a)

      2,000           5,820  

Waste Connections, Inc.

      200           27,254  

Werner Enterprises, Inc.

      200           9,532  

Wilhelmina International, Inc. (a)

      200           1,050  

Yellow Corp. (a)

      8,100           101,979  
        

 

 

  
           7,472,356  
        

 

 

  

Insurance — 0.1%

         

American Equity Investment Life Holding Co.

      3,600           140,112  

Brighthouse Financial, Inc. (a)

      7,000           362,600  

Citizens, Inc. (a)

      100           531  

Donegal Group, Inc., Class A

      600           8,574  

FedNat Holding Co. (a)

      300           423  

GoHealth, Inc., Class A (a)

      600           2,274  

Greenlight Capital Re Ltd., A Shares (a)

      1,700           13,328  

Hallmark Financial Services, Inc. (a)

      1,700           7,395  

Heritage Insurance Holdings, Inc.

      3,100           18,228  

Hippo Holdings, Inc. (a)

      400           1,132  

Jackson Financial, Inc., Class A

      14,200           593,986  

Kingstone Cos., Inc.

      200           1,000  

Lemonade, Inc. (a)

      9,500           400,045  

Maiden Holdings Ltd. (a)

      900           2,754  

Trean Insurance Group, Inc. (a)

      300           2,673  

United Insurance Holdings Corp.

      3,200           13,888  

Universal Insurance Holdings, Inc.

      1,600           27,200  

Unum Group

      34,400           845,208  
        

 

 

  
           2,441,351  
        

 

 

  

Materials — 0.2%

         

A-Mark Precious Metals, Inc. (a)

      100           6,110  

AdvanSix, Inc.

      700           33,075  

Agnico Eagle Mines Ltd.

      1,900           100,966  

Alcoa Corp.

      19,801           1,179,743  

Alpha Metallurgical Resources, Inc. (a)

      4,400           268,620  

American Vanguard Corp.

      900           14,751  

Amyris, Inc. (a)

      14,600           78,986  

Arch Resources, Inc.

      3,200           292,224  

Calyxt, Inc. (a)

      6,200           13,206  

Cameco Corp.

      22,400           488,544  

Carpenter Technology Corp.

      2,800           81,732  

Century Aluminum Co. (a)

      300           4,968  

Chemours Co.

      3,700           124,172  

Codexis, Inc. (a)

      8,800           275,176  

 

See Notes to Consolidated Schedule of Investments.

 

19

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares           Value  

Comstock Mining, Inc. (a)

      700         $ 903  

CONSOL Energy, Inc. (a)

      1,400           31,794  

Danimer Scientific, Inc. (a)

      500           4,260  

Eastman Chemical Co.

      3,900           471,549  

Ecolab, Inc.

      5,600           1,313,704  

Ecovyst, Inc.

      700           7,168  

Ferroglobe plc (a)

      7,000           43,470  

Freeport-McMoRan, Inc.

      97,000           4,047,810  

Gatos Silver, Inc. (a)

      2,700           28,026  

Gold Resource Corp.

      9,800           15,288  

Haynes International, Inc.

      100           4,033  

Hecla Mining Co.

      15,800           82,476  

Ingevity Corp. (a)

      100           7,170  

Innospec, Inc.

      700           63,238  

International Paper Co.

      6,700           314,766  

Intrepid Potash, Inc. (a)

      1,100           47,003  

Livent Corp. (a)

      700           17,066  

McEwen Mining, Inc. (a)

      62,100           55,052  

MP Materials Corp. (a)

      5,900           267,978  

NACCO Industries, Inc., Class A

      100           3,629  

New Gold, Inc. (a)

      49,300           73,950  

Nexa Resources SA

      1,700           13,362  

O-I Glass, Inc. (a)

      1,500           18,045  

Owens Corning

      100           9,050  

Peabody Energy Corp. (a)

      30,500           307,135  

Ramaco Resources, Inc.

      5,700           77,520  

Rayonier Advanced Materials, Inc. (a)

      6,000           34,260  

Resolute Forest Products, Inc.

      11,000           167,970  

Royal Gold, Inc.

      200           21,042  

Ryerson Holding Corp.

      200           5,210  

Sandstorm Gold Ltd.

      800           4,960  

Sierra Metals, Inc.

      1,700           2,312  

Silvercorp Metals, Inc.

      8,500           31,960  

Southern Copper Corp.

      7,500           462,825  

SunCoke Energy, Inc.

      15,100           99,509  

Sylvamo Corp. (a)

      100           2,789  

Taseko Mines Ltd. (a)

      6,600           13,530  

TimkenSteel Corp. (a)

      9,300           153,450  

TMC the metals Co., Inc. (a)

      600           1,248  

Trecora Resources (a)

      500           4,040  

Tronox Holdings plc, Class A

      7,400           177,822  

Unifi, Inc. (a)

      1,000           23,150  

Venator Materials plc (a)

      7,100           18,034  

Verso Corp., Class A

      3,200           86,464  

Warrior Met Coal, Inc.

      9,000           231,390  

WestRock Co.

      4,400           195,184  

Westwater Resources, Inc. (a)

      1,000           2,150  

Yamana Gold, Inc.

      146,700           619,074  
        

 

 

  
           12,646,091  
        

 

 

  

Media — 0.8%

         

Activision Blizzard, Inc. (c)

      129,700           8,628,941  

Airbnb, Inc., Class A (a)

      17,700           2,946,873  

Alphabet, Inc., Class A (a)

      100           290,877  

Angi, Inc., Class A (a)

      19,100           175,911  

Booking Holdings, Inc. (a)

      500           1,199,615  

Cargurus, Inc. (a)

      8,700           292,668  

Cars.com, Inc. (a)

      8,300           133,547  

Charter Communications, Inc., Class A (a),(c)

      11,140           7,262,946  

Clear Channel Outdoor Holdings, Inc. (a)

      34,500           114,195  

Comcast Corp., Class A

      18,400           926,072  

Cumulus Media, Inc., Class A (a)

      600           6,750  

 

See Notes to Consolidated Schedule of Investments.

 

20

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares           Value  

DHI Group, Inc. (a)

      3,300         $ 20,592  

Discovery, Inc., Class A (a)

      26,700           628,518  

DoorDash, Inc., Class A (a)

      2,000           297,800  

Entercom Communications Corp. (a)

      10,800           27,756  

Eventbrite, Inc., Class A (a)

      10,100           176,144  

EverQuote, Inc., Class A (a)

      5,500           86,130  

Facebook, Inc., Class A (a)

      10,500           3,531,675  

Fiverr International Ltd. (a)

      1,000           113,700  

Fluent, Inc. (a)

      2,100           4,179  

HealthStream, Inc. (a)

      1,100           28,996  

HyreCar, Inc. (a)

      400           1,884  

iHeartMedia, Inc., Class A (a)

      2,900           61,016  

IMAX Corp. (a)

      9,500           169,480  

Lee Enterprises, Inc. (a)

      100           3,454  

Liberty Media Corp-Liberty Formula One, Class A (a)

      100           5,934  

Liberty Media Corp-Liberty SiriusXM, Class A (a),(b),(c)

      20,505           1,042,679  

Liberty Media Corp-Liberty SiriusXM, Class C (a),(b),(c)

      29,462           1,498,143  

Liberty TripAdvisor Holdings, Inc., Class A (a)

      6,900           14,973  

LifeMD, Inc. (a)

      7,000           27,090  

Lions Gate Entertainment Corp., Class A (a)

      4,100           68,224  

LiveXLive Media, Inc. (a)

      800           1,024  

Magnite, Inc. (a)

      7,500           131,250  

Marchex, Inc., Class B (a)

      1,100           2,728  

Marqeta, Inc., Class A (a),(b),(c)

      448,576           7,702,050  

National CineMedia, Inc.

      2,000           5,620  

QuinStreet, Inc. (a)

      300           5,457  

Quotient Technology, Inc. (a)

      20,100           149,142  

Sciplay Corp., Class A (a)

      5,000           68,900  

Spotify Technology SA (a)

      2,300           538,269  

TechTarget, Inc. (a)

      100           9,566  

Townsquare Media, Inc., Class A (a)

      800           10,664  

Travelzoo (a)

      1,400           13,188  

TripAdvisor, Inc. (a)

      11,200           305,312  

TrueCar, Inc. (a)

      6,700           22,780  

Twitter, Inc. (a)

      37,400           1,616,428  

Upwork, Inc. (a)

      1,100           37,576  

Urban One, Inc. (a)

      3,900           13,221  

VeriSign, Inc. (a)

      100           25,382  

Vimeo, Inc. (a)

      100           1,796  

Warner Music Group Corp., Class A

      3,300           142,494  

WideOpenWest, Inc. (a)

      4,300           92,536  
        

 

 

  
           40,682,145  
        

 

 

  

Oil & Gas — 0.3%

         

Amplify Energy Corp. (a)

      6,566           20,420  

Antero Resources Corp. (a)

      74,200           1,298,500  

APA Corp.

      10,800           290,412  

Berry Corp.

      8,300           69,886  

Centennial Resource Development, Inc., Class A (a)

      68,100           407,238  

Clean Energy Fuels Corp. (a)

      4,900           30,037  

Continental Resources, Inc.

      14,800           662,448  

Crescent Point Energy Corp.

      48,800           260,592  

CVR Energy, Inc. (a)

      5,800           97,498  

Dril-Quip, Inc. (a)

      100           1,956  

Enerplus Corp.

      33,000           349,140  

EnLink Midstream LLC (a)

      14,300           98,527  

EOG Resources, Inc.

      2,100           186,543  

Evolution Petroleum Corp.

      4,100           20,705  

Falcon Minerals Corp.

      11,100           54,057  

Forum Energy Technologies, Inc. (a)

      600           9,630  

Helmerich & Payne, Inc.

      10,800           255,960  

HollyFrontier Corp.

      31,400           1,029,292  

 

See Notes to Consolidated Schedule of Investments.

 

21

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares           Value  

Independence Contract Drilling, Inc. (a)

      2,200         $ 6,600  

Kosmos Energy Ltd. (a)

      50,300           174,038  

Magnolia Oil & Gas Corp., Class A

      34,200           645,354  

Mammoth Energy Services, Inc. (a)

      1,300           2,366  

Marathon Oil Corp.

      118,400           1,944,128  

Marathon Petroleum Corp. (c)

      45,708           2,924,855  

Matador Resources Co.

      3,900           143,988  

Matrix Service Co. (a)

      200           1,504  

MRC Global, Inc. (a)

      17,700           121,776  

Murphy Oil Corp.

      4,800           125,328  

Nabors Industries Ltd. (a)

      200           16,218  

Natural Gas Services Group, Inc. (a)

      600           6,282  

Newpark Resources, Inc. (a)

      14,600           42,924  

NexTier Oilfield Solutions, Inc. (a)

      1,746           6,198  

Northern Oil and Gas, Inc.

      5,910           121,628  

NOW, Inc. (a)

      24,300           207,522  

Oasis Petroleum, Inc.

      100           12,599  

Oil States International, Inc. (a)

      10,900           54,173  

Ovintiv, Inc.

      40,518           1,365,456  

Patterson-UTI Energy, Inc.

      23,400           197,730  

PBF Energy, Inc., Class A (a)

      28,700           372,239  

Penn Virginia Corp. (a)

      4,000           107,680  

PHX Minerals, Inc.

      4,700           10,199  

Plains GP Holdings LP, Class A

      34,100           345,774  

Ring Energy, Inc. (a)

      23,300           53,124  

SandRidge Energy, Inc. (a)

      5,300           55,438  

Select Energy Services, Inc., Class A (a)

      700           4,361  

SilverBow Resources, Inc. (a)

      3,500           76,195  

SM Energy Co.

      20,400           601,392  

Solaris Oilfield Infrastructure, Inc., Class A

      100           655  

Talos Energy, Inc. (a)

      1,700           16,660  

Tidewater, Inc. (a)

      600           6,426  

Transocean Ltd. (a)

      149,333           412,159  

TravelCenters of America, Inc. (a)

      1,640           84,657  

VAALCO Energy, Inc. (a)

      3,300           10,593  

Vermilion Energy, Inc. (a)

      36,800           463,312  

W&T Offshore, Inc. (a)

      30,500           98,515  

Weatherford International plc (a)

      4,800           133,056  
        

 

 

  
           16,115,943  
        

 

 

  

Pharmaceuticals — 0.0%

         

Contra StrongBridge (a),(d)

      5,000           0  
        

 

 

  

Private Equity — 0.0%

         

Millennium Equity Private Equity (a),(b),(d)

      60,879           837,086  
        

 

 

  

Real Estate — 0.1%

         

Alpine Income Property Trust, Inc.

      1,200           24,048  

Alset EHome International, Inc. (a)

      12,600           7,031  

American Finance Trust, Inc.

      600           5,478  

Apartment Investment and Management Co., Class A (a)

      23,000           177,560  

Ashford Hospitality Trust, Inc. (a)

      20           192  

Bluerock Residential Growth REIT, Inc.

      3,200           84,448  

Braemar Hotels & Resorts, Inc. (a)

      9,700           49,470  

BRT Apartments Corp.

      300           7,197  

Cedar Realty Trust, Inc.

      984           24,708  

Centerspace

      200           22,180  

Chatham Lodging Trust (a)

      600           8,232  

Colliers International Group, Inc.

      100           14,865  

CorEnergy Infrastructure Trust, Inc.

      1,100           3,443  

CorePoint Lodging, Inc. (a)

      1,000           15,700  

CTO Realty Growth, Inc.

      300           18,426  

CubeSmart

      10,200           580,482  

 

See Notes to Consolidated Schedule of Investments.

 

22

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares          Value  

DigitalBridge Group, Inc. (a)

      52,279        $ 435,484  

Diversified Healthcare Trust

      7,300          22,557  

Douglas Elliman, Inc. (a)

      900          10,350  

EPR Properties

      800          37,992  

Farmland Partners, Inc.

      6,600          78,870  

Four Corners Property Trust, Inc.

      5,000          147,050  

Franklin Street Properties Corp.

      200          1,190  

Geo Group, Inc. (The) (a)

      20,100          155,775  

Gladstone Commercial Corp.

      300          7,731  

Gladstone Land Corp.

      2,800          94,528  

Global Medical REIT, Inc.

      5,300          94,075  

Global Net Lease, Inc.

      100          1,528  

Hersha Hospitality Trust (a)

      7,400          67,858  

Independence Realty Trust, Inc.

      900          23,247  

Macerich Co. (The)

      15,200          262,656  

McGrath RentCorp

      900          72,234  

Medalist Diversified REIT, Inc.

      500          600  

Monmouth Real Estate Investment Corp., Class A

      700          14,707  

National Storage Affiliates Trust

      6,800          470,560  

NETSTREIT Corp.

      2,500          57,250  

Office Properties Income Trust

      27          671  

Park Hotels & Resorts, Inc. (a)

      5,412          102,179  

Plymouth Industrial REIT, Inc.

      5,200          166,400  

Postal Realty Trust, Inc.

      500          9,900  

Preferred Apartment Communities, Inc., Class A

      7,100          128,226  

Presidio Property Trust, Inc., Class A

      400          1,560  

Radius Global Infrastructure, Inc., Class A (a)

      4,800          77,280  

Rafael Holdings, Inc., Class B (a)

      4,700          23,970  

RE/MAX Holdings, Inc., Class A

      1,600          48,784  

Realogy Holdings Corp. (a)

      20,200          339,562  

Retail Value, Inc.

      2,725          17,494  

RLJ Lodging Trust

      800          11,144  

Seritage Growth Properties, Class A (a)

      600          7,962  

Tanger Factory Outlet Centers, Inc.

      6,200          119,536  

Universal Health Realty Income Trust

      800          47,576  

Wheeler Real Estate Investment Trust, Inc. (a)

      1,400          2,716  

Whitestone REIT

      8,300          84,079  
       

 

 

  
          4,288,741  
       

 

 

  

Renewable Energy — 0.0%

        

Eneti, Inc.

      290          2,245  

Enphase Energy, Inc. (a)

      400          73,176  

FutureFuel Corp.

      3,900          29,796  

TPI Composites, Inc. (a)

      8,800          131,648  
       

 

 

  
          236,865  
       

 

 

  

Retail & Wholesale - Discretionary — 0.3%

        

AutoNation, Inc. (a)

      300          35,055  

AutoZone, Inc. (a)

      1,100          2,306,029  

Avis Budget Group, Inc. (a)

      13,500          2,799,495  

BARK, Inc. (a)

      100          423  

Barnes & Noble Education, Inc. (a)

      3,100          21,111  

Bassett Furniture Industries, Inc.

      1,100          18,447  

Bed Bath & Beyond, Inc. (a)

      21,400          312,012  

BlueLinx Holdings, Inc. (a)

      2,300          220,248  

Boot Barn Holdings, Inc. (a)

      3,700          455,285  

Buckle, Inc. (The)

      2,700          114,237  

Build-A-Bear Workshop, Inc.

      3,200          62,464  

Caleres, Inc.

      1,800          40,824  

Chewy, Inc., Class A (a)

      3,000          176,910  

Chico’s FAS, Inc. (a)

      19,500          104,910  

Conn’s, Inc. (a)

      3,800          89,376  

 

See Notes to Consolidated Schedule of Investments.

 

23

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares            Value  

Container Store Group, Inc. (The) (a)

      7,600          $ 75,848  

Designer Brands, Inc., Class A (a)

      15,700            223,097  

Destination XL Group, Inc. (a)

      8,400            47,712  

eBay, Inc.

      100            6,637  

Etsy, Inc. (a),(c)

      29,500            6,458,730  

Express, Inc. (a)

      16,000            49,280  

FlexShopper, Inc. (a)

      1,300            3,055  

Gaia, Inc. (a)

      1,300            11,141  

Guess?, Inc.

      4,600            108,928  

iMedia Brands, Inc. (a)

      470            2,820  

Liquidity Services, Inc. (a)

      100            2,208  

Macy's, Inc.

      6,500            170,170  

Monro, Inc.

      100            5,827  

Nordstrom, Inc. (a)

      5,400            122,148  

O'Reilly Automotive, Inc. (a)

      400            282,492  

Party City Holdco, Inc. (a)

      22,600            125,882  

Poshmark, Inc., Class A (a)

      11,300            192,439  

Revolve Group, Inc. (a)

      7,200            403,488  

ScanSource, Inc. (a)

      100            3,508  

Shift Technologies, Inc. (a)

      19,500            66,495  

Shoe Carnival, Inc.

      4,500            175,860  

Sonic Automotive, Inc., Class A

      500            24,725  

Stitch Fix, Inc., Class A (a)

      3,600            68,112  

Tilly's, Inc., Class A

      5,600            90,216  

Vera Bradley, Inc. (a)

      4,300            36,593  

Veritiv Corp. (a)

      800            98,056  
         

 

 

  
            15,612,293  
         

 

 

  

Retail & Wholesale - Staples — 0.0%

          

Chefs' Warehouse, Inc. (a)

      700            23,310  

OptimizeRx Corp. (a)

      200            12,422  

Rite Aid Corp. (a)

      13,300            195,377  
         

 

 

  
            231,109  
         

 

 

  

Retail & Wholesale - Staples — 0.0%

          

Albertsons Cos, Inc., Class A

      100            3,019  
         

 

 

  

Software & Technology Services — 2.2%

          

1Life Healthcare, Inc. (a)

      10,800            189,756  

Agilysys, Inc. (a)

      300            13,338  

Akamai Technologies, Inc. (a)

      6,100            713,944  

Alteryx, Inc., Class A (a)

      300            18,150  

Amdocs Ltd.

      4,100            306,844  

Appian Corp. (a)

      1,100            71,731  

Asana, Inc., Class A (a)

      23,400            1,744,470  

Aspen Technology, Inc. (a)

      1,200            182,640  

Asure Software, Inc. (a)

      100            783  

Atlassian Corp. PLC, Class A (a)

      15,900            6,062,511  

AudioEye, Inc. (a)

      100            702  

Automatic Data Processing, Inc.

      8,600            2,120,588  

Avid Technology, Inc. (a)

      6,300            205,191  

Benefitfocus, Inc. (a)

      2,900            30,914  

BigCommerce Holdings, Inc. (a)

      1,600            56,592  

Bottomline Technologies, Inc. (a)

      1,200            67,764  

Box, Inc., Class A (a)

      28,600            749,034  

Brightcove, Inc. (a)

      5,300            54,166  

BTRS Holdings, Inc., Class A (a)

      7,000            54,740  

C3.ai, Inc., Class A (a)

      11,600            362,500  

Cadence Design Systems, Inc. (a)

      1,000            186,350  

Cass Information Systems, Inc.

      500            19,660  

Cerner Corp.

      50,300            4,671,361  

ChannelAdvisor Corp. (a)

      2,300            56,764  

 

See Notes to Consolidated Schedule of Investments.

 

24

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares            Value  

Citrix Systems, Inc.

      1,300          $ 122,967  

Cloudflare, Inc., Class A (a)

      14,500            1,906,750  

CommVault Systems, Inc. (a)

      200            13,784  

Computer Programs & Systems, Inc. (a)

      100            2,930  

comScore, Inc. (a)

      6,500            21,710  

Conduent, Inc. (a)

      18,900            100,926  

Crowdstrike Holdings, Inc. (a),(c)

      36,800            7,534,800  

CSG Systems International, Inc.

      1,600            92,192  

CyberArk Software Ltd. (a)

      2,300            398,544  

Datadog, Inc., Class A (a),(c)

      43,100            7,676,541  

Descartes Systems Group, Inc. (a)

      100            8,268  

Digi International, Inc. (a)

      400            9,828  

Digimarc Corp. (a)

      1,300            51,324  

DigitalOcean Holdings, Inc. (a)

      700            56,231  

Domo, Inc., Class B (a)

      3,800            188,480  

Dropbox, Inc., Class A (a)

      62,600            1,536,204  

Dynatrace, Inc. (a)

      38,100            2,299,335  

Ebix, Inc.

      1,700            51,680  

eGain Corp. (a)

      1,700            16,966  

Everbridge, Inc. (a)

      200            13,466  

Evolent Health, Inc., Class A (a)

      400            11,068  

ExlService Holdings, Inc. (a)

      500            72,385  

FactSet Research Systems, Inc.

      400            194,404  

Fair Isaac Corp. (a)

      400            173,468  

FleetCor Technologies, Inc. (a)

      1,700            380,528  

Forrester Research, Inc. (a)

      600            35,238  

Fortinet, Inc. (a)

      11,400            4,097,160  

Gartner, Inc. (a)

      100            33,432  

Green Dot Corp., Class A (a)

      6,400            231,936  

GreenSky, Inc., Class A (a)

      18,000            204,480  

HealthEquity, Inc. (a)

      400            17,696  

Hims & Hers Health, Inc. (a)

      300            1,965  

HubSpot, Inc. (a)

      200            131,830  

I3 Verticals, Inc., Class A (a)

      400            9,116  

IHS Markit Ltd. (c)

      19,975            2,655,077  

Immersion Corp. (a)

      7,700            43,967  

Inseego Corp. (a)

      4,900            28,567  

Intuit, Inc.

      100            64,370  

Jack Henry & Associates, Inc.

      7,500            1,252,425  

Kubient, Inc. (a)

      400            1,208  

Lightspeed Commerce, Inc. (a)

      700            28,301  

Limelight Networks, Inc. (a)

      31,900            109,417  

Mandiant, Inc. (a)

      10,500            184,170  

Manhattan Associates, Inc. (a)

      1,600            248,784  

MasterCard, Inc., Class A

      7,100            2,551,172  

McAfee Corp., Class A

      7,900            203,741  

Mimecast Ltd. (a)

      15,900            1,265,163  

Mitek Systems, Inc. (a)

      1,900            33,725  

Model N, Inc. (a)

      1,900            57,057  

Momentive Global, Inc. (a)

      12,200            258,030  

MoneyGram International, Inc. (a)

      2,400            18,936  

Moneylion, Inc. (a)

      400            1,612  

NetSol Technologies, Inc. (a)

      200            788  

New Relic, Inc. (a)

      10,000            1,099,600  

NextGen Healthcare, Inc. (a)

      5,000            88,950  

NortonLifeLock, Inc.

      200            5,196  

Nuance Communications, Inc. (a),(b),(c)

      21,794            1,205,644  

Nutanix, Inc., Class A (a)

      32,100            1,022,706  

ON24, Inc. (a)

      11,400            197,790  

OneSpan, Inc. (a)

      1,000            16,930  

Open Lending Corp., Class A (a)

      6,700            150,616  

Oracle Corp.

      8,600            750,006  

 

See Notes to Consolidated Schedule of Investments.

 

25

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares             Value  

PagerDuty, Inc. (a)

      17,100           $ 594,225  

Palo Alto Networks, Inc. (a)

      8,800             4,899,488  

Paycom Software, Inc. (a)

      1,200             498,228  

Paylocity Holding Corp. (a)

      4,200             991,872  

PayPal Holdings, Inc. (a),(c)

      45,300             8,542,674  

Paysafe Ltd. (a)

      15,500             60,605  

PDF Solutions, Inc. (a)

      1,300             41,327  

PFSweb, Inc. (a)

      1,600             20,608  

Ping Identity Holding Corp. (a)

      5,900             134,992  

Progress Software Corp.

      1,300             62,751  

PTC, Inc. (a)

      2,700             327,105  

Qualys, Inc. (a)

      4,200             576,324  

Qumu Corp. (a)

      2,800             5,936  

Rapid7, Inc. (a)

      2,100             247,149  

RealNetworks, Inc. (a)

      1,100             1,078  

Rimini Street, Inc. (a)

      3,400             20,298  

Root, Inc., Class A (a)

      400             1,240  

S&P Global, Inc.

      11,900             5,615,967  

Sabre Corp. (a)

      28,400             243,956  

Sailpoint Technologies Holdings, Inc. (a)

      7,000             338,380  

Schrodinger, Inc. (a)

      500             17,415  

SecureWorks Corp., Class A (a)

      900             14,373  

ServiceSource International, Inc. (a)

      2,900             2,871  

SilverSun Technologies, Inc.

      1,200             5,340  

Splunk, Inc. (a)

      1,600             185,152  

Sprout Social, Inc., Class A (a)

      5,500             498,795  

SPS Commerce, Inc. (a)

      800             113,880  

SS&C Technologies Holdings, Inc.

      9,200             754,216  

Synchronoss Technologies, Inc. (a)

      400             976  

Synopsys, Inc. (a)

      2,100             773,850  

Tenable Holdings, Inc. (a)

      5,300             291,871  

Teradata Corp. (a)

      6,300             267,561  

Toast, Inc., Class A (a),(b),(c)

      186,594             6,476,678  

TTEC Holdings, Inc.

      400             36,220  

Veeva Systems, Inc., Class A (a)

      1,200             306,576  

Verra Mobility Corp. (a)

      11,700             180,531  

Visa, Inc., Class A (c)

      53,400             11,572,314  

VMware, Inc., Class A

      15,700             1,819,316  

WM Technology, Inc. (a)

      900             5,382  

Workiva, Inc. (a)

      3,300             430,617  

Zendesk, Inc. (a)

      14,300             1,491,347  

Zoom Video Communications, Inc., Class A (a)

      2,200             404,602  

ZoomInfo Technologies, Inc., Class A (a)

      3,400             218,280  

Zscaler, Inc. (a),(c)

      23,700             7,615,521  

Zuora, Inc., Class A (a)

      12,400             231,632  
          

 

 

  
             116,121,592  
          

 

 

  

Tech Hardware & Semiconductors — 0.9%

 

        

A10 Networks, Inc.

      15,200             252,016  

Advanced Micro Devices, Inc. (a),(c)

      74,300             10,691,770  

Airgain, Inc. (a)

      600             6,378  

Akoustis Technologies, Inc. (a)

      300             2,004  

Alpha & Omega Semiconductor Ltd. (a)

      5,200             314,912  

Ambarella, Inc. (a)

      700             142,023  

Amtech Systems, Inc. (a)

      1,400             13,832  

Anterix, Inc. (a)

      800             47,008  

Applied Optoelectronics, Inc. (a)

      6,500             33,410  

Arista Networks, Inc. (a)

      13,900             1,998,125  

Arlo Technologies, Inc. (a)

      12,800             134,272  

Autoscope Technologies Corp.

      500             3,135  

Aviat Networks, Inc. (a)

      900             28,872  

Avnet, Inc.

      8,500             350,455  

 

See Notes to Consolidated Schedule of Investments.

 

26

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares             Value  

Axcelis Technologies, Inc. (a)

      1,550           $ 115,568  

AXT, Inc. (a)

      5,000             44,050  

Benchmark Electronics, Inc.

      1,500             40,650  

CalAmp Corp. (a)

      2,000             14,120  

Cambium Networks Corp. (a)

      1,600             41,008  

Casa Systems, Inc. (a)

      4,800             27,216  

Celestica, Inc. (a)

      1,500             16,695  

CEVA, Inc. (a)

      400             17,296  

Comtech Telecommunications Corp.

      1,200             28,428  

Daktronics, Inc. (a)

      5,400             27,270  

Desktop Metal, Inc., Class A (a)

      2,700             13,365  

Diodes, Inc. (a)

      100             10,981  

Dolby Laboratories, Inc., Class A

      5,600             533,232  

DZS, Inc. (a)

      1,600             25,952  

eMagin Corp. (a)

      600             774  

EMCORE Corp. (a)

      7,000             48,860  

Everspin Technologies, Inc. (a)

      4,700             53,110  

Extreme Networks, Inc. (a)

      13,900             218,230  

Garmin Ltd.

      2,400             326,808  

Genasys, Inc. (a)

      700             2,786  

GoPro, Inc., Class A (a)

      5,100             52,581  

Harmonic, Inc. (a)

      3,200             37,632  

Identiv, Inc. (a)

      1,400             39,396  

Impinj, Inc. (a)

      3,300             292,710  

Intel Corp.

      104,600             5,386,900  

InterDigital, Inc.

      1,000             71,630  

inTEST Corp. (a)

      1,900             24,168  

IPG Photonics Corp. (a)

      1,200             206,568  

Juniper Networks, Inc.

      15,800             564,218  

Knowles Corp. (a)

      2,400             56,040  

Kopin Corp. (a)

      22,100             90,389  

Lantronix, Inc. (a)

      500             3,915  

MaxLinear, Inc., Class A (a)

      1,200             90,468  

Microchip Technology, Inc.

      38,300             3,334,398  

NeoPhotonics Corp. (a)

      9,000             138,330  

NetApp, Inc.

      8,000             735,920  

NETGEAR, Inc. (a)

      100             2,921  

Netscout Systems, Inc. (a)

      3,500             115,780  

NVIDIA Corp. (c)

      27,100             7,970,381  

O2Micro International Ltd., ADR (a)

      300             1,359  

ON Semiconductor Corp. (a)

      1,000             67,920  

One Stop Systems, Inc. (a)

      800             3,960  

Photronics, Inc. (a)

      6,900             130,065  

Pitney Bowes, Inc.

      15,000             99,450  

Pixelworks, Inc. (a)

      12,700             55,880  

PlayAGS, Inc. (a)

      4,700             31,913  

Power Integrations, Inc.

      2,600             241,514  

Powerfleet, Inc. (a)

      1,000             4,740  

Pure Storage, Inc., Class A (a)

      69,500             2,262,225  

Quantum Corp. (a)

      1,600             8,832  

QuickLogic Corp. (a)

      400             2,044  

Rambus, Inc. (a)

      6,700             196,913  

Rekor Systems, Inc. (a)

      1,000             6,550  

Resonant, Inc. (a)

      4,000             6,840  

Seagate Technology Holdings plc

      18,900             2,135,322  

Skyworks Solutions, Inc.

      200             31,028  

SMART Global Holdings, Inc. (a)

      500             35,495  

Stratasys Ltd. (a)

      15,200             372,248  

Summit Wireless Technologies, Inc. (a)

      100             139  

Super Micro Computer, Inc. (a)

      1,500             65,925  

Synaptics, Inc. (a)

      200             57,902  

Teradyne, Inc.

      300             49,059  

 

See Notes to Consolidated Schedule of Investments.

 

27

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares               Value  

TESSCO Technologies, Inc. (a)

      1,000           $ 6,190  

Veeco Instruments, Inc. (a)

      2,130             60,641  

Vishay Intertechnology, Inc.

      4,500             98,415  

Vishay Precision Group, Inc. (a)

      600             22,272  

Vocera Communications, Inc. (a)

      3,300             213,972  

VOXX International Corp. (a)

      2,900             29,493  

Vuzix Corp. (a)

      3,200             27,744  

Western Digital Corp. (a)

      100             6,521  

Wolfspeed, Inc. (a)

      800             89,416  

Xerox Holdings Corp.

      42,700             966,728  

Xilinx, Inc. (c)

      13,127             2,783,318  

Zebra Technologies Corp., Class A (a)

      200             119,040  
          

 

 

  
             45,130,029  
          

 

 

  

Telecommunications — 0.0%

 

        

Cogent Communications Holdings, Inc.

      100             7,318  

EchoStar Corp., Class A (a)

      7,500             197,625  

ESC NII Holdings, Inc. (a),(d)

      50,677             13,176  

Gogo, Inc. (a)

      18,200             246,246  

Ooma, Inc. (a)

      1,700             34,748  

Spok Holdings, Inc.

      1,900             17,727  

Vonage Holdings Corp. (a)

      2,700             56,133  
          

 

 

  
             572,973  
          

 

 

  

Utilities — 0.0%

 

        

Ameren Corp. (b),(c)

      1,857             165,292  

American Water Works Co., Inc. (b),(c)

      491             92,730  

CMS Energy Corp. (b),(c)

      2,077             135,109  

Consolidated Water Co. Ltd.

      600             6,384  

Duke Energy Corp. (c)

      4,415             463,133  

Evergy, Inc. (b),(c)

      193             13,242  

Eversource Energy (b),(c)

      1,306             118,820  

NextEra Energy, Inc. (c)

      2,480             231,533  

Unitil Corp.

      800             36,792  

Via Renewables, Inc.

      500             5,715  

WEC Energy Group, Inc. (b),(c)

      1,985             192,684  

York Water Co. (The)

      100             4,978  
          

 

 

  
             1,466,412  
          

 

 

  

Total North America

 

           1,004,155,745  
          

 

 

  

South America — 0.0%

 

        

Industrial Products — 0.0%

 

        

Embraer SA, ADR (a)

      500             8,875  
          

 

 

  

Oil & Gas — 0.0%

 

        

Geopark Ltd.

      300             3,435  

Gran Tierra Energy, Inc. (a)

      39,100             29,759  
          

 

 

  
             33,194  
          

 

 

  

Software & Technology Services — 0.0%

 

        

Atento SA (a)

      219             5,591  

StoneCo Ltd., A Shares (a)

      63,000             1,062,180  
          

 

 

  
             1,067,771  
          

 

 

  

Total South America

 

           1,109,840  
          

 

 

  

TOTAL COMMON STOCK
(COST $1,041,539,880)

 

           1,039,467,414  
          

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

28

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares               Value  

CONVERTIBLE PREFERRED STOCKS — 0.0%

 

North America — 0.0%

 

        

Real Estate — 0.0%

 

        

EPR Properties (a),(b),(c)

      36,675           $ 953,910  
          

 

 

  

Total North America

 

           953,910  
          

 

 

  

TOTAL CONVERTIBLE PREFERRED STOCKS
(COST $832,044)

 

           953,910  
          

 

 

  

PREFERRED STOCK — 0.1%

 

North America — 0.1%

 

        

Real Estate — 0.0%

 

        

EPR Properties (b),(c)

      67,450             1,703,787  
          

 

 

  

Retail & Wholesale - Discretionary — 0.1%

 

        

Guitar Center, Inc. (a),(b),(d)

      38,645             4,859,609  
          

 

 

  

Total North America

 

           6,563,396  
          

 

 

  

TOTAL PREFERRED STOCK
(COST $5,780,766)

 

           6,563,396  
          

 

 

  

Security Description

    Principal
Amount		               Value  

ASSET-BACKED SECURITIES — 1.3%

 

     

North America — 1.3%

 

        

Ajax Mortgage Loan Trust,

           

Series 2021-E, Class B1, 3.73%, 12/25/60 (b),(c),(e),(f)

    $ 972,000             962,536  

Series 2021-E, Class B2, 4.30%, 12/25/60 (b),(c),(e),(f)

      762,000             724,972  

Arbor Realty Collateralized Loan Obligation Ltd., Series 2020-FL1, Class C, SOFR30A + 2.16%, 2.21%, 02/15/35 (b),(c),(e),(f)

      1,792,000             1,789,760  

Ares LIV CLO Ltd., Series 2019-54A, Class E, 3 mo. USD LIBOR + 7.34%, 7.46%, 10/15/32 (b),(c),(e),(f)

      250,000             249,363  

Ares LXI CLO Ltd., Series 2021-61A, Class E, 3 mo. USD LIBOR + 6.25%, 6.38%, 10/20/34 (b),(c),(e),(f)

      1,000,000             990,423  

Ares XLIII CLO Ltd., Series 2017-43A, Class ER, 3 mo. USD LIBOR + 6.86%, 6.98%, 07/15/34 (b),(c),(e),(f)

      1,500,000             1,479,375  

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             982,287  

Barings CLO Ltd.,

           

Series 2019-2A, Class DR, 3 mo. USD LIBOR + 6.78%, 6.90%, 04/15/36 (b),(c),(e),(f)

      500,000             496,664  

Series 2019-3A, Class ER, 3 mo. USD LIBOR + 6.70%, 6.83%, 04/20/31 (b),(c),(e),(f)

      1,000,000             992,141  

Series 2021-2A, Class E, 3 mo. USD LIBOR + 6.25%, 6.35%, 07/15/34 (b),(c),(e),(f)

      1,000,000             993,470  

Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class DRR, 3 mo. USD LIBOR + 7.20%, 7.33%, 01/20/32 (b),(c),(e),(f)

      1,000,000             990,155  

Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class ER, 3 mo. USD LIBOR + 6.75%, 6.89%, 07/15/34 (b),(c),(e),(f)

      1,000,000             993,440  

Benefit Street Partners CLO XXI Ltd., Series 2020-21A, Class ER, 3 mo. USD LIBOR + 6.70%, 6.78%, 10/15/34 (b),(c),(e),(f)

      1,000,000             990,829  

BlueMountain CLO XXVIII Ltd., Series 2021-28A, Class E, 3 mo. USD LIBOR + 6.40%, 6.52%, 04/15/34 (b),(c),(e),(f)

      250,000             247,756  

Broad River Bsl Funding CLO Ltd., Series 2020-1A, Class ER, 3 mo. USD LIBOR + 6.50%, 6.63%, 07/20/34 (b),(c),(e),(f)

      1,000,000             998,129  

CARLYLE US CLO Ltd., Series 2020-1A, Class DR, 3 mo. USD LIBOR + 6.25%, 6.38%, 07/20/34 (b),(c),(e),(f)

      1,000,000             990,838  

CarVal CLO I Ltd., Series 2018-1A, Class E, 3 mo. USD LIBOR + 5.77%, 5.89%,
07/16/31 (b),(c),(e),(f)

      2,000,000             1,930,710  

CarVal CLO II Ltd., Series 2019-1A, Class ER, 3 mo. USD LIBOR + 6.57%, 6.70%, 04/20/32 (b),(c),(e),(f)

      2,500,000             2,444,705  

CarVal CLO IV Ltd., Series 2021-1A, Class E, 3 mo. USD LIBOR + 6.60%, 6.73%, 07/20/34 (b),(c),(e),(f)

      1,000,000             981,801  

Cedar Funding IV CLO Ltd., Series 2014-4A, Class ERR, 3 mo. USD LIBOR + 6.61%, 6.73%,
07/23/34 (b),(c),(e),(f)

      1,500,000             1,481,566  

 

See Notes to Consolidated Schedule of Investments.

 

29

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

Cedar Funding VI CLO Ltd., Series 2016-6A, Class ERR, 3 mo. USD LIBOR + 6.72%, 6.85%, 04/20/34 (b),(c),(e),(f)

    $ 1,250,000           $ 1,238,804  

CIFC Funding Ltd., Series 2019-3A, Class DR, 3 mo. USD LIBOR + 6.80%, 6.92%,
10/16/34 (b),(c),(e),(f)

      1,000,000             984,312  

Citigroup Mortgage Loan Trust, Series 2019-E, Class A2, 4.88%, 11/25/70 (b),(c),(e)

      1,000,000             1,009,506  

CoreVest American Finance Trust,

           

Series 2019-2, Class XA, 2.35%, 06/15/52 (b),(c),(e),(f),(g)

      13,200,809             1,152,695  

Series 2019-3, Class XA, 2.04%, 10/15/52 (b),(c),(e),(f),(g)

      11,935,518             846,443  

Series 2020-1, Class E, 4.67%, 03/15/50 (b),(c),(e),(f)

      100,000             103,506  

Series 2020-4, Class XB, 2.83%, 12/15/52 (b),(c),(e),(f),(g)

      1,000,000             147,642  

Series 2020-4, Class XA, 3.87%, 12/15/52 (b),(c),(e),(f),(g)

      924,129             140,247  

Series 2021-1, Class XA, 2.96%, 04/15/53 (b),(c),(e),(f),(g)

      852,075             100,034  

Series 2021-2, Class XA, 3.02%, 07/15/54 (b),(c),(e),(f),(g)

      993,126             140,844  

Countrywide Asset-Backed Certificates, Series 2007-3, Class 2A4, 1 mo. USD LIBOR + .32%, 0.42%, 05/25/47 (b),(c),(f)

      319,620             249,406  

Dryden 95 CLO Ltd., Series 2021-95A, Class E, 3 mo. USD LIBOR + 6.15%, 6.27%,
08/20/34 (b),(c),(e),(f)

      1,000,000             988,507  

FBR Securitization Trust, Series 2005-5, Class M4, 1 mo. USD LIBOR + .98%, 1.08%, 11/25/35 (b),(c),(f)

      512,000             384,720  

Fort Washington CLO Ltd., Series 2021-2A, Class E, 3 mo. USD LIBOR + 6.61%, 6.73%, 10/20/34 (b),(c),(e),(f)

      1,500,000             1,489,453  

Galaxy XXII CLO Ltd., Series 2016-22A, Class ERR, 3 mo. USD LIBOR + 6.50%, 6.62%, 04/16/34 (b),(c),(e),(f)

      500,000             491,034  

Galaxy XXVII CLO Ltd., Series 2018-27A, Class E, 3 mo. USD LIBOR + 5.78%, 5.94%, 05/16/31 (b),(c),(e),(f)

      1,000,000             979,385  

Goldentree Loan Management US CLO 8 Ltd., Series 2020-8A, Class ER, 3 mo. USD LIBOR + 6.15%, 6.28%, 10/20/34 (b),(c),(e),(f)

      1,000,000             991,836  

Greywolf CLO II Ltd., Series 2013-1A, Class C1RR, 3 mo. USD LIBOR + 3.35%, 3.47%, 04/15/34 (b),(c),(e),(f)

      1,000,000             998,489  

GSAA Home Equity Trust, Series 2004-5, Class M2, 4.35%, 06/25/34 (b),(c)

      295,479             244,307  

Gulf Stream Meridian 5 Ltd., Series 2021-5A, Class D, 3 mo. USD LIBOR + 6.33%, 6.45%, 07/15/34 (b),(c),(e),(f)

      1,500,000             1,451,419  

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             1,475,836  

HalseyPoint CLO 5 Ltd., Series 2021-5A, Class E, 3 mo. USD LIBOR + 6.95%, 6.94%, 01/30/35 (b),(e),(f)

      1,000,000             980,000  

Jamestown CLO XIV Ltd., Series 2019-14A, Class DR, 3 mo. USD LIBOR + 7.20%, 7.33%, 10/20/34 (b),(c),(e),(f)

      1,000,000             971,500  

Kayne CLO II Ltd., Series 2018-2A, Class ER, 3 mo. USD LIBOR + 6.00%, 6.12%,
10/15/31 (b),(c),(e),(f)

      416,667             409,061  

Kayne CLO III Ltd., Series 2019-3A, Class ER, 3 mo. USD LIBOR + 6.50%, 6.62%,
04/15/32 (b),(c),(e),(f)

      1,000,000             994,807  

Long Beach Mortgage Loan Trust,

           

Series 2006-10, Class 2A3, 1 mo. USD LIBOR + .16%, 0.26%, 11/25/36 (b),(c),(f)

      2,526,475             1,091,493  

Series 2006-4, Class 2A4, 1 mo. USD LIBOR + .52%, 0.62%, 05/25/36 (b),(c),(f)

      7,214,790             3,086,307  

Mastr Asset Backed Securities Trust,

           

Series 2006-WMC3, Class A4, 1 mo. USD LIBOR + .16%, 0.26%, 08/25/36 (b),(c),(f)

      497,533             222,053  

Series 2006-WMC4, Class A5, 1 mo. USD LIBOR + .15%, 0.25%, 10/25/36 (b),(c),(f)

      530,458             223,971  

Morgan Stanley ABS Capital I, Inc.,

           

Series 2007-HE3, Class A2C, 1 mo. USD LIBOR + .15%, 0.25%, 12/25/36 (b),(c),(f)

      513,720             323,760  

Series 2007-HE3, Class A2D, 1 mo. USD LIBOR + .25%, 0.35%, 12/25/36 (b),(c),(f)

      624,280             401,442  

Neuberger Berman Loan Advisers CLO 38 Ltd., Series 2020-38A, Class ER, 3 mo. USD LIBOR + 6.25%, 6.37%, 10/20/35 (b),(c),(e),(f)

      1,000,000             990,684  

New Mountain CLO 2 Ltd., Series CLO-2A, Class E, 3 mo. USD LIBOR + 6.36%, 6.48%, 04/15/34 (b),(c),(e),(f)

      1,000,000             957,031  

Nomura CRE CDO Ltd., Series 2007-2A, Class D, 3 mo. USD LIBOR + .45%, 0.61%, 05/21/42 (b),(c),(e),(f)

      220,873             82,828  

OCP CLO Ltd.,

           

Series 2020-18A, Class ER, 3 mo. USD LIBOR + 6.43%, 6.56%, 07/20/32 (b),(c),(e),(f)

      1,000,000             982,687  

Series 2021-22A, Class E, 3 mo. USD LIBOR + 6.60%, 6.72%, 12/02/34 (b),(e),(f)

      1,000,000             997,379  

Parallel Ltd., Series 2019-1A, Class E, 3 mo. USD LIBOR + 6.72%, 6.85%,
07/20/32 (b),(c),(e),(f)

      666,500             638,530  

 

See Notes to Consolidated Schedule of Investments.

 

30

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

Pikes Peak CLO 6, Series 2020-6A, Class ER2, 3 mo. USD LIBOR + 6.43%, 6.59%, 05/18/34 (b),(c),(e),(f)

    $ 500,000           $ 495,474  

Post CLO 2021-1 Ltd., Series 2021-1A, Class E, 3 mo. USD LIBOR + 6.45%, 6.58%, 10/15/34 (b),(c),(e),(f)

      1,000,000             992,953  

PPM CLO 2 Ltd., Series 2019-2A, Class E, 3 mo. USD LIBOR + 6.55%, 6.67%,
04/16/32 (b),(c),(e),(f)

      1,750,000             1,703,931  

PPM CLO 3 Ltd., Series 2019-3A, Class ER, 3 mo. USD LIBOR + 6.61%, 6.73%,
04/17/34 (b),(c),(e),(f)

      500,000             491,373  

PRET 2021-NPL3 LLC, Series 2021-NPL3, Class A2, 3.72%, 07/25/51 (b),(c),(e)

      101,000             99,980  

Romark CLO II Ltd., Series 2018-2A, Class D, 3 mo. USD LIBOR + 6.25%, 6.37%,
07/25/31 (b),(c),(e),(f)

      2,250,000             2,151,529  

Romark CLO IV Ltd., Series 2021-4A, Class D, 3 mo. USD LIBOR + 6.95%, 7.10%, 07/10/34 (b),(c),(e),(f)

      500,000             494,918  

RR 17 Ltd., Series 2021-17A, Class D, 3 mo. USD LIBOR + 6.50%, 6.64%,
07/15/34 (b),(c),(e),(f)

      1,000,000             998,729  

RR 2 Ltd., Series 2017-2A, Class DR, 3 mo. USD LIBOR + 5.80%, 5.92%,
04/15/36 (b),(c),(e),(f)

      1,000,000             960,000  

Shackleton XIV CLO Ltd., Series 2019-14A, Class ER, 3 mo. USD LIBOR + 7.32%, 7.45%, 07/20/34 (b),(c),(e),(f)

      500,000             489,923  

Sound Point CLO XXIII, Series 2019-2A, Class ER, 3 mo. USD LIBOR + 6.47%, 6.59%, 07/15/34 (b),(c),(e),(f)

      2,400,000             2,323,944  

TCI-Flatiron CLO Ltd., Series 2017-1A, Class E, 3 mo. USD LIBOR + 6.35%, 6.51%, 11/18/30 (b),(c),(e),(f)

      750,000             748,074  

Trinitas CLO IV Ltd., Series 2021-4A, Class E, 3 mo. USD LIBOR + 6.25%, 6.37%, 07/21/34 (b),(c),(e),(f)

      1,000,000             990,835  

Trinitas CLO V Ltd., Series 2021-5A, Class E, 3 mo. USD LIBOR + 6.35%, 6.47%, 10/20/34 (b),(c),(e),(f)

      1,500,000             1,474,278  

Trinitas CLO VI Ltd., Series 2017-6A, Class ER, 3 mo. USD LIBOR + 6.82%, 6.94%, 01/25/34 (b),(c),(e),(f)

      1,000,000             970,112  

Trinitas CLO VIII Ltd., Series 2018-8A, Class E, 3 mo. USD LIBOR + 5.90%, 6.03%, 07/20/31 (b),(c),(e),(f)

      500,000             464,474  

Vericrest Opportunity Loan Transferee, Series 2021-NP11, Class A2, 4.21%,
08/25/51 (b),(e)

      100,000             98,628  

Vibrant CLO XIII Ltd., Series 2021-13A, Class D, 3 mo. USD LIBOR + 7.06%, 7.18%, 07/15/34 (b),(c),(e),(f)

      1,500,000             1,436,128  

VOLT CIII LLC, Series 2021-CF1, Class A2, 3.97%, 08/25/51 (b),(c),(e)

      124,000             122,854  

Voya CLO Ltd., Series 2018-3A, Class E, 3 mo. USD LIBOR + 5.75%, 5.87%, 10/15/31 (b),(c),(e),(f)

      1,500,000             1,428,553  
          

 

 

  

Total North America

        69,609,568  
          

 

 

  

TOTAL ASSET-BACKED SECURITIES
(COST $70,701,785)

        69,609,568  
          

 

 

  

CONVERTIBLE BONDS — 0.2%

 

Asia — 0.1%

     

Internet Media — 0.1%

     

iQIYI, Inc.,

           

2.00%, 04/01/25 (b),(c)

      7,022,000             5,083,928  

4.00%, 12/15/26 (b)

      151,000             104,039  
          

 

 

  
             5,187,967  
          

 

 

  

Total Asia

        5,187,967  
          

 

 

  

North America — 0.1%

     

Financial Services — 0.1%

     

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

      3,418,000             3,494,905  
          

 

 

  

Medical Equipment & Devices Manufacturing — 0.0%

     

Haemonetics Corp., 0.01%, 03/01/26 (b),(c),(e),(h)

      1,396,000             1,167,230  
          

 

 

  

Total North America

        4,662,135  
          

 

 

  

TOTAL CONVERTIBLE BONDS
(COST $10,788,417)

        9,850,102  
          

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

31

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

BANK DEBT — 3.3%

 

Asia — 0.0%

     

Software & Services — 0.0%

     

Grab Holdings, Inc. Term Loan B ,5.50%, 01/29/26 (b)

    $ 1,295,217           $ 1,296,836  
          

 

 

  

Total Asia

        1,296,836  
          

 

 

  

North America — 2.7%

     

Apparel & Textile Products — 0.2%

     

Mad Engine Global, LLC Term Loan ,8.00%, 07/15/27 (b),(d)

      1,988,366             1,938,657  

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

      8,451,415             8,440,851  
          

 

 

  
             10,379,508  
          

 

 

  

Biotechnology & Pharmaceuticals — 0.0%

     

Azurity Pharmaceuticals, Inc. 2021 Term Loan B ,6.75%, 09/20/27 (b),(f)

      1,621,383             1,584,221  
          

 

 

  

Consumer Services — 0.1%

     

KNS Acquisition Corp. Term Loan ,7.00%, 04/21/27 (b)

      5,897,402             5,764,711  
          

 

 

  

Entertainment Resources — 0.4%

     

Alterra Mountain Company, 2021 Series B-2 Consenting Term Loan, 1 mo. LIBOR + 3.50%, 4.00%, 08/17/28 (b)

      109,725             109,451  

Equinox Holdings, Inc.,

 

2017 1st Lien Term Loan, 4.00%, 03/08/24 (b)

      15,423,311             14,617,443  

2017 2nd Lien Term Loan, 8.00%, 09/06/24 - 03/08/25 (b)

      3,281,628             2,922,717  

Life Time Fitness, Inc. 2021 Term Loan B ,5.750%, 12/16/24 (b)

      1,167,941             1,173,056  
          

 

 

  
             18,822,667  
          

 

 

  

Entertainment Resources — 0.1%

     

Bulldog Purchaser, Inc., 2018 Term Loan, 3 mo. LIBOR + 3.75%, 3.92%, 09/05/25 (b)

      4,308,514             4,157,716  
          

 

 

  

Exploration & Production — 0.0%

     

Par Pacific Holdings, Inc. Term Loan B ,6.88%, 01/12/26 (b)

      1,714,704             1,701,844  
          

 

 

  

Financial Services — 0.1%

     

Astra Acquisition Corp. 2021 1st Lien Term Loan ,5.75%, 10/25/28 (b),(f)

      3,824,586             3,744,919  

Syncapay, Inc. Term Loan B ,7.50%, 12/10/27 (b)

      2,008,223             2,007,380  
          

 

 

  
             5,752,299  
          

 

 

  

Health Care Facilities & Services — 0.3%

     

ATI Holdings Acquisition, Inc., 2016 Term Loan, 3 mo. LIBOR + 3.50%, 4.50%,
05/10/23 (b),(f)

      6,087,366             5,846,062  

Quorum Health Corporation 2020 Term Loan ,8.75%, 04/29/25 (b)

      8,793,512             8,518,715  

Team Health Holdings, Inc., 1st Lien Term Loan, 1 mo. LIBOR + 2.75%, 3.75%, 02/06/24 (b)

      0             0  
          

 

 

  
             14,364,777  
          

 

 

  

Home Improvement — 0.1%

     

Apex Tool Group, LLC, 2019 Term Loan B, 1 mo. LIBOR + 5.50%, 6.75%, 08/01/24 (b),(f)

      1,344,756             1,317,229  

Stitch Acquisition Corporation Term Loan B ,7.50%, 07/28/28 (b)

      1,566,096             1,469,515  
          

 

 

  
             2,786,744  
          

 

 

  

Industrial Other — 0.2%

     

Infinite Bidco LLC 2nd Lien Term Loan ,7.50%, 03/02/29 (b),(d)

      1,544,345             1,546,276  

QualTek USA, LLC 2018 1st Lien Term Loan ,7.25%, 07/18/25 (b)

      10,066,817             9,894,875  
          

 

 

  
             11,441,151  
          

 

 

  

Machinery Manufacturing — 0.3%

     

Arcline FM Holdings, LLC 2021 2nd Lien Term Loan ,9.00%, 06/23/29 (b),(d)

      3,373,835             3,365,399  

Engineered Machinery Holdings, Inc.,

           

2021 USD 2nd Lien Incremental Term Loan, 7.25%, 05/21/29 (b),(d),(f)

      1,122,432             1,125,238  

2021 USD 2nd Lien Term Loan, 6.75%, 05/21/29 (b)

      11,545,028             11,540,180  
          

 

 

  
             16,030,817  
          

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

32

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

Pharmaceuticals — 0.2%

     

Mallinckrodt International Finance S.A.,

           

2018 Term Loan B, 6.25%, 02/24/25 (b)

    $ 1,798,443           $ 1,678,650  

USD Term Loan B, 6.00%, 09/24/24 (b)

      9,224,618             8,616,622  
          

 

 

  
             10,295,272  
          

 

 

  

Publishing & Broadcasting — 0.2%

     

A-L Parent LLC 2016 1st Lien Term Loan ,4.25%, 12/01/23 (b)

      8,404,895             7,938,255  
          

 

 

  

Real Estate — 0.0%

     

Geo Group, Inc. (The) 2018 Term Loan B ,2.75%, 03/22/24 (b)

      2,129,515             1,986,731  
          

 

 

  

Refining & Marketing — 0.2%

     

CITGO Holding, Inc. 2019 Term Loan B ,8.00%, 08/01/23 (b)

      3,970,109             3,908,573  

Citgo Petroleum Corporation 2019 Term Loan B ,7.25%, 03/28/24 (b)

      5,355,773             5,343,722  
          

 

 

  
             9,252,295  
          

 

 

  

Software & Services — 0.1%

     

Constant Contact, Inc. Second Lien Term Loan ,8.25%, 02/12/29 (b),(d)

      2,830,542             2,781,008  

DMT Solutions Global Corporation 2020 Incremental Term Loan ,8.00%, 07/02/24 (b),(d)

      4,081,020             3,978,994  

Project Ruby Ultimate Parent Corp., 2021 Term Loan, 1 mo. LIBOR + 3.25%, 4.00%, 03/03/28 (b)

      308,007             307,492  
          

 

 

  
             7,067,494  
          

 

 

  

Travel & Lodging — 0.2%

     

Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 1 mo. LIBOR + 3.00%, 3.50%, 08/02/28 (b)

      1,186,028             1,186,917  

Hornblower Sub, LLC,

           

2020 Repriced Term Loan B, 5.50%, 04/27/25 (b)

      10,580,060             9,945,257  

2020 Term Loan, 3 mo. LIBOR + 8.13%, 9.13%, 11/10/25 (b)

      55,012             57,007  

2020 Term Loan, 3 mo. LIBOR + 8.13%, 9.13%, 11/10/25 (b),(d)

      53,035             54,957  
          

 

 

  
             11,244,138  
          

 

 

  

Total North America

        140,570,640  
          

 

 

  

South America — 0.6%

     

Apparel & Textile Products — 0.1%

     

TenCate Grass Holding BV, EUR Term Loan, 3 mo. EURIBOR + 5.00%,
09/14/28 (b),(d),(f)

      5,237,731      EUR        5,866,254  
          

 

 

  

Consumer Discretionary Services — 0.1%

     

Infinity Bidco US LLC,

           

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

    $ 2,449,167             2,424,675  

Fixed Term Loan, 9.50%, 12/23/22 - 04/01/28 (b),(d)

      5,715,388             5,658,234  

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

      1,920,370      GBP        2,624,946  
          

 

 

  
             10,707,855  
          

 

 

  

Health Care — 0.1%

     

Gordian Medical, Inc. Term Loan B ,7.00%, 01/31/27 (b)

    $ 1,176,614             1,166,812  

New Millennium HoldCo, Inc.,

           

2020 Term Loan, 1 mo. LIBOR + 5.50%, 5.59%, 05/01/25 (b),(d)

      1,027,275             1,006,730  

2020 Term Loan, 1 mo. LIBOR + 5.50%, 5.59%, 05/01/25 (b)

      1,265,566             1,240,255  
          

 

 

  
             3,413,797  
          

 

 

  

Industrial Services — 0.1%

     

Latam Airlines Group S.A.,

           

PIK DIP Delayed Draw Term Loan A, 3 mo. LIBOR, 0.50%, 03/29/22 (b),(d)

      2,248,139             2,253,759  

PIK DIP Delayed Draw Term Loan C, 3 mo. LIBOR, 1.00%, 03/29/22 (b),(d)

      1,457,133             1,529,989  
          

 

 

  
             3,783,748  
          

 

 

  

Iron & Steel — 0.1%

           

Samarco Mineracao S.A., Fixed Rate Term Loan, 0.00%, 08/31/22 (b),(i),(j)

      11,623,127             5,927,795  
          

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

33

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

Media — 0.0%

     

LBI Media, Inc., Exit Term Loan, 3 mo. LIBOR + 7.50%, 8.50%, 10/15/24 (b),(d)

    $ 333,057           $ 101,249  
          

 

 

  

Software & Technology Services — 0.1%

     

Think & Learn Private Limited Term Loan B ,6.25%, 11/05/26 (b),(f)

      2,753,702             2,780,082  
          

 

 

  

Travel & Lodging — 0.0%

     

Hornblower Sub, LLC 2021 Incremental Term Loan ,9.13%, 04/27/25 -
11/10/25 (b),(d)

      1,110,886             1,151,156  
          

 

 

  

Total South America

        33,731,936  
          

 

 

  

TOTAL BANK DEBT
(COST $178,409,572)

        175,599,412  
          

 

 

  

CORPORATE BONDS & NOTES — 8.0%

 

Africa — 0.5%

     

Banks — 0.1%

     

Access Bank PLC, H15T5Y + 8.07%, 9.13%, 12/31/99 (b),(f),(k)

      3,296,000             3,224,147  
          

 

 

  

Chemicals — 0.1%

     

Sasol Financing USA LLC, 5.88%, 03/27/24 (b)

      6,960,000             7,262,760  
          

 

 

  

Utilities — 0.3%

     

Eskom Holdings SOC Ltd.,

           

6.75%, 08/06/23 (b),(e)

      6,383,000             6,548,461  

7.13%, 02/11/25 (b),(k)

      4,980,000             5,141,850  

8.45%, 08/10/28 (k)

      6,312,000             6,787,041  
          

 

 

  
             18,477,352  
          

 

 

  

Total Africa

        28,964,259  
          

 

 

  

Asia — 0.3%

     

Banks — 0.1%

     

Bangkok Bank PCL, H15T5Y + 2.15%, 3.47%, 09/23/36 (b),(e),(f)

      6,000,000             6,002,197  
          

 

 

  

Real Estate — 0.1%

     

China Evergrande Group,

           

8.75%, 06/28/25 (b),(k)

      853,000             127,950  

9.50%, 04/11/22 (b),(k)

      1,800,000             279,000  

10.00%, 04/11/23 (b),(k)

      400,000             60,000  

Scenery Journey Ltd.,

           

11.50%, 10/24/22 (b),(k)

      1,334,000             163,415  

12.00%, 10/24/23 (b),(k)

      400,000             49,000  

13.00%, 11/06/22 (b),(k)

      800,000             98,000  

Shimao Group Holdings Ltd., 5.20%, 01/30/25 (k)

      3,734,000             2,315,080  
          

 

 

  
             3,092,445  
          

 

 

  

Refining & Marketing — 0.0%

     

Thaioil Treasury Center Co., Ltd., MTN, 5.38%, 11/20/48 (b),(k)

      1,970,000             2,151,731  
          

 

 

  

Utilities — 0.1%

     

1MDB Energy Ltd., 5.99%, 05/11/22 (b),(k)

      4,500,000             4,545,855  
          

 

 

  

Total Asia

        15,792,228  
          

 

 

  

Europe — 0.9%

     

Automobiles Manufacturing — 0.3%

     

Aston Martin Capital Holdings Ltd. ,10.50%, 11/30/25 (b),(c),(e),(k)

      9,867,000             10,853,700  

Mclaren Finance plc, 7.50%, 08/01/26 (b),(c),(e)

      4,871,000             4,913,621  
          

 

 

  
             15,767,321  
          

 

 

  

Food & Beverage — 0.1%

     

Forno d'Asolo SpA, 3 mo. EURIBOR + 5.50%, 5.50%, 04/30/27 (b),(e),(f)

      3,404,000      EUR        3,720,434  
          

 

 

  

Oil & Gas Services & Equipment — 0.1%

     

Petrofac Ltd., 9.75%, 11/15/26 (e)

    $ 3,099,000             3,161,662  
          

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

34

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

Real Estate — 0.0%

     

Unique Pub Finance Co. plc (The), 7.40%, 03/28/24 (b),(k)

      71,647      GBP        101,062  
          

 

 

  

Restaurants — 0.3%

     

Stonegate Pub Co. Financing 2019 plc ,8.25%, 07/31/25 (b),(e),(k)

      11,373,000      GBP        15,601,742  
          

 

 

  

Transportation & Logistics — 0.1%

     

Heathrow Finance plc,

           

4.38%, 03/01/27 (b),(k)

      4,573,000      GBP        6,103,771  

4.63%, 09/01/29 (b),(k)

      1,483,000      GBP        1,974,194  
          

 

 

  
             8,077,965  
          

 

 

  

Total Europe

        46,430,186  
          

 

 

  

Middle East — 0.1%

     

Banks — 0.1%

     

Bank Hapoalim BM, H15T5Y + 2.16%, 3.26%, 01/21/32 (b),(e),(f),(k)

    $ 3,296,000             3,263,040  
          

 

 

  

Integrated Oils — 0.0%

     

OQ SAOC, 5.13%, 05/06/28 (e)

      725,000             736,817  
          

 

 

  

Utilities — 0.0%

     

Oryx Funding Ltd., 5.80%, 02/03/31 (e)

      917,000             969,328  
          

 

 

  

Total Middle East

        4,969,185  
          

 

 

  

North America — 5.3%

     

Consumer Finance — 0.3%

     

CURO Finance LLC, 7.50%, 08/01/28 (b),(e)

      2,712,000             2,725,560  

Curo Group Holdings Corp., 7.50%, 08/01/28 (b),(c),(e)

      7,102,000             7,145,180  

PHH Mortgage Corp., 7.88%, 03/15/26 (b),(c),(e)

      2,705,000             2,796,727  
          

 

 

  
             12,667,467  
          

 

 

  

Consumer Products — 0.1%

     

Kronos Acquisition Holdings, Inc., 7.00%, 12/31/27 (b),(c),(e)

      6,566,000             6,188,455  
          

 

 

  

Consumer Services — 0.3%

     

TKC Holdings, Inc.,

           

6.88%, 05/15/28 (b),(c),(e)

      6,519,000             6,649,380  

10.50%, 05/15/29 (b),(c),(e)

      8,128,000             8,778,240  
          

 

 

  
             15,427,620  
          

 

 

  

Containers & Packaging — 0.2%

     

LABL, Inc., 8.25%, 11/01/29 (b),(c),(e)

      743,000             747,124  

Mauser Packaging Solutions Holding Co., 7.25%, 04/15/25 (b),(c),(e)

      10,458,000             10,484,511  
          

 

 

  
             11,231,635  
          

 

 

  

Exploration & Production — 0.4%

     

Par Petroleum LLC/Par Petroleum Finance Corp.,

           

7.75%, 12/15/25 (b),(c),(e)

      14,235,000             14,377,350  

12.88%, 01/15/26 (b),(c),(e)

      438,000             485,085  

Tullow Oil plc, 10.25%, 05/15/26 (k)

      5,718,000             5,777,410  
          

 

 

  
             20,639,845  
          

 

 

  

Financial Services — 0.5%

     

Goldman Sachs International, MTN, 0.00%, 04/14/22 (e),(h),(l)

      417,500,000      EGP        25,761,946  

MF Global Holdings Ltd., 6.75%, 08/08/16 (b),(d),(j),(m)

    $ 436,000             119,900  
          

 

 

  
             25,881,846  
          

 

 

  

Food & Beverage — 0.0%

     

Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 8.50%,
12/15/22 (b),(c),(e)

      564,000             573,870  
          

 

 

  

Health Care Facilities & Services — 0.5%

     

Akumin Escrow, Inc., 7.50%, 08/01/28 (b),(c),(e)

      4,473,000             4,193,438  

Akumin, Inc., 7.00%, 11/01/25 (b),(c),(e)

      2,612,000             2,485,840  

 

See Notes to Consolidated Schedule of Investments.

 

35

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

BCPE Cycle Merger Sub II, Inc., 10.63%, 07/15/27 (b),(c),(e)

    $ 3,898,000           $ 3,956,470  

CAN Community Health, Inc., 8.50%, 03/01/28 (b),(c),(e)

      4,230,000             4,674,150  

Team Health Holdings, Inc., 6.38%, 02/01/25 (b),(c),(e)

      13,472,000             12,680,520  
          

 

 

  
             27,990,418  
          

 

 

  

Home Improvement — 0.1%

     

Werner FinCo LP / Werner FinCo, Inc., 8.75%, 07/15/25 (b),(c),(e)

      4,383,000             4,569,277  
          

 

 

  

Industrial Other — 0.3%

     

Brand Industrial Services, Inc., 8.50%, 07/15/25 (b),(c),(e)

      10,108,000             10,098,600  

IEA Energy Services LLC, 6.63%, 08/15/29 (b),(c),(e)

      4,854,000             4,794,538  
          

 

 

  
             14,893,138  
          

 

 

  

Integrated Oils — 0.6%

     

Petroleos Mexicanos,

           

5.95%, 01/28/31

      6,818,000             6,625,221  

6.63%, 06/15/35 (b)

      4,255,000             4,088,183  

6.70%, 02/16/32 (e)

      11,209,000             11,321,090  

6.75%, 09/21/47

      3,840,000             3,408,000  

6.95%, 01/28/60

      1,976,000             1,763,580  

7.69%, 01/23/50 (b)

      6,301,000             6,080,465  
          

 

 

  
             33,286,539  
          

 

 

  

Internet Media — 0.1%

     

Getty Images, Inc., 9.75%, 03/01/27 (b),(c),(e)

      3,162,000             3,349,348  
          

 

 

  

Machinery Manufacturing — 0.1%

           

Husky III Holding Ltd., PIK, 13.00%, 02/15/25 (b),(c),(e)

      5,930,000             6,226,500  
          

 

 

  

Manufactured Goods — 0.1%

     

FXI Holdings, Inc., 12.25%, 11/15/26 (b),(c),(e)

      4,730,000             5,315,574  
          

 

 

  

Oil & Gas Services & Equipment — 0.1%

     

CSI Compressco LP / CSI Compressco Finance, Inc., 7.50%, 04/01/25 (b),(c),(e)

      1,783,000             1,796,373  
          

 

 

  

Pharmaceuticals — 0.1%

           

Endo Luxembourg Finance Co. I Sarl / Endo US, Inc., 6.13%, 04/01/29 (b),(c),(e)

      7,198,000             7,054,040  
          

 

 

  

Pipeline — 0.4%

     

Martin Midstream Partners LP / Martin Midstream Finance Corp.,

           

10.00%, 02/29/24 (b),(c),(e)

      3,151,352             3,222,258  

11.50%, 02/28/25 (b),(c),(e)

      16,273,434             17,098,986  
          

 

 

  
             20,321,244  
          

 

 

  

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)

      4,055,237             4,298,551  
          

 

 

  

Publishing & Broadcasting — 0.0%

     

Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/29 (b),(c),(e)

      1,550,000             1,654,625  
          

 

 

  

Real Estate — 0.2%

     

EPR Properties, 3.75%, 08/15/29 (b),(c)

      2,523,000             2,546,362  

Kennedy-Wilson, Inc., 4.75%, 03/01/29 (b),(c)

      700,000             715,750  

Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 4.88%, 05/15/29 (b),(c),(e)

      112,000             114,520  

Service Properties Trust,

           

3.95%, 01/15/28 (b),(c)

      905,000             828,419  

4.38%, 02/15/30 (b),(c)

      5,946,000             5,470,320  

4.95%, 10/01/29 (b),(c)

      1,216,000             1,155,200  

5.50%, 12/15/27 (b),(c)

      134,000             137,522  

Shimao Group Holdings Ltd., 6.13%, 02/21/24 (k)

      1,817,000             1,164,697  

XHR LP, 4.88%, 06/01/29 (b),(c),(e)

      151,000             153,642  
          

 

 

  
             12,286,432  
          

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

36

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

Refining & Marketing — 0.1%

     

Citgo Holding, Inc., 9.25%, 08/01/24 (b),(c),(e)

    $ 4,688,000           $ 4,711,440  

CITGO Petroleum Corp., 6.38%, 06/15/26 (b),(c),(e)

      567,000             575,505  
          

 

 

  
             5,286,945  
          

 

 

  

Restaurants — 0.1%

     

GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 08/15/28 (b),(c),(e)

      5,230,000             4,744,447  
          

 

 

  

Travel & Lodging — 0.3%

     

Viking Cruises Ltd.,

           

5.88%, 09/15/27 (b),(c),(e)

      7,967,000             7,586,177  

6.25%, 05/15/25 (b),(c),(e)

      5,384,000             5,330,160  

7.00%, 02/15/29 (b),(c),(e)

      1,740,000             1,745,029  

13.00%, 05/15/25 (b),(c),(e)

      1,791,000             2,027,627  
          

 

 

  
             16,688,993  
          

 

 

  

Utilities — 0.3%

     

Ferrellgas LP / Ferrellgas Finance Corp.,

           

5.38%, 04/01/26 (b),(c),(e)

      4,523,000             4,364,695  

5.88%, 04/01/29 (b),(c),(e)

      4,925,000             4,728,000  

Pacific Gas and Electric Co., 3.15%, 01/01/26 (b)

      1,076             1,100  

Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/23 (b),(c),(e)

      5,985,000             5,970,037  
          

 

 

  
             15,063,832  
          

 

 

  

Wireline Telecommunications Services — 0.0%

     

Switch Ltd., 3.75%, 09/15/28 (b),(c),(e)

      790,000             795,925  
          

 

 

  

Total North America

        278,232,939  
          

 

 

  

South America — 0.9%

     

Airlines — 0.4%

     

Azul Investments LLP,

           

5.88%, 10/26/24 (b),(c),(e),(k)

      5,107,000             4,749,561  

7.25%, 06/15/26 (b),(c),(k)

      122,000             111,784  

Latam Finance Ltd.,

           

6.88%, 04/11/24 (b),(c),(e),(j),(k)

      3,602,000             3,426,439  

7.00%, 03/01/26 (b),(c),(e),(j),(k)

      10,023,000             9,546,907  
          

 

 

  
             17,834,691  
          

 

 

  

Integrated Oils — 0.4%

     

Petrobras Global Finance BV,

           

5.75%, 02/01/29 (b)

      9,338,000             10,050,022  

6.75%, 01/27/41 (b)

      6,320,000             6,849,300  

6.85%, 06/05/15 (b)

      4,598,000             4,563,515  
          

 

 

  
             21,462,837  
          

 

 

  

Metals & Mining — 0.0%

     

Samarco Mineracao SA, 4.13%, 11/01/22 (b),(c),(j),(k)

      1,600,000             944,000  
          

 

 

  

Refining & Marketing — 0.1%

     

MC Brazil Downstream Trading SARL, 7.25%, 06/30/31 (k)

      5,915,000             5,888,383  
          

 

 

  

Total South America

        46,129,911  
          

 

 

  

TOTAL CORPORATE BONDS & NOTES
(COST $420,481,966)

        420,518,708  
          

 

 

  

SOVEREIGN DEBT — 4.0%

 

Angolan Government International Bond,

           

9.38%, 05/08/48 (a),(k)

      17,270,000             16,874,172  

MTN, 8.00%, 11/26/29 (a),(k)

      5,319,000             5,237,938  

Argentine Republic Government International Bond, 1.13%, 07/09/35 (a)

      23,352,555             7,473,051  

Bahrain Government International Bond,

           

7.00%, 01/26/26 (a),(k)

      9,324,000             10,232,773  

 

See Notes to Consolidated Schedule of Investments.

 

37

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

MTN, 5.63%, 05/18/34 (a),(b),(k)

    $ 4,637,000           $ 4,393,558  

CBB International Sukuk Programme Co. WLL, 3.88%, 05/18/29 (e)

      5,652,000             5,510,700  

Colombia Government International Bond,

           

3.13%, 04/15/31 (a),(b)

      1,950,000             1,748,370  

5.00%, 06/15/45 (a),(b)

      1,950,000             1,759,875  

5.20%, 05/15/49 (a),(b)

      4,053,000             3,719,236  

Dominican Republic International Bond,

           

5.50%, 01/27/25 (a),(b),(k)

      7,515,000             8,123,790  

6.00%, 07/19/28 (a),(b),(k)

      5,000,000             5,581,250  

Ecuador Government International Bond, 1.00%, 07/31/35 (a),(k)

      3,019,363             1,981,457  

Egypt Government International Bond,

           

7.50%, 01/31/27 (a),(k),(l)

      4,424,000             4,600,818  

8.50%, 01/31/47 (a),(b),(k)

      5,270,000             4,663,739  

MTN, 7.50%, 02/16/61 (a),(b),(k)

      3,990,000             3,252,129  

MTN, 7.60%, 03/01/29 (a),(k)

      2,517,000             2,494,131  

French Republic Government Bond OAT, 0.10%, 03/01/29 (a),(b),(k)

      4,205,520      EUR        5,498,634  

Gabon Government International Bond, 6.95%, 06/16/25 (a),(b),(k)

    $ 6,763,000             7,016,072  

Ghana Government International Bond, 0.01%, 04/07/25 (e),(h)

      900,000             627,547  

Iraq International Bond ,5.80%, 01/15/28 (a),(b),(e),(k)

      15,365,187             14,676,827  

Ivory Coast Government International Bond, 6.13%, 06/15/33 (a),(b),(k)

      442,000             465,205  

Kingdom of Jordan,

           

4.95%, 07/07/25 (a),(e),(k)

      2,299,000             2,370,959  

5.85%, 07/07/30 (a),(e)

      1,404,000             1,418,223  

Lebanon Government International Bond, MTN, 6.38%, 03/09/20 (a),(b),(j)

      16,462,000             1,690,647  

Nigeria Government International Bond,

           

6.38%, 07/12/23 (a),(b),(e)

      1,704,000             1,758,255  

7.38%, 09/28/33 (a),(e)

      1,524,000             1,450,238  

7.63%, 11/21/25 (a),(k)

      6,135,000             6,530,585  

8.75%, 01/21/31 (a),(k)

      3,652,000             3,825,287  

MTN, 7.63%, 11/28/47 (a),(b),(k)

      5,582,000             4,985,619  

MTN, 8.25%, 09/28/51 (a),(b),(k)

      721,000             674,135  

Oman Government International Bond,

           

6.25%, 01/25/31 (a),(k)

      2,645,000             2,889,213  

6.75%, 01/17/48 (a),(k)

      1,360,000             1,381,896  

7.00%, 01/25/51 (a),(k)

      911,000             952,724  

Oman Sovereign Sukuk Co., 4.88%, 06/15/30 (a),(c),(e)

      718,000             762,875  

Pakistan Government International Bond, 8.25%, 04/15/24 (a),(b),(e)

      1,667,000             1,773,271  

Paraguay Government International Bond,

           

4.63%, 01/25/23 (a),(k)

      7,644,000             7,892,506  

4.95%, 04/28/31 (a),(k)

      800,000             898,000  

Philippine Government International Bond, 9.50%, 02/02/30 (a),(b)

      2,070,000             3,211,465  

Republic of Ghana ,7.75%, 04/07/29 (a),(e),(k)

      7,282,000             6,086,981  

Republic of Kenya Government International Bond, 6.88%, 06/24/24 (a),(b),(k)

      1,071,000             1,131,265  

Republic of South Africa Government Bond,

           

8.00%, 01/31/30 (a)

      43,585,155      ZAR        2,522,386  

8.25%, 03/31/32 (a)

      46,328,000      ZAR        2,622,371  

8.88%, 02/28/35 (a)

      4,715,038      ZAR        265,234  

10.50%, 12/21/26 (a)

      66,078,558      ZAR        4,586,369  

Republic of South Africa Government International Bond, 5.65%, 09/27/47 (a),(b)

    $ 9,077,000             8,695,766  

Republic of Sri Lanka, 6.35%, 06/28/24 (a),(b),(k)

      2,753,000             1,433,928  

Republic of Sri Lanka REG S, 6.85%, 11/03/25 (a),(b),(k)

      1,180,000             604,962  

Turkey Government International Bond, 6.38%, 10/14/25 (a),(l)

      2,141,000             2,086,464  

Ukraine Government International Bond,

           

1.26%, 05/31/40 (a),(f),(k)

      2,874,000             2,612,466  

6.88%, 05/21/29 (a),(e),(k)

      7,576,000             6,693,017  

7.38%, 09/25/32 (a),(k)

      3,015,000             2,684,134  

Uzbekneftegaz JSC, 4.75%, 11/16/28 (a),(b),(k)

      7,087,000             6,814,859  
          

 

 

  

TOTAL SOVEREIGN DEBT
(COST $208,042,587)

        209,237,372  
          

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

38

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

MORTGAGE-BACKED SECURITIES — 4.8%

 

Europe — 0.0%

     

Commercial Mortgage-Backed Securities — 0.0%

     

Magnolia Finance XI DAC,

 

Series 2018-2MGN, Class A, 3 mo. EURIBOR + 3.25%, 3.25%,
02/16/25 (b),(f),(k)

    $ 95,679      EUR      $ 105,390  

Series 2018-2MGN, Class B, 3 mo. EURIBOR + 4.75%, 4.75%,
02/16/25 (b),(f),(k)

      95,727      EUR        104,920  
          

 

 

  
             210,310  
          

 

 

  

Total Europe

        210,310  
          

 

 

  

North America — 4.8%

     

Collateralized Mortgage Obligation (Residential) — 1.1%

     

Alternative Loan Trust,

 

Series 2004-2CB, Class M, 5.77%, 03/25/34 (b),(c),(f)

    $ 498,940           $ 417,953  

Series 2004-4CB, Class M, 5.70%, 04/25/34 (b),(c),(f)

      262,185             229,560  

Series 2005-46CB, Class A9, 5.50%, 10/25/35 (b),(c)

      1,992,087             1,805,757  

Series 2006-29T1, Class 3A1, 6.50%, 10/25/36 (b)

      588,398             265,418  

Series 2006-H, Class 5A1, 1 mo. USD LIBOR + .36%, 0.46%, 10/20/36 (b),(c),(f)

      4,309,929             2,072,645  

Series 2006-OA12, Class A2, 1 mo. USD LIBOR + .21%, 0.31%,
09/20/46 (b),(c),(f)

      271,286             237,864  

Series 2006-OA12 SEQ, Class A1C, 1 mo. USD LIBOR + .28%, 0.38%,
09/20/46 (b),(f)

      332,828             248,734  

Series 2006-OA16, Class A4B, 1 mo. USD LIBOR + .50%, 0.60%,
10/25/46 (b),(c),(f)

      189,801             205,834  

Series 2006-OA17, Class 1A1D, 1 mo. USD LIBOR + .29%, 0.39%,
12/20/46 (b),(c),(f)

      315,417             263,966  

Series 2006-OA19, Class A1, 1 mo. USD LIBOR + .18%, 0.28%,
02/20/47 (b),(c),(f)

      444,375             351,502  

Series 2006-OA19, Class A4, 1 mo. USD LIBOR + .21%, 0.31%,
02/20/47 (b),(c),(f)

      426,372             341,619  

Series 2006-OA2, Class A1, 1 mo. USD LIBOR + .42%, 0.52%,
05/20/46 (b),(c),(f)

      701,677             642,817  

Series 2006-OA8, Class 2A4, 1 mo. USD LIBOR + .52%, 0.62%,
07/25/46 (b),(c),(f)

      331,874             244,821  

Series 2006-OA9, Class 2A1A, 1 mo. USD LIBOR + .21%, 0.31%,
07/20/46 (b),(c),(f)

      282,534             220,882  

Series 2007-5CB, Class 1A2, 6.00%, 04/25/37 (b)

      370,012             272,721  

Series 2007-OH2, Class A2B, 1 mo. USD LIBOR + .36%, 0.46%,
08/25/47 (b),(c),(f)

      230,059             242,153  

American Home Mortgage Investment Trust, Series 2005-2, Class 5A4C, 5.91%, 09/25/35 (b),(c)

      932,997             689,015  

Angel Oak Mortgage Trust, Series 2021-8, Class B1, 4.11%, 11/25/66 (b),(e),(f)

      109,000             108,304  

Banc of America Funding Trust, Series 2005-B, Class 3M2, 1 mo. USD LIBOR + 1.05%, 1.15%, 04/20/35 (b),(c),(f)

      1,531,157             1,417,112  

Barclays Mortgage Loan Trust, Series 2021-NQM1, Class B2, 5.43%,
09/25/51 (b),(e),(f)

      100,000             99,138  

Chase Mortgage Finance Trust, Series 2007-A1, Class 1M, 2.41%, 02/25/37 (b),(c),(f)

      257,017             218,427  

CHL Mortgage Pass-Through Trust, Series 2005-3, Class 1A4, 1 mo. USD LIBOR + .72%, 0.82%, 04/25/35 (b),(c),(f)

      672,715             596,081  

COLT Mortgage Loan Trust, Series 2021-HX1, Class B3A, 4.20%, 10/25/66 (b),(e),(f)

      100,000             100,000  

COLT Trust,

 

Series 2021-RPL1, Class B2, 4.81%, 09/25/61 (b),(c),(e),(f)

      446,000             417,757  

Series 2021-RPL1, Class B1, 4.81%, 09/25/61 (b),(e),(f)

      100,000             99,064  

CSMC,

 

Series 2021-NQM7, Class B1, 3.72%, 10/25/66 (b),(e),(f)

      100,000             98,497  

Series 2021-NQM8, Class B2, 4.26%, 10/25/66 (b),(e),(f)

      100,000             96,636  

Deephaven Residential Mortgage Trust, Series 2021-4, Class B2, 4.54%,
11/25/66 (b),(e),(f)

      100,000             98,097  

Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Class A2, 1 mo. USD LIBOR + .25%, 0.35%, 07/25/47 (b),(c),(f)

      224,193             207,142  

Eagle RE Ltd.,

 

Series 2019-1, Class M2, 1 mo. USD LIBOR + 3.30%, 3.40%,
04/25/29 (b),(c),(e),(f)

      8,674,000             8,752,673  

Series 2020-1, Class M2, 1 mo. USD LIBOR + 2.00%, 2.10%,
01/25/30 (b),(c),(e),(f)

      10,192,000             9,794,573  

Federal Home Loan Mortgage Corp.,

 

Series 2017-DNA2, Class M2AI, 2.50%, 10/25/29 (b),(c),(g)

      1,381,500             20,204  

Series 2017-DNA3, Class M2AI, 1.75%, 03/25/30 (b),(c),(g)

      1,910,473             16,719  

Series 2017-HQA1, Class M2AI, 2.50%, 08/25/29 (b),(c),(g)

      3,137,689             24,527  

Series 2017-HQA2, Class M2AI, 2.00%, 12/25/29 (b),(c),(g)

      6,836,832             49,711  

Series 2018-DNA1, Class M2AI, 1.25%, 07/25/30 (b),(c),(g)

      5,012,729             22,512  

Series 2018-HQA1, Class M2AI, 1.50%, 09/25/30 (b),(g)

      1,958,911             12,811  

Federal National Mortgage Association,

 

Series 2017-C01, Class 1X1, 2.30%, 07/25/29 (b),(c),(g)

      7,533,939             78,285  

Series 2017-C02, Class 2X3, 2.30%, 09/25/29 (b),(g)

      2,710,033             36,718  

Series 2017-C02, Class 2X4, 2.80%, 09/25/29 (b),(c),(g)

      2,553,179             45,459  

Series 2017-C04, Class 2X2, 1.75%, 11/25/29 (b),(c),(g)

      20,855,723             323,368  

 

See Notes to Consolidated Schedule of Investments.

 

39

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

Series 2017-C05, Class 1X3, 1.00%, 01/25/30 (b),(c),(g)

    $ 8,910,419           $ 54,122  

Series 2017-C06, Class 2X1, 1.80%, 02/25/30 (b),(c),(g)

      6,140,666             73,983  

Series 2017-C07, Class 1X3, 1.00%, 05/25/30 (b),(c),(g)

      2,448,847             17,624  

Series 2018-C03, Class 1X2, 1.30%, 10/25/30 (b),(c),(g)

      11,225,944             84,273  

Government National Mortgage Association, 4.50%, 10/20/49 (b)

      3,763,942             4,006,245  

HarborView Mortgage Loan Trust,

           

Series 2004-10, Class B1, 1 mo. USD LIBOR + .90%, 1.00%, 01/19/35 (b),(c),(f)

      281,836             232,534  

Series 2006-4, Class 1A1A, 1 mo. USD LIBOR + .36%, 0.46%, 05/19/46 (b),(c),(f)

      617,691             342,174  

Legacy Mortgage Asset Trust,

           

Series 2020-GS4, Class A2, 4.00%, 02/25/60 (b),(c),(e)

      1,000,000             997,590  

Series 2021-GS3, Class A2, 3.25%, 07/25/61 (b),(c),(e)

      556,000             549,287  

LHOME Mortgage Trust,

           

Series 2021-RTL1, Class M, 4.46%, 09/25/26 (b),(c),(e),(f)

      1,884,000             1,884,565  

Series 2021-RTL2, Class M, 4.61%, 06/25/26 (b),(c),(e)

      684,000             677,774  

Merrill Lynch Mortgage Investors Trust, Series 2005-A5, Class M1, 3.01%,
06/25/35 (b),(c),(f)

      669,579             640,008  

MFA Trust, Series 2021-INV2, Class B1, 4.39%, 11/25/56 (b),(e),(f)

      100,000             98,745  

Mortgage Insurance-Linked Notes,

           

Series 2019-1, Class M2, 1 mo. USD LIBOR + 2.90%, 3.00%, 11/26/29 (b),(c),(e),(f)

      4,218,986             4,213,409  

Series 2020-1, Class M2B, 1 mo. USD LIBOR + 2.25%, 2.35%,
01/25/30 (b),(c),(e),(f)

      1,425,000             1,359,922  

PMT Credit Risk Transfer Trust, Series 2019-2R, Class A, 1 mo. USD LIBOR + 2.75%, 2.85%, 05/27/23 (b),(c),(e),(f)

      2,492,200             2,451,859  

PRPM LLC,

           

Series 2021-6, Class A2, 3.47%, 07/25/26 (b),(e)

      100,000             98,475  

Series 2021-7, Class A2, 3.67%, 08/25/26 (b),(e)

      207,000             204,909  

Series 2021-8, Class A2, 3.60%, 09/25/26 (b),(e),(f)

      129,000             127,745  

Series 2021-9 SEQ, Class A2, 3.97%, 10/25/26 (b),(c),(e),(f)

      244,000             242,670  

STACR Trust,

           

Series 2018-DNA2, Class M2AI, 1.50%, 12/25/30 (b),(c),(e),(g)

      7,780,200             74,309  

Series 2018-HRP2, Class M3AI, 1.75%, 02/25/47 (b),(e),(g)

      1,358,000             17,693  

Series 2018-HRP2, Class B1, 1 mo. USD LIBOR + 4.20%, 4.30%,
02/25/47 (b),(c),(e),(f)

      1,198,000             1,269,880  

Starwood Mortgage Residential Trust,

           

Series 2021-6, Class B1, 3.94%, 11/25/66 (b),(e),(f)

      100,000             98,248  

Series 2021-6, Class B2, 3.94%, 11/25/66 (b),(e),(f)

      100,000             95,121  

Structured Asset Securities Corp Mortgage Pass-Through CTFS, Series 2003-26A, Class B1II, 2.39%, 09/25/33 (b),(f)

      297,443             238,787  

TRK Trust,

           

Series 2021-INV2, Class B2, 0.05%, 11/25/56 (b),(c),(e),(f)

      1,000,000             910,633  

Series 2021-INV2, Class B1, 4.10%, 11/25/56 (b),(e),(f)

      100,000             94,608  

WaMu Mortgage Pass-Through Certificates Series,

           

Series 2005-AR17, Class A1C4, 1 mo. USD LIBOR + .80%, 0.90%,
12/25/45 (b),(c),(f)

      264,913             226,228  

Series 2005-AR9, Class B1, 1 mo. USD LIBOR + .95%, 1.05%, 07/25/45 (b),(c),(f)

      242,758             230,574  

Series 2006-AR1, Class 2A1C, 12 mo. MTA + 1.07%, 1.15%, 01/25/46 (b),(c),(f)

      302,029             289,977  

WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR17, Class 1A, 12 mo. MTA + .82%, 0.90%, 12/25/46 (b),(c),(f)

      1,813,265             1,673,313  

Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2007-OA3, Class 2A, 12 mo. MTA + .75%, 0.83%, 02/25/47 (b),(c),(f)

      240,467             229,186  
          

 

 

  
             55,293,546  
          

 

 

  

Commercial Mortgage-Backed Securities — 3.2%

     

Arbor Multifamily Mortgage Securities Trust, Series 2021-MF3, Class E, 2.00%,
10/15/54 (b),(e)

      100,000             83,555  

Ashford Hospitality Trust, Series 2018-KEYS, Class D, 1 mo. USD LIBOR + 2.75%, 2.86%, 06/15/35 (b),(c),(e),(f)

      90,000             89,725  

BAMLL Commercial Mortgage Securities Trust,

           

Series 2019-BPR, Class EMP, 3.89%, 11/05/32 (b),(c),(e),(f)

      8,817,000             8,400,044  

Series 2019-BPR, Class FMP, 3.89%, 11/05/32 (b),(e),(f)

      4,408,000             4,029,816  

Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW18, Class B, 6.48%, 06/11/50 (c),(e),(f)

      6,394,786             6,232,998  

Benchmark Mortgage Trust, Series 2018-B7, Class D, 3.00%, 05/15/53 (b),(c),(e)

      290,000             259,203  

BHMS Mortgage Trust, Series 2018-ATLS, Class E, 1 mo. USD LIBOR + 3.00%, 3.11%, 07/15/35 (b),(c),(e),(f)

      2,067,000             2,054,110  

BX Commercial Mortgage Trust, Series 2020-VIVA, Class E, 3.55%,
03/11/44 (b),(c),(e),(f)

      1,000,000             959,611  

BX Trust, Series 2018-GW, Class F, 1 mo. USD LIBOR + 2.42%, 2.53%,
05/15/35 (b),(c),(e),(f)

      106,000             104,874  

 

See Notes to Consolidated Schedule of Investments.

 

40

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

CFCRE Commercial Mortgage Trust, Series 2017-C8, Class E, 3.22%, 06/15/50 (b),(c),(e)

    $ 3,158,000           $ 1,992,382  

Citigroup Commercial Mortgage Trust,

           

Series 2012-GC8, Class C, 4.88%, 09/10/45 (b),(c),(e),(f)

      112,000             111,594  

Series 2014-GC25, Class D, 3.55%, 10/10/47 (b),(c),(e)

      155,000             152,406  

Series 2015-GC29, Class D, 3.11%, 04/10/48 (b),(c),(e)

      1,000,000             961,508  

Series 2015-GC33, Class D, 3.17%, 09/10/58 (b)

      100,000             90,419  

Series 2016-C3, Class D, 3.00%, 11/15/49 (b),(c),(e)

      1,826,000             1,427,278  

Series 2016-GC37, Class D, 2.79%, 04/10/49 (b),(c),(e)

      100,000             90,516  

Series 2018-C6, Class D, 5.07%, 11/10/51 (b),(e),(f)

      100,000             104,378  

Series 2019-C7, Class E, 2.75%, 12/15/72 (b),(c),(e)

      697,000             601,523  

COMM Mortgage Trust,

           

Series 2014-CR14, Class D, 4.61%, 02/10/47 (b),(c),(e),(f)

      591,000             584,501  

Series 2014-CR18, Class D, 4.75%, 07/15/47 (b),(c),(e),(f)

      2,161,000             2,149,305  

Series 2014-CR21, Class E, 3.00%, 12/10/47 (c),(e)

      1,686,000             849,407  

Series 2015-CR27, Class E, 3.25%, 10/10/48 (b),(c),(e)

      1,439,000             1,209,189  

Series 2019-GC44, Class 180C, 3.40%, 08/15/57 (b),(c),(e),(f)

      334,000             314,957  

Series 2019-GC44, Class 180D, 3.40%, 08/15/57 (b),(c),(e),(f)

      227,000             202,250  

Commercial Mortgage Trust,

           

Series 2015-CR22, Class E, 3.00%, 03/10/48 (b),(c),(e)

      239,000             200,345  

Series 2015-CR23, Class E, 3.23%, 05/10/48 (b),(c),(e)

      4,794,000             4,018,321  

Series 2015-CR23, Class D, 4.29%, 05/10/48 (b),(c),(f)

      502,000             503,815  

Series 2015-CR25, Class D, 3.78%, 08/10/48 (b),(c),(f)

      479,000             439,366  

Series 2015-CR27, Class D, 3.45%, 10/10/48 (b),(c),(e),(f)

      3,065,000             2,937,873  

Series 2015-LC21, Class D, 4.33%, 07/10/48 (b),(c),(f)

      1,127,000             1,119,881  

Series 2016-CD1, Class D, 2.79%, 08/10/49 (b),(c),(e),(f)

      2,075,000             1,827,737  

CSAIL 2015-C4 Commercial Mortgage Trust, Series 2015-C4, Class E, 3.56%,
11/15/48 (b),(f)

      100,000             97,445  

CSAIL Commercial Mortgage Trust,

           

Series 2015-C2, Class D, 4.19%, 06/15/57 (b),(c),(f)

      843,000             664,098  

Series 2015-C3, Class D, 3.37%, 08/15/48 (b),(c),(f)

      3,139,000             1,838,622  

Series 2015-C4, Class F, 3.50%, 11/15/48 (b),(e),(f)

      5,568,000             4,911,499  

Series 2018-C14, Class D, 4.92%, 11/15/51 (b),(c),(e),(f)

      100,000             101,844  

Series 2018-CX11, Class D, 2.75%, 04/15/51 (b),(c),(e),(f)

      604,000             499,221  

Series 2019-C16, Class D, 3.00%, 06/15/52 (b),(c),(e)

      163,000             137,699  

Series 2019-C17, Class D, 2.50%, 09/15/52 (b),(c),(e)

      1,409,000             1,260,807  

DBWF Mortgage Trust, Series 2018-GLKS, Class F, 1 mo. USD LIBOR + 3.49%, 3.60%, 12/19/30 (b),(c),(e),(f)

      2,202,000             2,148,599  

Federal Home Loan Mortgage Corp., Series 2021-MN1, Class M2, SOFR30A + 3.75%, 3.80%, 01/25/51 (b),(c),(e),(f)

      102,000             102,756  

FHLMC, Series 2021-MN2, Class M2, SOFR30A + 3.35%, 3.40%, 07/25/41 (b),(e),(f)

      100,000             98,523  

Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class F, 3.96%, 12/10/36 (b),(c),(e),(f)

      1,104,000             1,085,559  

FREMF Mortgage Trust, Series 2017-KGX1, Class CFX, 3.59%, 10/25/27 (b),(c),(e),(f)

      1,000,000             956,988  

GS Mortgage Securities Corp.,

           

Series 2013-GC10, Class E, 4.40%, 02/10/46 (b),(c),(e),(f),(l)

      3,900,000             3,367,229  

Series 2018-GS10, Class E, 3.00%, 07/10/51 (b),(c),(e),(f)

      1,393,000             1,227,817  

GS Mortgage Securities Corp. Trust,

           

Series 2021-ROSS, Class F, 1 mo. USD LIBOR + 3.90%, 4.01%, 05/15/26 (b),(c),(e),(f)

      1,000,000             994,348  

Series 2021-ROSS, Class G, 1 mo. USD LIBOR + 4.65%, 4.76%, 05/15/26 (b),(c),(e),(f)

      1,000,000             1,002,599  

Series 2021-ROSS, Class H, 1 mo. USD LIBOR + 5.90%, 6.01%, 05/15/26 (b),(c),(e),(f)

      1,000,000             1,002,486  

GS Mortgage Securities Trust,

           

Series 2012-GCJ9, Class D, 4.74%, 11/10/45 (b),(e),(f)

      215,000             214,442  

Series 2014-GC20, Class D, 4.96%, 04/10/47 (b),(c),(e),(f)

      1,199,911             734,991  

Series 2014-GC20, Class C, 4.96%, 04/10/47 (b),(c),(f)

      1,874,000             1,827,354  

Series 2014-GC24, Class B, 4.51%, 09/10/47 (b),(c),(f)

      100,000             102,486  

Series 2014-GC24, Class C, 4.53%, 09/10/47 (b),(c),(f)

      303,000             263,216  

Series 2016-GS2, Class D, 2.75%, 05/10/49 (b),(c),(e)

      1,415,000             1,277,080  

Series 2016-GS4, Class D, 3.23%, 11/10/49 (b),(c),(e),(f)

      200,000             175,025  

Series 2017-GS8, Class D, 2.70%, 11/10/50 (b),(c),(e)

      1,593,000             1,483,760  

Series 2018-HULA, Class G, 1 mo. USD LIBOR + 3.40%, 3.51%, 07/15/25 (b),(c),(e),(f)

      923,050             917,829  

Hilton USA Trust,

           

Series 2016-HHV, Class E, 4.19%, 11/05/38 (b),(c),(e),(f)

      969,000             974,880  

Series 2016-HHV, Class F, 4.19%, 11/05/38 (b),(c),(e),(f)

      20,207,000             19,520,508  

IMT Trust, Series 2017-APTS, Class FFX, 3.50%, 06/15/34 (b),(c),(e),(f)

      625,000             618,647  

 

See Notes to Consolidated Schedule of Investments.

 

41

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

JP Morgan Chase Commercial Mortgage Securities Corp.,

           

Series 2019-MARG, Class F, 1 mo. USD LIBOR + 3.00%, 3.11%, 05/15/34 (b),(e),(f)

    $ 156,000           $ 154,757  

Series 2020-NNNZ SEQ, Class M, 8.54%, 01/16/37 (c),(e)

      1,698,153             1,576,809  

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class D, 3.45%, 08/15/49 (b),(c),(e),(f)

      100,000             87,614  

JPMBB Commercial Mortgage Securities Trust,

           

Series 2014-C23, Class D, 3.98%, 09/15/47 (b),(e),(f)

      100,000             98,683  

Series 2015-C28, Class D, 3.65%, 10/15/48 (b),(c),(e),(f)

      2,537,000             2,247,477  

Series 2015-C29, Class D, 3.70%, 05/15/48 (b),(c),(f)

      112,000             93,271  

Series 2015-C30, Class D, 3.76%, 07/15/48 (b),(c),(f)

      4,360,000             4,099,320  

Series 2015-C31, Class E, 4.62%, 08/15/48 (b),(c),(e),(f)

      1,093,000             751,056  

Series 2016-C1, Class E, 4.73%, 03/15/49 (b),(c),(e),(f)

      3,126,000             2,773,603  

KKR Industrial Portfolio Trust, Series 2021-KDIP, Class G, 1 mo. USD LIBOR + 3.75%, 3.86%, 12/15/37 (b),(c),(e),(f)

      750,000             752,235  

LSTAR Commercial Mortgage Trust,

           

Series 2015-3, Class E, 3.17%, 04/20/48 (b),(e),(f)

      121,000             114,119  

Series 2017-5, Class D, 4.87%, 03/10/50 (b),(c),(e),(f)

      1,125,000             1,056,984  

Series 2017-5, Class C, 4.87%, 03/10/50 (b),(c),(e),(f)

      967,000             964,028  

LUXE Trust,

           

Series 2021-TRIP, Class F, 1 mo. USD LIBOR + 3.25%, 3.36%, 10/15/38 (b),(c),(e),(f)

      1,000,000             999,988  

Series 2021-TRIP, Class G, 1 mo. USD LIBOR + 4.25%, 4.36%, 10/15/38 (b),(c),(e),(f)

      1,114,000             1,113,987  

MBRT, Series 2019-MBR, Class G, 1 mo. USD LIBOR + 3.15%, 3.26%,
11/15/36 (b),(c),(e),(f)

      1,000,000             993,099  

Morgan Stanley Bank of America Merrill Lynch Trust,

           

Series 2014-C17, Class D, 4.73%, 08/15/47 (b),(e),(f)

      100,000             98,284  

Series 2015-C20, Class D, 3.07%, 02/15/48 (b),(c),(e)

      393,000             377,533  

Series 2015-C21, Class D, 4.13%, 03/15/48 (b),(c),(e),(f)

      3,575,000             2,592,111  

Series 2015-C22, Class D, 4.21%, 04/15/48 (b),(c),(e),(f)

      870,000             728,011  

Series 2016-C29, Class D, 3.00%, 05/15/49 (b),(c),(e)

      2,517,000             1,876,663  

Series 2016-C30, Class D, 3.00%, 09/15/49 (b),(c),(e),(f)

      1,323,000             994,757  

Series 2016-C31, Class D, 3.00%, 11/15/49 (b),(c),(e),(f)

      2,354,000             1,973,182  

Series 2016-C32, Class D, 3.40%, 12/15/49 (b),(c),(e),(f)

      991,000             787,764  

Morgan Stanley Capital I Trust,

           

Series 2016-UB11, Class E, 2.63%, 08/15/49 (b),(c),(e),(f)

      3,200,500             1,826,020  

Series 2016-UB12, Class D, 3.31%, 12/15/49 (b),(c),(e)

      1,761,000             1,024,793  

Series 2018-SUN, Class F, 1 mo. USD LIBOR + 2.55%, 2.66%, 07/15/35 (b),(c),(e),(f)

      1,000,000             988,125  

Natixis Commercial Mortgage Securities Trust,

           

Series 2018-RIVA, Class D, 1 mo. USD LIBOR + 2.05%, 2.16%, 02/15/33 (b),(c),(e),(f)

      250,000             240,639  

Series 2019-MILE, Class D, 1 mo. USD LIBOR + 2.75%, 2.86%, 07/15/36 (b),(c),(e),(f)

      102,000             102,006  

Series 2019-MILE, Class E, 1 mo. USD LIBOR + 3.50%, 3.61%, 07/15/36 (b),(c),(e),(f)

      124,000             123,479  

New Orleans Hotel Trust, Series 2019-HNLA, Class E, 1 mo. USD LIBOR + 2.69%, 2.80%, 04/15/32 (b),(c),(e),(f)

      1,301,000             1,250,983  

Prima Capital CRE Securitization Ltd.,

           

Series 2019-1S, Class C, 5.50%, 10/01/33 (b),(c),(e)

      1,000,000             1,059,806  

Series 2019-RK1, Class BD, 3.50%, 04/15/38 (b),(c),(e)

      100,000             100,162  

Series 2019-RK1, Class DD, 3.50%, 04/15/38 (b),(c),(e)

      1,648,000             1,638,273  

Series 2019-RK1, Class CG, 4.00%, 04/15/38 (b),(c),(e)

      339,000             324,207  

Series 2019-RK1, Class BT, 4.45%, 04/15/38 (b),(c),(e)

      1,173,000             1,144,606  

Series 2019-RK1, Class CT, 4.45%, 04/15/38 (b),(c),(e)

      121,000             115,290  

ReadyCap Commercial Mortgage Trust,

           

Series 2019-6, Class C, 4.13%, 10/25/52 (b),(c),(e),(f)

      1,691,000             1,739,244  

Series 2019-6, Class D, 4.75%, 10/25/52 (b),(c),(e),(f)

      227,000             226,816  

SG Commercial Mortgage Securities Trust,

           

Series 2016-C5, Class D, 4.82%, 10/10/48 (b),(c),(e),(f)

      295,000             251,941  

Series 2019-PREZ, Class E, 3.48%, 09/15/39 (b),(c),(e),(f)

      1,720,000             1,663,443  

SREIT Trust, Series 2021-IND, Class G, 1 mo. USD LIBOR + 3.27%, 3.38%,
10/15/38 (b),(c),(e),(f)

      1,000,000             989,667  

STWD Mortgage Trust, Series 2021-LIH SEQ, Class G, 1 mo. USD LIBOR + 4.20%, 4.31%, 11/15/36 (b),(c),(e),(f)

      1,000,000             995,595  

TPGI Trust,

           

Series 2021-DGWD, Class F, 1 mo. USD LIBOR + 3.00%, 3.11%,
06/15/26 (b),(c),(e),(f)

      1,037,000             1,029,346  

Series 2021-DGWD, Class G, 1 mo. USD LIBOR + 3.85%, 3.96%,
06/15/26 (b),(c),(e),(f)

      1,000,000             999,946  

 

See Notes to Consolidated Schedule of Investments.

 

42

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		             Value  

UBS Commercial Mortgage Trust,

           

Series 2018-C11, Class D, 3.00%, 06/15/51 (b),(c),(e),(f)

    $ 168,000           $ 143,417  

Series 2018-C9, Class D, 4.88%, 03/15/51 (b),(c),(e),(f)

      331,000             330,034  

Series 2019-C17, Class D, 2.50%, 10/15/52 (b),(e)

      103,000             89,714  

Wells Fargo Commercial Mortgage Trust,

           

Series 2014-LC18, Class D, 3.96%, 12/15/47 (b),(c),(e),(f)

      992,000             913,140  

Series 2015-C26, Class D, 3.59%, 02/15/48 (b),(c),(e)

      4,590,000             4,451,988  

Series 2015-C27, Class D, 3.77%, 02/15/48 (b),(c),(e)

      5,146,000             3,805,518  

Series 2015-C31, Class D, 3.85%, 11/15/48 (b),(c)

      2,058,000             1,914,835  

Series 2015-NXS4, Class D, 3.69%, 12/15/48 (b),(f)

      100,000             99,355  

Series 2016-C32, Class D, 3.79%, 01/15/59 (b),(c),(e),(f)

      465,000             447,676  

Series 2016-LC24, Class D, 3.21%, 10/15/49 (b),(c),(e)

      4,253,000             3,894,094  

Series 2016-NXS5, Class E, 4.98%, 01/15/59 (b),(e),(f)

      100,000             100,099  

Series 2019-JWDR, Class D, 3.33%, 09/15/31 (b),(c),(e),(f)

      100,000             95,979  

Series 2019-JWDR, Class E, 3.86%, 09/15/31 (b),(c),(e),(f)

      1,983,000             1,888,062  

Series 2019-JWDR, Class F, 4.56%, 09/15/31 (b),(c),(e),(f)

      2,300,000             2,157,313  

Series 2019-JWDR, Class G, 5.38%, 09/15/31 (b),(c),(e),(f)

      2,074,000             1,975,141  

WFRBS Commercial Mortgage Trust,

           

Series 2014-C19, Class D, 4.23%, 03/15/47 (b),(c),(e)

      379,000             372,973  

Series 2014-C22, Class D, 3.90%, 09/15/57 (b),(c),(e),(f)

      4,703,000             4,422,847  

Worldwide Plaza Trust, Series 2017-WWP, Class F, 3.60%, 11/10/36 (b),(c),(e),(f)

      129,000             113,205  
          

 

 

  
             166,066,356  
          

 

 

  

Interest Only Commercial Mortgage-Backed Securities — 0.5%

           

CFK Trust, Series 2020-MF2, Class X, 0.77%, 03/15/39 (b),(e),(f),(g)

      19,612,000             736,803  

Citigroup Commercial Mortgage Trust,

           

Series 2019-C7, Class XD, 1.20%, 12/15/72 (b),(c),(e),(f),(g)

      5,347,000             461,553  

Series 2019-GC43, Class XD, 0.62%, 11/10/52 (b),(c),(e),(f),(g)

      5,918,000             267,198  

Commercial Mortgage Trust, Series 2014-UBS4, Class XA, 1.09%,
08/10/47 (b),(c),(f),(g)

      15,912,461             348,849  

CSAIL Commercial Mortgage Trust,

           

Series 2015-C2, Class XA, 0.74%, 06/15/57 (b),(c),(f),(g)

      36,089,183             725,898  

Series 2015-C3, Class XA, 0.70%, 08/15/48 (b),(c),(f),(g)

      94,889,582             1,892,003  

Series 2019-C18, Class XD, 1.45%, 12/15/52 (b),(c),(e),(f),(g)

      4,452,333             446,262  

DC Office Trust, Series 2019-MTC, Class X, 0.11%, 09/15/45 (b),(c),(e),(f),(g)

      64,579,000             624,802  

Federal Home Loan Mortgage Corp.,

           

Series K-1514, Class X3, 2.77%, 10/25/34 (b),(c),(f),(g)

      13,043,739             3,540,084  

Series K049, Class X3, 1.55%, 10/25/43 (b),(c),(f),(g)

      2,177,000             107,494  

Series K061, Class X1, 0.17%, 11/25/26 (b),(c),(f),(g)

      17,361,301             142,988  

Series K071, Class X1, 0.29%, 11/25/27 (b),(c),(f),(g)

      88,634,503             1,330,758  

Series K095, Class X3, 2.10%, 08/25/47 (b),(c),(f),(g)

      9,297,000             1,262,867  

Series K154, Class X1, 0.30%, 11/25/32 (b),(c),(f),(g)

      32,006,906             802,285  

Series K725, Class X1, 0.69%, 01/25/24 (b),(c),(f),(g)

      135,220,607             1,598,984  

Series KLU1, Class X3, 3.97%, 01/25/31 (b),(c),(f),(g)

      24,752,905             3,780,883  

Series KLU2, Class X1, 1.04%, 08/25/29 (b),(c),(f),(g)

      56,648,815             3,157,548  

Series KLU2, Class X3, 3.98%, 08/25/29 (b),(c),(f),(g)

      8,413,698             1,728,367  

Series KS11, Class XFX, 1.60%, 06/25/29 (b),(c),(f),(g)

      25,265,000             2,399,038  

Series KW10, Class X3, 2.72%, 10/25/32 (b),(c),(f),(g)

      5,935,000             1,072,461  

Federal National Mortgage Association,

           

Series 2017-C03, Class 1X2, 1.80%, 10/25/29 (b),(c),(g)

      10,635,405             117,298  

Series 2018-C01, Class 1X2, 1.40%, 07/25/30 (b),(c),(g)

      27,177,327             172,685  

GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class XCP, 0.93%, 12/15/36 (b),(e),(f),(g)

      15,243,000             152  

GS Mortgage Securities Trust, Series 2019-GC40, Class XD, 1.16%,
07/10/52 (b),(c),(e),(f),(g)

      2,219,000             182,082  

JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6, Class XD, 1.43%, 11/13/52 (b),(c),(e),(f),(g)

      4,231,000             413,453  

MFT Trust, Series 2020-ABC, Class XA, 0.12%, 02/10/42 (b),(c),(e),(f),(g)

      20,401,000             225,084  

Point Securitization Trust, Series 2021-1, Class A2, 5.56%, 02/25/52 (b),(c),(e),(f),(g)

      1,000,000             990,857  

 

See Notes to Consolidated Schedule of Investments.

 

43

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Principal
Amount		               Value  

STACR Trust, Series 2018-DNA3, Class M2AI, 1.50%, 09/25/48 (b),(c),(e),(g)

    $ 7,351,600           $ 62,327  
          

 

 

  
             28,591,063  
          

 

 

  

Total North America

              249,950,965  
          

 

 

  

TOTAL MORTGAGE-BACKED SECURITIES
(COST $251,298,693)

              250,161,275  
          

 

 

  

U.S. GOVERNMENT SPONSORED AGENCY SECURITIES — 0.2%

           

North America — 0.1%

           

Inverse Interest Only Collateralized Mortgage Obligations — 0.2%

           

Government National Mortgage Association,

           

Series 2015-151, Class SC, 1 mo. USD LIBOR + 6.15%, 6.05%,
10/20/45 (b),(f),(g)

      4,022,647             785,567  

Series 2015-161, Class AS, 1 mo. USD LIBOR + 6.20%, 6.10%,
11/20/45 (b),(f),(g)

      4,694,699             943,132  

Series 2017-114, Class SP, 1 mo. USD LIBOR + 6.20%, 6.10%, 07/20/47 (b),(f),(g)

      3,352,292             589,491  

Series 2017-117, Class SA, 1 mo. USD LIBOR + 6.20%, 6.10%,
08/20/47 (b),(f),(g)

      4,602,254             957,858  

Series 2017-156, Class SB, 1 mo. USD LIBOR + 6.20%, 6.10%,
10/20/47 (b),(f),(g)

      4,390,364             857,882  

Series 2017-56, Class AS, 1 mo. USD LIBOR + 6.15%, 6.05%, 04/20/47 (b),(f),(g)

      3,822,320             722,250  

Series 2017-73, Class SM, 1 mo. USD LIBOR + 6.20%, 6.10%, 05/20/47 (b),(f),(g)

      3,832,299             774,994  

Series 2018-48, Class SA, 1 mo. USD LIBOR + 6.20%, 6.10%, 04/20/48 (b),(f),(g)

      5,601,630             1,146,435  

Series 2018-65, Class PS, 1 mo. USD LIBOR + 6.15%, 6.05%, 05/20/48 (b),(f),(g)

      3,382,648             545,885  

Series 2018-93, Class SA, 1 mo. USD LIBOR + 6.20%, 6.10%, 07/20/48 (b),(f),(g)

      2,806,274             439,833  
          

 

 

  
             7,763,327  
          

 

 

  

Total North America

              7,763,327  
          

 

 

  

TOTAL U.S. GOVERNMENT SPONSORED AGENCY SECURITIES
(COST $7,771,906)

              7,763,327  
          

 

 

  

MUNICIPALS — 0.6%

           

North America — 0.6%

           

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

      14,986,300             300,787  

Puerto Rico,

           

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

      5,505,000             4,947,619  

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

      3,740,000             3,520,275  

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

      24,010,000             21,308,875  
          

 

 

  

Total North America

              30,077,556  
          

 

 

  

TOTAL MUNICIPALS
(COST $17,451,125)

              30,077,556  
          

 

 

  

U.S. TREASURY NOTES — 4.9%

           

North America — 4.9%

           

U.S. Treasury Notes,

           

0.25%, 05/15/24 - 06/15/24 (a)

      100,000,000             98,582,031  

0.38%, 04/15/24 - 09/15/24 (a)

      110,480,000             109,151,173  

0.63%, 10/15/24 (a)

      50,000,000             49,593,750  
          

 

 

  

Total North America

              257,326,954  
          

 

 

  

TOTAL U.S. TREASURY NOTES
(COST $259,639,754)

              257,326,954  
          

 

 

  

Security Description

    Shares               Value  

EXCHANGE-TRADED FUNDS — 0.1%

           

Invesco Emerging Markets Sovereign Debt ETF (b)

      4,662             122,844  

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

      100,850             3,590,260  

Vanguard Emerging Markets Government Bond ETF (b)

      1,375             106,782  

Vanguard Real Estate ETF (b),(c)

      21,412             2,484,006  
          

 

 

  

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

              6,303,892  
          

 

 

  

WARRANTS — 0.1%

           

7GC & Co. Holdings, Inc., A Shares (a),(b),(c)

      218,469             133,310  

 

See Notes to Consolidated Schedule of Investments.

 

44

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares               Value  

Adit EdTech Acquisition Corp. (a),(b)

      101,682           $ 68,127  

Alpha Capital Acquisition Co., A Shares (a),(b),(c)

      139,208             119,287  

Apollo Strategic Growth Capital, Class A (a),(b)

      90,000             85,500  

Athlon Acquisition Corp. (a),(b),(c)

      232,500             139,477  

Austerlitz Acquisition Corp. II, A Shares (a),(b),(c)

      116,250             113,693  

Authentic Equity Acquisition Corp. (a),(b),(c)

      275,000             148,390  

Biotech Acquisition Co., A Shares (a),(b),(c)

      232,500             151,125  

Broadscale Acquisition Corp., A Shares (a),(b)

      116,250             109,275  

Capstar Special Purpose Acquisition Corp. (a),(b),(c)

      224,213             141,254  

CC Neuberger Principal Holdings II, A Shares (a),(b),(c)

      130,450             177,412  

CF Acquisition Corp. (a),(b)

      155,000             113,150  

CHP Merger Corp., Class A (a),(b),(c)

      291,000             139,680  

Churchill Capital Corp., A Shares (a),(b)

      59,372             60,856  

Compute Health Acquisition Corp., A Shares (a),(b),(c)

      116,250             102,684  

Corner Growth Acquisition Corp., A Shares (a),(b)

      125,000             81,250  

Decarbonization Plus Acquisition Corp., A Shares (a),(b)

      167,200             157,168  

E.Merge Technology Acquisition Corp. (a),(b),(c)

      213,333             119,466  

ECP Environmental Growth Opportunities Corp. (a),(b),(c)

      50,442             33,796  

Executive Network Partnering Corp. (a),(b),(c)

      116,250             78,945  

Founder SPAC, A Shares (a),(b)

      365,398             277,739  

Global Synergy Acquisition Corp. (a),(b),(c)

      254,650             127,096  

GO Acquisition Corp. (a),(b),(c)

      188,000             124,080  

HIG Acquisition Corp., A Shares (a),(b),(c)

      155,000             108,500  

Hudson Executive Investment Corp. (a),(b),(c)

      126,112             84,508  

Isleworth Healthcare Acquisition Corp. (a),(b),(c)

      111,042             55,232  

Jaws Mustang Acquisition Corp., C Shares (a),(b),(c)

      132,975             136,951  

KKR Acquisition Holdings I Corp., A Shares (a),(b)

      116,250             116,087  

Landcadia Holdings IV, Inc. (a),(b)

      116,250             119,738  

Lazard Growth Acquisition Corp., A Shares (a),(b)

      90,000             78,741  

Marlin Technology Corp. (a),(b),(c)

      206,666             142,579  

Mason Industrial Technology, Inc., A Shares (a),(b)

      155,000             102,269  

McLaren Racing Ltd. (b),(d)

      22,935             270,794  

Moringa Acquisition Corp. (a),(b),(c)

      150,000             83,985  

NightDragon Acquisition Corp. (a),(b)

      93,000             83,700  

Noble Rock Acquisition Corp., A Shares (a),(b),(c)

      200,000             106,840  

North Mountain Merger Corp. (a),(b),(c)

      232,500             181,815  

Northern Genesis Acquisition Corp. (a),(b),(c)

      116,250             103,463  

OCA Acquisition Corp., A Shares (a),(b),(c)

      233,750             112,200  

One Equity Partners Open Water I Corp., A Shares (a),(b)

      143,400             87,460  

Pathfinder Acquisition Corp., A Shares (a),(b),(c)

      71,165             42,685  

Periphas Capital Partnering Corp., A Shares (a),(b)

      46,507             75,806  

Pontem Corp., A Shares (a),(b)

      155,000             137,903  

Powered Brands, A Shares (a),(b),(c)

      155,000             91,140  

Revolution Healthcare Acquisition Corp. (a),(b)

      93,000             69,750  

Science Strategic Acquisition Corp. Alpha (a),(b)

      155,000             83,700  

ScION Tech Growth, A Shares (a),(b),(c)

      155,000             88,412  

Senior Connect Acquisition Corp., A Shares (a),(b),(c)

      155,000             81,375  

Tekkorp Digital Acquisition Corp. (a),(b),(c)

      211,500             137,475  

Trepont Acquisition Corp. I (a),(b),(c)

      232,500             132,385  

TZP Strategies Acquisition Corp., A Shares (a),(b)

      149,166             74,240  

Virgin Group Acquisition Corp., A Shares (a),(b)

      58,879             49,458  
          

 

 

  

TOTAL WARRANTS
(COST $7,203,976)

              5,841,951  
          

 

 

  

INVESTMENTS IN INVESTEE FUNDS — 11.9%

           

North America — 11.9%

           

Aeolus Property Catastrophe Keystone PF Fund LP
(cost $ 35,000,000) (a),(n)

      4             53,571,316  

Asgard Fixed Income Risk Premia Fund
(cost $ 250,000,000) (a),(n)

      250,000             240,267,312  

Atreides Co. Series K DIs – SpaceX (Common)
(cost $ 1,762,684) (a),(n)

      1             1,761,162  

Atreides Foundation Fund Ltd.
(cost $ 100,000,000) (a),(n)

      1             83,553,289  

Islet Offshore Fund Ltd.
(cost $ 167,000,000) (a),(n)

      1             141,181,800  

Islet Onshore Fund LP
(cost $ 23,000,000) (a),(n)

      1             19,519,213  

 

See Notes to Consolidated Schedule of Investments.

 

45

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Security Description

    Shares               Value  

PIMCO ILS Fund SP II (cost $ 29,451,497) (a),(n)

      3           $ 26,408,750  

Rokos Global Macro Fund Ltd., Class S
(cost $ 77,000,000) (a),(n)

      1             60,823,700  
          

 

 

  

Total North America

              627,086,542  
          

 

 

  

TOTAL INVESTMENTS IN INVESTEE FUNDS
(COST $704,558,477)

              627,086,542  
          

 

 

  

TOTAL LONG-TERM INVESTMENTS
(COST $3,190,336,474)

              3,116,361,380  
          

 

 

  

Security Description

    Contracts               Value  

COMMODITIES — 8.5%

           

California Carbon Allowance Vintage Specific 2017 (a),(b)

      1,640,876             53,213,609  

California Carbon Allowance Vintage Specific 2020 (a),(b)

      7,943,124             257,595,511  

California Carbon Allowance Vintage Specific 2022 (a),(b)

      1,161,000             37,651,230  

California Carbon Allowance Vintage Specific 2023 (a),(b)

      525,000             17,414,250  

California Carbon Allowance Vintage Specific 2024 (a),(b)

      2,482,000             83,196,640  
          

 

 

  

TOTAL COMMODITIES
(COST $333,706,927)

              449,071,240  
          

 

 

  

 

   

Strike

    

Expiration
Date

    

Contracts

    

Notional
Amount

    

Premium
Paid

    

Market
Value

    

Unrealized
Appreciation
(Depreciation)

  

PURCHASED OPTIONS — 1.4%

 

Exchange-Traded Call Options — 1.3%

 

CRUDE OIL FUT OPT DEC22

     98.00 USD       11/16/22       13,499       942,635,170     $     7,025,129     $     28,077,920     $     21,052,791  

CRUDE OIL FUT OPT DEC22

     80.00 USD       11/16/22       300       20,949,000       435,456       1,698,000       1,262,544  

CRUDE OIL FUT OPT DEC23

     90.00 USD       11/15/23       509       33,029,010       2,310,424       1,898,570       (411,854 ) 

CRUDE OIL FUT OPT FEB22

     79.00 USD       01/14/22       129       9,702,090       322,696       90,300       (232,396 ) 

CRUDE OIL FUT OPT FEB22

     110.00 USD       01/26/22       300       22,563,000       105,081       6,000       (99,081 ) 

CRUDE OIL FUT OPT FEB22

     125.00 USD       01/26/22       600       45,126,000       78,162       6,000       (72,162 ) 

NAT GAS EURO OPT APR22

     5.00 USD       03/28/22       183       6,417,810       147,779       73,383       (74,396 ) 

NAT GAS EURO OPT APR22

     3.00 USD       03/28/22       57       1,998,990       62,852       336,984       274,132  

NAT GAS EURO OPT APR22

     2.50 USD       03/28/22       307       10,766,490       977,175       3,142,452       2,165,277  

NAT GAS EURO OPT APR23

     4.00 USD       03/28/23       21       652,890       16,856       35,910       19,054  

NAT GAS EURO OPT APR23

     3.50 USD       03/28/23       87       2,704,830       304,732       252,474       (52,258 ) 

NAT GAS EURO OPT APR24

     3.50 USD       03/25/24       225       6,421,500       276,226       641,250       365,024  

NAT GAS EURO OPT AUG22

     5.00 USD       07/26/22       183       177,693       147,779       177,693       29,914  

NAT GAS EURO OPT AUG22

     3.00 USD       07/26/22       75       2,742,750       82,700       590,100       507,400  

NAT GAS EURO OPT AUG23

     4.00 USD       07/26/23       21       659,820       16,856       33,285       16,429  

NAT GAS EURO OPT AUG23

     3.50 USD       07/26/23       87       2,733,540       304,732       242,382       (62,350 ) 

NAT GAS EURO OPT AUG24

     3.50 USD       07/26/24       225       6,732,000       276,226       572,625       296,399  

NAT GAS EURO OPT DEC23

     4.00 USD       11/27/23       21       737,730       16,856       93,681       76,825  

NAT GAS EURO OPT FEB22

     3.00 USD       01/26/22       43       1,603,900       175,985       323,317       147,332  

NAT GAS EURO OPT FEB22

     3.25 USD       01/26/22       354       13,204,200       1,386,195       1,903,104       516,909  

NAT GAS EURO OPT FEB22

     8.00 USD       01/26/22       343       42,875       2,625,756       20,237       (2,605,519 ) 

NAT GAS EURO OPT FEB22

     4.00 USD       01/26/22       299       11,152,700       457,559       460,759       3,200  

NAT GAS EURO OPT FEB23

     4.00 USD       01/26/23       21       835,800       16,856       155,736       138,880  

NAT GAS EURO OPT JAN23

     4.00 USD       12/27/22       21       858,900       16,856       152,964       136,108  

NAT GAS EURO OPT JUL22

     5.00 USD       06/27/22       183       6,657,540       147,779       144,387       (3,392 ) 

NAT GAS EURO OPT JUL22

     3.00 USD       06/27/22       75       2,728,500       82,700       566,175       483,475  

NAT GAS EURO OPT JUL23

     4.00 USD       06/27/23       21       656,250       16,856       31,059       14,203  

NAT GAS EURO OPT JUL23

     3.50 USD       06/27/23       87       2,718,750       304,732       230,115       (74,617 ) 

NAT GAS EURO OPT JUL24

     3.50 USD       06/25/24       225       6,648,750       276,226       553,725       277,499  

NAT GAS EURO OPT JUN22

     5.00 USD       05/25/22       183       6,549,570       147,779       106,140       (41,639 ) 

NAT GAS EURO OPT JUN22

     3.00 USD       05/25/22       75       2,684,250       82,700       518,475       435,775  

NAT GAS EURO OPT JUN23

     4.00 USD       05/25/23       21       646,380       16,856       27,888       11,032  

NAT GAS EURO OPT JUN23

     3.50 USD       05/25/23       87       2,677,860       304,732       210,192       (94,540 ) 

NAT GAS EURO OPT JUN24

     3.50 USD       05/28/24       225       6,354,000       276,226       519,975       243,749  

NAT GAS EURO OPT MAR22

     3.75 USD       02/23/22       129       4,588,530       316,395       263,676       (52,719 ) 

NAT GAS EURO OPT MAR22

     25.00 USD       02/23/22       493       18,171,980       423,491       3,944       (419,547 ) 

 

See Notes to Consolidated Schedule of Investments.

 

46

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

   

Strike

    

Expiration
Date

    

Contracts

    

Notional
Amount

    

Premium
Paid

    

Market
Value

    

Unrealized
Appreciation
(Depreciation)

  

NAT GAS EURO OPT MAR22

     8.00 USD       02/23/22       301       11,007,570     $ 250,634     $ 36,421     $ (214,213 ) 

NAT GAS EURO OPT MAR22

     20.00 USD       02/23/22       376       13,374,320       1,000,604       6,392       (994,212 ) 

NAT GAS EURO OPT MAR23

     4.00 USD       02/23/23       21       774,060       16,856       134,337       117,481  

NAT GAS EURO OPT MAY22

     5.00 USD       04/26/22       183       6,450,750       147,779       94,245       (53,534 ) 

NAT GAS EURO OPT MAY22

     3.00 USD       04/26/22       75       2,643,750       82,700       473,925       391,225  

NAT GAS EURO OPT MAY23

     4.00 USD       04/25/23       21       638,190       16,856       27,216       10,360  

NAT GAS EURO OPT MAY23

     3.50 USD       04/25/23       87       2,643,930       304,732       203,667       (101,065 ) 

NAT GAS EURO OPT MAY24

     3.50 USD       04/25/24       225       6,354,000       276,226       519,525       243,299  

NAT GAS EURO OPT NOV23

     4.00 USD       10/26/23       21       692,370       16,856       60,585       43,729  

NAT GAS EURO OPT OCT22

     5.00 USD       09/27/22       183       177,693       147,779       260,592       112,813  

NAT GAS EURO OPT OCT22

     3.00 USD       09/27/22       75       2,757,000       82,700       633,225       550,525  

NAT GAS EURO OPT OCT23

     4.00 USD       09/26/23       21       666,120       16,856       40,446       23,590  

NAT GAS EURO OPT OCT23

     3.50 USD       09/26/23       87       2,759,640       304,732       278,835       (25,897 ) 

NAT GAS EURO OPT OCT24

     3.50 USD       09/25/24       225       6,833,250       276,226       637,650       361,424  

NAT GAS EURO OPT SEP22

     5.00 USD       08/26/22       183       177,693       147,779       209,535       61,756  

NAT GAS EURO OPT SEP22

     3.00 USD       08/26/22       75       2,733,750       82,700       598,200       515,500  

NAT GAS EURO OPT SEP23

     4.00 USD       08/28/23       21       658,140       16,856       35,427       18,571  

NAT GAS EURO OPT SEP23

     3.50 USD       08/28/23       87       2,726,580       304,732       251,604       (53,128 ) 

NAT GAS EURO OPT SEP24

     3.50 USD       08/27/24       225       6,725,250       276,226       577,800       301,574  

NAT GAS STRIP DEC22

     3.00 USD       12/22/22       410       12,300,000       1,350,375       6,437,820       5,087,445  

NATURAL GAS FUTRE APR23

     3.00 USD       03/28/23       139       4,321,510       272,349       672,343       399,994  

NATURAL GAS FUTURE AUG23

     3.00 USD       07/26/23       139       4,367,380       272,349       665,810       393,461  

NATURAL GAS FUTURE DEC23

     3.00 USD       11/27/23       139       4,883,070       272,349       1,174,550       902,201  

NATURAL GAS FUTURE FEB23

     3.00 USD       01/26/23       139       5,532,200       272,349       1,631,165       1,358,816  

NATURAL GAS FUTURE JAN23

     3.00 USD       12/27/22       139       5,685,100       272,349       1,693,715       1,421,366  

NATURAL GAS FUTURE JUL23

     3.00 USD       06/27/23       139       4,343,750       272,349       642,041       369,692  

NATURAL GAS FUTURE JUN23

     3.00 USD       05/25/23       139       4,278,420       272,349       597,144       324,795  

NATURAL GAS FUTURE MAR23

     3.00 USD       02/23/23       139       5,123,540       272,349       1,357,057       1,084,708  

NATURAL GAS FUTURE MAY23

     3.00 USD       04/25/23       139       4,224,210       272,349       576,155       303,806  

NATURAL GAS FUTURE NOV23

     3.00 USD       10/26/23       139       4,582,830       272,349       872,781       600,432  

NATURAL GAS FUTURE OCT23

     3.00 USD       09/26/23       139       4,409,080       272,349       730,028       457,679  

NATURAL GAS FUTURE SEP23

     3.00 USD       08/28/23       139       4,356,260       272,349       677,486       405,137  
         

 

 

  
      $     28,371,788     $     66,968,599     $     38,596,811  
         

 

 

  

Exchange-Traded Put Options — 0.1%

 

BRENT CRUDE FUT OPT MAY22

     65.00 USD       4/26/22       600       46,014,000     $ 1,740,162     $ 1,722,000     $ (18,162 ) 

BRENT CRUDE FUT OPT JAN23

     65.00 USD       12/06/22       64       4,664,320       66,577       26,880       (39,697 ) 

BRENT CRUDE FUT OPT NOV23

     70.00 USD       10/26/23       215       14,972,600       2,558,558       2,676,750       118,192  

CRUDE OIL FUT OPT DEC22

     40.00 USD       11/16/22       150       10,474,500       540,228       253,500       (286,728 ) 

CRUDE OIL FUT OPT FEB22

     65.00 USD       01/14/22       60       4,512,600       124,981       15,000       (109,981 ) 

CRUDE OIL FUT OPT FEB22

     70.00 USD       01/14/22       120       9,025,200       438,182       82,800       (355,382 ) 

CRUDE OIL FUT OPT FEB22

     72.50 USD       01/14/22       60       4,512,600       254,491       71,400       (183,091 ) 

CRUDE OIL FUT OPT FEB22

     75.00 USD       01/14/22       60       4,512,600       263,491       123,000       (140,491 ) 

NAT GAS EURO OPT APR22

     2.00 USD       03/28/22       312       10,941,840       101,693       9,984       (91,709 ) 

NAT GAS EURO OPT APR22

     2.50 USD       03/28/22       482       16,903,740       288,077       80,494       (207,583 ) 

NAT GAS EURO OPT APR23

     2.00 USD       03/28/23       21       652,890       25,309       10,437       (14,872 ) 

NAT GAS EURO OPT AUG22

     2.00 USD       07/26/22       312       11,409,840       101,693       16,848       (84,845 ) 

NAT GAS EURO OPT AUG23

     2.00 USD       07/26/23       21       659,820       25,309       8,190       (17,119 ) 

NAT GAS EURO OPT DEC23

     2.00 USD       11/27/23       21       737,730       25,309       11,067       (14,242 ) 

NAT GAS EURO OPT FEB22

     3.25 USD       01/26/22       451       16,822,300       528,744       259,776       (268,968 ) 

NAT GAS EURO OPT FEB22

     3.50 USD       01/26/22       129       4,811,700       204,595       174,408       (30,187 ) 

NAT GAS EURO OPT FEB23

     2.00 USD       01/26/23       21       835,800       25,309       3,339       (21,970 ) 

NAT GAS EURO OPT JAN23

     2.00 USD       12/27/22       21       858,900       25,309       1,470       (23,839 ) 

NAT GAS EURO OPT JUL22

     2.00 USD       06/27/22       312       11,350,560       101,693       11,856       (89,837 ) 

NAT GAS EURO OPT JUL23

     2.00 USD       06/27/23       21       656,250       25,309       7,917       (17,392 ) 

NAT GAS EURO OPT JUN22

     2.00 USD       05/25/22       312       10,941,840       101,693       9,672       (92,021 ) 

NAT GAS EURO OPT JUN23

     2.00 USD       05/25/23       21       646,380       25,309       8,295       (17,014 ) 

NAT GAS EURO OPT MAR22

     2.75 USD       02/23/22       300       87,900       389,081       87,900       (301,181 ) 

NAT GAS EURO OPT MAR22

     2.25 USD       02/23/22       407       14,476,990       217,257       27,676       (189,581 ) 

NAT GAS EURO OPT MAR22

     3.50 USD       02/23/22       1       35,570       1,183       2,441       1,258  

NAT GAS EURO OPT MAR22

     3.00 USD       02/23/22       685       24,365,450       608,069       434,290       (173,779 ) 

NAT GAS EURO OPT MAR23

     2.00 USD       02/23/23       21       774,060       25,309       6,006       (19,303 ) 

 

See Notes to Consolidated Schedule of Investments.

 

47

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

   

Strike

    

Expiration
Date

    

Contracts

    

Notional
Amount

    

Premium
Paid

    

Market
Value

    

Unrealized
Appreciation
(Depreciation)

  

NAT GAS EURO OPT MAY22

     2.00 USD       04/26/22       312       10,998,000     $ 101,693     $ 7,800     $ (93,893 ) 

NAT GAS EURO OPT MAY23

     2.00 USD       04/25/23       21       638,190       25,309       9,492       (15,817 ) 

NAT GAS EURO OPT NOV23

     2.00 USD       10/26/23       21       692,370       25,309       8,610       (16,699 ) 

NAT GAS EURO OPT OCT22

     2.00 USD       09/27/22       312       11,469,120       101,693       35,568       (66,125 ) 

NAT GAS EURO OPT OCT23

     2.00 USD       09/26/23       21       666,120       25,309       9,954       (15,355 ) 

NAT GAS EURO OPT SEP22

     2.00 USD       08/26/22       312       11,372,400       101,693       25,896       (75,797 ) 

NAT GAS EURO OPT SEP23

     2.00 USD       08/28/23       21       658,140       25,309       9,408       (15,901 ) 

NATURAL GAS FUTURE APR23

     1.50 USD       03/28/23       76       2,362,840       16,640       5,320       (11,320 ) 

NATURAL GAS FUTURE AUG23

     1.50 USD       07/26/23       76       2,387,920       16,640       3,572       (13,068 ) 

NATURAL GAS FUTURE DEC23

     1.50 USD       11/27/23       76       2,669,880       16,640       7,600       (9,040 ) 

NATURAL GAS FUTURE FEB23

     1.50 USD       01/26/23       76       3,024,800       16,640       1,444       (15,196 ) 

NATURAL GAS FUTURE JAN23

     1.50 USD       12/27/22       76       3,108,400       16,640       456       (16,184 ) 

NATURAL GAS FUTURE JUL23

     1.50 USD       06/27/23       76       2,375,000       16,640       3,268       (13,372 ) 

NATURAL GAS FUTURE JUN23

     1.50 USD       05/25/23       76       2,339,280       16,640       3,420       (13,220 ) 

NATURAL GAS FUTURE MAR23

     1.50 USD       02/23/23       76       2,801,360       16,640       3,040       (13,600 ) 

NATURAL GAS FUTURE MAY23

     1.50 USD       04/25/23       76       2,309,640       16,640       4,256       (12,384 ) 

NATURAL GAS FUTURE NOV23

     1.50 USD       10/26/23       76       2,505,720       16,640       4,484       (12,156 ) 

NATURAL GAS FUTURE OCT23

     1.50 USD       09/26/23       76       2,410,720       16,640       5,168       (11,472 ) 

NATURAL GAS FUTURE SEP23

     1.50 USD       08/28/23       76       2,381,840       16,640       4,560       (12,080 ) 
         

 

 

  
          $     9,438,915     $     6,296,712     $     (3,142,203 ) 
         

 

 

  

OTC Call Options — 0.0%

   

Counterparty

  

Strike

    

Expiration
Date

    

Contracts

    

Notional
Amount

    

Premium
Received

    

Market Value

    

Unrealized
Appreciation
(Depreciation)

  

Cap Call

   Morgan Stanley Capital Services, Inc.     0.01 USD       03/31/22       800,000,000       800,000,000     $ 1,700,000     $ 7,136     $ (1,692,864 ) 

Cap Call

   Goldman Sachs International     0.01 USD       04/05/22       800,000,000       800,000,000       1,680,000       15,192       (1,664,808 ) 

Cap Call

   Goldman Sachs International     0.01 USD       10/19/22       884,000,000       884,000,000       1,060,800       468,821       (591,979 ) 

Cap Call

   Goldman Sachs International     0.00 USD       10/20/25       644,300,000       644,300,000       1,063,095       994,760       (68,335 ) 
           

 

 

  
  $     5,503,895     $     1,485,909     $     (4,017,986 ) 
           

 

 

  

OTC Put Options — 0.0%

 

  

Bank of America OCT23 PUT

   Bank of America, N.A.     2.89 USD       10/06/23       32,000,000       32,000,000     $ 374,400     $ 292,015     $ (82,385 ) 

Bank of America OCT23 PUT

   Bank of America, N.A.     2.70 USD       10/06/23       32,000,000       32,000,000       220,800       203,929       (16,871 ) 

Interest Rate Swaption 2.5 PUT USD 10/30/2023

   Goldman Sachs International     2.50 USD       10/30/23       26,350,000       26,350,000       511,190       390,794       (120,396 ) 
           

 

 

  
  $ 1,106,390     $ 886,738     $ (219,652 ) 
           

 

 

  

Total Purchased Options Outstanding

 

   $     44,420,988     $     75,637,958     $     31,216,970  
           

 

 

  

REPURCHASE AGREEMENTS — 1.1%

 

Description

    Shares             Value  

JP Morgan Securities plc, 0.15%, dated 11/5/2021, due 11/08/2021 (collateralized by Mexican International Bond, 4.75% due 04/27/2032, market value $15,067,911)

      15,064,601           $ 15,064,601  

JP Morgan Securities plc, 0.25%, dated 11/11/2021, due 11/15/2021 (collateralized by Kazakhstan International Bond, 5.75% due 04/19/2047, market value $6,117,215)

      6,115,219             6,115,219  

JP Morgan Securities plc, 0.15%, dated 11/25/2021, due 11/29/2021 (collateralized by Mexican International Bond, 4.75% due 04/27/2032, market value $6,003,780)

      6,002,955             6,002,955  

JP Morgan Securities plc, 0.25%, dated 11/30/2021, due 12/01/2021 (collateralized by Kazakhstan International Bond, 5.75% due 04/19/2047, market value $1,308,218)

      1,307,937             1,307,937  

JP Morgan Securities plc, 0.35%, dated 12/06/2021, due 12/07/2021 (collateralized by Angola International Bond, 9.50% due 11/12/2025, market value $3,679,328)

      3,678,434             3,678,434  

 

See Notes to Consolidated Schedule of Investments.

 

48

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares               Value  

JP Morgan Securities plc, 0.15%, dated 12/06/2021, due 12/07/2021 (collateralized by Mexican International Bond, 4.75% due 04/27/2032, market value $2,003,330)

      2,003,121           $ 2,003,121  

JP Morgan Securities plc, 0.25%, dated 12/09/2021, due 12/10/2021 (collateralized by Kazakhstan International Bond, 5.75% due 04/19/2047, market value $717,268)

      717,159             717,159  

JP Morgan Securities plc, 0.35%, dated 12/10/2021, due 12/13/2021 (collateralized by Angola International Bond, 9.50% due 11/12/2025, market value $1,448,256)

      1,447,989             1,447,989  

JP Morgan Securities plc, 0.35%, dated 12/14/2021, due 12/15/2021 (collateralized by Angola International Bond, 9.50% due 11/12/2025, market value $1,928,172)

      1,927,854             1,927,854  

JP Morgan Securities plc, 0.35%, dated 12/16/2021, due 12/17/2021 (collateralized by Angola International Bond, 9.50% due 11/12/2025, market value $3,623,497)

      3,622,969             3,622,969  

JP Morgan Securities plc, 0.25%, dated 12/21/2021, due 12/23/2021 (collateralized by Turkey Government Bond, 7.25% due 12/23/2023, market value $1,803,855)

      1,803,743             1,803,743  

JP Morgan Securities plc, 0.25%, dated 12/22/2021, due 12/23/2021 (collateralized by Angola International Bond, 9.50% due 11/12/2025, market value $699,488)

      699,444             699,444  

JP Morgan Securities plc, 0.25%, dated 12/22/2021, due 12/27/2021 (collateralized by Turkey Government Bond, 7.25% due 12/23/2023, market value $225,375)

      225,367             225,367  

JP Morgan Securities plc, 0.35%, dated 12/23/2021, due 12/28/2021 (collateralized by Turkey Government Bond, 7.25% due 12/23/2023, market value $1,819,177)

      1,819,106             1,819,106  

JP Morgan Securities plc, 0.35%, dated 12/29/2021, due 12/31/2021 (collateralized by Turkey Government Bond, 7.25% due 12/23/2023, market value $909,926)

      909,917             909,917  

JP Morgan Securities plc, 1.00%, dated 12/30/2021, due 01/03/2022 (collateralized by Egypt International Bond, 5.80% due 09/30/2027, market value $1,325,694)

      1,325,694             1,325,694  

JP Morgan Securities plc, 1.00%, dated 12/30/2021, due 01/03/2022 (collateralized by Egypt International Bond, 5.80% due 09/30/2027, market value $2,774,709)

      2,774,709             2,774,709  

JP Morgan Securities plc, 1.00%, dated 12/30/2021, due 01/03/2022 (collateralized by Egypt International Bond, 7.50% due 01/31/2027, market value $4,353,267)

      4,353,267             4,353,267  
  

 

 

          

 

 

  

TOTAL REPURCHASE AGREEMENTS
(COST $55,799,485)

      55,799,485           $ 55,799,485  
  

 

 

          

 

 

  

TOTAL INVESTMENTS IN SECURITIES— 70.2%
(COST $3,624,263,874)

 

           3,696,870,063  
          

 

 

  

TOTAL SECURITIES SOLD SHORT— (9.6)%
(PROCEEDS $516,092,001)

 

           (507,431,290 ) 
          

 

 

  

Other Assets (o) — 39.5%

 

           2,076,824,112  
          

 

 

  

Net Assets — 100.0%

 

         $ 5,266,262,885  
          

 

 

  
          

 

 

  

SECURITIES SOLD SHORT — (9.6)%

           

COMMON STOCK — (8.5)%

           

Africa — (0.0)%

           

Industrial Services — (0.0)%

           

IHS Holding Ltd.

      400             (5,640 ) 
          

 

 

  

Materials — (0.0)%

           

AngloGold Ashanti Ltd., ADR

      28,700             (602,126 ) 

Caledonia Mining Corp. plc

      500             (5,830 ) 

Gold Fields Ltd., ADR

      51,900             (570,381 ) 
          

 

 

  
          (1,178,337 ) 
          

 

 

  

Software & Technology Services — (0.0)%

           

Karooooo Ltd.

      100             (4,078 ) 
          

 

 

  

Total Africa

 

           (1,188,055 ) 
          

 

 

  

Asia — (0.9)%

           

Banking — (0.1)%

           

HDFC Bank Ltd., ADR

      24,300             (1,581,201 ) 

ICICI Bank Ltd., ADR

      21,700             (429,443 ) 

KB Financial Group, Inc., ADR

      3,300             (152,328 ) 

Mitsubishi UFJ Financial Group, Inc., ADR

      43,400             (236,964 ) 

Mizuho Financial Group, Inc., ADR

      7,000             (17,850 ) 

Shinhan Financial Group Co. Ltd., ADR

      1,600             (49,456 ) 

 

See Notes to Consolidated Schedule of Investments.

 

49

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares             Value  

Sumitomo Mitsui Financial Group, Inc., ADR

      35,600           $ (241,724 ) 
          

 

 

  
             (2,708,966 ) 
          

 

 

  

Consumer Discretionary Products — (0.1)%

           

China Automotive Systems, Inc.

      100             (268 ) 

Ezgo Technologies Ltd.

      1,200             (1,788 ) 

Honda Motor Co. Ltd., ADR

      3,600             (102,420 ) 

indie Semiconductor, Inc., Class A

      100             (1,199 ) 

Kandi Technologies Group, Inc.

      100             (321 ) 

KBS Fashion Group Ltd. (l)

      1,400             (3,192 ) 

NIO, Inc., ADR

      91,600             (2,901,888 ) 

Toyota Motor Corp., ADR

      4,200             (778,260 ) 

XPeng, Inc., ADR

      40,200             (2,023,266 ) 

Zepp Health Corp., ADR

      200             (1,010 ) 
          

 

 

  
             (5,813,612 ) 
          

 

 

  

Consumer Discretionary Services — (0.0)%

           

GreenTree Hospitality Group Ltd., ADR

      100             (792 ) 

Huazhu Group Ltd., ADR

      21,700             (810,278 ) 

iHuman, Inc., ADR

      500             (1,400 ) 

Melco Resorts & Entertainment Ltd., ADR

      23,800             (242,284 ) 

Meten Holding Group Ltd.

      119,300             (29,873 ) 

OneSmart International Education Group Ltd., ADR

      36,400             (14,567 ) 

Puxin Ltd., ADR

      30,500             (12,169 ) 

RYB Education, Inc., ADR

      500             (990 ) 

Skillful Craftsman Education Technology Ltd.

      2,700             (2,552 ) 

Tarena International, Inc., ADR

      2,233             (4,109 ) 
          

 

 

  
             (1,119,014 ) 
          

 

 

  

Consumer Staple Products — (0.0)%

           

China Xiangtai Food Co. Ltd.

      2,200             (3,014 ) 

Farmmi, Inc.

      98,900             (21,995 ) 

RLX Technology, Inc., ADR

      1,100             (4,290 ) 

Viomi Technology Co. Ltd., ADR

      2,100             (5,082 ) 
          

 

 

  
             (34,381 ) 
          

 

 

  

Financial Services — (0.0)%

           

360 Finance, Inc., ADR

      100             (2,293 ) 

9F, Inc., ADR

      4,500             (4,950 ) 

ATIF Holdings Ltd.

      700             (2,219 ) 

Dunxin Financial Holdings Ltd., ADR

      500             (530 ) 

FinVolution Group, ADR

      600             (2,958 ) 

Hudson Capital, Inc.

      1,180             (3,269 ) 

Jianpu Technology, Inc., ADR

      2,300             (2,369 ) 

Jiayin Group, Inc., ADR

      2,700             (5,940 ) 

Lion Group Holding Ltd., ADR

      10,200             (13,464 ) 

MMTEC, Inc.

      100             (66 ) 

Nomura Holdings, Inc., ADR

      12,800             (55,424 ) 

ORIX Corp., ADR

      300             (30,534 ) 

Qudian, Inc., ADR

      11,700             (11,338 ) 

Senmiao Technology Ltd.

      3,500             (1,278 ) 

SOS Ltd., ADR

      81,900             (67,338 ) 

Weidai Ltd., ADR

      1,200             (900 ) 

X Financial, ADR

      800             (2,408 ) 
          

 

 

  
             (207,278 ) 
          

 

 

  

Health Care — (0.0)%

           

111, Inc., ADR

      4,900             (17,150 ) 

Adagene, Inc., ADR

      400             (3,204 ) 

Aesthetic Medical International Holdings Group Ltd., ADR

      500             (1,740 ) 

BeiGene Ltd., ADR

      3,400             (921,162 ) 

Bon Natural Life Ltd.

      400             (1,780 ) 

 

See Notes to Consolidated Schedule of Investments.

 

50

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares             Value  

China SXT Pharmaceuticals, Inc.

      2,825           $ (1,837 ) 

Gracell Biotechnologies, Inc., ADR

      3,100             (18,724 ) 

Hutchmed China Ltd., ADR

      3,000             (105,240 ) 

MEDIROM Healthcare Technologies, Inc., ADR

      400             (2,400 ) 

Qilian International Holding Group Ltd.

      400             (1,052 ) 

Shineco, Inc.

      800             (5,312 ) 

Takeda Pharmaceutical Co. Ltd., ADR

      63,491             (865,382 ) 

Universe Pharmaceuticals, Inc.

      100             (164 ) 
          

 

 

  
          (1,945,147 ) 
          

 

 

  

Industrial Products — (0.0)%

           

Asia Pacific Wire & Cable Corp., Ltd.

      500             (1,020 ) 

Code Chain New Continent Ltd.

      1,200             (1,284 ) 

Greenland Technologies Holding Corp.

      3,900             (25,077 ) 
          

 

 

  
          (27,381 ) 
          

 

 

  

Industrial Services — (0.0)%

           

BEST, Inc., ADR

      87,700             (74,677 ) 

China Southern Airlines Co. Ltd., ADR

      100             (2,966 ) 

EHang Holdings Ltd., ADR

      11,400             (170,088 ) 

Euro Tech Holdings Co. Ltd.

      500             (1,570 ) 

Full Truck Alliance Co. Ltd., ADR

      20,600             (172,422 ) 

MingZhu Logistics Holdings Ltd.

      1,900             (3,895 ) 

Pop Culture Group Co., Ltd., Class A

      6,400             (23,232 ) 
          

 

 

  
          (448,850 ) 
          

 

 

  

Insurance — (0.0)%

           

China Life Insurance Co. Ltd., ADR

      15,500             (127,565 ) 

Fanhua, Inc., ADR

      900             (6,552 ) 

Huize Holding Ltd., ADR

      3,700             (5,291 ) 

TIAN RUIXIANG Holdings Ltd., Class A

      400             (696 ) 
          

 

 

  
          (140,104 ) 
          

 

 

  

Materials — (0.0)%

           

China Green Agriculture, Inc.

      200             (1,900 ) 

Ikonics Corp. (d)

      100             0  

Origin Agritech Ltd.

      1,900             (13,623 ) 

Tantech Holdings Ltd.

      300             (138 ) 
          

 

 

  
          (15,661 ) 
          

 

 

  

Media — (0.1)%

           

51job, Inc., ADR

      5,200             (254,436 ) 

Blue Hat Interactive Entertainment Technology

      8,200             (3,547 ) 

Color Star Technology Co. Ltd.

      33,100             (16,633 ) 

Dada Nexus Ltd., ADR

      9,100             (119,756 ) 

Dragon Victory International Ltd.

      2,100             (2,541 ) 

GigaMedia Ltd.

      900             (2,025 ) 

Hello Group, Inc., ADR

      3,100             (27,838 ) 

iClick Interactive Asia Group Ltd., ADR

      7,100             (32,731 ) 

iQIYI, Inc., ADR

      96,400             (439,584 ) 

Kanzhun Ltd., ADR

      8,000             (279,040 ) 

MakeMyTrip Ltd.

      1,200             (33,252 ) 

NetEase, Inc., ADR

      23,600             (2,402,008 ) 

Phoenix New Media Ltd., ADR

      3,200             (2,758 ) 

Pintec Technology Holdings Ltd., ADR

      5,500             (2,420 ) 

So-Young International, Inc., ADR

      300             (957 ) 

Trip.com Group Ltd., ADR

      94,000             (2,314,280 ) 

Uxin Ltd., ADR

      46,300             (73,154 ) 

Weibo Corp., ADR

      2,000             (61,960 ) 

Zhangmen Education, Inc., ADR

      25             (113 ) 

Zhihu, Inc., ADR

      2,800             (15,512 ) 

 

See Notes to Consolidated Schedule of Investments.

 

51

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares             Value  

Zhongchao, Inc., Class A

      1,600           $ (2,848 ) 
          

 

 

  
             (6,087,393 ) 
          

 

 

  

Oil & Gas — (0.0)%

           

China Petroleum & Chemical Corp., ADR

      600             (27,906 ) 
          

 

 

  

Real Estate — (0.0)%

           

KE Holdings, Inc., ADR

      4,900             (98,588 ) 
          

 

 

  

Renewable Energy — (0.0)%

           

Daqo New Energy Corp., ADR

      2,400             (96,768 ) 

JinkoSolar Holding Co. Ltd., ADR

      16,300             (749,148 ) 

ReneSola Ltd., ADR

      18,000             (107,280 ) 
          

 

 

  
             (953,196 ) 
          

 

 

  

Retail & Wholesale - Discretionary — (0.4)%

           

Boqii Holding Ltd., ADR

      3,600             (3,174 ) 

Coupang, Inc.

      130,800             (3,842,904 ) 

DingDong Cayman Ltd., ADR

      400             (6,468 ) 

ECMOHO Ltd., ADR

      3,300             (1,336 ) 

Future FinTech Group, Inc.

      24,500             (32,585 ) 

JD.com, Inc., ADR

      127,300             (8,919,911 ) 

Jiuzi Holdings, Inc.

      6,500             (9,555 ) 

Kaixin Auto Holdings

      2,600             (2,964 ) 

LightInTheBox Holding Co. Ltd., ADR

      9,300             (9,393 ) 

MINISO Group Holding Ltd., ADR

      5,000             (51,700 ) 

Newegg Commerce, Inc.

      13,000             (134,810 ) 

Renren, Inc., ADR

      1,300             (19,084 ) 

Sea Ltd., ADR

      24,600             (5,503,266 ) 

TD Holdings, Inc.

      1,500             (623 ) 

Yunji, Inc., ADR

      5,800             (3,626 ) 
          

 

 

  
             (18,541,399 ) 
          

 

 

  

Retail & Wholesale - Staples — (0.0)%

           

China Jo-Jo Drugstores Holdings, Inc.

      3,200             (1,201 ) 

Wunong Net Technology Co. Ltd.

      8,700             (20,532 ) 
          

 

 

  
             (21,733 ) 
          

 

 

  

Software & Technology Services — (0.1)%

           

17 Education & Technology Group, Inc., ADR

      2,225             (2,781 ) 

Baozun, Inc., ADR

      9,300             (129,270 ) 

BlueCity Holdings Ltd., ADR

      3,600             (5,508 ) 

Cango, Inc., ADR

      6,900             (21,666 ) 

Cloopen Group Holding Ltd., ADR

      22,700             (65,830 ) 

CLPS, Inc.

      2,400             (4,704 ) 

CooTek Cayman, Inc., ADR

      6,000             (3,686 ) 

Datasea, Inc.

      4,600             (7,176 ) 

Diginex Ltd.

      13,600             (25,432 ) 

Gaotu Techedu, Inc., ADR

      43,100             (83,614 ) 

Infosys Ltd., ADR

      41,200             (1,042,772 ) 

LAIX, Inc., ADR

      5,471             (3,072 ) 

Link Motion, Inc., ADR (d)

      11,000             0  

Lizhi, Inc., ADR

      11,700             (21,645 ) 

Luokung Technology Corp.

      115,900             (70,143 ) 

Mercury Fintech Holding, Inc., ADR

      2,800             (8,876 ) 

Molecular Data, Inc., ADR

      50,500             (11,009 ) 

Powerbridge Technologies Co. Ltd.

      16,800             (8,781 ) 

Qutoutiao, Inc., ADR

      2,360             (6,561 ) 

Scienjoy Holding Corp.

      1,700             (9,656 ) 

Taoping, Inc.

      3,600             (6,804 ) 

TaskUS, Inc., Class A

      9,300             (501,828 ) 

TELUS International CDA, Inc.

      3,200             (105,792 ) 

 

See Notes to Consolidated Schedule of Investments.

 

52

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares               Value  

WiMi Hologram Cloud, Inc., ADR

      200           $ (608 ) 

Wipro Ltd., ADR

      22,566             (220,244 ) 

Youdao, Inc., ADR

      6,500             (81,120 ) 
          

 

 

  
             (2,448,578 ) 
          

 

 

  

Tech Hardware & Semiconductors — (0.1)%

           

ASE Technology Holding Co. Ltd., ADR

      500             (3,905 ) 

Canaan, Inc., ADR

      52,800             (271,920 ) 

Ebang International Holdings, Inc., A Shares

      39,600             (40,788 ) 

Sony Group Corp., ADR

      12,500             (1,580,000 ) 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

      34,300             (4,126,633 ) 

TROOPS, Inc.

      800             (3,928 ) 
          

 

 

  
             (6,027,174 ) 
          

 

 

  

Telecommunications — (0.0)%

           

Chindata Group Holdings Ltd., ADR

      1,700             (11,203 ) 

Chunghwa Telecom Co. Ltd., ADR

      1,600             (67,536 ) 

GDS Holdings Ltd., ADR

      22,600             (1,065,816 ) 

KT Corp., ADR

      8,200             (103,074 ) 

PLDT, Inc., ADR

      700             (25,004 ) 

SK Telecom Co. Ltd., ADR

      400             (10,668 ) 

Telkom Indonesia Persero Tbk PT, ADR

      3,400             (98,566 ) 
          

 

 

  
             (1,381,867 ) 
          

 

 

  

Utilities — (0.0)%

           

Azure Power Global Ltd.

      3,000             (54,450 ) 

Korea Electric Power Corp., ADR

      3,100             (28,334 ) 

ReNew Energy Global plc

      1,500             (11,670 ) 
          

 

 

  
             (94,454 ) 
          

 

 

  

Total Asia

              (48,142,682 ) 
          

 

 

  

Europe — (0.7)%

           

Banking — (0.1)%

           

Deutsche Bank AG

      3,900             (48,750 ) 

HSBC Holdings plc, ADR

      38,800             (1,169,820 ) 

ING Groep NV, ADR

      39,300             (547,056 ) 

Natwest Group plc, ADR

      200             (1,222 ) 
          

 

 

  
             (1,766,848 ) 
          

 

 

  

Consumer Discretionary Products — (0.0)%

           

On Holding AG, Class A

      500             (18,905 ) 
          

 

 

  

Consumer Discretionary Services — (0.0)%

           

Esports Entertainment Group, Inc.

      3,200             (11,232 ) 

Manchester United plc, Class A

      700             (9,968 ) 
          

 

 

  
             (21,200 ) 
          

 

 

  

Consumer Staple Products — (0.1)%

           

Anheuser-Busch InBev NV, ADR

      25,900             (1,568,245 ) 

British American Tobacco plc, ADR

      5,400             (202,014 ) 

Diageo plc, ADR

      1,600             (352,224 ) 

Nomad Foods Ltd.

      3,500             (88,865 ) 

Unilever plc, ADR

      20,100             (1,081,179 ) 
          

 

 

  
             (3,292,527 ) 
          

 

 

  

Financial Services — (0.0)%

           

Credit Suisse Group AG, ADR

      51,300             (494,532 ) 

UBS Group AG

      13,300             (237,671 ) 
          

 

 

  
             (732,203 ) 
          

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

53

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares             Value  

Health Care — (0.5)%

           

Abcam plc, ADR

      200           $ (4,710 ) 

Achilles Therapeutics plc, ADR

      700             (3,507 ) 

ADC Therapeutics SA

      3,600             (72,720 ) 

Alcon, Inc.

      1,700             (148,104 ) 

Altamira Therapeutics Ltd.

      4,700             (8,531 ) 

Aprea Therapeutics, Inc.

      6,500             (18,655 ) 

Ascendis Pharma A/S, ADR

      3,600             (484,308 ) 

Autolus Therapeutics plc, ADR

      2,900             (15,051 ) 

BioNTech SE, ADR

      17,800             (4,588,840 ) 

CureVac NV

      100             (3,431 ) 

Evotec SE, ADR

      100             (2,375 ) 

Galapagos NV, ADR

      800             (44,104 ) 

Genmab, ADR

      900             (35,604 ) 

Immatics NV

      300             (4,032 ) 

Immunocore Holdings plc, ADR

      700             (23,968 ) 

Koninklijke Philips NV

      6,038             (222,500 ) 

Mereo Biopharma Group plc, ADR

      25,100             (40,160 ) 

Midatech Pharma plc, ADR

      600             (630 ) 

Molecular Partners AG, ADR

      200             (3,858 ) 

NLS Pharmaceutics Ltd.

      400             (448 ) 

Novo Nordisk A/S, ADR

      167,000             (18,704,000 ) 

NuCana plc, ADR

      10,700             (25,466 ) 

ObsEva SA

      15,700             (31,243 ) 

Olink Holding AB, ADR

      5,000             (91,000 ) 

Orphazyme A/S, ADR

      1,300             (3,133 ) 

Smith & Nephew plc, ADR

      1,200             (41,544 ) 

Trinity Biotech plc, ADR

      700             (1,001 ) 

uniQure NV

      3,600             (74,664 ) 

Vaccitech plc, ADR

      300             (3,333 ) 

Verona Pharma plc, ADR

      1,300             (8,736 ) 
          

 

 

  
             (24,709,656 ) 
          

 

 

  

Industrial Products — (0.0)%

           

CNH Industrial NV

      33,700             (654,791 ) 
          

 

 

  

Industrial Services — (0.0)%

           

Ardmore Shipping Corp.

      3,100             (10,478 ) 

Euronav SA

      2,100             (18,669 ) 

Frontline Ltd.

      6,400             (45,248 ) 

Pyxis Tankers, Inc.

      300             (144 ) 

Ryanair Holdings plc, ADR

      5,100             (521,883 ) 
          

 

 

  
             (596,422 ) 
          

 

 

  

Insurance — (0.0)%

           

Prudential plc, ADR

      2,700             (92,961 ) 
          

 

 

  

Materials — (0.0)%

           

CRH plc, ADR

      6,300             (332,640 ) 
          

 

 

  

Media — (0.0)%

           

Gambling.com Group Ltd.

      400             (4,060 ) 

Just Eat Takeaway.com NV, ADR

      23,400             (251,784 ) 

Liberty Global plc, Class A

      18,100             (502,094 ) 

WISeKey International Holding Ltd., ADR

      1,400             (5,502 ) 

WPP plc, ADR

      1,400             (105,770 ) 
          

 

 

  
             (869,210 ) 
          

 

 

  

Metals & Mining — (0.0)%

           

Ferroglobe PLC (d)

      400             0  
          

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

54

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares               Value  

Oil & Gas — (0.0)%

           

Equinor ASA, ADR

      17,300           $ (455,509 ) 
          

 

 

  

Retail & Wholesale - Discretionary — (0.0)%

           

Farfetch Ltd., Class A

      38,000             (1,270,340 ) 

MYT Netherlands Parent BV, ADR

      2,400             (50,904 ) 
          

 

 

  
             (1,321,244 ) 
          

 

 

  

Software & Technology Services — (0.0)%

           

Membership Collective Group, Inc., A Shares

      2,400             (30,672 ) 

RELX plc, ADR

      2,400             (78,264 ) 

Sophia Genetics SA

      371             (5,231 ) 
          

 

 

  
             (114,167 ) 
          

 

 

  

Tech Hardware & Semiconductors — (0.0)%

           

Nokia Oyj, ADR

      400             (2,488 ) 

Telefonaktiebolaget LM Ericsson, ADR

      47,000             (510,890 ) 
          

 

 

  
             (513,378 ) 
          

 

 

  

Utilities — (0.0)%

           

Fusion Fuel Green plc, Class A

      300             (2,484 ) 

National Grid plc, ADR

      4,700             (339,904 ) 
          

 

 

  
             (342,388 ) 
          

 

 

  

Total Europe

              (35,834,049 ) 
          

 

 

  

Middle East — (0.1)%

           

Health Care — (0.0)%

           

Biondvax Pharmaceuticals Ltd., ADR

      3,900             (9,165 ) 

Enlivex Therapeutics Ltd.

      1,500             (9,375 ) 

Entera Bio Ltd.

      600             (1,689 ) 

Inspira Technologies Oxy BHN Ltd.

      100             (440 ) 

InspireMD, Inc.

      273             (824 ) 

Nano-X Imaging Ltd.

      3,800             (55,252 ) 

ReWalk Robotics Ltd.

      13,800             (16,974 ) 
          

 

 

  
             (93,719 ) 
          

 

 

  

Industrial Products — (0.0)%

           

Elbit Systems Ltd.

      200             (34,826 ) 
          

 

 

  

Industrial Services — (0.0)%

           

Castor Maritime, Inc.

      33,060             (46,945 ) 

ZIM Integrated Shipping Services Ltd.

      13,400             (788,724 ) 
          

 

 

  
             (835,669 ) 
          

 

 

  

Materials — (0.0)%

           

Evogene Ltd.

      3,000             (4,920 ) 
          

 

 

  

Media — (0.0)%

           

Eros STX Global Corp.

      55,700             (13,351 ) 
          

 

 

  

Oil & Gas — (0.0)%

           

Borr Drilling Ltd.

      6,000             (12,360 ) 
          

 

 

  

Renewable Energy — (0.0)%

           

Eco Wave Power Global AB, ADR

      200             (858 ) 
          

 

 

  

Retail & Wholesale - Discretionary — (0.0)%

           

D-MARKET Elektronik Hizmetler ve Ticaret AS, ADR

      1,100             (2,101 ) 
          

 

 

  

Software & Technology Services — (0.1)%

           

CYREN Ltd.

      22,300             (6,498 ) 

Global-e Online Ltd.

      29,100             (1,844,649 ) 

Safe-T Group Ltd., ADR

      500             (355 ) 

 

See Notes to Consolidated Schedule of Investments.

 

55

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares               Value  

Yalla Group Ltd., ADR

      100           $ (685 ) 
          

 

 

  
             (1,852,187 ) 
          

 

 

  

Tech Hardware & Semiconductors — (0.0)%

           

Nano Dimension Ltd., ADR

      5,800             (22,040 ) 

SuperCom Ltd.

      6,900             (3,830 ) 
          

 

 

  
             (25,870 ) 
          

 

 

  

Total Middle East

              (2,875,861 ) 
          

 

 

  

North America — (6.5)%

           

Banking — (0.5)%

           

Ameris Bancorp

      4,499             (223,510 ) 

Axos Financial, Inc.

      200             (11,182 ) 

Bank of Montreal

      300             (32,316 ) 

BankUnited, Inc.

      1,500             (63,465 ) 

BOK Financial Corp.

      600             (63,294 ) 

Broadway Financial Corp.

      1,500             (3,465 ) 

Cadence Bank

      52             (1,549 ) 

Canadian Imperial Bank of Commerce

      5,000             (582,800 ) 

Capitol Federal Financial, Inc.

      3,000             (33,990 ) 

Commerce Bancshares, Inc.

      730             (50,180 ) 

Credicorp Ltd.

      2,000             (244,140 ) 

Customers Bancorp, Inc.

      1,200             (78,444 ) 

Eastern Bankshares, Inc.

      500             (10,085 ) 

Fifth Third Bancorp

      71,700             (3,122,535 ) 

First Bancorp/Southern Pines

      37             (1,692 ) 

First Financial Bancorp

      100             (2,438 ) 

First Horizon National Corp.

      10,900             (177,997 ) 

First Republic Bank

      7,600             (1,569,476 ) 

Flagstar Bancorp, Inc.

      500             (23,970 ) 

Hancock Whitney Corp.

      800             (40,016 ) 

Hilltop Holdings, Inc.

      800             (28,112 ) 

Huntington Bancshares, Inc.

      121,400             (1,871,988 ) 

Independent Bank Corp.

      1,000             (81,530 ) 

Investors Bancorp, Inc.

      9,300             (140,895 ) 

JPMorgan Chase & Co.

      36,900             (5,843,115 ) 

Pacific Premier Bancorp, Inc.

      420             (16,813 ) 

PacWest Bancorp

      1,300             (58,721 ) 

Park National Corp.

      100             (13,731 ) 

Pinnacle Financial Partners, Inc.

      3,300             (315,150 ) 

PNC Financial Services Group, Inc.

      21,000             (4,210,920 ) 

Provident Financial Services, Inc.

      400             (9,688 ) 

Royal Bank of Canada

      7,200             (764,208 ) 

Sandy Spring Bancorp, Inc.

      200             (9,616 ) 

Seacoast Banking Corp. of Florida

      200             (7,078 ) 

ServisFirst Bancshares, Inc.

      100             (8,494 ) 

Signature Bank

      5,100             (1,649,697 ) 

South State Corp.

      3,300             (264,363 ) 

Truist Financial Corp.

      70,300             (4,116,065 ) 

Western Alliance Bancorp

      1,400             (150,710 ) 
          

 

 

  
             (25,897,438 ) 
          

 

 

  

Biotechnology & Pharmaceuticals — (0.0)%

           

Neurobo Pharmaceuticals, Inc. (d)

      92             (29 ) 
          

 

 

  

Consumer Discretionary Products — (0.5)%

           

Adient plc

      1,200             (57,456 ) 

Allbirds, Inc., Class A

      1,000             (15,080 ) 

Aptiv plc

      5,900             (973,205 ) 

Aterian, Inc.

      4,100             (16,851 ) 

Aurora Innovation, Inc.

      2,600             (29,276 ) 

BorgWarner, Inc.

      3,340             (150,534 ) 

 

See Notes to Consolidated Schedule of Investments.

 

56

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

Carter's, Inc.

      2,800         $ (283,416 ) 

Casper Sleep, Inc.

      14,100           (94,188 ) 

CBAK Energy Technology, Inc.

      31,000           (48,360 ) 

Comstock Holding Cos., Inc.

      500           (2,435 ) 

Deckers Outdoor Corp.

      700           (256,417 ) 

Dogness International Corp., A Shares

      100           (841 ) 

DR Horton, Inc.

      20,200           (2,190,690 ) 

Dream Finders Homes, Inc., Class A

      1,300           (25,285 ) 

ElectraMeccanica Vehicles Corp.

      40,200           (91,656 ) 

Fox Factory Holding Corp.

      1,900           (323,190 ) 

General Motors Co.

      88,700           (5,200,481 ) 

Gildan Activewear, Inc.

      1,600           (67,824 ) 

Goodyear Tire & Rubber Co.

      100           (2,132 ) 

Green Brick Partners, Inc.

      200           (6,066 ) 

Hooker Furnishings Corp.

      100           (2,328 ) 

Hovnanian Enterprises Inc., Class A

      16           (2,036 ) 

LCI Industries

      1,200           (187,044 ) 

Lennar Corp., Class A

      3,300           (383,328 ) 

LGI Homes, Inc.

      2,800           (432,544 ) 

Lordstown Motors Corp., Class A

      55,700           (192,165 ) 

Lucid Group, Inc.

      225,700           (8,587,885 ) 

Mattel, Inc.

      18,800           (405,328 ) 

MillerKnoll, Inc.

      100           (3,919 ) 

Mohawk Industries, Inc.

      100           (18,218 ) 

Mullen Automotive, Inc.

      8,100           (42,363 ) 

Newell Brands, Inc.

      700           (15,288 ) 

Peloton Interactive, Inc., Class A

      55,900           (1,998,984 ) 

PLBY Group, Inc.

      200           (5,328 ) 

Polaris Industries, Inc.

      1,900           (208,829 ) 

Proterra, Inc.

      200           (1,766 ) 

Purple Innovation, Inc.

      7,800           (103,506 ) 

PVH Corp.

      6,600           (703,890 ) 

Rivian Automotive, Inc., Class A

      40,000           (4,147,600 ) 

Romeo Power, Inc.

      15,800           (57,670 ) 

Smith & Wesson Brands, Inc.

      1,400           (24,920 ) 

Snap One Holdings Corp.

      1,600           (33,728 ) 

Stellantis NV

      39,800           (746,648 ) 

Taylor Morrison Home Corp.

      300           (10,488 ) 

Traeger, Inc.

      200           (2,432 ) 

Tupperware Brands Corp.

      12,300           (188,067 ) 

Twin Vee PowerCats Co.

      1,299           (5,209 ) 

Vista Outdoor, Inc.

      700           (32,249 ) 

Weber, Inc., Class A

      100           (1,307 ) 

YETI Holdings, Inc.

      2,300           (190,509 ) 
        

 

 

  
           (28,570,959 ) 
        

 

 

  

Consumer Discretionary Services — (0.2)%

         

Adtalem Global Education, Inc.

      1,400           (41,384 ) 

American Public Education, Inc.

      300           (6,675 ) 

Bally's Corp.

      4,200           (159,852 ) 

Bright Horizons Family Solutions, Inc.

      200           (25,176 ) 

BurgerFi International, Inc.

      600           (3,402 ) 

Caesars Entertainment, Inc.

      43,676           (4,085,016 ) 

Cannae Holdings, Inc.

      5,100           (179,265 ) 

Coursera, Inc.

      600           (14,664 ) 

Drive Shack, Inc.

      67           (96 ) 

Dutch Bros, Inc., Class A

      12,000           (610,920 ) 

Esports Technologies, Inc.

      400           (8,224 ) 

European Wax Center, Inc., Class A

      300           (9,105 ) 

F45 Training Holdings, Inc.

      5,900           (64,251 ) 

Fiesta Restaurant Group, Inc.

      900           (9,909 ) 

Golden Nugget Online Gaming, Inc.

      12,200           (121,390 ) 

 

See Notes to Consolidated Schedule of Investments.

 

57

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

Hall of Fame Resort & Entertainment Co.

      8,800         $ (13,376 ) 

Hilton Grand Vacations, Inc.

      3,200           (166,752 ) 

Kura Sushi USA, Inc., Class A

      200           (16,168 ) 

Las Vegas Sands Corp.

      1,400           (52,696 ) 

Liberty Media Corp-Liberty Braves, Class C

      1,200           (33,720 ) 

Luby's, Inc.

      500           (1,430 ) 

Madison Square Garden Entertainment Corp.

      5,000           (351,700 ) 

Madison Square Garden Sports Corp.

      2,100           (364,833 ) 

Marriott International, Inc., Class A

      5,800           (958,392 ) 

Marriott Vacations Worldwide Corp.

      2,400           (405,552 ) 

Norwegian Cruise Line Holdings Ltd.

      69,400           (1,439,356 ) 

OneSpaWorld Holdings Ltd.

      3,600           (36,072 ) 

Potbelly Corp.

      600           (3,348 ) 

Regis Corp.

      2,300           (4,002 ) 

Restaurant Brands International, Inc.

      19,200           (1,165,056 ) 

Royal Caribbean Cruises Ltd.

      9,800           (753,620 ) 

Super League Gaming, Inc.

      6,700           (15,812 ) 

Waitr Holdings, Inc.

      39,300           (29,082 ) 

WW International, Inc.

      800           (12,904 ) 

Yum! Brands, Inc.

      5,700           (791,502 ) 
        

 

 

  
           (11,954,702 ) 
        

 

 

  

Consumer Staple Products — (0.1)%

         

22nd Century Group, Inc.

      200           (618 ) 

Alkaline Water Co., Inc. (The)

      34,600           (40,828 ) 

Aurora Cannabis, Inc.

      39,700           (214,777 ) 

Beauty Health Co. (The)

      200           (4,832 ) 

Beyond Meat, Inc.

      9,200           (599,472 ) 

Cal-Maine Foods, Inc.

      3,200           (118,368 ) 

Celsius Holdings, Inc.

      17,300           (1,290,061 ) 

Central Garden & Pet Co., Class A

      1,000           (47,850 ) 

Clearwater Paper Corp.

      100           (3,667 ) 

Constellation Brands, Inc., Class A

      1,300           (326,261 ) 

Darling Ingredients, Inc.

      100           (6,929 ) 

DavidsTea, Inc.

      3,500           (10,850 ) 

Dole plc

      5,500           (73,260 ) 

Eastside Distilling, Inc.

      2,400           (4,296 ) 

Fresh Del Monte Produce, Inc.

      100           (2,760 ) 

FSD Pharma, Inc., Class B

      7,900           (8,137 ) 

Grove, Inc.

      5,700           (22,971 ) 

Helen of Troy Ltd.

      1,700           (415,599 ) 

Krispy Kreme, Inc.

      11,900           (225,148 ) 

McCormick & Co., Inc.

      4,700           (454,067 ) 

NewAge, Inc.

      24,400           (25,132 ) 

Nu Skin Enterprises, Inc.

      4,500           (228,375 ) 

Ocean Bio-Chem, Inc.

      200           (1,740 ) 

Pilgrim's Pride Corp.

      2,100           (59,220 ) 

Post Holdings, Inc.

      3,700           (417,101 ) 

Primo Water Corp.

      5,100           (89,913 ) 

Reed's, Inc.

      4,100           (1,471 ) 

Reynolds Consumer Products, Inc.

      5,600           (175,840 ) 

Seneca Foods Corp., Class A

      100           (4,795 ) 

Simply Good Foods Co. (The)

      4,100           (170,437 ) 

Spectrum Brands Holdings, Inc.

      3,700           (376,364 ) 

Splash Beverage Group, Inc.

      1,000           (1,168 ) 

Tilray, Inc., Class 2

      161,000           (1,131,830 ) 

TreeHouse Foods, Inc.

      5,200           (210,756 ) 

Utz Brands, Inc.

      2,200           (35,090 ) 

Village Farms International, Inc.

      9,500           (60,990 ) 

Zevia PBC, Class A

      3,100           (21,855 ) 
        

 

 

  
           (6,882,828 ) 
        

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

58

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

Financial Services — (0.1)%

         

Altisource Portfolio Solutions SA

      300         $ (3,366 ) 

Annaly Capital Management, Inc.

      92,400           (722,568 ) 

BitNile Holdings, Inc.

      43,200           (51,408 ) 

Brookfield Asset Management, Inc., Class A

      32,767           (1,978,472 ) 

Burford Capital Ltd.

      200           (2,112 ) 

Charles Schwab Corp.

      1,200           (100,920 ) 

Chimera Investment Corp.

      11,400           (171,912 ) 

Cohen & Co., Inc.

      400           (5,924 ) 

Coinbase Global, Inc., Class A

      1,900           (479,503 ) 

Cuentas, Inc.

      1,900           (2,527 ) 

Dynex Capital, Inc.

      900           (15,039 ) 

Evercore, Inc.

      300           (40,755 ) 

Federal Agricultural Mortgage Corp., Class C

      200           (24,786 ) 

Goldman Sachs Group, Inc.

      400           (153,020 ) 

Greenidge Generation Holdings, Inc.

      200           (3,210 ) 

Greenpro Capital Corp.

      19,100           (11,819 ) 

Home Point Capital, Inc.

      2,200           (9,900 ) 

Mogo, Inc.

      9,800           (33,516 ) 

Mr. Cooper Group, Inc.

      7,500           (312,075 ) 

Navient Corp.

      7,600           (161,272 ) 

Nelnet, Inc., Class A

      600           (58,608 ) 

Patria Investments Ltd., Class A

      100           (1,620 ) 

PennyMac Mortgage Investment Trust

      19,000           (329,270 ) 

PRA Group, Inc.

      100           (5,021 ) 

Reliance Global Group, Inc.

      300           (1,932 ) 

Robinhood Markets, Inc., Class A

      64,500           (1,145,520 ) 

Rocket Cos., Inc., Class A

      1,900           (26,600 ) 

Santander Consumer USA Holdings, Inc.

      5,600           (235,312 ) 

SoFi Technologies, Inc.

      3,100           (49,011 ) 

US Global Investors, Inc., Class A

      1,500           (6,600 ) 

Walker & Dunlop, Inc.

      200           (30,176 ) 

World Acceptance Corp.

      100           (24,543 ) 
        

 

 

  
           (6,198,317 ) 
        

 

 

  

Health Care — (1.0)%

         

10X Genomics, Inc., Class A

      9,800           (1,459,808 ) 

180 Life Sciences Corp.

      4,000           (15,600 ) 

2seventy bio, Inc.

      300           (7,689 ) 

4D Molecular Therapeutics, Inc.

      100           (2,194 ) 

Abeona Therapeutics, Inc.

      7,200           (2,426 ) 

Absci Corp.

      3,600           (29,520 ) 

Acasti Pharma, Inc.

      15,425           (19,436 ) 

AcelRx Pharmaceuticals, Inc.

      2,000           (1,120 ) 

Acer Therapeutics, Inc.

      1,500           (3,450 ) 

Actinium Pharmaceuticals, Inc.

      2,686           (16,143 ) 

Acumen Pharmaceuticals, Inc.

      300           (2,028 ) 

Acurx Pharmaceuticals, Inc.

      900           (3,942 ) 

Adagio Therapeutics, Inc.

      11,800           (85,668 ) 

Adamis Pharmaceuticals Corp.

      52,100           (31,521 ) 

AdaptHealth Corp.

      16,600           (406,036 ) 

Adaptive Biotechnologies Corp.

      100           (2,806 ) 

Adial Pharmaceuticals, Inc.

      5,000           (13,500 ) 

Aditxt, Inc.

      4,800           (2,573 ) 

ADMA Biologics, Inc.

      59,300           (83,613 ) 

Aerovate Therapeutics, Inc.

      600           (7,074 ) 

Aeterna Zentaris, Inc.

      38,824           (13,794 ) 

AgeX Therapeutics, Inc.

      1,600           (1,744 ) 

Agile Therapeutics, Inc.

      7,900           (3,856 ) 

Agiliti, Inc.

      2,900           (67,164 ) 

agilon health, Inc.

      16,200           (437,400 ) 

Agios Pharmaceuticals, Inc.

      6,200           (203,794 ) 

 

See Notes to Consolidated Schedule of Investments.

 

59

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

Agriforce Growing Systems Ltd.

      2,900         $ (6,032 ) 

Akouos, Inc.

      900           (7,650 ) 

Allena Pharmaceuticals, Inc.

      28,800           (17,064 ) 

Allogene Therapeutics, Inc.

      3,200           (47,744 ) 

Alpha Pro Tech Ltd.

      4,600           (27,462 ) 

Alpha Teknova, Inc.

      100           (2,048 ) 

Alzamend Neuro, Inc.

      29,600           (56,240 ) 

Ampio Pharmaceuticals, Inc.

      20,790           (11,850 ) 

Anavex Life Sciences Corp.

      400           (6,936 ) 

Apellis Pharmaceuticals, Inc.

      1,300           (61,464 ) 

Aptevo Therapeutics, Inc.

      1,700           (13,379 ) 

Ardelyx, Inc.

      5,300           (5,830 ) 

Asensus Surgical, Inc.

      3,430           (3,807 ) 

Assertio Holdings, Inc.

      13,850           (30,193 ) 

Athenex, Inc.

      2,000           (2,720 ) 

Athersys, Inc.

      12,502           (11,284 ) 

Aurinia Pharmaceuticals, Inc.

      45,300           (1,036,011 ) 

Avalon GloboCare Corp.

      3,400           (2,788 ) 

Aveanna Healthcare Holdings, Inc.

      8,400           (62,160 ) 

Avenue Therapeutics, Inc.

      6,500           (5,902 ) 

Avinger, Inc.

      17,148           (7,717 ) 

Aytu BioPharma, Inc.

      5,224           (7,052 ) 

Baudax Bio, Inc.

      21,300           (4,669 ) 

Bellerophon Therapeutics, Inc.

      200           (620 ) 

Bellicum Pharmaceuticals, Inc.

      2,870           (4,276 ) 

Bio-Path Holdings, Inc.

      700           (2,639 ) 

Biocept, Inc.

      3,510           (12,706 ) 

Biolase, Inc.

      6,700           (2,613 ) 

BioLife Solutions, Inc.

      400           (14,908 ) 

Biomerica, Inc.

      4,300           (16,727 ) 

BioNano Genomics, Inc.

      66,800           (199,732 ) 

Biorestorative Therapies, Inc.

      406           (1,734 ) 

BioSig Technologies, Inc.

      4,000           (8,920 ) 

Biotricity, Inc.

      200           (796 ) 

BioVie, Inc.

      200           (900 ) 

Bluejay Diagnostics, Inc.

      4,800           (12,288 ) 

Blueprint Medicines Corp.

      3,900           (417,729 ) 

Bolt Biotherapeutics, Inc.

      400           (1,960 ) 

BriaCell Therapeutics Corp.

      5,500           (45,540 ) 

Butterfly Network, Inc.

      5,600           (37,464 ) 

Capital Senior Living Corp.

      146           (4,160 ) 

Capricor Therapeutics, Inc.

      6,000           (17,580 ) 

Caribou Biosciences, Inc.

      1,900           (28,671 ) 

Cassava Sciences, Inc.

      10,400           (454,480 ) 

cbdMD, Inc.

      3,600           (3,888 ) 

Centene Corp.

      61,700           (5,084,080 ) 

Centessa Pharmaceuticals plc, ADR

      1,300           (14,638 ) 

Century Therapeutics, Inc.

      1,300           (20,618 ) 

Certara, Inc.

      1,900           (53,998 ) 

Check Cap Ltd.

      30,200           (20,376 ) 

Chembio Diagnostics, Inc.

      9,600           (10,944 ) 

China Pharma Holdings, Inc.

      9,000           (4,343 ) 

Clene, Inc.

      1,200           (4,920 ) 

Clovis Oncology, Inc.

      44,100           (119,511 ) 

Co-Diagnostics, Inc.

      10,200           (91,086 ) 

Codex DNA, Inc.

      600           (6,480 ) 

Codiak Biosciences, Inc.

      400           (4,456 ) 

Cogent Biosciences, Inc.

      700           (6,006 ) 

Congent Biosciences, Inc. (d)

      1,000           0  

ContraFect Corp.

      600           (1,578 ) 

Corbus Pharmaceuticals Holdings, Inc.

      18,200           (11,206 ) 

Cullinan Oncology, Inc.

      1,800           (27,774 ) 

 

See Notes to Consolidated Schedule of Investments.

 

60

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

Cyteir Therapeutics, Inc.

      700         $ (7,959 ) 

Cytek Biosciences, Inc.

      2,900           (47,328 ) 

Dare Bioscience, Inc.

      10,600           (21,200 ) 

Day One Biopharmaceuticals, Inc.

      700           (11,795 ) 

Design Therapeutics, Inc.

      1,800           (38,538 ) 

Diffusion Pharmaceuticals, Inc.

      4,100           (1,251 ) 

Dyadic International, Inc.

      4,100           (18,532 ) 

Eargo, Inc.

      100           (510 ) 

Edesa Biotech, Inc.

      3,000           (16,890 ) 

Edgewise Therapeutics, Inc.

      1,400           (21,392 ) 

Eliem Therapeutics, Inc.

      100           (1,046 ) 

ENDRA Life Sciences, Inc.

      4,000           (2,767 ) 

Enveric Biosciences, Inc.

      975           (907 ) 

Equillium, Inc.

      1,600           (6,000 ) 

Erasca, Inc.

      1,300           (20,254 ) 

Evofem Biosciences, Inc.

      57,100           (21,441 ) 

Evoke Pharma, Inc.

      3,100           (1,735 ) 

Exact Sciences Corp.

      3,200           (249,056 ) 

F-star Therapeutics, Inc.

      500           (2,510 ) 

Fennec Pharmaceuticals, Inc.

      1,100           (4,840 ) 

Finch Therapeutics Group, Inc.

      300           (2,991 ) 

First Wave BioPharma, Inc.

      5,580           (8,063 ) 

Fluidigm Corp.

      300           (1,176 ) 

Foghorn Therapeutics, Inc.

      500           (11,435 ) 

Fulgent Genetics, Inc.

      6,500           (653,835 ) 

Galectin Therapeutics, Inc.

      1,200           (2,484 ) 

GBS, Inc.

      4,900           (7,007 ) 

Gemini Therapeutics, Inc.

      200           (582 ) 

Genprex, Inc.

      4,100           (5,371 ) 

GeoVax Labs, Inc.

      1,700           (6,154 ) 

Geron Corp.

      29,500           (35,990 ) 

Ginkgo Bioworks Holdings, Inc.

      6,800           (56,508 ) 

Global Blood Therapeutics, Inc.

      400           (11,708 ) 

Graphite Bio, Inc.

      500           (6,215 ) 

Greenwich Lifesciences, Inc.

      500           (12,165 ) 

Guardant Health, Inc.

      1,900           (190,038 ) 

Guardion Health Sciences, Inc.

      7,600           (4,918 ) 

Halozyme Therapeutics, Inc.

      200           (8,042 ) 

Heat Biologics, Inc.

      2,028           (6,165 ) 

Hepion Pharmaceuticals, Inc.

      3,100           (3,534 ) 

Heron Therapeutics, Inc.

      25,000           (228,250 ) 

Horizon Therapeutics plc

      18,200           (1,961,232 ) 

Hoth Therapeutics, Inc.

      1,300           (857 ) 

HTG Molecular Diagnostics, Inc.

      433           (2,347 ) 

Humanigen, Inc.

      12,600           (46,872 ) 

iBio, Inc.

      44,100           (24,211 ) 

Icosavax, Inc.

      900           (20,592 ) 

Ikena Oncology, Inc.

      1,600           (20,064 ) 

Imago Biosciences, Inc.

      700           (16,597 ) 

Immuneering Corp., Class A

      200           (3,234 ) 

ImmunityBio, Inc.

      11,700           (71,136 ) 

ImmunoPrecise Antibodies Ltd.

      1,700           (9,112 ) 

IMV, Inc.

      2,900           (3,538 ) 

Inhibikase Therapeutics, Inc.

      1,800           (2,646 ) 

Inmune Bio, Inc.

      3,300           (33,660 ) 

Innovage Holding Corp.

      4,200           (21,000 ) 

Inovio Pharmaceuticals, Inc.

      47,000           (234,530 ) 

Inspire Medical Systems, Inc.

      500           (115,030 ) 

Instil Bio, Inc.

      5,600           (95,816 ) 

Insulet Corp.

      2,900           (771,603 ) 

Intersect ENT, Inc.

      3,700           (101,047 ) 

InVivo Therapeutics Holdings Corp.

      600           (274 ) 

 

See Notes to Consolidated Schedule of Investments.

 

61

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

INVO BioScience, Inc.

      700         $ (2,331 ) 

iRhythm Technologies, Inc.

      2,300           (270,687 ) 

Iterum Therapeutics plc

      63,900           (25,036 ) 

Jaguar Health, Inc.

      16,066           (16,709 ) 

JanOne, Inc.

      100           (408 ) 

Janux Therapeutics, Inc.

      1,600           (31,568 ) 

Jupiter Wellness, Inc.

      3,300           (2,937 ) 

Kala Pharmaceuticals, Inc.

      20,600           (24,926 ) 

Keros Therapeutics, Inc.

      300           (17,553 ) 

Kiniksa Pharmaceuticals Ltd., Class A

      1,600           (18,832 ) 

Kiora Pharmaceuticals, Inc.

      1,400           (2,097 ) 

Krystal Biotech, Inc.

      300           (20,985 ) 

Lantheus Holdings, Inc.

      900           (26,001 ) 

Lexaria Bioscience Corp.

      1,500           (6,075 ) 

Lexicon Pharmaceuticals, Inc.

      3,800           (14,972 ) 

LifeStance Health Group, Inc.

      10,100           (96,152 ) 

Liminal BioSciences, Inc.

      1,600           (1,744 ) 

Lipocine, Inc.

      200           (198 ) 

Lixte Biotechnology Holdings, Inc.

      900           (1,071 ) 

LogicBio Therapeutics, Inc.

      800           (1,848 ) 

Longboard Pharmaceuticals, Inc.

      400           (1,936 ) 

Lucira Health, Inc.

      6,100           (52,521 ) 

Lyell Immunopharma, Inc.

      3,100           (23,994 ) 

Marinus Pharmaceuticals, Inc.

      375           (4,455 ) 

Matinas BioPharma Holdings, Inc.

      1,400           (1,414 ) 

MediciNova, Inc.

      600           (1,608 ) 

Microbot Medical, Inc.

      2,400           (18,000 ) 

Milestone Scientific, Inc.

      6,000           (12,360 ) 

Mirati Therapeutics, Inc.

      6,600           (968,154 ) 

Moderna, Inc.

      74,160           (18,835,157 ) 

ModivCare, Inc.

      500           (74,145 ) 

Moleculin Biotech, Inc.

      2,600           (4,836 ) 

Monte Rosa Therapeutics, Inc.

      2,300           (46,966 ) 

Motus GI Holdings, Inc.

      16,800           (7,846 ) 

MyMD Pharmaceuticals, Inc.

      2,700           (16,362 ) 

Myomo, Inc.

      100           (684 ) 

Nabriva Therapeutics plc

      18,900           (11,319 ) 

NanoVibronix, Inc.

      100           (104 ) 

Nemaura Medical, Inc.

      200           (912 ) 

NeoGenomics, Inc.

      4,900           (167,188 ) 

Neovasc, Inc.

      9,000           (4,217 ) 

Neptune Wellness Solutions, Inc.

      48,400           (19,844 ) 

Neurobo Pharmaceuticals, Inc.

      200           (244 ) 

NeuroPace, Inc.

      600           (6,048 ) 

Novavax, Inc.

      8,900           (1,273,323 ) 

Nurix Therapeutics, Inc.

      600           (17,370 ) 

Nuvalent, Inc., Class A

      1,200           (22,848 ) 

Nymox Pharmaceutical Corp.

      2,000           (2,600 ) 

Ocugen, Inc.

      69,100           (314,405 ) 

Oncolytics Biotech, Inc.

      3,600           (5,004 ) 

Ontrak, Inc.

      1,100           (6,919 ) 

OPKO Health, Inc.

      15,499           (74,550 ) 

Optinose, Inc.

      2,900           (4,698 ) 

Option Care Health, Inc.

      800           (22,752 ) 

Oragenics, Inc.

      40,700           (18,152 ) 

OraSure Technologies, Inc.

      3,400           (29,546 ) 

Organon & Co.

      29,400           (895,230 ) 

Orgenesis, Inc.

      1,000           (2,880 ) 

OrthoPediatrics Corp.

      900           (53,874 ) 

Ovid therapeutics, Inc.

      300           (963 ) 

Owens & Minor, Inc.

      7,000           (304,500 ) 

Oyster Point Pharma, Inc.

      900           (16,434 ) 

 

See Notes to Consolidated Schedule of Investments.

 

62

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

Panbela Therapeutics, Inc.

      100         $ (175 ) 

Paragon 28, Inc.

      200           (3,538 ) 

PDL BioPharma, Inc. (d)

      4,500           (11,115 ) 

Penumbra, Inc.

      1,000           (287,320 ) 

PerkinElmer, Inc.

      4,900           (985,194 ) 

PetVivo Holdings, Inc.

      300           (1,131 ) 

PharmaCyte Biotech, Inc.

      3,800           (9,500 ) 

PolarityTE, Inc.

      7,200           (4,226 ) 

Poseida Therapeutics, Inc.

      800           (5,448 ) 

Predictive Oncology, Inc.

      10,800           (10,281 ) 

Progenity, Inc.

      100           (229 ) 

Progyny, Inc.

      300           (15,105 ) 

Prometheus Biosciences, Inc.

      700           (27,678 ) 

Protalix BioTherapeutics, Inc.

      13,400           (11,145 ) 

Provention Bio, Inc.

      100           (562 ) 

PTC Therapeutics, Inc.

      3,500           (139,405 ) 

Pulmonx Corp.

      200           (6,414 ) 

Qualigen Therapeutics, Inc.

      12,300           (13,161 ) 

Quidel Corp.

      9,400           (1,268,906 ) 

Rallybio Corp.

      100           (954 ) 

Rapid Micro Biosystems, Inc., Class A

      300           (3,192 ) 

Reata Pharmaceuticals, Inc., Class A

      300           (7,911 ) 

Recro Pharma, Inc.

      400           (684 ) 

Retractable Technologies, Inc.

      5,100           (35,343 ) 

Revance Therapeutics, Inc.

      600           (9,792 ) 

Reviva Pharmaceuticals Holdings, Inc.

      500           (1,415 ) 

Rockwell Medical, Inc.

      9,900           (4,059 ) 

Sage Therapeutics, Inc.

      3,500           (148,890 ) 

Sanara Medtech, Inc.

      100           (3,042 ) 

Scholar Rock Holding Corp.

      400           (9,936 ) 

Seagen, Inc.

      11,600           (1,793,360 ) 

Second Sight Medical Products, Inc.

      4,600           (7,498 ) 

Seer, Inc.

      3,100           (70,711 ) 

SELLAS Life Sciences Group, Inc.

      3,667           (20,279 ) 

Senseonics Holdings, Inc.

      30,000           (80,100 ) 

Sera Prognostics, Inc., Class A

      300           (2,061 ) 

Shockwave Medical, Inc.

      2,100           (374,493 ) 

SIGA Technologies, Inc.

      500           (3,760 ) 

Silk Road Medical, Inc.

      1,000           (42,610 ) 

Singular Genomics Systems, Inc.

      1,500           (17,340 ) 

Soligenix, Inc.

      9,200           (6,075 ) 

Sonoma Pharmaceuticals, Inc.

      1,000           (4,560 ) 

Sorrento Therapeutics, Inc.

      107,200           (498,480 ) 

Sotera Health Co.

      10,200           (240,210 ) 

Spruce Biosciences, Inc.

      8,200           (36,572 ) 

Statera Biopharma, Inc.

      2,500           (5,750 ) 

Surgalign Holdings, Inc.

      1,600           (1,146 ) 

Synaptogenix, Inc.

      2,200           (18,722 ) 

Tango Therapeutics, Inc.

      1,000           (10,940 ) 

Taro Pharmaceutical Industries Ltd.

      200           (10,022 ) 

Teladoc Health, Inc.

      36,800           (3,378,976 ) 

Tenax Therapeutics, Inc.

      800           (832 ) 

Tenaya Therapeutics, Inc.

      600           (11,370 ) 

Terns Pharmaceuticals, Inc.

      100           (707 ) 

TG Therapeutics, Inc.

      5,000           (95,000 ) 

Theravance Biopharma, Inc.

      6,100           (67,405 ) 

ThermoGenesis Holdings, Inc.

      1,200           (1,212 ) 

Titan Medical, Inc.

      11,000           (6,876 ) 

Titan Pharmaceuticals, Inc.

      2,300           (2,346 ) 

Tivic Health Systems, Inc.

      200           (776 ) 

TransCode Therapeutics, Inc.

      1,600           (4,064 ) 

Treace Medical Concepts, Inc., Class C

      2,200           (41,008 ) 

 

See Notes to Consolidated Schedule of Investments.

 

63

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

Triple-S Management Corp.

      50         $ (1,784 ) 

Turning Point Therapeutics, Inc.

      100           (4,770 ) 

Ultragenyx Pharmaceutical, Inc.

      1,900           (159,771 ) 

Unicycive Therapeutics, Inc.

      1,400           (2,884 ) 

UroGen Pharma Ltd.

      700           (6,657 ) 

Vaccinex, Inc.

      2,200           (2,310 ) 

Vallon Pharmaceuticals, Inc.

      500           (2,990 ) 

Vaxart, Inc.

      25,300           (158,631 ) 

Vaxcyte, Inc.

      700           (16,653 ) 

Veracyte, Inc.

      3,700           (152,440 ) 

Verve Therapeutics, Inc.

      3,200           (117,984 ) 

Viemed Healthcare, Inc.

      1,900           (9,918 ) 

Vir Biotechnology, Inc.

      7,200           (301,464 ) 

Viveve Medical, Inc.

      353           (399 ) 

VolitionRX Ltd.

      2,200           (6,908 ) 

Vor BioPharma, Inc.

      1,500           (17,430 ) 

Voyager Therapeutics, Inc.

      10,000           (27,100 ) 

vTv Therapeutics, Inc., Class A

      2,900           (2,886 ) 

Vyant Bio, Inc.

      200           (270 ) 

VYNE Therapeutics, Inc.

      600           (612 ) 

Xeris Biopharma Holdings, Inc.

      30,042           (88,023 ) 

Xtant Medical Holdings, Inc.

      2,600           (1,456 ) 

Zivo Bioscience, Inc.

      1,300           (3,731 ) 

Zogenix, Inc.

      2,100           (34,125 ) 

Zomedica Corp.

      187,200           (57,377 ) 

Zosano Pharma Corp.

      41,396           (19,456 ) 

Zynex, Inc.

      5,000           (49,850 ) 
        

 

 

  
           (51,505,609 ) 
        

 

 

  

Health Care Facilities & Services — (0.0)%

         

Elanco Animal Health, Inc. (d)

      6,500           0  
        

 

 

  

Industrial Products — (0.2)%

         

Advanced Energy Industries, Inc.

      2,100           (191,226 ) 

AEye, Inc.

      1,100           (5,324 ) 

AgEagle Aerial Systems, Inc.

      22,500           (35,325 ) 

Agrify Corp.

      4,600           (42,320 ) 

Alamo Group, Inc.

      200           (29,436 ) 

Altra Industrial Motion Corp.

      1,500           (77,355 ) 

AMMO, Inc.

      26,300           (143,335 ) 

Astec Industries, Inc.

      700           (48,489 ) 

Astra Space, Inc.

      1,400           (9,702 ) 

Astrotech Corp.

      1,300           (884 ) 

Belden, Inc.

      400           (26,292 ) 

Blink Charging Co.

      14,700           (389,697 ) 

Blue Bird Corp.

      500           (7,820 ) 

Boeing Co.

      3,200           (644,224 ) 

CAE, Inc.

      400           (10,096 ) 

Chart Industries, Inc.

      3,000           (478,470 ) 

Colfax Corp.

      1,700           (78,149 ) 

Eastman Kodak Co.

      26,800           (125,424 ) 

Energous Corp.

      5,600           (7,000 ) 

FARO Technologies, Inc.

      200           (14,004 ) 

FreightCar America, Inc.

      5,500           (20,295 ) 

Fuel Tech, Inc.

      5,400           (7,560 ) 

Generac Holdings, Inc.

      2,700           (950,184 ) 

GreenPower Motor Co., Inc.

      1,100           (10,428 ) 

Helios Technologies, Inc.

      600           (63,102 ) 

Hillenbrand, Inc.

      1,400           (72,786 ) 

Hillman Solutions Corp.

      200           (2,150 ) 

Huntington Ingalls Industries, Inc.

      600           (112,044 ) 

Hydrofarm Holdings Group, Inc.

      9,900           (280,071 ) 

 

See Notes to Consolidated Schedule of Investments.

 

64

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

Ideal Power, Inc.

      900         $ (10,854 ) 

Ingersoll Rand, Inc.

      39,752           (2,459,456 ) 

IntriCon Corp.

      300           (4,851 ) 

John Bean Technologies Corp.

      1,400           (214,984 ) 

Kelso Technologies, Inc.

      12,400           (5,520 ) 

Loop Industries, Inc.

      400           (4,908 ) 

Middleby Corp.

      800           (157,408 ) 

Nikola Corp.

      10,200           (100,674 ) 

Novanta, Inc.

      700           (123,431 ) 

Polar Power, Inc.

      100           (358 ) 

Research Frontiers, Inc.

      2,000           (3,440 ) 

Shyft Group, Inc. (The)

      300           (14,739 ) 

Sypris Solutions, Inc.

      1,100           (2,706 ) 

TAT Technologies Ltd.

      400           (2,520 ) 

Toughbuilt Industries, Inc.

      37,800           (13,797 ) 

TuSimple Holdings, Inc., Class A

      500           (17,925 ) 

Urban-Gro, Inc.

      600           (6,288 ) 

Welbilt, Inc.

      16,400           (389,828 ) 

Westinghouse Air Brake Technologies Corp.

      6,400           (589,504 ) 

Workhorse Group, Inc.

      17,700           (77,172 ) 

XL Fleet Corp.

      2,800           (9,268 ) 

Xometry, Inc., Class A

      1,800           (92,250 ) 
        

 

 

  
           (8,185,073 ) 
        

 

 

  

Industrial Services — (0.1)%

         

ABM Industries, Inc.

      200           (8,170 ) 

ADT, Inc.

      9,400           (79,054 ) 

AECOM

      2,000           (154,700 ) 

Air Transport Services Group, Inc.

      1,000           (29,380 ) 

Alexco Resource Corp.

      9,100           (15,834 ) 

AMERCO

      200           (145,246 ) 

API Group Corp.

      2,500           (64,425 ) 

Applied Industrial Technologies, Inc.

      500           (51,350 ) 

Arcosa, Inc.

      2,300           (121,210 ) 

Atlas Air Worldwide Holdings, Inc.

      2,300           (216,476 ) 

Brink's Co.

      1,900           (124,583 ) 

Centrus Energy Corp., Class A

      1,800           (89,838 ) 

Construction Partners, Inc., Class A

      700           (20,587 ) 

Copa Holdings SA, Class A

      4,100           (338,906 ) 

Core & Main, Inc., Class A

      1,600           (48,544 ) 

CryoPort, Inc.

      500           (29,585 ) 

Delta Air Lines, Inc.

      10,100           (394,708 ) 

Denison Mines Corp.

      147,900           (202,623 ) 

DHT Holdings, Inc.

      7,900           (41,001 ) 

EVI Industries, Inc.

      100           (3,123 ) 

Expeditors International of Washington, Inc.

      500           (67,145 ) 

First Advantage Corp.

      300           (5,712 ) 

Frontier Group Holdings, Inc.

      7,600           (103,132 ) 

GEE Group, Inc.

      24,900           (14,193 ) 

H&R Block, Inc.

      200           (4,712 ) 

Harsco Corp.

      3,800           (63,498 ) 

Ideanomics, Inc.

      151,600           (181,920 ) 

International Seaways, Inc.

      2,856           (41,926 ) 

Latham Group, Inc.

      6,400           (160,192 ) 

Lightbridge Corp.

      1,390           (9,209 ) 

Matson, Inc.

      3,400           (306,102 ) 

Montrose Environmental Group, Inc.

      500           (35,255 ) 

MYR Group, Inc.

      100           (11,055 ) 

Nordic American Tankers Ltd.

      10,900           (18,421 ) 

NV5 Global, Inc.

      300           (41,436 ) 

Orbital Energy Group, Inc.

      23,300           (51,027 ) 

Quanta Services, Inc.

      5,000           (573,300 ) 

 

See Notes to Consolidated Schedule of Investments.

 

65

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares             Value  

SEACOR Marine Holdings, Inc.

      200         $ (680 ) 

Seanergy Maritime Holdings

      38,500           (35,359 ) 

Southwest Airlines Co.

      18,800           (805,392 ) 

Stericycle, Inc.

      5,500           (328,020 ) 

Sun Country Airlines Holdings, Inc.

      2,600           (70,850 ) 

Team, Inc.

      700           (763 ) 

Teekay Tankers Ltd., Class A

      6,637           (72,343 ) 

Tetra Tech, Inc.

      1,100           (186,780 ) 

TOP Ships, Inc.

      13,900           (11,755 ) 

TopBuild Corp.

      200           (55,182 ) 

TrueBlue, Inc.

      300           (8,301 ) 

US Ecology, Inc.

      600           (19,164 ) 

Vertex Energy, Inc.

      7,700           (34,881 ) 

Vivint Smart Home, Inc.

      8,100           (79,218 ) 

WESCO International, Inc.

      4,300           (565,837 ) 

Willdan Group, Inc.

      500           (17,600 ) 
        

 

 

  
           (6,159,703 ) 
        

 

 

  

Insurance — (0.2)%

         

American International Group, Inc.

      42,200           (2,399,492 ) 

Atlantic American Corp.

      300           (735 ) 

Berkshire Hathaway, Inc., Class B

      16,000           (4,784,000 ) 

Cincinnati Financial Corp.

      3,700           (421,541 ) 

eHealth, Inc.

      2,900           (73,950 ) 

Enstar Group Ltd.

      100           (24,759 ) 

Goosehead Insurance, Inc., Class A

      2,000           (260,160 ) 

Kemper Corp.

      1,100           (64,669 ) 

Loews Corp.

      100           (5,785 ) 

MetLife, Inc.

      3,200           (199,968 ) 

ProAssurance Corp.

      200           (5,060 ) 

Prudential Financial, Inc.

      7,800           (844,272 ) 

RenaissanceRe Holdings Ltd.

      300           (50,799 ) 

Ryan Specialty Group Holdings, Inc., Class A

      4,300           (173,505 ) 

Selective Insurance Group, Inc.

      1,100           (90,134 ) 

Selectquote, Inc.

      1,700           (15,402 ) 

State Auto Financial Corp.

      1,000           (51,690 ) 

Sun Life Financial, Inc.

      1,800           (100,242 ) 
        

 

 

  
           (9,566,163 ) 
        

 

 

  

Materials — (0.2)%

         

Advanced Drainage Systems, Inc.

      6,200           (844,006 ) 

Almaden Minerals Ltd., Class B

      11,800           (3,534 ) 

American Resources Corp.

      21,600           (38,880 ) 

Americas Gold & Silver Corp.

      23,600           (19,029 ) 

Apogee Enterprises, Inc.

      100           (4,815 ) 

Arconic Corp.

      200           (6,602 ) 

Ardagh Metal Packaging SA

      8,200           (74,046 ) 

Avient Corp.

      3,500           (195,825 ) 

Avino Silver & Gold Mines Ltd.

      11,600           (9,988 ) 

Axalta Coating Systems Ltd.

      6,600           (218,592 ) 

Ball Corp.

      7,200           (693,144 ) 

Cleveland-Cliffs, Inc.

      7,600           (165,452 ) 

CPS Technologies Corp.

      5,000           (18,950 ) 

Diversey Holdings Ltd.

      9,000           (119,790 ) 

Encore Wire Corp.

      300           (42,930 ) 

Energy Fuels, Inc.

      24,700           (188,461 ) 

Equinox Gold Corp.

      41,700           (281,892 ) 

Ferro Corp.

      7,000           (152,810 ) 

First Majestic Silver Corp.

      600           (6,666 ) 

FMC Corp.

      10,500           (1,153,845 ) 

Galiano Gold, Inc.

      12,200           (8,538 ) 

Gold Standard Ventures Corp.

      4,400           (1,950 ) 

 

See Notes to Consolidated Schedule of Investments.

 

66

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

Golden Minerals Co.

      5,700         $ (1,991 ) 

Golden Star Resources Ltd.

      6,500           (24,895 ) 

GoldMining, Inc.

      1,800           (2,160 ) 

Great Panther Mining Ltd.

      29,600           (6,488 ) 

Greif, Inc., Class A

      2,000           (120,740 ) 

International Flavors & Fragrances, Inc.

      7,500           (1,129,875 ) 

International Tower Hill Mines Ltd.

      1,600           (1,175 ) 

IT Tech Packaging, Inc.

      5,400           (1,242 ) 

Kaiser Aluminum Corp.

      500           (46,970 ) 

Kirkland Lake Gold Ltd.

      14,400           (604,080 ) 

Koppers Holdings, Inc.

      500           (15,650 ) 

Maverix Metals, Inc.

      100           (436 ) 

Meta Materials, Inc.

      96,650           (237,759 ) 

Metalla Royalty & Streaming Ltd.

      3,300           (22,869 ) 

North American Construction Group Ltd.

      200           (3,020 ) 

Northern Dynasty Minerals Ltd.

      5,500           (1,794 ) 

Novagold Resources, Inc.

      11,200           (76,832 ) 

Nucor Corp.

      7,600           (867,540 ) 

Orla Mining Ltd.

      2,800           (10,696 ) 

Pactiv Evergreen, Inc.

      1,800           (22,824 ) 

PolyMet Mining Corp.

      500           (1,250 ) 

Quaker Chemical Corp.

      500           (115,390 ) 

Reliance Steel & Aluminum Co.

      400           (64,888 ) 

RPM International, Inc.

      5,100           (515,100 ) 

Schweitzer-Mauduit International, Inc.

      900           (26,910 ) 

SilverCrest Metals, Inc.

      11,000           (87,010 ) 

SiNtx Technologies, Inc.

      6,200           (3,980 ) 

Solitario Zinc Corp.

      5,234           (2,616 ) 

SSR Mining, Inc.

      16,400           (290,280 ) 

Standard Lithium Ltd.

      2,500           (24,525 ) 

Steel Dynamics, Inc.

      2,500           (155,175 ) 

Summit Materials, Inc., Class A

      4,600           (184,644 ) 

Terawulf, Inc.

      100           (1,505 ) 

Trex Co., Inc.

      5,900           (796,677 ) 

Trilogy Metals, Inc.

      800           (1,320 ) 

TriMas Corp.

      200           (7,400 ) 

Trinseo plc

      2,100           (110,166 ) 

Turquoise Hill Resources Ltd.

      4,770           (78,466 ) 

UFP Industries, Inc.

      2,800           (257,628 ) 

United States Antimony Corp.

      16,957           (8,441 ) 

View, Inc.

      10,700           (41,837 ) 

WD-40 Co.

      300           (73,392 ) 

Western Copper & Gold Corp.

      4,000           (6,240 ) 

Zymergen, Inc.

      10,800           (72,252 ) 
        

 

 

  
           (10,375,873 ) 
        

 

 

  

Media — (0.6)%

         

Advantage Solutions, Inc.

      5,100           (40,902 ) 

AppLovin Corp., Class A

      2,700           (254,502 ) 

AutoWeb, Inc.

      1,300           (4,420 ) 

Boston Omaha Corp., Class A

      900           (25,857 ) 

Bright Health Group, Inc.

      1,800           (6,192 ) 

Bumble, Inc., Class A

      11,800           (399,548 ) 

DISH Network Corp., Class A

      400           (12,976 ) 

Endeavor Group Holdings, Inc., Class A

      1,000           (34,890 ) 

Engine Gaming and Media, Inc.

      4,900           (14,798 ) 

Entravision Communications Corp., Class A

      1,400           (9,492 ) 

EW Scripps Co., Class A

      3,700           (71,595 ) 

Focus Universal, Inc.

      700           (6,202 ) 

Fox Corp., Class A

      6,100           (225,090 ) 

fuboTV, Inc.

      46,600           (723,232 ) 

Gray Television, Inc.

      5,000           (100,800 ) 

 

See Notes to Consolidated Schedule of Investments.

 

67

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

Groupon, Inc.

      2,500         $ (57,900 ) 

Houghton Mifflin Harcourt Co.

      5,800           (93,380 ) 

IAC / Inter Active Corp.

      6,500           (849,615 ) 

Interpublic Group of Cos., Inc. (The)

      28,600           (1,071,070 ) 

Inuvo, Inc.

      30,000           (15,900 ) 

IZEA Worldwide, Inc.

      19,100           (25,594 ) 

Liberty Broadband Corp., Class C

      13,000           (2,094,300 ) 

Liquid Media Group Ltd.

      900           (945 ) 

Lyft, Inc., Class A

      23,523           (1,005,138 ) 

Marin Software, Inc.

      3,500           (12,985 ) 

Match Group, Inc.

      25,700           (3,398,825 ) 

Media General, Inc. (d)

      12,100           0  

MediaAlpha, Inc., Class A

      900           (13,896 ) 

Nexstar Media Group, Inc., Class A

      3,811           (575,385 ) 

Nextdoor Holdings, Inc.

      200           (1,578 ) 

Opendoor Technologies, Inc.

      15,300           (223,533 ) 

Playtika Holding Corp.

      13,100           (226,499 ) 

Remark Holdings, Inc.

      36,300           (35,991 ) 

Roku, Inc.

      21,900           (4,997,580 ) 

RumbleON, Inc., Class B

      100           (4,152 ) 

Salem Media Group, Inc.

      2,700           (8,262 ) 

Shaw Communications, Inc., B Shares

      600           (18,204 ) 

Sinclair Broadcast Group, Inc., Class A

      7,100           (187,653 ) 

Snap, Inc., Class A

      23,900           (1,124,017 ) 

SRAX, Inc.

      2,000           (8,980 ) 

Stran & Co., Inc.

      200           (1,210 ) 

Take-Two Interactive Software, Inc.

      500           (88,860 ) 

TEGNA, Inc.

      300           (5,568 ) 

Trade Desk, Inc. (The), Class A

      1,800           (164,952 ) 

Troika Media Group, Inc.

      200           (234 ) 

Uber Technologies, Inc.

      190,100           (7,970,893 ) 

ViacomCBS, Inc., Class B

      29           (875 ) 

Walt Disney Co.

      42,800           (6,629,292 ) 

ZW Data Action Technologies, Inc.

      4,800           (4,800 ) 
        

 

 

  
           (32,848,562 ) 
        

 

 

  

Oil & Gas — (0.3)%

         

Archrock, Inc.

      2,000           (14,960 ) 

Baker Hughes a GE Co.

      14,200           (341,652 ) 

Camber Energy, Inc.

      87,500           (74,375 ) 

Cenovus Energy, Inc.

      10,500           (128,940 ) 

Chesapeake Energy Corp.

      22,292           (1,438,280 ) 

Chevron Corp. (b)

      8,247           (967,785 ) 

CNX Resources Corp.

      19,100           (262,625 ) 

Crescent Energy, Inc., Class A

      3,520           (44,634 ) 

Delek US Holdings, Inc.

      600           (8,994 ) 

Denbury, Inc.

      5,100           (390,609 ) 

Devon Energy Corp.

      3,583           (157,831 ) 

DTE Midstream LLC

      2,200           (105,556 ) 

Enbridge, Inc.

      38,500           (1,504,580 ) 

Equitrans Midstream Corp.

      54,800           (566,632 ) 

Expro Group Holdings NV

      3,200           (45,920 ) 

Flotek Industries, Inc.

      500           (642 ) 

Golar LNG Ltd.

      5,900           (73,101 ) 

Gulfport Energy Operating Corp.

      500           (36,015 ) 

Hess Corp.

      8,000           (592,240 ) 

ION Geophysical Corp.

      10,100           (8,888 ) 

KLX Energy Services Holdings, Inc.

      3,600           (11,160 ) 

Laredo Petroleum, Inc.

      2,850           (171,371 ) 

Liberty Oilfield Services, Inc., Class A

      5,500           (53,350 ) 

Marathon Petroleum Corp.

      3,500           (223,965 ) 

New Fortress Energy LLC

      14,800           (357,272 ) 

 

See Notes to Consolidated Schedule of Investments.

 

68

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

ONEOK, Inc.

      20,000         $ (1,175,200 ) 

Par Pacific Holdings, Inc.

      1,500           (24,735 ) 

PDC Energy, Inc.

      2,016           (98,340 ) 

RPC, Inc.

      15,200           (69,008 ) 

Sino-Global Shipping America Ltd.

      5,600           (26,712 ) 

Smart Sand, Inc.

      1,700           (3,026 ) 

TC Energy Corp.

      9,300           (432,822 ) 

Tellurian, Inc.

      11,000           (33,880 ) 

TETRA Technologies, Inc.

      1,700           (4,828 ) 

US Silica Holdings, Inc.

      600           (5,640 ) 

Valero Energy Corp. (b)

      11,428           (858,357 ) 

Williams Cos., Inc.

      137,300           (3,575,292 ) 
        

 

 

  
           (13,889,217 ) 
        

 

 

  

Pharmaceuticals — (0.0)%

         

Contra Aerpio Pharmaceuticals (d)

      400           0  
        

 

 

  

Real Estate — (0.5)%

         

Acadia Realty Trust

      5,600           (122,248 ) 

Alexandria Real Estate Equities, Inc.

      8,400           (1,872,864 ) 

American Campus Communities, Inc.

      8,400           (481,236 ) 

Americold Realty Trust

      44,800           (1,468,992 ) 

Apartment Income REIT Corp.

      3,100           (169,477 ) 

AvalonBay Communities, Inc.

      200           (50,518 ) 

Boston Properties, Inc.

      9,900           (1,140,282 ) 

Brandywine Realty Trust

      7,300           (97,966 ) 

CBRE Group, Inc., Class A

      800           (86,808 ) 

Compass, Inc., Class A

      1,700           (15,453 ) 

Corporate Office Properties Trust

      2,800           (78,316 ) 

Cousins Properties, Inc.

      8,498           (342,299 ) 

DiamondRock Hospitality Co.

      5,700           (54,777 ) 

Digital Realty Trust, Inc.

      14,300           (2,529,241 ) 

Douglas Emmett, Inc.

      9,900           (331,650 ) 

Duke Realty Corp.

      300           (19,692 ) 

Empire State Realty Trust, Inc.

      5,400           (48,060 ) 

Equity Residential

      13,900           (1,257,950 ) 

Essex Property Trust, Inc.

      2,800           (986,244 ) 

eXp World Holdings, Inc.

      300           (10,107 ) 

Fathom Holdings, Inc.

      300           (6,138 ) 

Gaucho Group Holdings, Inc.

      3,400           (7,242 ) 

Highwoods Properties, Inc.

      5,900           (263,081 ) 

Host Hotels & Resorts, Inc.

      169,700           (2,951,083 ) 

Howard Hughes Corp. (The)

      200           (20,356 ) 

InvenTrust Properties Corp.

      2,300           (62,698 ) 

Iron Mountain, Inc.

      27,100           (1,418,143 ) 

Jones Lang LaSalle, Inc.

      1,100           (296,274 ) 

Kilroy Realty Corp.

      400           (26,584 ) 

Kimco Realty Corp.

      7,700           (189,805 ) 

Kite Realty Group Trust

      16,100           (350,658 ) 

Medical Properties Trust, Inc.

      300           (7,092 ) 

MGM Growth Properties LLC, Class A

      400           (16,340 ) 

Mid-America Apartment Communities, Inc.

      300           (68,832 ) 

Newmark Group, Inc., Class A

      200           (3,740 ) 

NexPoint Residential Trust, Inc.

      300           (25,149 ) 

Pebblebrook Hotel Trust

      10,200           (228,174 ) 

Phillips Edison & Co., Inc.

      2,800           (92,512 ) 

PotlatchDeltic Corp.

      6,521           (392,695 ) 

Rayonier, Inc.

      3,500           (141,260 ) 

Redfin Corp.

      800           (30,712 ) 

Regency Centers Corp.

      11,200           (843,920 ) 

Ryman Hospitality Properties, Inc.

      3,800           (349,448 ) 

Saul Centers, Inc.

      200           (10,604 ) 

 

See Notes to Consolidated Schedule of Investments.

 

69

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

SL Green Realty Corp.

      1,300         $ (93,210 ) 

Sunstone Hotel Investors, Inc.

      11,500           (134,895 ) 

UDR, Inc.

      11,700           (701,883 ) 

Ventas, Inc.

      35,238           (1,801,367 ) 

VICI Properties, Inc.

      18,900           (569,079 ) 

Vornado Realty Trust

      19,500           (816,270 ) 

Washington Real Estate Investment Trust

      1,100           (28,435 ) 

Welltower, Inc.

      28,100           (2,410,137 ) 

Weyerhaeuser Co.

      50,300           (2,071,354 ) 
        

 

 

  
           (27,593,350 ) 
        

 

 

  

Renewable Energy — (0.2)%

         

Advent Technologies Holdings, Inc.

      4,700           (32,947 ) 

Alto Ingredients, Inc.

      13,100           (63,011 ) 

Ameresco, Inc., Class A

      2,900           (236,176 ) 

American Superconductor Corp.

      200           (2,176 ) 

Archaea Energy, Inc.

      900           (16,452 ) 

Array Technologies, Inc.

      30,500           (478,545 ) 

Beam Global

      500           (9,300 ) 

Broadwind, Inc.

      5,100           (9,588 ) 

Cleanspark, Inc.

      14,500           (138,040 ) 

First Solar, Inc.

      19,300           (1,682,188 ) 

Flux Power Holdings, Inc.

      3,000           (12,870 ) 

FuelCell Energy, Inc.

      84,029           (436,951 ) 

Gevo, Inc.

      1,300           (5,564 ) 

Green Plains, Inc.

      1,300           (45,188 ) 

Mechanical Technology, Inc.

      3,400           (36,584 ) 

Montauk Renewables, Inc.

      800           (8,200 ) 

Plug Power, Inc.

      47,000           (1,326,810 ) 

Renewable Energy Group, Inc.

      8,400           (356,496 ) 

Shoals Technologies Group, Inc., Class A

      23,600           (573,480 ) 

SolarEdge Technologies, Inc.

      300           (84,171 ) 

Sunrun, Inc.

      72,415           (2,483,834 ) 

Sunworks, Inc.

      5,100           (15,657 ) 
        

 

 

  
           (8,054,228 ) 
        

 

 

  

Retail & Wholesale - Discretionary — (0.4)%

         

1847 Goedeker, Inc.

      9,300           (22,320 ) 

1stdibs.com, Inc.

      900           (11,259 ) 

Abercrombie & Fitch Co., Class A

      19,700           (686,151 ) 

Academy Sports & Outdoors, Inc.

      2,200           (96,580 ) 

ADDvantage Technologies Group, Inc.

      1,400           (2,422 ) 

Aspen Aerogels, Inc.

      200           (9,958 ) 

Bath & Body Works, Inc.

      9,700           (676,963 ) 

Beacon Roofing Supply, Inc.

      4,100           (235,135 ) 

Best Buy Co., Inc.

      13,900           (1,412,240 ) 

Big 5 Sporting Goods Corp.

      3,000           (57,030 ) 

Builders FirstSource, Inc.

      35,600           (3,051,276 ) 

Burlington Stores, Inc.

      2,100           (612,171 ) 

CarLotz, Inc.

      23,700           (53,799 ) 

CarParts.com, Inc.

      11,200           (125,440 ) 

Carvana Co.

      29,900           (6,930,521 ) 

Citi Trends, Inc.

      100           (9,475 ) 

Digital Brands Group, Inc.

      3,800           (8,740 ) 

Dillard's, Inc., Class A

      200           (49,004 ) 

Ever-Glory International Group, Inc.

      200           (494 ) 

Figs, Inc., Class A

      3,400           (93,704 ) 

Foot Locker, Inc.

      2,800           (122,164 ) 

Freshpet, Inc.

      1,900           (181,013 ) 

Gap, Inc.

      45,600           (804,840 ) 

GrowGeneration Corp.

      1,400           (18,270 ) 

iPower, Inc.

      4,300           (10,234 ) 

 

See Notes to Consolidated Schedule of Investments.

 

70

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

JOANN, Inc.

      5,800         $ (60,204 ) 

Kirkland's, Inc.

      1,600           (23,888 ) 

Kohl's Corp.

      1,500           (74,085 ) 

Lithia Motors, Inc., Class A

      100           (29,695 ) 

LKQ Corp.

      15,100           (906,453 ) 

LMP Automotive Holdings, Inc.

      100           (699 ) 

MarineMax, Inc.

      3,900           (230,256 ) 

Mister Car Wash, Inc.

      11,400           (207,594 ) 

NovaBay Pharmaceuticals, Inc.

      12,100           (4,557 ) 

ODP Corp. (The)

      1,900           (74,632 ) 

Overstock.com, Inc.

      15,000           (885,150 ) 

Petco Health & Wellness Co., Inc.

      14,300           (282,997 ) 

Qurate Retail, Inc., Class A

      5,300           (40,280 ) 

Ross Stores, Inc.

      900           (102,852 ) 

Signet Jewelers Ltd.

      600           (52,218 ) 

Sportsman's Warehouse Holdings, Inc.

      8,100           (95,580 ) 

Takung Art Co., Ltd.

      100           (405 ) 

TJX Cos., Inc.

      15,000           (1,138,800 ) 

Victoria's Secret & Co.

      3,100           (172,174 ) 

Vroom, Inc.

      21,700           (234,143 ) 

Williams-Sonoma, Inc.

      1,400           (236,782 ) 
        

 

 

  
           (20,134,647 ) 
        

 

 

  

Retail & Wholesale - Staples — (0.3)%

         

Archer-Daniels-Midland Co.

      9,700           (655,623 ) 

Big Lots, Inc.

      700           (31,535 ) 

Bunge Ltd.

      15,900           (1,484,424 ) 

Dollar General Corp.

      19,900           (4,693,017 ) 

Dollar Tree, Inc.

      35,100           (4,932,252 ) 

Grocery Outlet Holding Corp.

      18,000           (509,040 ) 

HF Foods Group, Inc.

      1,200           (10,152 ) 

Laird Superfood, Inc.

      700           (9,128 ) 

MedAvail Holdings, Inc.

      200           (280 ) 

Mission Produce, Inc.

      1,600           (25,120 ) 

Natural Grocers by Vitamin Cottage, Inc.

      500           (7,125 ) 

Performance Food Group Co.

      27,000           (1,239,030 ) 

PriceSmart, Inc.

      700           (51,219 ) 

United Natural Foods, Inc. (l)

      200           (9,816 ) 
        

 

 

  
           (13,657,761 ) 
        

 

 

  

Software & Technology Services — (0.6)%

         

Accenture plc, Class A

      5,300           (2,197,115 ) 

Affirm Holdings, Inc.

      3,200           (321,792 ) 

Akerna Corp.

      10,700           (18,725 ) 

Alight, Inc., Class A

      1,900           (20,539 ) 

Alithya Group, Inc., Class A

      500           (1,275 ) 

Alkami Technology, Inc.

      1,200           (24,072 ) 

Apollo Medical Holdings, Inc.

      900           (66,132 ) 

Appfolio, Inc., Class A

      100           (12,106 ) 

Auddia, Inc.

      4,300           (7,654 ) 

Autodesk, Inc.

      2,200           (618,618 ) 

AvidXchange Holdings, Inc.

      200           (3,012 ) 

Bandwidth, Inc., Class A

      4,800           (344,448 ) 

Bitfarms Ltd.

      2,300           (11,615 ) 

BlackBerry Ltd.

      1,900           (17,765 ) 

Boxlight Corp., Class A

      21,700           (29,946 ) 

BSQUARE Corp.

      7,100           (12,141 ) 

CareCloud, Inc.

      1,500           (9,480 ) 

Change Healthcare, Inc.

      4,600           (98,348 ) 

Clarivate plc

      28,900           (679,728 ) 

Clear Secure, Inc., Class A

      1,300           (40,781 ) 

Cognizant Technology Solutions Corp., Class A

      2,100           (186,312 ) 

 

See Notes to Consolidated Schedule of Investments.

 

71

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

Confluent, Inc., Class A

      12,200         $ (930,128 ) 

Couchbase, Inc.

      600           (14,976 ) 

CS Disco, Inc.

      4,300           (153,725 ) 

CYNGN, Inc.

      2,100           (9,450 ) 

Data Storage Corp.

      2,300           (7,038 ) 

Digital Turbine, Inc.

      16,100           (981,939 ) 

Doximity, Inc., Class A

      20,700           (1,037,691 ) 

DSS, Inc.

      1,300           (874 ) 

Dun & Bradstreet Holdings, Inc.

      29,900           (612,651 ) 

Duolingo, Inc.

      600           (63,666 ) 

Elys Game Technology Corp.

      8,100           (24,543 ) 

EverCommerce, Inc.

      2,500           (39,375 ) 

Exela Technologies, Inc.

      47,900           (42,027 ) 

Fiserv, Inc.

      63,800           (6,621,802 ) 

ForgeRock, Inc., Class A

      100           (2,669 ) 

Genius Brands International, Inc.

      105,300           (110,565 ) 

Global Payments, Inc.

      200           (27,036 ) 

Globant SA

      2,200           (690,998 ) 

GreenBox POS

      8,100           (34,020 ) 

Health Catalyst, Inc.

      500           (19,810 ) 

Hive Blockchain Technologies Ltd.

      900           (2,376 ) 

Hut 8 Mining Corp.

      3,700           (29,045 ) 

Inpixon

      13,400           (8,040 ) 

Insight Enterprises, Inc.

      1,900           (202,540 ) 

Intapp, Inc.

      100           (2,516 ) 

Integral Ad Science Holding Corp.

      2,400           (53,304 ) 

Intrusion, Inc.

      2,400           (8,256 ) 

Kyndryl Holdings, Inc.

      7,100           (128,510 ) 

LiveRamp Holdings, Inc.

      400           (19,180 ) 

Marathon Digital Holdings, Inc.

      35,900           (1,179,674 ) 

MarketAxess Holdings, Inc.

      1,300           (534,651 ) 

Matterport, Inc.

      11,600           (239,424 ) 

MeridianLink, Inc.

      300           (6,474 ) 

Monday.com Ltd.

      8,700           (2,685,864 ) 

Multiplan Corp.

      400           (1,772 ) 

NantHealth, Inc.

      2,700           (2,849 ) 

Nielsen Holdings plc

      28,600           (586,586 ) 

Outbrain, Inc.

      400           (5,600 ) 

Outset Medical, Inc.

      500           (23,045 ) 

PAE, Inc.

      5,700           (56,601 ) 

Paya Holdings, Inc.

      1,800           (11,412 ) 

Paycor HCM, Inc.

      3,479           (100,230 ) 

Paymentus Holdings, Inc., Class A

      200           (6,996 ) 

Pegasystems, Inc.

      500           (55,910 ) 

PowerSchool Holdings, Inc., Class A

      700           (11,529 ) 

Priority Technology Holdings, Inc.

      100           (708 ) 

Q2 Holdings, Inc.

      4,900           (389,256 ) 

Quantum Computing, Inc.

      1,200           (4,092 ) 

Remitly Global, Inc.

      100           (2,062 ) 

Repay Holdings Corp.

      9,100           (166,257 ) 

Riot Blockchain, Inc.

      40,800           (911,064 ) 

S&P Global, Inc.

      2,879           (1,358,686 ) 

Science Applications International Corp.

      1,500           (125,385 ) 

Seachange International, Inc.

      17,100           (27,360 ) 

SentinelOne, Inc., Class A

      22,100           (1,115,829 ) 

Shift4 Payments, Inc., Class A

      1,100           (63,723 ) 

ShiftPixy, Inc.

      1,400           (1,638 ) 

Shopify, Inc., Class A

      600           (826,434 ) 

Snowflake, Inc., Class A

      8,900           (3,014,875 ) 

SolarWinds Corp.

      5,050           (71,660 ) 

Sprinklr, Inc., Class A

      700           (11,109 ) 

Tabula Rasa HealthCare, Inc.

      400           (6,000 ) 

 

See Notes to Consolidated Schedule of Investments.

 

72

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares           Value  

Telos Corp.

      100         $ (1,542 ) 

Thomson Reuters Corp.

      2,100           (251,202 ) 

Twilio, Inc., Class A

      1,400           (368,676 ) 

Unisys Corp.

      600           (12,342 ) 

Verb Technology Co., Inc.

      24,600           (30,504 ) 

VerifyMe, Inc.

      800           (2,552 ) 

Veritone, Inc.

      1,300           (29,224 ) 

VirnetX Holding Corp.

      2,300           (5,980 ) 

Vislink Technologies, Inc.

      16,000           (18,880 ) 

Xperi Holding Corp.

      4,500           (85,095 ) 

Zeta Global Holdings Corp., Class A

      600           (5,052 ) 
        

 

 

  
           (31,016,158 ) 
        

 

 

  

Tech Hardware & Semiconductors — (0.2)%

         

3D Systems Corp.

      100           (2,154 ) 

ACM Research, Inc., Class A

      1,100           (93,797 ) 

ADTRAN, Inc.

      200           (4,566 ) 

Advanced Micro Devices, Inc.

      21,934           (3,156,303 ) 

Aehr Test Systems

      600           (14,508 ) 

AmpliTech Group, Inc.

      2,700           (10,638 ) 

Analog Devices, Inc.

      17           (2,988 ) 

Applied DNA Sciences, Inc.

      1,300           (5,226 ) 

Applied Materials, Inc.

      1,500           (236,040 ) 

Applied UV, Inc.

      900           (2,430 ) 

Azenta, Inc.

      200           (20,622 ) 

Ballantyne Strong, Inc.

      100           (289 ) 

Coherent, Inc.

      800           (213,232 ) 

ComSovereign Holding Corp.

      17,800           (13,437 ) 

Digital Ally, Inc.

      18,400           (19,688 ) 

Forward Industries, Inc.

      1,900           (2,964 ) 

HP, Inc.

      3,100           (116,777 ) 

II-VI, Inc.

      10,100           (690,133 ) 

Infinera Corp.

      100           (959 ) 

KULR Technology Group, Inc.

      13,100           (36,156 ) 

Marvell Technology, Inc.

      86,170           (7,539,013 ) 

MicroVision, Inc.

      9,939           (49,794 ) 

MICT, Inc.

      33,400           (27,722 ) 

Minim, Inc.

      2,400           (3,000 ) 

NXT-ID, Inc.

      3,060           (9,364 ) 

Ondas Holdings, Inc.

      14,200           (95,282 ) 

Red Cat Holdings, Inc.

      18,800           (39,104 ) 

Sight Sciences, Inc.

      1,000           (17,570 ) 

SigmaTron International, Inc.

      1,500           (15,495 ) 

SkyWater Technology, Inc.

      2,800           (45,416 ) 

Sonim Technologies, Inc.

      5,560           (5,125 ) 

Sonos, Inc.

      5,500           (163,900 ) 

Trio-Tech International

      1,000           (13,430 ) 

Ubiquiti, Inc.

      600           (184,020 ) 

Vizio Holding Corp., Class A

      2,800           (54,404 ) 
        

 

 

  
           (12,905,546 ) 
        

 

 

  

Telecommunications — (0.1)%

         

AST SpaceMobile, Inc.

      3,700           (29,378 ) 

ATN International, Inc.

      100           (3,995 ) 

BCE, Inc.

      7,000           (364,280 ) 

Frontier Communications Parent, Inc.

      16,800           (495,432 ) 

Globalstar, Inc.

      135,300           (156,948 ) 

IDT Corp., Class B

      3,300           (145,728 ) 

Rogers Communications, Inc., Class B

      1,900           (90,497 ) 

Shenandoah Telecommunications Co.

      1,000           (25,500 ) 

T-Mobile US, Inc.

      46,032           (5,338,791 ) 

United States Cellular Corp.

      100           (3,152 ) 

 

See Notes to Consolidated Schedule of Investments.

 

73

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares             Value  

Verizon Communications, Inc.

      2,500         $ (130,625 ) 
        

 

 

  
        (6,784,326 ) 
        

 

 

  

Utilities — (0.2)%

         

Algonquin Power & Utilities Corp.

      22,600           (326,570 ) 

Atmos Energy Corp.

      4,400           (460,988 ) 

Avangrid, Inc.

      1,300           (64,844 ) 

Brookfield Renewable Corp., Class A

      2,300           (84,709 ) 

California Water Service Group

      1,800           (129,348 ) 

CenterPoint Energy, Inc.

      42,700           (1,191,757 ) 

Clearway Energy, Inc., Class C

      9,900           (356,697 ) 

Dominion Resources, Inc.

      4,500           (353,520 ) 

Edison International

      19,700           (1,344,525 ) 

Entergy Corp.

      15,900           (1,791,135 ) 

Essential Utilities, Inc.

      4,700           (252,343 ) 

FTC Solar, Inc.

      9,000           (68,040 ) 

Genie Energy Ltd., Class B

      700           (3,899 ) 

New Jersey Resources Corp.

      1,800           (73,908 ) 

NextEra Energy Partners LP

      4,700           (396,680 ) 

NextEra Energy, Inc.

      10,000           (933,600 ) 

NRG Energy, Inc.

      45,500           (1,960,140 ) 

Ormat Technologies, Inc.

      3,100           (245,830 ) 

PG&E Corp.

      156,400           (1,898,696 ) 

Public Service Enterprise Group, Inc.

      6,600           (440,418 ) 

SJW Group

      300           (21,960 ) 

South Jersey Industries, Inc.

      4,100           (107,092 ) 

Southwest Gas Corp.

      800           (56,040 ) 

UGI Corp.

      5,500           (252,505 ) 
        

 

 

  
        (12,815,244 ) 
        

 

 

  

Total North America

 

         (344,995,733 ) 
        

 

 

  

Oceania — (0.0)%

         

Banking — (0.0)%

         

Westpac Banking Corp., ADR

      2,100           (32,382 ) 
        

 

 

  

Consumer Discretionary Products — (0.0)%

         

Naked Brand Group Ltd.

      22,386           (119,989 ) 
        

 

 

  

Health Care — (0.0)%

         

Opthea Ltd., ADR

      100           (750 ) 
        

 

 

  

Tech Hardware & Semiconductors — (0.0)%

         

Integrated Media Technology Ltd.

      1,600           (7,152 ) 
        

 

 

  

Total Oceania

 

         (160,273 ) 
        

 

 

  

South America — (0.3)%

         

Banking — (0.1)%

         

Banco de Chile, ADR

      2,300           (36,133 ) 

Banco Santander Brasil SA, ADR

      20,200           (108,474 ) 

Banco Santander Chile, ADR

      500           (8,145 ) 

Bancolombia SA, ADR

      3,100           (97,929 ) 

Itau Unibanco Holding SA, ADR

      772,800           (2,898,000 ) 
        

 

 

  
        (3,148,681 ) 
        

 

 

  

Consumer Discretionary Services — (0.0)%

         

Afya Ltd., Class A

      2,500           (39,275 ) 

Arcos Dorados Holdings, Inc., A Shares

      8,937           (52,103 ) 
        

 

 

  
        (91,378 ) 
        

 

 

  

Consumer Staple Products — (0.0)%

         

Adecoagro SA

      800           (6,144 ) 

Ambev SA, ADR

      46,000           (128,800 ) 

 

See Notes to Consolidated Schedule of Investments.

 

74

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares             Value  

BRF SA, ADR

      58,600         $ (239,674 ) 

Natura & Co. Holding SA, ADR

      7,500           (69,525 ) 
        

 

 

  
        (444,143 ) 
        

 

 

  

Financial Services — (0.0)%

         

Vinci Partners Investments Ltd., Class A

      2,200           (23,540 ) 

XP, Inc., Class A

      37,081           (1,065,708 ) 
        

 

 

  
        (1,089,248 ) 
        

 

 

  

Industrial Services — (0.0)%

         

Azul SA, ADR

      27,400           (361,680 ) 

Corporacion America Airports SA

      1,700           (9,809 ) 

Gol Linhas Aereas Inteligentes SA, ADR

      40,223           (243,349 ) 
        

 

 

  
        (614,838 ) 
        

 

 

  

Materials — (0.0)%

         

Sociedad Quimica y Minera de Chile SA, ADR

      200           (10,086 ) 

Suzano SA, ADR

      2,900           (31,320 ) 

Vale SA, ADR

      56,700           (794,934 ) 
        

 

 

  
        (836,340 ) 
        

 

 

  

Media — (0.0)%

         

Liberty Latin America Ltd., Class C

      8,700           (99,180 ) 
        

 

 

  

Oil & Gas — (0.0)%

         

Cosan SA, ADR

      2,400           (37,608 ) 

Ecopetrol SA, ADR

      11,500           (148,235 ) 

Transportadora de Gas del Sur SA, ADR

      2,000           (8,880 ) 

Ultrapar Participacoes SA, ADR

      2,600           (6,864 ) 
        

 

 

  
        (201,587 ) 
        

 

 

  

Retail & Wholesale - Discretionary — (0.2)%

         

MercadoLibre, Inc.

      5,200           (7,011,680 ) 

Sendas Distribuidora SA, ADR

      2,200           (26,070 ) 
        

 

 

  
        (7,037,750 ) 
        

 

 

  

Software & Technology Services — (0.0)%

         

Arco Platform Ltd., Class A

      4,700           (98,183 ) 

Dlocal Ltd.

      25,400           (906,526 ) 

Pagseguro Digital Ltd., Class A

      13,100           (343,482 ) 

Vasta Platform Ltd.

      3,900           (16,497 ) 

VTEX, Class A

      1,900           (20,368 ) 
        

 

 

  
        (1,385,056 ) 
        

 

 

  

Telecommunications — (0.0)%

         

Millicom International Cellular SA

      400           (11,380 ) 

Telefonica Brasil SA, ADR

      30,100           (260,365 ) 

TIM SA, ADR

      500           (5,820 ) 
        

 

 

  
        (277,565 ) 
        

 

 

  

Utilities — (0.0)%

         

Cia de Saneamento Basico do Estado de Sao Paulo, ADR

      28,500           (209,190 ) 

Cia Paranaense de Energia, ADR

      9,700           (54,611 ) 

Enel Americas SA, ADR

      18,500           (100,640 ) 

Pampa Energia SA, ADR

      1,000           (21,110 ) 
        

 

 

  
        (385,551 ) 
        

 

 

  

Total South America

 

         (15,611,317 ) 
        

 

 

  

TOTAL COMMON STOCK
(PROCEEDS $458,237,432)

 

         (448,807,970 ) 
        

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

75

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

    Shares             Value  

CORPORATE BONDS & NOTES — (0.1)%

 

Asia — (0.1)%

         

Integrated Oils — (0.1)%

         

KazMunayGas National Co. JSC (b),(k)

    $ 6,306,000         $ (7,762,005 ) 
        

 

 

  

TOTAL CORPORATE BONDS & NOTES
(PROCEEDS $7,769,319)

 

         (7,762,005 ) 
        

 

 

  

EXCHANGE-TRADED FUNDS — (0.1)%

         

ARK Innovation ETF (b)

      8,872           (839,202 ) 

Energy Select Sector SPDR Fund (b)

      69,654           (3,865,797 ) 

iShares iBoxx $ Investment Grade Corporate Bond ETF (b)

      5,055           (669,889 ) 
        

 

 

  

TOTAL EXCHANGE-TRADED FUNDS
(PROCEEDS $5,082,873)

 

         (5,374,888 ) 
        

 

 

  

RIGHTS — (0.0)%

         

Asia — (0.0)%

         

Industrial Products — (0.0)%

         

Asia Pacific Wire & Cable Corp., Ltd. (d)

      500           0  
        

 

 

  
        0  
        

 

 

  

SOVEREIGN DEBT — (0.9)%

 

Angolan Government International Bond (b),(k)

      10,136,000           (10,829,505 ) 

Egypt Government International Bond (k)

      3,850,000           (4,032,875 ) 

Egypt Government International Bond, MTN (b),(k)

      3,990,000           (3,832,275 ) 

Mexico Government International Bond (b)

      19,543,000           (22,191,077 ) 

Turkey Government International Bond (b)

      4,515,000           (4,600,695 ) 
        

 

 

  

TOTAL SOVEREIGN DEBT
(PROCEEDS $45,002,377)

 

         (45,486,427 ) 
        

 

 

  

WARRANTS — (0.0)%

         

North America — (0.0)%

         

FTS International, Inc. (d)

      199           0  

FTS International, Inc. (d)

      499           0  

Galectin Therapeutics, Inc. (d)

      1,340           0  

Salarius Pharmaceuticals, Inc. (d)

      1,000           0  
        

 

 

  

Total North America

 

         0  
        

 

 

  

TOTAL WARRANTS
(PROCEEDS $0)

 

         0  
        

 

 

  

TOTAL SECURITIES SOLD SHORT — (9.6)%
(PROCEEDS $516,092,001)

 

       $ (507,431,290 ) 
        

 

 

  

Footnote Legend:

  ^

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

  (a)

Non-income producing.

  (b)

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

  (c)

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

  (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 December 31, 2021.

  (g)

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

  (h)

Non-interest bearing bond.

  (i)

All or a portion of the security represents an unsettled loan commitment at December 31, 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.

 

See Notes to Consolidated Schedule of Investments.

 

76

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

  (k)

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

  (l)

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

  (m)

Represents a step-up bond. Coupon rate increases in increments to maturity. Rate presented is as of December 31, 2021. Maturity date presented is the ultimate maturity.

  (n)

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

  (o)

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

Options Written Contracts Outstanding at December 31, 2021

 

   

Strike

    

Expiration
Date

    

Contracts

    

Notional
Amount

    

Premium
Received

    

Market
Value

    

Unrealized
Appreciation
(Depreciation)

  

Exchange-Traded Call Options Written

 

CRUDE OIL FUT OPT DEC22

     100.00 USD       11/16/22       13,799       (963,584,170 )    $   (6,276,384 )    $   (25,804,130 )    $   (19,527,746 ) 

CRUDE OIL FUT OPT DEC22

     95.00 USD       11/16/22       151       (10,544,330 )      (332,430 )      (368,440 )      (36,010 ) 

CRUDE OIL FUT OPT DEC23

     100.00 USD       11/15/23       509       (33,029,010 )      (1,548,704 )      (1,303,040 )      245,664  

CRUDE OIL FUT OPT FEB22

     80.00 USD       01/14/22       129       (9,702,090 )      (277,546 )      (64,500 )      213,046  

CRUDE OIL FUT OPT FEB22

     120.00 USD       01/26/22       300       (22,563,000 )      (44,919 )      (3,000 )      41,919  

G4 03312022 G4 C10 FEB2

     10.00 USD       02/23/22       204       (2,040,000 )      (918,296 )      (2,040 )      916,256  

NAT GAS EURO OPT APR22

     4.00 USD       03/28/22       107       (3,752,490 )      (140,706 )      (153,438 )      (12,732 ) 

NAT GAS EURO OPT APR22

     7.00 USD       03/28/22       76       (9,500 )      (36,683 )      (7,220 )      29,463  

NAT GAS EURO OPT APR22

     2.50 USD       03/28/22       332       (11,643,240 )      (967,929 )      (3,398,352 )      (2,430,423 ) 

NAT GAS EURO OPT APR23

     3.00 USD       03/28/23       21       (652,890 )      (39,326 )      (101,577 )      (62,251 ) 

NAT GAS EURO OPT APR23

     5.00 USD       03/28/23       150       (4,663,500 )      (165,401 )      (91,500 )      73,901  

NAT GAS EURO OPT AUG22

     4.00 USD       07/26/22       107       (3,912,990 )      (140,706 )      (304,950 )      (164,244 ) 

NAT GAS EURO OPT AUG22

     7.00 USD       07/26/22       76       (9,500 )      (36,683 )      (13,680 )      23,003  

NAT GAS EURO OPT AUG22

     2.50 USD       07/26/22       150       (5,485,500 )      (427,900 )      (1,786,350 )      (1,358,450 ) 

NAT GAS EURO OPT AUG23

     3.00 USD       07/26/23       21       (659,820 )      (39,326 )      (100,590 )      (61,264 ) 

NAT GAS EURO OPT AUG23

     5.00 USD       07/26/23       150       (4,713,000 )      (165,401 )      (79,950 )      85,451  

NAT GAS EURO OPT DEC23

     3.00 USD       11/27/23       21       (737,730 )      (39,326 )      (177,450 )      (138,124 ) 

NAT GAS EURO OPT FEB22

     6.00 USD       01/26/22       64       (2,387,200 )      (107,051 )      (9,088 )      97,963  

NAT GAS EURO OPT FEB22

     4.75 USD       01/26/22       11       (410,300 )      (20,104 )      (4,895 )      15,209  

NAT GAS EURO OPT FEB23

     3.00 USD       01/26/23       21       (835,800 )      (39,326 )      (246,435 )      (207,109 ) 

NAT GAS EURO OPT JAN23

     3.00 USD       12/27/22       21       (858,900 )      (39,326 )      (255,885 )      (216,559 ) 

NAT GAS EURO OPT JUL22

     7.00 USD       06/27/22       76       (9,500 )      (36,683 )      (9,500 )      27,183  

NAT GAS EURO OPT JUL22

     4.00 USD       06/27/22       107       (3,892,660 )      (140,706 )      (270,710 )      (130,004 ) 

NAT GAS EURO OPT JUL22

     2.50 USD       06/27/22       150       (5,457,000 )      (427,901 )      (1,748,700 )      (1,320,799 ) 

NAT GAS EURO OPT JUL23

     3.00 USD       06/27/23       21       (656,250 )      (39,326 )      (96,999 )      (57,673 ) 

NAT GAS EURO OPT JUL23

     5.00 USD       06/27/23       150       (4,687,500 )      (165,401 )      (72,600 )      92,801  

NAT GAS EURO OPT JUN22

     4.00 USD       05/25/22       107       (3,829,530 )      (140,706 )      (221,704 )      (80,998 ) 

NAT GAS EURO OPT JUN22

     7.00 USD       05/25/22       76       (9,500 )      (36,683 )      (5,700 )      30,983  

NAT GAS EURO OPT JUN22

     2.50 USD       05/25/22       150       (5,368,500 )      (427,901 )      (1,655,700 )      (1,227,799 ) 

NAT GAS EURO OPT JUN23

     3.00 USD       05/25/23       21       (646,380 )      (39,326 )      (90,216 )      (50,890 ) 

NAT GAS EURO OPT JUN23

     5.00 USD       05/25/23       150       (4,617,000 )      (165,401 )      (63,600 )      101,801  

NAT GAS EURO OPT MAR22

     6.00 USD       02/23/22       128       (4,552,960 )      (462,422 )      (32,896 )      429,526  

NAT GAS EURO OPT MAR22

     3.75 USD       02/23/22       75       (2,667,750 )      (195,950 )      (153,300 )      42,650  

NAT GAS EURO OPT MAR22

     30.00 USD       02/23/22       493       (18,171,980 )      (263,266 )      (1,972 )      261,294  

NAT GAS EURO OPT MAR23

     3.00 USD       02/23/23       21       (774,060 )      (39,326 )      (205,023 )      (165,697 ) 

NAT GAS EURO OPT MAY22

     4.00 USD       04/26/22       107       (3,771,750 )      (140,706 )      (187,678 )      (46,972 ) 

NAT GAS EURO OPT MAY22

     7.00 USD       04/26/22       76       (2,679,000 )      (36,683 )      (4,256 )      32,427  

NAT GAS EURO OPT MAY22

     2.50 USD       04/26/22       150       (5,287,500 )      (427,901 )      (1,570,800 )      (1,142,899 ) 

NAT GAS EURO OPT MAY23

     3.00 USD       04/25/23       21       (638,190 )      (39,326 )      (87,045 )      (47,719 ) 

NAT GAS EURO OPT MAY23

     5.00 USD       04/25/23       150       (4,558,500 )      (165,401 )      (63,000 )      102,401  

NAT GAS EURO OPT NOV23

     3.00 USD       10/26/23       21       (692,370 )      (39,326 )      (131,859 )      (92,533 ) 

NAT GAS EURO OPT OCT22

     7.00 USD       09/27/22       76       (2,793,760 )      (36,683 )      (25,992 )      10,691  

NAT GAS EURO OPT OCT22

     2.50 USD       09/27/22       150       (5,514,000 )      (427,900 )      (1,843,500 )      (1,415,600 ) 

NAT GAS EURO OPT OCT23

     3.00 USD       09/26/23       21       (666,120 )      (39,326 )      (110,292 )      (70,966 ) 

 

See Notes to Consolidated Schedule of Investments.

 

77

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

   

Strike

    

Expiration
Date

    

Contracts

    

Notional
Amount

    

Premium
Received

    

Market
Value

    

Unrealized
Appreciation
(Depreciation)

  

NAT GAS EURO OPT OCT23

     5.00 USD       09/26/23       150       (4,758,000 )    $ (165,401 )    $ (108,000 )    $ 57,401  

NAT GAS EURO OPT SEP22

     4.00 USD       08/26/22       107       (103,897 )      (140,706 )      (330,202 )      (189,496 ) 

NAT GAS EURO OPT SEP22

     7.00 USD       08/26/22       76       (9,500 )      (36,683 )      (18,544 )      18,139  

NAT GAS EURO OPT SEP22

     2.50 USD       08/26/22       150       (5,467,500 )      (427,901 )      (1,783,950 )      (1,356,049 ) 

NAT GAS EURO OPT SEP23

     3.00 USD       08/28/23       21       (658,140 )      (39,326 )      (102,354 )      (63,028 ) 

NAT GAS EURO OPT SEP23

     5.00 USD       08/28/23       150       (4,701,000 )      (165,401 )      (90,000 )      75,401  

NAT GAS STRIP DEC22

     3.50 USD       12/22/22       410       (50,307,000 )      (378,000 )      (3,442,770 )      (3,064,770 ) 

NATURAL GAS FUTURE APR23

     4.00 USD       03/28/23       76       (2,362,840 )      (61,840 )      (129,960 )      (68,120 ) 

NATURAL GAS FUTURE AUG23

     4.00 USD       07/26/23       76       (2,387,920 )      (61,840 )      (120,460 )      (58,620 ) 

NATURAL GAS FUTURE DEC23

     3.50 USD       11/27/23       63       (2,213,190 )      (79,946 )      (384,804 )      (304,858 ) 

NATURAL GAS FUTURE DEC23

     4.00 USD       11/27/23       76       (2,669,880 )      (61,840 )      (339,036 )      (277,196 ) 

NATURAL GAS FUTURE FEB23

     3.50 USD       01/26/23       63       (2,507,400 )      (79,946 )      (574,812 )      (494,866 ) 

NATURAL GAS FUTURE FEB23

     4.00 USD       01/26/23       76       (3,024,800 )      (61,840 )      (563,616 )      (501,776 ) 

NATURAL GAS FUTURE JAN23

     4.00 USD       12/27/22       76       (3,108,400 )      (61,840 )      (553,584 )      (491,744 ) 

NATURAL GAS FUTURE JAN23

     3.50 USD       12/27/22       63       (2,576,700 )      (79,946 )      (579,978 )      (500,032 ) 

NATURAL GAS FUTURE JUL23

     4.00 USD       06/27/23       76       (2,375,000 )      (61,840 )      (112,404 )      (50,564 ) 

NATURAL GAS FUTURE JUN23

     4.00 USD       05/25/23       76       (2,339,280 )      (61,840 )      (100,928 )      (39,088 ) 

NATURAL GAS FUTURE MAR23

     3.50 USD       02/23/23       63       (2,322,180 )      (79,946 )      (485,982 )      (406,036 ) 

NATURAL GAS FUTURE MAR23

     4.00 USD       02/23/23       76       (2,801,360 )      (61,840 )      (486,172 )      (424,332 ) 

NATURAL GAS FUTURE MAY23

     4.00 USD       04/25/23       76       (2,309,640 )      (61,840 )      (98,496 )      (36,656 ) 

NATURAL GAS FUTURE NOV23

     4.00 USD       10/26/23       76       (2,505,720 )      (61,840 )      (219,260 )      (157,420 ) 

NATURAL GAS FUTURE NOV23

     3.50 USD       10/26/23       63       (2,077,110 )      (79,946 )      (263,466 )      (183,520 ) 

NATURAL GAS FUTURE OCT23

     4.00 USD       09/26/23       76       (2,410,720 )      (61,840 )      (146,376 )      (84,536 ) 

NATURAL GAS FUTURE SEP23

     4.00 USD       08/28/23       76       (2,381,840 )      (61,840 )      (128,212 )      (66,372 ) 

PHE FUTURE APR22

     2.50 USD       03/28/22       857       (2,142,500 )      (686,153 )      (2,193,063 )      (1,506,910 ) 
         

 

 

  
      $   (18,919,104 )    $   (56,285,981 )    $   (37,366,877 ) 
         

 

 

  
Exchange-Traded Put Options Written

 

BRENT CRUDE FUT OPT MAY22

     50.00 USD       04/26/22       1,200       (92,028,000 )    $ (935,676 )    $ (912,000 )    $ 23,676  

BRENT CRUDE FUT OPT JAN23

     60.00 USD       12/06/22       24       (1,749,120 )      (14,394 )      (5,040 )      9,354  

BRENT CRUDE FUT OPT NOV23

     60.00 USD       10/26/23       429       (29,875,560 )      (3,341,794 )      (3,504,930 )      (163,136 ) 

CRUDE OIL FUT OPT DEC22

     50.00 USD       11/16/22       150       (10,474,500 )      (945,228 )      (531,000 )      414,228  

CRUDE OIL FUT OPT FEB22

     58.00 USD       01/14/22       300       (22,563,000 )      (913,546 )      (24,000 )      889,546  

NAT GAS EURO OPT APR22

     3.00 USD       03/28/22       300       (10,521,000 )      (642,801 )      (252,900 )      389,901  

NAT GAS EURO OPT APR22

     2.20 USD       03/28/22       75       (2,630,250 )      (29,450 )      (4,800 )      24,650  

NAT GAS EURO OPT APR22

     2.25 USD       03/28/22       129       (4,524,030 )      (170,625 )      (9,804 )      160,821  

NAT GAS EURO OPT APR23

     1.50 USD       03/28/23       21       (652,890 )      (4,256 )      (1,470 )      2,786  

NAT GAS EURO OPT AUG22

     2.25 USD       07/26/22       129       (4,717,530 )      (170,625 )      (19,479 )      151,146  

NAT GAS EURO OPT AUG22

     2.20 USD       07/26/22       75       (2,742,750 )      (29,450 )      (9,375 )      20,075  

NAT GAS EURO OPT AUG22

     2.50 USD       07/26/22       118       (4,315,260 )      (85,275 )      (41,654 )      43,621  

NAT GAS EURO OPT AUG23

     1.50 USD       07/26/23       21       (659,820 )      (4,256 )      (987 )      3,269  

NAT GAS EURO OPT DEC22

     2.20 USD       11/25/22       75       (2,634,750 )      (29,450 )      (18,825 )      10,625  

NAT GAS EURO OPT DEC23

     1.50 USD       11/27/23       21       (737,730 )      (4,256 )      (2,100 )      2,156  

NAT GAS EURO OPT FEB22

     2.20 USD       01/26/22       75       (2,667,750 )      (29,450 )      (975 )      28,475  

NAT GAS EURO OPT FEB22

     2.50 USD       01/26/22       150       (5,595,000 )      (10,901 )      (5,850 )      5,051  

NAT GAS EURO OPT FEB22

     4.00 USD       01/26/22       644       (24,021,200 )      (2,770,920 )      (2,731,204 )      39,716  

NAT GAS EURO OPT FEB22

     4.75 USD       01/26/22       343       (12,793,900 )      (1,973,166 )      (3,651,235 )      (1,678,069 ) 

NAT GAS EURO OPT FEB23

     1.50 USD       01/26/23       21       (835,800 )      (4,256 )      (399 )      3,857  

NAT GAS EURO OPT JAN23

     1.50 USD       12/27/22       21       (858,900 )      (4,256 )      (126 )      4,130  

NAT GAS EURO OPT JUL22

     2.20 USD       06/27/22       75       (2,839,500 )      (29,450 )      (7,050 )      22,400  

NAT GAS EURO OPT JUL22

     2.50 USD       06/27/22       118       (4,292,840 )      (85,275 )      (33,984 )      51,291  

NAT GAS EURO OPT JUL22

     2.25 USD       06/27/22       129       (4,693,020 )      (170,625 )      (14,835 )      155,790  

NAT GAS EURO OPT JUL23

     1.50 USD       06/27/23       21       (656,250 )      (4,256 )      (903 )      3,353  

NAT GAS EURO OPT JUN22

     2.25 USD       05/25/22       129       (4,616,910 )      (170,625 )      (12,642 )      157,983  

NAT GAS EURO OPT JUN22

     2.20 USD       05/25/22       75       (2,684,250 )      (29,450 )      (5,925 )      23,525  

NAT GAS EURO OPT JUN22

     2.50 USD       05/25/22       118       (4,223,220 )      (85,275 )      (29,972 )      55,303  

NAT GAS EURO OPT JUN23

     1.50 USD       05/25/23       21       (646,380 )      (4,256 )      (945 )      3,311  

NAT GAS EURO OPT MAR22

     2.50 USD       02/23/22       492       (17,500,440 )      (863,641 )      (67,896 )      795,745  

NAT GAS EURO OPT MAR22

     2.00 USD       02/23/22       214       (2,140,000 )      (177,656 )      (7,704 )      169,952  

NAT GAS EURO OPT MAR22

     4.00 USD       02/23/22       555       (20,457,300 )      (2,761,012 )      (2,353,755 )      407,257  

NAT GAS EURO OPT MAR22

     2.20 USD       02/23/22       75       (2,667,750 )      (29,450 )      (4,500 )      24,950  

 

See Notes to Consolidated Schedule of Investments.

 

78

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

   

Strike

    

Expiration
Date

    

Contracts

    

Notional
Amount

    

Premium
Received

    

Market
Value

    

Unrealized
Appreciation
(Depreciation)

  

NAT GAS EURO OPT MAR22

     3.75 USD       02/23/22       43       (1,529,510 )    $ (168,675 )    $ (170,839 )    $ (2,164 ) 

NAT GAS EURO OPT MAR23

     1.50 USD       02/23/23       21       (774,060 )      (4,256 )      (840 )      3,416  

NAT GAS EURO OPT MAY22

     2.20 USD       04/26/22       75       (2,667,750 )      (29,450 )      (4,950 )      24,500  

NAT GAS EURO OPT MAY22

     2.25 USD       04/26/22       129       (3,920,310 )      (170,625 )      (10,578 )      160,047  

NAT GAS EURO OPT MAY22

     2.50 USD       04/26/22       118       (4,159,500 )      (85,275 )      (26,550 )      58,725  

NAT GAS EURO OPT MAY23

     1.50 USD       04/25/23       21       (638,190 )      (4,256 )      (1,176 )      3,080  

NAT GAS EURO OPT NOV22

     2.20 USD       10/26/22       75       (2,839,500 )      (29,450 )      (22,125 )      7,325  

NAT GAS EURO OPT NOV23

     1.50 USD       10/26/23       21       (692,370 )      (4,256 )      (1,239 )      3,017  

NAT GAS EURO OPT OCT22

     2.20 USD       09/27/22       75       (2,667,750 )      (29,450 )      (17,250 )      12,200  

NAT GAS EURO OPT OCT22

     2.50 USD       09/27/22       118       (4,159,500 )      (85,275 )      (65,490 )      19,785  

NAT GAS EURO OPT OCT22

     2.25 USD       09/27/22       129       (4,742,040 )      (170,625 )      (34,830 )      135,795  

NAT GAS EURO OPT OCT23

     1.50 USD       09/26/23       21       (666,120 )      (4,256 )      (1,428 )      2,828  

NAT GAS EURO OPT SEP22

     2.25 USD       08/26/22       129       (4,702,050 )      (170,625 )      (27,348 )      143,277  

NAT GAS EURO OPT SEP22

     2.20 USD       08/26/22       75       (2,733,750 )      (29,450 )      (13,350 )      16,100  

NAT GAS EURO OPT SEP22

     2.50 USD       08/26/22       118       (4,159,500 )      (85,275 )      (54,516 )      30,759  

NAT GAS EURO OPT SEP23

     1.50 USD       08/28/23       21       (658,140 )      (4,256 )      (1,260 )      2,996  

NATURAL GAS FUTURE APR23

     2.00 USD       03/28/23       76       (2,362,840 )      (82,135 )      (37,772 )      44,363  

NATURAL GAS FUTURE AUG23

     2.00 USD       07/26/23       76       (2,387,920 )      (82,135 )      (29,640 )      52,495  

NATURAL GAS FUTURE DEC23

     2.00 USD       11/27/23       76       (2,669,880 )      (82,135 )      (40,052 )      42,083  

NATURAL GAS FUTURE FEB23

     2.00 USD       01/26/23       76       (3,024,800 )      (82,136 )      (12,084 )      70,052  

NATURAL GAS FUTURE JAN23

     2.00 USD       12/27/22       76       (3,108,400 )      (82,136 )      (5,320 )      76,816  

NATURAL GAS FUTURE JUL23

     2.00 USD       06/27/23       76       (2,375,000 )      (82,136 )      (28,652 )      53,484  

NATURAL GAS FUTURE JUN23

     2.00 USD       05/25/23       76       (2,339,280 )      (82,135 )      (30,020 )      52,115  

NATURAL GAS FUTURE MAR23

     2.00 USD       02/23/23       76       (2,801,360 )      (82,136 )      (21,736 )      60,400  

NATURAL GAS FUTURE MAY23

     2.00 USD       04/25/23       76       (2,309,640 )      (82,135 )      (34,352 )      47,783  

NATURAL GAS FUTURE NOV23

     2.00 USD       10/26/23       76       (2,505,720 )      (82,135 )      (31,160 )      50,975  

NATURAL GAS FUTURE OCT23

     2.00 USD       09/26/23       76       (2,410,720 )      (82,135 )      (36,024 )      46,111  

NATURAL GAS FUTURE SEP23

     2.00 USD       08/28/23       76       (2,381,840 )      (82,135 )      (34,048 )      48,087  

S+P 500 INDEX APR22 PUT

     4,375.00 USD       04/14/22       110       (11,000 )      (865,666 )      (842,600 )      23,066  

S+P 500 INDEX FEB22 PUT

     4,450.00 USD       02/18/22       111       (11,100 )      (932,065 )      (392,385 )      539,680  

S+P 500 INDEX JAN22 PUT

     4,240.00 USD       01/21/22       114       (11,400 )      (740,656 )      (52,440 )      688,216  
         

 

 

  
          $ (21,124,468 )    $ (16,350,318 )    $ 4,774,150  
         

 

 

  

OTC Put Options Written

 

   

Counterparty

    

Strike

    

Expiration
Date

    

Contracts

    

Notional

Amount

    

Premium
Received

    

Market

Value

    

Unrealized
Appreciation
(Depreciation)

  

Eurodollar 99 Put 12/19/2022

    
 Goldman Sachs
Bank USA		  
 		     99.00 USD       12/19/22       2,589,600,000       (2,589,600,000 )    $ (1,003,470 )    $ (1,890,408 )    $ (886,938 ) 
           

 

 

  
            $ (1,003,470 )    $ (1,890,408 )    $ (886,938 ) 
           

 

 

  

Total Options Written Outstanding

 

       $ (41,047,042 )    $ (74,526,707 )    $ (33,479,665 ) 
           

 

 

  

At December 31, 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

   $ 970,516     $ 982,710     $ 12,194  

Latam Airlines Group S.A., PIK DIP Delayed Draw Term Loan C, 0.50%, 03/29/22

     590,765       629,295       38,530  

Brazos Electric Power Cooperative Inc., Revolver, 09/28/23

     1,304,281       1,293,462       (10,819 ) 

Mallinckrodt International Finance S.A., Revolver, 02/28/22

     6,298,120       6,276,712       (21,408 ) 
 

 

 

    

 

 

    

 

 

  

Total Unfunded Loan Commitment

   $ 9,163,682     $ 9,182,179     $ 18,497  
 

 

 

    

 

 

    

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

79

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reverse Repurchase Agreements Outstanding at December 31, 2021

 

Counterparty

   Interest
Rate		     Trade
Date		     Maturity
Date		     Face
Value		         Face Value        
Including
Accrued
Interest		  

Royal Bank of Canada

     0.13%       10/21/21       01/20/22     $ 4,679,000     $ 4,680,217  
       

 

 

    

 

 

  

Total Reverse Repurchase Agreements Outstanding

 

   $     4,679,000     $     4,680,217  
       

 

 

    

 

 

  

Futures Contracts Outstanding at December 31, 2021

 

Description

   Contracts   Exchange   Notional
Amount		     Expiration
Date		     Value/ 
Unrealized
Appreciation
(Depreciation)		  

Long Futures

          

3 Month Eurodollar

   15   LME     981,627 USD       03/14/22     $ 71,373  

3 Month Eurodollar

   161   NYMEX     11,993,523 USD       05/20/22       (180,953 ) 

3 Month Eurodollar

   228   ICE     57,284,902 EUR       06/13/22       112  

3 Month Eurodollar

   291   ICE     73,056,278 EUR       09/19/22       (9,111 ) 

3 Month Eurodollar

   2   LME     128,108 USD       12/19/22       10,242  

3 Month Eurodollar

   221   ICE     55,446,775 EUR       12/19/22       (25,887 ) 

3 Month Eurodollar

   361   ICE     90,470,026 EUR       03/13/23       (70,687 ) 

3 Month Eurodollar

   48   ICE     12,010,193 EUR       06/19/23       (2,041 ) 

90 Day Eurodollar

   215   CME     53,479,927 USD       06/13/22       (49,739 ) 

90 Day Eurodollar

   577   CME     143,299,769 USD       09/19/22       (210,981 ) 

90 Day Eurodollar

   254   CME     62,883,292 USD       12/19/22       (46,867 ) 

90 Day Eurodollar

   1   CME     246,153 USD       09/18/23       72  

Amsterdam Index

   6   Euronext     924,631 EUR       01/21/22       37,112  

Australian 10-Year Bond

   340   SFE     47,641,383 AUD       03/15/22       (236,083 ) 

Australian dollar Currency

   16   CME     1,143,052 USD       03/14/22       21,428  

Brent 1st Line

   10   ICE     9,529 USD       01/04/22       7,181  

Brent Crude

   29   ICE     2,037,761 USD       01/31/22               217,859  

Brent Crude

   314   ICE     24,074,386 USD       02/28/22       213,514  

Brent Crude

   4   ICE     298,901 USD       03/31/22       8,699  

Brent Crude

   14   ICE     1,028,736 USD       04/29/22       40,724  

Brent Crude

   10   NYMEX     740,618 USD       04/29/22       23,282  

Brent Crude

   60   ICE     562,216 USD       10/26/22       153,584  

Brent Crude

   240   ICE     2,335,265 USD       10/26/22       (122,465 ) 

Brent Crude

   30   NYMEX     2,108,153 USD       10/31/22       92,347  

Brent Crude

   126   NYMEX     8,577,083 USD       10/31/23       158,497  

California Carbon Allowance Vintage Specific 2022

   16   Euronext     1,100,494 EUR       01/21/22       48,257  

Canadian 10- Year Bonds

   25   CDE     3,458,825 CAD       03/22/22       84,332  

Canadian Dollar Currency

   16   CME     1,258,051 USD       03/15/22       6,749  

Cocoa

   127   ICE     3,250,787 USD       05/13/22       (8,477 ) 

Coffee 'C'

   264   ICE     22,985,923 USD       05/18/22       (611,923 ) 

Copper

   23   COMEX     2,569,432 USD       03/29/22       (2,919 ) 

Copper

   83   COMEX     9,164,980 USD       05/26/22       76,032  

Corn

   816   CBOT     24,215,310 USD       05/13/22       60,690  

Cotton No.2

   457   COMEX     25,385,721 USD       05/06/22       (141,041 ) 

Crude Palm Oil

   17   MYX     1,866,213 MYR       03/15/22       31,208  

DAX Index

   6   Eurex     2,323,370 EUR       03/18/22       62,651  

DJIA mini E-CBOT

   7   CBOT     1,254,341 USD       03/18/22       13,569  

Dominion SP

   60   ICE     131,948 USD       04/04/22       34,823  

Dominion SP

   62   ICE     136,346 USD       05/03/22       7,308  

Dominion SP

   60   ICE     131,948 USD       06/02/22       7,448  

Dominion SP

   62   ICE     136,346 USD       07/05/22       6,921  

Dominion SP

   62   ICE     136,346 USD       08/02/22       (1,992 ) 

Dominion SP

   60   ICE     131,948 USD       09/02/22       (63,803 ) 

 

See Notes to Consolidated Schedule of Investments.

 

80

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

   Contracts   Exchange   Notional
Amount		     Expiration
Date		     Value/ 
Unrealized
Appreciation
(Depreciation)		  

Dominion SP

   62   ICE     136,346 USD       10/04/22     $ (68,254 ) 

Dominion SP

   60   ICE     111,053 USD       04/04/23       (25,928 ) 

Dominion SP

   62   ICE     114,754 USD       05/02/23       (1,217 ) 

Dominion SP

   60   ICE     111,053 USD       06/02/23       (4,178 ) 

Dominion SP

   62   ICE     114,754 USD       07/05/23       (7,029 ) 

Dominion SP

   62   ICE     114,754 USD       08/02/23       8,858  

Dominion SP

   60   ICE     111,053 USD       09/05/23       58,448  

Dominion SP

   62   ICE     114,754 USD       10/03/23       58,458  

E-mini Russell 2000

   243   CME     26,839,753 USD       03/18/22       410,267  

Euro BTP

   9   Eurex     1,352,992 EUR       03/08/22       (34,043 ) 

Euro OAT

   20   Eurex     3,327,321 EUR       03/08/22       (73,229 ) 

Euro Stoxx 50

   279   Eurex     11,531,898 EUR       03/18/22       489,813  

Euro-Bund

   227   Eurex     30,462,066 EUR       03/08/22       (246,583 ) 

Euro-Bund

   133   Eurex     23,190,154 EUR       03/08/22       (453,059 ) 

Euro-Schatz

   959   Eurex     107,589,986 EUR       03/08/22       (174,436 ) 

FTSE 100 Index

   20   ICE     1,429,202 GBP       03/18/22       48,184  

FTSE Taiwan Index

   58   SGX     3,703,608 USD       01/25/22       16,512  

FTSE/MIB Index

   6   IDEM     788,739 EUR       03/18/22       32,677  

Gasoline RBOB

   26   NYMEX     2,316,688 USD       01/31/22       112,576  

Gasoline RBOB

   130   NYMEX     12,212,222 USD       02/28/22       (44,066 ) 

Globex Natural Gas

   45   NYMEX     1,279,877 USD       04/26/22       306,373  

Globex Natural Gas

   45   NYMEX     1,279,877 USD       05/25/22       330,673  

Globex Natural Gas

   45   NYMEX     1,279,877 USD       06/27/22       357,223  

Globex Natural Gas

   45   NYMEX     1,279,877 USD       07/26/22       365,773  

Globex Natural Gas

   45   NYMEX     1,279,877 USD       08/26/22       360,373  

Gold 100 OZ

   13   COMEX     2,328,097 USD       02/24/22       49,083  

Henry Hub

   684   ICE     5,988,466 USD       01/27/22       389,834  

Henry Hub

   600   ICE     5,344,674 USD       02/24/22       (9,174 ) 

Henry Hub

   276   NYMEX     1,806,754 USD       03/28/22       613,076  

Henry Hub

   471   ICE     2,920,421 USD       03/28/22             1,209,071  

Henry Hub

   852   ICE     7,456,980 USD       03/29/22       12,930  

Henry Hub

   40   NYMEX     320,030 USD       04/26/22       32,470  

Henry Hub

   787   ICE     6,945,080 USD       04/27/22       (9,642 ) 

Henry Hub

   40   NYMEX     320,030 USD       05/25/22       37,870  

Henry Hub

   792   ICE     6,967,786 USD       05/26/22       118,634  

Henry Hub

   40   NYMEX     320,030 USD       06/27/22       43,770  

Henry Hub

   1,159   ICE     9,541,050 USD       06/28/22       1,000,055  

Henry Hub

   40   NYMEX     320,030 USD       07/26/22       45,670  

Henry Hub

   1,159   ICE     9,541,050 USD       07/27/22       1,055,107  

Henry Hub

   40   NYMEX     320,030 USD       08/26/22       44,470  

Henry Hub

   1,152   ICE     9,480,927 USD       08/29/22       1,016,673  

Henry Hub

   40   NYMEX     320,030 USD       09/27/22       47,570  

Henry Hub

   599   ICE     5,386,671 USD       09/28/22       118,139  

Henry Hub

   480   ICE     4,371,655 USD       10/27/22       171,545  

Henry Hub

   507   ICE     4,606,805 USD       11/28/22       441,647  

Henry Hub

   219   ICE     1,688,828 USD       12/28/22       550,447  

Henry Hub

   345   ICE     3,127,483 USD       12/27/23       (9,545 ) 

Henry Hub

   62   ICE     478,841 USD       12/27/24       73,269  

Henry Hub

   56   ICE     432,501 USD       01/29/25       55,679  

Henry Hub

   62   ICE     478,841 USD       02/26/25       22,119  

Henry Hub

   60   ICE     463,394 USD       03/27/25       (37,844 ) 

Henry Hub

   62   ICE     478,841 USD       04/28/25       (44,531 ) 

Henry Hub

   60   ICE     463,394 USD       05/28/25       (35,894 ) 

Henry Hub

   62   ICE     478,841 USD       06/26/25       (29,651 ) 

Henry Hub

   62   ICE     478,841 USD       07/29/25       (27,326 ) 

Henry Hub

   60   ICE     463,394 USD       08/27/25       (28,094 ) 

Henry Hub

   62   ICE     478,841 USD       09/26/25       (22,521 ) 

Henry Hub

   60   ICE     463,394 USD       10/29/25       (1,244 ) 

Henry Hub

   62   ICE     478,841 USD       11/25/25       37,619  

Henry Hub

   403   ICE     2,750,696 USD       12/29/25       737,269  

Henry Hub

   364   ICE     2,484,499 USD       01/28/26       597,671  

Henry Hub

   403   ICE     2,750,696 USD       02/25/26       480,357  

 

See Notes to Consolidated Schedule of Investments.

 

81

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

   Contracts   Exchange   Notional
Amount		     Expiration
Date		     Value/ 
Unrealized
Appreciation
(Depreciation)		  

Henry Hub

   390   ICE     2,661,964 USD       03/27/26     $ 74,861  

Henry Hub

   403   ICE     2,750,696 USD       04/28/26       42,094  

Henry Hub

   390   ICE     2,661,964 USD       05/27/26       85,586  

Henry Hub

   403   ICE     2,750,696 USD       06/26/26       135,792  

Henry Hub

   403   ICE     2,750,696 USD       07/29/26       152,919  

Henry Hub

   390   ICE     2,661,964 USD       08/27/26       146,036  

Henry Hub

   403   ICE     2,750,696 USD       09/28/26       187,174  

Henry Hub

   390   ICE     2,661,964 USD       10/28/26       312,761  

Henry Hub

   403   ICE     2,750,696 USD       11/25/26       575,062  

ICE 3 Month Sonia

   279   ICE     69,018,055 GBP       12/20/22       (33,625 ) 

Japanese Yen Currency

   5   CME     547,150 USD       03/14/22       (3,525 ) 

Jet Fuel Crack

   158   ICE     1,542,245 USD       01/04/22       322,155  

Lean Hogs

   280   CME     9,693,656 USD       04/14/22       19,544  

Live Cattle

   265   CME     15,333,894 USD       04/29/22       17,556  

Low Sulphar Gasoil

   217   ICE     14,303,702 USD       03/10/22       83,398  

Low Sulphar Gasoil

   16   ICE     996,652 USD       04/12/22       57,348  

Low Sulphar Gasoil

   15   ICE     951,638 USD       05/12/22       30,862  

Low Sulphar Gasoil

   60   ICE     3,352,831 USD       12/12/22       488,669  

MSCI Emerging Market

   6   ICE     363,493 USD       03/18/22       4,397  

MSCI Singapore Index

   56   SGX     1,891,591 SGD       01/28/22       9,832  

NASDAQ 100 E-Mini

   87   CME     28,171,835 USD       03/18/22       226,270  

Natural Gas

   1   ICE     9,193 USD       01/04/22       (1,168 ) 

Natural Gas

   1   ICE     9,193 USD       01/04/22       (200 ) 

Natural Gas

   62   ICE     9,354 USD       01/04/22       221,348  

Natural Gas

   62   ICE     1,604 USD       01/04/22       4,596  

Natural Gas

   24   NYMEX     903,640 USD       01/27/22       (8,440 ) 

Natural Gas

   56   ICE     1,449 USD       02/02/22       (49 ) 

Natural Gas

   62   ICE     1,604 USD       03/02/22       1,883  

Natural Gas

   84   OSE     1,684,193,469 JPY       03/10/22       (94,875 ) 

Natural Gas

   462   NYMEX     19,055,578 USD       03/29/22       (2,853,238 ) 

Natural Gas

   60   ICE     1,553 USD       04/04/22       (428 ) 

Natural Gas

   62   ICE     1,604 USD       05/03/22       1,108  

Natural Gas

   60   ICE     1,553 USD       06/02/22       1,823  

Natural Gas

   62   ICE     1,604 USD       07/05/22       2,271  

Natural Gas

   62   ICE     1,604 USD       08/02/22       2,271  

Natural Gas

   60   ICE     1,553 USD       09/02/22       1,823  

Natural Gas

   132   NYMEX     3,882,514 USD       09/28/22       969,806  

Natural Gas

   62   ICE     1,604 USD       10/04/22       1,496  

Natural Gas

   41   NYMEX     1,559,503 USD       10/27/22       (7,243 ) 

Natural Gas

   60   ICE     1,553 USD       11/02/22       5,198  

Natural Gas

   37   NYMEX     1,512,625 USD       11/28/22       (38,915 ) 

Natural Gas

   62   ICE     1,604 USD       12/02/22       5,758  

Natural Gas

   169   NYMEX     4,749,191 USD       12/28/22       2,162,909  

Natural Gas

   39   NYMEX     1,573,026 USD       01/27/23       (20,826 ) 

Natural Gas

   10   NYMEX     407,158 USD       02/24/23       (38,558 ) 

Natural Gas

   84   NYMEX     2,846,319 USD       09/27/23       (181,839 ) 

Natural Gas

   12   NYMEX     380,301 USD       11/28/23       41,259  

Natural Gas

   40   NYMEX     1,228,769 USD       12/27/23                 217,231  

Natural Gas

   26   NYMEX     715,896 USD       12/27/23       224,004  

Natural Gas

   40   NYMEX     1,228,769 USD       01/29/24       180,831  

Natural Gas

   22   NYMEX     588,539 USD       01/29/24       186,741  

Natural Gas

   40   NYMEX     1,228,769 USD       02/27/24       77,231  

Natural Gas

   24   NYMEX     642,042 USD       02/27/24       141,558  

Natural Gas

   44   NYMEX     1,267,276 USD       03/26/24       (11,516 ) 

Natural Gas

   23   NYMEX     615,291 USD       03/26/24       41,129  

Natural Gas

   44   NYMEX     1,267,276 USD       04/26/24       (24,716 ) 

Natural Gas

   24   NYMEX     642,042 USD       04/26/24       35,718  

Natural Gas

   23   NYMEX     615,291 USD       05/29/24       49,409  

Natural Gas

   44   NYMEX     1,267,276 USD       05/29/24       4,324  

Natural Gas

   24   NYMEX     642,042 USD       06/26/24       67,158  

Natural Gas

   44   NYMEX     1,267,276 USD       06/26/24       32,924  

Natural Gas

   24   NYMEX     642,042 USD       07/29/24       76,038  

 

See Notes to Consolidated Schedule of Investments.

 

82

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

   Contracts   Exchange   Notional
Amount		     Expiration
Date		     Value/ 
Unrealized
Appreciation
(Depreciation)		  

Natural Gas

   44   NYMEX     1,267,276 USD       07/29/24     $ 49,204  

Natural Gas

   44   NYMEX     1,267,276 USD       08/28/24       47,884  

Natural Gas

   23   NYMEX     615,291 USD       08/28/24       72,179  

Natural Gas

   44   NYMEX     1,267,276 USD       09/26/24       69,004  

Natural Gas

   24   NYMEX     642,042 USD       09/26/24       86,838  

Natural Gas

   27   NYMEX     755,546 USD       10/29/24       102,514  

Natural Gas

   23   NYMEX     615,291 USD       10/29/24       115,649  

Natural Gas

   24   NYMEX     642,042 USD       11/26/24       181,638  

Natural Gas

   27   NYMEX     755,546 USD       11/26/24       171,094  

Natural Gas

   32   NYMEX     971,555 USD       12/27/24       168,285  

Natural Gas

   32   NYMEX     971,555 USD       01/29/25       144,285  

Natural Gas

   32   NYMEX     971,555 USD       02/26/25       62,685  

Natural Gas

   15   NYMEX     462,026 USD       03/27/25       (36,476 ) 

Natural Gas

   15   NYMEX     462,026 USD       04/28/25       (41,726 ) 

Natural Gas

   15   NYMEX     462,026 USD       05/28/25       (34,526 ) 

Natural Gas

   15   NYMEX     462,026 USD       06/26/25       (27,326 ) 

Natural Gas

   15   NYMEX     462,026 USD       07/29/25       (25,076 ) 

Natural Gas

   15   NYMEX     462,026 USD       08/27/25       (26,726 ) 

Natural Gas

   15   NYMEX     462,026 USD       09/26/25       (20,426 ) 

Natural Gas

   32   NYMEX     971,555 USD       10/29/25       14,365  

Natural Gas

   32   NYMEX     971,555 USD       11/25/25       94,685  

Natural Gas

   14   NYMEX     425,375 USD       12/29/25       59,305  

Natural Gas

   14   NYMEX     425,375 USD       01/28/26       48,805  

Natural Gas

   14   NYMEX     425,375 USD       02/25/26       23,605  

Natural Gas

   14   NYMEX     425,375 USD       03/27/26       (32,395 ) 

Natural Gas

   14   NYMEX     425,375 USD       04/28/26       (37,295 ) 

Natural Gas

   14   NYMEX     425,375 USD       05/27/26       (30,855 ) 

Natural Gas

   14   NYMEX     425,375 USD       06/26/26       (24,275 ) 

Natural Gas

   14   NYMEX     425,375 USD       07/29/26       (21,895 ) 

Natural Gas

   14   NYMEX     425,375 USD       08/27/26       (22,175 ) 

Natural Gas

   14   NYMEX     425,375 USD       09/28/26       (17,135 ) 

Natural Gas

   14   NYMEX     425,375 USD       10/28/26       1,765  

Natural Gas

   14   NYMEX     425,375 USD       11/25/26       36,765  

New Zealand Dollar Currency

   109   CME     7,387,735 USD       03/14/22       71,680  

Nickle

   9   LME     1,041,114 USD       03/14/22       81,735  

NMS 12302021

   3   ICE     39,577 USD       01/03/22       (12,952 ) 

NMS 12302021

   3   ICE     39,577 USD       01/04/22       (12,952 ) 

NY Harbor ULSD

   25   NYMEX     2,356,421 USD       01/31/22       85,144  

NY Harbor ULSD

   161   NYMEX     15,489,999 USD       02/28/22       119,402  

OMXS30 Index

   28   Nasdaq OMX     6,405,406 SEK       01/21/22       40,780  

Platinum

   2   NYMEX     96,043 USD       04/27/22       577  

S&P 500 E-mini

   212   CME     49,445,117 USD       03/18/22                 994,983  

S&P/TSX 60 Index

   9   CDE     2,245,328 CAD       03/17/22       47,664  

SGX Iron Ore

   5   SGX     59,725 USD       02/28/22       645  

SGX Nifty 50

   45   SGX     1,551,292 USD       01/27/22       18,263  

Silver

   5   COMEX     588,192 USD       03/29/22       (4,392 ) 

Soyabean

   521   CBOT     35,190,281 USD       05/13/22       (48,831 ) 

Soyabean

   761   CBOT     29,912,813 USD       05/13/22       306,497  

Soyabean

   82   CBOT     2,785,700 USD       05/13/22       (2,456 ) 

SPI 200

   46   SFE     8,307,843 AUD       03/17/22       102,735  

Sugar 11

   550   ICE     11,621,796 USD       04/29/22       (164,196 ) 

Swiss Franc Currency

   4   CME     544,585 USD       03/14/22       5,015  

Swiss Market Index

   22   Eurex     2,725,622 CHF       03/18/22       98,703  

U.S. Treasury 10-Year Note

   930   CBOT     120,143,504 USD       03/22/22       1,192,434  

U.S. Treasury 2-Year Note

   146   CBOT     31,915,905 USD       03/31/22       (62,811 ) 

U.S. Treasury 5-Year Note

   158   CBOT     19,147,657 USD       03/31/22       (33,360 ) 

U.S. Treasury Long Bond

   38   CBOT     6,085,323 USD       03/22/22       11,302  

U.S. Treasury Ultra Bond

   4   CBOT     792,231 USD       03/22/22       (3,731 ) 

Waha Gas Basis

   56   ICE     700 USD       02/02/22       (13,300 ) 

Waha Gas Basis

   62   ICE     775 USD       03/02/22       (96,100 ) 

Wheat

   590   CBOT     23,982,815 USD       05/13/22       (1,142,440 ) 

WTI Crude

   45   NYMEX     3,211,611 USD       01/20/22       172,839  

 

See Notes to Consolidated Schedule of Investments.

 

83

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

   Contracts   Exchange   Notional
Amount		     Expiration
Date		     Value/ 
Unrealized
Appreciation
(Depreciation)		  

WTI Crude

   253   NYMEX     19,036,533 USD       02/22/22     $ (91,893 ) 

WTI Crude

   24   KRX FM     2,373,696,000 KRW       03/10/22       (6,895 ) 

WTI Crude

   3   NYMEX     224,431 USD       04/20/22       (2,611 ) 

WTI Crude

   12   NYMEX     871,310 USD       11/21/22       (33,350 ) 

WTI Crude

   30   NYMEX     1,988,453 USD       11/20/23       (41,753 ) 

Zinc

   9   LME     718,585 USD       03/14/22       79,715  
         

 

 

  
  $       17,501,146  
         

 

 

  

Short Futures

          

90 Day Eurodollar

   12   CME     2,992,264 USD       03/14/22     $ 2,614  

90 Day Eurodollar

   7   CME     1,740,894 USD       06/13/22       1,307  

90 Day Eurodollar

   9   CME     2,235,501 USD       09/19/22       3,614  

90 Day Eurodollar

   15   CME     3,728,148 USD       12/19/22       17,336  

90 Day Eurodollar

   122   CME     30,133,519 USD       03/13/23       2,569  

90 Day Eurodollar

   143   CME     35,270,863 USD       06/19/23       10,638  

90 Day Eurodollar

   17   CME     4,188,443 USD       12/18/23       6,018  

90 Day Eurodollar

   11   CME     2,707,859 USD       03/18/24       2,409  

90 Day Eurodollar

   16   CME     3,941,396 USD       06/17/24       7,196  

90 Day Eurodollar

   19   CME     4,676,694 USD       09/16/24       6,256  

90 Day Eurodollar

   7   CME     1,721,819 USD       12/16/24       1,744  

90 Day Eurodollar

   11   CME     2,705,396 USD       03/17/25       2,421  

90 Day Eurodollar

   10   CME     2,459,086 USD       06/16/25       1,836  

90 Day Eurodollar

   7   CME     1,722,207 USD       09/15/25       2,307  

90 Day Eurodollar

   5   CME     1,228,912 USD       12/15/25       662  

90 Day Eurodollar

   8   CME     1,966,054 USD       03/16/26       1,154  

90 Day Eurodollar

   4   CME     983,165 USD       06/15/26       965  

90 Day Eurodollar

   4   CME     982,365 USD       09/14/26       315  

90 Day Eurodollar

   1   CME     245,735 USD       12/14/26       285  

Australian dollar Currency

   10   CME     714,492 USD       03/14/22       (13,308 ) 

Brent Crude

   334   ICE     25,650,684 USD       01/31/22       (327,836 ) 

Brent Crude

   10   ICE     676,929 USD       04/29/22       (86,971 ) 

Brent Crude

   60   ICE     161,984 USD       10/26/22       (75,616 ) 

Brent Crude

   240   ICE     751,135 USD       10/26/22       26,335  

Brent Crude

   46   ICE     3,422,820 USD       10/31/22       48,720  

Brent Crude

   41   ICE     2,926,015 USD       10/31/23       83,485  

Brent Crude

   33   NYMEX     2,184,542 USD       10/31/24       (15,238 ) 

British Pound Currency

   5   CME     412,679 USD       03/14/22       (10,165 ) 

California Carbon Allowance Vintage Specific 2021

   250   Euronext     7,179,025 USD       06/27/22       (1,140,975 ) 

California Carbon Allowance Vintage Specific 2021

   200   ICE     5,174,000 USD       12/23/22       (1,552,000 ) 

California Carbon Allowance Vintage Specific 2022

   400   Euronext     12,203,880 USD       01/26/22       (768,120 ) 

California Carbon Allowance Vintage Specific 2022

   3,838   ICE     113,175,171 USD       03/28/22       (12,327,429 ) 

California Carbon Allowance Vintage Specific 2022

   45   Euronext     1,601,987 USD       06/27/22       104,837  

California Carbon Allowance Vintage Specific 2022

   3,645   ICE     104,458,772 USD       12/23/22       (18,086,128 ) 

Canadian Dollar Currency

   7   CME     544,611 USD       03/15/22       (8,739 ) 

CBOE Volatility Index

   16   CFE     317,070 USD       01/19/22       2,278  

CBOE Volatility Index

   2   CFE     43,721 USD       02/16/22       (220 ) 

CBOE Volatility Index

   57   CFE     1,450,173 USD       03/15/22       112,469  

Cocoa

   147   ICE     3,714,899 USD       03/16/22       10,499  

Coffee 'C'

   250   ICE     21,756,868 USD       03/21/22       559,993  

Copper

   76   COMEX     8,400,387 USD       03/29/22       (80,263 ) 

Corn

   791   CBOT     23,313,474 USD       03/14/22       (149,563 ) 

Cotton No.2

   402   COMEX     22,736,255 USD       03/09/22       103,655  

Gasoline RBOB

   126   NYMEX     11,831,517 USD       01/31/22       58,934  

Globex Natural Gas

   745   NYMEX     30,575,919 USD       01/26/22       2,787,419  

Globex Natural Gas

   16   NYMEX     886,372 USD       02/23/22       317,252  

Globex Natural Gas

   105   NYMEX     2,993,914 USD       03/28/22       (688,436 ) 

Globex Natural Gas

   11   NYMEX     425,681 USD       09/27/22       21,321  

Globex Natural Gas

   8   NYMEX     200,398 USD       12/27/22       (126,802 ) 

Globex Natural Gas

   8   NYMEX     200,398 USD       01/26/23       (118,002 ) 

Globex Natural Gas

   8   NYMEX     200,398 USD       02/23/23       (94,482 ) 

Globex Natural Gas

   8   NYMEX     200,398 USD       03/28/23       (48,322 ) 

 

See Notes to Consolidated Schedule of Investments.

 

84

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

   Contracts   Exchange   Notional
Amount		     Expiration
Date		     Value/ 
Unrealized
Appreciation
(Depreciation)		  

Globex Natural Gas

   8   NYMEX     200,398 USD       04/25/23     $ (42,722 ) 

Globex Natural Gas

   8   NYMEX     200,398 USD       05/25/23       (45,842 ) 

Globex Natural Gas

   8   NYMEX     200,398 USD       06/27/23       (49,602 ) 

Globex Natural Gas

   8   NYMEX     200,398 USD       07/26/23       (50,962 ) 

Globex Natural Gas

   8   NYMEX     200,398 USD       08/28/23       (50,322 ) 

Globex Natural Gas

   8   NYMEX     200,398 USD       09/26/23       (53,362 ) 

Globex Natural Gas

   8   NYMEX     200,398 USD       10/26/23       (63,362 ) 

Globex Natural Gas

   8   NYMEX     200,398 USD       11/27/23       (80,642 ) 

Henry Hub

   798   NYMEX     9,451,134 USD       01/26/22       2,009,784  

Henry Hub

   22   NYMEX     174,084 USD       02/23/22       (21,551 ) 

Henry Hub

   21   NYMEX     166,934 USD       10/26/22       (31,831 ) 

Henry Hub

   21   NYMEX     166,934 USD       11/25/22       (42,173 ) 

Henry Hub

   86   NYMEX     537,769 USD       12/27/22       (341,581 ) 

Henry Hub

   86   NYMEX     537,769 USD       01/26/23       (317,931 ) 

Henry Hub

   84   ICE     813,618 USD       01/27/23       (22,182 ) 

Henry Hub

   86   NYMEX     537,769 USD       02/23/23       (254,721 ) 

Henry Hub

   124   ICE     1,212,706 USD       02/24/23       70,046  

Henry Hub

   260   NYMEX     1,938,341 USD       03/28/23       (82,509 ) 

Henry Hub

   90   ICE     728,483 USD       03/29/23       28,958  

Henry Hub

   260   NYMEX     1,938,341 USD       04/25/23       (37,009 ) 

Henry Hub

   93   ICE     752,766 USD       04/26/23       46,199  

Henry Hub

   260   NYMEX     1,938,341 USD       05/25/23       (62,359 ) 

Henry Hub

   90   ICE     728,483 USD       05/26/23       35,933  

Henry Hub

   260   NYMEX     1,938,341 USD       06/27/23       (92,909 ) 

Henry Hub

   93   ICE     752,766 USD       06/28/23       26,204  

Henry Hub

   260   NYMEX     1,938,341 USD       07/26/23       (103,959 ) 

Henry Hub

   93   ICE     752,766 USD       07/27/23       22,251  

Henry Hub

   260   NYMEX     1,938,341 USD       08/28/23       (98,759 ) 

Henry Hub

   90   ICE     728,483 USD       08/29/23       23,333  

Henry Hub

   260   NYMEX     1,938,341 USD       09/26/23       (123,459 ) 

Henry Hub

   779   ICE     6,436,069 USD       09/27/23       258,599  

Henry Hub

   86   NYMEX     537,769 USD       10/26/23       (171,086 ) 

Henry Hub

   90   ICE     760,808 USD       10/27/23       18,983  

Henry Hub

   86   NYMEX     537,769 USD       11/27/23       (217,526 ) 

Henry Hub

   93   ICE     786,169 USD       11/28/23       (30,604 ) 

Henry Hub

   319   ICE     2,246,176 USD       01/29/24       (564,214 ) 

Henry Hub

   341   ICE     2,401,085 USD       02/27/24       (382,327 ) 

Henry Hub

   198   NYMEX     1,291,803 USD       03/25/24       (120,927 ) 

Henry Hub

   450   ICE     3,260,292 USD       03/26/24                49,542  

Henry Hub

   198   NYMEX     1,291,803 USD       04/25/24       (106,077 ) 

Henry Hub

   465   ICE     3,368,968 USD       04/26/24       86,068  

Henry Hub

   198   NYMEX     1,291,803 USD       05/28/24       (138,747 ) 

Henry Hub

   450   ICE     3,260,292 USD       05/29/24       9,042  

Henry Hub

   198   NYMEX     1,291,803 USD       06/25/24       (170,922 ) 

Henry Hub

   465   ICE     3,368,968 USD       06/26/24       (66,219 ) 

Henry Hub

   198   NYMEX     1,291,803 USD       07/26/24       (189,237 ) 

Henry Hub

   465   ICE     3,368,968 USD       07/29/24       (109,232 ) 

Henry Hub

   198   NYMEX     1,291,803 USD       08/27/24       (187,752 ) 

Henry Hub

   450   ICE     3,260,292 USD       08/28/24       (102,333 ) 

Henry Hub

   198   NYMEX     1,291,803 USD       09/25/24       (211,512 ) 

Henry Hub

   465   ICE     3,368,968 USD       09/26/24       (161,544 ) 

Henry Hub

   330   ICE     2,323,631 USD       10/29/24       (298,219 ) 

Henry Hub

   341   ICE     2,401,085 USD       11/26/24       (524,695 ) 

Henry Hub

   124   ICE     917,508 USD       12/29/26       (152,302 ) 

Henry Hub

   112   ICE     828,717 USD       01/27/27       (127,763 ) 

Henry Hub

   124   ICE     917,508 USD       02/24/27       (99,602 ) 

Henry Hub

   120   ICE     887,911 USD       03/29/27       23,611  

Henry Hub

   124   ICE     917,508 USD       04/28/27       29,048  

Henry Hub

   120   ICE     887,911 USD       05/26/27       16,411  

Henry Hub

   124   ICE     917,508 USD       06/28/27       5,178  

Henry Hub

   124   ICE     917,508 USD       07/28/27       3,628  

Henry Hub

   120   ICE     887,911 USD       08/27/27       5,311  

 

See Notes to Consolidated Schedule of Investments.

 

85

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

   Contracts   Exchange   Notional
Amount		     Expiration
Date		     Value/ 
Unrealized
Appreciation
(Depreciation)		  

Henry Hub

   124   ICE     917,508 USD       09/28/27     $ (3,192 ) 

Henry Hub

   120   ICE     887,911 USD       10/27/27       (40,289 ) 

Henry Hub

   124   ICE     917,508 USD       11/26/27       (119,132 ) 

HHD 12312021

   14   ICE     175,035 USD       01/04/22       56,035  

ICE 3 Month Sonia

   15   ICE     3,715,755 GBP       09/20/22       (924 ) 

ICE 3 Month Sonia

   144   ICE     35,596,889 GBP       03/14/23       26,920  

ICE 3 Month Sonia

   193   ICE     47,684,646 GBP       06/20/23       38,063  

ICE 3 Month Sonia

   47   ICE     11,616,609 GBP       09/19/23       23,023  

Japanese Yen Currency

   34   CME     3,738,122 USD       03/14/22       41,472  

Lean Hogs

   238   CME     7,856,093 USD       02/14/22       99,673  

Live Cattle

   230   CME     12,882,545 USD       02/28/22       30,145  

Low Sulphar Gasoil

   130   ICE     8,746,343 USD       02/10/22       85,093  

NASDAQ 100 E-Mini

   88   CME     28,297,820 USD       03/18/22       (426,700 ) 

Natural Gas

   1   ICE     8,817 USD       01/03/22       792  

Natural Gas

   1   ICE     8,817 USD       01/03/22       1,442  

Natural Gas

   62   ICE     7,696 USD       01/04/22       (306,334 ) 

Natural Gas

   144   NYMEX     5,050,852 USD       01/27/22       (320,348 ) 

Natural Gas

   21   NYMEX     155,400 USD       01/27/22       (40,425 ) 

Natural Gas

   111   NYMEX     4,095,211 USD       01/27/22       (45,089 ) 

Natural Gas

   21   NYMEX     155,400 USD       02/24/22       (31,342 ) 

Natural Gas

   194   NYMEX     9,275,000 USD       02/24/22       2,374,420  

Natural Gas

   144   NYMEX     5,050,852 USD       02/24/22       (71,228 ) 

Natural Gas

   93   ICE     131,696 USD       03/02/22       (17,104 ) 

)Natural Gas

   21   NYMEX     155,400 USD       03/29/22       (28,717 ) 

Natural Gas

   45   NYMEX     1,616,773 USD       03/29/22       38,623  

Natural Gas

   45   NYMEX     1,616,773 USD       04/27/22       30,523  

Natural Gas

   801   NYMEX     31,972,902 USD       04/27/22               3,737,652  

Natural Gas

   21   NYMEX     155,400 USD       04/27/22       (29,662 ) 

Natural Gas

   5   ICE     398,950 EUR       04/28/22       187,055  

Natural Gas

   45   NYMEX     1,616,773 USD       05/26/22       6,223  

Natural Gas

   250   NYMEX     7,135,028 USD       05/26/22       (1,812,473 ) 

Natural Gas

   21   NYMEX     155,400 USD       05/26/22       (32,497 ) 

Natural Gas

   10   ICE     710,080 EUR       05/30/22       292,609  

Natural Gas

   21   NYMEX     155,400 USD       06/28/22       (35,595 ) 

Natural Gas

   45   NYMEX     1,616,773 USD       06/28/22       (20,327 ) 

Natural Gas

   202   NYMEX     5,989,542 USD       06/28/22       (1,359,218 ) 

Natural Gas

   166   NYMEX     5,297,596 USD       07/27/22       (773,024 ) 

Natural Gas

   45   NYMEX     1,616,773 USD       07/27/22       (28,877 ) 

Natural Gas

   21   NYMEX     155,400 USD       07/27/22       (36,593 ) 

Natural Gas

   21   NYMEX     155,400 USD       08/29/22       (35,963 ) 

Natural Gas

   45   NYMEX     1,616,773 USD       08/29/22       (23,477 ) 

Natural Gas

   208   NYMEX     6,109,192 USD       08/29/22       (1,472,408 ) 

Natural Gas

   21   NYMEX     155,400 USD       09/28/22       (37,590 ) 

Natural Gas

   259   NYMEX     8,118,255 USD       09/28/22       (1,402,585 ) 

Natural Gas

   21   NYMEX     155,400 USD       10/27/22       (43,365 ) 

Natural Gas

   157   NYMEX     5,612,430 USD       10/27/22       (331,590 ) 

Natural Gas

   21   NYMEX     155,400 USD       11/28/22       (53,708 ) 

Natural Gas

   157   NYMEX     5,612,430 USD       11/28/22       (640,880 ) 

Natural Gas

   1   NYMEX     6,769 USD       12/28/22       (3,456 ) 

Natural Gas

   4   NYMEX     169,593 USD       12/28/22       5,993  

Natural Gas

   4   NYMEX     27,101 USD       01/27/23       (12,699 ) 

Natural Gas

   45   NYMEX     1,520,123 USD       01/27/23       (270,877 ) 

Natural Gas

   1   NYMEX     6,769 USD       02/24/23       (2,446 ) 

Natural Gas

   45   NYMEX     1,520,123 USD       02/24/23       (138,577 ) 

Natural Gas

   2   NYMEX     13,546 USD       03/29/23       (1,999 ) 

Natural Gas

   13   NYMEX     390,828 USD       03/29/23       (13,342 ) 

Natural Gas

   75   NYMEX     2,478,617 USD       03/29/23       146,867  

Natural Gas

   13   NYMEX     390,828 USD       04/26/23       (4,242 ) 

Natural Gas

   1   NYMEX     6,769 USD       04/26/23       (829 ) 

Natural Gas

   13   NYMEX     390,828 USD       05/26/23       (9,312 ) 

Natural Gas

   2   NYMEX     13,546 USD       05/26/23       (1,844 ) 

Natural Gas

   13   NYMEX     390,828 USD       06/28/23       (15,422 ) 

 

See Notes to Consolidated Schedule of Investments.

 

86

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Description

   Contracts   Exchange   Notional
Amount		     Expiration
Date		     Value/ 
Unrealized
Appreciation
(Depreciation)		  

Natural Gas

   1   NYMEX     6,769 USD       06/28/23     $ (1,044 ) 

Natural Gas

   13   NYMEX     390,828 USD       07/27/23       (17,632 ) 

Natural Gas

   1   NYMEX     6,769 USD       07/27/23       (1,086 ) 

Natural Gas

   2   NYMEX     13,546 USD       08/29/23       (2,124 ) 

Natural Gas

   13   NYMEX     390,828 USD       08/29/23       (16,592 ) 

Natural Gas

   13   NYMEX     390,828 USD       09/27/23       (21,532 ) 

Natural Gas

   1   NYMEX     6,778 USD       09/27/23       (1,152 ) 

Natural Gas

   2   NYMEX     13,555 USD       10/27/23       (2,930 ) 

Natural Gas

   19   NYMEX     570,517 USD       10/27/23       (55,913 ) 

Natural Gas

   38   NYMEX     1,295,733 USD       10/27/23       42,873  

Natural Gas

   1   NYMEX     6,778 USD       11/28/23       (2,005 ) 

Natural Gas

   19   NYMEX     570,517 USD       11/28/23       (96,953 ) 

Natural Gas

   2   NYMEX     62,996 USD       12/27/24       (8,244 ) 

Natural Gas

   2   NYMEX     62,996 USD       01/29/25       (6,744 ) 

Natural Gas

   2   NYMEX     62,996 USD       02/26/25       (1,644 ) 

Natural Gas

   2   NYMEX     62,996 USD       03/27/25       6,256  

Natural Gas

   2   NYMEX     62,996 USD       04/28/25       6,956  

Natural Gas

   2   NYMEX     62,996 USD       05/28/25       5,996  

Natural Gas

   2   NYMEX     62,996 USD       06/26/25       5,036  

Natural Gas

   2   NYMEX     62,996 USD       07/29/25       4,736  

Natural Gas

   2   NYMEX     62,996 USD       08/27/25       4,956  

Natural Gas

   2   NYMEX     62,996 USD       09/26/25       4,116  

Natural Gas

   2   NYMEX     62,996 USD       10/29/25       1,376  

Natural Gas

   2   NYMEX     62,996 USD       11/25/25       (3,644 ) 

Natural Gas

   32   NYMEX     957,745 USD       12/29/25       (150,095 ) 

Natural Gas

   32   NYMEX     957,745 USD       01/28/26       (126,095 ) 

Natural Gas

   32   NYMEX     957,745 USD       02/25/26       (68,495 ) 

Natural Gas

   32   NYMEX     957,745 USD       03/27/26       59,505  

Natural Gas

   32   NYMEX     957,745 USD       04/28/26       70,705  

Natural Gas

   32   NYMEX     957,745 USD       05/27/26       55,985  

Natural Gas

   32   NYMEX     957,745 USD       06/26/26       40,945  

Natural Gas

   32   NYMEX     957,745 USD       07/29/26       35,505  

Natural Gas

   32   NYMEX     957,745 USD       08/27/26       36,145  

Natural Gas

   32   NYMEX     957,745 USD       09/28/26       24,625  

Natural Gas

   32   NYMEX     957,745 USD       10/28/26       (18,575 ) 

Natural Gas

   32   NYMEX     957,745 USD       11/25/26       (98,575 ) 

NY Harbor ULSD

   158   NYMEX     15,385,114 USD       01/31/22       (45,577 ) 

S&P 500 E-mini

   66   CME     15,495,576 USD       03/18/22       (207,474 ) 

Soyabean

   511   CBOT     34,336,536 USD       03/14/22       118,699  

Soyabean

   705   CBOT     27,960,636 USD       03/14/22       (175,914 ) 

Soyabean

   79   CBOT     2,680,979 USD       03/14/22       1,457  

Sugar 11

   480   ICE     10,351,374 USD       02/28/22                 201,486  

Swiss Franc Currency

   1   CME     135,486 USD       03/14/22       (1,914 ) 

U.S. Treasury 10-Year Note

   22   CBOT     2,844,640 USD       03/22/22       (25,672 ) 

U.S. Treasury Long Bond

   100   CBOT     15,840,625 USD       03/22/22       (203,125 ) 

Wheat

   557   CBOT     22,478,874 USD       03/14/22       1,013,487  

WTI Crude

   246   NYMEX     18,588,753 USD       01/20/22       87,093  

WTI Crude

   15   NYMEX     1,091,373 USD       02/22/22       (31,827 ) 

WTI Crude

   202   CME     28,574,020 USD       03/14/22       (217,292 ) 
         

 

 

  
  $ (37,499,241 ) 
         

 

 

  

Total Futures Contracts Outstanding

 

   $ (19,998,095 ) 
         

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

87

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Forward Foreign Currency Exchange Contracts Outstanding at December 31, 2021

 

Currency

Purchased

   

Amount in

Currency

Purchased

     

Currency
Sold

  

Amount in

Currency Sold

    

Counterparty

  

Settlement
Date

    

Unrealized

Appreciation

(Depreciation)

  

AUD

      420,000      USD     298,796     State Street Bank and Trust Company     03/14/22     $ 6,822  

CLP

      164,000,000      USD     193,442     State Street Bank and Trust Company     03/14/22       (2,945 ) 

CNH

      3,500,000      USD     545,945     State Street Bank and Trust Company     03/14/22       2,266  

EUR

      430,430      USD     487,634     JPMorgan Chase Bank, N.A.     01/20/22       2,566  

EUR

      2,085,000      USD     2,354,757     State Street Bank and Trust Company     01/25/22       20,009  

HKD

      4,950,000      USD     634,947     State Street Bank and Trust Company     03/14/22       (41 ) 

IDR

      6,200,000,000      USD     426,938     State Street Bank and Trust Company     03/14/22       5,578  

MXN

      6,600,000      USD     308,693     State Street Bank and Trust Company     03/14/22       9,850  

NOK

      54,466,666      USD     6,029,488     State Street Bank and Trust Company     03/14/22       147,718  

SEK

      290,727      USD     31,961     State Street Bank and Trust Company     03/14/22       238  

SGD

      690,001      USD     504,415     State Street Bank and Trust Company     03/14/22       7,421  

ZAR

      32,781,795      USD     1,991,967     HSBC Bank plc     03/16/22       44,908  

ZAR

      36,234,280      USD     2,216,191     Goldman Sachs International     03/16/22       35,202  

USD

      9,239,510      AUD     12,987,419     State Street Bank and Trust Company     03/14/22       (210,939 ) 

USD

      3,826,561      CHF     3,535,000     State Street Bank and Trust Company     03/14/22       (60,177 ) 

USD

      452,355      CNH     2,900,000     State Street Bank and Trust Company     03/14/22       (1,878 ) 

USD

      221,793      EUR     191,000     Citibank N.A.     02/16/22       4,152  

USD

      7,053,019      EUR     6,054,000     State Street Bank and Trust Company     01/25/22       157,655  

USD

      485,481      EUR     430,430     JPMorgan Chase Bank, N.A.     01/20/22       (4,720 ) 

USD

      27,059,932      GBP     20,329,000     State Street Bank and Trust Company     03/21/22       (447,299 ) 

USD

      173,039      HKD     1,349,000     State Street Bank and Trust Company     03/14/22       11  

USD

      268,214      IDR     3,895,000,000     State Street Bank and Trust Company     03/14/22       (3,504 ) 

USD

      737,738      KRW     870,900,000     State Street Bank and Trust Company     03/14/22       4,666  

USD

      93,543      MXN     2,000,000     State Street Bank and Trust Company     03/14/22       (2,985 ) 

USD

      382,396      NOK     3,400,000     State Street Bank and Trust Company     03/14/22       (3,207 ) 

USD

      229,911      SGD     314,501     State Street Bank and Trust Company     03/14/22       (3,383 ) 

USD

      14,404,431      ZAR     230,953,956     Goldman Sachs International     03/16/22       54,264  

USD

      1,490,961      ZAR     24,000,000     State Street Bank and Trust Company     03/14/22       (694 ) 
             

 

 

  

Total Forward Foreign Currency Exchange Contracts Outstanding

 

   $       (238,446 ) 
             

 

 

  

Centrally Cleared Credit Default Swaps on Index (Buy Protection) — Outstanding at December 31, 2021

 

Reference

Obligation

  

Financing
Fee

    

Payment
Frequency

  

Maturity
Date

  

Counterparty

  

Notional
Amount

    

Market
Value

    

Upfront
Premium
Paid
(Received)

    

Unrealized
Appreciation
(Depreciation)

  

CMBX.NA.BBB-.36

     (1.00 )%    3M   12/20/2026   Morgan Stanley &
Co. LLC		     30,737,000       USD     $ 1,241,018     $ 1,383,165     $ (142,147 ) 

CMBX.NA.BBB-.36

     (1.00 )%    3M   12/20/2026   Morgan Stanley &
Co. LLC		     10,245,600       USD       413,670       434,413       (20,743 ) 

CMBX.NA.BBB-.36

     (1.00 )%    3M   12/20/2026   Morgan Stanley &
Co. LLC		     10,245,600       USD       413,670       435,438       (21,768 ) 

CMBX.NA.BBB-.36

     (1.00 )%    3M   12/20/2026   Morgan Stanley &
Co. LLC		     11,840,000       USD       478,044       503,200       (25,156 ) 

CMBX.NA.BBB-.36

     (1.00 )%    3M   12/20/2026   Morgan Stanley &
Co. LLC		     17,762,000       USD       717,148       818,828       (101,680 ) 

CMBX.NA.BBB-.36

     (1.00 )%    3M   12/20/2026   Morgan Stanley &
Co. LLC		     19,736,000       USD       796,848       911,802       (114,954 ) 

CMBX.NA.BBB-.36

     (1.00 )%    3M   12/20/2026   Morgan Stanley &
Co. LLC		     5,850,000       USD       236,196       274,950       (38,754 ) 

CMBX.NA.BBB-.36

     (1.00 )%    3M   12/20/2026   Morgan Stanley &
Co. LLC		     9,750,000       USD       393,660       401,700       (8,040 ) 

CMBX.NA.BBB-.36

     (1.00 )%    3M   12/20/2026   Morgan Stanley &
Co. LLC		     13,650,000       USD       551,124       558,285       (7,161 ) 

CMBX.NA.BBB-.36

     (1.00 )%    3M   12/20/2026   Morgan Stanley &
Co. LLC		     15,600,000       USD     $ 629,856     $ 636,480     $ (6,624 ) 
             

 

 

  

Total Centrally Cleared Credit Default Swaps on Index (Buy Protection)

 

   $   5,871,234     $   6,358,261     $   (487,027 ) 
             

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

88

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Centrally Cleared Credit Default Swaps on Index (Sell Protection) — Outstanding at December 31, 2021

 

Reference

Obligation

   Financing
Fee		     Payment
Frequency		    

Maturity
Date

   Counterparty   Rating(1)     Notional
Amount(2)		     Market
Value		     Upfront
Premium
Paid
(Received)		     Unrealized
Appreciation
(Depreciation)		  

CDX.EM.36

     1.00%       3M     12/20/26   Merrill Lynch,
Pierce, Fenner
& Smith, Inc.		     NR       11,000,000       USD     $ (444,129 )    $ (391,600 )    $ (52,529 ) 

CDX.NA.HY.34

     5.00%       3M     06/20/25   Merrill Lynch,
Pierce, Fenner
& Smith, Inc.		     NR       368       USD       30       9       21  

CDX.NA.HY.37

     5.00%       3M     12/20/26   Merrill Lynch,
Pierce, Fenner
& Smith, Inc.		     NR       4,250,000       USD       390,853       411,471       (20,618 ) 

CMBX.NA.BBB-.36

     1.00%       3M     12/20/26   Morgan
Stanley & Co.
LLC		     BBB-       10,000,000       USD       (403,754 )      (499,000 )      95,246  

CMBX.NA.BBB-.36

     1.00%       3M     12/20/26   Morgan
Stanley & Co.
LLC		     BBB-       18,601,200       USD       (751,030 )      (915,178 )      164,148  

CMBX.NA.BBB-.36

     1.00%       3M     12/20/26   Morgan
Stanley & Co.
LLC		     BBB-       5,850,000       USD       (236,196 )      (277,875 )      41,679  

CMBX.NA.BBB-.36

     1.00%       3M     12/20/26   Morgan
Stanley & Co.
LLC		     BBB-       19,500,000       USD       (787,320 )      (912,600 )      125,280  

CMBX.NA.BBB-.36

     1.00%       3M     12/20/26   Morgan
Stanley & Co.
LLC		     BBB-       19,500,000       USD       (787,320 )      (887,250 )      99,930  

CMBX.NA.BBB-.36

     1.00%       3M     12/20/26   Morgan
Stanley & Co.
LLC		     BBB-       3,965,000       USD       (160,088 )      (198,250 )      38,162  

CMBX.NA.BBB-.36

     1.00%       3M     12/20/26   Morgan
Stanley & Co.
LLC		     BBB-       6,000,000       USD       (242,252 )      (300,000 )      57,748  

CMBX.NA.BBB-.36

     1.00%       3M     12/20/26   Morgan
Stanley & Co.
LLC		     BBB-       10,000,000       USD       (403,754 )      (500,000 )      96,246  

CMBX.NA.BBB-.36

     1.00%       3M     12/20/26   Morgan
Stanley & Co.
LLC		     BBB-       10,000,000       USD       (403,754 )      (493,000 )      89,246  

CMBX.NA.BBB-.36

     1.00%       3M     12/20/26   Morgan
Stanley & Co.
LLC		     BBB-       42,000,000       USD       (1,695,766 )      (2,150,400 )      454,634  

iTraxx Europe Crossover series 36

     5.00%       3M     12/20/26   Merrill Lynch,
Pierce, Fenner
& Smith, Inc.		     NR       8,600,000       EUR       1,160,711       1,276,062       (115,351 ) 

Petroleos Mexicanos

     (1.00% )      3M     12/20/26   Morgan
Stanley & Co.
LLC		       3,770,000       USD           (354,790 )          (368,849 )             14,059  

Petroleos Mexicanos

     1.00%       12/21/26   Morgan
Stanley & Co.
International
Plc		       8,117,000       USD       (763,880 )      (9,019 )      (754,861 ) 
               

 

 

  

Total Centrally Cleared Credit Default Swaps on Index (Sell Protection)

 

   $ (5,882,439 )    $ (6,215,479 )    $ 333,040  
               

 

 

  

OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) — Outstanding at December 31, 2021

 

Reference

Obligation

  

Financing
Fee

    

Payment
Frequency

    

Maturity
Date

  

Counterparty

    

Notional
Amount

    

Market
Value

    

Upfront
Premium
Paid
(Received)

    

Unrealized
Appreciation
(Depreciation)

  

Republic of Argentina

     (5.00 )%      3M     12/20/2026    
 Morgan Stanley &
Co. LLC		  
 		     3,774,000       USD     $ (1,795,341 )    $ (1,896,435 )    $ 101,094  

Republic of Oman

     (1.00 )%      3M     12/20/2026    

 Morgan Stanley &
Co. International
Plc		  
 
 		     4,058,000       USD       (286,251 )      (285,733 )      (518 ) 

Republic of Oman

     (1.00 )%      3M     12/20/2026    

 Morgan Stanley
Capital Services
LLC		  
 
 		     3,490,000       USD       (246,184 )      (237,235 )      (8,949 ) 

Republic of Oman

     (1.00 )%      3M     12/20/2026    
 JPMorgan Chase
Bank, N.A.		  
 		     2,642,000       USD     $ (186,366 )    $ (181,699 )    $ (4,667 ) 

Republic of Philippines

     (1.00 )%      3M     12/20/2026    
 Goldman Sachs
International		  
 		     25,000,000       USD       521,007       399,866       121,141  

Republic of Turkey

     (1.00 )%      3M     12/20/2026    

 Morgan Stanley
& Co.
International Plc		  
 
 		     3,450,000       USD       (658,340 )      (471,293 )      (187,047 ) 

Republic of Ukraine

     (1.00 )%      3M     12/20/2026    
 Credit Suisse
International		  
 		     4,058,000       USD       (835,649 )      (551,897 )      (283,752 ) 

Republic of Ukraine

     (5.00 )%      3M     12/20/2026    
 Morgan Stanley &
Co. LLC		  
 		     6,088,000       USD       (263,063 )      (33,822 )      (229,241 ) 
             

 

 

  
              $     (3,750,187 )    $     (3,258,248 )    $     (491,939 ) 
             

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

89

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

OTC Credit Default Swaps on Index (Buy Protection) — Outstanding at December 31, 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   11/17/2059   Morgan Stanley
Capital Services LLC		     5,645,000       USD     $ 504,811     $ 453,500     $ 51,311  

CMBX.NA.BBB-.10

     (3.00 )%    1M   11/17/2059   Morgan Stanley
Capital Services LLC		     1,102,000       USD       98,548       374,805       (276,257 ) 

CMBX.NA.BBB-.10

     (3.00 )%    1M   11/17/2059   J.P. Morgan Securities
LLC		     7,363,000       USD       658,446       71,578       586,868  

CMBX.NA.BBB-.8

     (3.00 )%    1M   10/17/2057   Morgan Stanley
Capital Services LLC		     69,000       USD       9,392       14,170       (4,778 ) 

CMBX.NA.BBB-.9

     (3.00 )%    1M   9/17/2058   Credit Suisse
International		     10,000       USD       940       594       346  

CMBX.NA.BBB-.9

     (3.00 )%    1M   9/17/2058   Goldman Sachs
International		     177,000       USD       16,632       5,121       11,511  
             

 

 

  

Total OTC Credit Default Swaps on Index (Buy Protection)

 

   $     1,288,769     $     919,768     $     369,001  
             

 

 

  

OTC Credit Default Swaps on Index (Sell Protection) — Outstanding at December 31, 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   11/17/59   Goldman Sachs Bank
USA		     BBB-       1,096,000       USD     $ (98,011 )    $ (30,005 )    $ (68,006 ) 

CMBX.NA.BBB-.10

     3.00%     1M   11/17/59   Goldman Sachs
International		     BBB-       18,066,000       USD       (1,615,576 )      (682,643 )      (932,933 ) 

CMBX.NA.BBB-.11

     3.00%     1M   11/19/54   J.P. Morgan Securities
LLC		     BBB-       7,500,000       USD       (353,679 )      (620,026 )          266,347  

CMBX.NA.BBB-.8

     2.00%     1M   10/17/57   Goldman Sachs Bank
USA		     BBB-       100,000       USD       (1,109 )      (1,537 )      428  

CMBX.NA.BBB-.8

     2.00%     1M   10/17/57   Goldman Sachs Bank
USA		     BBB-       132,000       USD       (1,464 )      (1,374 )      (90 ) 

CMBX.NA.BBB-.8

     2.00%     1M   10/17/57   Goldman Sachs
International		     BBB-       398,000       USD       (4,413 )      (5,212 )      799  

CMBX.NA.BBB-.8

     3.00%     1M   10/17/57   Credit Suisse
International		     BBB-       286,000       USD       (38,930 )      (20,492 )      (18,438 ) 

 

See Notes to Consolidated Schedule of Investments.

 

90

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Obligation

  

Financing
Fee

    

Payment
Frequency

  

Maturity
Date

  

Counterparty

  

Rating(1)

  

Notional
Amount(2)

    

Market
Value

    

Upfront
Premium
Paid
(Received)

    

Unrealized
Appreciation
(Depreciation)

  

CMBX.NA.BBB-.8

     3.00%     1M  

10/17/57

   Goldman Sachs
International		   BBB-     1,294,000  USD     $ (176,138 )    $ (72,380 )    $ (103,758 ) 

CMBX.NA.BBB-.8

     3.00%     1M  

10/17/57

   Goldman Sachs
International		   BBB-     232,000  USD       (31,580 )      (5,855 )      (25,725 ) 

CMBX.NA.BBB-.8

     3.00%     1M  

10/17/57

   J.P. Morgan
Securities LLC		   BBB-     2,160,000  USD       (294,017 )      (114,150 )      (179,867 ) 

CMBX.NA.BBB-.9

     3.00%     1M  

09/17/58

   J.P. Morgan
Securities LLC		   BBB-     187,000  USD       (17,571 )      (961 )      (16,610 ) 
             

 

 

  

Total OTC Credit Default Swaps on Index (Sell Protection)

 

   $     (2,632,488 )    $     (1,554,635 )    $     (1,077,853 ) 
             

 

 

  

 

(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 December 31, 2021

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Buys

            

1Life Healthcare, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     89,096   USD     $ 1,653  

3D Systems Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     25,099   USD       (866)  

3M Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,076,563   USD       2,361  

3peak, Inc.

     10/18/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     41,466   USD       (2,785)  

3peak, Inc.

     07/12/22       M    

0.00%

   Credit Suisse International     25,837   USD       (1,736)  

5I5J Holdings Group Ltd.

     11/27/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     3,588   USD       (90)  

5I5J Holdings Group Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     3,287   USD       (85)  

Abbott Laboratories

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     27,393   USD       (90)  

AbCellera Biologics, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     138,811  USD       (12,699)  

Abercrombie & Fitch Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     163,078   USD       1,493  

Academy Sports & Outdoors, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     177,054   USD       14,745  

ACADIA Pharmaceuticals, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     37,709   USD       3,323  

ACI Worldwide, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     6,352   USD       (37)  

ADD Industry Zhejiang Corp., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     4,415   USD       (33)  

ADD Industry Zhejiang Corp., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     2,940   USD       (19)  

Advanced Fiber Resources Zhuhai Ltd.

     12/22/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     32,448   USD       1,497  

Advanced Fiber Resources Zhuhai Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     26,266   USD       1,213  

Advanced Micro Devices

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,355,469   USD       (66,596)  

Aerojet Rocketdyne Holdings, Inc.

     12/23/22       M    

0.57%

   JPMorgan Chase Bank, N.A.     15,506,066   USD       (9,942)  

Aerojet Rocketdyne Holdings, Inc.

     01/25/23       M    

1.35%

   Goldman Sachs International     668,957   USD       (429)  

Affiliated Managers Group, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     169,595   USD       7,582  

Afterpay Ltd.

     08/08/23       M    

0.39%

   JPMorgan Chase Bank, N.A.     17,135,018   AUD       1,502  

AGCO Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     12,024   USD       42  

agilon health, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     22,376   USD       574  

AGNC Investment Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     8,217   USD       (65)  

Agnico Eagle Mined Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     337,806   USD       12,599  

AIER Eye Hospital Group Co.

     11/01/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     111,550   USD       (2,091)  

AIER Eye Hospital Group Co.

     07/12/22       M    

0.00%

   Credit Suisse International     102,081   USD       (1,909)  

 

See Notes to Consolidated Schedule of Investments.

 

91

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Air Products & Chemicals, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     3,047,703   USD     $ 87,696  

Akamai Technologies, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     72,957   USD       (392)  

Alcoa Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     44,541   USD       84  

Algonquin Power & Utilities Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     40,863   USD       955  

Alkermes PLC

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,414   USD       (41)  

Alleghany Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     435,861   USD       16,765  

Allegion plc

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,023,011   USD       49,224  

Ally Financial, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,352,869   USD       33,487  

Alphabet, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,318,088   USD       (20,735)  

Alteryx, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     413,354   USD       (10,001)  

Altria Group, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     785,428   USD       9,255  

Amazon.com, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     142,259   USD       (2,217)  

Amcor PLC

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     30,780   USD       879  

Amdocs Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     542,086   USD       10,533  

AMERCO

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     796,698   USD       13,774  

Ameresco, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     16,293   USD       402  

American Electric Power Co., Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     9,744   USD       42  

American Express Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,203,556   USD       35,637  

American National Group, Inc.

     08/11/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     3,365,835   USD       16,478  

Americold Realty Trust

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     291,347   USD       4,878  

Ameriprise Financial, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     22,334   USD       (313)  

AmerisourceBergen Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     3,003,309   USD       123,725  

Amgen, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     73,418   USD       (528)  

Amlogic Shanghai Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     170,943   USD       8,830  

Amlogic Shanghai Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     139,635   USD       7,453  

Analog Devices, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     436,342   USD       2,732  

Anfu CE Link Ltd.

     12/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     54,003   USD       1,155  

Anfu CE Link Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     39,388   USD       857  

Angel Yeast Co. Ltd.

     05/31/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     122   USD       1  

Anhui Andeli Department Store Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     38,030   USD       1,242  

Anhui Andeli Department Store Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     25,682   USD       875  

Anhui Construction Engineering Group Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     403,497   USD       (8,040)  

Anhui Construction Engineering Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     311,645   USD       (6,168)  

Anhui Fengyuan Pharmaceutical Co., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     17,482   USD       (188)  

Anhui Fengyuan Pharmaceutical Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     11,767   USD       (113)  

Anhui Fuhuang Steel Structure Co., Ltd.

     12/05/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     211,745   USD       (91)  

Anhui Fuhuang Steel Structure Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     156,066   USD       (22)  

Anhui Guangxin Agrochemical Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     394,267   USD       11,438  

Anhui Guangxin Agrochemical Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     458,696   USD       12,895  

Anhui Guofeng Plastic Industry Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     38   USD       —  

 

See Notes to Consolidated Schedule of Investments.

 

92

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Anhui Honglu Steel Construction(Group) Co., Ltd.

     07/07/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     414   USD     $ (11)  

Anhui Jinhe Industrial Co., Ltd.

     11/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     231,476   USD       21,513  

Anhui Jinhe Industrial Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     170,951   USD       15,971  

Anhui Kouzi Distillery Co., Ltd.

     10/24/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     833,655   USD       (91,868)  

Anhui Kouzi Distillery Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     637,498   USD       (70,392)  

Anhui Sinomag Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     27,129   USD       (1,091)  

Anhui Sinomag Technology Co., Ltd.

     12/04/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     40,046   USD       (1,556)  

Anhui Yingjia Distillery Co., Ltd.

     01/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     90,517   USD       (4,726)  

Anhui Yingjia Distillery Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     71,356   USD       (3,795)  

Anhui Zhongding Sealing Parts Co., Ltd.

     02/03/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     7,473   USD       (287)  

Anhui Zhongding Sealing Parts Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,982   USD       (191)  

Annil Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     8,209   USD       (252)  

Annil Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     6,418   USD       (197)  

ANSYS, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     258,311   USD       2,818  

Antero Resources Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     371,595   USD       (12,058)  

Anyang Iron & Steel, Inc.

     12/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     2,729   USD       (195)  

Anyang Iron & Steel, Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     2,072   USD       (148)  

Aoshikang Technology Co., Ltd.

     05/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     295   USD       13  

Apartment Income REIT Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     47,157   USD       897  

Apellis Pharmaceuticals, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     361,874   USD       (5,336)  

Apollo Medical Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     351,629   USD       12,685  

Appian Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     371,045   USD       (31,758)  

Applied Materials, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     64,253   USD       (995)  

Appotronics Corporation Ltd.

     05/17/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     489   USD       50  

Appotronics Corporation Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     489   USD       50  

Aramark

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     13,103   USD       642  

Arconic Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     11,310   USD       (53)  

Arcplus Group PLC

     12/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     26,078   USD       (396)  

Arcplus Group PLC

     07/12/22     M  

0.00%

   Credit Suisse International     20,608   USD       (311)  

Arena Pharmaceuticals, Inc.

     12/15/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     10,367,558   USD       231,505  

Arrowhead Pharmaceuticals, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     166,566   USD       (8,043)  

Arvinas, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     684,986   USD       35,710  

Asia - Potash International Investment Guangzhou Co., Ltd.

     12/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     282,808   USD       28,716  

Asia - Potash International Investment Guangzhou Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     210,987   USD       21,503  

Assurant, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,060,751   USD       62,530  

Assured Guaranty Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     344,920   USD       19,683  

AT&T, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     494,228   USD       (4,442)  

Athene Holding Ltd.

     06/05/23     M  

37.44%

   Goldman Sachs International     18,589,693   USD       182,473  

 

See Notes to Consolidated Schedule of Investments.

 

93

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Atkore, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     22,870   USD     $ 1,036  

Atlassian Corp. PLC

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     35,052   USD       (736)  

Autobio Diagnostics Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     85,565   USD       2,554  

Autobio Diagnostics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     67,935   USD       2,042  

Autodesk, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,021,477   USD       (8,068)  

Autonation, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     110,582   USD       3,814  

Avalara, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     369,925   USD       (18,617)  

AvalonBay Communities, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     92,807   USD       1,662  

Avary Holding Shenzhen Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     292,147   USD       14,759  

Avary Holding Shenzhen Co., Ltd.

     11/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     377,819   USD       18,962  

Avast PLC

     08/15/23     M  

0.74%

   JPMorgan Chase Bank, N.A.     807,509   GBP       (16,313)  

Avcon Information Technology Co., Ltd.

     12/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     26,416   USD       400  

Avcon Information Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     20,915   USD       340  

AVICOPTER PLC

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     243,775   USD       9,472  

AVICOPTER PLC

     07/12/22     M  

0.47%

   Credit Suisse International     185,652   USD       7,118  

Axon Enterprise, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     163,252   USD       2,697  

Baiyang Investment Group, Inc.

     12/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     72,588   USD       1,596  

Baiyang Investment Group, Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     52,045   USD       1,182  

Ballard Power Systems, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     20,001   USD       32  

Bank of America Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,763,285   USD       (2,638)  

Bank of Chengdu Co., Ltd.

     12/29/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     203,828   USD       1,402  

Bank of Chengdu Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     153,637   USD       1,132  

Bank of Communications Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     85,695   USD       597  

Bank of Communications Co., Ltd.

     10/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     112,854   USD       781  

Bank of Hangzhou Co., Ltd.

     10/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     19,105   USD       (1,001)  

Bank of Hangzhou Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     15,221   USD       (792)  

Bank of Jiangsu Co., Ltd.

     11/03/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     211,955   USD       (1,289)  

Bank of Jiangsu Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     159,934   USD       (951)  

Bank of Montreal

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,620,723   USD       60,678  

Bank of Nanjing Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     66,529   USD       109  

Bank of Nanjing Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     49,268   USD       77  

Bank of Ningbo Co., Ltd

     11/03/22     M  

0.45%

   JPMorgan Chase Bank, N.A.     207,410   USD       1,007  

Bank of Ningbo Co., Ltd

     07/12/22     M  

0.00%

   Credit Suisse International     156,606   USD       758  

Baoji Titanium Industry Co., Ltd.

     11/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     268,428   USD       24,770  

Baoji Titanium Industry Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     252,558   USD       23,374  

Baolingbao Biology Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     249,677   USD       5,095  

Baolingbao Biology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     197,499   USD       4,028  

Baota Industry Co., Ltd.

     12/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     4,935   USD       (80)  

Baota Industry Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,527   USD       (72)  

Baotailong New Materials Co., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     25,501   USD       1,308  

 

See Notes to Consolidated Schedule of Investments.

 

94

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Baotailong New Materials Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     20,116   USD     $ 1,050  

Barclays Custom Swap - BXIIUWR3

     12/13/21     M  

0.00%

   Barclays Bank PLC     7,990,492   USD       (52,359)  

Barclays Equity Index Swap - BXIIUMR3

     12/02/21     M  

0.00%

   Barclays Bank PLC     15,980,950   USD       (72,930)  

Barclays Equity Index Swap- BXIIUVJB

     12/08/21     M  

0.00%

   Barclays Bank PLC     7,990,466   USD       (12,484)  

BCE, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,461,407   USD       44,891  

Beam Therapeutics, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,276,254   USD       (97,798)  

Beijing ABT Networks Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     81,988   USD       2,449  

Beijing ABT Networks Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     115,046   USD       3,341  

Beijing Aosaikang Pharmaceutical Co., Ltd.

     07/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     25,782   USD       989  

Beijing Aosaikang Pharmaceutical Co.,Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     20,465   USD       787  

Beijing Bayi Space LCD Technology Co., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     4,395   USD       68  

Beijing Bayi Space LCD Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     2,930   USD       45  

Beijing Bei Mo Gao Ke Friction Material Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     841   USD       104  

Beijing Capital Eco-Environment Protection Group Co., Ltd.

     07/25/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5   USD       —  

Beijing Capital Eco-Environment Protection Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     66   USD       (1)  

Beijing Career International Co., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     65,131   USD       2,219  

Beijing Career International Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     50,053   USD       1,680  

Beijing Dahao Technology Corp., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,613   USD       (230)  

Beijing Dahao Technology Corp., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,749   USD       (195)  

Beijing Dahao Technology Corp., Ltd.

     12/29/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     435   USD       (21)  

Beijing E-Techstar Co., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     6,770   USD       (394)  

Beijing E-Techstar Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,235   USD       (298)  

Beijing Easpring Material Technology Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     37,514   USD       650  

Beijing Easpring Material Technology Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     25,435   USD       462  

Beijing Enlight Media Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     273,370   USD       30,190  

Beijing Enlight Media Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     206,064   USD       22,776  

Beijing Haohua Energy Resource Co., Ltd.

     11/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     214,555   USD       (12,517)  

Beijing Haohua Energy Resource Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     216,153   USD       (12,615)  

Beijing Huafeng Test & Control Technology Co., Ltd.

     12/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     45,216   USD       2,976  

 

See Notes to Consolidated Schedule of Investments.

 

95

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Beijing Huafeng Test & Control Technology Co., Ltd.

     09/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     391,835   USD     $ 33,935  

Beijing Huafeng Test & Control Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     346,688   USD       30,008  

Beijing Huayuanyitong Thermal Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     6,389   USD       (147)  

Beijing Huayuanyitong Thermal Technology Co., Ltd.

     12/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     6,957   USD       (160)  

Beijing Inhand Networks Technology Co., Ltd.

     11/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     229,541   USD       (1,118)  

Beijing Inhand Networks Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     225,619   USD       (1,200)  

Beijing Kaiwen Education Technology Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     14,411   USD       475  

Beijing Kaiwen Education Technology Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     11,414   USD       381  

Beijing Kingsoft office Software Inc.

     06/21/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     261,069   USD       19,675  

Beijing Kingsoft office Software Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     191,451   USD       14,450  

Beijing LabTech Instruments Co., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     43,973   USD       (1,547)  

Beijing LabTech Instruments Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     31,422   USD       (1,117)  

Beijing Orient National Communication Science & Technology Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     79,230   USD       (602)  

Beijing Orient National Communication Science & Technology Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     60,503   USD       (516)  

Beijing Piesat Information Technology Co., Ltd.

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     38,414   USD       370  

Beijing Piesat Information Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     27,090   USD       286  

Beijing Seeyon Internet Software Corp.

     11/21/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     29,761   USD       1,095  

Beijing Seeyon Internet Software Corp.

     07/12/22     M  

0.00%

   Credit Suisse International     22,290   USD       819  

Beijing Shougang Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     53,389   USD       (704)  

Beijing Shougang Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     42,268   USD       (552)  

Beijing SPC Environment Protection Tech Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     213,577   USD       (2,717)  

Beijing SPC Environment Protection Tech Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     214,848   USD       (2,389)  

Beijing Tianyishangjia New Material Corp., Ltd.

     12/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     38,687   USD       3,255  

Beijing Tianyishangjia New Material Corp., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     26,764   USD       2,276  

Beijing Tongrentang Co., Ltd.

     01/03/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     245,449   USD       27,677  

Beijing Tongrentang Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     181,240   USD       20,605  

 

See Notes to Consolidated Schedule of Investments.

 

96

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Beijing Tongtech Co., Ltd.

     11/10/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     6,400   USD     $ 87  

Beijing Tongtech Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,468   USD       92  

Beijing United Information Technology Co., Ltd.

     02/07/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     355   USD       —  

Beijing Urban Construction Group Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     12,132   USD       12  

Beijing Urban Construction Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     9,023   USD       15  

Beijing Wandong Medical Technology Co., Ltd.

     11/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     35,227   USD       (110)  

Beijing Wandong Medical Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     28,878   USD       (112)  

Beijing Water Business Doctor Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     2,015   USD       28  

Beijing Water Business Doctor Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     1,407   USD       23  

Beijing Water Business Doctor Co., Ltd.

     11/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     23,921   USD       (223)  

Beijing Water Business Doctor Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     20,004   USD       (188)  

Beijing WKW Automotive Parts Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     35,869   USD       292  

Beijing WKW Automotive Parts Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     24,245   USD       219  

Beijing Worldia Diamond Tools Co., Ltd.

     11/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     16,162   USD       (242)  

Beijing Worldia Diamond Tools Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     13,547   USD       (203)  

Beijing Yanjing Brewery Co., Ltd.

     12/20/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     161,539   USD       3,120  

Beijing Yanjing Brewery Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     123,178   USD       2,409  

Bengang Steel Plates Co., Ltd.

     07/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     446,659   USD       (15,215)  

Bengang Steel Plates Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     390,761   USD       (13,290)  

Bentley Systems, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,896,728   USD       (47,381)  

Berkshire Hathaway, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     18,559   USD       (21)  

Best Buy Co., Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     485,158   USD       20,505  

Bethel Automotive Safety Systems Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     84,128   USD       (4,408)  

Bethel Automotive Safety Systems Co., Ltd.

     12/15/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     117,262   USD       (5,873)  

Betta Pharmaceuticals Co., Ltd.

     03/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     25   USD       1  

Betta Pharmaceuticals Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     1,238   USD       27  

Beyond Meat, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     236,956   USD       (17,106)  

BGRIMM Technology Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     17,857   USD       (259)  

BGRIMM Technology Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     14,106   USD       (198)  

BigCommerce Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     137,938   USD       (10,818)  

Bio-Rad Laboratories, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     71,194   USD       585  

Bio-Techne Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     447,663   USD       33,464  

Bio-Thera Solutions Ltd.

     11/03/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     20,082   USD       272  

Bio-Thera Solutions Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     16,188   USD       218  

Biogen, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     474,140   USD       10,258  

 

See Notes to Consolidated Schedule of Investments.

 

97

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 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  

0.08%

   Morgan Stanley Capital Services LLC     33,862   USD     $ 1,632  

Black Knight, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     358,864   USD       5,437  

Blackline, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,869,155   USD       (13,315)  

Blackrock, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,906,351   USD       9,916  

Blue Sail Medical Co., Ltd.

     02/24/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     128   USD       5  

Blue Sail Medical Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     108   USD       4  

Boe Technology Group Co., Ltd.

     06/21/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     89,228   USD       1,022  

Boe Technology Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     80,452   USD       924  

Boji Medical & Technological Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     118,750   USD       3,420  

Boji Medical & Technological Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     85,639   USD       2,462  

Booking Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,152,535   USD       3,893  

Boston Properties, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     732,233   USD       4,113  

Boya Bio-pharmaceutical Group Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     278,095   USD       7,724  

Boya Bio-pharmaceutical Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     208,418   USD       5,796  

Bridgebio Pharma, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     206,073   USD       (118,320)  

Bright Real Estate Group Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     8,489   USD       136  

Bright Real Estate Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     6,273   USD       102  

Brightgene Bio Medical Technology Co., Ltd.

     12/29/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     18,688   USD       895  

Brightgene Bio Medical Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     14,290   USD       686  

Bristol-Myers Squibb Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,407,450   USD       (211)  

Broadcom, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     298,390   USD       (2,948)  

Broadex Technologies Co., Ltd.

     01/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     196   USD       11  

Brookfield Asset Management, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     911,356   USD       35,825  

Brooks Automation, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     856,428   USD       39,083  

Bros Eastern Co., Ltd.

     04/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     246,734   USD       19,860  

Bros Eastern Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     184,157   USD       14,815  

Brown-Forman Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     3,946   USD       61  

Bunge Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     541,282   USD       11,503  

Burlington Stores, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,091,541   USD       34,853  

BWX Technologies, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     3,057,538   USD       20,907  

CACI International, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,591,498   USD       85,257  

California Resources Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     53,928   USD       2,236  

Callaway Golf Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     36,004   USD       546  

Cambricon Technologies, Inc.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     28,562   USD       1,281  

Cambricon Technologies, Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     22,851   USD       1,023  

Camden Property Trust

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     169,204   USD       4,473  

Cameco Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,287,318   USD       (25,457)  

Campbell Soup Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     18,133   USD       555  

Canadian Imperial Bank of Commerce

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     374,034   USD       3,387  

Canadian Pacific Railway Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,174,144   USD       18,731  

Canadian Solar, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     85,544   USD       (1,530)  

 

See Notes to Consolidated Schedule of Investments.

 

98

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Cangzhou Mingzhu Plastic Co., Ltd.

     12/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     58,854   USD     $ (1,999)  

Cangzhou Mingzhu Plastic Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     53,819   USD       (1,795)  

Canopy Growth Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     97,865   USD       (9,422)  

Capital One Financial Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,579,711   USD       17,255  

Cardinal Health, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,535,354   USD       54,658  

Cardlytics, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     35,523   USD       430  

Carlisle Cos, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     48,903   USD       1,217  

Carrier Global Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,108,840   USD       35,679  

Carter's, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     7,040   USD       147  

Caterpillar, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     193,704   USD       11  

Cathay Biotech Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     44,603   USD       1,660  

Cathay Biotech Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     33,454   USD       1,243  

CCS Supply Chain Management Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     177,057   USD       (2,963)  

CCS Supply Chain Management Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     133,197   USD       (2,236)  

CDK Global, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     593,599   USD       18,477  

CDW Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     43,817   USD       6  

Ceepower Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     56,732   USD       (20)  

Ceepower Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     51,925   USD       17  

Celanese Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,431,605   USD       85,809  

Centene Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     828,249   USD       (21,965)  

Central China Securities Co., Ltd.

     12/04/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     144,859   USD       283  

Central China Securities Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     110,104   USD       217  

Cerence, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     96,336   USD       6,821  

Ceridian HCM Holding, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,245,886   USD       54,323  

Cerner Corp.

     12/22/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     19,868,468   USD       401,895  

Certara, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     111,919   USD       (627)  

ChampionX Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     458   USD       (13)  

Change Healthcare, Inc.

     01/19/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     7,836,789   USD       122,857  

Change Healthcare, Inc.

     01/10/23     M  

15.69%

   Goldman Sachs International     7,791,047   USD       122,140  

Changhong Huayi Compressor Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     103,394   USD       1,101  

Changhong Huayi Compressor Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     75,149   USD       794  

Changzhou Almaden Stock Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     95,185   USD       2,900  

Changzhou Almaden Stock Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     86,818   USD       2,685  

Changzhou Galaxy Century Microelectronics Co., Ltd.

     11/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     16,293   USD       (548)  

Changzhou Galaxy Century Microelectronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     12,221   USD       (413)  

ChargePoint Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     296,729   USD       4,909  

Charles River Laboratories International, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     322,951   USD       5,977  

Chart Industries, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     143,427   USD       4,739  

Charter Communications, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     619,833   USD       (7,633)  

Check Point Software Technologies, Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     57,374   USD       (27)  

 

See Notes to Consolidated Schedule of Investments.

 

99

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Chegg, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     80,888   USD     $ 283  

Chengdu Easton Bio Pharmaceutical Co., Ltd.

     10/31/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     333   USD       9  

Chengdu Easton Bio Pharmaceutical Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     709   USD       19  

Chengdu Leejun Industrial Co., Ltd.

     12/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     60,191   USD       2,084  

Chengdu Leejun Industrial Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     55,175   USD       1,911  

Chengdu Wintrue Holding Co., Ltd.

     12/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     186,794   USD       16,003  

Chengdu Wintrue Holding Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     188,315   USD       16,148  

Chengdu Xingrong Environment Co., Ltd.

     12/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     240,917   USD       (546)  

Chengdu Xingrong Environment Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     182,069   USD       (403)  

Chengtun Mining Group Co., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     6,349   USD       (120)  

Chengtun Mining Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,841   USD       (117)  

Chenguang Biotech Group Co., Ltd.

     11/03/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     219,464   USD       13,558  

Chenguang Biotech Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     165,675   USD       10,209  

Chengzhi Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     168   USD       3  

China Automotive Engineering Research Institute Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     50,476   USD       1,208  

China Automotive Engineering Research Institute Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     38,508   USD       912  

China Baoan Group Co., Ltd.

     08/25/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     15,691   USD       (234)  

China Baoan Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     11,732   USD       (185)  

China Bester Group Telecom Co., Ltd.

     12/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     30,241   USD       (1,006)  

China Bester Group Telecom Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     24,083   USD       (794)  

China Coal Xinji Energy Co., Ltd.

     12/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     6,226   USD       (314)  

China Coal Xinji Energy Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,876   USD       (246)  

China Construction Bank

     07/12/22     M  

0.00%

   Credit Suisse International     153,628   USD       (723)  

China Construction Bank Corp.

     11/10/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     203,701   USD       (961)  

China Great Wall Securities Co., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,935   USD       (42)  

China Great Wall Securities Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,319   USD       (36)  

China Jushi Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     162   USD       12  

China Kings Resources Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     170   USD       (22)  

China Merchants Port Group Co., Ltd.

     12/12/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,989   USD       (138)  

China Merchants Port Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,443   USD       (124)  

 

See Notes to Consolidated Schedule of Investments.

 

100

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

China National Electric Apparatus Research Institute Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     205,077   USD     $ (2,570)  

China National Electric Apparatus Research Institute Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     150,782   USD       (1,896)  

China National Medicines Corp., Ltd.

     10/24/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     25,615   USD       1,100  

China National Medicines Corp., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     20,386   USD       887  

China Petroleum & Chemical Corp.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     204,267   USD       (112)  

China Petroleum & Chemical Corp.

     07/12/22     M  

0.47%

   Credit Suisse International     153,987   USD       (75)  

China Petroleum Engineering Corp.

     12/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     8,301   USD       107  

China Petroleum Engineering Corp.

     07/12/22     M  

0.00%

   Credit Suisse International     6,250   USD       81  

China Railway Group Ltd.

     11/29/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     206,755   USD       (2,985)  

China Railway Group Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     155,861   USD       (2,238)  

China Southern Airlines Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     106,282   USD       248  

China Southern Airlines Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     80,193   USD       373  

China Tourism Group Duty Free Corp., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     27,393   USD       148  

China Tourism Group Duty Free Corp., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     37,666   USD       203  

China Tungsten and Hightech Materials Co., Ltd.

     07/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     711,327   USD       (17,649)  

China Tungsten and Hightech Materials Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     596,018   USD       (14,718)  

China Vanke Co., Ltd.

     12/12/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     124,127   USD       (3,211)  

China Vanke Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     94,527   USD       (2,445)  

China Yangtze Power Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     83,131   USD       569  

China Yangtze Power Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     61,521   USD       452  

China Zhenhua Group Science & Technology Co., Ltd.

     10/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     76,116   USD       5,784  

China Zhenhua Group Science & Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     55,935   USD       4,515  

Chipotle Mexican Grill, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     707,589   USD       (1,296)  

Chipsea Technologies Shenzhen Corp., Ltd.

     11/03/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     65,857   USD       3,697  

Chipsea Technologies Shenzhen Corp., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     46,678   USD       2,686  

Chongqing Brewery Co., Ltd.

     11/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     327,639   USD       (7,114)  

Chongqing Brewery Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     245,008   USD       (5,207)  

Chongqing Changan Automobile Co., Ltd.

     01/30/23     M  

0.23%

   JPMorgan Chase Bank, N.A.     8,978   USD       (398)  

Chongqing Changan Automobile Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     7,236   USD       (325)  

Chongqing Chuanyi Automation Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     79   USD       4  

 

See Notes to Consolidated Schedule of Investments.

 

101

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Chongqing Fuling Electric Power Industrial Co., Ltd.

     11/29/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     280,188   USD     $ (23,593)  

Chongqing Fuling Electric Power Industrial Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     209,809   USD       (17,679)  

Chongqing Massci & Tech Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     6,410   USD       (105)  

Chongqing Massci & Tech Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,861   USD       (97)  

Chongqing Taiji Industry Group Co., Ltd.

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     245,862   USD       33,243  

Chongqing Taiji Industry Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     182,635   USD       24,579  

Chongqing Three Gorges Bank Co., Ltd.

     03/29/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     33   USD       3  

Chongqing Three Gorges Water Conservancy & Electric Power Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     179,726   USD       14,932  

Chongqing Three Gorges Water Conservancy & Electric Power Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     242,326   USD       20,024  

Chongqing Water Group Co., Ltd.

     11/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     241,081   USD       (8,551)  

Chongqing Water Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     182,877   USD       (6,469)  

Chubb Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     709,297   USD       20,641  

Ciena Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     435,194   USD       8,923  

Cincinnati Financial, Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     415,003   USD       8,703  

Cineplex, Inc.

     03/07/22     M  

1.00%

   JPMorgan Chase Bank, N.A.     734,397  CAD       41,111  

Cineplex, Inc.

     12/20/23     M  

10.86%

   Goldman Sachs International     880,625  CAD       49,296  

Cintas Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     221,762   USD       8,244  

Cit Group, Inc.

     10/19/22     M  

0.57%

   JPMorgan Chase Bank, N.A.     994,665   USD       (17,510)  

Citi Equity Index Swap - CIEQVRUH

     12/08/21     M  

0.00%

   Citibank N.A.     26,635,064   USD       74,307  

Citic Pacific Special Steel Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     116   USD       7  

Citic Pacific Special Steel Group Co., Ltd.

     08/09/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     21   USD       1  

Citrix Systems, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,059,519   USD       (5,786)  

City Development Environment Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     79   USD       (1)  

Civitas Resources, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     41,745   USD       (170)  

Clean Harbors, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     218,609   USD       10,263  

CMC Materials, Inc.

     12/19/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     18,037,480   USD       471,148  

CMS Energy Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     43,218   USD       496  

CMST Development Co., Ltd.

     09/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     20,350   USD       113  

CMST Development Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     15,480   USD       87  

CNNC Hua Yuan Titanium Dioxide Co., Ltd.

     12/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     1,982   USD       (7)  

CNNC Hua Yuan Titanium Dioxide Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     1,984   USD       (8)  

CNSIG Inner Mongolia Chemical Industry Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,103   USD       46  

Coca-Cola Co/The

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     3,127,749   USD       45,966  

 

See Notes to Consolidated Schedule of Investments.

 

102

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Coca-Cola Europacific Partners plc

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     18,768  USD     $ 808  

Cognex Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,193,392  USD       15,232  

Coherent, Inc.

     01/23/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     20,129,609  USD       233,781  

Colfax Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     576,045  USD       10,073  

Colgate-Palmolive Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     18,213  USD       562  

Columbia Banking System, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     60,350  USD       1,687  

Comefly Outdoor Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     9,027  USD       89  

Comefly Outdoor Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     7,123  USD       40  

Conagra Brands, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     3,412,466  USD       32,279  

Contemporary Amperex Technology Co.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     202,904  USD       66  

Contemporary Amperex Technology Co.

     07/12/22     M  

0.00%

   Credit Suisse International     156,835  USD       5  

Copart, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     609,715  USD       34,366  

Corning, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     71,142  USD       1,903  

Corsair Gaming, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     290,793  USD       (7,641)  

COSCO Shipping Specialized Carriers Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     33,325  USD       (32)  

COSCO Shipping Specialized Carriers Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     25,479  USD       (15)  

CoStar Group, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,714,698  USD       23,218  

Coterra Energy, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,223,768  USD       (39,878)  

Cousins Properties, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     6,827  USD       262  

CryoPort, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     207,631  USD       4,079  

Crystal Clear Electronic Material Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     48,638  USD       (2,095)  

Crystal Clear Electronic Material Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     41,793  USD       (1,805)  

CSD Water Service Co., Ltd.

     11/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,363  USD       (44)  

CSD Water Service Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,001  USD       (37)  

Cubic Sensor and Instrument Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,000  USD       624  

Cubic Sensor and Instrument Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,125  USD       514  

Cullen/Frost Bankers, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     113,678  USD       416  

Cummins, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     248,631  USD       6,375  

Curtiss-Wright Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     4,984  USD       147  

CVS Health Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,911,832  USD       30,774  

Cytokinetics, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     110,282  USD       12,830  

Dafeng Industrial Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     1,244  USD       39  

Dalian Bio-Chem Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     43  USD       (2)  

Dalian Haosen Equipment Manufacturing Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     168,157  USD       (4,008)  

Dalian Haosen Equipment Manufacturing Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     184,011  USD       (4,503)  

Dalian Huarui Heavy Industry Group Co., Ltd.

     01/03/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     202,921  USD       3,954  

Dalian Huarui Heavy Industry Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     152,965  USD       2,993  

Dark Horse Technology Group Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,976  USD       (337)  

 

See Notes to Consolidated Schedule of Investments.

 

103

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Dark Horse Technology Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,410  USD     $ (284)  

Darling Ingredients, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,051,700  USD       89,783  

Datadog, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     281,523  USD       960  

Dechang Electronic Co.,Ltd

     11/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     70,905  USD       793  

Dechang Electronic Co.,Ltd

     07/12/22     M  

0.00%

   Credit Suisse International     65,211  USD       727  

Deere & Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     534,544  USD       (5,808)  

Dehua Tb New Decoration Material

     01/03/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     25,582  USD       (373)  

Dehua Tb New Decoration Material

     07/12/22     M  

0.00%

   Credit Suisse International     20,148  USD       (246)  

DENTSPLY SIRONA, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     26,061  USD       1,387  

Dexcom, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,648,418  USD       (82,135)  

Diamondback Energy, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     489,359  USD       13,762  

Dick's Sporting Goods, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     60,974  USD       6,525  

Digital Realty Trust, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     80,204  USD       3,102  

Diodes, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     3,520  USD       104  

DISH Network Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     149,723  USD       1,869  

Do-Fluoride New Materials Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     190,496  USD       5,746  

Do-Fluoride New Materials Co., Ltd.

     08/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     241,197  USD       7,381  

Dominion Energy, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,804  USD       3  

Dongfang Electronics Co., Ltd.

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     41,841  USD       (4,896)  

Dongfang Electronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     28,335  USD       (3,350)  

Dongguan Development (Holdings) Co., Ltd.

     05/24/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     65  USD       (1)  

Dongguan Winnerway Industrial Zone Ltd.

     12/06/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     6,529  USD       (193)  

Dongguan Winnerway Industrial Zone Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,421  USD       (130)  

Dongguan Yiheda Automation Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     8,913  USD       (241)  

Dongguan Yiheda Automation Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     7,416  USD       (189)  

Dongguan Yutong Optical Technology Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     20,389  USD       878  

Dongguan Yutong Optical Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     13,581  USD       596  

Donglai Coating Technology Shanghai Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     40,066  USD       (206)  

Donglai Coating Technology Shanghai Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     31,593  USD       (155)  

DoubleVerify Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     126,182  USD       9,368  

Douglas Emmett, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     18,871  USD       90  

DR Horton, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     39,172  USD       1,171  

Drilling Co. of 1972 (The)

     11/14/23     M  

0.25%

   JPMorgan Chase Bank, N.A.     4,029,270  DKK       28,199  

Dropbox, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,776,980  USD       (26,394)  

DTE Energy Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     19,052  USD       74  

Duke Energy Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     32,412  USD       527  

Dycom Industries, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     367,084  USD       22,302  

Dynatrace, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,109,426  USD       (7,315)  

 

See Notes to Consolidated Schedule of Investments.

 

104

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

E2open Parent Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     52,877  USD     $ 2,612  

Earth-Panda Advanced Magnetic Material Co., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     32,896  USD       (1,406)  

Earth-Panda Advanced Magnetic Material Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     23,964  USD       (1,026)  

Eastern Pioneer Driving School Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     318,569  USD       9,219  

Eastern Pioneer Driving School Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     239,475  USD       7,078  

Eastman Chemical Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     35,375  USD       1,624  

Ecolab, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,798,508  USD       72,582  

Ecovacs Robotics Co., Ltd.

     01/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     194,502  USD       (288)  

Ecovacs Robotics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     149,329  USD       (116)  

Editas Medicine, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     221,327  USD       (23,715)  

Egyptian Government Bond

     02/10/22     3M  

0.00%

   HSBC Bank PLC     2,669,849  USD       75,366  

Egyptian Government Bond

     03/17/22     3M  

0.00%

   JPMorgan Chase Bank, N.A.     2,941,094  USD       80,603  

Egyptian Government Bond

     03/31/22     3M  

0.00%

   Citigroup Global Markets Inc.     3,892,719  USD       107,312  

Elanco Animal Health, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     49,485  USD       (558)  

Electronic Arts, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     484,039  USD       (2,604)  

Element Solutions, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     596,137  USD       24,848  

Eli Lilly & Company Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     3,026,136  USD       107,856  

EmbedWay Technologies Shanghai Corp.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     146,111  USD       (2,623)  

EmbedWay Technologies Shanghai Corp.

     07/12/22     M  

0.00%

   Credit Suisse International     147,356  USD       (2,652)  

EMCOR Group, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     89,195  USD       3,545  

Emerson Electric Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,231,667  USD       49,166  

Enbridge, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     663,972  USD       30,011  

Encompass Health Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     19,726  USD       308  

Enn Natural Gas Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     50,961  USD       (1,124)  

Enn Natural Gas Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     40,374  USD       (908)  

Enphase Energy, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,864,107  USD       (59,770)  

Entegris, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     57,439  USD       2,428  

Entergy Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     57,401  USD       388  

Envestnet, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     16,376  USD       (588)  

Envista Holdings Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     74,672  USD       (98)  

EPAM Systems, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,469,646  USD       38,378  

Epoxy Base Electronic Material Corp., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     134,057  USD       1,432  

Epoxy Base Electronic Material Corp., Ltd.

     07/25/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     133,019  USD       1,427  

EQT Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     209,463  USD       6,129  

Equifax, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     17,924  USD       814  

Equitable Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     213,285  USD       5,129  

Equity Commonwealth

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,036,413  USD       3,990  

Equity Residential

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     153,288  USD       3,820  

Essent Group Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     24,487  USD       1,237  

Essex Property Trust, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     585,033  USD       19,746  

Eternal Asia Supply Chain Management Ltd.

     11/29/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     201,183  USD       5,206  

Eternal Asia Supply Chain Management Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     202,672  USD       5,275  

Etsy, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     22,364  USD       (470)  

 

See Notes to Consolidated Schedule of Investments.

 

105

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Europcar Mobility Group

     08/02/23     M  

0.07%

   JPMorgan Chase Bank, N.A.     6,353,466  EUR     $ (2,857)  

Eve Energy Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     223,119  USD       (4,314)  

Eve Energy Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     168,400  USD       (3,369)  

Evercore, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,190,848  USD       50,949  

Everest Re Group, Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     21,452  USD       735  

Expedia Group, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,696,214  USD       (26,979)  

Expeditors International of Washington, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     68,693  USD       600  

Exxon Mobil Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,349,997  USD       15,397  

Eyebright Medical Technology Co., Ltd.

     08/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     3,430  USD       (131)  

Farasis Energy Gan Zhou Co., Ltd.

     08/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     41,802  USD       (1,148)  

Farasis Energy Gan Zhou Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     37,993  USD       (1,034)  

Fate Therapeutics, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     117,652  USD       (4,611)  

Ferrari NV

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     93,632  USD       3,685  

Ferro Corp.

     05/15/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     15,487,219  USD       172,160  

First BanCorp

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     40,517  USD       1,526  

First Citizens BancShares, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,974,234  USD       (54,027)  

First Horizon Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     24,790  USD       995  

First Majestic Silver Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     68,060  USD       (244)  

First Solar, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     682,837  USD       (15,018)  

Fisker, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     62,730  USD       (4,890)  

Fiverr International Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     198,430  USD       (12,417)  

Flagstar Bancorp, Inc.

     04/28/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     72,040  USD       2,794  

Flowserve Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     684,258  USD       19,787  

Focus Technology Co., Ltd.

     11/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     20,644  USD       669  

Focus Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     16,156  USD       527  

Foot Locker, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     680,246  USD       33,366  

Fortive Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     9,490  USD       122  

Fortune Ng Fung Food Hebei Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     92  USD       3  

Foryou Corp.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     32,292  USD       (1,248)  

Foryou Corp.

     07/12/22     M  

0.47%

   Credit Suisse International     21,893  USD       (834)  

Foshan Haitian Flavouring & Food Co., Ltd.

     01/03/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     24,651  USD       (535)  

Foshan Nationstar Optoelectronics Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     103,221  USD       1,816  

Foshan Nationstar Optoelectronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     86,926  USD       1,535  

Foshan Nationstar Optoelectronics Co., Ltd.

     10/25/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     106,133  USD       1,779  

Foshan Nationstar Optoelectronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     122,774  USD       2,053  

Fox Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     249,765  USD       490  

Fox Factory Holdings Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,962  USD       100  

Franco-Nevada Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     104,551  USD       3,177  

Franklin Resources, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     15,986  USD       256  

Freedom Holding Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     108,770  USD       (200)  

FTI Consulting, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     784,046  USD       25,551  

Fu Jian Anjoy Foods Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     54,373  USD       (3,460)  

fuboTV, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     54,866  USD       (4,658)  

 

See Notes to Consolidated Schedule of Investments.

 

106

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Fuda Alloy Materials Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     11,109  USD     $ (69)  

Fuda Alloy Materials Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     8,652  USD       (36)  

FuelCell Energy, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     21,531  USD       (4,064)  

Fujian Apex Software Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     3,390  USD       (10)  

Fujian Apex Software Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     2,825  USD       (9)  

Fujian Cement, Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     36  USD       (1)  

Fujian Fynex Textile Science & Technology Co., Ltd.

     12/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,080  USD       (8)  

Fujian Fynex Textile Science & Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,026  USD       (6)  

Fujian Haixia Environmental Protection Group Co., Ltd.

     12/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     6,523  USD       (71)  

Fujian Haixia Environmental Protection Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,930  USD       (65)  

Fujian Raynen Technology Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     76,550  USD       2,049  

Fujian Raynen Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     58,408  USD       1,614  

Fujian Supertech Advanced Material Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     80,028  USD       (313)  

Fujian Supertech Advanced Material Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     105,711  USD       (498)  

Fulgent Genetics, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     10,183  USD       (224)  

Fushun Special Steel Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     23,368  USD       340  

Fushun Special Steel Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     16,827  USD       273  

Gaming and Leisure Properties, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     648,140  USD       34,511  

Ganso Co., Ltd.

     12/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     88,427  USD       3,211  

Ganso Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     64,540  USD       2,340  

GANSU DAYU Water-saving Group Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     15,254  USD       20  

GANSU DAYU Water-saving Group Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     11,273  USD       21  

Gansu Jiu Steel Group Hongxing Iron & Steel Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     49,767  USD       216  

Gansu Jiu Steel Group Hongxing Iron & Steel Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     65,274  USD       242  

Ganyuan Foods Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     13,748  USD       618  

Ganyuan Foods Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     9,177  USD       401  

Garmin Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,750,388  USD       66,016  

Gartner, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     51,596  USD       1,561  

GCL Energy Technology Co., Ltd.

     12/04/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     28,627  USD       (1,251)  

GCL Energy Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     26,186  USD       (1,134)  

 

See Notes to Consolidated Schedule of Investments.

 

107

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

GCP Applied Technologies, Inc.

     12/08/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     10,841,099  USD     $ (34,306)  

Gem Co., Ltd.

     10/02/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     102,122  USD       (301)  

Gem Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     75,730  USD       (217)  

Gem Year Industrial Co., Ltd.

     02/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     9  USD       —  

Gem Year Industrial Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     1  USD       —  

Gemdale Corp.

     11/17/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     29,950  USD       4,238  

Gemdale Corp.

     07/12/22     M  

0.00%

   Credit Suisse International     22,817  USD       3,232  

Generac Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     823,611  USD       11,495  

General Electric Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,965,427  USD       29,779  

General Motors Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     142,571  USD       3,417  

Gentex Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     981,922  USD       44,097  

Geovis Technology Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     94,744  USD       6,872  

Geovis Technology Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     69,159  USD       5,195  

GFL Environmental, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     15,207  USD       274  

GI Technologies Group Co., Ltd.

     01/03/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     25,239  USD       234  

GI Technologies Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     19,962  USD       198  

Giant Network Group Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     129,706  USD       5,520  

Giant Network Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     99,045  USD       4,252  

Gigadevice Semiconductor, Inc.

     01/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     833,810  USD       29,582  

Gigadevice Semiconductor, Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     641,489  USD       23,245  

Global-e Online Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     54,122  USD       3,182  

Gohigh Data Networks Technology Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     210,784  USD       (7,833)  

Gohigh Data Networks Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     192,885  USD       (7,106)  

Goke Microelectronics Co., Ltd.

     10/31/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     39,533  USD       1,215  

Goke Microelectronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     31,113  USD       903  

Goldcup Electric Apparatus Co., Ltd.

     11/03/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     341,990  USD       (9,227)  

Goldcup Electric Apparatus Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     268,745  USD       (7,204)  

Goldman Sachs Fusion Swap

     12/28/21     M  

0.00%

   Goldman Sachs International     230,232,592  USD       1,555,472  

Goldman Sachs Intraday Momentum ES Series 4 Excess Return Strategy

     12/24/21     M  

0.00%

   Goldman Sachs International     10,678,664  USD       23,583  

Goldman Sachs Intraday Momentum NQ Series 4 Excess Return Strategy

     12/24/21     M  

0.00%

   Goldman Sachs International     16,856,324  USD       26,670  

Gospell Digital Technology Co., Ltd.

     11/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     56,553  USD       (227)  

Gospell Digital Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     43,038  USD       (163)  

Gosuncn Technology Group Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     208,497  USD       2,463  

Gosuncn Technology Group Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     157,030  USD       2,034  

Grand Canyon Education, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     229,319  USD       2,184  

 

See Notes to Consolidated Schedule of Investments.

 

108

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Grand Industrial Holding Group Co., Ltd.

     11/21/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     4,492  USD     $ 189  

Grand Industrial Holding Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,117  USD       173  

Grand Industrial Holding Group Co., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     3,500  USD       11  

Grand Industrial Holding Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     3,117  USD       4  

Grandjoy Holdings Group Co., Ltd.

     11/17/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     161,115  USD       1,409  

Grandjoy Holdings Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     122,103  USD       1,083  

Great Wall Motor Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     63,358  USD       (3,191)  

Great Wall Motor Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     57,740  USD       (2,904)  

Great Western Bancorp, Inc.

     09/20/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     4,320,338  USD       287,661  

Gree Real Estate Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     85,859  USD       (5,953)  

Gree Real Estate Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     65,582  USD       (4,541)  

GS Custom Basket Swap - GSCBBXEN

     12/28/21     M  

0.00%

   Goldman Sachs International     26,161,305  USD       486,469  

GS Custom Basket Swap - GSCBBXRT

     12/28/21     M  

0.00%

   Goldman Sachs International     25,548,033  USD       482,322  

GS Equity Index Swap - GSVIKY4E

     12/03/21     M  

0.00%

   Goldman Sachs International     26,737,803  USD       104,866  

GS Equity Index Swap - GSVISK1D

     12/28/21     M  

0.00%

   Goldman Sachs International     53,460,416  USD       256,008  

GS Equity Index Swap - GSVIU107

     12/28/21     M  

0.00%

   Goldman Sachs International     40,465,206  USD       (29,004)  

GS Equity Index Swap - GSVIUS97

     12/28/21     M  

0.00%

   Goldman Sachs International     13,406,034  USD       21,835  

GS Equity Index Swap - RCXTMSS3

     12/24/21     M  

0.00%

   Goldman Sachs International     7,302,366  USD       18,615  

GS Optimized Cn Basket Swap

     12/24/21     M  

0.00%

   Goldman Sachs International     60,423,236  USD       760,662  

Guangdong Biolight Meditech Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     57  USD       9  

Guangdong Champion Asia Electronics Co., Ltd.

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     11,285  USD       (433)  

Guangdong Champion Asia Electronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     7,531  USD       (296)  

Guangdong Create Century Intelligent Equipment Group Corp., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     24,415  USD       904  

Guangdong Create Century Intelligent Equipment Group Corp., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     19,228  USD       714  

Guangdong Dowstone Technology Co., Ltd.

     09/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     45,687  USD       (789)  

Guangdong Dowstone Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     32,519  USD       (558)  

Guangdong Fenghua Advanced A

     07/12/22     M  

0.00%

   Credit Suisse International     109,357  USD       5,666  

Guangdong Fenghua Advanced Technology Holding Co., Ltd.

     07/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     128,488  USD       6,640  

 

See Notes to Consolidated Schedule of Investments.

 

109

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Guangdong Golden Glass Technologies Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     12,241  USD     $ (348)  

Guangdong Golden Glass Technologies Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     8,569  USD       (244)  

Guangdong Goworld Co., Ltd.

     11/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     291,026  USD       14,767  

Guangdong Goworld Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     218,299  USD       11,004  

Guangdong Guoli Sci&Tech Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     2,063  USD       (38)  

Guangdong Guoli Sci&Tech Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     1,325  USD       (23)  

Guangdong Haid Group Co., Ltd.

     01/03/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     88,631  USD       1,077  

Guangdong Haid Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     68,168  USD       838  

Guangdong Haomei New Material Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     15,627  USD       219  

Guangdong Haomei New Material Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     22,959  USD       324  

Guangdong Hotata Technology Group Co., Ltd.

     11/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     81,135  USD       1,443  

Guangdong Hotata Technology Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     61,033  USD       1,118  

Guangdong Huate Gas Co.,Ltd

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     119,493  USD       5,050  

Guangdong Huate Gas Co.,Ltd

     07/12/22     M  

0.00%

   Credit Suisse International     90,146  USD       3,729  

Guangdong Hybribio Biotech Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     82  USD       6  

Guangdong Insight Brand Marketing Group Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     145,571  USD       2,929  

Guangdong Insight Brand Marketing Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     105,575  USD       2,256  

Guangdong Jia Yuan Technology Co., Ltd.

     01/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     45,104  USD       (1,766)  

Guangdong Jia Yuan Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     31,561  USD       (1,165)  

Guangdong Jinma Entertainment Corp., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     23,583  USD       951  

Guangdong Jinma Entertainment Corp., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     15,862  USD       643  

Guangdong Lingxiao Pump Industry Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     424  USD       15  

Guangdong Lingxiao Pump Industry Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     1,018  USD       35  

Guangdong Provincial Expressway Development Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     10,490  USD       192  

Guangdong Provincial Expressway Development Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     7,751  USD       144  

Guangdong Rifeng Electric Cable Co., Ltd.

     06/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     71  USD       (1)  

 

See Notes to Consolidated Schedule of Investments.

 

110

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Guangdong Senssun Weighing Apparatus Group Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     11,505  USD     $ (189)  

Guangdong Senssun Weighing Apparatus Group Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     9,049  USD       (115)  

Guangdong Sirio Pharma Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     587  USD       21  

Guangdong South New Media Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     26,081  USD       279  

Guangdong South New Media Co., Ltd.

     01/18/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     38,494  USD       331  

Guangdong Transtek Medical Electronics Co., Ltd.

     11/10/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,750  USD       1,486  

Guangdong Transtek Medical Electronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,337  USD       1,382  

Guangdong Xinhui Meida Nylon Co., Ltd.

     11/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     24,039  USD       1,678  

Guangdong Xinhui Meida Nylon Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     19,057  USD       1,329  

Guangdong Xiongsu Technology Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     9,153  USD       113  

Guangdong Xiongsu Technology Group Co., Ltd.

     12/28/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     11,574  USD       129  

Guangdong Yizumi Precision Machinery Co., Ltd.

     12/28/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     236,674  USD       (33,717)  

Guangdong Yizumi Precision Machinery Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     237,953  USD       (33,663)  

Guanghui Energy Co., Ltd.

     11/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     674,385  USD       (5,480)  

Guanghui Energy Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     561,397  USD       (5,430)  

Guangshen Railway Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     125,791  USD       842  

Guangshen Railway Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     95,720  USD       652  

Guangxi Guidong Electric Power Co., Ltd.

     01/03/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     55,520  USD       4,552  

Guangxi Guidong Electric Power Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     42,423  USD       3,509  

Guangxi Yuegui Guangye Holding Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     64,793  USD       1,772  

Guangxi Yuegui Guangye Holding Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     45,582  USD       1,233  

Guangzhou Fangbang Electronics Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     26,455  USD       (712)  

Guangzhou Fangbang Electronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     20,590  USD       (567)  

Guangzhou Grandbuy Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     3,073  USD       73  

Guangzhou Grandbuy Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     2,004  USD       49  

Guangzhou Haoyang Electronic Co., Ltd.

     11/07/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     219,365  USD       (3,229)  

Guangzhou Haoyang Electronic Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     163,839  USD       (2,373)  

 

See Notes to Consolidated Schedule of Investments.

 

111

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Guangzhou Haozhi Industrial Co., Ltd.

     12/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     233,742  USD     $ (27,323)  

Guangzhou Haozhi Industrial Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     235,557  USD       (27,524)  

Guangzhou Hi-Target Navigation Tech Co., Ltd.

     11/14/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     4,916  USD       (18)  

Guangzhou Hi-Target Navigation Tech Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,471  USD       (18)  

Guangzhou Jet Biofiltration Co., Ltd.

     11/06/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     200,824  USD       9,446  

Guangzhou Jet Biofiltration Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     150,730  USD       6,961  

Guangzhou KDT Machinery Co., Ltd.

     06/21/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     495  USD       10  

Guangzhou KDT Machinery Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     193  USD       4  

Guangzhou Kingmed Diagnostics Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     308,030  USD       23,982  

Guangzhou Restaurant Group Co., Ltd.

     11/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     195,361  USD       10,759  

Guangzhou Restaurant Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     147,758  USD       8,154  

Guangzhou Shiyuan Electronic Technology Co., Ltd.

     11/10/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     148,227  USD       5,036  

Guangzhou Shiyuan Electronic Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     112,369  USD       3,856  

Guangzhou Tinci Materials Technology Co., Ltd.

     01/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     156,047  USD       (3,141)  

Guangzhou Tinci Materials Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     123,114  USD       (2,587)  

Guidewire Software, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,134,981  USD       6,676  

Guilin Sanjin Pharmaceutical Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     172,997  USD       5,565  

Guilin Sanjin Pharmaceutical Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     130,519  USD       4,265  

Guizhou Red Star Developing Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,893  USD       (62)  

Guizhou Red Star Developing Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,122  USD       (41)  

Guizhou Sanli Pharmaceutical Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     245,175  USD       9,352  

Guizhou Sanli Pharmaceutical Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     238,395  USD       9,198  

Guizhou Transportation Planning Survey & Design Academe Co., Ltd.

     08/14/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     83  USD       —  

Guizhou Yibai Pharmaceutical Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     177,814  USD       18,632  

 

See Notes to Consolidated Schedule of Investments.

 

112

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Guizhou Yibai Pharmaceutical Co., Ltd.

     09/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     239,381  USD     $ 25,566  

Guoanda Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     13,846  USD       (267)  

Guoanda Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     9,235  USD       (182)  

Guodian Nanjing Automation Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     436,517  USD       (39,620)  

Guodian Nanjing Automation Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     387,420  USD       (35,479)  

H&R Block, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     5,103  USD       33  

Hain Celestial Group, Inc. (The)

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     86,048  USD       1,899  

Hainan Haide Capital Management Co., Ltd.

     12/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     61,490  USD       (434)  

Hainan Haide Capital Management Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     47,700  USD       (368)  

Hainan Haide Capital Management Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     171,568  USD       (2,964)  

Hainan Haide Capital Management Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     126,260  USD       (2,187)  

Hainan Huluwa Pharmaceutical Group Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     26,152  USD       827  

Hainan Huluwa Pharmaceutical Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     20,446  USD       668  

Hainan Mining Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     51,516  USD       (2,522)  

Hainan Mining Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     47,163  USD       (2,314)  

Hainan Poly Pharm Co., Ltd.

     10/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     147,196  USD       13,433  

Hainan Poly Pharm Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     111,149  USD       10,160  

Haining China Leather Market Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     21,271  USD       487  

Haining China Leather Market Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     15,700  USD       368  

Haisco Pharmaceutical Group Co., Ltd.

     11/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     4,372  USD       109  

Haisco Pharmaceutical Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,062  USD       99  

Halozyme Therapeutics, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     227,801  USD       4,774  

Hamaton Automotive Technology Co., Ltd.

     12/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     201,866  USD       (9,027)  

Hamaton Automotive Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     148,735  USD       (6,536)  

Han's Laser Technology Industry Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     527,090  USD       34,350  

Hangcha Group Co., Ltd.

     03/21/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     195  USD       1  

Hangzhou Binjiang Real Estate

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     234,427  USD       5,616  

Hangzhou Binjiang Real Estate Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     176,732  USD       4,233  

Hangzhou Boiler Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     9  USD       1  

Hangzhou First Applied Material Co., Ltd.

     01/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     1,461  USD       178  

Hangzhou First Applied Material Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     1,826  USD       223  

 

See Notes to Consolidated Schedule of Investments.

 

113

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Hangzhou Gaoxin Rubber & Plastic Materials Co., Ltd.

     12/12/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     13,465  USD     $ 96  

Hangzhou Gaoxin Rubber & Plastic Materials Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     9,068  USD       77  

Hangzhou Honghua Digital Technology Stock Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     8,676  USD       (460)  

Hangzhou Hopechart IoT Technology Co., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     24,890  USD       303  

Hangzhou Hopechart IoT Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     17,653  USD       171  

Hangzhou Huaguang Advanced Welding Materials Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     39,914  USD       (563)  

Hangzhou Huaguang Advanced Welding Materials Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     31,513  USD       (446)  

Hangzhou Huawang New Material Technology Co., Ltd.

     10/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     134,313  USD       6,542  

Hangzhou Huawang New Material Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     106,061  USD       5,181  

Hangzhou Juheshun New Material Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     24,849  USD       130  

Hangzhou Juheshun New Material Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     16,895  USD       91  

Hangzhou Prevail Optoelectronic Equipment Co., Ltd.

     11/10/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     4,641  USD       145  

Hangzhou Prevail Optoelectronic Equipment Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,696  USD       90  

Hangzhou Radical Energy Saving Technology Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     4,844  USD       (16)  

Hangzhou Radical Energy Saving Technology Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     3,455  USD       (6)  

Hangzhou Weiguang Electronic Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     30,289  USD       (54)  

Hangzhou Weiguang Electronic Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     21,897  USD       (25)  

Hangzhou Youngsun Intelligent Equipment Co., Ltd.

     11/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     15,260  USD       150  

Hangzhou Youngsun Intelligent Equipment Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     12,008  USD       117  

Hangzhou Zhongya Machinery Co., Ltd.

     07/31/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     98  USD       5  

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     368,572  USD       6,137  

Hanyu Group Joint-Stock Co., Ltd.

     04/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     53  USD       (1)  

 

See Notes to Consolidated Schedule of Investments.

 

114

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Harbin Electric Corporation Jiamusi Electric Machine Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     161  USD     $ (7)  

Harbin Pharmaceutical Group Co., Ltd.

     08/25/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     397,550  USD       28,672  

Harbin Pharmaceutical Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     349,363  USD       26,003  

Harbin Viti Electronics Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     36,777  USD       (779)  

Harbin Viti Electronics Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     33,665  USD       (692)  

Harley-Davidson, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     15,651  USD       1,083  

Healthcare Realty Trust, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     928,797  USD       11,291  

Healthcare Trust of America, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     24,828  USD       (286)  

Hebei Chengde Lolo Co.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     42,153  USD       1,088  

Hebei Chengde Lolo Co.

     07/12/22     M  

0.00%

   Credit Suisse International     38,677  USD       989  

Hefei Kewell Power System Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     57,136  USD       88  

Hefei Kewell Power System Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     39,891  USD       74  

Hefei Metalforming Intelligent Manufacturing Co., Ltd.

     12/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     24,890  USD       4,322  

Hefei Metalforming Intelligent Manufacturing Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     19,678  USD       3,411  

Helen of Troy Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     258,517  USD       1,844  

Henan Lingrui Pharmaceutical Co.

     11/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     254,834  USD       48,109  

Henan Lingrui Pharmaceutical Co.

     07/12/22     M  

0.00%

   Credit Suisse International     190,270  USD       36,069  

Henan Pinggao Electric Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     33,588  USD       (357)  

Henan Pinggao Electric Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     22,622  USD       (230)  

Henan Yuguang Gold & Lead Co., Ltd.

     04/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     48  USD       4  

Henan Yuneng Holdings Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     25,674  USD       (131)  

Henan Yuneng Holdings Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     20,273  USD       (107)  

Hengli Industrial Development Group Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     8,952  USD       (151)  

Hengli Industrial Development Group Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     6,052  USD       (102)  

Hengtong Optic-electric Co., Ltd.

     09/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     66,006  USD       1,607  

Hengtong Optic-electric Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     52,116  USD       1,262  

Henry Schein, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     505,313  USD       31,427  

Herc Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     119,820  USD       1,193  

Hess Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     376,300  USD       (2,374)  

Hichain Logistics Co., Ltd.

     08/02/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     763  USD       7  

Hichain Logistics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     762  USD       8  

 

See Notes to Consolidated Schedule of Investments.

 

115

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Highwoods Properties, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,051,661  USD     $ 21,843  

Hillstone Networks Co., Ltd.

     11/29/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     188,295  USD       3,649  

Hillstone Networks Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     139,928  USD       2,705  

Hisense Home Appliances Group Co., Ltd.

     04/24/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     2  USD       —  

HitGen, Inc.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     2,890  USD       58  

HitGen, Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     2,168  USD       44  

Hithink RoyalFlush Information Network Co., Ltd.

     01/25/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     252,562  USD       (3,343)  

Hithink RoyalFlush Information Network Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     184,457  USD       (2,341)  

Holitech Technology Co., Ltd.

     11/22/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     81,952  USD       296  

Holitech Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     63,423  USD       207  

Honeywell International, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     3,118,046  USD       49,012  

Hongfa Technology Co., Ltd.

     09/06/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     24,465  USD       901  

Hongfa Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     17,450  USD       644  

Hormel Foods Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     197,274  USD       5,092  

Hoshine Silicon Industry Co., Ltd.

     05/03/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     64  USD       (2)  

Houlihan Lokey, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     59,615  USD       (194)  

Howmet Aerospace, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     19,368  USD       1,099  

HP, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     250,231  USD       (1,496)  

HPGC Renmintongtai Pharmaceutical Corp.

     12/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     28,760  USD       974  

HPGC Renmintongtai Pharmaceutical Corp.

     07/12/22     M  

0.00%

   Credit Suisse International     21,200  USD       731  

Huadong Medicine Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     47,320  USD       5,033  

Huadong Medicine Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     37,592  USD       4,038  

Huafa Industrial Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     233,925  USD       2,875  

Huafa Industrial Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     176,687  USD       2,212  

Huafu Fashion Co., Ltd.

     11/03/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     250,616  USD       5,227  

Huafu Fashion Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     188,593  USD       3,935  

Huagong Tech Co., Ltd.

     09/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     212,187  USD       4,631  

Huagong Tech Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     211,823  USD       4,557  

Huaming Power Equipment Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,219  USD       (243)  

Huaming Power Equipment Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,727  USD       (218)  

Huatai Securities Co., Ltd.

     12/29/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     122,560  USD       3,395  

Huatai Securities Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     93,524  USD       2,614  

Huawen Media Group

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     6,218  USD       240  

Huawen Media Group

     07/12/22     M  

0.00%

   Credit Suisse International     4,752  USD       183  

Huayi Brothers Media Corp.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     121,791  USD       2,165  

Huayi Brothers Media Corp.

     07/12/22     M  

0.00%

   Credit Suisse International     92,920  USD       1,648  

Hubbell, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     324,348  USD       3,469  

Hubei Biocause Pharmaceutical Co., Ltd.

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     79,023  USD       22  

 

See Notes to Consolidated Schedule of Investments.

 

116

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Hubei Biocause Pharmaceutical Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     60,331  USD     $ 17  

Hubei Dinglong Co., Ltd.

     12/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     37,191  USD       999  

Hubei Dinglong Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     25,285  USD       685  

Hubei Fuxing Science And Technology Co., Ltd.

     12/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     157,746  USD       (10,108)  

Hubei Fuxing Science And Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     118,564  USD       (7,602)  

Hubei Jumpcan Pharmaceutical Co.,Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     340,739  USD       37,670  

Hubei Jumpcan Pharmaceutical Co.,Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     254,714  USD       28,092  

Hubei Xingfa Chemicals Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     202,225  USD       (3,713)  

Hubei Xingfa Chemicals Group Co.,Ltd

     12/12/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     277,987  USD       (5,127)  

HubSpot, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     29,041  USD       (697)  

Huida Sanitary Ware Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     16,911  USD       (17)  

Huida Sanitary Ware Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     11,327  USD       (6)  

Humana, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     333,984  USD       9,273  

Humanwell Healthcare Group Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     121,063  USD       1,729  

Humanwell Healthcare Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     92,668  USD       1,322  

Hunan Huamin Holdings Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     11,806  USD       72  

Hunan Huamin Holdings Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     9,396  USD       58  

Hunan TV & Broadcast Intermediary Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     29,104  USD       2,610  

Hunan TV & Broadcast Intermediary Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     22,970  USD       2,062  

Hunan Yussen Energy Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     7,696  USD       (357)  

Hunan Yussen Energy Technology Co., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     11,245  USD       (519)  

Hunan Zhongke Electric Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     37,021  USD       —  

Hunan Zhongke Electric Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     25,619  USD       12  

Huntington Ingalls Industries, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,668,222  USD       32,792  

Hyatt Hotels Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     119,306  USD       473  

IAT Automobile Technology Co., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     28,060  USD       (811)  

IAT Automobile Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     25,774  USD       (723)  

IAT Automobile Technology Co., Ltd.

     11/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     48,714  USD       (1,689)  

IAT Automobile Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     44,619  USD       (1,549)  

ICON PLC

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,000,910  USD       10,261  

ICU Medical, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,623  USD       38  

IDEX Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     142,055  USD       446  

IDEXX Laboratories, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     24,079  USD       284  

II-VI, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     730,538  USD       2,096  

Illumina, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     7,964  USD       26  

 

See Notes to Consolidated Schedule of Investments.

 

117

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Incyte Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,276,181  USD     $ 25  

Industrial Bank Co., Ltd

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     208,551  USD       (2,417)  

Industrial Bank Co., Ltd

     07/12/22     M  

0.00%

   Credit Suisse International     157,058  USD       (1,711)  

InfoVision Optoelectronics Kunshan Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     29,255  USD       194  

InfoVision Optoelectronics Kunshan Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     21,992  USD       149  

Ingredion, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     21,341  USD       210  

Inner Mongolia Dian Tou Energy Corp., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     53,497  USD       (6,198)  

Inner Mongolia Dian Tou Energy Corp., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     36,192  USD       (4,271)  

Inner Mongolia ERDOS Resources Co., Ltd.

     12/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     211,266  USD       (5,842)  

Inner Mongolia ERDOS Resources Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     213,131  USD       (5,855)  

Inner Mongolia M-Grass Ecology And Environment Group Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     37,372  USD       1,602  

Inner Mongolia M-Grass Ecology And Environment Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     25,300  USD       1,051  

Inner Mongolia Yili Industrial Group Co., Ltd.

     05/03/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     258,045  USD       (439)  

Inner Mongolia Yili Industrial Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     196,772  USD       (314)  

Inner Mongolia Yuan Xing Energy Co., Ltd.

     06/13/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     245,986  USD       10,582  

Inner Mongolia Yuan Xing Energy Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     237,348  USD       10,974  

Inspire Medical Systems, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     278,187  USD       2,256  

Insulet Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     351,556  USD       720  

Intellia Therapeutics, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,112,626  USD       (60,881)  

International Paper Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,884,663  USD       105,661  

Interpublic Group of Cos., Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     90,445  USD       1,719  

Intertrust NV

     12/08/23     M  

0.07%

   JPMorgan Chase Bank, N.A.     11,432,602  EUR       —  

Invesco Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     41,842  USD       515  

Invitae Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     71,443  USD       (8,164)  

IQVIA Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     31,775  USD       107  

iRay Technology Co., Ltd.

     05/31/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     154,386  USD       (1,574)  

iRay Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     113,727  USD       (1,067)  

iRhythm Technologies, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     166,436  USD       3,156  

Iridium Communications, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     151,081  USD       (3,056)  

iRobot Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     110,564  USD       (1,994)  

ITT, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     13,435  USD       (48)  

J.P. Morgan EMBI Global Core D swap

     12/21/21     M  

0.00%

   JPMorgan Chase Bank, N.A.     85,789,863  USD       (1,727,608)  

J.P. Morgan Equity Index Swap - JPBXC5NY

     12/28/21     M  

0.00%

   Goldman Sachs International     68,643,598  USD       668,016  

J.P. Morgan Equity Index Swap - JPOSRVUS (US Relative Variance)

     12/08/21     M  

0.00%

   JPMorgan Chase Bank, N.A.     13,317,617  USD       (188,961)  

 

See Notes to Consolidated Schedule of Investments.

 

118

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

J.P. Morgan Equity Index Swap - JPOSSSUS (US Short Skew)

     12/02/21     M  

0.00%

   JPMorgan Chase Bank, N.A.     26,634,963  USD     $ 283,358  

JA Solar Technology Co., Ltd.

     07/21/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     49,082  USD       3,280  

JA Solar Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     44,986  USD       3,012  

Jack Henry & Associates, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     20,011  USD       362  

Jason Furniture (Hangzhou) Co., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     89,498  USD       7,355  

Jason Furniture (Hangzhou) Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     68,235  USD       5,615  

Jefferies Financial Group, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     676,475  USD       22,041  

Jenkem Technology Co., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     196,776  USD       (6,347)  

Jenkem Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     175,369  USD       (6,099)  

Jenkem Technology Co., Ltd.

     09/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     105,918  USD       (3,510)  

Jenkem Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     59,199  USD       (1,964)  

Jiajiayue Group Co., Ltd.

     10/24/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     50,446  USD       6,277  

Jiajiayue Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     46,202  USD       5,755  

Jiangmen Kanhoo Industry Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     7,125  USD       (425)  

Jiangmen Kanhoo Industry Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     6,467  USD       (376)  

Jiangsu Alcha Aluminum Group Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     26,405  USD       (908)  

Jiangsu Alcha Aluminum Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     20,852  USD       (715)  

Jiangsu Boamax Technologies Group Co., Ltd.

     12/05/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     7,850  USD       (510)  

Jiangsu Boamax Technologies Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     7,161  USD       (453)  

Jiangsu Changhai Composite Materials Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     18,387  USD       42  

Jiangsu Changhai Composite Materials Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     14,538  USD       39  

Jiangsu Changshu Rural Commercial Bank Co., Ltd.

     09/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     4,673  USD       (109)  

Jiangsu Changshu Rural Commercial Bank Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     3,611  USD       (85)  

Jiangsu Cnano Technology Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     238,467  USD       9,829  

Jiangsu Cnano Technology Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     180,000  USD       7,393  

Jiangsu Dongzhu Landscape Co Ltd

     07/12/22     M  

0.00%

   Credit Suisse International     125  USD       1  

Jiangsu Eazytec Co., Ltd.

     11/14/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     51,661  USD       373  

Jiangsu Eazytec Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     37,863  USD       277  

Jiangsu Etern Co., Ltd.

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     45,404  USD       (3,359)  

Jiangsu Etern Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     31,423  USD       (2,355)  

 

See Notes to Consolidated Schedule of Investments.

 

119

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Jiangsu Feiliks International Logistics, Inc.

     12/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     7,927  USD     $ (217)  

Jiangsu Feiliks International Logistics, Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     5,418  USD       (149)  

Jiangsu General Science Technology Co., Ltd.

     12/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     119,541  USD       1,112  

Jiangsu General Science Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     109,376  USD       1,054  

Jiangsu Gian Technology Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     233,503  USD       17,646  

Jiangsu Gian Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     172,031  USD       13,274  

Jiangsu Guotai International Group Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     221,014  USD       (5,801)  

Jiangsu Guotai International Group Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     163,634  USD       (4,217)  

Jiangsu High Hope International Group Co., Ltd.

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     10,382  USD       2,302  

Jiangsu High Hope International Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     7,703  USD       1,713  

Jiangsu Jiangnan Water Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     36,620  USD       619  

Jiangsu Jiangnan Water Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     24,688  USD       438  

Jiangsu Lettall Electronic Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     8,622  USD       125  

Jiangsu Lettall Electronic Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     5,863  USD       85  

Jiangsu Lihua Animal Husbandry Stock Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     31,338  USD       697  

Jiangsu Lihua Animal Husbandry Stock Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     25,514  USD       590  

Jiangsu New Energy Development Co., Ltd.

     12/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     242,248  USD       (11,383)  

Jiangsu New Energy Development Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     179,610  USD       (8,583)  

Jiangsu Pacific Quartz Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     37,252  USD       377  

Jiangsu Pacific Quartz Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     25,484  USD       262  

Jiangsu Shentong Valve Co., Ltd.

     11/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     226,885  USD       13,506  

Jiangsu Shentong Valve Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     172,960  USD       10,471  

Jiangsu Shuangxing Color Plastic New Materials Co., Ltd.

     12/12/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     638,759  USD       3,031  

Jiangsu Shuangxing Color Plastic New Materials Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     493,454  USD       2,397  

Jiangsu Yida Chemical Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,756  USD       (254)  

Jiangsu Yida Chemical Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     4,091  USD       (161)  

 

See Notes to Consolidated Schedule of Investments.

 

120

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Jiangsu Yoke Technology Co., Ltd.

     11/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     77,864  USD     $ 2,372  

Jiangsu Yoke Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     71,670  USD       2,198  

Jiangsu Yunyong Electronics and Technology Co., Ltd.

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     4,934  USD       (337)  

Jiangsu Yunyong Electronics and Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,932  USD       (335)  

Jiangsu Yuyue Medical Equipment & Supply Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     31,224  USD       1,396  

Jiangsu Yuyue Medical Equipment & Supply Co., Ltd.

     01/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     39,994  USD       1,789  

Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     98,058  USD       (271)  

Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     74,578  USD       (199)  

Jiangsu Zhongtian Technology Co., Ltd.

     11/08/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     606,947  USD       (9,002)  

Jiangsu Zhongtian Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     451,648  USD       (6,715)  

Jiangsu Zitian Media technology Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     18,405  USD       (200)  

Jiangsu Zitian Media technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     14,708  USD       (144)  

Jiangxi Chenguang New Materials Co., Ltd.

     08/25/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     496,479  USD       (31,674)  

Jiangxi Chenguang New Materials Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     392,705  USD       (25,098)  

Jiangxi Haiyuan Composites Technology Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,085  USD       (260)  

Jiangxi Haiyuan Composites Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,571  USD       (229)  

Jiangxi Hongcheng Environment Co., Ltd.

     11/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,520  USD       (21)  

Jiangxi Hongcheng Environment Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,365  USD       (17)  

Jiangxi Selon Industrial Co., Ltd.

     12/06/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     56,284  USD       (2,800)  

Jiangxi Selon Industrial Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     38,977  USD       (1,909)  

Jiangyin Jianghua Microelectronics Materials Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     6,923  USD       (250)  

Jiangyin Jianghua Microelectronics Materials Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,625  USD       (203)  

Jiangzhong Pharmaceutical Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     127,804  USD       3,016  

Jiangzhong Pharmaceutical Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     96,565  USD       2,288  

Jilin Expressway Co., Ltd.

     12/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     7,190  USD       (158)  

Jilin Expressway Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,328  USD       (117)  

 

See Notes to Consolidated Schedule of Investments.

 

121

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Jilin Jian Yisheng Pharmaceutical Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     3,678  USD     $ 152  

Jilin Jian Yisheng Pharmaceutical Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     2,449  USD       104  

Jilin OLED Material Tech Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     181,436  USD       (2,971)  

Jilin OLED Material Tech Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     132,837  USD       (2,131)  

Jilin Sino-Microelectronics Co., Ltd.

     11/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     286,635  USD       4,000  

Jilin Sino-Microelectronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     226,622  USD       3,179  

Jinduicheng Molybdenum Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     27,318  USD       (18)  

Jinduicheng Molybdenum Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     21,603  USD       1  

Jinhe Biotechnology Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     79,074  USD       3,739  

Jinhe Biotechnology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     72,377  USD       3,414  

Jinke Properties Group Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     182,538  USD       (10,039)  

Jinke Properties Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     139,295  USD       (7,637)  

Jinyu Bio-Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     963  USD       63  

Jinyu Bio-Technology Co., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     1,203  USD       79  

Jiudian Pharmaceutical Co., Ltd.

     12/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     32,943  USD       3,446  

Jiudian Pharmaceutical Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     25,310  USD       2,622  

Jl Mag Rare Earth Co., Ltd.

     03/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     346  USD       (7)  

Jl Mag Rare Earth Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     230  USD       (5)  

Joincare Pharmaceutical Group Industry Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     391,417  USD       25,009  

Joincare Pharmaceutical Group Industry Co., Ltd.

     10/24/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     507,431  USD       32,291  

Jouder Precision Industry Kunshan Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     3,753  USD       18  

Jouder Precision Industry Kunshan Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     2,680  USD       14  

Joyvio Food Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     11,278  USD       358  

Joyvio Food Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     9,024  USD       285  

JPMorgan Chase & Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     3,148,156  USD       40,538  

Juewei Food Co., Ltd.

     11/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     429,164  USD       17,911  

Juewei Food Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     369,264  USD       15,628  

Juneyao Airlines Co., Ltd.

     11/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     4,746  USD       545  

Juneyao Airlines Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,268  USD       466  

Kaiser (China) Culture Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     2,998  USD       330  

Kaiser China Cultural Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     3,271  USD       359  

KBC Corp., Ltd.

     08/30/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     14,875  USD       277  

 

See Notes to Consolidated Schedule of Investments.

 

122

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

KBC Corp., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     2,953  USD     $ 55  

KBC Corp., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     64,195  USD       2,653  

KBC Corp., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     53,263  USD       2,444  

Keda Industrial Group Co., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     39,234  USD       2,825  

Keda Industrial Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     29,804  USD       2,130  

Keda Industrial Group Co., Ltd.

     11/14/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     94,256  USD       6,997  

Keda Industrial Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     68,158  USD       5,056  

Keeson Technology Co., Ltd

     11/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     320,889  USD       (3,331)  

Keeson Technology Co., Ltd

     07/12/22     M  

0.00%

   Credit Suisse International     291,083  USD       (2,999)  

Kellogg Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     202,946  USD       3,391  

Keshun Waterproof Technologies Co., Ltd.

     01/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     24,905  USD       1,204  

Keshun Waterproof Technologies Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     19,706  USD       947  

Keysight Technologies, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     24,302  USD       1,098  

Keysino Separation Technology, Inc.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     41,755  USD       (1,110)  

Keysino Separation Technology, Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     33,209  USD       (890)  

Kilroy Realty Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     759,413  USD       9,596  

Kinder Morgan, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,810,015  USD       35,888  

Kingclean Electric Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     368  USD       —  

Kingnet Network Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     280,605  USD       23,666  

Kingnet Network Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     215,535  USD       18,147  

Kingnet Network Co., Ltd.

     10/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     183,345  USD       10,980  

Kingnet Network Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     145,356  USD       8,697  

Kirkland Lake Gold Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     341,538  USD       7,151  

KLA Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,800,765  USD       (6,346)  

Koal Software Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     39,301  USD       865  

Koal Software Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     31,146  USD       684  

Kodiak Sciences, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     4,961  USD       (467)  

Kohl's Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     72,504  USD       742  

Konfoong Materials International Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     104,979  USD       4,746  

Konfoong Materials International Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     96,319  USD       4,331  

Korn Ferry

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     112,255  USD       507  

Kraft Heinz Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     171,390  USD       3,622  

Kraton Corp.

     09/29/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     11,851,581  USD       48,814  

Kulicke & Soffa Industries, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     8,986  USD       761  

Kunlun Tech Co., Ltd.

     12/26/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     635,007  USD       (442)  

Kunlun Tech Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     529,056  USD       (554)  

Kunshan Kinglai Hygienic Materials Co., Ltd.

     10/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     493,990  USD       78,117  

Kunshan Kinglai Hygienic Materials Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     390,385  USD       61,839  

Laboratory Corp of America Holdings

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     914,467  USD       19,051  

Lamar Advertising Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,220,773  USD       55,667  

Landai Technology Group Corp., Ltd.

     11/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     96,039  USD       (485)  

Landai Technology Group Corp., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     70,711  USD       (330)  

 

See Notes to Consolidated Schedule of Investments.

 

123

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Lanzhou LS Heavy Equipment Co., Ltd.

     12/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     445,215  USD     $ (103,305)  

Lanzhou LS Heavy Equipment Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     128,977  USD       (29,932)  

Laobaixing Pharmacy Chain JSC

     08/23/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     50,156  USD       6,403  

Laobaixing Pharmacy Chain JSC

     07/12/22     M  

0.00%

   Credit Suisse International     47,505  USD       5,956  

Lattice Semiconductor Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     9,208  USD       424  

Leader Harmonious Drive Systems Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     69,328  USD       (2,116)  

Leidos Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,474,837  USD       70,726  

Lemonade, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     87,352  USD       (7,090)  

LendingClub Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     795,778  USD       (329)  

Leshan Electric Power Co.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     18,064  USD       335  

Leshan Electric Power Co.

     07/12/22     M  

0.00%

   Credit Suisse International     12,116  USD       232  

Leyard Optoelectronic Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     15,498  USD       102  

Leyard Optoelectronic Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     11,855  USD       46  

LGI Homes, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     7,486  USD       238  

LHC Group, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     100,164  USD       4,817  

LianChuang Electronic Technology Co., Ltd.

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     40,987  USD       (1,400)  

LianChuang Electronic Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     27,620  USD       (974)  

Liaoning Energy Industry Co, Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     175,118  USD       (7,875)  

Liaoning Energy Industry Co, Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     131,716  USD       (5,911)  

Liberty Media Corp-Liberty SiriusXM

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     152,773  USD       4,354  

Lihe Technology Hunan Co., Ltd.

     12/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     41,481  USD       (103)  

Lihe Technology Hunan Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     32,839  USD       (100)  

Lincoln Electric Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,146,598  USD       32,621  

Lincoln National Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     77,647  USD       3,173  

Linde plc

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     968,170  USD       34,398  

Lingyuan Iron & Steel Co., Ltd.

     11/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     247,000  USD       (9,562)  

Lingyuan Iron & Steel Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     183,738  USD       (7,110)  

Lithia Motors, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     12,081  USD       391  

Lithium Americas Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,264,981  USD       (5,191)  

Littelfuse, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     131,142  USD       7,002  

LivePerson, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     162,067  USD       (2,220)  

Loews Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     3,860  USD       68  

LONGi Green Energy Technology Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     135,690  USD       9,028  

LONGi Green Energy Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     124,296  USD       8,250  

Longjian Road & Bridge Co., Ltd.

     02/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     37  USD       (2)  

LPL Financial Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     99,842  USD       (587)  

Lu Thai Textile Co., Ltd.

     11/15/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     43,907  USD       723  

Lu Thai Textile Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     32,454  USD       538  

Lumentum Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     661,859  USD       3,963  

 

See Notes to Consolidated Schedule of Investments.

 

124

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Luolai Lifestyle Technology Co., Ltd.

     10/31/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     6,407  USD     $ 113  

Luolai Lifestyle Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,078  USD       94  

Luoyang Jalon Micro-nano New Materials Co., Ltd.

     01/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     235,380  USD       (15,021)  

Luoyang Jalon Micro-nano New Materials Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     235,978  USD       (15,228)  

Luoyang Xinqianglian Slewing Bearing Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     14,270  USD       (266)  

Luoyang Xinqianglian Slewing Bearing Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     11,381  USD       (177)  

Maanshan Iron & Steel Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     49,927  USD       (2,972)  

Maanshan Iron & Steel Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     38,113  USD       (2,275)  

Macy's, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,014,068  USD       54,704  

Magellan Health, Inc.

     01/19/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     7,263,177  USD       31,486  

Magellan Health, Inc.

     01/06/23     M  

14.35%

   Goldman Sachs International     7,124,806  USD       30,886  

Magnolia Oil & Gas Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     40,959  USD       461  

Manhattan Associates, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,958,850  USD       67,140  

ManpowerGroup, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     623,241  USD       24,490  

Manulife Financial Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     451,116  USD       21,305  

Marathon Digital Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     81,324  USD       (3,708)  

Markel Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,996,900  USD       76,220  

Marvell Technology Group Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     948,006  USD       13,072  

Masimo Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     298,415  USD       1,099  

Mastec, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     398,317  USD       8,914  

Matson, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,105  USD       236  

Matterport, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     99,690  USD       (11,000)  

Maximus, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,060,153  USD       68,948  

Maxscend Microelectronics Co., Ltd.

     04/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     4,296  USD       (194)  

Maxscend Microelectronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,296  USD       (194)  

Medifast, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     58,604  USD       1,084  

Medpace Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     42,974  USD       (751)  

Meggit PLC

     08/04/23     M  

0.74%

   JPMorgan Chase Bank, N.A.     9,651,352  GBP       89,110  

MeiG Smart Technology Co., Ltd.

     11/29/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     283,164  USD       (6,643)  

MeiG Smart Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     263,472  USD       (5,116)  

Meihua Holdings Group Co., Ltd.

     11/03/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     127,521  USD       1,609  

Meihua Holdings Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     97,335  USD       1,227  

MercadoLibre, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     214,289  USD       21,681  

Merck & Co., Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     3,144,173  USD       15,847  

Mercury Systems, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     179,143  USD       408  

MetLife, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,187,460  USD       42,719  

MGIC Investment Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     512,887  USD       25,383  

MGM Growth Properties LLC

     08/08/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     16,389,085  USD       883,725  

 

See Notes to Consolidated Schedule of Investments.

 

125

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Mianyang Fulin Precision Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     57,437  USD     $ (2,082)  

Mianyang Fulin Precision Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     52,645  USD       (1,903)  

Microchip Technology, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     108,379  USD       1,665  

Middleby Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     100,277  USD       2,629  

Milkyway Chemical Supply Chain Service Co., Ltd.

     12/06/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     118,475  USD       (2,164)  

Milkyway Chemical Supply Chain Service Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     90,528  USD       (1,709)  

Ming Yang Smart Energy Group Ltd.

     08/22/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     179,103  USD       (3,158)  

Ming Yang Smart Energy Group Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     136,288  USD       (2,376)  

Mingchen Health Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     331  USD       (22)  

Mirati Therapeutics, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     134,883  USD       (2,569)  

MKS Instruments, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     26,618  USD       (318)  

Moelis & Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     195,065  USD       (1,659)  

Molina Healthcare, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     157,427  USD       (1,886)  

Momentive Global, Inc.

     11/07/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     2,868,676  USD       128,977  

Monalisa Group Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     9,503  USD       380  

Monalisa Group Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     6,478  USD       260  

Mondelez International, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,367,026  USD       8,906  

Monmouth Real Estate Investment Corp.

     11/08/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     1,248,045  USD       4,172  

Monolithic Power Systems, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     275,302  USD       (1,998)  

Moody's Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     699,679  USD       (4,837)  

Moon Environment Technology Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     35,920  USD       (181)  

Moon Environment Technology Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     24,232  USD       (85)  

MP Materials Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     135,337  USD       6,782  

MS Alpha Swap

     12/28/23     M  

0.00%

   Morgan Stanley Capital Services LLC     250,436,612  USD       3,378,982  

MS Index Swap

     08/16/22     M  

0.00%

   Morgan Stanley Capital Services LLC     163,260,180  USD       3,170,384  

MS Intraday Trend Swap

     12/24/21     M  

0.00%

   Morgan Stanley Capital Services LLC     71,257,098  USD       15,800  

MSC Industrial Direct Co., Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,808,714  USD       1,939  

Mubang High-Tech Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     12,705  USD       (291)  

Mubang High-Tech Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     8,594  USD       (214)  

Myhome Real Estate Development Group Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     29,827  USD       40  

Myhome Real Estate Development Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     22,163  USD       33  

Nacity Property Service Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     12,209  USD       738  

Nacity Property Service Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     8,964  USD       549  

Naipu Mining Machinery Co., Ltd.

     11/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     58,623  USD       23,538  

Naipu Mining Machinery Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     59,178  USD       23,758  

Nancal Technology Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     146,682  USD       8,382  

 

See Notes to Consolidated Schedule of Investments.

 

126

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Nancal Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     134,543  USD     $ 7,444  

Nanfang Black Sesame Group Co., Ltd.

     11/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     39,396  USD       45  

Nanfang Black Sesame Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     29,657  USD       18  

Nanhua Futures Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     66,727  USD       (1,313)  

Nanhua Futures Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     50,804  USD       (945)  

Nanjing Develop Advanced Manufacturing Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     13,430  USD       586  

Nanjing Develop Advanced Manufacturing Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     10,627  USD       469  

Nanjing Iron & Steel Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     80,063  USD       691  

Nanjing Iron and Steel Group Co., Ltd.

     12/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     105,008  USD       883  

Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd.

     03/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     237,608  USD       13,132  

Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     230,672  USD       13,156  

Nanjing Pharmaceutical Co., Ltd.

     11/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     68,680  USD       3,660  

Nanjing Pharmaceutical Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     52,219  USD       2,787  

Nanjing Well Pharmaceutical Group Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     35,643  USD       (1,226)  

Nanjing Well Pharmaceutical Group Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     24,037  USD       (683)  

Nanjing Yunhai Special Metals Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     36,516  USD       (162)  

Nanjing Yunhai Special Metals Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     24,569  USD       (93)  

NanoString Technologies, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     116,349  USD       2,909  

Nantong Guosheng Intelligence Technology Group Co., Ltd.

     09/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     192,193  USD       1,157  

Nantong Guosheng Intelligence Technology Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     141,859  USD       847  

Nantong Jianghai Capacitor Co., Ltd.

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     29,526  USD       1,337  

Nantong Jianghai Capacitor Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     20,498  USD       935  

Nantong Jiangshan Agrochemical & Chemical LLC

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     221,531  USD       21,705  

Nantong Jiangshan Agrochemical & Chemical LLC

     07/12/22     M  

0.00%

   Credit Suisse International     216,778  USD       21,296  

Nantong Haixing Electronics Co., Ltd.

     11/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     125,032  USD       1,171  

Nantong Haixing Electronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     92,857  USD       871  

 

See Notes to Consolidated Schedule of Investments.

 

127

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Nanya New Material Technology Co., Ltd.

     10/16/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     298,546  USD     $ 9,996  

Nanya New Material Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     225,782  USD       7,628  

Nasdaq, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,197,434  USD       82,225  

Natera, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     306,042  USD       (750)  

National Silicon Industry Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     51,366  USD       490  

National Silicon Industry Group Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     55,654  USD       548  

National Vision Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     118,702  USD       3,577  

NeoGenomics, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,854  USD       (57)  

NetApp, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     50,537  USD       (127)  

Neurocrine Biosciences, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     105,898  USD       (32)  

Nevro Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     530,540  USD       (25,718)  

Newell Brands, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     42,864  USD       772  

Ninestar Corp.

     11/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     464,479  USD       15,867  

Ninestar Corp.

     07/12/22     M  

0.00%

   Credit Suisse International     345,572  USD       11,878  

Ningbo Cixing Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     33,984  USD       (890)  

Ningbo Cixing Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     25,250  USD       (677)  

Ningbo Haitian Precision Machinery Co., Ltd.

     12/15/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     29,575  USD       1,129  

Ningbo Haitian Precision Machinery Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     29,951  USD       1,141  

Ningbo Haitian Precision Machinery Co., Ltd.

     10/25/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     147,529  USD       5,210  

Ningbo Haitian Precision Machinery Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     148,448  USD       5,235  

Ningbo Huaxiang Electronic Co., Ltd.

     01/03/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     61,253  USD       (504)  

Ningbo Huaxiang Electronic Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     46,878  USD       (382)  

Ningbo Kangqiang Electronics Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     203,821  USD       3,202  

Ningbo Kangqiang Electronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     205,377  USD       3,230  

Ningbo Orient Wires & Cables Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     655  USD       36  

Ningbo Ronbay New Energy Technology Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     292,025  USD       5,387  

Ningbo Ronbay New Energy Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     215,939  USD       3,801  

Ningbo Ronbay New Energy Technology Co., Ltd.

     07/12/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     209,143  USD       2,854  

Ningbo Ronbay New Energy Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     156,856  USD       2,133  

Ningbo Sanxing Medical Electric Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     11,163  USD       353  

Ningbo Sanxing Medical Electric Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     8,935  USD       277  

Ningbo Shanshan Co., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     41,395  USD       767  

Ningbo Shanshan Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     31,270  USD       608  

Ningbo Shanshan Co., Ltd.

     08/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     11,832  USD       (6)  

 

See Notes to Consolidated Schedule of Investments.

 

128

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Ningbo Shanshan Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     9,260  USD     $ (5)  

Ningbo Zhoushan Port Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,697  USD       (91)  

Ningbo Zhoushan Port Co., Ltd.

     12/12/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     6,203  USD       (98)  

Nordson Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     12,520  USD       (11)  

North Industries Group Red Arrow Co., Ltd.

     10/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     43,303  USD       2,309  

North Industries Group Red Arrow Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     34,161  USD       1,826  

Northern Trust Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,037,093  USD       15,595  

Novavax, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     347,738  USD       (84,060)  

Novoray Corp.

     08/21/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     61,202  USD       3,841  

Novoray Corp.

     07/12/22     M  

0.00%

   Credit Suisse International     43,755  USD       2,744  

Nuance Communications, Inc.

     04/14/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     18,775,507  USD       40,816  

NuVasive, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     15,630  USD       639  

NXP Semiconductors NV

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     139,844  USD       (1,126)  

O'Reilly Automotive, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     520,854  USD       21,531  

OB Telecom Electronics Co., Ltd.

     11/10/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     4,596  USD       (84)  

OB Telecom Electronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,277  USD       (66)  

Oke Precision Cutting Tools Co., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     135,704  USD       (4,843)  

OKE Precision Cutting Tools Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     135,713  USD       (4,851)  

Old Republic International Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     10,875  USD       14  

Olin Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     146,936  USD       4,860  

ON Semiconductor Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     389,174  USD       (1,623)  

ONEOK, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     604,008  USD       9,153  

Opendoor Technologies, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     811,262  USD       (10,415)  

Oppein Home Group Inc.

     12/29/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     191,086  USD       17,203  

Oppein Home Group Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     144,361  USD       13,013  

Organon & Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     31,514  USD       703  

Orient Gene Co., Ltd.

     09/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     2,962  USD       655  

Ormat Technologies, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     8,243  USD       480  

Ortho Clinical Diagnostics Holdings PLC

     12/28/23     M  

0.58%

   JPMorgan Chase Bank, N.A.     4,912,893  USD       105,928  

Oshkosh Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     57,882  USD       2,418  

Otis Worldwide Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     180,194  USD       651  

Ovctek China Inc.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     25,790  USD       (585)  

Ovctek China Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     20,250  USD       (446)  

Overstock.com, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     8,771  USD       (686)  

Owens Corning

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     423,696  USD       15,682  

Pacific Biosciences of California, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     23,252  USD       (1,197)  

Pacific Shuanglin Bio-pharmacy Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     180,352  USD       (6,811)  

Pacific Shuanglin Bio-pharmacy Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     136,152  USD       (5,091)  

Pacira BioSciences, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     18,689  USD       145  

Packaging Corp of America

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     279,178  USD       3,469  

PacWest Bancorp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     151,943  USD       3,622  

Pagerduty, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     675,670  USD       (39,189)  

Palm Eco-Town Development Co., Ltd.

     01/03/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     7,054  USD       129  

 

See Notes to Consolidated Schedule of Investments.

 

129

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Palm Eco-Town Development Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,588  USD     $ 107  

Paychex, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,651,730  USD       23,533  

Paypal Holdings, Inc,

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     699,958  USD       (5,606)  

PCI Technology Group Co., Ltd.

     11/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     231,113  USD       13,035  

PCI Technology Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     176,575  USD       10,065  

PDC Energy, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     17,654  USD       102  

Pebblebrook Hotel Trust

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     11,179  USD       431  

Pembina Pipeline Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,578,435  USD       32,725  

Pentair PLC

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,312,841  USD       91,526  

Penumbra, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     444,538  USD       47,354  

People's United Financial, Inc.

     02/24/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     14,509,983  USD       610,947  

PepsiCo, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     569,217  USD       11,843  

Perficient, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     964,994  USD       20,972  

Perrigo Co. PLC

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     470,328  USD       (3,606)  

Petco Health & Wellness Co., Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     18,415  USD       188  

PharmaBlock Sciences (Nanjing), Inc.

     03/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     2,131  USD       100  

Pharmaron Beijing Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     167,625  USD       (5,816)  

Pharmaron Beijing Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     124,643  USD       (4,948)  

PhiChem Corp.

     01/03/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     68,323  USD       7,113  

PhiChem Corp.

     07/12/22     M  

0.00%

   Credit Suisse International     49,798  USD       5,168  

Philip Morris International, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,071,184  USD       34,206  

Physicians Realty Trust

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     737,318  USD       25,523  

Ping Identity Holding Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     9,647  USD       8  

Pingdingshan Tianan Co.al Mining Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     22,015  USD       (477)  

Pingdingshan Tianan Co.al Mining Co., Ltd.

     12/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     27,791  USD       (606)  

Pinnacle Financial Partners, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     253,131  USD       7,393  

Plug Power, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     626,318  USD       (15,788)  

PNC Financial Services Group, Inc. (The)

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,490,012  USD       46,165  

Pnm Resources, Inc.

     10/25/22     M  

0.57%

   JPMorgan Chase Bank, N.A.     16,079,571  USD       290,724  

Poly Developments and Holdings Group Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     206,767  USD       6,102  

Poly Developments and Holdings Group Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     156,095  USD       4,537  

Pool Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     768,385  USD       21,185  

Popular, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     90,818  USD       657  

Porton Pharma Solutions Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     66,949  USD       3,226  

Porton Pharma Solutions Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     45,528  USD       2,191  

Postal Savings Bank of China Co., Ltd.

     11/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     204,944  USD       (8,333)  

Postal Savings Bank of China Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     154,468  USD       (6,269)  

Power Integrations, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     686,404  USD       42,783  

Pretium Resources, Inc.

     11/14/23     M  

1.00%

   JPMorgan Chase Bank, N.A.     8,790,265  CAD       74,891  

PROG Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     31,141  USD       (60)  

 

See Notes to Consolidated Schedule of Investments.

 

130

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Progressive Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     76,953  USD     $ (479)  

Progyny, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,320  USD       (54)  

Proya Cosmetics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     32,937  USD       (252)  

Proya Cosmetics Co., Ltd.

     01/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     49,301  USD       (373)  

PTC, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     243,187  USD       930  

Puya Semiconductor Shanghai Co., Ltd.

     11/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     26,201  USD       (217)  

Puya Semiconductor Shanghai Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     28,446  USD       (237)  

Q2 Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     91,850  USD       (1,288)  

Qi An Xin Technology Group, Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     146,094  USD       132  

Qi An Xin Technology Group, Inc.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     190,101  USD       270  

QIAGEN NV

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     7,763  USD       18  

Qingdao East Steel Tower Stock Co., Ltd.

     12/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     82,310  USD       3,690  

Qingdao East Steel Tower Stock Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     63,541  USD       2,856  

Qingdao Gaoce Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     43,683  USD       (3,443)  

Qingdao Gaoce Technology Co., Ltd.

     11/14/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     61,858  USD       (4,675)  

Qingdao Guolin Environmental Technology Co., Ltd.

     12/12/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     35,695  USD       (709)  

Qingdao Guolin Environmental Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     23,994  USD       (446)  

Qingdao Hanhe Cable Co., Ltd.

     10/02/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     8  USD       —  

Qingdao Hiron Co., Ltd

     08/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,038  USD       174  

Qingdao Hiron Co., Ltd

     07/12/22     M  

0.00%

   Credit Suisse International     4,289  USD       178  

Qinghai Jinrui Mineral Development Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,691  USD       470  

Qinghai Jinrui Mineral Development Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     3,723  USD       313  

Qorvo, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,043,197  USD       40,899  

Quanta Services, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     836,545  USD       28,909  

QuantumScape, Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     312,038  USD       (19,263)  

Quectel Wireless Solutions Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     12,230  USD       567  

Quectel Wireless Solutions Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     9,172  USD       426  

Quest Diagnostics, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     68,828  USD       1,414  

Radian Group, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     379,177  USD       20,624  

Raisecom Technology Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     10,078  USD       1,727  

Raisecom Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     7,533  USD       1,290  

Range Resources Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     198,496  USD       (9,587)  

Rapid7, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     757,820  USD       (13,077)  

Rayhoo Motor Dies Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     111,224  USD       87  

Rayhoo Motor Dies Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     79,520  USD       106  

RBC Bearings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     469,384  USD       (409)  

RCXTMSS3 SWAP

     12/28/21     M  

0.00%

   Goldman Sachs International     328,929  USD       839  

Recursion Pharmaceuticals, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     34,227  USD       (3,222)  

 

See Notes to Consolidated Schedule of Investments.

 

131

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Red Avenue New Materials Group Co., Ltd.

     02/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     763  USD     $ 3  

Red Avenue New Materials Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     220  USD       1  

Redfin Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     160,592  USD       (8,913)  

Regency Centers Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     120,262  USD       3,991  

Reinsurance Group of America, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     19,174  USD       1,410  

Reliance Steel & Aluminum Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     28,076  USD       1,123  

Renewable Energy Group, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     15,105  USD       (209)  

Renhe Pharmacy Co., Ltd.

     01/03/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     122,347  USD       8,240  

Renhe Pharmacy Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     93,223  USD       6,363  

Repsol S.A

     05/27/24     M  

0.58%

   Morgan Stanley Capital Services LLC     232,092  EUR       9,332  

ResMed, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     691,994  USD       7,655  

Rianlon Corp.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     64,173  USD       5,354  

Rianlon Corp.

     07/12/22     M  

0.00%

   Credit Suisse International     56,976  USD       4,826  

Ribo Fashion Group Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     31,584  USD       (407)  

Ribo Fashion Group Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     39,971  USD       (530)  

Richinfo Technology Co., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     4,302  USD       321  

Richinfo Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     3,551  USD       256  

Risen Energy Co., Ltd.

     11/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     278,179  USD       (19,370)  

Risen Energy Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     208,029  USD       (14,432)  

RiseSun Real Estate Development Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     35,700  USD       (72)  

RiseSun Real Estate Development Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     27,281  USD       (48)  

Ritchie Bros Auctioneers, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     14,570  USD       (63)  

Robert Half International, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,540,288  USD       54,336  

Robinhood Markets, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     82,043  USD       (5,071)  

RoboTechnik Intelligent Technology Co., Ltd.

     12/19/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     20,430  USD       (1)  

RoboTechnik Intelligent Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     15,566  USD       (2)  

Rocket Cos., Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     59,562  USD       (3,296)  

Rocket Lab USA, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,182  USD       9  

Rockwell Automation, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     520,775  USD       14,012  

Rogers Corp.

     11/06/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     19,602,773  USD       153,418  

Rollins, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     446,704  USD       22,349  

Roper Technologies, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,456,663  USD       38,100  

Ross Stories, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     14,182  USD       788  

Royal Bank of Canada

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     104,775  USD       728  

Royal Gold, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     112,377  USD       1,039  

Ryder System, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     331,348  USD       15,105  

S&P Global, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     44,876  USD       (43)  

Sai Micro Electronics, Inc.

     11/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     80,437  USD       (1,439)  

Sai Micro Electronics, Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     73,355  USD       (1,294)  

Saia, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     815,902  USD       57,006  

salesforce.com, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,435,053  USD       15,269  

Sanderson Farms, Inc.

     08/11/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     18,462,789  USD       305,470  

Sangfor Technologies, Inc.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     21,658  USD       (680)  

Sangfor Technologies, Inc.

     07/12/22     M  

0.47%

   Credit Suisse International     18,546  USD       (565)  

 

See Notes to Consolidated Schedule of Investments.

 

132

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Sansheng Intellectual Education Technology Co., Ltd.

     12/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     6,481  USD     $ (98)  

Sansheng Intellectual Education Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,394  USD       (68)  

Santander Consumer USA Holdings, Inc.

     08/28/23     M  

0.57%

   JPMorgan Chase Bank, N.A.     142,404  USD       170  

Schrodinger, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     28,912  USD       (1,466)  

Science Applications International Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     356,858  USD       6,257  

Scotts Miracle-Gro Co. (The)

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     288,061  USD       13,009  

SD Fengyuan Chemicals Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     383,627  USD       (14,830)  

SD Fengyuan Chemicals Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     350,880  USD       (13,270)  

SDBC_3.66%_03/01/31 SWAP

     06/23/22     3M  

0.00%

   Morgan Stanley Capital Services LLC     21,327,580  CNY       12,970  

Seagate Technology Holdings PLC

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     127,010  USD       (812)  

Sempra Energy

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     22,555  USD       197  

Semtech Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     49,358  USD       2,044  

Senci Electric Machinery Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     7,837  USD       215  

Senci Electric Machinery Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     6,063  USD       199  

SentinelOne, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     105,731  USD       399  

SF Holding Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     82,331  USD       (146)  

SF Holding Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     60,655  USD       (98)  

Shaanxi Construction Engineering Group Corp. Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     22,693  USD       277  

Shaanxi Construction Engineering Group Corp. Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     28,715  USD       356  

Shaanxi Xinghua Chemistry Co., Ltd.

     10/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     206,732  USD       1,252  

Shaanxi Xinghua Chemistry Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     207,735  USD       1,484  

Shake Shack, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,391,309  USD       (40,618)  

Shandong Daye Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     68  USD       8  

Shandong Delisi Food Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     19,485  USD       205  

Shandong Delisi Food Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     14,070  USD       155  

Shandong Dongyue Organosilicon Material Co., Ltd.

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     223,972  USD       321  

Shandong Dongyue Organosilicon Material Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     221,213  USD       498  

Shandong Fiberglass Group Co., Ltd.

     10/10/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     4  USD       —  

Shandong Fiberglass Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     195  USD       4  

Shandong Head Co., Ltd.

     08/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     92  USD       4  

Shandong Head Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     645  USD       31  

Shandong Hi-Speed Road & Bridge Co., Ltd.

     09/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     210,422  USD       (16,129)  

Shandong Hi-Speed Road & Bridge Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     158,648  USD       (12,132)  

 

See Notes to Consolidated Schedule of Investments.

 

133

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Shandong Hongchuang Aluminum Industry Holding Co., Ltd.

     11/03/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     23,621  USD     $ (998)  

Shandong Hongchuang Aluminum Industry Holding Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     16,306  USD       (690)  

Shandong Iron and Steel Co., Ltd.

     12/12/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     173,685  USD       (7,559)  

Shandong Iron and Steel Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     132,363  USD       (5,753)  

Shandong Linglong Tyre Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     87,368  USD       (772)  

Shandong Linglong Tyre Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     80,381  USD       (667)  

Shandong Minhe Animal Husbandry Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     25,138  USD       979  

Shandong Minhe Animal Husbandry Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     19,672  USD       791  

Shandong Nanshan Aluminum Co., Ltd.

     07/25/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     275,567  USD       4,372  

Shandong Nanshan Aluminum Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     205,794  USD       3,328  

Shandong Sito Biotechnology Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     19,219  USD       143  

Shandong Sito Biotechnology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     13,825  USD       115  

Shandong Sunway Chemical Group Co., Ltd.

     10/18/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     206,595  USD       (2,699)  

Shandong Sunway Chemical Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     208,017  USD       (2,651)  

Shandong WIT Dyne Health Co, Ltd.

     06/21/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     283  USD       28  

Shandong Xinhua Pharmaceutical Co., Ltd.

     12/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     30,433  USD       819  

Shandong Xinhua Pharmaceutical Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     29,840  USD       534  

Shanghai Aiko Solar Energy Co., Ltd.

     10/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     32,303  USD       318  

Shanghai Aiko Solar Energy Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     29,410  USD       279  

Shanghai Allist Pharmaceuticals Co., Ltd.

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     69,873  USD       2,151  

Shanghai Allist Pharmaceuticals Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     51,415  USD       1,656  

Shanghai Belling Co., Ltd.

     02/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     147  USD       2  

Shanghai Bright Power Semiconductor Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     102,383  USD       (1,933)  

Shanghai Bright Power Semiconductor Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     92,096  USD       (1,691)  

Shanghai Bright Power Semiconductor Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     198,013  USD       (4,949)  

Shanghai Bright Power Semiconductor Co., Ltd.

     01/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     256,570  USD       (6,400)  

Shanghai Construction Group Co., Ltd.

     12/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     180,217  USD       (2,345)  

 

See Notes to Consolidated Schedule of Investments.

 

134

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Shanghai Construction Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     137,509  USD     $ (1,775)  

Shanghai Eliansy Industry Group Corp., Ltd.

     11/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     30,215  USD       (1,453)  

Shanghai Eliansy Industry Group Corp., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     24,604  USD       (1,175)  

Shanghai Fengyuzhu Culture Technology Co., Ltd.

     06/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     134  USD       (6)  

Shanghai Fengyuzhu Culture Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     178  USD       (8)  

Shanghai Fosun Pharmaceutical Group Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     57,844  USD       (1,020)  

Shanghai Fosun Pharmaceutical Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     52,354  USD       (906)  

Shanghai Friendess Electronic Technology Corp., Ltd.

     07/07/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     54,136  USD       659  

Shanghai Friendess Electronic Technology Corp., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     40,568  USD       498  

Shanghai Fudan Microelectronics Group Co., Ltd.

     10/31/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     31,663  USD       (69)  

Shanghai Fudan Microelectronics Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     24,505  USD       (19)  

Shanghai Fullhan Microelectronics Co., Ltd.

     08/30/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     391,255  USD       42,711  

Shanghai Fullhan Microelectronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     348,322  USD       37,982  

Shanghai Gentech Co., Ltd.

     12/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     28,251  USD       951  

Shanghai Gentech Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     22,312  USD       751  

Shanghai Haishun New Pharmaceutical Packaging Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     99  USD       6  

Shanghai Hanbell Precise Machinery Co., Ltd.

     06/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     160  USD       (1)  

Shanghai Haoyuan Chemexpress Co., Ltd.

     12/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     7,565  USD       238  

Shanghai Hi-Road Food Technology Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     50,881  USD       284  

Shanghai Hi-Road Food Technology Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     37,455  USD       246  

Shanghai Highly Group Co., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     1,000  USD       21  

Shanghai Highly Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     749  USD       16  

Shanghai Holystar Information Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     211,636  USD       (37,598)  

Shanghai Holystar Information Technology Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     285,404  USD       (51,463)  

 

See Notes to Consolidated Schedule of Investments.

 

135

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Shanghai Huahongjt Smart System Co., Ltd.

     11/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     17,544  USD     $ (305)  

Shanghai Huahongjt Smart System Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     13,721  USD       (221)  

Shanghai Huayi Group Co., Ltd.

     08/14/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     235,080  USD       939  

Shanghai Huayi Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     177,160  USD       747  

Shanghai Jiao Yun Co., Ltd.

     12/27/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     1,548  USD       11  

Shanghai Jiao Yun Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     1,144  USD       9  

Shanghai Jinjiang International Hotels Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     207,193  USD       2,443  

Shanghai Jinjiang International Hotels Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     157,209  USD       1,856  

Shanghai Kehua Bio-Engineering co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     18  USD       1  

Shanghai Kindly Enterprise Development Group Co., Ltd.

     12/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     27,468  USD       2,194  

Shanghai Kindly Enterprise Development Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     21,813  USD       1,713  

Shanghai Lianming Machinery Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     3,304  USD       (63)  

Shanghai Lianming Machinery Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     2,257  USD       (40)  

Shanghai Lisheng Racing Co., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     38,408  USD       (6,042)  

Shanghai Lisheng Racing Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     30,463  USD       (4,809)  

Shanghai Material Trading Co., Ltd.

     12/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     10,251  USD       (169)  

Shanghai Material Trading Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     7,653  USD       (127)  

Shanghai Medicilon, Inc.

     07/12/22     M  

0.00%

   Credit Suisse International     29,276  USD       1,201  

Shanghai Medicilon, Inc.

     12/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     44,014  USD       1,701  

Shanghai MicroPort Endovascular MedTech Group Co., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     7,579  USD       227  

Shanghai MicroPort Endovascular MedTech Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     22,734  USD       683  

Shanghai MicroPort Endovascular MedTech Group Co., Ltd.

     04/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     37,928  USD       1,100  

Shanghai MicroPort Endovascular MedTech Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     7,852  USD       227  

Shanghai Nar Industrial Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     1,099  USD       (33)  

Shanghai Nar Industrial Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     1,121  USD       (56)  

Shanghai Pharmaceuticals Holding Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     3,876  USD       177  

Shanghai Pharmaceuticals Holding Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     3,580  USD       161  

 

See Notes to Consolidated Schedule of Investments.

 

136

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Shanghai Putailai New Energy Technology Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     241,044  USD     $ 5,918  

Shanghai Putailai New Energy Technology Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     177,031  USD       4,410  

Shanghai SMI Holding Co., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     101,667  USD       (358)  

Shanghai SMI Holding Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     77,312  USD       (249)  

Shanghai Weaver Network Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     206,930  USD       8,728  

Shanghai Weaver Network Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     155,446  USD       6,572  

Shanxi Huaxiang Group Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     22,714  USD       483  

Shanxi Huaxiang Group Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     17,443  USD       369  

Shanxi Lanhua Sci-Tech Venture Co., Ltd.

     10/25/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     235,894  USD       (7,869)  

Shanxi Lanhua Sci-Tech Venture Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     231,649  USD       (7,739)  

Shanxi Lu'an Environmental EnergyDev. Co., Ltd.

     09/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     590,705  USD       (23,905)  

Shanxi Lu'an Environmental EnergyDev. Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     496,449  USD       (20,152)  

Shanxi Meijin Energy Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     70,596  USD       (3,877)  

Shanxi Meijin Energy Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     52,276  USD       (2,873)  

Shanxi Yongdong Chemistry Industry Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     55  USD       2  

Shaw Communications, Inc.

     03/17/23     M  

1.00%

   JPMorgan Chase Bank, N.A.     23,535,210  CAD       385,866  

Shengyi Technology Co., Ltd.

     04/26/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     359,740  USD       4,978  

Shengyi Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     329,515  USD       3,485  

Shenma Industry Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     126,557  USD       1,784  

Shenma Industry Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     93,967  USD       1,361  

Shennan Circuits Co., Ltd.

     11/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     417,412  USD       60,819  

Shennan Circuits Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     333,454  USD       46,914  

Shenyang Cuihua Gold and Silver Jewelry Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     45,933  USD       5,127  

Shenyang Cuihua Gold and Silver Jewelry Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     34,076  USD       3,839  

Shenyang Xingqi Pharmaceutical Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     596,175  USD       73,514  

Shenyang Xingqi Pharmaceutical Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     466,017  USD       57,714  

Shenzhen Aisidi Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     66  USD       2  

Shenzhen Auto Electric Power Plant Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     60,490  USD       (2,838)  

Shenzhen Auto Electric Power Plant Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     55,120  USD       (2,563)  

 

See Notes to Consolidated Schedule of Investments.

 

137

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Shenzhen Capchem Technology Co., Ltd.

     02/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     762  USD     $ 1  

Shenzhen Desay Battery Technology Co., Ltd.

     02/07/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     213  USD       16  

Shenzhen Desay Battery Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     442  USD       34  

Shenzhen Dynanonic Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     75,995  USD       1,070  

Shenzhen Dynanonic Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     53,016  USD       929  

Shenzhen Ellassay Fashion Co., Ltd.

     12/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     38,994  USD       838  

Shenzhen Ellassay Fashion Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     30,917  USD       674  

Shenzhen Emperor Technology Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     9,290  USD       (53)  

Shenzhen Emperor Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     6,196  USD       (38)  

Shenzhen Fastprint Circuit Tech Co., Ltd.

     10/27/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     456,915  USD       23,272  

Shenzhen Fastprint Circuit Tech Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     402,204  USD       20,936  

Shenzhen Fortune Trend Technology Co., Ltd.

     12/29/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     89,584  USD       1,163  

Shenzhen Fortune Trend Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     65,936  USD       930  

Shenzhen Friendcom Technology Development Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     2,808  USD       (27)  

Shenzhen Friendcom Technology Development Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     2,003  USD       (17)  

Shenzhen Grandland Group Co., Ltd.

     11/10/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     7,563  USD       (281)  

Shenzhen Grandland Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     6,926  USD       (254)  

Shenzhen H&T Intelligent Control Co.,Ltd.

     07/11/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     21,012  USD       938  

Shenzhen H&T Intelligent Control Co.,Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     16,885  USD       760  

Shenzhen Hui Chuang Da Technology Co., Ltd.

     01/03/24     M  

0.00%

   JPMorgan Chase Bank, N.A.     67,420  USD       127  

Shenzhen Hui Chuang Da Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     62,068  USD       75  

Shenzhen Hymson Laser Intelligent Equipments Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     54,226  USD       (955)  

Shenzhen Hymson Laser Intelligent Equipments Co., Ltd.

     11/07/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     59,131  USD       (1,045)  

Shenzhen Infinova Ltd.

     03/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     1  USD       —  

Shenzhen Jinjia Group Co., Ltd.

     12/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     377,201  USD       16,637  

Shenzhen Jinjia Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     281,844  USD       12,526  

Shenzhen JPT Opto-electronics Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     12,102  USD       1,812  

Shenzhen JPT Opto-electronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     7,939  USD       1,188  

Shenzhen Kaifa Technology Co., Ltd.

     02/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     132  USD       (5)  

 

See Notes to Consolidated Schedule of Investments.

 

138

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Shenzhen Kedali Industry Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     38,497  USD     $ (760)  

Shenzhen Kedali Industry Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     25,727  USD       (569)  

Shenzhen Kingdom Sci-Tech Co., Ltd.

     11/17/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     190,243  USD       9,053  

Shenzhen Kingdom Sci-Tech Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     144,361  USD       6,852  

Shenzhen Lifotronic Technology Co., Ltd.

     10/31/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     281,175  USD       12,579  

Shenzhen Lifotronic Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     210,701  USD       9,435  

Shenzhen Longli Technology Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     34,783  USD       1,202  

Shenzhen Longli Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     24,018  USD       845  

Shenzhen MinDe Electronics Technology Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     4,000  USD       170  

Shenzhen MinDe Electronics Technology Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     3,197  USD       138  

Shenzhen Moso Power Supply Technology Co., Ltd.

     11/22/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     33,733  USD       (514)  

Shenzhen Moso Power Supply Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     27,695  USD       (413)  

Shenzhen Overseas Chinese Town Co., Ltd.

     11/03/22     M  

0.45%

   JPMorgan Chase Bank, N.A.     203,178  USD       510  

Shenzhen Overseas Chinese Town Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     152,988  USD       662  

Shenzhen Salubris Pharmaceuticals Co., Ltd.

     12/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     211,572  USD       1,901  

Shenzhen Salubris Pharmaceuticals Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     178,298  USD       2,168  

Shenzhen Senior Technology Material Co., Ltd.

     11/01/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     359,051  USD       (589)  

Shenzhen Senior Technology Material Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     319,246  USD       (549)  

Shenzhen Shengxunda Technology Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     8,801  USD       333  

Shenzhen Shengxunda Technology Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     6,088  USD       235  

Shenzhen Sunnypol Optoelectronics Co., Ltd.

     12/15/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     150,370  USD       4,974  

Shenzhen Sunnypol Optoelectronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     114,928  USD       3,692  

Shenzhen Sunnypol Optoelectronics Co., Ltd.

     03/14/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     71,298  USD       5,757  

Shenzhen Sunnypol Optoelectronics Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     64,770  USD       5,226  

 

See Notes to Consolidated Schedule of Investments.

 

139

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Shenzhen Sunshine Laser & Electronics Technology Co., Ltd.

     01/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     138   USD     $ 1  

Shenzhen Suntak Circuit Technology Co., Ltd.

     11/28/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     262,973  USD       20,973  

Shenzhen Suntak Circuit Technology Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     195,374  USD       15,603  

Shenzhen Tagen Group Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     567,327  USD       207  

Shenzhen Tagen Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     448,424  USD       483  

Shenzhen Transsion Holdings Co., Ltd.

     06/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     75,355  USD       (1,500)  

Shenzhen Transsion Holdings Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     57,794  USD       (1,148)  

Shenzhen TXD Technology Co., Ltd.

     06/20/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     317  USD       16  

Shenzhen United Winners Laser Co., Ltd.

     11/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     351,999  USD       (20,440)  

Shenzhen United Winners Laser Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     265,148  USD       (15,773)  

Shenzhen Weiguang Biological Products Co., Ltd.

     12/08/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     17,950  USD       227  

Shenzhen Weiguang Biological Products Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     14,458  USD       184  

Shenzhen Weiye Decoration Group Co., Ltd.

     12/28/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     2,674  USD       (95)  

Shenzhen Weiye Decoration Group Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     1,782  USD       (63)  

Shenzhen Wote Advanced Materials Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,271  USD       (432)  

Shenzhen Wote Advanced Materials Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     4,202  USD       (331)  

Shenzhen Zowee Tech Co., Ltd.

     12/28/23     M  

0.48%

   JPMorgan Chase Bank, N.A.     5,209  USD       44  

Shenzhen Zowee Tech Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     4,746  USD       40  

Sherwin-Williams Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     4,408  USD       171  

Shijiazhuang Yiling Pharmaceutical Co.,Ltd.

     01/18/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     199  USD       29  

Shinry Technologies Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     43,266  USD       2,063  

Shinry Technologies Co., Ltd.

     07/12/22     M  

0.47%

   Credit Suisse International     29,776  USD       1,451  

Shuangliang Eco-Energy Systems Co., Ltd.

     12/13/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     5,816  USD       24  

Shuangliang Eco-Energy Systems Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     5,346  USD       21  

Shutterstock, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     41,924  USD       1,319  

Siasun Robot & Automation Co., Ltd.

     12/06/23     M  

0.47%

   JPMorgan Chase Bank, N.A.     49,254  USD       3,850  

Siasun Robot & Automation Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     45,022  USD       3,525  

Sichuan Anning Iron and Titanium Co., Ltd.

     07/12/22     M  

0.00%

   Credit Suisse International     282  USD       (4)  

Sichuan Chuantou Energy Co., Ltd.

     01/02/24     M  

0.47%

   JPMorgan Chase Bank, N.A.     200,671  USD       5,657  

 

See Notes to Consolidated Schedule of Investments.

 

140

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Sichuan Chuantou Energy Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     151,311   USD     $ 4,220  

Sichuan Haowu Electromechanical Co., Ltd.

     07/25/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     42  USD       (7)  

Sichuan Huati Lighting Technology Co., Ltd.

     11/29/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     5,977  USD       (2)  

Sichuan Huati Lighting Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     5,250  USD       —  

Sichuan Injet Electric Co., Ltd.

     11/22/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     40,286  USD       (791)  

Sichuan Injet Electric Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     27,338  USD       (538)  

Sichuan Jiuyuan Yinhai Software Co., Ltd.

     08/29/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     18,996  USD       4,375  

Sichuan Jiuyuan Yinhai Software Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     15,415  USD       3,552  

Sichuan Mingxing Electric Power Co.

     12/20/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     27,191  USD       1,517  

Sichuan Mingxing Electric Power Co.

     07/12/22       M    

0.00%

   Credit Suisse International     18,356  USD       1,025  

Sichuan Xinjinlu Group Co., Ltd.

     12/19/23       M    

0.48%

   JPMorgan Chase Bank, N.A.     15,761  USD       374  

Sichuan Xinjinlu Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     10,658  USD       284  

Sichuan Zhenjing Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     48  USD       1  

Sieyuan Electric Co., Ltd.

     01/03/24       M    

0.00%

   JPMorgan Chase Bank, N.A.     71,951  USD       (916)  

Sieyuan Electric Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     49,253  USD       (609)  

Signet Jewelers Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     596,009  USD       30,694  

Sihui Fuji Electronic Technology Co., Ltd.

     11/08/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     238,318  USD       10,089  

Sihui Fuji Electronic Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     230,510  USD       10,197  

Siltronic AG-Tend

     02/24/23       M    

0.07%

   JPMorgan Chase Bank, N.A.     14,978,593  EUR       359,143  

Silvergate Capital Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     11,526  USD       330  

Sino Wealth Electronic Ltd.

     08/09/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     252,314  USD       5,506  

Sino Wealth Electronic Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     244,167  USD       5,354  

Sinolink Securities Co., Ltd.

     12/19/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     3,399  USD       (21)  

Sinolink Securities Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     3,037  USD       (15)  

Sinomine Resource Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     174,065  USD       16,922  

Sinomine Resource Group Co., Ltd.

     11/28/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     235,482  USD       22,847  

Sinoseal Holding Co., Ltd.

     12/27/23       M    

0.48%

   JPMorgan Chase Bank, N.A.     29,286  USD       151  

Sinoseal Holding Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     21,625  USD       102  

Sinotrans Ltd.

     12/08/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     244,566  USD       (4,094)  

Sinotrans Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     184,361  USD       (3,077)  

SITE Centers Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     376,164  USD       25,095  

Skshu Paint Co., Ltd.

     12/18/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     3,855  USD       512  

Skshu Paint Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     3,854  USD       512  

SM Energy Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     9,511  USD       158  

Snap-on, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,029,428  USD       66,866  

Songcheng Performance Development Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     70,087  USD       689  

Songcheng Performance Development Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     91,919  USD       876  

Sonos, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     24,337  USD       (199)  

 

See Notes to Consolidated Schedule of Investments.

 

141

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Southern Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     541,411  USD     $ 16,419  

Spectrum Brands Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     191,831  USD       6,726  

Spirit Realty Capital, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,907  USD       141  

Splunk, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,562,804  USD       23,023  

Spring Airlines Co., Ltd.

     12/15/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     4,152  USD       304  

Spring Airlines Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     3,394  USD       171  

Spring Airlines Co., Ltd.

     12/11/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     1,635  USD       148  

Spring Airlines Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     2,452  USD       222  

SpringWorks Therapeutics, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     77,183  USD       (8,324)  

Sprout Social, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     141,095  USD       (4,697)  

SPS Commerce, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     138,546  USD       (894)  

Staar Surgical Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     146,593  USD       (1,974)  

Star Bulk Carriers Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     172,797  USD       20,079  

State Grid Information & Communication Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     34,433  USD       (1,922)  

State Grid Information &Telecommunication Group Co., Ltd.

     02/24/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     50,301  USD       (2,788)  

Steel Dynamics, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     166,943  USD       (472)  

Stifel Financial Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     429,973  USD       14,518  

STORE Capital Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,818  USD       39  

Suez SA

     05/19/23       M    

0.07%

   JPMorgan Chase Bank, N.A.     12,380,954  EUR       32,092  

Sun Life Financial, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,087,146  USD       79,362  

Sunnovo Co., Ltd.

     08/29/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     5,385  USD       721  

Sunnovo Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     3,366  USD       450  

Sunresin New Materials Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     26,875  USD       901  

Sunrise Group Co., Ltd.

     12/27/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     7,459  USD       (575)  

Sunrise Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     5,062  USD       (402)  

Sunrun, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     43,617  USD       (639)  

Sunstone Hotel Investors, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     389,556  USD       7,446  

Suntar Environmental Technology Co., Ltd.

     11/14/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     95,135  USD       (522)  

Suntar Environmental Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     71,054  USD       (410)  

Sunyard Technology Co., Ltd.

     09/19/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     86  USD       6  

Suplet Power Co., Ltd.

     12/20/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     33,818  USD       2,018  

Suplet Power Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     25,755  USD       1,549  

Suplet Power Co., Ltd.

     11/13/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     191,481  USD       9,883  

Suplet Power Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     145,241  USD       7,489  

Suzhou Anjie Technology Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     246,694  USD       (11,855)  

Suzhou Anjie Technology Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     183,036  USD       (8,818)  

Suzhou Dongshan Precision Manufacturing Co., Ltd.

     11/01/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     531,898  USD       16  

Suzhou Dongshan Precision Manufacturing Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     395,400  USD       44  

Suzhou Etron Technologies Co., Ltd.

     12/01/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     135,082  USD       3,735  

Suzhou Etron Technologies Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     136,229  USD       3,790  

Suzhou Harmontronics Automation Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     25,442  USD       1,107  

 

See Notes to Consolidated Schedule of Investments.

 

142

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Suzhou Harmontronics Automation Technology Co., Ltd.

     12/19/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     37,183  USD     $ 1,620  

Suzhou Huaya Intelligence Technology Co., Ltd.

     11/10/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     41,061  USD       (783)  

Suzhou Huaya Intelligence Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     32,079  USD       (612)  

Suzhou Kelida Building & Decoration Co., Ltd.

     12/26/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     11,267  USD       (192)  

Suzhou Kelida Building & Decoration Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     8,337  USD       (143)  

Suzhou Maxwell Technologies Co., Ltd.

     11/01/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     884,263  USD       (17,563)  

Suzhou Maxwell Technologies Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     750,458  USD       (14,771)  

Suzhou New District Hi-Tech Industrial Co., Ltd.

     12/20/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     140,841  USD       (3,574)  

Suzhou New District Hi-Tech Industrial Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     105,532  USD       (2,689)  

Suzhou Secote Precision Electronic Co., Ltd.

     11/29/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     201,257  USD       15,783  

Suzhou Secote Precision Electronic Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     197,891  USD       16,187  

Suzhou Sushi Testing Group Co., Ltd.

     11/01/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     177,188  USD       7,122  

Suzhou Sushi Testing Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     130,132  USD       5,171  

Suzhou TA&A Ultra Clean Technology Co., Ltd.

     06/20/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     209,395  USD       (6,811)  

Suzhou TA&A Ultra Clean Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     210,640  USD       (6,912)  

SVB Financial Group

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     129,833  USD       (968)  

SVG Optronics Co., Ltd.

     12/22/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     9,300  USD       (410)  

SVG Optronics Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     7,659  USD       (338)  

Synaptics, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     10,860  USD       142  

Synchrony Financial

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     46,873  USD       260  

Syneos Health, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     96,299  USD       5,252  

SYNNEX Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     15,895  USD       1  

T Rowe Price Group, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,924,147  USD       59,754  

T-Mobile US, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,873,710  USD       (31,136)  

Tahoe Group Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     111,349  USD       (1,219)  

Tahoe Group Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     84,235  USD       (875)  

Taiyuan Heavy Industry Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     7,503  USD       63  

Taiyuan Heavy Industry Co., Ltd.

     01/03/24       M    

0.00%

   JPMorgan Chase Bank, N.A.     10,142  USD       81  

Take-Two Interactive Software, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     502,009  USD       583  

Tandem Diabetes Care, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     46,649  USD       (439)  

Tangshan Sunfar Silicon Industry Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     436  USD       (9)  

Tanyuan Technology Co., Ltd.

     11/22/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     9,175  USD       (239)  

Tanyuan Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     7,209  USD       (188)  

Targa Resources Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,471,833  USD       78,524  

TC Energy Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,772,284  USD       17,365  

TCL Technology Group Corp.

     11/03/22       M    

0.45%

   JPMorgan Chase Bank, N.A.     58,979  USD       (603)  

 

See Notes to Consolidated Schedule of Investments.

 

143

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

TCL Technology Group Corp.

     07/12/22       M    

0.00%

   Credit Suisse International     53,976  USD     $ (537)  

TE Connectivity Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     229,832  USD       2,175  

TechnipFMC PLC

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     80,786  USD       (1,866)  

Tederic Machinery Co., Ltd.

     12/06/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     25,070  USD       268  

Tederic Machinery Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     18,457  USD       205  

Teledyne Technologies, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     793,699  USD       23,286  

Teleflex, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     28,935  USD       628  

Tempur Sealy International, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     640,926  USD       19,375  

Teradata Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     44,974  USD       (678)  

Terex Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     56,620  USD       1,525  

Terminix Global Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     101,561  USD       885  

Terminix Global Holdings, Inc.

     12/18/23       M    

0.57%

   JPMorgan Chase Bank, N.A.     4,152,983  USD       14,555  

Texas Instruments, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,606,757  USD       29,373  

Thomson Reuters Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     307,648  USD       11,259  

Thunder Software Technology Co., Ltd.

     12/22/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     7,187  USD       (671)  

Thunder Software Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     4,791  USD       (447)  

Tianjin Capital Environmental Protection Group Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     68,460  USD       1,649  

Tianjin Capital Environmental Protection Group Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     51,234  USD       1,236  

Tianjin Port Co., Ltd.

     01/03/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     31,610  USD       144  

Tianjin Port Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     23,807  USD       123  

Tianjin Saixiang Technology Co., Ltd.

     12/28/23       M    

0.48%

   JPMorgan Chase Bank, N.A.     17,216  USD       1,079  

Tianjin Saixiang Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     12,725  USD       806  

Tianjin Tianbao Infrastructure Co., Ltd.

     01/03/24       M    

0.00%

   JPMorgan Chase Bank, N.A.     11,144  USD       75  

Tianjin Tianbao Infrastructure Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     8,263  USD       60  

Tianjin Zhonghuan Semiconductor Co., Ltd.

     10/02/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     366,393  USD       14,859  

Tianjin Zhonghuan Semiconductor Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     286,972  USD       11,741  

Tianjin ZhongXin Pharmaceutical Group Corp. Ltd.

     11/21/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     186,485  USD       12,127  

Tianjin ZhongXin Pharmaceutical Group Corp. Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     143,331  USD       9,448  

Tibet Cheezheng Tibetan Medicine Co., Ltd.

     07/25/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     215  USD       29  

Tibet Cheezheng Tibetan Medicine Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     182  USD       25  

Tibet Weixinkang Medicine Co., Ltd.

     12/06/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     4,637  USD       319  

Tibet Weixinkang Medicine Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     3,410  USD       234  

 

See Notes to Consolidated Schedule of Investments.

 

144

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Tieling Newcity Investment Holding Group, Ltd.

     12/27/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     5,506  USD     $ (324)  

Tieling Newcity Investment Holding Group, Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     3,708  USD       (218)  

TKD Science and Technology Co., Ltd.

     12/05/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     36,087  USD       (730)  

TKD Science and Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     25,610  USD       (488)  

Tofflon Science & Technology Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     107,789  USD       (736)  

Tofflon Science & Technology Group Co., Ltd.

     10/30/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     142,925  USD       (979)  

Toll Brothers, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,585,117  USD       100,846  

TongFu Microelectronics Co., Ltd.

     07/06/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     151,556  USD       876  

TongFu Microelectronics Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     120,312  USD       719  

Tonghua Dongbao Pharmaceutical Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     81,711  USD       489  

Tonghua Dongbao Pharmaceutical Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     62,365  USD       403  

Tongkun Group Co., Ltd.

     07/03/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     201,455  USD       3,588  

Tongkun Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     152,132  USD       2,729  

Tongling Jingda Special Magnet Wire Co., Ltd.

     08/07/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     12,029  USD       (5)  

Tongling Jingda Special Magnet Wire Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     9,570  USD       3  

Tongling ZhongFa Trinity Technology Co., Ltd.

     12/27/23       M    

0.48%

   JPMorgan Chase Bank, N.A.     4,834  USD       120  

Tongling ZhongFa Trinity Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     3,348  USD       92  

Tongwei Co., Ltd.

     10/11/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     420,718  USD       15,948  

Tongwei Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     371,755  USD       12,709  

Topsec Technologies Group, Inc.

     10/20/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     407,070  USD       13,425  

Topsec Technologies Group, Inc.

     07/12/22       M    

0.00%

   Credit Suisse International     316,187  USD       10,464  

Tractor Supply Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     120,653  USD       3,896  

Transfar Zhilian Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     292,716  USD       (1,822)  

Transfar Zhilian Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     218,484  USD       (1,303)  

Travelers Cos., Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     388,474  USD       (371)  

Trimble, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     9,120  USD       122  

Trina Solar Co., Ltd.

     12/27/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     207,809  USD       5,121  

Trina Solar Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     154,603  USD       3,857  

Trium Science & Technology Co., Ltd.

     12/27/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     195,064  USD       (10,070)  

Trium Science & Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     146,366  USD       (7,528)  

Truist Financial Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,361,996  USD       33,075  

Truking Technology Ltd.

     12/15/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     73,444  USD       1,821  

Truking Technology Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     57,788  USD       1,523  

Truking Technology Ltd.

     10/25/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     157,500  USD       8,164  

Truking Technology Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     162,563  USD       8,418  

Trupanion, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     596,481  USD       8,217  

Tsingtao Brewery Co., Ltd.

     12/20/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     198,838  USD       (6,223)  

 

See Notes to Consolidated Schedule of Investments.

 

145

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Tsingtao Brewery Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     150,717  USD     $ (4,702)  

Twist Bioscience Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     63,837  USD       (5,794)  

Twitter, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,155,984  USD       (51,905)  

Tyler Technologies, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,414,172  USD       50,128  

Ubisoft Entertainment

     05/29/23       M    

0.58%

   Morgan Stanley Capital Services LLC     15,577,608  EUR       (94,205)  

UBS Group AG

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     576,064  USD       12,252  

Ultra Electronics Holdings PLC

     08/18/23       M    

0.74%

   JPMorgan Chase Bank, N.A.     9,423,774  GBP       178,968  

Umpqua Holdings Corp.

     10/16/23       M    

0.57%

   JPMorgan Chase Bank, N.A.     3,461,501  USD       88,567  

Unigroup Guoxin Microelectronics Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     87,302  USD       8,016  

Unigroup Guoxin Microelectronics Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     68,057  USD       6,080  

Unilumin Group Co., Ltd.

     12/20/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     209,525  USD       (1,643)  

Unilumin Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     157,911  USD       (1,228)  

Unisplendour Corp., Ltd.

     12/26/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     196,549  USD       13,547  

Unisplendour Corp., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     148,224  USD       10,244  

United Rentals, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,093,043  USD       43,110  

United States Steel, Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     360,383  USD       18,792  

United Therapeutics Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     385,209  USD       3,735  

Univar Solutions, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     22,532  USD       1,339  

Uroica Precision Information Engineering Co., Ltd.

     04/28/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     41  USD       1  

UTour Group Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     79,042  USD       (902)  

UTour Group Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     57,651  USD       (308)  

Vail Resorts, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,985  USD       (17)  

Varonis Systems, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,233,489  USD       14,157  

Vats Liquor Chain Store Management Joint Stock Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     710,679  USD       60,132  

Vats Liquor Chain Store Management JSC Ltd.

     10/18/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     862,338  USD       71,340  

Veeva Systems, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,554,411  USD       (77,277)  

Ventas, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,399,581  USD       92,672  

Veoneer, Inc.

     07/26/23       M    

0.57%

   JPMorgan Chase Bank, N.A.     11,419,334  USD       169,853  

Veracyte, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     123,609  USD       (5,983)  

Verint Systems, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,906  USD       87  

Verisk Analytics, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     89,240  USD       2,709  

Verizon Communications, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,186,783  USD       (49,387)  

ViacomCBS, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,856,218  USD       52,667  

VICI Properties, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     4,735,762  USD       251,779  

Victoria's Secret & Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     451,201  USD       75,595  

Victory Giant Technology Huizhou Co., Ltd.

     11/01/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     201,489  USD       718  

Victory Giant Technology Huizhou Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     202,893  USD       724  

Vifor Pharma AG

     12/18/23       M    

0.20%

   JPMorgan Chase Bank, N.A.     13,859,378  CHF       (14,049)  

Vir Biotechnology, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     760,753  USD       (26,312)  

Virgin Galactic Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     31,893  USD       (2,725)  

Vonage Holdings Corp.

     11/27/23       M    

0.57%

   JPMorgan Chase Bank, N.A.     16,110,206  USD       77,865  

Vontron Technology Co., Ltd.

     12/22/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     24,776  USD       1,185  

Vontron Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     19,607  USD       946  

Vornado Realty Trust

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     72,335  USD       627  

Voya Financial, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,725,519  USD       35,211  

 

See Notes to Consolidated Schedule of Investments.

 

146

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Vtron Group Co., Ltd.

     12/27/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     210,209  USD     $ 5,833  

Vtron Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     155,832  USD       4,457  

Waste Connections, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     5,548  USD       39  

Watsco, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     138,170  USD       4,191  

Watts Water Technologies, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     31,426  USD       1,194  

Ways Electron Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     46,878  USD       (1,874)  

Ways Electron Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     33,482  USD       (1,336)  

Webster Financial Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     18,178  USD       640  

Welbilt, Inc.

     04/25/23       M    

0.57%

   JPMorgan Chase Bank, N.A.     20,378,379  USD       86,094  

Well Lead Medical Co., Ltd.

     01/03/24       M    

0.00%

   JPMorgan Chase Bank, N.A.     57,711  USD       (1,826)  

Well Lead Medical Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     52,780  USD       (1,615)  

Wells Fargo & Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     505,967  USD       (5,967)  

Western Alliance Bancorp

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,477  USD       106  

Western Superconducting Technologies Co.,Ltd.

     02/06/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     341,375  USD       31,564  

Western Superconducting Technologies Co.,Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     274,821  USD       25,657  

Western Union Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     242,715  USD       498  

Westinghouse Air Brake Technologies Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     92,359  USD       2,698  

Westrock Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     11,003  USD       264  

WEX, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     604,755  USD       41,179  

WG Tech JiangXi Co., Ltd.

     12/19/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     5,546  USD       (201)  

WG Tech JiangXi Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     4,342  USD       (157)  

Whirlpool Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     75,418  USD       612  

Willfar Information Technology Co., Ltd.

     12/15/23       M    

0.48%

   JPMorgan Chase Bank, N.A.     45,732  USD       (2,952)  

Willfar Information Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     33,511  USD       (2,179)  

Williams Cos Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,134,676  USD       44,417  

Williams-Sonoma, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     118,100  USD       967  

Willis Towers Watson PLC

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,199  USD       (12)  

Wingtech Technology Co., Ltd.

     01/03/24       M    

0.00%

   JPMorgan Chase Bank, N.A.     39,320  USD       (773)  

Wingtech Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     25,862  USD       (502)  

Wintime Energy Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     25,850  USD       (1,605)  

Wintime Energy Co., Ltd.

     12/11/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     34,891  USD       (2,165)  

Woodward, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     703,245  USD       19,410  

Workday, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,424,735  USD       (28,512)  

Workiva, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     160,642  USD       (4,967)  

World Wrestling Entertainment, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     250,419  USD       9,209  

WPG Shanghai Smart Water PCL

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     24,396  USD       1,578  

WPG Shanghai Smart Water PCL

     07/12/22       M    

0.47%

   Credit Suisse International     19,414  USD       1,253  

WR Berkley Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     206,679  USD       7,617  

Wuhan DDMC Culture & Sports Co., Ltd.

     11/06/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     148,321  USD       7,159  

Wuhan DDMC Culture & Sports Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     110,182  USD       5,433  

Wuhan Jingce Electronic Gr A

     03/08/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     40,670  USD       344  

Wuhan Jingce Electronic Gr A

     07/12/22       M    

0.00%

   Credit Suisse International     27,105  USD       238  

 

See Notes to Consolidated Schedule of Investments.

 

147

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Wuhan Raycus Fiber Laser Technologies Co., Ltd.

     09/01/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     84,936  USD     $ (538)  

Wuhan Raycus Fiber Laser Technologies Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     64,395  USD       (401)  

Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd.

     10/30/23       M    

0.48%

   JPMorgan Chase Bank, N.A.     276,666  USD       20,525  

Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     206,811  USD       15,341  

Wuhu Token Science Co., Ltd.

     10/20/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     192,891  USD       24,020  

Wuhu Token Science Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     152,459  USD       19,028  

Wuxi Apptec Co., Ltd.

     11/07/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     16,554  USD       191  

Wuxi Apptec Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     12,881  USD       143  

Wuxi Autowell Technology Co., Ltd.

     07/03/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     184,736  USD       6,494  

Wuxi Autowell Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     134,671  USD       4,471  

Wuxi Chipown Micro-Electronics Ltd.

     11/03/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     358,779  USD       2,162  

Wuxi Chipown Micro-Electronics Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     273,502  USD       1,635  

Wuxi ETEK Microelectronics Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     4,709  USD       55  

Wuxi Lead Intelligent Equipment Co., Ltd.

     12/19/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     206,400  USD       (1,027)  

Wuxi Lead Intelligent Equipment Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     156,487  USD       (708)  

Wuxi Longsheng Technology Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     25,690  USD       1,724  

Wuxi Longsheng Technology Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     19,956  USD       1,584  

Wuxi NCE Power Co., Ltd.

     12/15/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     152,375  USD       (4,269)  

Wuxi NCE Power Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     117,955  USD       (3,383)  

Wuxi NCE Power Co., Ltd.

     05/03/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     423,164  USD       (4,555)  

Wuxi NCE Power Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     337,304  USD       (3,647)  

Xi An Global Printing Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     8,467  USD       (100)  

Xi'An Global Printing Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     7,813  USD       (92)  

Xi'An Peri Power Semiconductor Converting Technology Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     39,036  USD       629  

Xi'An Peri Power Semiconductor Converting Technology Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     26,483  USD       477  

Xi'an Triangle Defense Co., Ltd.

     12/04/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     237,688  USD       13,154  

 

See Notes to Consolidated Schedule of Investments.

 

148

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Xi'an Triangle Defense Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     175,903  USD     $ 9,735  

Xiamen Amoytop Biotech Co., Ltd.

     11/07/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     39,036  USD       2,312  

Xiamen Amoytop Biotech Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     28,687  USD       1,634  

Xiamen Faratronic Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     5,734  USD       246  

Xiamen Intretech, Inc.

     07/12/22       M    

0.00%

   Credit Suisse International     460  USD       20  

Xiamen Kingdomway Group Co.

     07/12/22       M    

0.00%

   Credit Suisse International     94  USD       4  

Xiamen Port Development Co. Ltd.

     11/17/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     33,580  USD       (542)  

Xiamen Port Development Co. Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     26,117  USD       (395)  

Xiamen Sunrise Group Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     22,225  USD       428  

Xiamen Sunrise Group Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     17,556  USD       349  

Xilinmen Furniture Co., Ltd.

     12/29/23       M    

0.48%

   JPMorgan Chase Bank, N.A.     39,028  USD       3,166  

Xilinmen Furniture Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     30,668  USD       2,401  

Xilinx, Inc.

     10/31/22       M    

0.57%

   JPMorgan Chase Bank, N.A.     15,449,015  USD       419,098  

Xinfengming Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     67  USD       3  

Xinjiang Ba Yi Iron & Steel Co., Ltd.

     08/30/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     136,680  USD       (8,881)  

Xinjiang Ba Yi Iron & Steel Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     103,781  USD       (6,734)  

Xinjiang Joinworld Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     114  USD       (5)  

Xinjiang Tianshan Cement Co., Ltd.

     10/20/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     56,004  USD       928  

Xinjiang Tianshan Cement Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     51,283  USD       844  

Xinyu Iron & Steel Co., Ltd.

     04/25/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     10  USD       (1)  

XP, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,365  USD       (37)  

Xylem, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,018,807  USD       102,590  

Yandex NV

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,319,971  USD       (24,001)  

Yangling Metron New Material, Inc.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     150,074  USD       6,116  

Yangling Metron New Material, Inc.

     07/12/22       M    

0.47%

   Credit Suisse International     112,378  USD       4,765  

Yangtze Optical Fibre and Cable Joint Stock Co., Ltd.

     01/03/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     105,854  USD       (4,655)  

Yangtze Optical Fibre and Cable Joint Stock Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     80,631  USD       (3,575)  

Yangzhou Yangjie Electronic Technology Co., Ltd

     12/27/23       M    

0.48%

   JPMorgan Chase Bank, N.A.     3,297  USD       (135)  

Yangzhou Yangjie Electronic Technology Co., Ltd

     07/12/22       M    

0.00%

   Credit Suisse International     2,200  USD       (92)  

Yangzhou Yaxing Motor Coach Co., Ltd.

     12/11/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     29,202  USD       (594)  

Yangzhou Yaxing Motor Coach Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     23,437  USD       (395)  

 

See Notes to Consolidated Schedule of Investments.

 

149

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Yankershop Food Co., Ltd.

     12/13/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     75,150  USD     $ (2,623)  

Yankershop Food Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     68,224  USD       (2,413)  

Yantai Eddie Precision Machinery Co., Ltd.

     08/02/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     98  USD       2  

Yantai Eddie Precision Machinery Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     117  USD       3  

Yantai Tayho Advanced materials Co.,Ltd.

     07/11/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     204,009  USD       2,450  

Yantai Tayho Advanced materials Co.,Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     205,774  USD       2,531  

Yanzhou Coal Mining Co., Ltd.

     12/27/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     38,714  USD       (2,903)  

Yanzhou Coal Mining Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     30,352  USD       (2,293)  

Yechiu Metal Recycling China Ltd.

     09/27/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     17  USD       —  

YETI Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     328,712  USD       1,448  

YGSOFT, Inc.

     12/22/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     76,714  USD       (1,072)  

YGSOFT, Inc.

     07/12/22       M    

0.00%

   Credit Suisse International     56,149  USD       (774)  

Yijiahe Technology Co., Ltd.

     12/20/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     94,943  USD       528  

Yijiahe Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     69,161  USD       379  

Yipinhong Pharmaceutical Co., Ltd.

     01/03/24       M    

0.00%

   JPMorgan Chase Bank, N.A.     15,773  USD       1,126  

Yipinhong Pharmaceutical Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     10,508  USD       757  

Yixintang Pharmaceutical Group Co., Ltd.

     11/08/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     511,029  USD       26,885  

Yixintang Pharmaceutical Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     392,002  USD       20,691  

YongXing Special Materials Technology Co., Ltd.

     12/06/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     261,175  USD       19,846  

YongXing Special Materials Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     199,565  USD       14,893  

Yonyou Network Technology Co., Ltd.

     11/01/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     54,902  USD       1,958  

Yonyou Network Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     50,582  USD       1,774  

Youngy Co., Ltd.

     12/13/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     38,906  USD       (106)  

Youngy Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     26,656  USD       (108)  

Yuanli Chemical Group Co., Ltd.

     01/03/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     57,646  USD       2,788  

Yuanli Chemical Group Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     42,446  USD       2,084  

Yum China Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,054,687  USD       34,666  

Yunnan Aluminium Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     89  USD       —  

Yunnan Energy New Material Co., Ltd.

     10/13/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     481,160  USD       12,619  

Yunnan Energy New Material Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     396,963  USD       11,638  

Yunnan Jianzhijia Health Chain Co., Ltd.

     11/07/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     129,808  USD       4,990  

Yunnan Jianzhijia Health Chain Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     102,378  USD       3,947  

 

See Notes to Consolidated Schedule of Investments.

 

150

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Yunnan Nantian Electronics Information Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     14,182  USD     $ 137  

Yunnan Nantian Electronics Information Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     11,080  USD       107  

Yunnan Tin Co., Ltd.

     08/08/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     380,608  USD       8,561  

Yunnan Tin Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     282,051  USD       6,458  

Yunnan Yuntianhua Co., Ltd.

     11/01/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     19,851  USD       (457)  

Yunnan Yuntianhua Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     15,751  USD       (359)  

Yusys Technologies Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     19,515  USD       2,609  

Yusys Technologies Co., Ltd.

     03/14/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     24,553  USD       3,269  

Zanyu Technology Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     49  USD       7  

Zbom Home Collection Co., Ltd.

     05/31/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     289  USD       (7)  

Zbom Home Collection Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     113  USD       (3)  

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.

     10/25/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     72,528  USD       (3,938)  

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     58,014  USD       (3,142)  

Zhangzidao Group Co., Ltd.

     12/06/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     38,297  USD       1,813  

Zhangzidao Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     27,733  USD       1,330  

Zhejiang Baida Precision Manufacturing Corp.

     02/03/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     83  USD       (3)  

Zhejiang Cfmoto Power Co., Ltd.

     05/03/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     771  USD       97  

Zhejiang Cfmoto Power Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     795  USD       101  

Zhejiang Changhua Auto Parts Co., Ltd.

     12/13/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     54,663  USD       3,992  

Zhejiang Changhua Auto Parts Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     46,960  USD       3,400  

Zhejiang Dafeng Industry Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     1,037  USD       33  

Zhejiang Dahua Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     4,867  USD       (78)  

Zhejiang Dahua Technology Co., Ltd.

     12/19/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     5,238  USD       (80)  

Zhejiang Daily Digital Culture Group Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     201,847  USD       13,241  

Zhejiang Daily Digital Culture Group Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     152,120  USD       10,026  

ZheJiang Dali Technology Co., Ltd.

     11/14/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     3,747  USD       (31)  

ZheJiang Dali Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     3,431  USD       (24)  

Zhejiang Damon Technology Co., Ltd.

     12/06/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     58,448  USD       (658)  

Zhejiang Damon Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     43,454  USD       (488)  

Zhejiang Dingli Machinery Co., Ltd.

     11/20/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     87,023  USD       3,647  

 

See Notes to Consolidated Schedule of Investments.

 

151

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Zhejiang Dingli Machinery Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     79,759  USD     $ 3,355  

Zhejiang Dun'An Artificial Environment Co., Ltd.

     12/28/23       M    

0.48%

   JPMorgan Chase Bank, N.A.     23,598  USD       (383)  

Zhejiang Dun'An Artificial Environment Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     18,559  USD       (288)  

Zhejiang Entive Smart Kitchen Appliance Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     190,385  USD       (4,009)  

Zhejiang Entive Smart Kitchen Appliance Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     143,042  USD       (2,938)  

Zhejiang Fenglong Electric Co., Ltd.

     01/30/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     62  USD       —  

Zhejiang Giuseppe Garment Co., Ltd.

     11/10/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     336,791  USD       5,985  

Zhejiang Giuseppe Garment Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     266,368  USD       4,747  

Zhejiang Haers Vacuum Containers Co., Ltd.

     11/21/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     177,008  USD       (984)  

Zhejiang Haers Vacuum Containers Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     129,955  USD       (728)  

Zhejiang Hailiang Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     21,601  USD       48  

Zhejiang Hailiang Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     16,531  USD       47  

Zhejiang Hailide New Material Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     223,304  USD       9,517  

Zhejiang Hailide New Material Co., Ltd.

     12/27/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     234,140  USD       9,688  

Zhejiang HangKe Technology, Inc. Co.

     12/06/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     339,351  USD       2,665  

Zhejiang HangKe Technology, Inc. Co.

     07/12/22       M    

0.00%

   Credit Suisse International     248,896  USD       2,020  

Zhejiang Henglin Chair Industry Co. Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     250  USD       (7)  

Zhejiang Huatong Meat Products Co., Ltd.

     12/15/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     21,854  USD       6,072  

Zhejiang Huatong Meat Products Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     17,399  USD       4,833  

Zhejiang Jiaao Enprotech Stock Co., Ltd.

     12/20/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     5,241  USD       (20)  

Zhejiang Jiaao Enprotech Stock Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     4,602  USD       (34)  

Zhejiang Jiahua Energy Chemical Industry Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     201,633  USD       9,677  

Zhejiang Jiahua Energy Chemical Industry Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     200,053  USD       9,622  

Zhejiang Jiuzhou Pharmaceutical Co., Ltd.

     07/25/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     631,166  USD       32,653  

Zhejiang Jiuzhou Pharmaceutical Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     479,182  USD       24,862  

Zhejiang Linuo Flow Control Technology Co., Ltd.

     11/27/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     244,187  USD       1,062  

Zhejiang Linuo Flow Control Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     233,853  USD       1,082  

 

See Notes to Consolidated Schedule of Investments.

 

152

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Zhejiang Meida Industrial Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     35,545  USD     $ 661  

Zhejiang Meida Industrial Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     26,723  USD       500  

Zhejiang Satellite Petrochemical Co Ltd.

     07/03/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     192,574  USD       14,399  

Zhejiang Satellite Petrochemical Co Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     193,795  USD       14,484  

Zhejiang Shuanghuan Driveline Co., Ltd.

     12/15/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     8,006  USD       (217)  

Zhejiang Shuanghuan Driveline Co., Ltd.

     10/10/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     13,493  USD       (511)  

Zhejiang Southeast Space Frame Co., Ltd.

     11/28/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     296,693  USD       36,865  

Zhejiang Southeast Space Frame Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     288,131  USD       35,814  

Zhejiang Sunriver Culture Co., Ltd.

     12/26/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     27,299  USD       (1,650)  

Zhejiang Sunriver Culture Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     21,580  USD       (1,297)  

Zhejiang Talent Television & Film Co., Ltd.

     11/10/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     33,901  USD       737  

Zhejiang Talent Television & Film Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     27,718  USD       585  

Zhejiang Tiantie Industry Co., Ltd.

     12/15/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     31,577  USD       1,010  

Zhejiang Tiantie Industry Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     31,654  USD       933  

Zhejiang Tiantie Industry Co., Ltd.

     10/31/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     154,796  USD       7,186  

Zhejiang Tiantie Industry Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     156,318  USD       7,249  

Zhejiang Tieliu Clutch Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     80  USD       (4)  

Zhejiang Walrus New Material Co., Ltd.

     11/29/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     56,592  USD       4,528  

Zhejiang Walrus New Material Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     51,604  USD       4,154  

Zhejiang Wanma Co., Ltd.

     01/03/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     204,211  USD       1,341  

Zhejiang Wanma Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     153,866  USD       1,076  

Zhejiang Wansheng Co., Ltd.

     06/21/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     4,732  USD       79  

Zhejiang Wansheng Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     4,444  USD       74  

Zhejiang Wazam New Materials Co., Ltd.

     11/13/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     200,099  USD       8,413  

Zhejiang Wazam New Materials Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     199,675  USD       8,490  

Zhejiang Weixing Industrial Development Co., Ltd.

     09/06/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     45,991  USD       (531)  

Zhejiang Weixing Industrial Development Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     34,524  USD       (401)  

Zhejiang Windey Co., Ltd.

     12/15/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     318,202  USD       2,676  

Zhejiang Windey Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     243,591  USD       2,070  

Zhejiang Windey Co., Ltd.

     11/01/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     185,835  USD       2,227  

Zhejiang Windey Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     142,522  USD       1,701  

Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd.

     10/18/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     57,377  USD       1,961  

 

See Notes to Consolidated Schedule of Investments.

 

153

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     53,016  USD     $ 1,827  

Zhejiang XCC Group Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     63,055  USD       (500)  

Zhejiang XCC Group Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     45,322  USD       (249)  

Zhejiang Xianju Pharmaceutical Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     24,656  USD       1,441  

Zhejiang Xianju Pharmaceutical Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     18,783  USD       1,100  

Zhejiang Xinan Chemical Industrial Group Co., Ltd.

     01/03/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     241,527  USD       792  

Zhejiang Xinan Chemical Industrial Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     179,076  USD       507  

Zhejiang Xinao Textiles, Inc.

     11/14/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     32,329  USD       (84)  

Zhejiang Xinao Textiles, Inc.

     07/12/22       M    

0.00%

   Credit Suisse International     25,593  USD       (69)  

Zhejiang Yasha Decoration Co., Ltd.

     12/11/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     197,755  USD       (15,364)  

Zhejiang Yasha Decoration Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     149,581  USD       (11,612)  

Zhejiang Yonggui Electric Equipment Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     27,854  USD       (1,077)  

Zhejiang Yonggui Electric Equipment Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     18,899  USD       (738)  

Zhejiang Yongtai Technology Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     243,861  USD       7,635  

Zhejiang Yongtai Technology Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     180,963  USD       5,449  

Zhejiang Sanfer Electric Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     10,742  USD       (41)  

Zhejiang Sanfer Electric Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     8,050  USD       (24)  

Zhengzhou GL Tech Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     412  USD       (14)  

Zheshang Development Group Co., Ltd.

     08/25/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     64  USD       2  

Zhongfu Information, Inc.

     01/25/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     9,711  USD       80  

Zhongfu Information, Inc.

     07/12/22       M    

0.00%

   Credit Suisse International     6,577  USD       55  

Zhuhai Sailong Pharmaceutical Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     5,585  USD       153  

Zhuhai Sailong Pharmaceutical Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     4,145  USD       118  

Zhuzhou Qianjin Pharmaceutical Co., Ltd.

     01/02/24       M    

0.47%

   JPMorgan Chase Bank, N.A.     27,043  USD       2,494  

Zhuzhou Qianjin Pharmaceutical Co., Ltd.

     07/12/22       M    

0.47%

   Credit Suisse International     21,281  USD       1,955  

Ziff Davis, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     398,019  USD       4,956  

Zijin Mining Group Co., Ltd.

     01/18/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     5  USD       —  

Zions Bancorp NA

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     35,886  USD       (74)  

ZJAMP Group Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     230,086  USD       22,638  

 

See Notes to Consolidated Schedule of Investments.

 

154

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

ZJAMP Group Co., Ltd.

     04/24/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     237,327  USD     $ 22,665  

Zte Corp.

     07/19/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     317,447  USD       12,120  

Zte Corp.

     07/12/22       M    

0.00%

   Credit Suisse International     258,145  USD       9,924  

Zynga, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     19,090  USD       (236)  

Offcn Education Technology Co., Ltd.

     11/01/23       M    

0.47%

   JPMorgan Chase Bank, N.A.     57,793  USD       (1,433)  

Offcn Education Technology Co., Ltd.

     07/12/22       M    

0.00%

   Credit Suisse International     52,842  USD       (1,292)  
           

 

 

  

Total Buys

     $ 23,094,625  
           

 

 

  

Sells

            

10X Genomics, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     356,650  USD     $ (1,897)  

A. O. Smith Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,371,466  USD       (139,132)  

Abbvie, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,578,331  USD       (35,430)  

Abiomed, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     48,934  USD       (2,786)  

Activision Blizzard, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,364,785  USD       (109,333)  

Acuity Brands, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     17,331  USD       393  

Adient PLC

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     300,153  USD       (26,245)  

Adobe, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     346,149  USD       3,078  

Advanced Drainage Systems, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,840  USD       (154)  

Advanced Micro Devices

     10/31/22       M    

0.23%

   JPMorgan Chase Bank, N.A.     15,886,685  USD       38,547  

AECOM

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,258,258  USD       (56,074)  

Agilent Technologies, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     60,440  USD       571  

Agree Realty Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     8,171  USD       (106)  

Airbnb, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     579,426  USD       8,532  

Alamos Gold, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     20,410  USD       (1,061)  

Albemarle Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     201,569  USD       (174)  

Alcon, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     17,551  USD       127  

Alight, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     79,326  USD       (2,733)  

Align Technology, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,275,604  USD       (45,985)  

Allegiant Travel Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     370,076  USD       672  

Alliant Energy Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     20,731  USD       (722)  

Allison Transmission Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,796  USD       (239)  

Allstate Corp. (The)

     05/23/23       M    

0.00%

   Morgan Stanley Capital Services LLC     627,000  USD       (23,958)  

Alnylam Pharmaceuticals, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,088,306  USD       126,449  

American Eagle Outfitters, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     289,410  USD       (28,001)  

American Tower Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     205,580  USD       (1,510)  

American Water Works Co., Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     28,822  USD       (1,207)  

Amicus Therapeutics, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     376,473  USD       3,928  

Amkor Technology, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     14,035  USD       (1,360)  

AMN Healthcare Services, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     11,076  USD       (179)  

Anaplan, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     30,615  USD       (242)  

Anthem, Inc.

     05/23/23       M    

0.00%

   Morgan Stanley Capital Services LLC     1,318,485  USD       (50,349)  

Apollo Global Management, Inc.

     09/01/23       M    

0.34%

   JPMorgan Chase Bank, N.A.     530,694  USD       (3,912)  

Apollo Global Management, Inc.

     03/10/23       M    

32.62%

   Goldman Sachs International     17,792,446  USD       (131,154)  

Apple, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,666,481  USD       15,790  

AptarGroup, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     117,290  USD       199  

ArcBest Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     685,478  USD       (85,637)  

Arch Capital Group Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,267,422  USD       (44,875)  

Ares Capital Corp.

     05/23/23       M    

0.00%

   Morgan Stanley Capital Services LLC     1,015,078  USD       (44,338)  

Arista Networks, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     497,717  USD       (21,077)  

Arrival SA

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     70,985  USD       2,759  

Arrow Electronics, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     192,567  USD       (7,495)  

 

See Notes to Consolidated Schedule of Investments.

 

155

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Artisan Partners Asset Management, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     144  USD     $ 1  

Asbury Automotive Group, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     181,908  USD       (10,859)  

Associated Banc-Corp

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     29,833  USD       (483)  

Atlas Air Worldwide Holdings

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     733,720  USD       (32,981)  

Atmos Energy Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,005,793  USD       (25,772)  

Aurinia Pharmaceuticals, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     60,975  USD       (865)  

Autoliv, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     16,133  USD       (826)  

Automatic Data Processing, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,196,745  USD       (53,051)  

Avangrid, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     23,834  USD       141  

Avantor, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,985,189  USD       (56,283)  

Avery Dennison Corp

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     50,555  USD       311  

Avnet, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,385  USD       45  

Axonics, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     706,012  USD       (20,196)  

Azek Co., Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,912,281  USD       (144,567)  

Ball Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,895,891  USD       (42,505)  

Bank of New York Mellon Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     221,140  USD       (726)  

Bank of Nova Scotia (The)

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     959,860  USD       (15,482)  

Bank OZK

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,580  USD       (48)  

BankUnited, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     28,448  USD       (830)  

Barrick Gold Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,099,189  USD       (36,460)  

Baxter International, Inc.

     05/23/23       M    

0.00%

   Morgan Stanley Capital Services LLC     2,388,782  USD       (47,787)  

Beauty Health Co. (The)

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     180,753  USD       (9,966)  

Bill.com Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     23,677  USD       506  

BioMarin Pharmaceutical, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     126,795  USD       3,989  

BlackBerry Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     212,954  USD       (2,302)  

Blueprint Medicines Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     572,967  USD       (3,607)  

Boeing Co. (The)

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,949,598  USD       11,534  

Boot Barn Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,317,037  USD       (120,187)  

Booz Allen Hamilton Holding Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     28,665  USD       (757)  

BorgWarner, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     8,732  USD       (57)  

Boston Scientific Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,782,846  USD       (2,715)  

Bright Horizons Family Solutions, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     321,762  USD       (10,058)  

Brighthouse Financial, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     374,548  USD       (8,202)  

Broadridge Financial Solutions, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     18,983  USD       (213)  

Brown & Brown, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,295,238  USD       (125,697)  

Bruker Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     211,233  USD       2,213  

Brunswick Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     126,335  USD       (8,341)  

Builders Firstsource, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,796,078  USD       (225,542)  

C.H. Robinson Worldwide, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     520,090  USD       (947)  

C3.ai, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     774,124  USD       54,999  

Cable One, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     299,596  USD       (7,244)  

Cadence Design Systems, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     162,408  USD       (649)  

Calix, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     49,852  USD       (7,966)  

Canada Goose Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     730  USD       (11)  

Canadian Natural Resources, Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     843,523  USD       (3,167)  

Capri Holdings Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     21,533  USD       (1,380)  

CareDx, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     452,582  USD       (398)  

 

See Notes to Consolidated Schedule of Investments.

 

156

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Cargurus, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     742,336  USD     $ (12,411)  

Carlyle Group, Inc. (The)

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,559,192  USD       (198,493)  

Casey's General Stores, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     21,303  USD       (603)  

Catalent, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     841,425  USD       (21,626)  

CBRE Group, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     19,049  USD       59  

Celsius Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     201,214  USD       (12,131)  

Cenovus Energy, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,981,151  USD       (134,469)  

Centerpoint Energy, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     587,605  USD       (13,130)  

Charles Schwab Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     300,148  USD       (1,855)  

Chemed Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,001,911  USD       (38,711)  

ChemoCentryx, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     176  USD       (6)  

Chewy, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     864,711  USD       (27,800)  

Choice Hotels International, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     243,094  USD       (11,949)  

Church & Dwight Co., Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     420,889  USD       (14,736)  

Churchill Downs, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     607,439  USD       (24,201)  

Cigna Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     382,337  USD       (16,301)  

Cirrus Logic, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     146,986  USD       (3,835)  

Cisco Systems, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,321,316  USD       (54,679)  

Citizens Financial Group, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     120,166  USD       (3,723)  

Clarivate PLC

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     15,125  USD       (93)  

Cloudflare, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     718,958  USD       63,956  

CME Group, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     930,908  USD       7,930  

CNH Industrial NV

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     755,673  USD       (58,677)  

CNX Resources Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     365,695  USD       2,640  

Codexis, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     232  USD       13  

Cognizant Tech Solutions

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,062,173  USD       (126,512)  

Coinbase Global, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     100,319  USD       1,895  

Columbia Banking System, Inc.

     10/16/23       M    

0.23%

   JPMorgan Chase Bank, N.A.     3,421,820  USD       (95,678)  

Columbia Sportswear Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     360,922  USD       3,317  

Comerica, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,271,863  USD       (59,215)  

Commercial Metals Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     298,432  USD       (20,339)  

Concentrix Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     184,207  USD       (3,523)  

Confluent, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     232,706  USD       (24,604)  

Conmed Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     450,592  USD       (17,358)  

Consolidated Edison, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,179,542  USD       (50,979)  

Constellation Brands, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     548,038  USD       (21,915)  

Continental Resources, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     15,704  USD       262  

Cooper Cos. Inc. (The)

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,227,828  USD       (13,491)  

Copa Holdings SA

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     146,967  USD       (5,210)  

Corteva, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     215,725  USD       506  

Costco Wholesale Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     77,597  USD       (178)  

Coupa Software, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     129,911  USD       1,733  

Coupang, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     344,675  USD       7,011  

Coursera, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     119,089  USD       (1,131)  

Cracker Barrel Old Country Store, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     59,429  USD       (1,932)  

Crane Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     70,718  USD       422  

CRISPR Therapeutics AG

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     219,041  USD       10,646  

Crocs, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     103,043  USD       1,621  

Crowdstrike Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     43,716  USD       1,537  

Crown Castle International Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,456,993  USD       (19,634)  

Crown Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     22,497  USD       (1,065)  

CSX Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,167,451  USD       (5,894)  

CureVac NV

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     117  USD       14  

 

See Notes to Consolidated Schedule of Investments.

 

157

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

CyberArk Software Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     491,171  USD     $ (8,742)  

Danaher Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,209,967  USD       (15,596)  

Darden Restaurants, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,647,324  USD       (89,104)  

Deckers Outdoor Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     210,313  USD       2,616  

Denbury, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     39,195  USD       (402)  

Devon Energy Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,145,951  USD       (56,593)  

Digital Turbine, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     9,554  USD       (205)  

DigitalOcean Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     190,966  USD       2,672  

Dillard's, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     227,128  USD       5,385  

Discover Financial Services

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,248,097  USD       (4,226)  

Discovery, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     598,744  USD       (254)  

Dlocal Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     510,863  USD       (22,881)  

DocuSign, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     817,935  USD       10,235  

Dolby Laboratories, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,110  USD       (128)  

Dollar General Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,869,023  USD       (14,706)  

DoorDash, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     851,430  USD       33,671  

Dover Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     348,228  USD       (4,076)  

Dow, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,002,684  USD       725  

Doximity, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     78,989  USD       3,092  

DraftKings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     205,077  USD       19,215  

DT Midstream Inc.

     05/23/23       M    

0.00%

   Morgan Stanley Capital Services LLC     14,371  USD       73  

Duke Realty Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,664,479  USD       (144,650)  

Dun & Bradstreet Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     70,077  USD       (2,929)  

DXC Technology Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     465,154  USD       (10,421)  

Eagle Materials, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,173,879  USD       (73,165)  

EastGroup Properties, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,494,324  USD       (131,647)  

eBay, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,002,780  USD       10,135  

Edwards Lifesciences Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,211,583  USD       (91,557)  

Elastic NV

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,654,437  USD       (7,154)  

Encore Wire Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     682,422  USD       (49,535)  

Enovix Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     58,099  USD       (5,681)  

Entegris, Inc.

     12/19/23       M    

0.23%

   JPMorgan Chase Bank, N.A.     5,498,990  USD       (217,574)  

Equinix, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     213,061  USD       (1,782)  

Equity LifeStyle Properties, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     111,090  USD       (414)  

Essential Utilities, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,750,869  USD       (54,994)  

Estee Lauder Cos., Inc. (The)

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,764,248  USD       (78,608)  

Everbridge, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     556,996  USD       31,014  

Exact Sciences Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     25,757  USD       (82)  

Exelixis, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     904,400  USD       31,054  

Exelon Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     339,208  USD       (3,136)  

eXp World Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     98,398  USD       5,043  

Extra Space Storage, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,148,342  USD       (107,622)  

F5, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     296,135  USD       (12,934)  

Factset Research Systems, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     16,619  USD       (391)  

Farfetch Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     11,649  USD       15  

Federal Realty Investment Trust

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     15,688  USD       (398)  

FedEx Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     846,622  USD       (2,235)  

Fidelity National Financial, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     328,179  USD       (12,608)  

Fidelity National Information Services, Inc.

     05/23/23       M    

0.00%

   Morgan Stanley Capital Services LLC     288,950  USD       903  

Figs, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     123,307  USD       (8,926)  

 

See Notes to Consolidated Schedule of Investments.

 

158

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

First American Financial Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,380  USD     $ (140)  

First Citizens BancShares, Class A

     10/19/22       M    

0.23%

   JPMorgan Chase Bank, N.A.     996,786  USD       18,404  

First Industrial Realty Trust, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     22,001  USD       (242)  

First Interstate BancSystem, Inc.

     09/20/23       M    

0.23%

   JPMorgan Chase Bank, N.A.     4,254,401  USD       (210,799)  

FirstEnergy Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     8,128  USD       (273)  

Five Below, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,009,087  USD       (67,775)  

Five9, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     103,631  USD       2,426  

FleetCor Technologies, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     599,659  USD       (4,038)  

Flex Acquisition Company, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     74,640  USD       (3,630)  

Floor & Décor Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     591,321  USD       (10,235)  

Flowers Foods, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     43,810  USD       (664)  

Fluor Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     771,133  USD       (15,562)  

Flywire Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     279,615  USD       (13,790)  

FMC Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     382,337  USD       (8,322)  

Focus Financial Partners, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     143,198  USD       3,334  

Fortinet, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     129,279  USD       2,051  

Fortune Brands Home & Security, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     638,594  USD       (14,886)  

Freeport-McMoRan, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,998,413  USD       (194,600)  

Freshpet, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     289,618  USD       (2,861)  

FS KKR Capital Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     19,002  USD       (200)  

Genpact Ltd.

     05/23/23       M    

0.00%

   Morgan Stanley Capital Services LLC     315,224  USD       (4,954)  

Genuine Parts Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     79,718  USD       (3,000)  

Global Payments, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,873,276  USD       (12,411)  

Globe Life, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     118,591  USD       (2,871)  

Globus Medical, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     183,150  USD       (2,332)  

GoodRx Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,864  USD       34  

Goodyear Tire & Rubber Co. (The)

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,352,253  USD       (79,939)  

Graco, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     7,785  USD       (36)  

Grocery Outlet Holding Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     331,712  USD       2,561  

Group 1 Automotive, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     10,501  USD       (432)  

Guardant Health, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     269,322  USD       1,969  

GXO Logistics, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     609,771  USD       (1,424)  

Hasbro, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     136,744  USD       (3,305)  

HealthEquity, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     322,679  USD       (2,485)  

Hewlett Packard Enterprise

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,574,891  USD       (35,747)  

Hexcel Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     47,350  USD       (980)  

Hilton Grand Vacations, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     879,132  USD       (67,394)  

HollyFrontier Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     54,104  USD       49  

Hologic, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     5,025  USD       (28)  

Home Depot, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,141,245  USD       (42,712)  

Horizon Therapeutics PLC

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     587,941  USD       (9,480)  

Host Hotels & Resorts, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     84,072  USD       (1,191)  

Hostess Brands, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     375,875  USD       (11,574)  

Hudson Pacific Properties, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,997  USD       (30)  

Huntsman Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,096,541  USD       (97,576)  

IDACORP, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     12,913  USD       (458)  

II-VI, Inc.

     03/29/23       M    

0.23%

   JPMorgan Chase Bank, N.A.     4,447,039  USD       15,565  

 

See Notes to Consolidated Schedule of Investments.

 

159

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Inari Medical, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     727,304  USD     $ (47,669)  

Informatica, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     15,183  USD       95  

Ingersoll Rand, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,865,482  USD       (83,300)  

Inmode Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     202,992  USD       (490)  

Innovative Industrial Properties, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     76,474  USD       (1,610)  

Interactive Brokers Group, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     489,398  USD       3,903  

International Business Machines Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,224,304  USD       1,048  

International Flavors & Fragrances

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     326,914  USD       (3,462)  

Invitation Homes, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     78,556  USD       (2,694)  

Ionis Pharmaceuticals, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     236,209  USD       15,926  

Iovance Biotherapeutics, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     369,941  USD       4,959  

IPG Photonics Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,340,124  USD       (38,029)  

Itron, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     138,542  USD       (5,967)  

Jabil, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     44,896  USD       (2,238)  

Jacobs Engineering Group, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     524,300  USD       2,744  

Jamf Holding Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     568,441  USD       (12,846)  

Janus Henderson Group plc

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,771,108  USD       (47,704)  

JB Hunt Transport Services, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     767,518  USD       (37,205)  

JFrog Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     79,345  USD       2,036  

Johnson & Johnson

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     33,656  USD       297  

Johnson Controls International plc

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     16,162  USD       (19)  

Jones Lang LaSalle, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     73,119  USD       (680)  

Juniper Networks, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,281,578  USD       (79,473)  

KBR, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,566,247  USD       (62,595)  

Keurig Dr. Pepper, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     73,840  USD       (65)  

Kimco Realty Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     192,521  USD       (8,647)  

Kinross Gold corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     181,000  USD       (8,139)  

Knight-Swift Transportation Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,401,728  USD       (62,721)  

Kornit Digital Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     214,664  USD       (13,255)  

L3Harris Technologies, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     430,731  USD       (3,000)  

Lam Research Corp.

     05/23/23       M    

0.00%

   Morgan Stanley Capital Services LLC     2,396,515  USD       19,005  

Lamb Weston holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     31,141  USD       (1,120)  

Landstar System, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     144,698  USD       (1,204)  

Las Vegas Sands Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     84,973  USD       (507)  

LCI Industries

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     380,294  USD       (9,381)  

Lear Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,277,813  USD       (66,138)  

Leggett & Platt, Inc.

     05/23/23       M    

0.00%

   Morgan Stanley Capital Services LLC     183,561  USD       (9,521)  

Lennar Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     437,123  USD       (219)  

Lennox International, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     4,195  USD       (22)  

Levi Strauss & Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     86,652  USD       (3,606)  

Lexington Realty Trust

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     60,878  USD       (2,055)  

Liberty Broadband Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     209,245  USD       (1,151)  

Liberty Global PLC

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     735,135  USD       (14,137)  

Liberty Media Corp-Liberty Formula One

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,686,727  USD       (72,610)  

Life Storage, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,479,133  USD       (74,265)  

Lightspeed Commerce, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     306,124  USD       9,570  

Lockheed Martin Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     522,131  USD       (5,298)  

 

See Notes to Consolidated Schedule of Investments.

 

160

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Logitech International SA

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     110,843  USD     $ 3,619  

Louisiana-Pacific Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,029,462  USD       (134,800)  

Lululemon Athletica, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     366,788  USD       3,914  

M&T Bank

     02/24/23       M    

0.23%

   JPMorgan Chase Bank, N.A.     14,928,550  USD       (453,706)  

Marathon Oil Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,435,760  USD       (51,974)  

Maravai LifeSciences Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     499,126  USD       (6,272)  

Marriott International, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     6,790  USD       (150)  

Marriott Vacations Worldwide Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     383,925  USD       (21,965)  

Martin Marietta Materials, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     296,360  USD       (7,159)  

Masco Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     383,178  USD       (14,759)  

Mastercard, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,668,119  USD       (40,806)  

Matador Resources Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     301,961  USD       (820)  

Mattel, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     61  USD       (4)  

MaxLinear, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,008  USD       (48)  

McCormick & Co., Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,351,953  USD       (52,177)  

McKesson Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     189,369  USD       1,201  

MDU Resources Group, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,806  USD       (1)  

Medical Properties Trust, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     354,914  USD       (16,833)  

Medtronic PLC

     05/23/23       M    

0.00%

   Morgan Stanley Capital Services LLC     3,099,397  USD       (15,172)  

Metter-Toledo International

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,436,491  USD       (11,230)  

Microsoft Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,938,866  USD       (53,494)  

MicroStrategy, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     55,232  USD       6,228  

Moderna, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     362,930  USD       (3,310)  

Mohawk Industries, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     25,860  USD       (738)  

Molson Coors Beverage Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     131,741  USD       (2,164)  

Monday.com Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     368,875  USD       3,351  

Morningstar, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     311,766  USD       (4,917)  

Motorola Solutions, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     7,848  USD       (303)  

Murphy Oil Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     151,720  USD       (2,721)  

Murphy USA, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,839,196  USD       (33,460)  

National Retail Properties, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     86,145  USD       (429)  

National Storage Affiliates Trust

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     44,064  USD       (2,646)  

nCino, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     45,083  USD       2,017  

NCR Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     49,059  USD       (1,432)  

New York Community Bancorp, Inc.

     04/28/23       M    

0.23%

   JPMorgan Chase Bank, N.A.     65,143  USD       (1,866)  

New York Times Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     480,794  USD       (16,938)  

Newcrest Mining Ltd.

     11/14/23       M    

0.31%

   JPMorgan Chase Bank, N.A.     4,741,432  AUD       (42,799)  

Newmont Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     585,198  USD       (15,094)  

Nike, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     339,765  USD       1,242)  

Nikola Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     38,490  USD       (1,839)  

NiSource, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     411,338  USD       (12,116)  

Noble Corp.

     11/14/23       M    

1.00%

   JPMorgan Chase Bank, N.A.     608,550  USD       (23,435)  

Norfolk Southern Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     708,212  USD       (8,376)  

Northrop Grumman Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     6,434  USD       (146)  

NortonLifeLock, Inc.

     08/15/23       M    

0.23%

   JPMorgan Chase Bank, N.A.     164,928  USD       (2,514)  

Novocure Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     76,298  USD       8,876  

Nutrien Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,891,975  USD       (88,351)  

nVent Electric PLC

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     44,226  USD       (2,020)  

NVIDIA Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     989,468  USD       13,611  

NVR, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     229,882  USD       (6,473)  

Oasis Petroleum, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     200,327  USD       (8,438)  

OGE Energy Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     590,945  USD       (22,329)  

 

See Notes to Consolidated Schedule of Investments.

 

161

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Ollie's Bargain Outlet Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     440,642  USD     $ (8,960)  

Omega Healthcare Investors, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     570,863  USD       (1,496)  

Omnicell, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     123,101  USD       1,485  

On Holding AG

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     7,514  USD       141  

Onto Innovation, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     52,628  USD       (2,441)  

Open Lending Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     7,969  USD       280  

Owens & Minor, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     215,343  USD       (3,114)  

PACCAR, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     50,689  USD       (414)  

Pagseguro Digital Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     32,256  USD       (807)  

Palantir Technologies, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     28,652  USD       1,046  

Palo Alto Networks, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     811,821  USD       (28,886)  

Pan American Silver Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     918,470  USD       (13,436)  

Park Hotels & Resorts, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     700,791  USD       (1,488)  

Paycom Software, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     20,177  USD       248  

Paylocity Holding Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     396,758  USD       482  

Pegasystems, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     191,040  USD       (284)  

Peloton Interactive, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     360,548  USD       31,556  

PennyMac Financial Services, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     392,913  USD       (6,228)  

Penske Automotive Group, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     561,426  USD       (37,719)  

Performance Food Group Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     48,234  USD       187  

PerkinElmer, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,248,065  USD       (120,020)  

Pinnacle West Capital Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     472,950  USD       (13,344)  

Pinterest, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,422,389  USD       15,099  

Pioneer Natural Resources Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     761,937  USD       (2,686)  

Polaris, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     236,459  USD       (8,750)  

PotlatchDeltic Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     49,561  USD       (1,927)  

PPG Industries, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     550,775  USD       (10,345)  

PPL Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     26,184  USD       (570)  

Principal Financial Group, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,151,784  USD       (32,186)  

Procore Technologies, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     39,944  USD       1,239  

Procter & Gamble Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,033,607  USD       (79,157)  

Prologis, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     308,937  USD       (1,351)  

Public Service Enterprise Group, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     78,500  USD       (575)  

PulteGroup, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,438,517  USD       (102,116)  

Pure Storage, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     719,430  USD       8,734  

PVH Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     74,951  USD       (1,623)  

Qualys, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     368,024  USD       —  

Quidel Corp.

     12/28/23       M    

0.23%

   JPMorgan Chase Bank, N.A.     3,246,653  USD       12,427  

Quidel Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     807,489  USD       154,542  

Ralph Lauren Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     13,165  USD       (147)  

Raymond James Financial, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     526,103  USD       8,541  

Raytheon Technologies Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     850,876  USD       (344)  

Realty Income Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,610,730  USD       (34,162)  

Regeneron Pharmaceuticals, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,112,400  USD       41,319  

RenaissanceRe Holdings Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,136,413  USD       (17,571)  

Rent-A-Center, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     515,057  USD       12,654  

Rentokil Initial PLC

     12/18/23       M    

0.16%

   JPMorgan Chase Bank, N.A.     2,674,655  GBP       584  

Revolve Group, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     24,804  USD       (134)  

 

See Notes to Consolidated Schedule of Investments.

 

162

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Rexford Industrial Realty, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,187,328  USD     $ (112,060)  

RingCentral, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,445,747  USD       49,990  

Riot Blockchain, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     17,172  USD       1,228  

Roku, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     382,670  USD       10,247  

Royalty Pharma PLC

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,973,582  USD       (47,765)  

RPM International, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,180,984  USD       (59,700)  

Sabra Health Care REIT, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     12,123  USD       (388)  

Sailpoint Technologies Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     359,844  USD       (5,461)  

Sarepta Therapeutics, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     329,162  USD       3,901  

Seagen, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,174,398  USD       15,517  

SEI Investments Co.

     05/23/23       M    

0.00%

   Morgan Stanley Capital Services LLC     29,041  USD       (88)  

Sensata Technologies Holding PLC

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     28,514  USD       13  

Service Corp International

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     52,298  USD       (1,300)  

ServiceNow, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     318,842  USD       4,673  

Shift4 Payments, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     491,811  USD       23,215  

Shockwave Medical, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     144,966  USD       2,658  

Shopify, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     912,640  USD       26,978  

Signature Bank

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,712,162  USD       (21,961)  

Silicon Laboratories, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     37,683  USD       (1,537)  

Siteone Landscape Supply, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     335,578  USD       (15,971)  

SiTime Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     46,397  USD       (3,042)  

Skechers USA, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     368,546  USD       (224)  

Skyline Champion Corp

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     22,826  USD       80  

Skyworks Solutions, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     403,913  USD       3,496  

Smartsheet, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     63,689  USD       1,032  

Snap, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     186,734  USD       3,458  

Snowflake, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     134,898  USD       4,818  

SolarEdge Technologies, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     7,446  USD       151  

Sonoco Products Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     569,407  USD       349  

Southern Copper, Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     26,702  USD       (636)  

SouthState Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     292,063  USD       (8,750)  

Southwest Airlines Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,881,634  USD       (101,400)  

Spotify Technology SA

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,135,157  USD       17,664  

Sprouts Farmers Market, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     147,935  USD       (10,289)  

Square, Inc.

     08/07/23       M    

0.23%

   JPMorgan Chase Bank, N.A.     12,754,224  USD       670,369  

SS&C Technologies Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,512,612  USD       (20,004)  

STAG Industrial, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     178,498  USD       (4,085)  

Stanley Black & Decker, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     599,336  USD       (11,038)  

Starwood Property Trust, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     360,316  USD       8,330  

Stem, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     19,372  USD       212  

STERIS PLC

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     11,512  USD       72  

Steven Madden Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     15,933  USD       (145)  

StoneCo Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     4,792  USD       (198)  

Stryker Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,045,375  USD       (55,894)  

Summit Materials, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,455,858  USD       (55,734)  

Sun Communities, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,554,838  USD       (32,535)  

Suncor Energy, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     936,412  USD       (41,410)  

Sunnova Energy International, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     33,002  USD       —  

Switch, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     159,819  USD       (3,887)  

Sysco Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     492,900  USD       (6,049)  

Tapestry, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     658,523  USD       5,309  

 

See Notes to Consolidated Schedule of Investments.

 

163

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference

Instrument

  

Termination
Date

    

Payment
Frequency

    

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

Target Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,123,470  USD     $ (72,947)  

Taylor Morrison Home Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     249,534  USD       (13,540)  

Teck Resources Ltd.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     673,083  USD       (35,399)  

Teladoc Health, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     181,574  USD       (3,168)  

Tenable Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     21,641  USD       219  

Teradyne, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,497,762  USD       (29,608)  

Terreno Realty Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     921,092  USD       (59,487)  

Tesla, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,960,057  USD       57,853  

Tetra Tech, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     679,505  USD       (27,712)  

Texas Roadhouse, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     577,424  USD       (16,913)  

Textron, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     5,927  USD       (172)  

TFI International, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     8,312  USD       (432)  

TG Therapeutics, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     265,844  USD       (15,394)  

Thor Industries, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     469,839  USD       (20,682)  

Timken Co. (The)

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     15,944  USD       76  

Tjx Cos Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     872,634  USD       (7,962)  

TopBuild Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     325,410  USD       (12,579)  

Toro Co. (The)

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     189,389  USD       (1,239)  

Toronto-Dominion Bank (The)

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     69,807  USD       (202)  

Trade Desk, Inc. (The)

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     193,327  USD       3,907  

Tradeweb Markets, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     686,148  USD       10,103  

TransUnion

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     339,157  USD       (7,808)  

Tri Pointe Homes, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     340,302  USD       (17,555)  

TuSimple Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     53,568  USD       45  

Twilio, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,510,045  USD       74,052  

Uber Technologies, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,015,170  USD       968  

UiPath, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     174,604  USD       4,025  

Ulta Beauty, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,237,606  USD       (52,194)  

Under Armour, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,474  USD       (2)  

Union Pacific Corp.

     05/23/23       M    

0.00%

   Morgan Stanley Capital Services LLC     343,593  USD       (2,810)  

Unity Software, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     2,121,389  USD       41,456  

Universal Display Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     99,297  USD       1,104  

Upstart Holdings, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     386,503  USD       (7,785)  

Urban Edge Properties

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     11,558  USD       (450)  

US Food Holdings Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     322,762  USD       (4,779)  

Valero Energy Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     181,070  USD       (1,973)  

Valley National Bancorp

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     35,127  USD       (650)  

Vertex Energy, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,033,705  USD       6,856  

Vertiv Holdings Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,070,988  USD       (34,534)  

VF Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,794,722  USD       (35,411)  

Viatris, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     44,362  USD       (1,491)  

VICI Properties, Inc.

     08/08/23       M    

0.23%

   JPMorgan Chase Bank, N.A.     16,221,566  USD       (862,427)  

Vicor Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     68,741  USD       (1,479)  

Vimeo, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     824,418  USD       26,221  

Vista Outdoor, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     502,919  USD       (71,436)  

Visteon Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     22,973  USD       411  

Vistra Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,899,171  USD       (83,595)  

Vitru Financial, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     5,044  USD       (146)  

VMware, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     384,822  USD       4,852  

Vulcan Materials Co.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     84,178  USD       (2,176)  

Walgreens Boots Alliance, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,907,700  USD       (28,949)  

Walmart, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     170,272  USD       (1,619)  

Walt Disney Co. (The)

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     1,345,758  USD       10,142  

Warby Parker, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,765  USD       180  

Waters Corp.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     14,025  USD       (506)  

Welltower, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     148,752  USD       370  

WESCO International, Inc.

     05/23/23       M    

0.08%

   Morgan Stanley Capital Services LLC     3,726  USD       (221)  

 

See Notes to Consolidated Schedule of Investments.

 

164

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Reference
Instrument

  

Termination
Date

    

Payment
Frequency

  

Financing
Rate

  

Counterparty

  

Notional
Amount

    

Unrealized
Appreciation
(Depreciation)

  

West Pharmaceutical Services, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     571,022  USD     $ (16,647)  

Western Digital Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     292,160  USD       (18,436)  

Westlake Chemical Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,273,778  USD       (94,589)  

Weyerhaeuser Co.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     973,496  USD       (56,456)  

Wheaton Precious Metals Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     243,117  USD       (8,196)  

Whiting Petroleum Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     110,317  USD       (1,644)  

WillScot Mobile Mini Holdings Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     361,787  USD       (8,060)  

Winnebago Industries, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     211,132  USD       (26,364)  

Wintrust Financial Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     14,010  USD       (340)  

Wix.com Ltd.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     21,929  USD       (4)  

WW Grainger, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     17,664  USD       (211)  

WW Grainger, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     696,433  USD       (5,782)  

Wyndham Hotels & Resorts, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     168,940  USD       (10,449)  

Xerox Holdings Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     2,931,515  USD       (174,217)  

XPO Logistics, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     315,545  USD       (6,254)  

Yelp, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     51,136  USD       183  

Zendesk, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     73,273  USD       (356)  

Zendesk, Inc.

     11/07/23     M  

0.23%

   JPMorgan Chase Bank, N.A.     3,029,500  USD       13,016  

Zillow Group, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     51,100  USD       (1,448)  

ZIM Integrated Shipping Services Ltd.

     05/23/23     M  

0.00%

   Morgan Stanley Capital Services LLC     268,640  USD       (25,778)  

Zimmer Biomet Holdings, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     997,705  USD       60  

Zoetis, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     1,118,141  USD       (21,235)  

Zscaler, Inc.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     110,519  USD       (661)  

Zurn Water Solutions Corp.

     05/23/23     M  

0.08%

   Morgan Stanley Capital Services LLC     7,777  USD       (195)  
           

 

 

  

Total Sells

             $ (8,233,995)  
           

 

 

  

Total OTC Total Return Swaps Outstanding

     $ 14,860,630  
           

 

 

  

Centrally Cleared Interest Rate Swaps Outstanding at December 31, 2021

 

The Fund
Pays/Receives
Floating
Rate

  

Floating
Rate
Index

   

Fixed
Rate

     

Pay/
Receive
Payment
Frequency

   

Maturity
Date

   

Counterparty

   

Notional
Amount

     

Market
Value

     

Upfront
Premium
Paid
(Received)

     

Unrealized
Appreciation
(Depreciation)

  

Pays

   3-Month USD LIBOR      0.21%      3M/6M    03/20/2023    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      14,000,000  USD      $ (71,125)      $ —      $ (71,125)  

Pays

   3-Month USD LIBOR      0.21%      3M/6M    05/5/2023    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      12,900,000  USD        (79,985)        —        (79,985)  

Pays

   3-Month USD LIBOR      0.23%      3M/6M    12/14/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      4,700,000  USD        (12,459)        —        (12,459)  

Pays

   3-Month USD LIBOR      0.25%      3M/6M    03/3/2023    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      27,700,000  USD        (112,366)        —        (112,366)  

Pays

   3-Month USD LIBOR      0.27%      3M/6M    08/3/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      114,616,000  USD        (44,623)        —        (44,623)  

 

See Notes to Consolidated Schedule of Investments.

 

165

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

The Fund
Pays/Receives
Floating
Rate

  

Floating
Rate
Index

   

Fixed
Rate

     

Pay/
Receive
Payment
Frequency

   

Maturity
Date

   

Counterparty

   

Notional
Amount

     

Market
Value

     

Upfront
Premium
Paid
(Received)

     

Unrealized
Appreciation
(Depreciation)

  

Pays

   3-Month USD LIBOR      0.28%      3M/6M    09/7/2023    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      13,000,000  USD      $ (116,204)      $ —      $ (116,204)  

Pays

   3-Month USD LIBOR      0.31%      3M/6M    07/25/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      33,588,605  USD        (2,649)        —        (2,649)  

Pays

   3-Month USD LIBOR      0.31%      3M/6M    07/29/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      9,141,220  USD        (895)        —        (895)  

Pays

   3-Month USD LIBOR      0.33%      3M/6M    07/18/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      82,371,000  USD        4,691        —        4,691  

Pays

   3-Month USD LIBOR      0.34%      3M/6M    07/7/2023    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      10,000,000  USD        (61,479)        —        (61,479)  

Pays

   3-Month USD LIBOR      0.36%      3M/6M    06/30/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      18,347,000  USD        5,066        —        5,066  

Pays

   3-Month USD LIBOR      0.37%      3M/6M    10/6/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      1,600,000  USD        (52,695)        —        (52,695)  

Pays

   3-Month USD LIBOR      0.38%      3M/6M    10/12/2023    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      3,000,000  USD        (24,955)        —        (24,955)  

Pays

   3-Month USD LIBOR      0.41%      3M/6M    06/29/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      84,970,800  USD        42,963        —        42,963  

Pays

   3-Month USD LIBOR      0.44%      3M/6M    07/24/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      6,032,440  USD        (167,794)        —        (167,794)  

Pays

   3-Month USD LIBOR      0.46%      3M/6M    07/29/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      2,362,800  USD        (64,919)        —        (64,919)  

Pays

   3-Month USD LIBOR      0.50%      3M/6M    06/30/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      1,932,800  USD        (48,862)        —        (48,862)  

Pays

   3-Month USD LIBOR      0.57%      3M/6M    06/30/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      22,060,000  USD        (497,592)        —        (497,592)  

Pays

   3-Month USD LIBOR      0.69%      3M/6M    10/7/2030    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      6,300,000  USD        (445,624)        —        (445,624)  

Pays

   3-Month USD LIBOR      0.78%      3M/6M    06/9/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      35,000,000  USD        (520,114)        —        (520,114)  

Pays

   3-Month USD LIBOR      0.98%      3M/6M    03/25/2030    Morgan Stanley &
Co. LLC		      3,000,000  USD        (107,324)        —        (107,324)  

Pays

   3-Month USD LIBOR      0.99%      3M/6M    06/10/2030    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      25,000,000  USD        (1,082,865)        —        (1,082,865)  

Pays

   3-Month USD LIBOR      1.23%      3M/6M    02/9/2027    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      2,000,000  USD        (16,177)        —        (16,177)  

Pays

   3-Month USD LIBOR      1.46%      3M/6M    05/12/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      20,809,000  USD        171,990        —        171,990  

Pays

   3-Month USD LIBOR      1.53%      3M/6M    02/9/2032    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      3,000,000  USD        (18,698)        —        (18,698)  

 

See Notes to Consolidated Schedule of Investments.

 

166

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

The Fund
Pays/Receives
Floating
Rate

  

Floating
Rate
Index

   

Fixed
Rate

     

Pay/
Receive
Payment
Frequency

   

Maturity
Date

   

Counterparty

   

Notional
Amount

     

Market
Value

     

Upfront
Premium
Paid
(Received)

     

Unrealized
Appreciation
(Depreciation)

  

Pays

   3-Month USD LIBOR      1.57%      3M/6M    03/8/2032    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      1,500,000   USD      $ (4,719)      $ —      $ (4,719)  

Pays

   3-Month USD LIBOR      1.63%      3M/6M    09/8/2031    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      1,800,000  USD        10,897        —        10,897  

Pays

   3-Month USD LIBOR      1.66%      3M/6M    02/27/2030    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      3,221,000  USD        35,974        —        35,974  

Pays

   3-Month USD LIBOR      1.67%      3M/6M    02/25/2030    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      10,246,000  USD        120,875        —        120,875  

Pays

   3-Month USD LIBOR      1.93%      3M/6M    07/15/2027    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      50,000,000  USD        1,445,875        —        1,445,875  

Pays

   3-Month USD LIBOR      2.02%      3M/6M    06/4/2027    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      15,000,000  USD        502,297        —        502,297  

Pays

   3-Month USD LIBOR      2.17%      3M/6M    05/20/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      40,000,000  USD        1,279,419        —        1,279,419  

Pays

   3-Month CNY-CNREPOFIX      2.49%      3M/3M    03/16/2027    Morgan Stanley &
Co. LLC		      1,429,816,880                  1,085,086        261,196        823,890  

Pays

   3-Month CNY-CNREPOFIX      2.49%      3M/3M    03/16/2027    Morgan Stanley &
Co. LLC		      1,704,510,764                  1,293,552        (294,893)        1,588,445  

Receives

   3-Month USD LIBOR      0.22%      6M/3M    10/5/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      31,600,000  USD        48,463        —        48,463  

Receives

   3-Month USD LIBOR      0.37%      6M/3M    12/15/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      5,300,000  USD        187,744        —        187,744  

Receives

   3-Month USD LIBOR      0.40%      6M/3M    08/4/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      24,941,000  USD        738,672        —        738,672  

Receives

   3-Month USD LIBOR      0.48%      6M/3M    03/23/2026    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      10,655,000  USD        361,343        —        361,343  

Receives

   3-Month USD LIBOR      0.51%      6M/3M    03/3/2026    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      20,650,000  USD        668,129        —        668,129  

Receives

   3-Month USD LIBOR      0.62%      6M/3M    08/5/2030    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      6,512,706  USD        483,448        —        483,448  

Receives

   3-Month USD LIBOR      0.63%      6M/3M    05/5/2026    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      2,600,000  USD        75,336        —        75,336  

Receives

   3-Month USD LIBOR      0.65%      6M/3M    06/8/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      14,000,000  USD        (23,340)        —        (23,340)  

Receives

   3-Month USD LIBOR      0.66%      6M/3M    03/12/2035    Morgan Stanley &
Co. LLC		      1,500,000  USD        181,900        —        181,900  

Receives

   3-Month USD LIBOR      0.67%      6M/3M    07/24/2030    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      4,438,980  USD        312,123        —        312,123  

Receives

   3-Month USD LIBOR      0.68%      6M/3M    07/29/2030    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      713,880  USD        49,627        —        49,627  

 

See Notes to Consolidated Schedule of Investments.

 

167

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

The Fund
Pays/Receives
Floating
Rate

  

Floating
Rate
Index

   

Fixed
Rate

     

Pay/
Receive
Payment
Frequency

   

Maturity
Date

   

Counterparty

   

Notional
Amount

     

Market
Value

     

Upfront
Premium
Paid
(Received)

     

Unrealized
Appreciation
(Depreciation)

  

Receives

   3-Month USD LIBOR      0.69%      6M/3M    12/29/2027    Morgan Stanley &
Co. LLC		      3,000,000   USD      $ 127,427      $ —      $ 127,427  

Receives

   3-Month USD LIBOR      0.70%      6M/3M    06/28/2030    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      3,605,000  USD        242,018        —        242,018  

Receives

   3-Month USD LIBOR      0.71%      6M/3M    01/22/2026    Morgan Stanley &
Co. LLC		      20,000,000  USD        461,623        —        461,623  

Receives

   3-Month USD LIBOR      0.74%      6M/3M    02/9/2024    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      10,000,000  USD        52,946        —        52,946  

Receives

   3-Month USD LIBOR      0.79%      6M/3M    06/28/2030    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      6,347,000  USD        380,056        —        380,056  

Receives

   3-Month USD LIBOR      0.80%      6M/3M    01/13/2026    Morgan Stanley &
Co. LLC		      80,000  USD        1,547        —        1,547  

Receives

   3-Month USD LIBOR      0.82%      6M/3M    07/16/2030    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      11,975,000  USD        688,990        —        688,990  

Receives

   3-Month USD LIBOR      0.94%      6M/3M    10/13/2026    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      6,600,000  USD        126,158        —        126,158  

Receives

   3-Month USD LIBOR      0.94%      6M/3M    06/2/2026    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      4,000,000  USD        64,891        —        64,891  

Receives

   3-Month USD LIBOR      0.95%      6M/3M    01/13/2027    Morgan Stanley &
Co. LLC		      940,000  USD        19,173        —        19,173  

Receives

   3-Month USD LIBOR      0.95%      6M/3M    03/3/2031    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      719,000  USD        36,969        —        36,969  

Receives

   3-Month USD LIBOR      0.98%      6M/3M    09/8/2026    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      8,000,000  USD        131,696        —        131,696  

Receives

   3-Month USD LIBOR      1.08%      6M/3M    02/28/2024    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      4,000,000  USD        (2,697)        —        (2,697)  

Receives

   3-Month USD LIBOR      1.10%      6M/3M    03/25/2030    Morgan Stanley &
Co. LLC		      1,500,000  USD        50,030        —        50,030  

Receives

   3-Month USD LIBOR      1.12%      6M/3M    07/7/2026    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      4,000,000  USD        36,998        —        36,998  

Receives

   3-Month USD LIBOR      1.24%      6M/3M    05/6/2031    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      2,000,000  USD        55,984        —        55,984  

Receives

   3-Month USD LIBOR      1.24%      6M/3M    04/19/2028    Morgan Stanley &
Co. LLC		      700,000  USD        8,184        —        8,184  

Receives

   3-Month USD LIBOR      1.32%      6M/3M    02/26/2027    Morgan Stanley &
Co. LLC		      5,000,000  USD        13,498        —        13,498  

Receives

   3-Month USD LIBOR      1.46%      6M/3M    02/14/2024    Morgan Stanley &
Co. LLC		      10,000,000  USD        (104,096)        —        (104,096)  

Receives

   3-Month USD LIBOR      1.48%      6M/3M    01/2/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      4,163,000  USD        (38,606)        —        (38,606)  

 

See Notes to Consolidated Schedule of Investments.

 

168

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 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      1.49%      6M/3M    08/28/2029    Morgan Stanley &
Co. LLC		      3,140,000  USD      $ 2,182      $ —      $ 2,182  

Receives

   6-Month SIBCSORA      1.49%      6M/6M    03/16/2032    Morgan Stanley &
Co. LLC		      7,641,739  SGD        (13,987)        —        (13,987)  

Receives

   3-Month USD LIBOR      1.52%      6M/3M    02/5/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      6,245,000  USD        (65,279)        —        (65,279)  

Receives

   3-Month USD LIBOR      1.53%      6M/3M    02/25/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      47,860,000  USD        (96,246)        —        (96,246)  

Receives

   3-Month USD LIBOR      1.53%      6M/3M    02/7/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      11,244,800  USD        (15,580)        —        (15,580)  

Receives

   3-Month USD LIBOR      1.54%      6M/3M    01/4/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      80,236,000  USD        (9,123)        —        (9,123)  

Receives

   3-Month USD LIBOR      1.55%      6M/3M    01/28/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      4,580,000  USD        (51,848)        —        (51,848)  

Receives

   3-Month USD LIBOR      1.55%      6M/3M    02/7/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      25,106,000  USD        (35,112)        —        (35,112)  

Receives

   3-Month USD LIBOR      1.55%      6M/3M    02/28/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      14,928,000  USD        (32,270)        —        (32,270)  

Receives

   3-Month USD LIBOR      1.55%      6M/3M    02/28/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      5,033,000  USD        (10,908)        —        (10,908)  

Receives

   3-Month USD LIBOR      1.55%      6M/3M    01/28/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      10,000,000  USD        (10,588)        —        (10,588)  

Receives

   3-Month USD LIBOR      1.56%      6M/3M    09/28/2026    Morgan Stanley &
Co. LLC		      1,800,000  USD        (18,263)        6,115        (24,378)  

Receives

   3-Month USD LIBOR      1.56%      6M/3M    06/2/2031    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      5,500,000  USD        (4,342)        —        (4,342)  

Receives

   3-Month USD LIBOR      1.57%      6M/3M    02/18/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      25,187,000  USD        (45,979)        —        (45,979)  

Receives

   3-Month USD LIBOR      1.58%      6M/3M    05/21/2025    Morgan Stanley &
Co. LLC		      10,000,000  USD        (123,019)        —        (123,019)  

Receives

   3-Month USD LIBOR      1.58%      6M/3M    02/18/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      6,253,000  USD        (77,584)        —        (77,584)  

Receives

   3-Month USD LIBOR      1.59%      6M/3M    04/14/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      15,118,000  USD        (59,649)        —        (59,649)  

Receives

   3-Month USD LIBOR      1.61%      6M/3M    03/23/2027    Morgan Stanley &
Co. LLC		      7,000,000  USD        (84,668)        —        (84,668)  

Receives

   3-Month USD LIBOR      1.62%      6M/3M    03/24/2027    Morgan Stanley &
Co. LLC		      7,000,000  USD        (86,657)        —        (86,657)  

Receives

   3-Month USD LIBOR      1.62%      6M/3M    07/27/2026    Morgan Stanley &
Co. LLC		      1,900,000  USD        (25,170)        4,658        (29,828)  

 

See Notes to Consolidated Schedule of Investments.

 

169

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 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      1.62%      6M/3M    04/14/2025    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      5,222,000  USD      $ (70,795)      $ —      $ (70,795)  

Receives

   3-Month USD LIBOR      1.63%      6M/3M    11/8/2027    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      40,000,000  USD        (495,879)        —        (495,879)  

Receives

   3-Month USD LIBOR      1.64%      6M/3M    07/22/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      15,000,000  USD        (109,870)        —        (109,870)  

Receives

   3-Month USD LIBOR      1.66%      6M/3M    06/17/2025    Morgan Stanley &
Co. LLC		      10,000,000  USD        (148,294)        —        (148,294)  

Receives

   3-Month USD LIBOR      1.69%      6M/3M    07/29/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      25,000,000  USD        (196,893)        —        (196,893)  

Receives

   3-Month USD LIBOR      1.72%      6M/3M    02/19/2030    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      1,945,000  USD        (30,495)        —        (30,495)  

Receives

   3-Month USD LIBOR      1.73%      6M/3M    07/17/2023    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      100,000,000  USD        (1,499,198)        —        (1,499,198)  

Receives

   3-Month USD LIBOR      1.74%      6M/3M    02/27/2032    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      2,000,000  USD        (26,256)        —        (26,256)  

Receives

   3-Month USD LIBOR      1.77%      6M/3M    11/26/2029    Morgan Stanley &
Co. LLC		      1,000,000  USD        (19,408)        43        (19,451)  

Receives

   3-Month USD LIBOR      1.79%      6M/3M    07/7/2031    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      2,000,000  USD        (40,668)        —        (40,668)  

Receives

   3-Month USD LIBOR      1.81%      6M/3M    02/1/2024    Morgan Stanley &
Co. LLC		      2,500,000  USD        (44,087)        —        (44,087)  

Receives

   3-Month USD LIBOR      1.86%      6M/3M    12/21/2023    Morgan Stanley &
Co. LLC		      8,000,000  USD        (147,240)        —        (147,240)  

Receives

   3-Month USD LIBOR      1.86%      6M/3M    05/25/2022    Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      8,200,000  USD        (52,807)        —        (52,807)  

Receives

   3-Month USD LIBOR      1.88%      6M/3M    01/25/2027    Morgan Stanley &
Co. LLC		      1,500,000  USD        (38,233)        —        (38,233)  

Receives

   3-Month USD LIBOR      1.90%      6M/3M    08/28/2029    Morgan Stanley &
Co. LLC		      1,650,000  USD        (48,300)        —        (48,300)  

Receives

   3-Month USD LIBOR      2.05%      6M/3M    11/29/2024    Morgan Stanley &
Co. LLC		      5,000,000  USD        (129,567)        —        (129,567)  

Receives

   3-Month USD LIBOR      2.22%      6M/3M    09/30/2024    Morgan Stanley &
Co. LLC		      2,000,000  USD        (59,656)        —        (59,656)  

Receives

   3-Month USD LIBOR      2.27%      6M/3M    01/26/2026    Morgan Stanley &
Co. LLC		      2,000,000  USD        (78,520)        —        (78,520)  

Receives

   3-Month USD LIBOR      2.30%      6M/3M    01/27/2025    Morgan Stanley &
Co. LLC		      900,000  USD        (31,027)        4,800        (35,827)  

Receives

   3-Month USD LIBOR      2.35%      6M/3M    11/8/2024    Morgan Stanley &
Co. LLC		      4,000,000  USD        (137,067)        —        (137,067)  

 

See Notes to Consolidated Schedule of Investments.

 

170

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

The Fund
Pays/Receives
Floating
Rate

  

Floating
Rate
Index

   

Fixed
Rate

     

Pay/
Receive
Payment
Frequency

   

Maturity
Date

     

Counterparty

   

Notional
Amount

     

Market
Value

     

Upfront
Premium
Paid
(Received)

     

Unrealized
Appreciation
(Depreciation)

  

Receives

   3-Month USD LIBOR      2.37%      6M/3M      11/1/2024      Morgan Stanley &
Co. LLC		      2,000,000  USD      $ (69,196)      $ —      $ (69,196)  

Receives

   3-Month USD LIBOR      2.38%      6M/3M      10/5/2023      Morgan Stanley &
Co. LLC		      3,000,000  USD        (80,535)        —        (80,535)  

Receives

   3-Month USD LIBOR      2.39%      6M/3M      11/16/2028      Morgan Stanley &
Co. LLC		      4,000,000  USD        (245,956)        —        (245,956)  

Receives

   3-Month USD LIBOR      2.40%      6M/3M      01/25/2027      Morgan Stanley &
Co. LLC		      2,900,000  USD        (148,331)        24,111        (172,442)  

Receives

   3-Month USD LIBOR      2.41%      6M/3M      12/22/2022      Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      50,000,000  USD        (920,704)        —        (920,704)  

Receives

   3-Month USD LIBOR      2.42%      6M/3M      09/23/2024      Morgan Stanley &
Co. LLC		      2,000,000  USD        (70,195)        —        (70,195)  

Receives

   3-Month USD LIBOR      2.42%      6M/3M      10/24/2024      Morgan Stanley &
Co. LLC		      2,000,000  USD        (72,050)        —        (72,050)  

Receives

   3-Month USD LIBOR      2.43%      6M/3M      10/13/2026      Morgan Stanley &
Co. LLC		      3,000,000  USD        (152,280)        —        (152,280)  

Receives

   3-Month USD LIBOR      2.45%      6M/3M      10/18/2024      Morgan Stanley &
Co. LLC		      4,000,000  USD        (146,288)        —        (146,288)  

Receives

   3-Month CNY-CNREPOFIX      2.49%      3M/3M      03/16/2027      Morgan Stanley &
Co. LLC		      336,000,000  CNY        (254,990)        241,600        (496,590)  

Receives

   3-Month CNY-CNREPOFIX      2.49%      3M/3M      03/16/2027      Morgan Stanley &
Co. LLC		      112,000,000  CNY        (84,997)        80,800        (165,797)  

Receives

   3-Month USD LIBOR      2.58%      6M/3M      08/5/2025      Morgan Stanley &
Co. LLC		      7,000,000  USD        (330,785)        —        (330,785)  

Receives

   3-Month USD LIBOR      2.67%      6M/3M      09/13/2028      Morgan Stanley &
Co. LLC		      2,500,000  USD        (197,033)        —        (197,033)  

Receives

   3-Month USD LIBOR      2.72%      6M/3M      09/8/2028      Morgan Stanley &
Co. LLC		      1,000,000  USD        (81,424)        —        (81,424)  

Receives

   3-Month USD LIBOR      2.72%      6M/3M      08/8/2028      Morgan Stanley &
Co. LLC		      3,000,000  USD        (242,948)        —        (242,948)  

Receives

   3-Month USD LIBOR      2.83%      6M/3M      07/30/2029      Morgan Stanley &
Co. LLC		      3,000,000  USD        (291,745)        —        (291,745)  

Receives

   3-Month USD LIBOR      2.90%      6M/3M      03/27/2026      Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      20,000,000  USD        (1,326,933)        —        (1,326,933)  

Receives

   6-Month PLN WIBOR      2.95%      12M/6M      03/16/2027      Morgan Stanley &
Co. LLC		      59,948,395  USD        560,037        —        560,037  

Receives

   3-Month USD LIBOR      3.08%      6M/3M      04/30/2027      Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      20,000,000  USD        (1,762,972)        —        (1,762,972)  

Receives

   3-Month USD LIBOR      3.15%      6M/3M      05/23/2022      Merrill Lynch, Pierce,
Fenner & Smith, Inc.		      20,000,000  USD        (228,964)        —        (228,964)  

Receives

   3-Month USD LIBOR      3.21%      6M/3M      05/25/2033      Morgan Stanley &
Co. LLC		      2,000,000  USD        (269,944)        (1,053)        (268,891)  
                   

 

 

  

Total Centrally Cleared Interest Rate Swaps Outstanding

 

    $ (2,805,787)      $ 327,377      $ (3,133,164)  
                   

 

 

  

 

See Notes to Consolidated Schedule of Investments.

 

171

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^(Continued)

December 31, 2021 (Unaudited)

 

Abbreviation Legend:

M

    

Monthly

1Y

    

Yearly

28D

    

28 Days

3M

    

Quarterly

6M

    

Semi-Annually

ADR

    

American Depository Receipt

CBOT

    

Chicago Board of Trade

CDE

    

Montreal Exchange

CFE

    

CBOE Futures Exchange

CME

    

Chicago Mercantile Exchange

COMEX

    

Commodities Exchange Center

Eurex

    

Eurex Exchange

EURIBOR

    

Euro Interbank Offered Rate

Euronext

    

Euronext Paris

H15T5Y

    

Five-Year Treasury Constant Maturity

ICE

    

Ice Futures Europe

IDEM

    

Italian Derivatives Exchange Market

KRX FM

    

Korea Exchange (Futures Market)

LIBOR

    

London Interbank Offered Rate

LME

    

London Metal Exchange

MTN

    

Medium Term Note

MYX

    

Bursa Malaysia

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

Currency Legend:

AUD

    

Australian Dollar

CAD

    

Canadian Dollar

CHF

    

Swiss Franc

CLP

    

Chilean Peso

CNH

    

Chinese Renminbi

CNY

    

Chinese Yuan

DKK

    

Danish Krone

EGP

    

Egyptian Pound

EUR

    

Euro

GBP

    

British Pound

HKD

    

Hong Kong Dollar

IDR

    

Indonesian Rupiah

JPY

    

Japanese Yen

KRW

    

South Korean Won

MXN

    

Mexican Peso

MYR

    

Malaysian Ringgit

NOK

    

Norwegian Krone

SEK

    

Swedish Krona

SGD

    

Singapore Dollar

USD

    

United States Dollar

ZAR

    

South African Rand

 

See Notes to Consolidated Schedule of Investments.

 

172

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments

For the Period Ended December 31, 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 December 31, 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 December 31, 2021, the Fund had not issued any Class R Shares. The Fund operates as a diversified open-end investment company as defined in the 1940 Act.

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

The Fund’s assets may be invested in three wholly-owned and controlled subsidiaries of the Fund (collectively, the “Subsidiaries”), each of which has the same investment objective as the Fund. One of the Fund’s Subsidiaries, Blackstone Alternative Multi-Strategy Sub Fund II Ltd. (the “Cayman Subsidiary”), is a Cayman Islands exempted company. Both of the other Subsidiaries, Blackstone Alternative Multi-Strategy Sub Fund III L.L.C. (the “Domestic Subsidiary III”) and Blackstone Alternative Multi-Strategy Sub Fund IV L.L.C. (the “Domestic Subsidiary IV”), are Delaware limited liability companies. The Cayman Subsidiary invests, directly or indirectly through the use of derivatives, in securities and commodity interests. The Domestic Subsidiary III and the Domestic Subsidiary IV invest, directly or indirectly through the use of derivatives, almost entirely in securities (with only de minimis exposure to commodity interests). The Consolidated 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 under the Commodity Exchange Act (“CEA”) and are subject to regulation by the Commodity Futures Trading Commission (“CFTC”). BAIA, the commodity pool operator of the Fund and the Cayman Subsidiary, is registered as such with the CFTC, but has claimed relief under Rules 4.12(c)(3) and 4.7 under the CEA, respectively, from certain disclosure, 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.

 

173

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended December 31, 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 December 31, 2021.

COVID-19 and Global Economic and Market Conditions

The impact of the novel coronavirus (“COVID-19”) pandemic has rapidly evolved around the globe, causing disruption in the U.S. and global economies. Although the global economy began reopening in 2021 and robust economic activity has supported a continued recovery, the emergence of new variants has contributed to setbacks to the recovery in the U.S. and abroad. The estimates and assumptions underlying these Consolidated Schedule of Investments are based on the information available as of December 31, 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.

 

174

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended December 31, 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 December 31, 2021, the total fair value of Level 3 investments was $44,884,427. The appropriateness of fair values for these securities are monitored on an ongoing basis, including through backtesting, pricing due diligence, unchanged price review, use of specialists, and consideration of macro security specific events.

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

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

Exchange-Traded Securities

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

The Fund may use a third-party fair valuation service provider to value foreign equity securities that are primarily traded outside of North America and South America. The third-party fair valuation service provider calculates a factor (“Fair Value Factor”) that is applied to adjust the last price of each such security in the event that there is movement in excess of a specified trigger, as measured by the movement between the prior close and the current close of the U.S. market. Foreign equities for which the last price has been adjusted by such factor will generally be categorized as Level 2 within the fair value hierarchy. As of December 31, 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 December 31, 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.

 

175

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended December 31, 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 NAV per share of the Investee Fund, or its equivalent, as a practical expedient for fair value, unless the investment in the Investee Fund is traded on a recognized securities exchange and a quoted price is available as of the measurement date. If the Investee Fund is not traded on an exchange, the Fund may, as a practical expedient, estimate the fair value of an Investee Fund based on the reported NAV per share or its equivalent if the reported NAV per share or its equivalent of the Investee Fund is calculated in a manner consistent with the measurement principles applied to investment companies, in accordance with ASC 946. If the Investee Fund does not provide a reported NAV per share or its equivalent on a day, the Adviser shall estimate fair value in good faith and in a manner consistent with its policies and procedures.

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 December 31, 2021, the Fund had an outstanding commitment of $9,163,682 related to held unfunded loan commitments.

Mortgage-Related and Other Asset-Backed Securities

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

 

176

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended December 31, 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.

Commodities

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

Reverse Repurchase Agreements

The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date, under the terms of a Master Repurchase Agreement (“MRA”). The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties is reflected as a liability. Reverse repurchase agreements involve the risk that the market value of the securities purchased with the proceeds from the sale of securities received by the Fund may decline below the price of the securities the Fund is obligated to repurchase. Reverse repurchase agreements also involve credit risk with the counterparty to the extent that the value of securities subject to repurchase exceeds the Fund’s liability under the reverse repurchase agreement. Securities subject to repurchase under reverse repurchase agreements, if any, are designated as such in the Consolidated Schedule of Investments. Due to the short term nature of the reverse repurchase agreements, face value approximates fair value. As of December 31, 2021, the face value of open reverse repurchase agreements for the Fund was $4,679,000.

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

Securities Lending

The Fund may lend securities, through its agent, to certain qualified financial institutions. The loans are collateralized by cash in an amount at least equal to the market value of the securities loaned. The market value of securities loaned is determined daily and any additional required collateral is allocated to the Fund on the next Business Day. The initial collateral received by the Fund should have a value of at least 102% of the current value of loaned securities for U.S. securities and at least 105% for all other securities. The Fund will bear the risk of loss with respect to the investment of the cash collateral, as well as the possible loss of rights to the collateral should the borrower fail financially. The advantage of such loans is that the Fund continues to receive income on loaned securities while earning returns on the cash amounts, which may be reinvested for the purchase of investments in securities. As of December 31, 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.

 

177

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended December 31, 2021 (Unaudited)

 

When-Issued and Delayed-Delivery Transactions

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

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

Restricted Securities

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

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 forwards. When a contract is closed, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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

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.

 

178

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended December 31, 2021 (Unaudited)

 

Options Contracts

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

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

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

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

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

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

Swap Agreements

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

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 Swaps involves documentation risk resulting from the possibility that the parties to a Swaps may disagree as to the meaning of contractual terms in

 

179

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended December 31, 2021 (Unaudited)

 

the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having an MNA between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.

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

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

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

 

180

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended December 31, 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 December 31, 2021:

 

Assets:   Level 1     Level 2     Level 3     Total  

Investments in Securities:

 

Common Stock

   $     1,038,615,858     $ —     $ 851,556     $ 1,039,467,414  

Convertible Preferred Stocks

     953,910       —       —       953,910  

Preferred Stock

     1,703,787       —       4,859,609       6,563,396  

Asset-Backed Securities

     —       69,609,568       —       69,609,568  

Convertible Bonds

     —       9,850,102       —       9,850,102  

Bank Debt

     —       136,894,629       38,704,783       175,599,412  

Corporate Bonds & Notes

     —       420,398,808       119,900       420,518,708  

Sovereign Debt

     —       209,237,372       —       209,237,372  

Mortgage-Backed Securities

     —       250,161,275       —       250,161,275  

U.S. Government Sponsored Agency Securities

     —       7,763,327       —       7,763,327  

U.S. Treasury Notes

     —       257,326,954       —       257,326,954  

Municipals

     —       30,077,556       —       30,077,556  

Exchange-Traded Funds

     6,303,892       —       —       6,303,892  

Warrants

     5,571,157       —       270,794       5,841,951  

Commodities

     —       449,071,240       —       449,071,240  

Repurchase Agreements

     —       55,799,485       —       55,799,485  

Purchased Options

     73,265,311       2,372,647       —       75,637,958  

Subtotal

   $ 1,126,413,915     $     1,898,562,963     $     44,806,642     $     3,069,783,520  

Investments Valued at NAV

                             627,086,543  

Total Investments in Securities

   $ 1,126,413,915     $ 1,898,562,963     $ 44,806,642     $ 3,696,870,063  

Unfunded Loan Commitment

     —       —       18,497       18,497  

Futures Contracts

     42,292,627       —       —       42,292,627  

Forward Foreign Currency Exchange Contracts

     —       503,326       —       503,326  

Centrally Cleared Credit Default Swaps

     —       7,422,828       —       7,422,828  

OTC Credit Default Swaps

     —       1,809,776       —       1,809,776  

OTC Total Return Swaps

     —       31,126,456       —       31,126,456  

Centrally Cleared Interest Rate Swaps

     —       12,165,877       —       12,165,877  

Total Assets

   $ 1,168,706,542     $ 1,951,591,226     $ 44,825,139     $ 3,792,209,450  
Liabilities:   Level 1     Level 2     Level 3     Total  

Securities Sold Short:

 

Common Stock

   $ 448,796,826     $ —     $ 11,144     $ 448,807,970  

Corporate Bonds & Notes

     —       7,762,005       —       7,762,005  

Exchange-Traded Funds

     5,374,888       —       —       5,374,888  

Sovereign Debt

     —       45,486,427       —       45,486,427  

Total Securities Sold Short

     454,171,714       53,248,432       11,144       507,431,290  

Options Written

     72,636,299       1,890,408       —       74,526,707  

Reverse Repurchase Agreements

     —       4,679,000       —       4,679,000  

Futures Contracts

     62,290,722       —       —       62,290,722  

Forward Foreign Currency Exchange Contracts

     —       741,772       —       741,772  

Centrally Cleared Credit Default Swaps

     —       7,434,033       —       7,434,033  

OTC Credit Default Swaps

     —       6,903,682       —       6,903,682  

OTC Total Return Swaps

     —       16,265,826       —       16,265,826  

Centrally Cleared Interest Rate Swaps

     —       14,971,664       —       14,971,664  

Total Liabilities

   $ 589,098,735     $ 106,134,817     $ 11,144     $ 695,244,696  

 

181

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended December 31, 2021 (Unaudited)

 

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

 

           
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 Hedge (1)   N/A   —       N/A   160,701,014   7 Days   —       160,701,014
               
Equity Hedge (1)   N/A   —       N/A   83,553,289   60 Days   —       83,553,289
               
Event-Driven (2)   N/A   —       N/A   —       N/A   53,571,316   53,571,316
               
Event-Driven (2)   N/A   1,761,162   N/A   —       N/A   —       1,761,162
               
Event-Driven (2)   20,048,503   —       N/A   26,408,750   6 months   —       26,408,750
               
Macro Strategies (3)   N/A   —       N/A   240,267,312   6 Days   —       240,267,312
               
Macro Strategies (3)   N/A   —       N/A   60,823,700   90 Days   —       60,823,700

 

(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.

 

(3) 

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

 

(A) 

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

 

(B) 

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

 

182

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended December 31, 2021 (Unaudited)

 

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

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

 

Assets:

Investments

   Common
Stocks		     Preferred
Stocks		     Bank
Debt		     Corporate
Bonds &
Notes		     Rights     Warrants     Unfunded
Loan
Commitment		     Total  

Balance as of March 31, 2021

   $ 1,249,313     $ 4,482,820     $ 58,956,505     $ 128,620     $ —     $ —     $ 70,430     $ 64,887,688  

Transfers In

     98,825       —       —       —       —       —       —       98,825  

Transfers Out

     —       —       (21,557,002 )      —       —       —       —       (21,557,002 ) 

Purchases

     —       —       16,118,070       —       —       —       —       16,118,070  

Sales

     (96,793 )      —       (15,143,078 )      —       —       —       —       (15,239,871 ) 

Amortization

     —       —       89,992       —       —       —       —       89,992  

Net realized gain (loss)

     —       —       (1,059,652 )      —       —       —       —       (1,059,652 ) 

Net change in unrealized appreciation (depreciation)

     (410,933 )      376,789       1,299,948       (8,720 )      —       270,794       (51,933 )      1,475,945  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance as of December 31, 2021

   $ 840,412     $ 4,859,609     $ 38,704,783     $  119,900     $  —     $ 270,794     $ 18,497     $ 44,813,995  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) related to investments still held as of December 31, 2021

   $ (410,933 )    $ 376,789     $ (322,211 )    $ (8,720 )    $ —     $ 270,794     $ 18,497     $ (346,578 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

The following table summarizes the quantitative inputs and assumptions used for investments classified within Level 3 of the fair value hierarchy as of December 31, 2021.

 

Assets

   Valuation
Technique		     Unobservable
Inputs		     Fair Value at
December 31, 2021		     Range of
Inputs
(Weighted
Average)		  

Investments in Securities:

        

Bank Debt

     Broker-dealer Quotations       Indicative Bid     $ 27,895,679       N/A  
    Discount Approach       Discount Rate       8,082,909       10.40%  
      Discount Rate       2,624,946       11.80%  
    Distribution Analysis       Expected Distribution Proceeds       101,249       N/A  

Common Stock

     Broker-dealer Quotations       Indicative Bid       840,412       N/A  

Corporate Bonds & Notes

     Broker-dealer Quotations       Indicative Bid       119,900       N/A  

Preferred Stock

     Broker-dealer Quotations       Indicative Bid       4,859,609       N/A  

Warrants

     Comparable Company Multiples       Revenue Multiples       270,794       1.75x to 2.25x  

Unfunded Loan Commitment

     Broker-dealer Quotations       Indicative Bid       18,497       N/A  
     

 

 

    

Total Investments in Securities

 

     $ 44,813,995    
     

 

 

    

 

183