Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^

June 30, 2022 (Unaudited)

Security Description	Shares		Value
INVESTMENTS IN SECURITIES — 83.8%
COMMON STOCK — 20.8%
Africa — 0.0%
Materials — 0.0%
Gold Fields Ltd., ADR		12,600	$	114,912
IAMGOLD Corp. (a)		31,000		49,910
				164,822
Total Africa				164,822
Asia — 0.2%
Consumer Discretionary Products — 0.0%
Li Auto, Inc., ADR (a)		14,100		540,171
Niu Technologies, ADR (a)		6,700		57,620
				597,791
Consumer Discretionary Services — 0.0%
New Oriental Education & Technology Group, Inc., ADR (a)		36,410		741,308
TAL Education Group, ADR (a)		21,500		104,705
				846,013
Financial Services — 0.1%
Bridgetown Holdings Ltd., Class A (a)		9,406		93,307
Catcha Investment Corp., Class A (a)		12,099		118,812
L Catterton Asia Acquisition Corp., Class A (a),(b),(c)		310,002		3,038,020
LexinFintech Holdings Ltd., ADR (a)		2,000		4,460
Noah Holdings Ltd., ADR (a)		1,700		34,391
				3,288,990
Health Care — 0.0%
Burning Rock Biotech Ltd., ADR (a)		1,500		4,365
I-Mab, ADR (a)		2,500		28,250
Sinovac Biotech Ltd. (a),(d)		200		1,294
Takeda Pharmaceutical Co. Ltd., ADR		9		126
				34,035
Industrial Products — 0.0%
China Yuchai International Ltd.		245		2,161
Hollysys Automation Technologies Ltd.		2,300		34,040
				36,201
Industrial Services — 0.0%
Grindrod Shipping Holdings Ltd.		2,700		46,305
Textainer Group Holdings Ltd.		1,200		32,892
				79,197
Media — 0.1%
Autohome, Inc., ADR		11,700		460,161
Hello Group, Inc., ADR		1,500		7,575
HUYA, Inc., ADR (a)		3,500		13,580
Tencent Music Entertainment Group, ADR (a)		123,700		620,974
Weibo Corp., ADR (a)		2,600		60,138
				1,162,428
Oil & Gas — 0.0%
China Petroleum & Chemical Corp., ADR		500		22,395
Real Estate — 0.0%
Nam Tai Property, Inc. (a)		3,700		15,595

See Notes to Consolidated Schedule of Investments.

1

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Retail & Wholesale - Discretionary — 0.0%
Pinduoduo, Inc., ADR (a)		5,400	$	333,720
Software & Technology Services — 0.0%
Agora, Inc., ADR (a)		6,700		44,019
Infosys Ltd., ADR		300		5,553
NiSun International Enterprise Development Group Co. Ltd. (a)		1,300		821
WNS Holdings Ltd., ADR (a)		1,400		104,496
				154,889
Tech Hardware & Semiconductors — 0.0%
ASE Technology Holding Co., Ltd., ADR		200		1,034
ChipMOS Technologies, Inc., ADR		100		2,498
MagnaChip Semiconductor Corp. (a)		1,300		18,889
NXP Semiconductors NV		200		29,606
Silicon Motion Technology Corp., ADR		600		50,220
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4,100		335,175
United Microelectronics Corp., ADR (a)		4,100		27,757
Zepp Health Corp., ADR		900		1,665
				466,844
Telecommunications — 0.0%
KT Corp., ADR		300		4,188
Total Asia				7,042,286
Europe — 0.3%
Biotechnology & Pharmaceuticals — 0.0%
Contra Aduro Biotech I (d)		1,040		0
Consumer Discretionary Products — 0.0%
Autoliv, Inc.		900		64,413
Containers & Packaging — 0.0%
Amcor plc		100		1,243
Financial Services — 0.1%
IX Acquisition Corp., Class A (a)		20,004		196,239
ScION Tech Growth I, Class A (a),(b)		146,939		1,451,757
ScION Tech Growth II, Class A (a),(b),(c)		300,000		2,940,000
				4,587,996
Health Care — 0.1%
Affimed NV (a)		200		554
Amarin Corp. plc, ADR (a)		7,000		10,430
ATAI Life Sciences NV (a)		3,300		12,012
Bicycle Therapeutics plc, ADR (a)		7,900		132,562
Compass Pathways plc, ADR (a)		4,400		47,608
Fresenius Medical Care AG & Co. KGaA, ADR		1,100		27,434
Galecto, Inc. (a)		1,800		3,114
Genfit, ADR (a)		200		644
Koninklijke Philips NV		1,462		31,477
Merus NV (a)		1,600		36,224
Novartis AG, ADR		30,200		2,552,806
Prothena Corp. plc (a)		6,900		187,335
				3,042,200
Industrial Products — 0.0%
Arrival SA (a)		30,300		47,874
Luxfer Holdings plc		1,800		27,216
				75,090

See Notes to Consolidated Schedule of Investments.

2

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Industrial Services — 0.0%
Ardmore Shipping Corp. (a)		100	$	697
Diana Shipping, Inc.		7,953		38,095
EuroDry Ltd. (a)		600		10,854
Euroseas Ltd.		200		4,780
Frontline Ltd. (a)		32,600		288,836
GasLog Partners LP		9,300		51,615
Global Ship Lease, Inc., Class A		6,000		99,120
Golden Ocean Group Ltd.		5,820		67,745
Safe Bulkers, Inc.		16,600		63,412
Scorpio Tankers, Inc.		15,700		541,807
SFL Corp. Ltd.		16,900		160,381
Star Bulk Carriers Corp.		20,700		517,293
TORM plc, A Shares (a)		400		5,420
Tsakos Energy Navigation Ltd.		5,300		47,541
				1,897,596
Insurance — 0.0%
Aegon NV		200		876
Materials — 0.0%
ArcelorMittal		8,500		192,100
Linde plc		400		115,012
Mercer International, Inc.		4,000		52,600
				359,712
Oil & Gas — 0.1%
BP plc (c)		67,548		317,171
BP plc, ADR		5,000		141,750
Eni SpA (c)		64,180		761,217
Equinor ASA (c)		5,670		197,574
Shell plc (c)		82,887		2,150,713
Shell plc, ADR		8,400		439,236
TechnipFMC plc (a)		120,800		812,984
TotalEnergies SE (c)		15,288		804,714
				5,625,359
Software & Technology Services — 0.0%
Endava plc, ADR (a)		1,500		132,405
Materialise NV, ADR (a)		2,700		36,774
				169,179
Telecommunications — 0.0%
Vodafone Group PLC, ADR		400		6,232
Total Europe				15,829,896
Middle East — 0.1%
Consumer Discretionary Products — 0.0%
Innoviz Technologies Ltd. (a)		1,100		4,312
Consumer Discretionary Services — 0.0%
NEOGAMES SA (a)		1,400		18,774
Financial Services — 0.0%
ION Acquisition Corp., 3 Ltd., Class A (a),(b),(c)		209,600		2,043,600
Health Care — 0.0%
Compugen Ltd. (a)		1,000		1,850
Oramed Pharmaceuticals, Inc. (a)		10,400		47,632
				49,482

See Notes to Consolidated Schedule of Investments.

3

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Industrial Products — 0.0%
Camtek Ltd. (a)		100	$	2,486
Kornit Digital Ltd. (a)		11,200		355,040
				357,526
Materials — 0.0%
Eldorado Gold Corp. (a)		24,200		154,638
ICL Group Ltd.		900		8,172
				162,810
Software & Technology Services — 0.1%
Check Point Software Technologies Ltd. (a)		18,300		2,228,574
ironSource Ltd., A Shares (a)		32,700		77,826
JFrog Ltd. (a)		10,700		225,449
Radware Ltd. (a)		4,200		91,014
Sapiens International Corp. NV		100		2,419
Wix.com Ltd. (a)		8,700		570,285
				3,195,567
Tech Hardware & Semiconductors — 0.0%
Silicom Ltd. (a)		100		3,365
Telecommunications — 0.0%
Allot Ltd. (a)		2,900		14,181
Total Middle East				5,849,617
North America — 20.1%
Apparel & Textile Products — 0.0%
Brilliant Earth Group, Inc., Class A (a)		200		950
Banking — 0.3%
1st Source Corp.		300		13,620
ACNB Corp.		200		5,938
Alerus Financial Corp.		400		9,524
Allegiance Bancshares, Inc.		200		7,552
Ames National Corp.		400		8,872
Arrow Financial Corp.		199		6,330
Bancorp, Inc. (a)		700		13,664
Bank of America Corp.		1,100		34,243
Bank of Marin Bancorp		400		12,712
Bank of NT Butterfield & Son Ltd.		300		9,357
BankFinancial Corp.		355		3,333
Bankwell Financial Group, Inc.		800		24,840
Bar Harbor Bankshares		200		5,172
BayCom Corp.		1,200		24,816
Blue Ridge Bankshares, Inc.		900		13,788
Bridgewater Bancshares, Inc. (a)		400		6,456
Brookline Bancorp, Inc.		3,000		39,930
Business First Bancshares, Inc.		400		8,524
Byline Bancorp, Inc.		1,100		26,180
Cambridge Bancorp		100		8,270
Camden National Corp.		400		17,620
Capital Bancorp, Inc.		200		4,340
Capital City Bank Group, Inc.		200		5,578
Capitol Federal Financial, Inc.		500		4,590
Capstar Financial Holdings, Inc.		700		13,734
Carter Bankshares, Inc. (a)		1,000		13,200
CBTX, Inc.		1,000		26,590
Central Pacific Financial Corp.		1,100		23,595
Central Valley Community Bancorp		600		8,700
Citizens Financial Group, Inc.		35		1,249
Civista Bancshares, Inc.		500		10,630
CNB Financial Corp.		300		7,257
Coastal Financial Corp. (a)		500		19,060

See Notes to Consolidated Schedule of Investments.

4

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Codorus Valley Bancorp, Inc.		100	$	2,251
Colony Bankcorp, Inc.		200		3,018
Columbia Banking System, Inc.		1,800		51,570
Community Trust Bancorp, Inc.		500		20,220
ConnectOne Bancorp, Inc.		1,300		31,785
CrossFirst Bankshares, Inc. (a)		1,300		17,160
Customers Bancorp, Inc (a)		1,000		33,900
Eagle Bancorp, Inc.		2,000		94,820
Equity Bancshares, Inc., Class A		400		11,664
Esquire Financial Holdings, Inc.		300		9,990
Farmers National Banc Corp.		1,000		15,000
Financial Institutions, Inc.		500		13,010
First Bancorp		700		24,430
First Bancshares, Inc. (The)		1,000		28,600
First Busey Corp.		2,800		63,980
First Business Financial Services, Inc.		600		18,714
First Commonwealth Financial Corp.		2,600		34,892
First Community Bankshares, Inc.		300		8,823
First Community Corp.		100		1,917
First Financial Bankshares, Inc.		300		11,781
First Financial Corp.		1,000		44,500
First Foundation, Inc.		1,900		38,912
First Internet Bancorp		200		7,364
First Merchants Corp.		301		10,722
First of Long Island Corp. (The)		500		8,765
Five Star Bancorp		200		5,284
Flushing Financial Corp.		100		2,126
FS Bancorp, Inc.		861		24,719
FVCBankcorp, Inc. (a)		1,100		20,713
German American Bancorp, Inc.		300		10,254
Great Southern Bancorp, Inc.		300		17,568
Guaranty Bancshares, Inc.		100		3,625
HBT Financial, Inc.		100		1,787
Heritage Commerce Corp.		2,300		24,587
Heritage Financial Corp.		2,200		55,352
Hilltop Holdings, Inc.		600		15,996
Home Bancorp, Inc.		100		3,413
HomeTrust Bancshares, Inc.		600		15,000
Horizon Bancorp, Inc.		1,800		31,356
Independent Bank Corp.		1,200		23,136
Investar Holding Corp.		200		4,380
JPMorgan Chase & Co.		6,900		777,009
Kearny Financial Corp.		1,100		12,221
KeyCorp		100		1,723
Lakeland Bancorp, Inc.		2,335		34,138
Lakeland Financial Corp.		100		6,642
LCNB Corp.		300		4,485
Live Oak Bancshares, Inc.		2,400		81,336
Luther Burbank Corp.		600		7,830
Macatawa Bank Corp.		1,000		8,840
Mercantile Bank Corp.		400		12,780
Merchants Bancorp		350		7,935
Meridian Corp.		100		3,030
Metrocity Bankshares, Inc.		600		12,186
Metropolitan Bank Holding Corp. (a)		1,300		90,246
Midland States Bancorp, Inc.		900		21,636
MidWestOne Financial Group, Inc.		200		5,944
National Bank Holdings Corp., Class A		200		7,654
National Bankshares, Inc.		100		3,140
NBT Bancorp, Inc.		1,000		37,590
Northeast Bank		100		3,653
Northrim BanCorp, Inc.		400		16,104

See Notes to Consolidated Schedule of Investments.

5

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
OceanFirst Financial Corp. (b)		689,483	$	13,189,810
OFG Bancorp		400		10,160
Old Second Bancorp, Inc.		3,200		42,816
OP Bancorp		200		2,098
Origin Bancorp, Inc.		500		19,400
PacWest Bancorp		500		13,330
PCB Bancorp		1,700		31,756
PCSB Financial Corp.		1,800		34,362
Peapack Gladstone Financial Corp.		600		17,820
Penns Woods Bancorp, Inc.		100		2,309
Peoples Bancorp, Inc.		1,300		34,580
Ponce Financial Group, Inc. (a)		800		7,392
Preferred Bank		100		6,802
Premier Financial Corp.		248		6,287
Primis Financial Corp.		900		12,267
Professional Holding Corp., Class A (a)		700		14,035
Provident Bancorp, Inc.		500		7,850
QCR Holdings, Inc.		500		26,995
RBB Bancorp		600		12,402
Renasant Corp.		1,800		51,858
Republic First Bancorp, Inc. (a)		6,700		25,527
Richmond Mutual BanCorp, Inc.		100		1,398
Riverview Bancorp, Inc.		300		1,974
S&T Bancorp, Inc.		1,700		46,631
Shore Bancshares, Inc.		1,600		29,600
Sierra Bancorp		300		6,519
Silvergate Capital Corp., Class A (a)		100		5,353
Simmons First National Corp., Class A		1		21
SmartFinancial, Inc.		200		4,832
Southern First Bancshares, Inc. (a)		100		4,359
Territorial Bancorp, Inc.		200		4,170
Texas Capital Bancshares, Inc. (a)		2,900		152,656
Timberland Bancorp, Inc.		100		2,500
Towne Bank		400		10,860
Trico Bancshares		800		36,512
TrustCo Bank Corp.		720		22,205
Trustmark Corp.		2,300		67,137
Univest Financial Corp.		1,100		27,984
US Bancorp		400		18,408
Waterstone Financial, Inc.		700		11,935
Wells Fargo & Co.		600		23,502
Western New England Bancorp, Inc.		500		3,730
				16,514,612
Biotechnology & Pharmaceuticals — 0.0%
Cognition Therapeutics, Inc. (a)		500		1,065
Contra StrongBridge (d)		5,000		0
				1,065
Consumer Discretionary Products — 0.2%
ACCO Brands Corp.		9,800		63,994
Aeva Technologies, Inc. (a)		2,600		8,138
Allbirds, Inc., Class A (a)		100		393
American Outdoor Brands, Inc. (a)		2,300		21,873
Beazer Homes USA, Inc. (a)		2,000		24,140
Caesarstone Ltd.		900		8,217
Canada Goose Holdings, Inc. (a)		14,600		262,946
Canoo, Inc. (a)		100		185
Charles & Colvard Ltd. (a)		2,100		2,604
Clarus Corp.		1,000		18,990
Cooper-Standard Holding, Inc. (a)		3,500		17,465
Crocs, Inc. (a)		2,900		141,143

See Notes to Consolidated Schedule of Investments.

6

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Culp, Inc.		400	$	1,720
Delta Apparel, Inc. (a)		100		2,837
Escalade, Inc.		100		1,299
Flexsteel Industries, Inc.		300		5,400
Forestar Group, Inc. (a)		1,000		13,690
Fortune Brands Home & Security, Inc.		12,100		724,548
Funko, Inc., Class A (a)		4,700		104,904
Griffon Corp.		200		5,606
Hooker Furniture Corp.		1,500		23,325
JAKKS Pacific, Inc. (a)		600		7,596
Kimball International, Inc., Class B		1,900		14,573
Kontoor Brands, Inc.		3,700		123,469
Landsea Homes Corp. (a)		2,100		13,986
Levi Strauss & Co., Class A		1,300		21,216
Luminar Technologies, Inc. (a)		200		1,186
Masco Corp.		100		5,060
Masonite International Corp. (a)		400		30,732
Miller Industries, Inc.		1,000		22,670
Motorcar Parts of America, Inc. (a)		100		1,312
Nautilus, Inc. (a)		2,200		3,850
Newell Brands, Inc.		700		13,328
NIKE, Inc., Class B		1,900		194,180
Purple Innovation, Inc. (a)		1,400		4,284
PVH Corp.		4,300		244,670
QuantumScape Corp. (a)		3,700		31,783
Steven Madden Ltd.		6,500		209,365
Superior Group of Cos., Inc.		200		3,550
Superior Industries International, Inc. (a)		1,600		6,320
Tapestry, Inc.		8,100		247,212
Tenneco, Inc., Class A (a)		9,100		156,156
Tesla, Inc. (a)		8,800		5,926,096
Toll Brothers, Inc.		1,800		80,280
TRI Pointe Homes, Inc. (a)		7,000		118,090
Under Armour, Inc., Class A (a)		8,300		69,139
Urban Outfitters, Inc. (a)		16,400		306,024
Velodyne Lidar, Inc. (a)		56,100		53,587
Westport Fuel Systems, Inc. (a)		26,900		27,169
				9,390,300
Consumer Discretionary Services — 0.1%
2U, Inc. (a)		13,200		138,204
Accel Entertainment, Inc. (a)		2,700		28,674
Allied Esports Entertainment, Inc. (a)		1,200		1,716
BJ’s Restaurants, Inc. (a)		2,700		58,536
Bluegreen Vacations Holding Corp.		800		19,968
Carriage Services, Inc.		1,400		55,510
Carrols Restaurant Group, Inc.		600		1,212
Century Casinos, Inc. (a)		1,700		12,240
Chegg, Inc. (a)		33,900		636,642
Choice Hotels International, Inc.		300		33,489
Cinemark Holdings, Inc. (a)		5,500		82,610
Coursera, Inc. (a)		400		5,672
Dave & Buster’s Entertainment, Inc. (a)		12,900		422,862
Denny’s Corp. (a)		4,400		38,192
DineEquity, Inc.		3,400		221,272
DraftKings, Inc., Class A (a)		18,370		214,378
El Pollo Loco Holdings, Inc. (a)		2,700		26,568
Everi Holdings, Inc. (a)		14,500		236,495
Fiesta Restaurant Group, Inc. (a)		100		714
Full House Resorts, Inc. (a)		2,300		13,984
GAN Ltd. (a)		9,900		29,304
Golden Entertainment, Inc. (a)		1,200		47,460

See Notes to Consolidated Schedule of Investments.

7

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
International Game Technology PLC		35,000	$	649,600
Lincoln Educational Services Corp. (a)		2,900		18,299
Lindblad Expeditions Holdings, Inc. (a)		600		4,860
McDonald’s Corp.		400		98,752
Monarch Casino & Resort, Inc. (a)		500		29,335
Noodles & Co. (a)		4,400		20,680
Norwegian Cruise Line Holdings Ltd. (a)		1,500		16,680
ONE Group Hospitality, Inc. (The) (a)		1,900		14,003
Perdoceo Education Corp (a)		100		1,178
Planet Fitness, Inc., Class A (a)		9,200		625,692
Playa Hotels & Resorts NV (a)		29,900		205,413
Red Robin Gourmet Burgers, Inc. (a)		3,200		25,696
Ruth’s Hospitality Group, Inc.		3,200		52,032
SeaWorld Entertainment, Inc. (a)		12,100		534,578
Shake Shack, Inc., Class A (a)		4,600		181,608
Stride, Inc. (a)		2,300		93,817
Target Hospitality Corp. (a)		5,600		31,976
Universal Technical Institute, Inc. (a)		3,300		23,529
Vail Resorts, Inc.		200		43,610
Virgin Galactic Holdings, Inc. (a)		7,200		43,344
Waitr Holdings, Inc. (a)		1,700		260
Wingstop, Inc.		900		67,293
Wyndham Hotels & Resorts, Inc.		200		13,144
XpresSpa Group, Inc. (a)		4,400		3,038
				5,124,119
Consumer Staple Products — 0.4%
Alico, Inc.		200		7,126
Altria Group, Inc.		146,300		6,110,951
AquaBounty Technologies, Inc. (a)		13,700		23,427
Aurora Cannabis, Inc. (a)		10,400		13,728
B&G Foods, Inc		7,800		185,484
Cadiz, Inc. (a)		1,400		3,262
Cal-Maine Foods, Inc.		100		4,941
Campbell Soup Co.		1,100		52,855
Canopy Growth Corp. (a)		4,000		11,400
Clorox Co. (The)		5,000		704,900
elf Beauty, Inc. (a)		2,100		64,428
Hain Celestial Group, Inc. (a)		1,000		23,740
Honest Co., Inc. (The) (a)		14,100		41,172
Hostess Brands, Inc. (a)		11,300		239,673
J. M. Smucker Co.		4,000		512,040
Kimberly-Clark Corp.		15,300		2,067,795
Kraft Heinz Co.		56,900		2,170,166
Limoneira Co.		1,000		14,090
McCormick & Co., Inc.		1,600		133,200
Molson Coors Beverage Co., Class B		4,800		261,648
Mondelez International, Inc., Class A		40,700		2,527,063
Nature’s Sunshine Products, Inc. (a)		1,000		10,670
Oatly Group AB, ADR (a)		4,600		15,916
PepsiCo, Inc.		14,100		2,349,906
Procter & Gamble Co.		100		14,379
Quanex Building Products Corp.		500		11,375
Real Good Food Co., Inc. (The) (a)		300		2,109
Sanderson Farms, Inc.		2,400		517,272
SunOpta, Inc. (a)		5,400		42,012
Tejon Ranch Co. (a)		700		10,864
Vital Farms, Inc. (a)		200		1,750
				18,149,342

See Notes to Consolidated Schedule of Investments.

8

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Financial Services — 10.5%
7GC & Co. Holdings, Inc., Class A (a),(b),(c)		272,000	$	2,671,040
ABG Acquisition Corp. (a),(b),(c)		300,000		2,937,000
Accelerate Acquisition Corp., Class A (a),(b)		46,849		457,246
Accretion Acquisition Corp. (a)		22,421		220,847
ACRES Commercial Realty Corp. (a)		433		3,546
Acropolis Infrastructure Acquisition Corp. (a),(b),(c)		500,001		4,835,010
Adara Acquisition Corp., Class A (a)		29,182		288,610
Adit EdTech Acquisition Corp. (a),(b),(c)		203,364		2,001,102
Aesther Healthcare Acquisition Corp, Class A (a)		14,500		147,175
AF Acquisition Corp., Class A (a)		19,467		189,609
Agile Growth Corp., Class A (a)		1,455		14,288
Air Lease Corp.		12,300		411,189
Alpha Partners Technology Merger Corp., Class A (a),(b),(c)		500,001		4,840,010
AltC Acquisition Corp., Class A (a),(b),(c)		375,000		3,618,750
AltEnergy Acquisition Corp. (a)		12,170		121,457
Altimar Acquisition Corp. III, Class A (a)		1,006		9,869
Altimeter Growth Corp. 2, Class A (a)		16,138		159,121
Amerant Bancorp, Inc.		100		2,812
American Express Co.		800		110,896
Anthemis Digital Acquisitions I Corp. (a),(b),(c)		472,500		4,715,550
Anzu Special Acquisition Corp., Class A (a),(b)		46,634		457,013
Apeiron Capital Investment Corp., Class A (a)		507		5,060
Apollo Investment Corp.		9,000		96,930
Apollo Strategic Growth Capital, Class A (a),(b),(c)		450,000		4,423,500
Arbor Rapha Capital Bioholdings Corp. I (a)		57,714		578,871
Arctos NorthStar Acquisition Corp., Class A (a),(b)		39,804		390,875
Arena Fortify Acquisition Corp., Class A (a),(b)		87,300		876,492
Ares Acquisition Corp., Class A (a),(b)		47,736		469,245
Ares Capital Corp.		31,000		555,830
Argus Capital Corp., Class A (a),(b),(c)		452,532		4,525,320
Arlington Asset Investment Corp., Class A (a)		2,300		7,475
Arrowroot Acquisition Corp. (a),(b)		35,000		341,250
ARYA Sciences Acquisition Corp., Class A (a)		7,600		74,708
ARYA Sciences Acquisition Corp., Class A (a),(b),(c)		147,703		1,435,673
AssetMark Financial Holdings, Inc. (a)		900		16,893
Athena Consumer Acquisition Corp., Class A (a),(b),(c)		524,114		5,251,622
Athlon Acquisition Corp. (a),(b),(c)		465,000		4,580,250
Atlantic Avenue Acquisition Corp., Class A (a)		15,000		148,725
Atlantic Coastal Acquisition Corp. (a)		55,000		546,150
Atlantic Coastal Acquisition Corp., Class A (a)		711		6,954
Atlanticus Holdings Corp. (a)		200		7,034
Austerlitz Acquisition Corp., Class A (a),(b)		35,631		347,402
Austerlitz Acquisition Corp. II, Class A (a),(b)		203,700		1,986,075
Authentic Equity Acquisition Corp., Class A (a),(b),(c)		550,000		5,417,500
Avista Public Acquisition Corp. II, Class A (a),(b),(c)		458,199		4,636,974
B Riley Principal 250 Merger Corp., Class A (a),(b),(c)		247,911		2,417,132
Bain Capital Specialty Finance, Inc.		4,100		55,801
Bank of New York Mellon Corp.		5,700		237,747
Barings BDC, Inc.		7,600		70,756
Belong Acquisition Corp., Class A (a)		34,953		342,889
Berenson Acquisition Corp., Class A (a)		30,454		297,231
BGC Partners, Inc., Class A		41,200		138,844
Big Sky Growth Partners, Inc. (a)		29,359		285,957
Bilander Acquisition Corp., Class A (a),(b),(c)		365,048		3,533,665
Bite Acquisition Corp. (a)		12,867		126,225
Black Mountain Acquisition Corp., Class A (a),(b),(c)		472,500		4,701,375
BlackRock Capital Investment Corp.		7,381		27,088
BlackRock TCP Capital Corp.		4,900		61,397
BlackRock, Inc.		2,100		1,278,984
Blockchain Coinvestors Acquisition Corp., Class A (a),(b)		35,011		347,309
Blucora, Inc. (a)		4,200		77,532
BlueRiver Acquisition Corp., Class A (a),(b),(c)		142,902		1,404,727
BrightSpire Capital, Inc.		10,900		82,295

See Notes to Consolidated Schedule of Investments.

9

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Build Acquisition Corp., Class A (a),(b)		51,304	$	500,727
Bullpen Parlay Acquisition Co., Class A (a),(b),(c)		378,000		3,821,580
Burtech Acquisition Corp., Class A (a)		34,004		338,000
C5 Acquisition Corp. (a),(b)		200,100		1,998,999
Capital Southwest Corp.		4,600		84,732
Carlyle Group, Inc.		200		6,332
Carney Technology Acquisition Corp. II, Class A (a)		34,529		340,801
Catalyst Partners Acquisition Corp., Class A (a),(b),(c)		250,000		2,435,000
Cboe Global Markets, Inc.		1,900		215,061
CC Neuberger Principal Holdings III, Class A (a),(b),(c)		405,675		3,991,842
CENAQ Energy Corp., Class A (a),(b)		174,100		1,751,446
CF Acquisition Corp. IV, Class A (a),(b),(c)		465,000		4,575,600
Chardan NexTech Acquisition 2 Corp. (a)		74,500		753,940
Charles Schwab Corp.		24,000		1,516,320
Cherry Hill Mortgage Investment Corp.		4,500		28,800
Churchill Capital Corp., Class A (a),(b),(c)		461,695		4,516,697
Churchill Capital Corp. V, Class A (a),(b)		51,081		502,126
Clarim Acquisition Corp., Class A (a),(b)		95,051		933,401
Climate Real Impact Solutions II Acquisition Corp., Class A (a),(b),(c)		256,050		2,516,971
CME Group, Inc.		4,300		880,210
Coinbase Global, Inc., Class A (a)		46,900		2,205,238
Colicity, Inc., Class A (a),(b),(c)		465,000		4,561,650
Colonnade Acquisition Corp. II, Class A (a),(b),(c)		310,000		3,034,900
Compass Digital Acquisition Corp. (a),(b),(c)		375,018		3,618,924
Compute Health Acquisition Corp., Class A (a),(b),(c)		465,000		4,561,650
Concord Acquisition Corp. III, Class A (a),(b),(c)		378,000		3,757,320
Constellation Acquisition Corp. I, Class A (a),(b)		48,101		472,833
Consumer Portfolio Services, Inc. (a)		100		1,025
Corner Growth Acquisition Corp., Class A (a),(b),(c)		375,000		3,697,500
Corsair Partnering Corp. (a),(b),(c)		375,000		3,630,000
COVA Acquisition Corp., Class A (a),(b),(c)		186,700		1,835,261
Cowen, Inc., Class A		2,900		68,701
Credit Acceptance Corp. (a)		200		94,682
Crescent Capital Bdc, Inc		2,600		40,300
Crucible Acquisition Corp., Class A (a)		904		8,895
D & Z Media Acquisition Corp., Class A (a)		7,400		72,594
Decarbonization Plus Acquisition Corp. IV, Class A (a),(b),(c)		334,400		3,313,904
DHB Capital Corp., Class A (a)		9,434		92,265
DHC Acquisition Corp., Class A (a),(b)		160,795		1,575,791
DiamondHead Holdings Corp., Class A (a)		14,635		143,862
Digital Transformation Opportunities Corp. (a),(b)		37,500		366,750
dMY Technology Group, Inc. (a),(b),(c)		217,060		2,122,847
DP Cap Acquisition Corp., Class A (a),(b),(c)		472,500		4,701,375
Dragoneer Growth Opportunities Corp., Class A (a),(b),(c)		270,531		2,643,088
Dynex Capital, Inc.		100		1,592
Edify Acquisition Corp., Class A (a)		900		8,838
Elevate Credit, Inc. (a)		2,600		6,136
Ellington Residential Mortgage REIT		1,000		7,470
Elliott Opportunity II Corp., Class A (a),(b),(c)		375,000		3,645,000
Enterprise 4.0 Technology Acquisition Corp. (a),(b),(c)		500,000		5,015,000
Epiphany Technology Acquisition Corp., Class A (a),(b),(c)		291,000		2,857,620
EQ Health Acquisition Corp., Class A (a)		10,920		107,344
ExcelFin Acquisition Corp., Class A (a),(b),(c)		468,700		4,689,343
EZCORP, Inc., Class A (a)		7,100		53,321
FG Acquisition Corp., Class A (a),(c)		189,198		1,831,437
Fidus Investment Corp.		2,300		40,135
Fifth Wall Acquisition Corp. III, Class A (a),(b),(c)		299,136		2,910,593
Figure Acquisition Corp. I, Class A (a),(b),(c)		355,044		3,479,431
Finnovate Acquisition Corp. (a)		6,701		66,608
Fintech Evolution Acquisition Group, Class A (a),(b),(c)		310,002		3,038,020
First Light Acquisition Group, Class A (a),(b)		170,842		1,698,169
First Reserve Sustainable Growth Corp. (a),(b)		86,800		848,036

See Notes to Consolidated Schedule of Investments.

10

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
First Western Financial, Inc. (a)		400	$	10,876
Flame Acquisition Corp., Class A (a),(b)		43,746		428,273
Flywire Corp. (a)		307,134		5,414,772
Focus Financial Partners, Inc., Class A (a)		600		20,436
Focus Impact Acquisition Corp., Class A (a)		26,955		268,202
Forest Road Acquisition Corp., Class A (a),(b),(c)		310,000		3,036,450
Fortistar Sustainable Solutions Corp., Class A (a),(b),(c)		208,700		2,047,347
Fortress Value Acquisition Corp. (a),(b)		66,343		648,171
Forum Merger IV Corp., Class A (a),(b),(c)		310,000		3,028,700
Frontier Acquisition Corp., Class A (a),(b),(c)		310,000		3,038,000
FTAC Athena Acquisition Corp., Class A (a),(b)		218,692		2,145,368
FTAC Hera Acquisition Corp., Class A (a),(b),(c)		310,000		3,038,000
FTAC Parnassus Acquisition Corp., Class A (a),(b)		312,834		3,081,415
Fusion Acquisition Corp. II, Class A (a),(b)		201,492		1,976,636
G Squared Asend II, Inc., Class A (a),(b),(c)		276,531		2,712,769
G&P Acquisition Corp., Class A (a)		115		1,143
Gaming & Hospitality Acquisition Corp., Class A (a)		700		6,846
GATX Corp.		700		65,912
Gladstone Acquisition Corp., Class A (a)		55,172		556,134
Gladstone Capital Corp.		3,400		34,306
Gladstone Investment Corp.		2,700		38,016
Global Partner Acquisition Corp. II, Class A (a)		14,462		142,595
Goal Acquisitions Corp. (a),(b)		90,180		883,764
Golden Arrow Merger Corp. (a),(b)		105,465		1,031,448
Golub Capital BDC, Inc.		1,000		12,960
Gores Technology Partners II, Inc., Class A (a),(b)		250,000		2,447,500
Gores Technology Partners, Inc., Class A (a),(b),(c)		211,500		2,070,585
Granite Point Mortgage Trust, Inc.		3,800		36,366
Great Ajax Corp.		1,800		17,262
Great Elm Capital Corp.		220		2,772
Greenhill & Co., Inc.		3,000		27,660
Growth For Good Acquisition Corp. (a),(b),(c)		378,000		3,696,840
Healthcare servise Acquisition Corp., Class A (a),(b)		79,477		782,054
Hercules Capital, Inc.		15,800		213,142
Home BancShares, Inc.		100		2,077
Horizon Technology Finance Corp.		4,300		49,622
IG Acquisition Corp., Class A (a)		1,800		17,820
Innovative International Acquisition Corp., Class A (a)		3,882		39,014
Insight Acquisition Corp., Class A (a)		31,634		310,646
Intercontinental Exchange, Inc.		1,900		178,676
International Media Acquisition Corp., Class A (a),(b)		86,024		858,089
International Money Express, Inc. (a)		6,200		126,914
InterPrivate II Acquisition Corp., Class A (a),(b),(c)		225,195		2,204,659
InterPrivate IV InfraTech Partners, Inc., Class A (a),(b)		91,537		897,063
Invesco Ltd.		35,700		575,841
Investcorp India Acquisition Corp. (a),(b),(c)		162,382		1,635,187
Itiquira Acquisition Corp., Class A (a)		428		4,212
Jaguar Global Growth Corp., Class A (a),(b),(c)		214,600		2,133,124
Janus Henderson Group plc		4,500		105,795
Jaws Hurricane Acquisition Corp., Class A (a),(b),(c)		262,600		2,557,724
Jaws Juggernaut Acquisition Corp., Class A (a),(b),(c)		328,200		3,199,950
Jefferies Financial Group, Inc.		600		16,572
Jiya Acquisition Corp., Class A (a)		1		10
JOFF Fintech Acquisition Corp., Class A (a),(b)		136,274		1,335,485
Kensington Capital Acquisition Corp. (a),(b),(c)		331,300		3,183,793
Kernel Group Holdings, Inc., Class A (a)		200		1,964
Khosla Ventures Acquisition Co. (a),(b)		117,412		1,144,767
Khosla Ventures Acquisition Co., Class A (a),(b),(c)		310,000		3,019,400
Kismet Acquisition Three Corp., Class A (a),(b)		203,863		1,997,857
Kismet Acquisition Two Corp., Class A (a),(b)		55,101		541,643
KKR Acquisition Holdings I Corp., Class A (a),(b),(c)		465,000		4,552,350
KKR Real Estate Finance Trust, Inc.		5,300		92,485

See Notes to Consolidated Schedule of Investments.

11

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
KL Acquisition Corp., Class A (a),(b)		54,884	$	540,059
Ladder Capital Corp.		2,300		24,242
Landcadia Holdings IV, Inc., Class A (a),(b),(c)		465,000		4,552,350
Lazard Growth Acquisition Corp. I (a),(b),(c)		450,000		4,401,000
LDH Growth Corp., Class A (a),(b),(c)		310,000		3,028,700
Lead Edge Growth Opportunities Ltd., Class A (a),(b),(c)		434,624		4,263,661
Learn CW Investment Corp., Class A (a),(b),(c)		398,000		3,956,120
Legato Merger Corp.II (a),(b)		87,270		865,718
LendingClub Corp. (a)		26,200		306,278
LendingTree, Inc. (a)		1,200		52,584
Leo Holdings Corp. II, Class A (a)		1		10
LIV Capital Acquisition Corp., Class A (a),(b),(c)		331,200		3,318,624
Live Oak Mobility Acquisition Corp., Class A (a)		28,773		281,975
LMF Acquisition Opportunities, Inc., Class A (a)		2,398		24,364
Logan Ridge Financial Corp. (a)		183		2,873
Logistics Innovation Technologies Corp., Class A (a),(b),(c)		305,916		2,973,503
Longview Acquisition Corp., Class A (a)		28,545		278,885
M3-Brigade Acquisition II Corp., Class A (a)		200		1,962
Macondray Capital Acquisition Corp. I, Class A (a)		10,019		99,689
Manning & Napier, Inc.		3,300		41,151
Marblegate Acquisition Corp., Class A (a),(b)		86,274		852,387
Marlin Technology Corp., Class A (a),(b),(c)		408,000		4,039,200
Mason Industrial Technology, Inc., Class A (a),(b),(c)		465,000		4,547,700
Medallion Financial Corp.		500		3,200
Medicus Sciences Acquisition Corp., Class A (a)		5,952		58,330
MedTech Acquisition Corp., Class A (a),(b)		77,005		757,729
Mega Matrix Corp.		1,000		1,360
Mission Advancement Corp., Class A (a),(b)		75,005		733,549
Monroe Capital Corp.		1,500		13,545
Monument Circle Acquisition Corp., Class A (a)		14,378		141,192
Moringa Acquisition Corp., Class A (a),(b),(c)		300,000		2,946,000
Mount Rainier Acquisition Corp. (a)		600		6,012
MSD Acquisition Corp., Class A (a),(b),(c)		323,910		3,174,318
Music Acquisition Corp., Class A (a),(b)		160,509		1,572,988
Nasdaq, Inc.		10,300		1,571,162
New Mountain Finance Corp.		6,400		76,224
New Providence Acquisition Corp., Class A (a),(b)		40,000		398,400
New Vista Acquisition Corp., Class A (a)		1,501		14,740
Newcourt Acquisition Corp., Class A (a)		2,104		21,145
Newtek Business Services Corp.		3,600		68,148
Nexpoint Real Estate Finance, Inc.		500		10,135
NightDragon Acquisition Corp., Class A (a),(b),(c)		465,000		4,529,100
Noble Rock Acquisition Corp., Class A (a),(b),(c)		408,000		4,006,560
Northern Genesis Acquisition Corp. III, Class A (a),(b),(c)		465,000		4,557,000
Northern Star Investment Corp., Class A (a),(b),(c)		310,002		3,038,020
Northern Star Investment Corp. II, Class A (a),(b)		149,300		1,466,126
Northern Star Investment Corp. IV, Class A (a),(b)		359,160		3,519,768
Oaktree Specialty Lending Corp.		33,500		219,425
Ocwen Financial Corp. (a)		594		16,276
OFS Capital Corp.		1,700		16,864
Omega Alpha SPAC, Class A (a),(b),(c)		136,000		1,339,600
One Equity Partners Open Water I Corp., Class A (a),(b),(c)		430,200		4,224,564
Oportun Financial Corp. (a)		600		4,962
Oppenheimer Holdings, Inc., Class A		1,300		42,952
OPY Acquisition Corp., Class A (a)		6,781		66,725
Orion Acquisition Corp., Class A (a),(b),(c)		249,196		2,442,121
Osiris Acquisition Corp., Class A (a),(b),(c)		243,900		2,382,903
Oxford Square Capital Corp.		4,700		17,108
Pacifico Acquistion Corp. (a)		5,000		50,000
Panacea Acquisition Corp. II, Class A (a),(b),(c)		310,000		3,022,500
Parabellum Acquisition Corp., Class A (a),(b),(c)		390,000		3,837,600
Pathfinder Acquisition Corp., Class A (a)		11,708		114,973

See Notes to Consolidated Schedule of Investments.

12

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
PennantPark Floating Rate Capital Ltd.		5,800	$	66,584
PennantPark Investment Corp.		8,000		49,440
PepperLime Health Acquisition Corp., Class A (a)		7,443		74,207
Periphas Capital Partnering Corp., Class A (a),(b)		119,345		2,926,339
Pershing Square Tontine Holdings Ltd., Class A (a),(b)		2,789,494		55,706,195
Phoenix Biotech Acquisition Corp., Class A (a),(b),(c)		153,800		1,542,614
Pine Technology Acquisition Corp., Class A (a)		233		2,276
Pivotal Investment Corp. III, Class A (a),(b),(c)		300,000		2,943,000
PJT Partners, Inc., Class A		1,500		105,420
Plum Acquisition Corp. I, Class A (a),(b),(c)		310,000		3,038,000
Pono Capital Corp., Class A (a)		60,000		606,600
Pontem Corp., Class A (a),(b),(c)		465,000		4,580,250
Population Health Investment Co., Inc., Class A (a)		5,664		56,017
Portage Fintech Acquisition Corp., Class A (a),(b),(c)		500,001		4,850,010
Portman Ridge Finance Corp.		800		18,744
Powered Brands, Class A (a),(b),(c)		340,000		3,352,400
PowerUp Acquisition Corp., Class A (a),(b),(c)		260,216		2,596,956
Priveterra Acquisition Corp., Class A (a),(b)		40,143		393,401
Property Solutions Acquisition Corp., Class A (a)		19,835		194,185
PropTech Investment Corp., Class A (a),(b),(c)		126,993		1,253,421
Prospect Capital Corp.		300		2,097
Prospector Capital Corp., Class A (a),(b)		117,312		1,155,523
RCF Acquisition Corp., Class A (a),(b)		140,000		1,394,400
Regional Management Corp.		200		7,474
Revolution Healthcare Acquisition Corp., Class A (a),(b),(c)		465,000		4,538,400
Riverview Acquisition Corp., Class A (a)		44,974		447,491
ROC Energy Acquisition Corp. (a),(b),(c)		378,000		3,764,880
Rosecliff Acquisition Corp. I, Class A (a),(b)		228,933		2,245,833
RXR Acquisition Corp., Class A (a)		9,762		95,570
Sachem Capital Corp.		4,500		18,360
Safeguard Scientifics, Inc. (a)		600		2,238
Saratoga Investment Corp.		800		19,176
Schultze Special Purpose Acquisition Corp., Class A (a)		6,940		68,290
Science Strategic Acquisition Corp. Alpha, Class A (a),(b),(c)		272,000		2,668,320
Seaport Global Acquisition Corp., Class A (a),(b)		93,237		931,438
Semper Paratus Acquisition Corp., Class A (a)		1,600		16,016
Senior Connect Acquisition Corp. I, Class A (a),(b),(c)		310,000		3,053,500
Shelter Acquisition Corp., Class A (a),(b),(c)		375,000		3,686,250
Silver Spike Acquisition Corp. II, Class A (a),(b),(c)		309,256		3,029,162
Silvercrest Asset Management Group, Inc., Class A		500		8,205
Simon Property Group Acquisition Holdings, Inc., Class A (a),(b)		44,250		433,650
Sixth Street Specialty Lending, Inc.		4,600		85,100
Skydeck Acquisition Corp., Class A (a),(b),(c)		243,900		2,375,586
Slam Corp., Class A (a),(b),(c)		449,300		4,407,633
SLR Investment Corp.		3,579		52,361
SportsTek Acquisition Corp., Class A (a),(b)		125,000		1,222,500
Springwater Special Situation (a),(b)		84,513		834,988
Sprott, Inc.		1,200		41,592
ST Energy Transition I Ltd. (a),(b),(c)		378,000		3,730,860
State Street Corp.		4,100		252,765
Stellus Capital Investment Corp.		1,500		16,695
StoneX Group, Inc. (a)		100		7,807
SuRo Capital Corp.		6,269		40,122
Sustainable Development Acquistion Corp., Class A (a)		1,000		9,810
SVF Investment Corp., Class A (a)		1,100		10,846
SVF Investment Corp. 2 (a),(b),(c)		310,000		3,044,200
Tastemaker Acquisition Corp., Class A (a)		1,001		9,930
TCG BDC, Inc.		5,700		72,390
TCV Acquisition Corp., Class A (a),(b),(c)		326,088		3,179,358
TCW Special Purpose Acquisition Corp., Class A (a),(b)		80,500		784,875
Tech and Energy Transition Corp., Class A (a),(b)		41,402		404,912
TG Venture Acquisition Corp. (a)		3,258		32,319

See Notes to Consolidated Schedule of Investments.

13

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Thunder Bridge Capital Partners III, Inc., Class A (a),(b)		200,400	$	1,965,924
Tishman Speyer Innovation Corp. II, Class A (a)		743		7,274
TKB Critical Technologies 1, Class A (a)		21,626		216,909
TLG Acquisition One Corp., Class A (a),(b)		66,776		654,405
TPG Pace Beneficial II Corp., Class A (a),(b),(c)		228,473		2,223,042
TPG RE Finance Trust, Inc.		5,500		49,555
Trinity Capital, Inc.		3,800		54,986
TriplePoint Venture Growth BDC Corp., Class B		3,000		38,220
Tristar Acquisition I Corp., Class A (a),(b)		87,311		860,013
Turmeric Acquisition Corp., Class A (a),(b),(c)		62,649		620,225
Twelve Seas Investment Co. II, Class A (a),(b)		266,682		2,608,150
VectoIQ Acquisition Corp., Class A (a),(b)		78,716		774,565
Vector Acquisition Corp. II, Class A (a),(b),(c)		515,579		5,052,674
Velocity Acquisition Corp., Class A (a)		63,664		623,271
VMG Consumer Acquisition Corp., Class A (a),(b),(c)		356,402		3,556,892
VPC Impact Acquisition Holdings, Class A (a)		6,495		63,651
Vy Global Growth, Class A (a),(b),(c)		265,000		2,621,698
Warburg Pincus Capital Corp. I-A, Class A (a),(b),(c)		310,000		3,041,100
Warburg Pincus Capital Corp. I-B, Class B (a),(b),(c)		310,000		3,038,000
Warrior Technologies Acquisition Corp., Class A (a)		48		477
Waverley Capital Acquisition Corp., Class A (a),(b),(c)		375,000		3,626,250
Westwood Holdings Group, Inc.		200		2,760
WhiteHorse Finance, Inc.		1,600		21,024
Williams Rowland Acquisition Corp. (a)		245		2,450
Z-Work Acquisition Corp., Class A (a),(b)		68,468		673,040
				516,697,289
Health Care — 2.4%
89bio, Inc. (a)		4,700		15,134
Abbott Laboratories		1,500		162,975
AbCellera Biologics, Inc. (a)		300		3,195
ABIOMED, Inc. (a)		1,300		321,763
ACADIA Pharmaceuticals, Inc. (a)		100		1,409
Accelerate Diagnostics, Inc. (a)		5,500		5,460
Accolade, Inc. (a)		4,600		34,040
Accuray, Inc. (a)		18,700		36,652
Achieve Life Sciences, Inc. (a)		100		488
Actinium Pharmaceuticals, Inc. (a)		414		1,991
Adicet Bio, Inc. (a)		5,842		85,293
Adverum Biotechnologies, Inc. (a)		21,400		25,680
Aeglea BioTherapeutics, Inc. (a)		4,600		2,323
Agilent Technologies, Inc.		11,400		1,353,978
Aldeyra Therapeutics, Inc. (a)		15,700		62,643
Alector, Inc. (a)		7,800		79,248
Aligos Therapeutics, Inc. (a)		1,700		2,057
Alkermes plc (a)		16,100		479,619
Allakos, Inc. (a)		14,700		46,011
Allogene Therapeutics, Inc. (a)		1,700		19,380
Allovir, Inc. (a)		400		1,560
Alpine Immune Sciences, Inc. (a)		2,000		17,020
Altimmune, Inc. (a)		11,600		135,720
ALX Oncology Holdings, Inc. (a)		2,600		21,034
American Shared Hospital Services (a)		100		222
AmerisourceBergen Corp.		5,000		707,400
Amgen, Inc. (b)		29,700		7,226,010
Amicus Therapeutics, Inc. (a)		3,200		34,368
Amphastar Pharmaceuticals, Inc. (a)		1,800		62,622
Ampio Pharmaceuticals, Inc. (a)		4,788		804
AnaptysBio, Inc. (a)		700		14,210
ANI Pharmaceuticals, Inc. (a)		1,500		44,505
Anika Therapeutics, Inc. (a)		1,200		26,784
Annexon, Inc. (a)		4,100		15,457

See Notes to Consolidated Schedule of Investments.

14

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Annovis Bio, Inc. (a)		800	$	9,072
Applied Molecular Transport, Inc. (a)		5,900		17,169
Applied Therapeutics, Inc. (a)		1,900		1,802
Aptinyx, Inc. (a)		5,000		2,789
Aptose Biosciences, Inc. (a)		2,300		1,707
Aquestive Therapeutics, Inc. (a)		100		64
Aravive, Inc. (a)		1,500		1,482
Arcus Biosciences, Inc. (a)		1,300		32,942
Athira Pharma, Inc. (a)		1,000		3,050
AtriCure, Inc. (a)		200		8,172
aTyr Pharma, Inc. (a)		2,800		7,924
Avadel Pharmaceuticals plc, ADR (a)		600		1,464
Avanos Medical, Inc. (a)		4,100		112,094
Avid Bioservices, Inc. (a)		2,800		42,728
Avita Medical, Inc. (a)		100		475
Avrobio, Inc. (a)		9,500		8,740
Axogen, Inc. (a)		600		4,914
Baxter International, Inc.		33,300		2,138,859
Beam Therapeutics, Inc. (a)		200		7,742
Berkeley Lights, Inc. (a)		15,700		78,029
Beyond Air, Inc. (a)		3,200		21,408
Bio-Rad Laboratories, Inc., Class A (a)		300		148,500
BioAtla, Inc. (a)		8,600		24,510
BioCryst Pharmaceuticals, Inc. (a)		46,600		493,028
Biogen, Inc. (a),(b)		142,540		29,069,608
Biohaven Pharmaceutical Holding Co. Ltd. (a)		1,500		218,565
BioLife Solutions, Inc. (a)		500		6,905
BioMarin Pharmaceutical, Inc. (a)		300		24,861
Bioxcel Therapeutics, Inc. (a)		2,200		29,040
Black Diamond Therapeutics, Inc. (a)		4,900		12,054
Bluebird Bio, Inc. (a)		700		2,898
Bolt Biotherapeutics, Inc. (a)		800		1,632
Boston Scientific Corp. (a),(b)		46,000		1,714,420
Bristol-Myers Squibb Co. (b)		93,700		7,214,900
Brookdale Senior Living, Inc. (a)		11,209		50,889
C4 Therapeutics, Inc. (a)		7,000		52,780
Cabaletta Bio, Inc. (a)		3,400		3,604
Calithera Biosciences, Inc. (a)		450		1,107
Cardiff Oncology, Inc. (a)		5,900		12,980
Cardinal Health, Inc.		400		20,908
Cardiovascular Systems, Inc. (a)		200		2,872
CareDx, Inc. (a)		8,500		182,580
Castle Biosciences, Inc. (a)		3,800		83,410
Catalyst Pharmaceuticals, Inc. (a)		15,700		110,057
Celldex Therapeutics, Inc. (a)		3,900		105,144
Celsion Corp. (a)		1,913		3,482
Cerus Corp. (a)		6,800		35,972
Charles River Laboratories International, Inc. (a)		4,400		941,468
Checkpoint Therapeutics, Inc. (a)		1,000		1,030
ChemoCentryx, Inc. (a)		3,300		81,774
Chinook Therapeutics, Inc. (a)		1,720		30,083
ChromaDex Corp. (a)		800		1,336
Clearside Biomedical, Inc. (a)		5,700		8,379
Clover Health Investments Corp. (a)		57,500		123,050
Cohbar, Inc. (a)		13,400		2,542
Community Health Systems, Inc. (a)		19,600		73,500
Concert Pharmaceuticals, Inc. (a)		2,000		8,420
CONMED Corp.		100		9,576
CorMedix, Inc. (a)		1,600		6,432
Cortexyme, Inc. (a)		8,100		17,982
Corvus Pharmaceuticals, Inc. (a)		6,700		6,634
Crinetics Pharmaceuticals, Inc. (a)		2,100		39,165

See Notes to Consolidated Schedule of Investments.

15

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
CryoLife, Inc. (a)		300	$	5,664
CTI BioPharma Corp. (a)		22,400		133,728
Cue Biopharma, Inc. (a)		4,100		10,209
Cumberland Pharmaceuticals, Inc. (a)		423		878
Curis, Inc. (a)		24,700		24,317
Cutera, Inc. (a)		3,100		116,250
CVS Health Corp.		10,700		991,462
Cyclacel Pharmaceuticals, Inc. (a)		600		648
Cyclerion Therapeutics, Inc. (a)		1,200		659
Cymabay Therapeutics, Inc. (a)		600		1,770
Cyteir Therapeutics, Inc. (a)		500		1,495
Cytokinetics, Inc. (a)		9,500		373,255
CytomX Therapeutics, Inc. (a)		7,200		13,176
CytoSorbents Corp. (a)		500		1,095
Deciphera Pharmaceuticals, Inc. (a)		300		3,945
Denali Therapeutics, Inc. (a)		2,500		73,575
DENTSPLY SIRONA, Inc.		20,400		728,892
DermTech, Inc. (a)		8,000		44,320
DexCom, Inc. (a)		29,700		2,213,541
DiaMedica Therapeutics, Inc. (a)		300		606
Durect Corp. (a)		18,400		8,795
Dynavax Technologies Corp. (a)		27,800		350,002
Editas Medicine, Inc. (a)		18,400		217,672
Edwards Lifesciences Corp. (a)		11,100		1,055,499
Electromed, Inc. (a)		100		964
Eledon Pharmaceuticals, Inc. (a)		600		1,464
Eloxx Pharmaceuticals, Inc. (a)		2,000		534
Emergent BioSolutions, Inc. (a)		3,500		108,640
Enanta Pharmaceuticals, Inc. (a)		1,100		51,997
Endo International plc (a)		43,800		20,398
Enochian Biosciences, Inc. (a)		600		1,158
enVVeno Medical Corp. (a)		800		3,024
Esperion Therapeutics, Inc. (a)		200		1,272
Essa Pharma, Inc. (a)		200		630
Establishment Labs Holdings, Inc. (a)		1,100		59,818
Evelo Biosciences, Inc. (a)		1,000		2,110
Exelixis, Inc. (a)		23,000		478,860
EyePoint Pharmaceuticals, Inc. (a)		800		6,296
FibroGen, Inc. (a)		13,100		138,336
Five Star Senior Living, Inc. (a)		200		240
FONAR Corp. (a)		200		3,038
Forma Therapeutics Holdings, Inc. (a)		2,300		15,847
Forte Biosciences, Inc. (a)		2,600		3,380
Fulcrum Therapeutics, Inc. (a)		3,700		18,130
Galera Therapeutics, Inc. (a)		300		390
Generation Bio Co. (a)		100		656
Gilead Sciences, Inc.		64,400		3,980,564
Global Blood Therapeutics, Inc (a)		8,900		284,355
GlycoMimetics, Inc. (a)		4,800		2,870
GoodRx Holdings, Inc., Class A (a)		22,300		132,016
Gossamer Bio, Inc. (a)		5,000		41,850
Graphite Bio, Inc. (a)		5,100		14,025
GSK plc, ADR		400		17,412
Guardant Health, Inc. (a)		600		24,204
Haemonetics Corp. (a)		8,000		521,440
Halozyme Therapeutics, Inc. (a)		7,400		325,600
Hanger, Inc. (a)		800		11,456
Harmony Biosciences Holdings, Inc. (a)		5,400		263,358
Harpoon Therapeutics, Inc. (a)		1,500		2,865
Harrow Health, Inc. (a)		1,900		13,832
Harvard Bioscience, Inc. (a)		2,600		9,360
Heska Corp. (a)		100		9,451

See Notes to Consolidated Schedule of Investments.

16

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
iCAD, Inc. (a)		3,600	$	14,400
Ideaya Biosciences, Inc. (a)		300		4,140
IGM Biosciences, Inc. (a)		200		3,606
Illumina, Inc. (a)		12,800		2,359,808
IMARA, Inc. (a)		2,700		3,294
Immunic, Inc. (a)		3,200		11,104
ImmunoGen, Inc. (a)		51,400		231,300
Immunovant, Inc. (a)		8,600		33,540
Incyte Corp. (a)		15,300		1,162,341
Infinity Pharmaceuticals, Inc. (a)		9,000		5,691
InfuSystem Holdings, Inc. (a)		1,500		14,445
Inhibrx, Inc. (a)		200		2,270
InMed Pharmaceuticals, Inc. (a)		1,200		578
Inmode Ltd. (a)		22,400		501,984
Innoviva, Inc. (a)		5,900		87,084
Inogen, Inc. (a)		1,100		26,598
Inotiv, Inc. (a)		500		4,800
Inovio Pharmaceuticals, Inc. (a)		61,800		106,914
Integer Holdings Corp. (a)		700		49,462
Integra LifeSciences Holdings Corp. (a)		6,800		367,404
Intellia Therapeutics, Inc. (a)		14,900		771,224
Intercept Pharmaceuticals, Inc. (a)		6,600		91,146
Intuitive Surgical, Inc. (a)		20,390		4,092,477
Invacare Corp. (a)		9,300		11,904
Invitae Corp. (a)		61,900		151,036
Ionis Pharmaceuticals, Inc. (a)		7,200		266,544
Iovance Biotherapeutics, Inc. (a)		3,700		40,848
Iqvia Holdings, Inc. (a)		300		65,097
iRadimed Corp.		400		13,576
Ironwood Pharmaceuticals, Inc. (a)		6,300		72,639
iTeos Therapeutics, Inc. (a)		2,600		53,560
IVERIC bio, Inc. (a)		29,100		279,942
Jazz Pharmaceuticals plc (a)		300		46,803
Johnson & Johnson		31,500		5,591,565
Joint Corp. (The) (a)		3,900		59,709
Jounce Therapeutics, Inc. (a)		5,900		17,877
KalVista Pharmaceuticals, Inc. (a)		2,300		22,632
Karyopharm Therapeutics, Inc. (a)		21,400		96,514
Kezar Life Sciences, Inc. (a)		15,200		125,704
Kodiak Sciences, Inc. (a)		12,000		91,680
Kronos Bio, Inc. (a)		3,100		11,284
Kura Oncology, Inc. (a)		4,300		78,819
Kymera Therapeutics, Inc. (a)		4,800		94,512
Landos Biopharma, Inc. (a)		200		146
Lannett Co., Inc. (a)		8,300		4,816
Lantern Pharma, Inc. (a)		200		1,142
Lantheus Holdings, Inc. (a)		7,000		462,210
Larimar Therapeutics, Inc. (a)		333		653
Leap Therapeutics, Inc. (a)		13,700		15,755
LeMaitre Vascular, Inc.		1,200		54,660
LHC Group, Inc. (a)		100		15,506
Lineage Cell Therapeutics, Inc. (a)		2,200		3,476
Lipocine, Inc. (a)		5,600		4,485
Liquidia Corp. (a)		8,700		37,932
LivaNova PLC (a)		200		12,494
Lyra Therapeutics, Inc. (a)		600		3,390
MacroGenics, Inc. (a)		16,500		48,675
Magenta Therapeutics, Inc. (a)		6,600		7,920
MannKind Corp. (a)		200		762
Maravai LifeSciences Holdings, Inc., Class A (a)		4,500		127,845
Masimo Corp. (a)		10,900		1,424,303
Medtronic plc		47,500		4,263,125

See Notes to Consolidated Schedule of Investments.

17

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
MEI Pharma, Inc. (a)		200	$	121
Merck & Co., Inc. (b)		90,700		8,269,119
Meridian Bioscience, Inc. (a)		1,400		42,588
Merit Medical Systems, Inc. (a)		200		10,854
Merrimack Pharmaceuticals, Inc. (a)		300		1,785
Mersana Therapeutics, Inc. (a)		19,500		90,090
MiMedx Group, Inc. (a)		2,200		7,634
Mirati Therapeutics, Inc. (a)		1,600		107,408
Mirum Pharmaceuticals, Inc. (a)		2,800		54,488
Molecular Templates, Inc. (a)		5,828		5,313
Molina Healthcare, Inc. (a)		200		55,922
Morphic Holding, Inc. (a)		200		4,340
Mustang Bio, Inc. (a)		4,200		2,457
NanoString Technologies, Inc. (a)		11,300		143,510
Natera, Inc. (a)		24,200		857,648
Natus Medical, Inc. (a)		100		3,277
Nektar Therapeutics (a)		1,800		6,840
Neogen Corp. (a)		5,800		139,722
NeoGenomics, Inc. (a)		25,600		208,640
Neoleukin Therapeutics, Inc. (a)		6,600		6,798
Neurocrine Biosciences, Inc. (a)		6,700		653,116
Neuronetics, Inc. (a)		3,600		11,556
Nevro Corp. (a)		6,300		276,129
Nexgel, Inc. (a)		300		516
NextCure, Inc. (a)		1,600		7,520
NGM Biopharmaceuticals, Inc. (a)		3,700		47,434
Nkarta, Inc. (a)		3,300		40,656
Novan, Inc. (a)		1,400		3,262
Novocure Ltd. (a)		4,100		284,950
Nuvation Bio, Inc. (a)		1,500		4,860
Ocular Therapeutix, Inc. (a)		9,000		36,180
Ocuphire Pharma, Inc. (a)		3,300		6,336
Olema Pharmaceuticals, Inc. (a)		8,500		34,595
Omeros Corp. (a)		9,700		26,675
Omthera Pharmaceutical, Inc. (d)		700		0
Onconova Therapeutics, Inc. (a)		2,633		3,475
Oncorus, Inc. (a)		2,200		2,772
Oncternal Therapeutics, Inc. (a)		3,400		3,774
Opiant Pharmaceuticals, Inc. (a)		1,100		13,189
OPKO Health, Inc. (a)		6,901		17,459
Organogenesis Holdings, Inc. (a)		15,700		76,616
ORIC Pharmaceuticals, Inc. (a)		6,300		28,224
Orthofix Medical, Inc. (a)		400		9,416
Oscar Health, Inc., Class A (a)		2,100		8,925
Otonomy, Inc. (a)		2,700		5,616
Outlook Therapeutics, Inc. (a)		5,600		5,712
Pacific Biosciences of California, Inc. (a)		60,500		267,410
Paratek Pharmaceuticals, Inc. (a)		3,300		6,369
Passage Bio, Inc. (a)		9,900		23,364
PDS Biotechnology Corp. (a)		7,600		27,740
Pennant Group, Inc. (The) (a)		100		1,281
Perrigo Co. plc		24,100		977,737
Personalis, Inc. (a)		6,700		23,115
PetIQ, Inc. (a)		800		13,432
Phathom Pharmaceuticals, Inc. (a)		100		844
Phibro Animal Health Corp., Class A		1,000		19,130
Pliant Therapeutics, Inc. (a)		1,000		8,010
PLx Pharma, Inc. (a)		5,500		13,365
Praxis Precision Medicines, Inc. (a)		4,200		10,290
Precigen, Inc. (a)		4,900		6,566
Precision BioSciences, Inc. (a)		800		1,280
Prelude Therapeutics, Inc. (a)		4,300		22,446

See Notes to Consolidated Schedule of Investments.

18

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Premier, Inc., Class A		100	$	3,568
Prestige Consumer Healthcare, Inc. (a)		3,000		176,400
Progyny, Inc. (a)		200		5,810
Protagonist Therapeutics, Inc. (a)		12,400		98,084
Protara Therapeutics, Inc. (a)		800		2,344
Pulse Biosciences, Inc. (a)		51		78
Puma Biotechnology, Inc. (a)		2,300		6,555
QIAGEN NV (a)		3,900		184,080
Quanterix Corp. (a)		3,600		58,284
Quotient Ltd. (a)		2,900		696
Radius Health, Inc. (a)		12,200		126,514
RadNet, Inc. (a)		1,700		29,376
RAPT Therapeutics, Inc. (a)		3,700		67,525
Regeneron Pharmaceuticals, Inc. (a)		4,300		2,541,859
Replimune Group, Inc. (a)		2,600		45,448
Revance Therapeutics, Inc. (a)		2,500		34,550
REVOLUTION Medicines, Inc. (a)		600		11,694
Rigel Pharmaceuticals, Inc. (a)		7,400		8,362
Rocket Pharmaceuticals, Inc. (a)		7,100		97,696
Royalty Pharma plc, Class A		6,500		273,260
Rubius Therapeutics, Inc. (a)		11,100		9,443
Sage Therapeutics, Inc. (a)		500		16,150
Salarius Pharmaceuticals, Inc. (a)		6,300		1,323
Sangamo BioSciences, Inc. (a)		10,600		43,884
Sarepta Therapeutics, Inc. (a)		3,800		284,848
Satsuma Pharmaceuticals, Inc. (a)		1,000		4,140
Savara, Inc. (a)		2,100		3,192
SeaSpine Holdings Corp. (a)		900		5,085
Seelos Therapeutics, Inc. (a)		12,114		8,241
Selecta Biosciences, Inc. (a)		15,800		20,698
Sema4 Holdings Corp., Class C (a)		300		378
Sensei Biotherapeutics, Inc. (a)		400		908
Sensus Healthcare, Inc. (a)		1,000		7,680
Seres Therapeutics, Inc. (a)		4,500		15,435
Shattuck Labs, Inc. (a)		700		2,842
Sientra, Inc. (a)		5,200		4,356
Sierra Oncology, Inc. (a)		3,800		208,962
SIGA Technologies, Inc.		5,300		61,374
Silverback Therapeutics, Inc. (a)		7,600		32,224
Singular Genomics Systems, Inc. (a)		1,100		4,202
Soleno Therapeutics, Inc. (a)		4,300		795
Solid Biosciences, Inc. (a)		3,100		1,908
Spero Therapeutics, Inc. (a)		4,100		3,038
SpringWorks Therapeutics, Inc. (a)		3,200		78,784
STAAR Surgical Co. (a)		3,300		234,069
Star Equity Holdings, Inc. (a)		400		372
Stereotaxis, Inc. (a)		8,500		15,640
Stoke Therapeutics, Inc. (a)		400		5,284
Surmodics, Inc. (a)		400		14,892
Sutro Biopharma, Inc. (a)		4,600		23,966
Syndax Pharmaceuticals, Inc. (a)		6,300		121,212
Syneos Health, Inc. (a)		200		14,336
Synlogic, Inc. (a)		2,700		3,105
Tactile Systems Technology, Inc. (a)		5,300		38,690
Tandem Diabetes Care, Inc. (a)		8,700		514,953
Tarsus Pharmaceuticals, Inc. (a)		100		1,460
Taysha Gene Therapies, Inc. (a)		2,600		9,672
TCR2 Therapeutics, Inc. (a)		6,400		18,560
Teladoc Health, Inc. (a)		30,200		1,002,942
Teleflex, Inc.		800		196,680
TG Therapeutics, Inc. (a)		3,800		16,150
Thermo Fisher Scientific, Inc. (b),(c)		2,555		1,388,080

See Notes to Consolidated Schedule of Investments.

19

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Tracon Pharmaceuticals, Inc. (a)		2,800	$	5,600
Travere Therapeutics, Inc. (a)		2,600		62,998
Trevena, Inc. (a)		1,300		538
Tricida, Inc. (a)		6,300		60,984
United Therapeutics Corp. (a)		100		23,564
UNITY Biotechnology, Inc. (a)		4,700		2,648
Vanda Pharmaceuticals, Inc. (a)		8,200		89,380
Vapotherm, Inc. (a)		1,600		4,048
VBI Vaccines, Inc. (a)		400		323
Venus Concept, Inc. (a)		2,300		1,067
Verastem, Inc. (a)		21,000		24,360
Vericel Corp. (a)		3,300		83,094
Viatris, Inc.		52,800		552,816
ViewRay, Inc. (a)		33,000		87,450
Viking Therapeutics, Inc. (a)		18,500		53,465
Vincerx Pharma, Inc. (a)		100		132
Virios Therapeutics, Inc. (a)		300		1,269
Waters Corp. (a)		300		99,294
Windtree Therapeutics, Inc. (a)		1,400		584
XBiotech, Inc.		100		563
Xencor, Inc. (a)		800		21,896
Xenon Pharmaceuticals, Inc. (a)		1,200		36,504
Zentalis Pharmaceuticals, Inc. (a)		1,300		36,530
ZIOPHARM Oncology, Inc. (a)		38,600		47,864
Zoetis, Inc.		18,300		3,145,587
Zymeworks, Inc. (a)		1,900		10,070
Zynerba Pharmaceuticals, Inc. (a)		3,200		3,648
				116,816,509
Industrial Products — 0.4%
3M Co.		100		12,941
AAR Corp. (a)		500		20,920
Advanced Emissions Solutions, Inc. (a)		1,700		7,973
Aerojet Rocketdyne Holdings, Inc. (a)		12,200		495,320
Allied Motion Technologies, Inc.		400		9,136
Allison Transmission Holdings, Inc.		8,200		315,290
Altra Industrial Motion Corp.		300		10,575
AMETEK, Inc.		400		43,956
Amphenol Corp., Class A		100		6,438
Argan, Inc.		1,000		37,320
Art’s-Way Manufacturing Co., Inc. (a)		100		295
Astra Space, Inc. (a)		100		130
Astronics Corp. (a)		1,900		19,323
Atlas Crest Investment Corp. II, Class A (a),(b),(c)		421,140		4,131,383
Babcock & Wilcox Enterprises, Inc. (a)		3,600		21,708
Barnes Group, Inc.		2,100		65,394
Bel Fuse, Inc., Class B		900		14,004
Bloom Energy Corp., Class A (a)		12,100		199,650
BWX Technologies, Inc.		5,200		286,468
Cactus, Inc.		100		4,027
Capstone Green Energy Corp. (a)		52		129
Carrier Global Corp.		32,300		1,151,818
Caterpillar, Inc.		300		53,628
Chase Corp.		100		7,781
Cognex Corp.		200		8,504
Columbus McKinnon Corp.		200		5,674
Commercial Vehicle Group, Inc. (a)		600		3,504
CVD Equipment Corp. (a)		200		790
CyberOptics Corp. (a)		600		20,964
Douglas Dynamics, Inc.		100		2,874
Dover Corp.		2,300		279,036
Ducommun, Inc. (a)		200		8,608

See Notes to Consolidated Schedule of Investments.

20

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Eaton Corp. plc		100	$	12,599
Emerson Electric Co.		3,300		262,482
Federal Signal Corp.		2,100		74,760
Flowserve Corp.		11,200		320,656
General Dynamics Corp.		9,700		2,146,125
Gibraltar Industries, Inc. (a)		1,200		46,500
Gorman-Rupp Co. (The)		500		14,150
Hayward Holdings, Inc. (a)		2,400		34,536
Hurco Cos., Inc.		100		2,474
Hyliion Holdings Corp. (a)		10,800		34,776
IDEX Corp.		900		163,467
Insteel Industries, Inc.		400		13,468
Intevac, Inc. (a)		1,200		5,808
Johnson Controls International plc		100		4,788
Kennametal, Inc.		2,900		67,367
Keysight Technologies, Inc. (a)		6,400		882,240
LB Foster Co., Class A (a)		300		3,861
Lincoln Electric Holdings, Inc.		1,300		160,368
Lockheed Martin Corp.		6,000		2,579,760
LSI Industries, Inc.		900		5,553
Manitowoc Co., Inc. (The) (a)		2,700		28,431
nLight, Inc. (a)		2,300		23,506
NN, Inc. (a)		4,600		11,638
Nordson Corp.		500		101,220
Orion Energy Systems, Inc. (a)		1,300		2,613
Otis Worldwide Corp.		16,200		1,144,854
PACCAR, Inc.		2,200		181,148
Park Aerospace Corp.		400		5,104
Pentair plc		2,300		105,271
Powell Industries, Inc.		800		18,696
Proto Labs, Inc. (a)		3,000		143,520
Ranpak Holdings Corp. (a)		11,500		80,500
REV Group, Inc.		700		7,609
Rocket Lab USA, Inc. (a)		3,600		13,644
Rockwell Automation, Inc.		900		179,379
Shyft Group, Inc. (The)		1,800		33,462
SmartRent, Inc. (a)		400,000		1,808,000
Spirit AeroSystems Holdings, Inc., Class A		4,700		137,710
Standex International Corp.		200		16,956
Tennant Co.		200		11,850
Thermon Group Holdings, Inc. (a)		1,300		18,265
Timken Co.		100		5,305
Titan International, Inc. (a)		4,900		73,990
Trane Technologies plc		2,600		337,662
Triumph Group, Inc. (a)		1,800		23,922
TuSimple Holdings, Inc., Class A (a)		16,700		120,741
Vishay Precision Group, Inc. (a)		700		20,391
Watts Water Technologies, Inc., Class A		200		24,568
Workhorse Group, Inc. (a)		3,800		9,880
XL Fleet Corp. (a)		10,200		11,730
Zurn Water Solutions Corp.		1,100		29,964
				18,812,828
Industrial Services — 0.3%
Acacia Research Corp. (a)		4,100		20,664
Air Transport Services Group, Inc. (a)		400		11,492
Alta Equipment Group, Inc. (a)		1,400		12,558
Atlas Air Worldwide Holdings, Inc. (a)		3,400		209,814
Atlas Technical Consultants, Inc. (a)		600		3,156
Avalon Holdings Corp., Class A (a)		200		520
Barrett Business Services, Inc.		600		43,722
BGSF, Inc.		300		3,708

See Notes to Consolidated Schedule of Investments.

21

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Brady Corp., Class A		1,000	$	47,240
Canadian National Railway Co.		6,700		753,549
Cintas Corp.		100		37,353
Civeo Corp. (a)		525		13,582
Concrete Pumping Holdings, Inc. (a)		1,300		7,878
CoreCivic, Inc. (a)		13,300		147,763
CorVel Corp. (a)		300		44,181
Covenant Transportation Group, Inc., Class A		800		20,072
CRA International, Inc.		300		26,796
CSX Corp.		121,800		3,539,508
Daseke, Inc. (a)		8,300		53,037
DHT Holdings, Inc.		500		3,065
Dorian LPG Ltd.		1,300		19,760
DXP Enterprises, Inc. (a)		300		9,189
Eagle Bulk Shipping, Inc.		3,597		186,612
Emerald Holding, Inc. (a)		1,800		7,326
Ennis, Inc.		1,100		22,253
First Advantage Corp. (a)		100		1,267
Fluor Corp. (a)		13,000		316,420
Franklin Covey Co. (a)		700		32,326
Frontier Group Holdings, Inc. (a)		1,600		14,992
Genco Shipping & Trading Ltd.		10,800		208,656
Great Lakes Dredge & Dock Corp. (a)		1,900		24,909
H&E Equipment Services, Inc.		2,700		78,219
Hackett Group, Inc.		1,600		30,352
Heartland Express, Inc.		100		1,391
Hoegh LNG Partners LP		1,100		9,889
Hudson Technologies, Inc. (a)		9,800		73,598
Huron Consulting Group, Inc. (a)		1,300		84,487
Information Services Group, Inc.		5,400		36,504
Insperity, Inc.		1,600		159,728
International Seaways, Inc.		44		933
Iteris, Inc. (a)		300		867
Kelly Services, Inc., Class A		1,800		35,694
Kforce, Inc.		100		6,134
Lawson Products, Inc. (a)		100		5,139
Limbach Holdings, Inc. (a)		600		3,204
Marten Transport Ltd.		4,299		72,309
Mistras Group, Inc. (a)		1,900		11,286
Navigator Holdings Ltd. (a)		600		6,774
Norfolk Southern Corp.		10,300		2,341,087
Orion Group Holdings, Inc. (a)		500		1,140
Overseas Shipholding Group, Inc., Class A (a)		5,800		11,890
PAM Transportation Services, Inc. (a)		100		2,739
Pangaea Logistics Solutions Ltd.		5,400		27,432
Primoris Services Corp.		100		2,176
PureCycle Technologies, Inc. (a)		1,100		8,162
Quad/Graphics, Inc. (a)		4,500		12,375
R1 RCM, Inc. (a)		1,000		20,960
Radiant Logistics, Inc. (a)		2,300		17,066
Resources Connection, Inc.		700		14,259
Schneider National, Inc., Class B		7,700		172,326
Sharps Compliance Corp. (a)		2,200		6,424
ShotSpotter, Inc. (a)		500		13,455
SkyWest, Inc. (a)		200		4,250
Stantec, Inc.		100		4,379
Sterling Construction Co., Inc. (a)		100		2,192
Teekay Corp. (a)		3,900		11,232
Teekay Tankers Ltd., Class A (a)		3,963		69,868
Titan Machinery, Inc. (a)		2,500		56,025
Transcat, Inc. (a)		400		22,724
TriNet Group, Inc. (a)		5,400		419,148

See Notes to Consolidated Schedule of Investments.

22

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Triton International Ltd.		3,600	$	189,540
Tutor Perini Corp. (a)		4,900		43,022
Union Pacific Corp.		10,500		2,239,440
United Parcel Service, Inc., Class B		100		18,254
US Xpress Enterprises, Inc., Class A (a)		3,500		9,380
USA Truck, Inc. (a)		1,000		31,420
Vectrus, Inc. (a)		100		3,346
Viad Corp. (a)		500		13,805
Wilhelmina International, Inc. (a)		200		900
Yellow Corp. (a)		13,900		40,727
				12,291,019
Insurance — 0.0%
American Equity Investment Life Holding Co.		100		3,657
Aon plc, Class A		100		26,968
Argo Group International Holdings Ltd.		2,600		95,836
Brighthouse Financial, Inc. (a)		5,400		221,508
Citizens, Inc. (a)		2,900		12,151
CNO Financial Group, Inc.		100		1,809
Donegal Group, Inc., Class A		1,800		30,690
eHealth, Inc. (a)		7,200		67,176
Erie Indemnity Co., Class A		200		38,438
Genworth Financial, Inc., Class A (a)		1,800		6,354
Greenlight Capital Re Ltd., A Shares (a)		3,000		23,190
Hallmark Financial Services, Inc. (a)		1,100		2,662
Hanover Insurance Group, Inc.		200		29,250
HCI Group, Inc.		500		33,880
Heritage Insurance Holdings, Inc.		3,800		10,032
Hippo Holdings, Inc. (a)		500		439
Jackson Financial, Inc., Class A		11,800		315,650
Kingstone Cos., Inc.		100		394
Lemonade, Inc. (a)		7,200		131,472
Maiden Holdings Ltd. (a)		600		1,164
MBIA, Inc. (a)		500		6,175
NMI Holdings, Inc., Class A (a)		300		4,995
Radian Group, Inc.		5,500		108,075
Root, Inc., Class A (a)		19,700		23,443
SiriusPoint Ltd. (a)		200		1,084
Tiptree, Inc.		200		2,124
Trean Insurance Group, Inc. (a)		3,300		20,559
United Insurance Holdings Corp. (a)		2,200		3,432
Universal Insurance Holdings, Inc.		3,000		39,090
Unum Group (a)		28,500		969,570
				2,231,267
Materials — 0.3%
AdvanSix, Inc.		600		20,064
Alamos Gold, Inc., Class A		2,500		17,550
Alcoa Corp.		17,801		811,370
Alpha Metallurgical Resources, Inc.		5,000		645,650
American Vanguard Corp.		1,900		42,465
Amyris, Inc. (a)		19,200		35,520
Arch Resources, Inc.		4,000		572,360
B2Gold Corp.		95,200		322,728
Barrick Gold Corp.		5,700		100,833
Calyxt, Inc. (a)		2,700		652
Carpenter Technology Corp.		1,900		53,029
Century Aluminum Co. (a)		3,900		28,743
CF Industries Holdings, Inc.		15,400		1,320,242
Chemours Co.		2,600		83,252
Codexis, Inc. (a)		14,600		152,716
Coeur Mining, Inc. (a)		75,800		230,432

See Notes to Consolidated Schedule of Investments.

23

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
CONSOL Energy, Inc. (a)		2,100	$	103,698
Eastman Chemical Co.		7,000		628,390
Ecolab, Inc.		3,300		507,408
Ecovyst, Inc.		5,600		55,160
Endeavour Silver Corp (a)		1,900		5,966
Fortuna Silver Mines, Inc. (a)		1,300		3,692
Franco-Nevada Corp.		1,700		223,686
Gatos Silver, Inc. (a)		7,900		22,673
Gold Resource Corp.		12,500		20,375
Hallador Energy Co. (a)		3,900		21,099
Haynes International, Inc.		100		3,277
Hecla Mining Co.		11,500		45,080
Ingevity Corp. (a)		400		25,256
Innospec, Inc.		100		9,579
Intrepid Potash, Inc. (a)		3,600		163,044
Kinross Gold Corp.		1,100		3,938
Kronos Worldwide, Inc.		500		9,200
Livent Corp. (a)		3,100		70,339
LSB Industries, Inc. (a)		2,400		33,264
McEwen Mining, Inc. (a)		51,400		22,575
Methanex Corp.		600		22,938
Mosaic Co.		3,200		151,136
MP Materials Corp. (a)		1,400		44,912
Myers Industries, Inc.		400		9,092
NACCO Industries, Inc., Class A		300		11,370
New Gold, Inc. (a)		108,100		115,667
Newmont Corp.		39,600		2,362,932
O-I Glass, Inc. (a)		9,700		135,800
Osisko Gold Royalties Ltd.		4,600		46,460
Pan American Silver Corp.		500		9,835
Paramount Gold Nevada Corp. (a)		400		176
PolyMet Mining Corp. (a)		2,300		6,325
Ramaco Resources, Inc.		11,900		156,485
Rayonier Advanced Materials, Inc. (a)		5,200		13,624
Resolute Forest Products, Inc. (a)		9,200		117,392
Royal Gold, Inc.		1,800		192,204
Ryerson Holding Corp.		1,000		21,290
Sandstorm Gold Ltd.		20,500		121,975
Schweitzer-Mauduit International, Inc.		200		5,024
Seabridge Gold, Inc. (a)		1,200		14,916
Sensient Technologies Corp.		100		8,056
Sherwin-Williams Co.		100		22,391
Silvercorp Metals, Inc.		30,700		76,136
SSR Mining, Inc.		500		8,350
SunCoke Energy, Inc.		11,600		78,996
Sylvamo Corp.		1,900		62,092
Taseko Mines Ltd. (a)		7,700		8,316
Teck Resources Ltd., Class B		8,300		253,731
Tecnoglass, Inc.		100		1,755
Terawulf, Inc. (a)		1,100		1,320
TimkenSteel Corp. (a)		6,100		114,131
TMC the metals Co., Inc. (a)		1,200		1,236
Trex Co., Inc. (a)		2,000		108,840
Tronox Holdings plc, Class A		15,400		258,720
Turquoise Hill Resources Ltd. (a)		530		14,193
Unifi, Inc. (a)		1,000		14,060
United States Steel Corp.		57,500		1,029,825
Univar Solutions, Inc. (a)		100		2,487
Venator Materials plc (a)		5,200		10,816
Warrior Met Coal, Inc.		11,200		342,832
WestRock Co.		7,900		314,736
Westwater Resources, Inc. (a)		2,700		2,916

See Notes to Consolidated Schedule of Investments.

24

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Yamana Gold, Inc.		235,500	$	1,095,075
Zymergen, Inc. (a)		1,400		1,722
				13,807,590
Media — 1.1%
Activision Blizzard, Inc. (b)		13,253		1,031,879
Airbnb, Inc., Class A (a)		27,000		2,405,160
Alphabet, Inc., Class A (a)		1,500		3,268,890
Angi, Inc., Class A (a)		21,600		98,928
Cars.com, Inc. (a)		800		7,544
Charter Communications, Inc., Class A (a),(b)		18,540		8,686,546
Clear Channel Outdoor Holdings, Inc. (a)		49,100		52,537
Comcast Corp., Class A		10,500		412,020
Cumulus Media, Inc., Class A (a)		1,000		7,730
DHI Group, Inc. (a)		6,200		30,814
DoorDash, Inc., Class A (a)		2,500		160,425
Electronic Arts, Inc.		18,600		2,262,690
Entercom Communications Corp. (a)		8,700		8,197
Eventbrite, Inc., Class A (a)		15,100		155,077
EverQuote, Inc., Class A (a)		2,200		19,448
Facebook, Inc., Class A (a),(b)		73,900		11,916,375
Fiverr International Ltd. (a)		9,600		330,144
Fluent, Inc. (a)		2,500		2,975
fuboTV, Inc. (a)		49,900		123,253
GoDaddy, Inc., Class A (a)		13,500		939,060
HealthStream, Inc. (a)		1,200		26,052
HyreCar, Inc. (a)		300		183
IMAX Corp. (a)		7,800		131,742
Interpublic Group of Cos., Inc.		200		5,506
Lee Enterprises, Inc. (a)		100		1,899
Liberty Media Corp-Liberty SiriusXM, Class A (b),(c)		22,282		803,043
Liberty Media Corp-Liberty SiriusXM, Class C (b),(c)		33,974		1,224,763
LifeMD, Inc. (a)		3,300		6,732
Magnite, Inc. (a)		7,400		65,712
Marqeta, Inc., Class A (a),(b)		176,016		1,427,490
Netflix, Inc. (a),(b)		67,800		11,856,186
New York Times Co. (The), Class A		100		2,790
Nextdoor Holdings, Inc. (a)		800		2,648
OptimizeRx Corp. (a)		1,200		32,868
Pinterest, Inc., Class A (a)		52,700		957,032
Quotient Technology, Inc. (a)		13,000		38,610
Roku, Inc. (a)		700		57,498
Sciplay Corp., Class A (a)		2,500		34,925
Shutterstock, Inc.		3,700		212,047
Skillz, Inc. (a)		40,400		50,096
Snap, Inc., Class A (a)		373,100		4,898,803
Spotify Technology SA (a)		10,700		1,003,981
TechTarget, Inc. (a)		300		19,716
Townsquare Media, Inc., Class A (a)		500		4,095
Travelzoo (a)		500		3,030
TripAdvisor, Inc. (a)		5,900		105,020
TrueCar, Inc. (a)		5,000		12,950
Upwork, Inc. (a)		22,100		457,028
Urban One, Inc. (a)		1,700		7,276
Vacasa, Inc., Class A (a)		500		1,440
VeriSign, Inc. (a)		4,300		719,519
Vimeo, Inc. (a)		12,100		72,842
Warner Bros Discovery, Inc. (a)		1,126		15,111
WideOpenWest, Inc. (a)		1,400		25,494
				56,203,819

See Notes to Consolidated Schedule of Investments.

25

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Oil & Gas — 0.7%
Altus Midstream Co., Class A		4,180	$	142,705
Amplify Energy Corp. (a)		4,866		31,824
Antero Resources Corp. (a)		82,400		2,525,560
APA Corp.		8,400		293,160
Berry Corp.		6,600		50,292
Brigham Minerals, Inc., Class A		2,100		51,723
Canadian Natural Resources Ltd.		100		5,368
Centennial Resource Development, Inc., Class A (a)		76,100		455,078
Cheniere Energy, Inc.		9,000		1,197,270
Chevron Corp.		800		115,824
Clean Energy Fuels Corp. (a)		13,100		58,688
CNX Resources Corp. (a)		100		1,646
Comstock Resources, Inc. (a)		28,800		347,904
Crescent Point Energy Corp.		37,600		267,712
CVR Energy, Inc.		6,900		231,150
Delek US Holdings, Inc.		12,300		317,832
Earthstone Energy, Inc., Class A (a)		1,700		23,205
Enerplus Corp.		23,600		312,228
EnLink Midstream LLC (a)		13,800		117,300
EQT Corp.		99,700		3,429,680
Evolution Petroleum Corp.		4,200		22,932
Exterran Corp. (a)		4,300		18,490
Flotek Industries, Inc. (a)		2,900		2,877
Forum Energy Technologies, Inc. (a)		700		13,734
Golar LNG Ltd. (a)		5,100		116,025
Halliburton Co.		200		6,272
Helix Energy Solutions Group, Inc. (a)		12,400		38,440
HF Sinclair Corp.		14,100		636,756
Imperial Oil Ltd.		2,100		98,931
Independence Contract Drilling, Inc. (a)		3,600		11,268
Kosmos Energy Ltd. (a)		122,900		760,751
Magnolia Oil & Gas Corp., Class A		22,100		463,879
Mammoth Energy Services, Inc. (a)		4,500		9,900
Marathon Oil Corp.		69,800		1,569,104
Marathon Petroleum Corp.		400		32,884
Matrix Service Co. (a)		4,400		22,264
MRC Global, Inc. (a)		13,600		135,456
Murphy Oil Corp.		8,300		250,577
Murphy USA, Inc.		3,700		861,619
Nabors Industries Ltd. (a)		1,000		133,900
Natural Gas Services Group, Inc. (a)		600		6,600
Newpark Resources, Inc. (a)		12,200		37,698
NextDecade Corp. (a)		100		444
NexTier Oilfield Solutions, Inc. (a)		45,646		434,093
NOW, Inc. (a)		12,700		124,206
Occidental Petroleum Corp. (b)		169,000		9,950,720
Oil States International, Inc. (a)		13,300		72,086
Ovintiv, Inc.		50,918		2,250,066
Patterson-UTI Energy, Inc.		15,800		249,008
PBF Energy, Inc., Class A (a)		32,500		943,150
PDC Energy, Inc.		100		6,161
Penn Virginia Corp. (a)		5,600		184,072
Phillips 66		500		40,995
PHX Minerals, Inc.		9,000		27,360
Plains GP Holdings LP, Class A (a)		52,200		538,704
Precision Drilling Corp. (a)		800		51,216
Range Resources Corp. (a)		18,300		452,925
Ring Energy, Inc. (a)		28,800		76,608
SandRidge Energy, Inc. (a)		2,600		40,742
Select Energy Services, Inc., Class A (a)		3,800		25,916
SilverBow Resources, Inc. (a)		2,300		65,228

See Notes to Consolidated Schedule of Investments.

26

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Sitio Royalties Corp.		3,175	$	73,597
SM Energy Co.		13,800		471,822
Smart Sand, Inc. (a)		1,700		3,400
Solaris Oilfield Infrastructure, Inc., Class A		4,500		48,960
Southwestern Energy Co. (a)		93,000		581,250
Suncor Energy, Inc.		900		31,563
Talos Energy, Inc. (a)		19,800		306,306
Tellurian, Inc. (a)		14,800		44,104
TETRA Technologies, Inc. (a)		100		406
Tidewater, Inc. (a)		400		8,436
Transocean Ltd. (a)		183,833		612,164
TravelCenters of America, Inc. (a)		1,840		63,425
US Silica Holdings, Inc. (a)		200		2,284
VAALCO Energy, Inc.		1,200		8,328
Valero Energy Corp.		3,000		318,840
Vermilion Energy, Inc.		20,200		385,012
W&T Offshore, Inc. (a)		31,300		135,216
Weatherford International plc (a)		9,700		205,349
				34,060,668
Private Equity — 0.0%
Millennium Equity Private Equity (c),(d)		60,879		791,427
Real Estate — 0.1%
Agree Realty Corp.		2,200		158,686
Alpine Income Property Trust, Inc.		1,100		19,712
American Assets Trust, Inc.		200		5,940
Bluerock Residential Growth REIT, Inc.		5,400		141,966
Braemar Hotels & Resorts, Inc.		6,000		25,740
BRT Apartments Corp.		300		6,447
Camden Property Trust		2,000		268,960
Centerspace		200		16,310
Chatham Lodging Trust (a)		2,000		20,900
CIM Commercial Trust Corp.		400		2,840
City Office REIT, Inc.		400		5,180
CorEnergy Infrastructure Trust, Inc.		600		1,512
CTO Realty Growth, Inc.		300		18,336
CubeSmart		6,600		281,952
Diversified Healthcare Trust		24,700		44,954
EastGroup Properties, Inc.		1,100		169,763
Equity LifeStyle Properties, Inc.		600		42,282
Essential Properties Realty Trust, Inc.		3,800		81,662
eXp World Holdings, Inc.		1,500		17,655
Extra Space Storage, Inc.		1,700		289,204
Farmland Partners, Inc.		11,200		154,560
First Industrial Realty Trust, Inc.		2,600		123,448
Four Corners Property Trust, Inc.		2,100		55,839
Geo Group, Inc. (The) (a)		20,500		135,300
Gladstone Land Corp.		600		13,296
Global Medical REIT, Inc.		1,600		17,968
Hersha Hospitality Trust (a)		4,900		48,069
Legacy Housing Corp. (a)		200		2,610
Lexington Realty Trust		10,900		117,066
McGrath RentCorp		700		53,200
Medalist Diversified REIT, Inc.		1,900		1,576
Mid-America Apartment Communities, Inc.		600		104,802
National Retail Properties, Inc.		1,000		43,000
National Storage Affiliates Trust		8,200		410,574
NETSTREIT Corp.		1,800		33,966
NexPoint Residential Trust, Inc.		100		6,251
Park Hotels & Resorts, Inc.		3,512		47,658
Plymouth Industrial REIT, Inc.		4,700		82,438

See Notes to Consolidated Schedule of Investments.

27

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Power REIT (a)		200	$	2,546
Presidio Property Trust, Inc., Class A		500		1,595
Prologis, Inc.		7,100		835,315
Radius Global Infrastructure, Inc., Class A (a)		1,700		25,942
Rafael Holdings, Inc., Class B (a)		2,800		5,236
RE/MAX Holdings, Inc., Class A		2,100		51,492
Realogy Holdings Corp. (a)		8,800		86,504
Redfin Corp. (a)		15,100		124,424
Retail Opportunity Investments Corp.		10,000		157,800
Rexford Industrial Realty, Inc. (b),(c)		20,797		1,197,699
RLJ Lodging Trust		8,900		98,167
SBA Communications Corp.		600		192,030
Seritage Growth Properties, Class A (a)		2,300		11,983
Service Properties Trust		2,100		10,983
STAG Industrial, Inc.		400		12,352
Summit Hotel Properties, Inc. (a)		3,000		21,810
Terreno Realty Corp.		3,200		178,336
UMH Properties, Inc.		1,200		21,192
Universal Health Realty Income Trust		500		26,605
Wheeler Real Estate Investment Trust, Inc. (a)		400		1,016
Whitestone REIT		3,200		34,400
				6,169,049
Renewable Energy — 0.0%
Ballard Power Systems, Inc. (a)		4,000		25,200
Eneti, Inc.		3,990		24,499
Enphase Energy, Inc. (a)		800		156,192
FuelCell Energy, Inc. (a)		6,171		23,141
FutureFuel Corp.		3,800		27,664
Infrastructure and Energy Alternatives, Inc. (a)		4,000		32,120
SunPower Corp. (a)		600		9,486
Sunrun, Inc. (a),(b)		3,769		88,044
TPI Composites, Inc. (a)		7,900		98,750
				485,096
Retail & Wholesale - Discretionary — 0.3%
1-800-Flowers.com, Inc., Class A (a)		9,700		92,247
Amazon.com, Inc. (a)		4,400		467,324
Aspen Aerogels, Inc. (a)		8,300		82,004
AutoNation, Inc. (a)		200		22,352
AutoZone, Inc. (a)		1,100		2,364,032
Avis Budget Group, Inc. (a)		12,400		1,823,792
Barnes & Noble Education, Inc. (a)		12,400		36,332
Bassett Furniture Industries, Inc.		1,000		18,120
Bath & Body Works, Inc.		400		10,768
Bed Bath & Beyond, Inc. (a)		8,300		41,251
Big 5 Sporting Goods Corp.		2,800		31,388
BlueLinx Holdings, Inc. (a)		2,300		153,663
Boot Barn Holdings, Inc. (a)		2,800		192,948
Buckle, Inc. (The)		400		11,076
Build-A-Bear Workshop, Inc.		2,000		32,840
Caleres, Inc.		2,200		57,728
Chewy, Inc., Class A (a)		13,700		475,664
Chico’s FAS, Inc. (a)		33,600		166,992
Conn’s, Inc. (a)		5,600		44,912
Container Store Group, Inc. (The) (a)		3,400		21,182
Designer Brands, Inc., Class A		15,200		198,512
eBay, Inc.		13,400		558,378
Etsy, Inc. (a)		34,300		2,511,103
Express, Inc. (a)		17,400		34,104
Figs, Inc., Class A (a)		16,500		150,315
G-III Apparel Group Ltd. (a)		1,700		34,391

See Notes to Consolidated Schedule of Investments.

28

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Gaia, Inc. (a)		900	$	3,825
Guess?, Inc.		5,100		86,955
Haverty Furniture Cos., Inc.		500		11,590
Home Depot, Inc.		200		54,854
IAA, Inc. (a)		100		3,277
Kirkland’s, Inc. (a)		200		704
La-Z-Boy, Inc.		1,100		26,081
Macy’s, Inc.		43,300		793,256
Monro, Inc.		2,600		111,488
Nordstrom, Inc.		43,300		914,929
Party City Holdco, Inc. (a)		28,400		37,488
Petco Health & Wellness Co., Inc. (a)		300		4,422
Poshmark, Inc., Class A (a)		14,400		145,584
Qurate Retail, Inc., Class A		100		287
RealReal, Inc. (The) (a)		25,400		63,246
Revolve Group, Inc. (a)		9,100		235,781
RH (a)		4,300		912,718
Rush Enterprises, Inc., Class A		800		38,560
ScanSource, Inc. (a)		100		3,114
Shoe Carnival, Inc.		4,200		90,762
Stitch Fix, Inc., Class A (a)		22,300		110,162
Vera Bradley, Inc. (a)		8,400		36,456
Veritiv Corp. (a)		300		32,565
Wayfair, Inc., Class A (a)		21,400		932,184
				14,283,706
Retail & Wholesale - Staples — 0.0%
Arko Corp.		1,100		8,976
Laird Superfood, Inc. (a)		900		1,719
Ollie’s Bargain Outlet Holdings, Inc. (a)		600		35,250
Rite Aid Corp. (a)		11,000		74,140
Village Super Market, Inc., Class A		200		4,562
				124,647
Retail & Wholesale - Staples — 0.0%
Albertsons Cos, Inc., Class A		2,800		74,816
BJ’s Wholesale Club Holdings, Inc. (a)		800		49,856
Kroger Co.		26,000		1,230,580
				1,355,252
Retail - Discretionary — 0.0%
Destination XL Group, Inc. (a)		13,000		44,070
Software & Technology Services — 2.5%
8x8, Inc. (a)		400		2,060
Accenture plc, Class A		200		55,530
ACV Auctions, Inc., Class A (a)		200		1,308
Adobe Systems, Inc. (a),(b)		27,100		9,920,226
Agilysys, Inc. (a)		300		14,181
Akerna Corp. (a)		100		13
ALJ Regional Holdings, Inc. (a)		1,300		2,509
Allscripts Healthcare Solutions, Inc. (a)		1,800		26,694
Alteryx, Inc., Class A (a)		3,700		179,154
American Software, Inc., Class A		1,900		30,704
ANSYS, Inc. (a)		1,600		382,864
Apollo Medical Holdings, Inc. (a)		100		3,859
Appian Corp. (a)		600		28,416
Asana, Inc., Class A (a)		28,200		495,756
Atlassian Corp. PLC, Class A (a)		23,000		4,310,200
Autodesk, Inc. (a)		7,800		1,341,288
Automatic Data Processing, Inc.		12,100		2,541,484
Avaya Holdings Corp. (a)		1,200		2,688

See Notes to Consolidated Schedule of Investments.

29

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Avid Technology, Inc. (a)		4,900	$	127,155
Bandwidth, Inc., Class A (a)		6,200		116,684
Benefitfocus, Inc. (a)		900		7,002
BigCommerce Holdings, Inc. (a)		5,400		87,480
BlackBerry Ltd (a)		3,500		18,865
Blackline, Inc. (a)		200		13,320
Booz Allen Hamilton Holding Corp.		7,300		659,628
Box, Inc., Class A (a)		29,800		749,172
Brightcove, Inc. (a)		3,100		19,592
BTRS Holdings, Inc., Class A (a)		5,000		24,900
C3.ai, Inc., Class A (a)		1,900		34,694
Cadence Design Systems, Inc. (a)		8,700		1,305,261
Calix, Inc. (a)		2,100		71,694
Cardlytics, Inc. (a)		500		11,155
Cass Information Systems, Inc.		700		23,660
CDK Global, Inc.		600		32,862
Cerence, Inc. (a)		9,400		237,162
Change Healthcare, Inc. (a)		25,100		578,806
ChannelAdvisor Corp. (a)		3,500		51,030
Citrix Systems, Inc. (a)		13,200		1,282,644
Cloudflare, Inc., Class A (a)		57,700		2,524,375
CommVault Systems, Inc. (a)		200		12,580
Computer Programs & Systems, Inc. (a)		200		6,394
comScore, Inc. (a)		2,900		5,974
Conduent, Inc. (a)		33,400		144,288
Confluent, Inc., Class A (a)		4,200		97,608
Core Scientific, Inc. (a)		400		596
CoStar Group, Inc. (a)		24,800		1,498,168
Coupa Software, Inc. (a)		14,700		839,370
Crowdstrike Holdings, Inc. (a)		11,100		1,871,016
CSG Systems International, Inc.		1,700		101,456
CyberArk Software Ltd. (a)		1,200		153,552
Datadog, Inc., Class A (a)		52,400		4,990,576
Digi International, Inc. (a)		800		19,376
Digimarc Corp. (a)		1,200		16,968
Digital Turbine, Inc. (a)		5,700		99,579
DigitalOcean Holdings, Inc. (a)		15,200		628,672
DocuSign, Inc. (a)		48,200		2,765,716
Domo, Inc., Class B (a)		3,600		100,080
Donnelley Financial Solutions, Inc. (a)		200		5,858
Dropbox, Inc., Class A (a)		54,200		1,137,658
Duolingo, Inc. (a)		300		26,265
Dynatrace, Inc. (a)		36,600		1,443,504
Ebix, Inc.		1,400		23,660
eGain Corp. (a)		1,300		12,675
Elastic NV (a)		1,000		67,670
Enjoy Technology, Inc. (a)		100		22
Equifax, Inc.		1,900		347,282
EVERTEC, Inc.		1,500		55,320
Evo Payments, Inc., Class A (a)		500		11,760
Evolent Health, Inc., Class A (a)		2,200		67,562
ExlService Holdings, Inc. (a)		1,300		191,529
Fair Isaac Corp. (a)		200		80,180
Fastly, Inc., Class A (a)		32,500		377,325
Forian, Inc. (a)		200		878
Forrester Research, Inc. (a)		500		23,920
Fortinet, Inc. (a)		43,100		2,438,598
Gartner, Inc. (a)		1,300		314,379
Green Dot Corp., Class A (a)		8,800		220,968
Grid Dynamics Holdings, Inc. (a)		10,400		174,928
Health Catalyst, Inc. (a)		4,500		65,205
HubSpot, Inc. (a)		100		30,065

See Notes to Consolidated Schedule of Investments.

30

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Hut 8 Mining Corp. (a)		6,900	$	9,177
I3 Verticals, Inc., Class A (a)		100		2,502
Immersion Corp. (a)		6,700		35,778
Inseego Corp. (a)		8,500		16,065
Intuit, Inc.		600		231,264
IonQ, Inc. (a)		3,800		16,644
Jack Henry & Associates, Inc.		3,800		684,076
Kubient, Inc. (a)		300		198
Latch, Inc. (a)		2,700		3,078
Limelight Networks, Inc. (a)		36,100		83,391
LivePerson, Inc. (a)		4,500		63,630
Manhattan Associates, Inc. (a)		2,400		275,040
MarketAxess Holdings, Inc.		900		230,409
MasterCard, Inc., Class A		600		189,288
Maximus, Inc.		2,000		125,020
Microsoft Corp. (b)		26,400		6,780,312
MicroStrategy, Inc., Class A (a)		1,900		312,170
Mitek Systems, Inc. (a)		1,900		17,556
Model N, Inc. (a)		1,200		30,696
Momentive Global, Inc. (a)		16,900		148,720
MoneyGram International, Inc. (a)		25,800		258,000
Moneylion, Inc. (a)		400		528
MSCI, Inc.		3,200		1,318,880
NetSol Technologies, Inc. (a)		200		637
New Relic, Inc. (a)		5,700		285,285
NextGen Healthcare, Inc. (a)		4,400		76,736
NortonLifeLock, Inc.		21,500		472,140
Nutanix, Inc., Class A (a)		17,700		258,951
Okta, Inc. (a)		3,300		298,320
Olo, Inc., Class A (a)		5,600		55,272
ON24, Inc. (a)		4,600		43,654
OneSpan, Inc. (a)		1,000		11,900
Open Lending Corp., Class A (a)		9,500		97,185
Oracle Corp.		44,400		3,102,228
PagerDuty, Inc. (a)		14,200		351,876
Palo Alto Networks, Inc. (a)		6,700		3,309,398
Paychex, Inc.		4,300		489,641
Paycom Software, Inc. (a)		3,600		1,008,432
Paylocity Holding Corp. (a)		2,700		470,934
Payoneer Global, Inc. (a)		1,700		6,664
PayPal Holdings, Inc. (a),(b)		169,600		11,844,864
Paysafe Ltd. (a)		7,700		15,015
PDF Solutions, Inc. (a)		1,200		25,812
Phreesia, Inc. (a)		1,000		25,010
Ping Identity Holding Corp. (a)		4,400		79,816
Porch Group, Inc. (a)		300		768
Progress Software Corp.		200		9,060
Qualys, Inc. (a)		4,200		529,788
Qumu Corp. (a)		400		322
Rackspace Technology, Inc. (a)		300		2,151
Rimini Street, Inc. (a)		4,400		26,444
RingCentral, Inc., Class A (a)		100		5,226
S&P Global, Inc.		7,712		2,599,407
Sabre Corp. (a)		73,300		427,339
Schrodinger, Inc. (a)		900		23,769
SecureWorks Corp., Class A (a)		1,200		13,032
SEMrush Holdings, Inc., Class A (a)		700		9,051
ServiceSource International, Inc. (a)		4,700		6,909
Shopify, Inc., Class A (a)		129,500		4,045,580
Smartsheet, Inc., Class A (a)		4,900		154,007
Snowflake, Inc., Class A (a)		9,700		1,348,882
SolarWinds Corp.		100		1,016

See Notes to Consolidated Schedule of Investments.

31

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Splunk, Inc. (a)		200	$	17,692
Sprout Social, Inc., Class A (a)		7,900		458,753
SPS Commerce, Inc. (a)		700		79,135
SS&C Technologies Holdings, Inc.		100		5,807
Synopsys, Inc. (a)		4,800		1,457,760
Tabula Rasa HealthCare, Inc. (a)		5,100		13,107
Tenable Holdings, Inc. (a)		5,300		240,673
TTEC Holdings, Inc.		800		54,312
Twilio, Inc., Class A (a)		14,800		1,240,388
Tyler Technologies, Inc. (a)		400		132,992
UiPath, Inc., Class A (a)		25,600		465,664
Unity Software, Inc. (a)		7,900		290,878
Varonis Systems, Inc. (a)		1,000		29,320
Veeva Systems, Inc., Class A (a)		9,200		1,821,968
Verint Systems, Inc.		1,000		42,350
Verra Mobility Corp. (a)		14,000		219,940
VirnetX Holding Corp. (a)		1,500		1,755
Visa, Inc., Class A (b)		60,500		11,911,845
VMware, Inc., Class A		6,000		683,880
Western Union Co. (The)		64,800		1,067,256
WEX, Inc. (a)		1,200		186,672
Workday, Inc., Class A (a)		8,200		1,144,556
Workiva, Inc. (a)		3,100		204,569
Yext, Inc. (a)		20,600		98,468
Zedge, Inc., Class B (a)		1,400		4,032
Zendesk, Inc. (a)		1,000		74,070
Zoom Video Communications, Inc., Class A (a),(b)		67,900		7,331,163
ZoomInfo Technologies, Inc., Class A (a)		2,000		66,480
Zscaler, Inc. (a)		20,400		3,050,004
Zuora, Inc., Class A (a)		23,800		213,010
				122,758,697
Tech Hardware & Semiconductors — 0.5%
3D Systems Corp. (a)		400		3,880
A10 Networks, Inc.		10,600		152,428
Aehr Test Systems (a)		400		3,000
Airgain, Inc. (a)		600		4,872
Akoustis Technologies, Inc. (a)		700		2,590
Alpha & Omega Semiconductor Ltd. (a)		2,800		93,352
Ambarella, Inc. (a)		2,700		176,742
Amtech Systems, Inc. (a)		700		5,110
Apple, Inc.		4,400		601,568
Applied Materials, Inc.		1,400		127,372
Applied Optoelectronics, Inc. (a)		6,100		9,455
Arista Networks, Inc. (a)		24,300		2,277,882
Arlo Technologies, Inc. (a)		13,200		82,764
Autoscope Technologies Corp.		200		1,092
Aviat Networks, Inc. (a)		900		22,536
Avnet, Inc.		4,400		188,672
Axcelis Technologies, Inc. (a)		1,050		57,582
AXT, Inc. (a)		3,000		17,580
Benchmark Electronics, Inc.		500		11,280
Broadcom, Inc.		2,400		1,165,944
CalAmp Corp. (a)		1,400		5,838
Cambium Networks Corp. (a)		1,500		21,975
Casa Systems, Inc. (a)		12,200		47,946
Celestica, Inc. (a)		7,400		71,928
CEVA, Inc. (a)		400		13,424
Cirrus Logic, Inc. (a)		300		21,762
Cisco Systems, Inc. (b)		154,000		6,566,560
Comtech Telecommunications Corp.		300		2,721
Corning, Inc.		300		9,453

See Notes to Consolidated Schedule of Investments.

32

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Daktronics, Inc. (a)		4,900	$	14,749
Diebold Nixdorf, Inc. (a)		2,400		5,448
Dolby Laboratories, Inc., Class A		600		42,936
DZS, Inc. (a)		500		8,135
EMCORE Corp. (a)		9,200		28,244
Enovix Corp. (a)		6,000		53,460
Everspin Technologies, Inc. (a)		3,000		15,720
Extreme Networks, Inc. (a)		2,100		18,732
Garmin Ltd.		7,400		727,050
GoPro, Inc., Class A (a)		25,400		140,462
Identiv, Inc. (a)		2,200		25,476
Impinj, Inc. (a)		3,900		228,813
Intel Corp.		45,200		1,690,932
Intellicheck, Inc. (a)		2,100		4,242
InterDigital, Inc.		2,900		176,320
inTEST Corp. (a)		1,100		7,502
IPG Photonics Corp. (a)		7,400		696,562
Juniper Networks, Inc.		2,400		68,400
Kopin Corp. (a)		24,200		27,104
Lattice Semiconductor Corp. (a)		4,400		213,400
MACOM Technology Solutions Holdings, Inc. (a)		100		4,610
Maxar Technologies, Inc.		800		20,872
MaxLinear, Inc., Class A (a)		4,700		159,706
Microchip Technology, Inc.		18,000		1,045,440
NetApp, Inc.		23,200		1,513,568
Netscout Systems, Inc. (a)		1,300		44,005
NextNav, Inc. (a)		700		1,589
NVIDIA Corp.		3,100		469,929
O2Micro International Ltd., ADR (a)		200		744
Ouster, Inc. (a)		2,700		4,374
Photronics, Inc. (a)		13,200		257,136
Pixelworks, Inc. (a)		7,100		13,561
PlayAGS, Inc. (a)		5,000		25,800
Power Integrations, Inc.		2,200		165,022
Powerfleet, Inc. (a)		800		1,736
Pure Storage, Inc., Class A (a)		76,800		1,974,528
QUALCOMM, Inc.		3,200		408,768
Quantum Corp. (a)		1,300		1,846
Rambus, Inc. (a)		3,400		73,066
Ribbon Communications, Inc. (a)		1,000		3,040
Semtech Corp. (a)		4,100		225,377
Sierra Wireless, Inc. (a)		1,000		23,400
Skyworks Solutions, Inc.		4,000		370,560
Stratasys Ltd. (a)		12,700		237,998
Super Micro Computer, Inc. (a)		400		16,140
Synaptics, Inc. (a)		1,900		224,295
Teradyne, Inc.		100		8,955
TESSCO Technologies, Inc. (a)		600		3,546
Texas Instruments, Inc.		200		30,730
Universal Electronics, Inc. (a)		200		5,114
Veeco Instruments, Inc. (a)		3,730		72,362
Velo3D, Inc. (a)		600		828
Vicor Corp. (a)		1,000		54,730
VOXX International Corp. (a)		2,700		25,137
Vuzix Corp. (a)		5,600		39,760
Xerox Holdings Corp.		30,300		449,955
				23,939,222
Telecommunications — 0.0%
BCE, Inc.		100		4,918
Cogent Communications Holdings, Inc.		1,000		60,760
DigitalBridge Group, Inc. (a)		30,979		151,177

See Notes to Consolidated Schedule of Investments.

33

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
EchoStar Corp., Class A (a)		7,000	$	135,100
ESC NII Holdings, Inc. (d)		50,677		13,176
Gogo, Inc. (a)		14,600		236,374
Iridium Communications, Inc. (a)		200		7,512
Ooma, Inc. (a)		1,600		18,944
Planet Labs PBC (a)		100		433
Spok Holdings, Inc.		200		1,260
Switch, Inc., Class A		27,700		927,950
TELUS Corp.		400		8,912
				1,566,516
Transportation & Logistics — 0.0%
American Airlines Group, Inc. (a)		65,800		834,344
JetBlue Airways Corp. (a)		1,900		15,903
Mesa Air Group, Inc. (a)		8,300		18,177
United Airlines Holdings, Inc. (a)		2,600		92,092
Universal Logistics Holdings, Inc.		800		21,848
				982,364
Utilities — 0.0%
Alliant Energy Corp.		100		5,861
Consolidated Water Co. Ltd.		1,000		14,500
Eversource Energy		100		8,426
Northwest Natural Holding Co.		1,700		90,270
NorthWestern Corp.		200		11,786
PNM Resources, Inc.		300		14,334
Southern Co.		2,000		142,620
TransAlta Corp.		1,400		15,960
Unitil Corp.		300		17,616
Vistra Corp.		15,200		347,320
York Water Co. (The)		500		20,215
				688,908
Waste & Environmental Services & Equipment — 0.0%
CECO Environmental Corp. (a)		2,100		12,558
Energy Recovery, Inc. (a)		3,000		58,260
Heritage-Crystal Clean, Inc. (a)		1,200		32,352
Republic Services, Inc.		3,500		458,045
				561,215
Total North America				993,851,546
Oceania — 0.0%
Materials — 0.0%
BHP Group Ltd., ADR		1,000		56,180
Rio Tinto plc, ADR		5,200		317,200
				373,380
Total Oceania				373,380
South America — 0.1%
Banking — 0.0%
Bancolombia SA, ADR		2,400		73,992
Consumer Discretionary Services — 0.0%
Arcos Dorados Holdings, Inc., Class A		13,863		93,436
Industrial Products — 0.0%
Embraer SA, ADR (a)		700		6,146
Materials — 0.1%
Gerdau SA, ADR		4,500		19,305
Nexa Resources SA		1,700		10,217
Sociedad Quimica y Minera de Chile SA, ADR		14,500		1,211,185
Wheaton Precious Metals Corp.		7,500		270,225
				1,510,932

See Notes to Consolidated Schedule of Investments.

34

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Oil & Gas — 0.0%
Geopark Ltd.		6,200	$	80,104
Gran Tierra Energy, Inc. (a)		99,400		114,310
Petroleo Brasileiro SA, ADR		20,900		244,112
				438,526
Retail & Wholesale - Staples — 0.0%
Cia Brasileira de Distribuicao, ADR		10,400		32,240
Software & Technology Services — 0.0%
Atento SA (a)		119		1,189
Pagseguro Digital Ltd., Class A (a)		300		3,072
StoneCo Ltd., A Shares (a)		66,500		512,050
				516,311
Total South America				2,671,583
TOTAL COMMON STOCK (COST $1,133,066,110)				1,025,783,130
PREFERRED STOCK — 0.2%
North America — 0.2%
Financial Services — 0.1%
ATI EQUITY (a),(c),(d)		3,039		3,061,792
Journey Beyond Preferred Equity (a),(c),(d)		15,330		1,557,638
				4,619,430
Retail & Wholesale - Discretionary — 0.1%
Guitar Center, Inc. (a),(c),(d)		38,645		4,907,915
Total North America				9,527,345
TOTAL PREFERRED STOCK (COST $8,825,537)				9,527,345
Security Description	Principal Amount		Value
ASSET-BACKED SECURITIES — 1.7%
North America — 1.7%
ACE Securities Corp. Home Equity Loan Trust, Series 2005-AG1, Class M2, 1 mo. USD LIBOR + .69%, 2.31%, 08/25/35 (c),(e)	$	751,893		614,004
Ajax Mortgage Loan Trust, Series 2021-E, Class B2, 3.91%, 12/25/60 (b),(c),(e),(f)		762,000		613,236
Allegro CLO XII Ltd., Series 2020-1A, Class E, 3 mo. USD LIBOR + 7.10%, 8.20%, 01/21/32 (b),(c),(e),(f)		1,000,000		926,158
Arbor Realty Collateralized Loan Obligation Ltd., Series 2020-FL1, Class C, 1 mo. TSFR + 2.16%, 3.44%, 02/15/35 (c),(e),(f)		1,792,000		1,754,320
Ares LIV CLO Ltd., Series 2019-54A, Class E, 3 mo. USD LIBOR + 7.34%, 8.38%, 10/15/32 (b),(c),(e),(f)		250,000		223,750
Ares LXI CLO Ltd., Series 2021-61A, Class E, 3 mo. USD LIBOR + 6.25%, 7.31%, 10/20/34 (b),(c),(e),(f)		1,000,000		885,313
Ares XLIII CLO Ltd., Series 2017-43A, Class ER, 3 mo. USD LIBOR + 6.86%, 7.90%, 07/15/34 (b),(c),(e),(f)		1,500,000		1,348,336
Balboa Bay Loan Funding Ltd., Series 2021-1A, Class E, 3 mo. USD LIBOR + 6.16%, 7.22%, 07/20/34 (b),(c),(e),(f)		1,000,000		864,227
Barings CLO Ltd.,
Series 2019-2A, Class DR, 3 mo. USD LIBOR + 6.78%, 7.82%, 04/15/36 (b),(c),(e),(f)		500,000		450,368
Series 2019-4A, Class E, 3 mo. USD LIBOR + 7.39%, 8.43%, 01/15/33 (c),(e),(f)		500,000		462,542
Series 2021-2A, Class E, 3 mo. USD LIBOR + 6.25%, 7.29%, 07/15/34 (b),(c),(e),(f)		1,000,000		902,583
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class DRR, 3 mo. USD LIBOR + 7.20%, 8.26%, 01/20/32 (b),(c),(e),(f)		1,000,000		907,733

See Notes to Consolidated Schedule of Investments.

35

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class ER, 3 mo. USD LIBOR + 6.75%, 7.79%, 07/15/34 (b),(c),(e),(f)	$	1,000,000	$	901,577
Benefit Street Partners CLO XXI Ltd., Series 2020-21A, Class ER, 3 mo. USD LIBOR + 6.70%, 7.74%, 10/15/34 (b),(c),(e),(f)		1,000,000		890,027
BlueMountain CLO XXIX Ltd., Series 2020-29A, Class ER, 3 mo. USD LIBOR + 6.86%, 8.04%, 07/25/34 (b),(c),(e),(f)		1,000,000		899,035
BlueMountain CLO XXVIII Ltd., Series 2021-28A, Class E, 3 mo. USD LIBOR + 6.40%, 7.44%, 04/15/34 (b),(c),(e),(f)		250,000		219,864
BPCRE 2022-FL2 Ltd.,
Series 2022-FL2, Class AS, 1 mo. TSFR + 3.10%, 4.61%, 01/18/37 (c),(e),(f)		1,000,000		990,565
Series 2022-FL2, Class B, 1 mo. TSFR + 3.80%, 5.31%, 01/18/37 (c),(e),(f)		1,000,000		991,164
Broad River Bsl Funding CLO Ltd., Series 2020-1A, Class ER, 3 mo. USD LIBOR + 6.50%, 7.56%, 07/20/34 (b),(c),(e),(f)		2,000,000		1,747,824
BSPRT 2022-FL9 Issuer Ltd., Series 2022-FL9, Class C, 1 mo. TSFR + 3.92%, 5.43%, 07/15/39 (c),(e),(f)		1,000,000		990,208
CARLYLE US CLO Ltd., Series 2020-1A, Class DR, 3 mo. USD LIBOR + 6.25%, 7.31%, 07/20/34 (b),(c),(e),(f)		1,000,000		889,996
CarVal CLO I Ltd., Series 2018-1A, Class E, 3 mo. USD LIBOR + 5.77%, 6.81%, 07/16/31 (b),(c),(e),(f)		2,000,000		1,764,810
CarVal CLO II Ltd., Series 2019-1A, Class ER, 3 mo. USD LIBOR + 6.57%, 7.63%, 04/20/32 (b),(c),(e),(f)		2,500,000		2,202,385
CarVal CLO IV Ltd., Series 2021-1A, Class E, 3 mo. USD LIBOR + 6.60%, 7.66%, 07/20/34 (b),(c),(e),(f)		1,000,000		858,381
Cedar Funding IV CLO Ltd., Series 2014-4A, Class ERR, 3 mo. USD LIBOR + 6.61%, 7.79%, 07/23/34 (b),(c),(e),(f)		1,500,000		1,316,583
Cedar Funding VI CLO Ltd., Series 2016-6A, Class ERR, 3 mo. USD LIBOR + 6.72%, 7.78%, 04/20/34 (b),(c),(e),(f)		1,250,000		1,116,125
CIFC Funding Ltd., Series 2019-3A, Class DR, 3 mo. USD LIBOR + 6.80%, 7.84%, 10/16/34 (b),(c),(e),(f)		1,000,000		905,245
CoreVest American Finance Trust,
Series 2017-2, Class M, 5.61%, 12/25/27 (b),(c),(e),(f)		1,000,000		1,028,810
Series 2019-2, Class XA, 2.60%, 06/15/52 (b),(c),(e),(f),(g)		4,707,039		470,840
Series 2019-3, Class XA, 2.22%, 10/15/52 (b),(c),(e),(f),(g)		9,875,416		623,158
Series 2020-1, Class E, 4.82%, 03/15/50 (b),(c),(e),(f)		125,000		110,324
Series 2020-4, Class XB, 2.83%, 12/15/52 (b),(c),(e),(f),(g)		1,000,000		114,790
Series 2020-4, Class XA, 3.87%, 12/15/52 (b),(c),(e),(f),(g)		877,593		102,117
Series 2021-1, Class XA, 3.10%, 04/15/53 (b),(c),(e),(f),(g)		839,350		74,653
Series 2021-2, Class XA, 3.15%, 07/15/54 (b),(c),(e),(f),(g)		897,824		104,435
Countrywide Asset-Backed Certificates, Series 2007-3, Class 2A4, 1 mo. USD LIBOR + .32%, 1.94%, 05/25/47 (c),(e)		321,318		221,791
Dryden 95 CLO Ltd., Series 2021-95A, Class E, 3 mo. USD LIBOR + 6.15%, 7.63%, 08/20/34 (b),(c),(e),(f)		1,000,000		894,584
FBR Securitization Trust, Series 2005-5, Class M4, 1 mo. USD LIBOR + .98%, 2.60%, 11/25/35 (c),(e)		512,000		357,667
FFMLT Trust, Series 2005-FF11, Class M3, 1 mo. USD LIBOR + .93%, 2.55%, 11/25/35 (c),(e)		289,163		249,197
FirstKey Homes 2022-SFR1 Trust, Series 2022-SFR1, Class E1, 5.00%, 05/17/39 (b),(c),(f)		1,000,000		929,948
Fort Washington CLO Ltd., Series 2021-2A, Class E, 3 mo. USD LIBOR + 6.61%, 7.67%, 10/20/34 (b),(c),(e),(f)		1,500,000		1,349,667
FS Rialto Issuer Ltd.,
Series 2022-FL4, Class C, SOFR30A + 3.25%, 4.04%, 01/19/39 (b),(c),(e),(f)		1,000,000		985,667
Series 2022-FL5, Class C, 1 mo. TSFR + 3.92%, 4.82%, 06/19/37 (c),(e),(f)		1,000,000		990,426
Galaxy 30 CLO Ltd., Series 2022-30A, Class E, 1 mo. TSFR + 6.95%, 7.64%, 04/15/35 (b),(c),(e),(f)		1,000,000		893,445
Galaxy XXII CLO Ltd., Series 2016-22A, Class ERR, 3 mo. USD LIBOR + 6.50%, 7.54%, 04/16/34 (b),(c),(e),(f)		500,000		424,065
Galaxy XXVII CLO Ltd., Series 2018-27A, Class E, 3 mo. USD LIBOR + 5.78%, 7.19%, 05/16/31 (b),(c),(e),(f)		1,000,000		895,012
Goldentree Loan Management US CLO 8 Ltd., Series 2020-8A, Class ER, 3 mo. USD LIBOR + 6.15%, 7.21%, 10/20/34 (b),(c),(e),(f)		1,000,000		889,850
Greywolf CLO II Ltd., Series 2013-1A, Class C1RR, 3 mo. USD LIBOR + 3.35%, 4.39%, 04/15/34 (c),(e),(f)		1,000,000		935,675
GSAA Home Equity Trust, Series 2004-5, Class M2, 4.42%, 06/25/34 (c),(h)		295,260		239,680

See Notes to Consolidated Schedule of Investments.

36

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
Gulf Stream Meridian 5 Ltd., Series 2021-5A, Class D, 3 mo. USD LIBOR + 6.33%, 7.37%, 07/15/34 (b),(c),(e),(f)	$	1,500,000	$	1,301,994
Halsey Point CLO I Ltd., Series 2019-1A, Class E, 3 mo. USD LIBOR + 7.70%, 8.76%, 01/20/33 (b),(c),(e),(f)		1,000,000		916,874
HalseyPoint CLO 4 Ltd., Series 2021-4A, Class E, 3 mo. USD LIBOR + 6.71%, 7.77%, 04/20/34 (b),(c),(e),(f)		1,500,000		1,308,201
HalseyPoint CLO 5 Ltd., Series 2021-5A, Class E, 3 mo. USD LIBOR + 6.94%, 7.20%, 01/30/35 (b),(c),(e),(f)		1,000,000		871,930
Jamestown CLO XIV Ltd., Series 2019-14A, Class DR, 3 mo. USD LIBOR + 7.20%, 8.26%, 10/20/34 (b),(c),(e),(f)		1,500,000		1,330,086
Kayne CLO II Ltd., Series 2018-2A, Class ER, 3 mo. USD LIBOR + 6.00%, 7.04%, 10/15/31 (b),(c),(e),(f)		416,667		373,422
Kayne CLO III Ltd., Series 2019-3A, Class ER, 3 mo. USD LIBOR + 6.50%, 7.54%, 04/15/32 (b),(c),(e),(f)		1,000,000		877,572
Long Beach Mortgage Loan Trust,
Series 2006-10, Class 2A3, 1 mo. USD LIBOR + .16%, 1.78%, 11/25/36 (c),(e)		3,079,247		1,101,582
Series 2006-4, Class 2A4, 1 mo. USD LIBOR + .52%, 2.14%, 05/25/36 (c),(e)		6,989,718		2,528,985
Mastr Asset Backed Securities Trust,
Series 2006-WMC3, Class A4, 1 mo. USD LIBOR + .16%, 1.78%, 08/25/36 (c),(e)		483,776		194,078
Series 2006-WMC4, Class A5, 1 mo. USD LIBOR + .15%, 1.77%, 10/25/36 (c),(e)		519,365		196,234
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-H1, Class 2A2, 1 mo. USD LIBOR + 3.50%, 5.12%, 10/25/37 (c),(e)		706,114		497,115
MF1 Ltd.,
Series 2021-FL7, Class C, 1 mo. USD LIBOR + 2.05%, 3.66%, 10/16/36 (b),(c),(e),(f)		1,000,000		940,183
Series 2022-FL9, Class B, 1 mo. TSFR + 3.15%, 3.96%, 06/19/37 (c),(e),(f)		1,213,000		1,206,751
Series 2022-FL9, Class C, 1 mo. TSFR + 3.70%, 4.51%, 06/19/37 (c),(e),(f)		1,000,000		993,206
Neuberger Berman Loan Advisers CLO 38 Ltd., Series 2020-38A, Class ER, 3 mo. USD LIBOR + 6.25%, 7.31%, 10/20/35 (b),(c),(e),(f)		1,000,000		877,192
New Mountain CLO 2 Ltd., Series CLO-2A, Class E, 3 mo. USD LIBOR + 6.36%, 7.40%, 04/15/34 (b),(c),(e),(f)		1,000,000		853,391
OCP CLO Ltd.,
Series 2015-10A, Class DR2, 3 mo. USD LIBOR + 2.95%, 4.16%, 01/26/34 (b),(c),(e),(f)		1,000,000		910,718
Series 2020-18A, Class ER, 3 mo. USD LIBOR + 6.43%, 7.49%, 07/20/32 (b),(c),(e),(f)		1,000,000		899,636
Series 2021-22A, Class E, 3 mo. USD LIBOR + 6.60%, 7.66%, 12/02/34 (b),(c),(e),(f)		2,000,000		1,750,154
Palmer Square CLO Ltd., Series 2022-3A, Class E, 3 mo. TSFR + 7.98%, 7.98%, 07/20/35 (c),(e),(f),(i)		1,000,000		990,000
Parallel Ltd.,
Series 2019-1A, Class E, 3 mo. USD LIBOR + 6.72%, 7.78%, 07/20/32 (b),(c),(e),(f)		666,500		585,700
Series 2021-2A, Class D, 3 mo. USD LIBOR + 7.20%, 8.26%, 10/20/34 (b),(c),(e),(f)		1,000,000		862,942
Park Avenue Institutional Advisers CLO Ltd., Series 2022-1A, Class D, 1 mo. TSFR + 7.29%, 7.92%, 04/20/35 (b),(c),(e),(f)		1,000,000		873,109
Pikes Peak CLO 6, Series 2020-6A, Class ER2, 3 mo. USD LIBOR + 6.43%, 7.89%, 05/18/34 (b),(c),(e),(f)		500,000		445,850
Post CLO 2021-1 Ltd., Series 2021-1A, Class E, 3 mo. USD LIBOR + 6.45%, 7.49%, 10/15/34 (b),(c),(e),(f)		1,000,000		917,316
PPM CLO 2 Ltd., Series 2019-2A, Class E, 3 mo. USD LIBOR + 6.55%, 7.59%, 04/16/32 (b),(c),(e),(f)		1,750,000		1,536,425
PPM CLO 3 Ltd., Series 2019-3A, Class ER, 3 mo. USD LIBOR + 6.61%, 7.65%, 04/17/34 (b),(c),(e),(f)		500,000		434,357
PRET 2021-NPL3 LLC, Series 2021-NPL3, Class A2, 3.72%, 07/25/51 (b),(c),(f),(h)		101,000		94,944
Progress Residential 2022-SFR3 Trust,
Series 2022-SFR3, Class E1, 5.20%, 04/17/39 (b),(c),(f)		1,000,000		964,086
Series 2022-SFR3, Class E2, 5.60%, 04/17/39 (b),(c),(f)		1,000,000		963,709
Progress Residential Trust,
Series 2021-SFR11, Class F, 4.42%, 01/17/39 (c),(f)		100,000		87,034
Series 2021-SFR8, Class E1, 2.38%, 10/17/38 (c),(f)		100,000		86,614
Series 2021-SFR9, Class F, 4.05%, 11/17/40 (c),(f)		100,000		86,525
Series 2022-SFR1, Class G, 5.52%, 02/17/41 (c),(f)		100,000		87,844
Series 2022-SFR2, Class E1, 4.55%, 04/17/27 (c)		100,000		93,857
PROGRESS RESIDENTIAL TRUST PROG 2022 SFR4 E1 144A, Series 2022-SFR4, Class E1, 6.12%, 05/17/41 (c),(f)		100,000		99,423

See Notes to Consolidated Schedule of Investments.

37

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
RASC Trust,
Series 2006-KS1, Class M4, 1 mo. USD LIBOR + .53%, 2.42%, 02/25/36 (c),(e)	$	320,910	$	249,731
Series 2006-KS8, Class M1, 1 mo. USD LIBOR + .29%, 1.91%, 10/25/36 (c),(e)		280,020		245,817
Rockford Tower CLO Ltd., Series 2020-1A, Class E, 3 mo. USD LIBOR + 6.90%, 7.96%, 01/20/32 (b),(c),(e),(f)		1,500,000		1,382,046
Romark CLO II Ltd., Series 2018-2A, Class D, 3 mo. USD LIBOR + 6.25%, 7.43%, 07/25/31 (b),(c),(e),(f)		2,250,000		1,978,238
Romark CLO IV Ltd., Series 2021-4A, Class D, 3 mo. USD LIBOR + 6.95%, 7.94%, 07/10/34 (b),(c),(e),(f)		500,000		430,131
RR 2 Ltd., Series 2017-2A, Class DR, 3 mo. USD LIBOR + 5.80%, 6.84%, 04/15/36 (b),(c),(e),(f)		1,000,000		864,424
Shackleton XIV CLO Ltd., Series 2019-14A, Class ER, 3 mo. USD LIBOR + 7.32%, 8.38%, 07/20/34 (b),(c),(e),(f)		500,000		442,379
Sound Point CLO XXIII, Series 2019-2A, Class ER, 3 mo. USD LIBOR + 6.47%, 7.51%, 07/15/34 (b),(c),(e),(f)		2,400,000		2,073,564
STAR Trust,
Series 2022-SFR3, Class E1, 1 mo. TSFR + 3.20%, 4.71%, 05/17/24 (b),(c),(e),(f)		1,000,000		990,268
Series 2022-SFR3, Class E2, 1 mo. TSFR + 3.70%, 5.21%, 05/17/24 (b),(c),(e),(f)		1,000,000		995,134
TCI-Flatiron CLO Ltd., Series 2017-1A, Class E, 3 mo. USD LIBOR + 6.35%, 7.79%, 11/18/30 (b),(c),(e),(f)		750,000		691,922
Trinitas CLO IV Ltd., Series 2021-4A, Class E, 3 mo. USD LIBOR + 6.25%, 7.35%, 07/21/34 (b),(c),(e),(f)		1,000,000		890,358
Trinitas CLO V Ltd., Series 2021-5A, Class E, 3 mo. USD LIBOR + 6.35%, 7.41%, 10/20/34 (b),(c),(e),(f)		1,500,000		1,332,606
Trinitas CLO VI Ltd., Series 2017-6A, Class ER, 3 mo. USD LIBOR + 6.82%, 8.00%, 01/25/34 (b),(c),(e),(f)		1,000,000		878,620
Vericrest Opportunity Loan Transferee, Series 2021-NP11, Class A2, 4.21%, 08/25/51 (c),(f),(h)		100,000		96,566
Vibrant CLO XIII Ltd., Series 2021-13A, Class D, 3 mo. USD LIBOR + 7.06%, 8.10%, 07/15/34 (b),(c),(e),(f)		1,500,000		1,309,672
VOLT CIII LLC, Series 2021-CF1, Class A2, 3.97%, 08/25/51 (b),(c),(f),(h)		124,000		119,614
Voya CLO Ltd.,
Series 2018-3A, Class E, 3 mo. USD LIBOR + 5.75%, 6.79%, 10/15/31 (b),(c),(e),(f)		1,500,000		1,192,840
Series 2020-3A, Class DR, 3 mo. USD LIBOR + 3.25%, 4.31%, 10/20/34 (b),(c),(e),(f)		1,100,000		1,012,482
Total North America				85,837,611
TOTAL ASSET-BACKED SECURITIES (COST $94,223,153)				85,837,611
CONVERTIBLE BONDS — 0.1%
Asia — 0.0%
Internet Media — 0.0%
iQIYI, Inc.,
2.00%, 04/01/25 (c)		1,193,000		960,365
4.00%, 12/15/26 (c)		151,000		100,339
				1,060,704
Total Asia				1,060,704
North America — 0.1%
Financial Services — 0.1%
RWT Holdings, Inc., 5.75%, 10/01/25 (b),(c)		3,418,000		3,022,794
Total North America				3,022,794
TOTAL CONVERTIBLE BONDS (COST $4,582,137)				4,083,498
BANK DEBT — 3.6%
Europe — 0.1%
Financial Services — 0.1%
IRIS Holdings, Inc., Term Loan, 4.92%, 06/28/28 (c)		3,362,291		3,065,300
Total Europe				3,065,300

See Notes to Consolidated Schedule of Investments.

38

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
North America — 2.9%
Apparel & Textile Products — 0.0%
Mad Engine Global, LLC , Term Loan, 9.25%, 07/15/27 (c),(e)	$	1,563,336	$	1,456,513
S&S Holdings LLC, Term Loan, 1 mo. USD LIBOR, 6.74%, 03/11/28 (c),(e)		4,462		4,172
				1,460,685
Consumer Services — 0.1%
8th Avenue Food & Provisions, Inc. , 2018 1st Lien Term Loan, 5.42%, 10/01/25 (c),(e)		1,824,840		1,530,256
KNS Acquisition Corp. , Term Loan, 8.50%, 04/21/27 (c),(e)		3,793,340		3,442,456
				4,972,712
Energy — 0.1%
Stonepeak Taurus Lower Holdings LLC , 2022 2nd Lien Term Loan, 7.00%, 01/28/30 (c),(d),(j)		3,512,310		3,213,764
Entertainment Resources — 0.3%
Alterra Mountain Company, 2021 Series B-2 Consenting Term Loan, 1 mo. LIBOR + 3.50%, 5.17%, 08/17/28 (c),(e)		109,175		103,580
Equinox Holdings, Inc.,
2017 1st Lien Term Loan, 5.25%, 03/08/24 (c),(e)		16,070,043		11,891,832
2017 2nd Lien Term Loan, 9.25%, 09/06/24 (c),(e)		3,281,628		2,432,047
				14,427,459
Entertainment Resources — 0.1%
Bulldog Purchaser, Inc., 2018 Term Loan, 3 mo. LIBOR + 3.75%, 5.32%, 09/05/25 (c),(d),(e)		4,328,022		3,944,992
Exploration & Production — 0.0%
Par Pacific Holdings, Inc. , Term Loan B, 7.77%, 01/12/26 (c),(d),(e)		1,665,002		1,581,752
Financial Services — 0.3%
HB Acquisitions LLC , 2022 AUD Term Loan, 11.81%, 02/15/25 (c),(d)		21,079,817		14,259,341
Project Castle, Inc. , Term Loan B, 6.90%, 06/01/29 (c),(d),(e)		1,508,323		1,346,178
				15,605,519
Health Care Facilities & Services — 0.0%
U.S. Renal Care, Inc., 2019 Term Loan B, 3 mo. USD LIBOR, 0.00%, 06/26/26 (c),(d),(e),(j),(k)		1,827,807		1,244,865
Health Care Facilities & Services — 0.2%
Quorum Health Corporation , 2020 Term Loan, 7.50%, 04/29/25 (c),(e)		8,793,511		5,862,371
Team Health Holdings, Inc.,
1st Lien Term Loan, 4.42%, 02/06/24 (c),(e)		2,487,583		2,201,510
2022 Term Loan B, 6.78%, 03/02/27 (c),(d),(e)		1,383,484		1,156,938
				9,220,819
Home Improvement — 0.0%
Stitch Acquisition Corporation , Term Loan B, 9.00%, 07/28/28 (c),(e)		1,558,246		1,383,925
Industrial Other — 0.2%
Brand Energy & Infrastructure Services, Inc. , 2017 Term Loan, 5.25%, 06/21/24 (c),(e)		2,180,303		1,878,701
QualTek USA, LLC , 2018 1st Lien Term Loan, 7.49%, 07/18/25 (c),(e)		12,771,188		10,408,519
				12,287,220
Industrial Services — 0.3%
American Auto Auction Group, LLC , 2021 Term Loan B, 5.00%, 12/30/27 (c),(j)		10,113,566		9,430,900
TKC Holdings, Inc., 2022 PIK Toggle Holdco Term Loan, 6 mo. LIBOR + 12.00%, 12.00%, 02/15/27 (c),(d)		3,597,323		3,255,577
				12,686,477
Machinery Manufacturing — 0.3%
Arcline FM Holdings, LLC , 2021 2nd Lien Term Loan, 11.13%, 06/23/29 (c),(e)		4,416,711		4,129,625
Engineered Machinery Holdings, Inc.,
2021 USD 2nd Lien Incremental Term Loan, 8.75%, 05/21/29 (c),(e)		1,122,432		1,071,923
2021 USD 2nd Lien Term Loan, 8.25%, 05/21/29 (c), (e)		11,545,028		11,150,534
				16,352,082

See Notes to Consolidated Schedule of Investments.

39

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount			Value
Pharmaceuticals — 0.3%
Mallinckrodt International Finance S.A.,
2018 Term Loan B, 6.91%, 02/24/25 (c),(e)	$	1,789,395		$	1,520,986
USD Term Loan B, 6.25%, 09/24/24 (c),(e)		13,673,264			11,675,053
					13,196,039
Publishing & Broadcasting — 0.2%
A-L Parent LLC , 2016 1st Lien Term Loan, 4.92%, 12/01/23 (c),(d),(e)		11,832,261			10,353,228
Refining & Marketing — 0.2%
CITGO Holding, Inc. , 2019 Term Loan B, 8.67%, 08/01/23 (c),(d),(e)		5,425,024			5,344,788
Gulf Finance, LLC , 2021 Term Loan, 8.42%, 08/25/26 (c),(e)		3,857,266			2,837,520
					8,182,308
Software & Services — 0.1%
Constant Contact, Inc. , Second Lien Term Loan, 8.51%, 02/12/29 (c),(e)		2,830,543			2,717,321
DMT Solutions Global Corporation , 2020 Incremental Term Loan, 9.18%, 07/02/24 (c),(e)		3,922,948			3,687,571
Project Ruby Ultimate Parent Corp., 2021 Term Loan, 1 mo. LIBOR + 3.25%, 4.92%, 03/03/28 (c),(e)		306,455			286,631
					6,691,523
Travel & Lodging — 0.2%
Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 1 mo. LIBOR + 3.00%, 4.67%, 08/02/28 (c),(e)		1,399,975			1,308,108
Hornblower Sub, LLC,
2020 Repriced Term Loan B, 7.38%, 04/27/25 (c),(e)		10,539,953			7,817,167
2020 Term Loan, 10.06%, 11/10/25 (c),(e)		108,047			109,669
					9,234,944
Utilities — 0.0%
Brazos Electric Power Cooperative, Inc., Revolver, 3 mo. USD LIBOR, 2.51%, 09/28/23 (c),(d),(e),(n)		1,549,028			1,281,821
Total North America					147,322,134
South America — 0.6%
Consumer Discretionary Services — 0.2%
Infinity Bidco US LLC,
2021 Incremental Fixed Term Loan, 9.50%, 04/01/28 (c),(d)		2,449,167			2,449,167
Fixed Term Loan, 9.50%, 12/23/22 (c),(d)		5,715,388			5,715,388
McLaren Racing Limited, GBP Term Loan, 0.00%, 12/31/35 (c),(d)		1,920,370	GBP		2,499,831
					10,664,386
Health Care — 0.2%
Gordian Medical, Inc. , Term Loan B, 8.50%, 01/31/27 (c)		5,808,820			4,937,497
New Millennium HoldCo, Inc. , 2020 Term Loan, 6.50%, 05/01/25 (c),(d)		2,275,427			2,184,410
					7,121,907
Industrial Products — 0.1%
Latam Airlines Group S.A. , 2022 PIK DIP Delayed Draw Term Loan C, 13.73%, 08/08/22 (c)		2,429,946			2,446,153
Materials — 0.0%
Samarco Mineracao S.A.,
Fixed Rate Term Loan 2, 2.17%, 08/31/22 (c),(d)		730,380			434,576
Term Loan, 1.67%, 12/31/22 (c),(d)		719,110			427,870
					862,446
Media — 0.0%
LBI Media, Inc., Exit Term Loan, 9.75%, 10/15/24 (c),(d)		331,074			108,923
Metals & Mining — 0.1%
Samarco Mineracao S.A., Fixed Rate Term Loan, 1.67%, 08/31/22 (c),(d)		11,623,127			6,915,761
Software & Technology Services — 0.0%
Byju’s Alpha, Inc., Term Loan B, 1 mo. USD LIBOR, 7.01%, 11/24/26 (c)		1,366,435			1,278,751

See Notes to Consolidated Schedule of Investments.

40

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
Travel & Lodging — 0.0%
Hornblower Sub, LLC , 2021 Incremental Term Loan, 9.54%, 11/10/25 (c)	$	450,371	$	457,127
Total South America				29,855,454
TOTAL BANK DEBT (COST $201,363,228)				180,242,888
CORPORATE BONDS & NOTES — 7.1%
Africa — 0.3%
Banks — 0.0%
Access Bank PLC, 5 year CMT + 8.07%, 9.13%, 12/31/99 (c),(e),(l)		2,496,000		2,021,760
Chemicals — 0.1%
Sasol Financing USA LLC, 5.88%, 03/27/24 (c),(m)		6,960,000		6,806,880
Utilities — 0.2%
Eskom Holdings SOC Ltd.,
7.13%, 02/11/25 (l)		263,000		221,136
8.45%, 08/10/28 (l)		8,719,000		7,039,720
				7,260,856
Total Africa				16,089,496
Asia — 0.7%
Chemicals — 0.1%
GC Treasury Center Co. Ltd., MTN, 4.40%, 03/30/32 (c),(l),(m)		4,145,000		3,801,562
Internet Media — 0.1%
Prosus NV, 4.99%, 01/19/52 (c),(l)		5,596,000		4,018,122
Tencent Holdings Ltd., MTN, 3.84%, 04/22/51 (c),(l)		2,981,000		2,311,957
				6,330,079
Metals & Mining — 0.2%
PT Freeport Indonesia,
6.20%, 04/14/52 (c),(l)		3,500,000		3,042,795
MTN, 5.32%, 04/14/32 (c),(l)		6,400,000		5,801,600
PT Indonesia Asahan Aluminium Persero, 6.76%, 11/15/48 (c),(l)		2,870,000		2,590,175
				11,434,570
Real Estate — 0.0%
China Evergrande Group,
8.75%, 06/28/25 (c),(l)		853,000		66,506
9.50%, 04/11/22 (c),(l),(n)		1,800,000		144,000
10.00%, 04/11/23 (c),(l)		400,000		31,503
Scenery Journey Ltd.,
11.50%, 10/24/22 (c),(l)		3,901,000		234,060
12.00%, 10/24/23 (c),(l)		400,000		24,000
13.00%, 11/06/22 (c),(l)		800,000		52,302
				552,371
Refining & Marketing — 0.1%
Thaioil Treasury Center Co., Ltd.,
MTN, 2.50%, 06/18/30 (c),(l),(m)		1,600,000		1,288,928
MTN, 3.50%, 10/17/49 (c),(l)		1,650,000		1,065,702
MTN, 3.75%, 06/18/50 (c),(l)		1,180,000		793,704
MTN, 5.38%, 11/20/48 (c),(l),(m)		1,970,000		1,685,532
				4,833,866

See Notes to Consolidated Schedule of Investments.

41

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount			Value
Retail - Consumer Discretionary — 0.1%
Alibaba Group Holding Ltd., 3.15%, 02/09/51 (c)	$	3,936,000		$	2,686,457
Utilities — 0.1%
PT Perusahaan Perseroan Persero Perusahaan Listrik Negara, MTN, 5.25%, 05/15/47 (c),(l)		3,345,000			2,769,158
Total Asia					32,408,063
Europe — 0.8%
Automobiles Manufacturing — 0.3%
Aston Martin Capital Holdings Ltd.,
10.50%, 11/30/25 (b),(c),(f)		12,735,000			11,607,252
10.50%, 11/30/25 (b),(c),(l)		1,323,000			1,205,842
Mclaren Finance plc, 7.50%, 08/01/26 (b),(c),(f)		4,871,000			3,599,182
					16,412,276
Entertainment Resources — 0.0%
CPUK Finance Ltd., 6.50%, 08/28/26 (c),(l)		1,000,000	GBP		1,144,608
Food & Beverage — 0.1%
Forno d’Asolo SpA, 3 mo. EURIBOR + 5.50%, 5.50%, 04/30/27 (c),(e),(f)		3,404,000	EUR		3,281,844
MHP Lux SA,
6.25%, 09/19/29 (c),(f)	$	689,000			342,984
6.95%, 04/03/26 (c),(l)		2,257,000			1,151,070
MHP SE,
7.75%, 05/10/24 (c),(f)		400,000			203,520
7.75%, 05/10/24 (c),(l)		2,413,000			1,227,735
					6,207,153
Restaurants — 0.3%
Stonegate Pub Co. Financing 2019 plc,
8.25%, 07/31/25 (c),(f)		215,000	GBP		239,015
8.25%, 07/31/25 (c),(l)		11,373,000	GBP		12,643,330
					12,882,345
Transportation & Logistics — 0.1%
Heathrow Finance plc,
4.38%, 03/01/27 (c),(h),(l)		2,393,000	GBP		2,503,729
4.63%, 09/01/29 (c),(h),(l)		1,483,000	GBP		1,555,228
					4,058,957
Total Europe					40,705,339
Middle East — 0.2%
Banks — 0.1%
Bank Hapoalim BM, H15T5Y + 2.16%, 3.26%, 01/21/32 (c),(e),(l)	$	3,296,000			2,818,080
Power Generation — 0.1%
Israel Electric Corp., Ltd., MTN, 3.75%, 02/22/32 (c),(l)		4,765,000			4,258,052
Utilities — 0.0%
Oryx Funding Ltd., 5.80%, 02/03/31 (f)		917,000			863,843
Total Middle East					7,939,975
North America — 4.6%
Aerospace & Defense — 0.0%
Triumph Group, Inc., 6.25%, 09/15/24 (b),(c),(f)		2,367,000			2,110,985
Chemicals — 0.1%
WR Grace Holdings LLC, 5.63%, 08/15/29 (b),(c),(f)		3,623,000			2,667,434
Commercial Finance — 0.2%
Fortress Transportation and Infrastructure Investors LLC,
5.50%, 05/01/28 (b),(c),(f)		620,000			511,757
6.50%, 10/01/25 (c),(f)		451,000			425,523
9.75%, 08/01/27 (b),(c),(f)		7,900,000			7,721,488
					8,658,768

See Notes to Consolidated Schedule of Investments.

42

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
Consumer Finance — 0.2%
Curo Group Holdings Corp., 7.50%, 08/01/28 (b),(c),(f)	$	14,015,000	$	8,797,075
PHH Mortgage Corp., 7.88%, 03/15/26 (b),(c),(f)		2,002,000		1,766,153
				10,563,228
Consumer Products — 0.2%
Kronos Acquisition Holdings, Inc., 7.00%, 12/31/27 (b),(c),(f)		11,259,000		8,444,250
Consumer Services — 0.3%
TKC Holdings, Inc.,
6.88%, 05/15/28 (b),(c),(f)		6,816,000		5,838,111
10.50%, 05/15/29 (b),(c),(f)		10,382,000		8,494,241
				14,332,352
Containers & Packaging — 0.2%
LABL, Inc.,
8.25%, 11/01/29 (b),(c),(f)		1,978,000		1,493,390
10.50%, 07/15/27 (c),(f)		47,000		40,890
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/25 (b),(c),(f)		11,105,000		9,689,113
				11,223,393
Exploration & Production — 0.3%
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/25 (b),(c),(f)		16,351,000		15,458,902
Financial Services — 0.1%
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (c),(f),(i)		5,443,000		5,148,262
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29 (c),(f)		100,000		81,000
MF Global Holdings Ltd., 6.75%, 08/08/16 (c),(d),(n)		436,000		125,350
				5,354,612
Health Care Facilities & Services — 0.5%
Akumin Escrow, Inc., 7.50%, 08/01/28 (b),(c),(f)		5,577,000		3,978,682
Akumin, Inc., 7.00%, 11/01/25 (b),(c),(f)		3,344,000		2,591,971
BCPE Cycle Merger Sub II, Inc., 10.63%, 07/15/27 (b),(c),(f)		3,352,000		1,181,580
CAN Community Health, Inc., 8.50%, 03/01/28 (b),(c),(f)		4,230,000		4,417,431
Team Health Holdings, Inc., 6.38%, 02/01/25 (b),(c),(f)		14,454,000		10,092,948
				22,262,612
Home Improvement — 0.1%
Werner FinCo LP / Werner FinCo, Inc., 8.75%, 07/15/25 (b),(c),(f)		4,383,000		3,808,476
Industrial Other — 0.2%
Brand Industrial Services, Inc., 8.50%, 07/15/25 (b),(c),(f)		12,390,000		9,251,985
Integrated Oils — 0.6%
Petroleos Mexicanos,
6.75%, 09/21/47		6,321,000		3,903,218
6.95%, 01/28/60		1,976,000		1,216,228
MTN, 8.75%, 06/02/29 (c),(l)		26,510,000		24,005,335
				29,124,781
Machinery Manufacturing — 0.1%
Husky III Holding Ltd., PIK, 13.00%, 02/15/25 (b),(c),(f)		5,930,000		5,752,100
Manufactured Goods — 0.1%
FXI Holdings, Inc., 12.25%, 11/15/26 (b),(c),(f)		4,730,000		4,206,767
Oil & Gas Services — 0.0%
CSI Compressco LP / CSI Compressco Finance, Inc., 7.50%, 04/01/25 (b),(c),(f)		1,783,000		1,648,246

See Notes to Consolidated Schedule of Investments.

43

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
Pipeline — 0.4%
Martin Midstream Partners LP / Martin Midstream Finance Corp.,
10.00%, 02/29/24 (b),(c),(f)	$	3,151,352	$	3,148,201
11.50%, 02/28/25 (b),(c),(f)		16,547,133		16,302,658
11.50%, 02/28/25 (c)		69,301		68,277
				19,519,136
Property & Casualty Insurance — 0.1%
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc., PIK, 7.63%, 10/15/25 (b),(c),(f)		5,023,873		4,850,549
Real Estate — 0.0%
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer,
4.88%, 05/15/29 (b),(c),(f)		294,000		252,447
5.88%, 10/01/28 (b),(c),(f)		1,000,000		912,690
XHR LP, 4.88%, 06/01/29 (b),(c),(f)		127,000		108,948
				1,274,085
Refining & Marketing — 0.1%
Citgo Holding, Inc., 9.25%, 08/01/24 (c),(f)		4,104,000		3,970,620
Restaurants — 0.1%
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 08/15/28 (b),(c),(f)		7,260,000		4,972,569
Retail - Consumer Discretionary — 0.2%
Carvana Co.,
4.88%, 09/01/29 (b),(c),(f)		6,098,000		3,467,354
5.63%, 10/01/25 (b),(c),(f)		5,138,000		3,945,779
5.88%, 10/01/28 (b),(c),(f)		1,277,000		810,786
Michaels Cos., Inc. (The),
5.25%, 05/01/28 (c),(f)		431,000		338,753
7.88%, 05/01/29 (b),(c),(f)		3,908,000		2,575,450
PetSmart, Inc. / PetSmart Finance Corp., 7.75%, 02/15/29 (c),(f)		294,000		264,750
				11,402,872
Travel & Lodging — 0.3%
Marriott Ownership Resorts, Inc.,
4.50%, 06/15/29 (c),(f)		204,000		169,663
4.75%, 01/15/28 (b),(c)		281,000		243,738
Travel + Leisure Co., 4.63%, 03/01/30 (c),(f)		187,000		144,925
Viking Cruises Ltd.,
5.88%, 09/15/27 (b),(c),(f)		9,289,000		6,939,602
6.25%, 05/15/25 (b),(c),(f)		6,284,000		5,294,270
7.00%, 02/15/29 (b),(c),(f)		1,740,000		1,302,947
13.00%, 05/15/25 (b),(c),(f)		1,791,000		1,835,443
				15,930,588
Utilities — 0.2%
Ferrellgas LP / Ferrellgas Finance Corp.,
5.38%, 04/01/26 (b),(c),(f)		5,108,000		4,434,689
5.88%, 04/01/29 (b),(c),(f)		5,478,000		4,446,948
				8,881,637
Wireline Telecommunications Services — 0.0%
Switch Ltd., 3.75%, 09/15/28 (b),(c),(f)		847,000		837,810
Total North America				226,508,757
South America — 0.5%
Airlines — 0.5%
Azul Investments LLP,
5.88%, 10/26/24 (b),(c),(f)		5,542,000		4,203,141
5.88%, 10/26/24 (b),(c),(l)		3,394,000		2,574,064
7.25%, 06/15/26 (b),(c),(f)		984,000		674,730

See Notes to Consolidated Schedule of Investments.

44

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount			Value
7.25%, 06/15/26 (b),(c),(l)	$	2,711,000		$	1,858,937
Latam Finance Ltd.,
6.88%, 04/11/24 (b),(c),(f),(n)		1,426,000			1,347,570
6.88%, 04/11/24 (b),(c),(l),(n)		2,176,000			2,056,320
7.00%, 03/01/26 (b),(c),(f),(n)		6,106,000			5,796,545
7.00%, 03/01/26 (b),(c),(l),(n)		5,203,000			4,939,309
					23,450,616
Metals & Mining — 0.0%
Samarco Mineracao SA, 4.13%, 11/01/22 (b),(c),(l),(n)		1,600,000			889,831
Refining & Marketing — 0.0%
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31 (b),(l)		2,667,000			2,119,438
Total South America					26,459,885
TOTAL CORPORATE BONDS & NOTES (COST $407,802,728)					350,111,515
SOVEREIGN DEBT — 5.5%
Angolan Government International Bond,
8.75%, 04/14/32 (f)		1,005,000			800,631
9.38%, 05/08/48 (l)		13,047,000			9,400,363
MTN, 8.00%, 11/26/29 (l)		4,172,000			3,290,123
Argentine Republic Government International Bond, 1.13%, 07/09/35 (h)		21,586,388			4,649,146
Bahrain Government International Bond,
6.00%, 09/19/44 (c),(l),(m)		1,484,000			1,097,774
7.00%, 01/26/26 (l)		5,073,000			5,214,537
7.50%, 09/20/47 (c),(l)		5,048,000			4,228,397
MTN, 6.25%, 01/25/51 (c),(l)		1,079,000			802,668
CBB International Sukuk Programme Co. WLL, 3.88%, 05/18/29 (f)		5,652,000			4,966,978
Chile Government International Bond, 4.34%, 03/07/42 (c),(m)		27,529,000			24,508,043
Colombia Government International Bond,
3.88%, 02/15/61 (c)		33,651,000			19,303,902
4.13%, 05/15/51 (c),(m)		4,265,000			2,554,489
Dominican Republic International Bond,
5.50%, 02/22/29 (c),(l),(m)		2,850,000			2,477,334
5.88%, 01/30/60 (l),(m)		7,385,000			5,034,840
6.00%, 07/19/28 (c),(l)		5,000,000			4,637,500
Ecuador Government International Bond, 1.00%, 07/31/35 (h),(l)		18,026,400			8,689,714
Egypt Government International Bond,
7.90%, 02/21/48 (l)		4,348,000			2,478,360
8.50%, 01/31/47 (l)		18,892,000			11,151,948
MTN, 7.50%, 02/16/61 (l),(m)		23,703,000			13,136,013
MTN, 7.60%, 03/01/29 (l)		1,742,000			1,267,329
MTN, 8.15%, 11/20/59 (l)		24,375,000			14,050,774
MTN, 8.75%, 09/30/51 (c),(l)		400,000			240,077
French Republic Government Bond OAT, 0.10%, 03/01/29 (c),(l)		3,326,898	EUR		3,675,387
Hungary Government International Bond, 5.25%, 06/16/29 (c),(l)	$	7,942,000			7,909,438
Indonesia Government International Bond,
3.35%, 03/12/71 (c)		3,591,000			2,522,667
3.55%, 03/31/32 (c),(m)		8,258,000			7,513,746
4.30%, 03/31/52 (c)		7,183,000			6,244,869
Iraq International Bond,
5.80%, 01/15/28 (l)		14,525,250			13,040,043
5.80%, 01/15/28 (c),(f)		6,057,750			5,438,345
Jordan Government International Bond, 7.75%, 01/15/28 (c),(l)		1,680,000			1,562,736
Korea National Oil Corp., 2.13%, 04/18/27 (c),(l),(m)		5,115,000			4,694,103
Lebanon Government International Bond,
5.80%, 04/14/20 (c),(l),(n)		3,567,000			214,733
MTN, 6.38%, 03/09/20 (c),(n)		23,870,000			1,436,974
MTN, 8.25%, 04/12/21 (c),(l),(n)		3,525,000			212,205
Mozambique International Bond, 5.00%, 09/15/31 (h),(l)		2,265,000			1,632,386
Nigeria Government International Bond,
7.70%, 02/23/38 (l)		3,657,000			2,251,907
8.38%, 03/24/29 (c),(l)		6,372,000			4,834,755
8.75%, 01/21/31 (l)		3,652,000			2,721,616

See Notes to Consolidated Schedule of Investments.

45

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount			Value
MTN, 7.38%, 09/28/33 (l)	$	2,461,000		$	1,607,279
MTN, 7.63%, 11/28/47 (l)		4,631,000			2,767,022
Oman Government International Bond,
5.63%, 01/17/28 (c),(l)		1,769,000			1,700,699
6.25%, 01/25/31 (l)		3,332,000			3,212,981
6.75%, 01/17/48 (l)		1,360,000			1,170,008
7.00%, 01/25/51 (l)		911,000			800,723
Oman Sovereign Sukuk Co., 4.88%, 06/15/30 (b),(f)		718,000			695,563
Republic of Ghana,
7.75%, 04/07/29 (f)		1,203,000			598,493
7.75%, 04/07/29 (l)		4,778,000			2,377,055
8.63%, 04/07/34 (c),(l)		1,900,000			914,375
8.88%, 05/07/42 (l)		1,867,000			893,135
Republic of Nigeria, 8.38%, 03/24/29 (f)		1,192,000			904,430
Republic of South Africa Government Bond,
8.75%, 02/28/48		56,618,482	ZAR		2,675,577
10.50%, 12/21/26		171,540,214	ZAR		11,154,661
Republic of South Africa Government International Bond, 6.25%, 03/08/41 (c)	$	3,964,000			3,072,100
Republic of Sri Lanka, 7.85%, 03/14/29 (c),(l)		467,000			148,632
Republic of Sri Lanka,
5.75%, 04/18/23 (c),(l)		2,149,000			681,272
6.35%, 06/28/24 (c),(l)		2,753,000			873,748
6.75%, 04/18/28 (c),(l)		724,000			228,237
6.85%, 11/03/25 (c),(l)		3,860,000			1,244,015
7.55%, 03/28/30 (c),(l)		6,590,000			2,084,798
Tunisian Republic, 5.75%, 01/30/25 (l)		2,218,000			1,218,392
Turkey Government International Bond,
4.88%, 04/16/43 (c)		3,700,000			2,181,564
5.75%, 05/11/47		20,239,000			12,430,187
Ukraine Government International Bond,
0.00%, 05/31/40 (e),(k),(l)		2,874,000			709,878
6.88%, 05/21/29 (l)		6,178,000			1,500,018
7.25%, 03/15/33 (l)		3,699,000			914,837
7.38%, 09/25/32 (l)		6,834,000			1,678,157
TOTAL SOVEREIGN DEBT (COST $337,850,582)					270,324,686
MORTGAGE-BACKED SECURITIES — 13.9%
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 (c),(e),(l)		95,671	EUR		97,000
Series 2018-2MGN, Class B, 3 mo. EURIBOR + 4.75%, 4.75%, 02/16/25 (c),(e),(l)		95,727	EUR		96,575
					193,575
Interest Only Commercial Mortgage-Backed Securities — 0.0%
Mulcair Securities No 3 DAC, 3 mo. EURIBOR + 2.00%, 1.54%, 04/24/65 (c),(e),(l)		158,000	EUR		156,170
Total Europe					349,745
North America — 13.9%
Collateralized Mortgage Obligation (Residential) — 7.0%
Ajax Mortgage Loan Trust, Series 2021-E, Class B1, 3.73%, 12/25/60 (b),(c),(e),(f)	$	972,000			841,885
Alternative Loan Trust,
Series 2004-16CB, Class M, 5.74%, 08/25/34 (c),(e)		342,415			305,031
Series 2004-2CB, Class M, 5.76%, 03/25/34 (c),(e)		474,605			379,142
Series 2004-4CB, Class M, 5.82%, 04/25/34 (c),(e)		234,714			201,666
Series 2005-46CB, Class A9, 5.50%, 10/25/35 (c)		1,873,978			1,637,906
Series 2006-29T1, Class 3A1, 6.50%, 10/25/36 (c)		571,312			215,473
Series 2006-H, Class 5A1, 1 mo. USD LIBOR + .36%, 1.97%, 10/20/36 (c),(e)		4,135,073			1,713,194
Series 2006-OA12, Class A2, 1 mo. USD LIBOR + .21%, 1.82%, 09/20/46 (c),(e)		243,513			212,185
Series 2006-OA12 SEQ, Class A1C, 1 mo. USD LIBOR + .28%, 1.89%, 09/20/46 (c),(e)		325,971			255,641
Series 2006-OA16, Class A4B, 1 mo. USD LIBOR + .50%, 2.12%, 10/25/46 (c),(e)		41,711			49,389
Series 2006-OA17, Class 1A1D, 1 mo. USD LIBOR + .29%, 1.90%, 12/20/46 (c),(e)		315,131			258,102

See Notes to Consolidated Schedule of Investments.

46

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
Series 2006-OA19, Class A1, 1 mo. USD LIBOR + .18%, 1.79%, 02/20/47 (c),(e)	$	409,696	$	317,358
Series 2006-OA19, Class A4, 1 mo. USD LIBOR + .21%, 1.82%, 02/20/47 (c),(e)		393,406		320,343
Series 2006-OA2, Class A1, 1 mo. USD LIBOR + .42%, 2.03%, 05/20/46 (c),(e)		645,821		588,729
Series 2006-OA8, Class 2A4, 1 mo. USD LIBOR + .52%, 2.14%, 07/25/46 (c),(e)		347,566		264,875
Series 2006-OA9, Class 2A1A, 1 mo. USD LIBOR + .21%, 1.82%, 07/20/46 (c),(e)		245,493		198,753
Series 2007-5CB, Class 1A2, 6.00%, 04/25/37 (c)		341,550		222,800
Series 2007-OH2, Class A2B, 1 mo. USD LIBOR + .36%, 1.98%, 08/25/47 (c),(e)		206,825		198,418
American Home Mortgage Investment Trust, Series 2005-2, Class 5A4C, 5.91%, 09/25/35 (c),(h)		873,286		580,878
Angel Oak Mortgage Trust, Series 2021-8, Class B1, 4.11%, 11/25/66 (c),(e),(f)		109,000		93,903
Banc of America Funding Trust, Series 2005-B, Class 3M2, 1 mo. USD LIBOR + 1.05%, 2.66%, 04/20/35 (c),(e)		1,536,196		1,351,854
Barclays Mortgage Loan Trust, Series 2021-NQM1, Class B2, 5.43%, 09/25/51 (c),(f)		100,000		87,696
Bear Stearns ARM Trust, Series 2004-3, Class B1, 3.50%, 07/25/34 (c),(e)		242,733		228,995
BRAVO Residential Funding Trust, Series 2022-NQM, Class B1, 4.75%, 09/25/61 (b),(c),(e),(f)		1,000,000		934,698
Chase Mortgage Finance Trust, Series 2007-A1, Class 1M, 2.94%, 02/25/37 (c),(e)		254,473		189,013
CHL Mortgage Pass-Through Trust, Series 2005-3, Class 1A4, 1 mo. USD LIBOR + .72%, 2.34%, 04/25/35 (c),(e)		613,677		541,627
Citigroup Mortgage Loan Trust, Series 2019-E, Class A2, 4.88%, 11/25/70 (b),(c),(f),(h)		1,000,000		978,578
COLT Mortgage Loan Trust,
Series 2021-HX1, Class B3A, 4.23%, 10/25/66 (c),(e),(f)		100,000		87,936
Series 2022-1, Class B1, 4.09%, 12/27/66 (c),(e),(f)		100,000		85,584
Series 2022-1, Class B2, 4.09%, 12/27/66 (c),(e),(f)		100,000		82,814
Series 2022-2, Class B1, 4.03%, 02/25/67 (c),(e),(f)		100,000		89,316
COLT Trust,
Series 2021-RPL1, Class B1, 4.83%, 09/25/61 (c),(e),(f)		100,000		91,545
Series 2021-RPL1, Class B2, 4.83%, 09/25/61 (b),(c),(e),(f)		446,000		397,152
CSMC,
Series 2021-NQM7, Class B1, 3.72%, 10/25/66 (c),(e),(f)		100,000		86,478
Series 2021-NQM8, Class B2, 4.21%, 10/25/66 (c),(e),(f)		100,000		82,162
Deephaven Residential Mortgage Trust,
Series 2021-2, Class B1, 3.17%, 04/25/66 (c),(e),(f)		100,000		85,174
Series 2021-2, Class B2, 3.93%, 04/25/66 (c),(e),(f)		100,000		83,374
Series 2021-4, Class B2, 4.49%, 11/25/66 (c),(e),(f)		100,000		93,870
Series 2022-1, Class B1, 4.31%, 01/25/67 (c),(e),(f)		100,000		84,674
Series 2022-1, Class B2, 4.31%, 01/25/67 (c),(e),(f)		100,000		81,232
Series 2022-2, Class M1, 4.34%, 03/25/67 (c),(e),(f)		100,000		94,532
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3, Class A2, 1 mo. USD LIBOR + .25%, 1.87%, 07/25/47 (c),(e)		204,647		188,128
Eagle RE Ltd., Series 2020-1, Class M2, 1 mo. USD LIBOR + 2.00%, 3.62%, 01/25/30 (c),(e),(f)		10,192,000		9,507,424
Federal Home Loan Mortgage Corp.,
Series 2017-DNA2, Class M2AI, 2.50%, 10/25/29 (c),(g)		963,846		16,447
Series 2017-HQA1, Class M2AI, 2.50%, 08/25/29 (c),(g)		1,340,811		10,792
Series 2017-HQA2, Class M2AI, 2.00%, 12/25/29 (c),(g)		3,512,748		42,276
Series 2018-HQA1, Class M2AI, 1.50%, 09/25/30 (c),(g)		1,859,109		11,432
Federal National Mortgage Association,
0.00%, 05/12/52 (i)		—		0
4.00%, 07/14/52 (i)		22,000,000		21,709,534
4.50%, 08/11/52 (i)		245,000,000		245,574,280
Series 2017-C02, Class 2X3, 2.30%, 09/25/29 (c),(g)		1,985,550		31,280
Series 2017-C02, Class 2X4, 2.80%, 09/25/29 (c),(g)		1,870,629		35,875
Series 2017-C04, Class 2X2, 1.75%, 11/25/29 (c),(g)		16,599,065		288,027
Series 2017-C07, Class 1X3, 1.00%, 05/25/30 (c),(g)		1,651,040		9,342
Freddie Mac Multifamily Structured Pass Through Certificates,
Series K085, Class X3, 2.39%, 12/25/45 (c),(e),(g)		1,000,000		119,196
Series K142, Class X3, 3.20%, 03/25/32 (c),(e),(g)		1,000,000		217,546
Series K142, Class X3, 3.25%, 04/25/50 (c),(e),(g)		1,000,000		230,464
GCAT Trust,
Series 2022-HX1, Class M1, 4.05%, 12/27/66 (c),(e),(f)		100,000		89,483

See Notes to Consolidated Schedule of Investments.

47

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
Series 2022-HX1, Class B1, 4.05%, 12/27/66 (c),(e),(f)	$	100,000	$	87,833
Government National Mortgage Association, 3.00%, 07/21/52 (i)		39,000,000		36,786,438
HarborView Mortgage Loan Trust,
Series 2004-10, Class B1, 1 mo. USD LIBOR + .90%, 2.50%, 01/19/35 (c),(e)		256,154		194,497
Series 2006-4, Class 1A1A, 1 mo. USD LIBOR + .36%, 1.97%, 05/19/46 (c),(e)		586,140		316,982
IndyMac INDX Mortgage Loan Trust, Series 2006-AR7, Class 3A1, 2.77%, 05/25/36 (c),(e)		251,141		234,648
Legacy Mortgage Asset Trust,
Series 2020-GS4, Class A2, 4.00%, 02/25/60 (b),(c),(f),(h)		1,000,000		952,187
Series 2021-GS3, Class A2, 3.25%, 07/25/61 (b),(c),(f),(h)		556,000		530,516
LHOME Mortgage Trust,
Series 2021-RTL1, Class M, 4.46%, 09/25/26 (b),(c),(e),(f)		1,884,000		1,793,967
Series 2021-RTL2, Class M, 4.61%, 06/25/26 (b),(c),(f),(h)		684,000		648,811
Merrill Lynch Mortgage Investors Trust, Series 2005-A5, Class M1, 3.47%, 06/25/35 (c),(e)		659,020		603,345
MFA Trust,
Series 2021-INV2, Class B1, 4.39%, 11/25/56 (c),(e),(f)		100,000		87,842
Series 2022-NQM, Class M1, 4.33%, 12/25/66 (b),(c),(e),(f)		1,000,000		913,223
Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class B1, 2.58%, 09/25/34 (c),(e)		291,622		239,298
Mortgage Insurance-Linked Notes, Series 2020-1, Class M2B, 1 mo. USD LIBOR + 2.25%, 3.87%, 01/25/30 (c),(e),(f)		1,425,000		1,296,801
New Residential Mortgage Loan Trust,
Series 2022-NQM1, Class B1, 3.84%, 01/25/26 (c),(e),(f)		100,000		82,986
Series 2022-NQM1, Class B2, 3.84%, 01/25/26 (c),(e),(f)		100,000		80,971
PMT Credit Risk Transfer Trust, Series 2019-2R, Class A, 1 mo. USD LIBOR + 2.75%, 4.40%, 05/27/23 (c),(e),(f)		2,039,734		1,904,987
PRPM LLC,
Series 2021-6, Class A2, 3.47%, 07/25/26 (c),(f),(h)		100,000		96,349
Series 2021-7, Class A2, 3.67%, 08/25/26 (c),(f),(h)		207,000		199,140
Series 2021-8, Class A2, 3.60%, 09/25/26 (c),(e),(f)		129,000		124,476
Series 2021-9 SEQ, Class A2, 3.97%, 10/25/26 (b),(c),(e),(f)		244,000		231,725
STACR Trust, Series 2018-HRP2, Class M3AI, 1.75%, 02/25/47 (c),(f),(g)		1,358,000		17,969
Starwood Mortgage Residential Trust,
Series 2021-6, Class B1, 3.94%, 11/25/66 (c),(e),(f)		100,000		85,023
Series 2021-6, Class B2, 3.94%, 11/25/66 (c),(e),(f)		100,000		81,472
Series 2022-1, Class B1, 3.96%, 12/25/66 (c),(e),(f)		135,000		116,182
Structured Asset Securities Corp Mortgage Pass-Through CTFS, Series 2003-26A, Class B1II, 2.46%, 09/25/33 (c),(e)		284,200		213,813
Thornburg Mortgage Securities Trust, Series 2005-3, Class B1, 2.31%, 10/25/45 (c),(e)		574,475		455,870
TRK Trust,
Series 2021-INV2, Class B1, 4.10%, 11/25/56 (c),(e),(f)		100,000		84,708
Series 2021-INV2, Class B2, 4.47%, 11/25/56 (b),(c),(e),(f)		1,000,000		769,458
Series 2022-INV1, Class B1, 4.07%, 02/25/57 (c),(e),(f)		111,000		94,574
Series 2022-INV1, Class B2, 4.07%, 02/25/57 (c),(e),(f)		100,000		80,998
Verus Securitization Trust, Series 2022-1, Class B2, 3.99%, 01/25/67 (b),(c),(e),(f)		1,000,000		837,773
WaMu Mortgage Pass-Through Certificates Series,
Series 2005-AR17, Class A1C4, 1 mo. USD LIBOR + .80%, 2.42%, 12/25/45 (c),(e)		245,318		219,155
Series 2005-AR2, Class B1, 1 mo. USD LIBOR + .80%, 2.42%, 01/25/45 (c),(e)		289,303		236,624
Series 2005-AR9, Class B1, 1 mo. USD LIBOR + .95%, 2.57%, 07/25/45 (c),(e)		207,407		196,389
Series 2006-AR1, Class 2A1C, 12 mo. MTA + 1.07%, 1.55%, 01/25/46 (c),(e)		275,916		248,664
WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR17, Class 1A, 12 mo. MTA + .82%, 1.14%, 12/25/46 (c),(e)		1,618,786		1,370,896
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
Series 2005-11, Class A2, 5.75%, 01/25/36 (c)		248,308		226,910
Series 2007-OA3, Class 2A, 12 mo. MTA + .75%, 1.23%, 02/25/47 (c),(e)		217,886		195,198
				345,714,199
Commercial Mortgage-Backed Securities — 5.4%
Arbor Multifamily Mortgage Securities Trust, Series 2022-MF4 SEQ, Class E, 2.00%, 02/15/55 (c),(f)		130,000		81,010
AREIT CRE Trust, Series 2022-CRE7, Class C, 1 mo. TSFR + 3.84%, 4.84%, 06/17/39 (c),(e),(f)		1,000,000		997,562
Ashford Hospitality Trust, Series 2018-KEYS, Class D, 1 mo. USD LIBOR + 2.75%, 4.08%, 06/15/35 (b),(c),(e),(f)		90,000		84,181
BAMLL Commercial Mortgage Securities Trust,

See Notes to Consolidated Schedule of Investments.

48

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
Series 2019-BPR, Class EMP, 4.02%, 11/05/32 (c),(e),(f)	$	8,817,000	$	8,056,102
Series 2019-BPR, Class FMP, 4.02%, 11/05/32 (c),(e),(f)		4,408,000		3,880,856
BBCMS Mortgage Trust, Series 2022-C16, Class XD, 2.18%, 06/15/55 (c),(e),(f),(g)		4,299,000		711,820
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW18, Class B, 6.69%, 06/11/50 (b),(e),(f)		6,394,786		6,616,046
Benchmark Mortgage Trust, Series 2018-B7, Class D, 3.00%, 05/15/53 (b),(c),(f)		290,000		223,926
BHMS Mortgage Trust,
Series 2018-ATLS, Class C, 1 mo. USD LIBOR + 1.90%, 3.22%, 07/15/35 (c),(e),(f)		100,000		94,608
Series 2018-ATLS, Class E, 1 mo. USD LIBOR + 3.00%, 4.32%, 07/15/35 (b),(c),(e),(f)		2,103,000		1,981,710
BX Commercial Mortgage Trust,
BX 2021-SOAR, Class F, 1 mo. USD LIBOR + 2.35%, 3.68%, 06/15/38 (b),(c),(e),(f)		1,259,459		1,177,594
Series 2020-VIVA, Class E, 3.67%, 03/11/44 (b),(c),(e),(f)		1,000,000		810,388
Series 2021-MC, Class G, 1 mo. USD LIBOR + 3.09%, 4.41%, 04/15/34 (c),(e),(f)		100,000		90,365
BX Trust, Series 2018-GW, Class F, 1 mo. USD LIBOR + 2.42%, 3.74%, 05/15/35 (b),(c),(e),(f)		106,000		98,845
CAMB Commercial Mortgage Trust,
Series 2019-LIFE, Class E, 1 mo. USD LIBOR + 2.15%, 3.47%, 12/15/37 (b),(c),(e),(f)		1,000,000		961,250
Series 2019-LIFE, Class F, 1 mo. USD LIBOR + 2.55%, 3.87%, 12/15/37 (b),(c),(e),(f)		1,000,000		952,500
Series 2019-LIFE, Class G, 1 mo. USD LIBOR + 3.25%, 4.57%, 12/15/37 (c),(e),(f)		129,000		122,823
Cascade Funding Mortgage Trust, Series 2021-FRR1, Class BK98, 0.00%, 08/29/29 (b),(c),(f),(k)		1,000,000		587,761
Citigroup Commercial Mortgage Trust,
Series 2012-GC8, Class C, 4.94%, 09/10/45 (b),(c),(e),(f)		112,000		111,559
Series 2014-GC25, Class D, 3.55%, 10/10/47 (b),(c),(f)		155,000		143,326
Series 2015-GC29, Class D, 3.11%, 04/10/48 (b),(c),(f)		1,000,000		895,701
Series 2015-GC33, Class D, 3.17%, 09/10/58 (c)		100,000		84,078
Series 2016-C3, Class D, 3.00%, 11/15/49 (c),(f)		1,826,000		1,308,977
Series 2016-GC37, Class D, 2.79%, 04/10/49 (b),(c),(f)		100,000		83,131
Series 2019-C7, Class E, 2.75%, 12/15/72 (b),(c),(f)		697,000		489,647
Series 2020-420K, Class E, 3.42%, 11/10/42 (c),(e),(f)		100,000		78,351
Cold Storage Trust, Series 2020-ICE5, Class F, 1 mo. USD LIBOR + 3.49%, 4.82%, 11/15/37 (b),(c),(e),(f)		982,991		933,080
COMM Mortgage Trust,
Series 2014-CR14, Class D, 4.74%, 02/10/47 (b),(c),(e),(f)		591,000		559,327
Series 2014-CR18, Class D, 4.91%, 07/15/47 (b),(c),(e),(f)		2,161,000		2,030,534
Series 2014-CR21, Class E, 3.00%, 12/10/47 (b),(f)		1,686,000		1,168,398
Series 2015-CR27, Class E, 3.25%, 10/10/48 (b),(c),(f)		1,439,000		1,127,062
Series 2019-GC44, Class 180C, 3.51%, 08/15/57 (b),(c),(e),(f)		386,000		351,240
Series 2019-GC44, Class 180D, 3.51%, 08/15/57 (b),(c),(e),(f)		227,000		197,124
Commercial Mortgage Trust,
Series 2015-CR22, Class E, 3.00%, 03/10/48 (b),(c),(f)		239,000		190,350
Series 2015-CR23, Class E, 3.23%, 05/10/48 (b),(c),(f)		4,794,000		3,796,723
Series 2015-CR23, Class C, 4.43%, 05/10/48 (c),(e)		123,000		117,422
Series 2015-CR23, Class D, 4.43%, 05/10/48 (b),(c),(e)		502,000		450,705
Series 2015-CR25, Class D, 3.93%, 08/10/48 (b),(c),(e)		479,000		402,494
Series 2015-CR27, Class D, 3.60%, 10/10/48 (c),(e),(f)		3,065,000		2,680,379
Series 2015-LC21, Class C, 4.48%, 07/10/48 (c),(e)		529,000		499,774
Series 2015-LC21, Class D, 4.48%, 07/10/48 (b),(c),(e)		1,127,000		1,011,081
Series 2016-CD1, Class D, 2.92%, 08/10/49 (b),(c),(e),(f)		2,075,000		1,613,622
Crescent Capital Trust, Series 2021-MOON, Class E, 1 mo. USD LIBOR + 2.55%, 3.88%, 04/15/36 (b),(c),(e),(f)		1,000,000		965,661
CSAIL 2015-C4 Commercial Mortgage Trust, Series 2015-C4, Class E, 3.71%, 11/15/48 (c),(e)		100,000		89,349
CSAIL Commercial Mortgage Trust,
Series 2015-C2, Class D, 4.32%, 06/15/57 (c),(e)		843,000		636,943
Series 2015-C3, Class D, 3.51%, 08/15/48 (c),(e)		3,139,000		1,822,962
Series 2015-C4, Class F, 3.50%, 11/15/48 (b),(c),(e),(f)		5,568,000		4,535,854
Series 2016-C5, Class C, 4.80%, 11/15/48 (c),(e)		355,000		339,420
Series 2018-C14, Class D, 5.09%, 11/15/51 (b),(c),(e),(f)		100,000		83,429
Series 2018-CX11, Class D, 2.75%, 04/15/51 (b),(c),(e),(f)		604,000		439,517
Series 2019-C16, Class D, 3.00%, 06/15/52 (b),(c),(f)		163,000		118,864
Series 2019-C17, Class D, 2.50%, 09/15/52 (b),(c),(f)		1,409,000		1,067,146
DBWF Mortgage Trust,
Series 2018-GLKS, Class E, 1 mo. USD LIBOR + 3.02%, 4.61%, 12/19/30 (c),(e),(f)		45,000		41,850
Series 2018-GLKS, Class F, 1 mo. USD LIBOR + 3.49%, 5.09%, 12/19/30 (b),(c),(e),(f)		2,202,000		2,063,706

See Notes to Consolidated Schedule of Investments.

49

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
Federal Home Loan Mortgage Corp.,
Series 2021-MN1, Class M2, SOFR30A + 3.75%, 4.68%, 01/25/51 (b),(c),(e),(f)	$	102,000	$	92,172
Series 2021-MN2, Class M2, SOFR30A + 3.35%, 4.28%, 07/25/41 (c),(e),(f)		128,000		107,533
Federal National Mortgage Association, 2.50%, 07/14/52 (i)		108,000,000		97,233,804
Fontainebleau Miami Beach Trust,
Series 2019-FBLU, Class F, 4.10%, 12/10/36 (b),(c),(e),(f)		1,460,000		1,345,367
Series 2019-FBLU, Class G, 4.10%, 12/10/36 (b),(c),(e),(f)		326,000		293,136
FREMF Mortgage Trust,
Series 2017-KGX1, Class CFX, 3.71%, 10/25/27 (b),(c),(e),(f)		1,000,000		874,476
Series 2019-KL4L, Class BCR, 1 mo. USD LIBOR + 3.50%, 4.62%, 11/25/25 (c),(e),(f)		21,274		21,273
GS Mortgage Securities Corp., Series 2013-GC10, Class E, 4.54%, 02/10/46 (b),(c),(e),(f)		3,900,000		3,471,530
GS Mortgage Securities Corp. Trust,
Series 2021-ROSS, Class F, 1 mo. USD LIBOR + 3.90%, 5.23%, 05/15/26 (b),(c),(e),(f)		1,019,000		956,801
Series 2021-ROSS, Class G, 1 mo. USD LIBOR + 4.65%, 5.98%, 05/15/26 (b),(c),(e),(f)		1,000,000		954,404
Series 2021-ROSS, Class H, 1 mo. USD LIBOR + 5.90%, 7.23%, 05/15/26 (b),(c),(e),(f)		1,000,000		944,100
GS Mortgage Securities Trust,
Series 2012-GCJ9, Class D, 4.88%, 11/10/45 (c),(e),(f)		215,000		212,132
Series 2014-GC20, Class D, 5.17%, 04/10/47 (b),(c),(e),(f)		1,199,911		733,059
Series 2014-GC20, Class C, 5.17%, 04/10/47 (b),(c),(e)		1,874,000		1,759,626
Series 2014-GC24, Class B, 4.64%, 09/10/47 (b),(c),(e)		100,000		96,492
Series 2014-GC24, Class C, 4.67%, 09/10/47 (b),(c),(e)		303,000		261,582
Series 2016-GS2, Class D, 2.75%, 05/10/49 (b),(c),(f)		1,415,000		1,166,576
Series 2016-GS4, Class D, 3.23%, 11/10/49 (b),(c),(e),(f)		200,000		160,948
Series 2017-GS8, Class D, 2.70%, 11/10/50 (c),(f)		1,593,000		1,303,254
Series 2018-HULA, Class G, 1 mo. USD LIBOR + 3.40%, 4.72%, 07/15/25 (b),(c),(e),(f)		974,233		918,487
Hawaii Hotel Trust, Series 2019-MAUI, Class G, 1 mo. USD LIBOR + 3.15%, 4.47%, 05/15/38 (b),(c),(e),(f)		1,000,000		933,540
Hilton USA Trust,
Series 2016-HHV, Class F, 4.33%, 11/05/38 (b),(c),(e),(f)		20,252,000		17,700,167
Series 2016-HHV, Class E, 4.33%, 11/05/38 (b),(c),(e),(f)		982,000		884,752
Series 2016-SFP, Class F, 6.16%, 11/05/35 (b),(c),(f)		1,068,000		1,036,875
IMT Trust, Series 2017-APTS, Class FFX, 3.61%, 06/15/34 (b),(c),(e),(f)		625,000		591,674
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2019-MARG, Class F, 1 mo. USD LIBOR + 3.00%, 4.32%, 05/15/34 (c),(e),(f)		156,000		152,181
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2015-JP1, Class C, 4.88%, 01/15/49 (c),(e)		102,000		99,053
Series 2016-JP3, Class D, 3.57%, 08/15/49 (b),(c),(e),(f)		100,000		79,746
Series 2020-NNNZ SEQ, Class M, 8.54%, 01/16/37 (b),(f)		934,865		804,854
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C23, Class D, 4.13%, 09/15/47 (c),(e),(f)		100,000		92,770
Series 2015-C28, Class D, 3.78%, 10/15/48 (c),(e),(f)		2,537,000		2,215,783
Series 2015-C29, Class D, 3.82%, 05/15/48 (b),(c),(e)		112,000		80,385
Series 2015-C30, Class D, 3.87%, 07/15/48 (b),(c),(e)		4,360,000		3,821,056
Series 2015-C31, Class E, 4.77%, 08/15/48 (b),(c),(e),(f)		1,093,000		724,899
Series 2016-C1, Class E, 4.89%, 03/17/49 (b),(c),(e),(f)		3,126,000		2,548,334
KKR Industrial Portfolio Trust,
Series 2021-KDIP, Class F, 1 mo. USD LIBOR + 2.05%, 3.37%, 12/15/37 (c),(e),(f)		83,250		76,590
Series 2021-KDIP, Class G, 1 mo. USD LIBOR + 3.75%, 5.07%, 12/15/37 (b),(c),(e),(f)		750,000		719,273
Life 2021-BMR Mortgage Trust, Series 2021-BMR, Class F, 1 mo. USD LIBOR + 2.35%, 3.67%, 03/15/38 (b),(c),(e),(f)		982,970		915,320
LSTAR Commercial Mortgage Trust,
Series 2015-3, Class E, 3.30%, 04/20/48 (c),(e),(f)		121,000		105,969
Series 2017-5, Class C, 4.83%, 03/10/50 (b),(c),(e),(f)		967,000		865,067
Series 2017-5, Class D, 4.83%, 03/10/50 (b),(c),(e),(f)		1,125,000		960,586
LUXE Trust,
Series 2021-TRIP, Class F, 1 mo. USD LIBOR + 3.25%, 4.57%, 10/15/38 (b),(c),(e),(f)		1,019,000		959,189
Series 2021-TRIP, Class G, 1 mo. USD LIBOR + 4.25%, 5.57%, 10/15/38 (b),(c),(e),(f)		1,114,000		1,056,250
MBRT,
Series 2019-MBR, Class F, 1 mo. USD LIBOR + 2.80%, 4.12%, 11/15/36 (b),(c),(e),(f)		1,000,000		930,000
Series 2019-MBR, Class G, 1 mo. USD LIBOR + 3.15%, 4.47%, 11/15/36 (b),(c),(e),(f)		1,000,000		957,594
MHC Commercial Mortgage Trust, Series 2021-MHC, Class F, 1 mo. USD LIBOR + 2.60%, 3.93%, 04/15/38 (c),(e),(f)		207,000		192,510

See Notes to Consolidated Schedule of Investments.

50

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
MHC Trust, Series 2021-MHC2, Class F, 1 mo. USD LIBOR + 2.40%, 3.72%, 05/15/23 (b),(c),(e),(f)	$	1,000,000	$	925,000
MHP 2021-STOR,
Series 2021-STOR, Class F, 1 mo. USD LIBOR + 2.20%, 3.52%, 07/15/38 (c),(e),(f)		205,000		187,733
Series 2021-STOR, Class G, 1 mo. USD LIBOR + 2.75%, 4.07%, 07/15/38 (c),(e),(f)		100,000		96,178
MHP 2022-MHIL,
Series 2022-MHIL, Class F, 1 mo. TSFR + 3.26%, 4.54%, 01/15/27 (b),(c),(e),(f)		1,000,000		928,072
Series 2022-MHIL, Class G, 1 mo. TSFR + 3.96%, 5.24%, 01/15/27 (b),(c),(e),(f)		1,000,000		951,125
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C17, Class D, 4.88%, 08/15/47 (c),(e),(f)		100,000		93,062
Series 2015-C20, Class D, 3.07%, 02/15/48 (b),(c),(f)		393,000		353,946
Series 2015-C21, Class D, 4.27%, 03/15/48 (c),(e),(f)		3,575,000		2,540,295
Series 2015-C22, Class D, 4.35%, 04/15/48 (b),(c),(e),(f)		870,000		693,833
Series 2016-C30, Class D, 3.00%, 09/15/49 (c),(e),(f)		1,323,000		920,373
Series 2016-C31, Class D, 3.00%, 11/15/49 (b),(c),(e),(f)		2,354,000		1,759,154
Series 2016-C32, Class D, 3.40%, 12/15/49 (c),(e),(f)		991,000		723,129
Morgan Stanley Capital I Trust,
Series 2016-UB11, Class E, 2.76%, 08/15/49 (b),(c),(e),(f)		3,200,500		1,734,748
Series 2016-UB12, Class D, 3.31%, 12/15/49 (c),(f)		1,761,000		971,383
Series 2018-SUN, Class F, 1 mo. USD LIBOR + 2.55%, 3.87%, 07/15/35 (b),(c),(e),(f)		1,000,000		940,000
Natixis Commercial Mortgage Securities Trust,
Series 2018-RIVA, Class D, 1 mo. TSFR + 2.10%, 3.37%, 02/15/33 (b),(c),(e),(f)		222,525		216,691
Series 2019-MILE, Class D, 1 mo. USD LIBOR + 2.75%, 4.07%, 07/15/36 (b),(c),(e),(f)		102,000		100,539
Series 2019-MILE, Class E, 1 mo. USD LIBOR + 3.50%, 4.82%, 07/15/36 (b),(c),(e),(f)		135,000		131,556
New Orleans Hotel Trust, Series 2019-HNLA, Class E, 1 mo. USD LIBOR + 2.69%, 4.01%, 04/15/32 (b),(c),(e),(f)		1,301,000		1,242,874
OPG Trust,
Series 2021-PORT, Class E, 1 mo. USD LIBOR + 1.53%, 2.85%, 10/15/36 (c),(e),(f)		100,000		91,217
Series 2021-PORT, Class G, 1 mo. USD LIBOR + 2.40%, 3.72%, 10/15/36 (b),(c),(e),(f)		285,000		263,870
Prima Capital CRE Securitization Ltd.,
Series 2019-1S, Class C, 5.50%, 10/01/33 (b),(c),(f)		1,000,000		949,906
Series 2019-RK1, Class CG, 4.00%, 04/15/38 (b),(c),(f)		339,000		291,564
Series 2019-RK1, Class BT, 4.45%, 04/15/38 (b),(c),(f)		1,173,000		1,020,536
Series 2019-RK1, Class CT, 4.45%, 04/15/38 (b),(c),(f)		121,000		102,037
Ready Capital Mortgage Financing, Series 2022-FL9, Class C, 1 mo. TSFR + 4.31%, 5.56%, 06/25/37 (c),(e),(f)		1,000,000		992,157
ReadyCap Commercial Mortgage Trust,
Series 2019-6, Class C, 4.13%, 10/25/52 (b),(c),(e),(f)		1,691,000		1,515,544
Series 2019-6, Class D, 4.77%, 10/25/52 (b),(c),(e),(f)		227,000		195,895
SG Commercial Mortgage Securities Trust,
Series 2016-C5, Class D, 4.98%, 10/10/48 (b),(c),(e),(f)		295,000		236,651
Series 2019-PREZ, Class E, 3.59%, 09/15/39 (b),(c),(e),(f)		1,720,000		1,382,106
SREIT Trust, Series 2021-IND, Class G, 1 mo. USD LIBOR + 3.27%, 4.59%, 10/15/38 (b),(c),(e),(f)		1,100,000		1,024,145
STWD Mortgage Trust,
Series 2021-LIH, Class E, 1 mo. USD LIBOR + 2.90%, 4.23%, 11/15/36 (b),(c),(e),(f)		1,000,000		954,015
Series 2021-LIH, Class F, 1 mo. USD LIBOR + 3.55%, 4.88%, 11/15/36 (c),(e),(f)		125,000		121,666
Series 2021-LIH SEQ, Class G, 1 mo. USD LIBOR + 4.20%, 5.52%, 11/15/36 (b),(c),(e),(f)		1,000,000		930,937
STWD Trust, Series 2021-FLWR, Class E, 1 mo. USD LIBOR + 1.92%, 3.25%, 07/15/36 (b),(c),(e),(f)		1,000,000		930,173
TPGI Trust,
Series 2021-DGWD, Class E, 1 mo. USD LIBOR + 2.35%, 3.67%, 06/15/26 (b),(c),(e),(f)		1,103,000		1,012,003
Series 2021-DGWD, Class F, 1 mo. USD LIBOR + 3.00%, 4.32%, 06/15/26 (b),(c),(e),(f)		1,037,000		984,054
Series 2021-DGWD, Class G, 1 mo. USD LIBOR + 3.85%, 5.17%, 06/15/26 (b),(c),(e),(f)		1,044,000		970,682
UBS Commercial Mortgage Trust,
Series 2018-C11, Class D, 3.00%, 06/15/51 (b),(c),(e),(f)		168,000		125,292
Series 2018-C9, Class D, 5.04%, 03/15/51 (b),(c),(e),(f)		331,000		276,724
Series 2019-C17, Class D, 2.50%, 10/15/52 (c),(f)		103,000		75,981
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC18, Class D, 3.96%, 12/15/47 (b),(c),(e),(f)		992,000		879,973
Series 2015-C26, Class D, 3.59%, 02/15/48 (c),(f)		4,590,000		4,159,844
Series 2015-C27, Class D, 3.77%, 02/15/48 (c),(f)		5,146,000		3,955,694

See Notes to Consolidated Schedule of Investments.

51

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
Series 2015-C31, Class D, 3.85%, 11/15/48 (c)	$	2,058,000	$	1,767,260
Series 2015-NXS4, Class D, 3.84%, 12/15/48 (c),(e)		100,000		88,729
Series 2016-C32, Class D, 3.79%, 01/15/59 (b),(c),(e),(f)		465,000		400,458
Series 2016-LC24, Class D, 3.21%, 10/15/49 (c),(f)		4,253,000		3,395,327
Series 2016-NXS5, Class E, 5.15%, 01/15/59 (c),(e),(f)		100,000		89,920
Series 2019-JWDR, Class D, 3.44%, 09/15/31 (b),(c),(e),(f)		100,000		89,085
Series 2019-JWDR, Class E, 3.99%, 09/15/31 (b),(c),(e),(f)		1,983,000		1,736,337
Series 2019-JWDR, Class F, 4.71%, 09/15/31 (b),(c),(e),(f)		2,300,000		1,997,497
Series 2019-JWDR, Class G, 5.56%, 09/15/31 (b),(c),(e),(f)		2,074,000		1,815,779
WFRBS Commercial Mortgage Trust,
Series 2014-C19, Class D, 4.23%, 03/15/47 (b),(c),(f)		379,000		348,893
Series 2014-C22, Class D, 4.05%, 09/15/57 (b),(c),(e),(f)		4,703,000		4,275,328
Worldwide Plaza Trust, Series 2017-WWP, Class F, 3.72%, 11/10/36 (b),(c),(e),(f)		129,000		95,729
				267,522,001
Interest Only Commercial Mortgage-Backed Securities — 0.6%
Alternative Loan Trust,
Series 2005-65CB, Class 2A1, 1 mo. USD LIBOR + .43%, 2.05%, 12/25/35 (c),(e)		345,991		236,941
Series 2006-13T1 SEQ, Class A15, 6.00%, 05/25/36 (c)		422,855		245,734
CFK Trust, Series 2020-MF2, Class X, 0.89%, 03/15/39 (b),(c),(e),(f),(g)		19,612,000		637,586
Citigroup Commercial Mortgage Trust,
Series 2019-C7, Class XD, 1.33%, 12/15/72 (b),(c),(e),(f),(g)		5,347,000		395,715
Series 2019-GC43, Class XD, 0.74%, 11/10/52 (b),(c),(e),(f),(g)		5,918,000		229,695
COLT Mortgage Loan Trust, Series 2022-5, Class B1, 4.57%, 03/25/67 (b),(c),(e),(f)		1,000,000		887,625
Commercial Mortgage Trust, Series 2014-UBS4, Class XA, 1.25%, 08/10/47 (c),(e),(g)		15,656,838		257,649
CSAIL Commercial Mortgage Trust,
Series 2015-C2, Class XA, 0.86%, 06/15/57 (c),(e),(g)		33,989,084		556,605
Series 2015-C3, Class XA, 0.84%, 08/15/48 (c),(e),(g)		93,835,420		1,546,971
Series 2019-C18, Class XD, 1.59%, 12/15/52 (b),(c),(e),(f),(g)		4,452,333		385,750
DC Office Trust, Series 2019-MTC, Class X, 0.21%, 09/15/45 (b),(c),(e),(f),(g)		64,579,000		563,258
Federal Home Loan Mortgage Corp.,
Series K-1514, Class X3, 2.86%, 10/25/34 (b),(c),(e),(g)		13,043,739		3,171,872
Series K049, Class X3, 1.60%, 10/25/43 (b),(c),(e),(g)		2,177,000		89,133
Series K061, Class X1, 0.30%, 11/25/26 (b),(c),(e),(g)		17,183,597		124,117
Series K071, Class X1, 0.42%, 11/25/27 (c),(e),(g)		88,398,055		1,188,335
Series K095, Class X3, 2.17%, 08/25/47 (b),(c),(e),(g)		9,297,000		1,089,980
Series K102, Class X3, 1.96%, 12/25/46 (c),(e),(g)		1,000,000		110,553
Series K154, Class X1, 0.44%, 11/25/32 (b),(c),(e),(g)		31,693,013		711,286
Series K725, Class X1, 0.83%, 01/25/24 (b),(c),(e),(g)		134,118,141		1,164,816
Series KLU1, Class X3, 4.10%, 01/25/31 (b),(c),(e),(g)		24,561,434		3,227,643
Series KLU2, Class X1, 1.08%, 08/25/29 (b),(c),(e),(g)		56,449,808		2,853,030
Series KLU2, Class X3, 4.04%, 08/25/29 (b),(c),(e),(g)		8,384,141		1,536,109
Series KS11, Class XFX, 1.76%, 06/25/29 (b),(c),(e),(g)		25,265,000		2,127,692
Series KW10, Class X3, 2.81%, 10/25/32 (b),(c),(e),(g)		5,935,000		954,787
Federal National Mortgage Association, Series 2017-C03, Class 1X2, 1.80%, 10/25/29 (c),(g)		2,810,456		65,113
Flagstar Mortgage Trust, Series 2018-4, Class B4, 4.25%, 07/25/48 (c),(e),(f)		232,375		201,641
GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class XCP, 0.00%, 12/15/36 (c),(e),(f),(g)		15,243,000		152
GS Mortgage Securities Trust, Series 2019-GC40, Class XD, 1.30%, 07/10/52 (b),(c),(e),(f),(g)		2,219,000		153,808
JP Morgan Mortgage Trust, Series 2018-5, Class B4, 3.73%, 10/25/48 (c),(e),(f)		267,918		235,163
JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6, Class XD, 1.56%, 11/13/52 (b),(c),(e),(f),(g)		4,231,000		355,751
MFT Trust, Series 2020-ABC, Class XA, 0.23%, 02/10/42 (b),(c),(e),(f),(g)		20,401,000		202,154
Point Securitization Trust, Series 2021-1, Class A2, 5.56%, 02/25/52 (b),(c),(e),(f),(g)		1,000,000		958,946
STACR Trust, Series 2018-DNA3, Class M2AI, 1.50%, 09/25/48 (c),(f),(g)		873,832		15,972
Verus Securitization Trust, Series 2022-4, Class B1, 4.77%, 04/25/67 (b),(c),(e),(f)		1,000,000		815,299
				27,296,881
Inverse Interest Only Collateralized Mortgage Obligations — 0.8%
Alternative Loan Trust, Series 2007-OA2, Class 1A1, 12 mo. MTA + .84%, 1.32%, 03/25/47 (c),(e)		302,946		250,264

See Notes to Consolidated Schedule of Investments.

52

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Principal Amount		Value
Federal National Mortgage Association,
2.00%, 08/11/52 (i)	$	6,000,000	$	5,208,516
5.00%, 08/11/52 (i)		36,000,000		36,645,480
				42,104,260
Mortgage Securities — 0.1%
BOCA Commercial Mortgage Trust,
Series 2022-BOCA, Class D, 1 mo. TSFR + 3.19%, 3.82%, 05/15/39 (b),(c),(e),(f)		1,000,000		998,570
Series 2022-BOCA, Class E, 1 mo. TSFR + 4.22%, 4.72%, 05/15/39 (b),(c),(e),(f)		1,040,000		1,038,512
JPMBB Commercial Mortgage Securities Trust, Series 2014-C26, Class C, 4.52%, 01/15/48 (c),(e)		642,000		613,892
Natixis Commercial Mortgage Securities Trust,
Series 2022-RRI, Class C, 1 mo. TSFR + 3.10%, 4.37%, 03/15/35 (c),(e),(f)		131,000		129,058
Series 2022-RRI, Class E, 1 mo. TSFR + 5.19%, 6.47%, 03/15/35 (c),(e),(f)		100,000		97,396
				2,877,428
Total North America				685,514,769
TOTAL MORTGAGE-BACKED SECURITIES (COST $697,934,117)				685,864,514
U.S. GOVERNMENT SPONSORED AGENCY SECURITIES — 0.1%
North America — 0.1%
Inverse Interest Only Collateralized Mortgage Obligations — 0.1%
Government National Mortgage Association,
Series 2015-151, Class SC, 1 mo. USD LIBOR + 6.15%, 4.55%, 10/20/45 (c),(e),(g)		3,368,248		523,412
Series 2015-161, Class AS, 1 mo. USD LIBOR + 6.20%, 4.60%, 11/20/45 (c),(e),(g)		4,237,485		680,464
Series 2017-114, Class SP, 1 mo. USD LIBOR + 6.20%, 4.60%, 07/20/47 (c),(e),(g)		2,821,063		414,770
Series 2017-117, Class SA, 1 mo. USD LIBOR + 6.20%, 4.60%, 08/20/47 (c),(e),(g)		4,093,054		667,315
Series 2017-156, Class SB, 1 mo. USD LIBOR + 6.20%, 4.60%, 10/20/47 (c),(e),(g)		3,839,549		559,165
Series 2017-56, Class AS, 1 mo. USD LIBOR + 6.15%, 4.55%, 04/20/47 (c),(e),(g)		3,342,307		504,902
Series 2017-73, Class SM, 1 mo. USD LIBOR + 6.20%, 4.60%, 05/20/47 (c),(e),(g)		3,334,332		542,469
Series 2018-48, Class SA, 1 mo. USD LIBOR + 6.20%, 4.60%, 04/20/48 (c),(e),(g)		4,891,878		720,402
Series 2018-65, Class PS, 1 mo. USD LIBOR + 6.15%, 4.55%, 05/20/48 (c),(e),(g)		2,731,651		328,719
Series 2018-93, Class SA, 1 mo. USD LIBOR + 6.20%, 4.60%, 07/20/48 (c),(e),(g)		2,336,957		317,422
				5,259,040
Mortgage Securities — (0.0)%
Federal National Mortgage Association, 0.00%, 05/12/52 (i)		0		0
Total North America				5,259,040
TOTAL U.S. GOVERNMENT SPONSORED AGENCY SECURITIES (COST $5,101,449)				5,259,040
MUNICIPALS — 0.0%
North America — (0.0)%
California Housing Finance Agency, Rev., Series 2019 X, (SER X), 0.29%, 01/15/35 (b),(c),(e)		14,864,998		275,838
TOTAL MUNICIPALS (COST $600,099)				275,838
U.S. TREASURY NOTES — 2.7%
North America — 2.7%
U.S. Treasury Bonds (c),(m)		650,000		487,703
U.S. Treasury Notes,
0.25%, 05/15/24 - 06/15/24		50,000,000		47,467,773
0.38%, 04/15/24 - 09/15/24		55,240,000		52,439,082
0.63%, 10/15/24		25,000,000		23,686,524
1.50%, 01/31/27 (c),(m)		5,090,300		4,752,670
1.88%, 02/28/27 - 02/15/32 (c),(m)		3,707,200		3,442,262
2.63%, 05/31/27 (c),(m)		2,003,500		1,965,621
Total North America				134,241,635
TOTAL U.S. TREASURY NOTES (COST $141,044,485)				134,241,635

See Notes to Consolidated Schedule of Investments.

53

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
EXCHANGE-TRADED FUNDS — 0.8%
iShares Core MSCI Emerging Markets ETF (c)		3,060	$	150,124
iShares iBoxx $ Investment Grade Corporate Bond ETF (c)		30,908		3,400,807
Pershing Square Holdings Ltd.		333,419		9,852,390
SPDR Dow Jones International Real Estate ETF (b),(c)		33,833		954,767
SPDR S&P Biotech ETF (a)		317,070		23,548,789
Vanguard FTSE Emerging Markets ETF (c)		2,465		102,667
Vanguard Real Estate ETF (b),(c)		7,424		676,401
TOTAL EXCHANGE-TRADED FUNDS (COST $45,789,303)				38,685,945
WARRANTS — 0.1%
7GC & Co. Holdings, Inc., A Shares (a),(b),(c)		218,469		10,552
Acropolis Infrastructure Acquisition Corp. (a),(c)		166,667		33,333
Adit EdTech Acquisition Corp. (a),(c)		101,682		5,084
Alpha Partners Technology Merger Corp. (a),(c)		166,667		16,850
Anthemis Digital Acquisitions I Corp. (a),(c)		375,000		45,000
Apollo Strategic Growth Capital, Class A (a),(c)		90,000		22,500
Argus Capital Corp. (a),(c)		226,266		45,253
Athena Consumer Acquisition Corp. (a),(c)		262,057		36,688
Athlon Acquisition Corp. (a),(b),(c)		232,500		26,877
ATI Penny Warrant (c)		111,184		214,585
ATI Warrant (c)		100,595		29,173
Atlas Crest Investment Corp. II, A Shares (a),(c)		105,285		14,740
Austerlitz Acquisition Corp. II, A Shares (a),(b),(c)		116,250		14,241
Authentic Equity Acquisition Corp. (a),(b),(c)		275,000		27,500
B Riley Principal 250 Merger Corp. (a),(c)		82,637		20,709
Bilander Acquisition Corp., Class A (a),(c)		91,262		27,379
Black Mountain Acquisition Corp. (a),(c)		590,640		106,315
BlueRiver Acquisition Corp., Class A (a),(c)		47,634		4,763
Bullpen Parlay Acquisition Co. (a),(c)		189,000		28,350
Catalyst Partners Acquisition Corp., Class A (a),(c)		50,000		10,500
CC Neuberger Principal Holdings II, A Shares (a),(c)		20,564		9,459
CC Neuberger Principal Holdings III (a),(c)		81,135		24,341
CF Acquisition Corp. (a),(c)		478,190		41,746
Churchill Capital Corp. (a),(c)		32,967		11,463
Churchill Capital Corp., A Shares (a),(c)		59,372		20,186
Climate Real Impact Solutions II Acquisition Corp. (a),(c)		51,210		8,706
Colicity, Inc., Class A (a),(c)		120,689		26,190
Colonnade Acquisition Corp. II, A Shares (a),(c)		62,000		8,060
Compass Digital Acquisition Corp. (a),(c)		125,006		31,251
Compute Health Acquisition Corp., A Shares (a),(b),(c)		116,250		25,575
Concord Acquisition Corp., Class A (a),(c)		189,000		41,410
Corner Growth Acquisition Corp. (a),(c)		125,000		15,013
Corner Growth Acquisition Corp., A Shares (a),(c)		125,000		6,325
Corsair Partnering Corp., Class A (a),(c)		125,000		25,000
Crescent Cove Acquisition Corp., A shares (a),(c)		93,350		9,382
Decarbonization Plus Acquisition Corp., A Shares (a),(c)		167,200		33,473
dMY Technology Group, Inc. (a),(c)		108,530		38,843
DP Cap Acquisition Corp., A Shares (a),(c)		236,250		47,226
E.Merge Technology Acquisition Corp. (a),(c)		34,947		4,543
Elliott Opportunity II Corp. (a),(c)		91,574		23,855
Enterprise 4.0 Technology Acquisition Corp. (a),(c)		250,000		42,500
Epiphany Technology Acquisition Corp., A Shares (a),(c)		97,000		7,285
ExcelFin Acquisition Corp. (a),(c)		234,350		46,026
FG Acquisition Corp. (a),(c)		94,599		113,519
Figure Acquisition Corp. I, A Shares (a),(c)		88,761		15,977
Fintech Evolution Acquisition Group (a),(c)		103,334		9,372
Forest Road Acquisition Corp., Class A (a),(c)		62,000		18,594
Fortistar Sustainable Solutions Corp., A Shares (a),(c)		104,350		13,346

See Notes to Consolidated Schedule of Investments.

54

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Forum Merger IV Corp., Class A (a),(c)		77,500	$	17,228
Frontier Acquisition Corp. (a),(c)		77,500		13,175
FTAC Hera Acquisition Corp., A Shares (a),(c)		77,500		14,725
FTAC Parnassus Acquisition Corp., Class A (a),(c)		77,500		15,500
G Squared Asend II, Inc. (a),(c)		92,177		12,057
Global Synergy Acquisition Corp. (a),(b),(c)		254,650		17,826
GO Acquisition Corp. (a),(b),(c)		188,000		113
Gores Technology Partners, Inc., Class A (a),(c)		42,300		21,996
Growth For Good Acquisition Corp. (a),(c)		189,000		18,900
HIG Acquisition Corp., A Shares (a),(b),(c)		278,000		27,828
Hudson Executive Investment Corp. (a),(b),(c)		126,112		25,197
InterPrivate II Acquisition Corp. (a),(c)		45,039		4,504
Isleworth Healthcare Acquisition Corp. (a),(b),(c)		111,042		3,675
Jaguar Global Growth Corp. (a),(c)		107,300		16,095
Jaws Hurricane Acquisition Corp. (a),(c)		65,650		23,641
Jaws Juggernaut Acquisition Corp. (a),(c)		11,443		4,463
Jaws Mustang Acquisition Corp., C Shares (a),(b),(c)		132,975		33,363
Kensington Capital Acquisition Corp. (a),(c)		331,300		96,044
KKR Acquisition Holdings I Corp., A Shares (a),(c)		116,250		41,850
L Catterton Asia Acquisition Corp., Class A (a),(c)		375,000		37,500
Landcadia Holdings IV, Inc. (a),(c)		116,250		36,851
Lazard Growth Acquisition Corp., A Shares (a),(c)		67,587		16,897
LDH Growth Corp., Class A (a),(c)		62,000		10,546
Lead Edge Growth Opportunities Ltd., Class A (a),(c)		492,207		98,441
Learn CW Investment Corp., Class A (a),(c)		199,000		15,920
LIV Capital Acquisition Corp. (a),(c)		500,000		50,000
Logistics Innovation Technologies Corp. (a),(c)		101,972		16,316
Marlin Technology Corp. (a),(b),(c)		500,000		67,500
Mason Industrial Technology, Inc., A Shares (a),(c)		155,000		21,669
McLaren Racing Ltd. (c),(d)		22,935		243,536
MSD Acquisition Corp., Class A (a),(c)		64,782		23,969
NightDragon Acquisition Corp. (a),(c)		93,000		25,110
Noble Rock Acquisition Corp., A Shares (a),(b),(c)		200,000		21,660
North Mountain Merger Corp. (a),(b),(c)		232,500		23,273
Northern Genesis Acquisition Corp. (a),(b),(c)		116,250		38,362
Northern Star Investment Corp., Class A (a),(c)		103,331		21,203
OCA Acquisition Corp., A Shares (a),(b),(c)		233,750		11,711
One Equity Partners Open Water I Corp., A Shares (a),(c)		143,400		16,692
Orion Acquisition Corp., A Shares (a),(c)		62,299		5,320
Osiris Acquisition Corp. (a),(c)		206,666		40,155
Parabellum Acquisition Corp. (a),(c)		292,500		38,025
Pathfinder Acquisition Corp., A Shares (a),(b),(c)		71,165		7,828
Periphas Capital Partnering Corp., A Shares (a),(c)		46,507		20,882
Phoenix Biotech Acquisition Corp. (a),(c)		76,900		7,698
Pivotal Investment Corp. III, A Shares (a),(c)		60,000		6,678
Plum Acquisition Corp. I, A Shares (a),(c)		62,000		12,400
Pontem Corp., A Shares (a),(c)		155,000		20,476
Portage Fintech Acquisition Corp. (a),(c)		166,667		28,800
Powered Brands, A Shares (a),(b),(c)		155,000		12,648
PowerUp Acquisition Corp. (a),(c)		130,108		15,613
PropTech Investment Corp. (a),(c)		42,331		8,466
Revolution Healthcare Acquisition Corp. (a),(c)		93,000		23,250
Science Strategic Acquisition Corp. Alpha (a),(c)		155,000		14,043
ScION Tech Growth, A Shares (a),(b),(c)		683,332		92,250
ScION Tech Growth II (a),(c)		286,291		26,797
Senior Connect Acquisition Corp., A Shares (a),(b),(c)		155,000		10,866
Shelter Acquisition Corp., Class A (a),(c)		187,500		33,862
Silver Spike Acquisition Corp. II, A Shares (a),(c)		77,314		4,639
Skydeck Acquisition Corp., Class A (a),(c)		81,300		12,195
Slam Corp., A Shares (a),(c)		112,325		28,070
ST Energy Transition I Ltd. (a),(c)		521,933		130,483
Tailwind International Acquisition Corp. (a),(c)		100,000		7,990

See Notes to Consolidated Schedule of Investments.

55

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Tekkorp Digital Acquisition Corp. (a),(b),(c)		125,000	$	20,013
Thunder Bridge Capital Partners III, Inc., A Shares (a)		39,640		9,117
Turmeric Acquisition Corp., Class A (a),(c)		20,883		1,566
TZP Strategies Acquisition Corp., A Shares (a),(c)		149,166		11,933
VMG Consumer Acquisition Corp. (a),(c)		178,201		26,730
Warburg Pincus Capital Corp. I-A, A Shares (a),(c)		62,000		19,220
Warburg Pincus Capital Corp. I-B (a),(c)		62,000		16,740
Waverley Capital Acquisition Corp., Class A (a),(c)		125,000		30,000
TOTAL WARRANTS (COST $8,836,706)				3,409,147
INVESTMENTS IN INVESTEE FUNDS — 8.4%
North America — 8.4%
Aeolus Property Catastrophe Keystone PF Fund LP (cost $ 48,307,937) (a),(o)		4		46,701,507
Asgard Fixed Income Risk Premia Fund (cost $ 226,163,410) (a),(o)		226,163		185,550,959
Atreides Co. Series K DIs - SpaceX (Common)(cost $ 1,762,684) (a),(o)		1		1,759,283
Centiva Offshore Fund LLP (Cost $ 75,000,000) (a),(o)		1		74,730,000
PIMCO ILS Fund SP II (Cost $ 23,046,748) (a),(o)		4		20,508,121
Rokos Global Macro Fund Ltd. (cost $ 93,000,000) (a),(o)		1		86,901,011
Total North America				416,150,881
TOTAL INVESTMENTS IN INVESTEE FUNDS (COST $467,280,779)				416,150,881
RIGHTS — 0.0%
Growth For Good Acquisition Corp (a),(c)		378,000		49,140
Jaguar Global Growth Corp. (a),(c)		214,600		34,336
ROC Energy Acquisition Corp. (a),(c)		702,287		112,366
Zogenix, Inc. (a),(c),(d)		102,355		102,355
TOTAL RIGHTS (COST $135,504)				298,197
TOTAL LONG-TERM INVESTMENTS (COST $3,554,435,917)				3,210,095,870
Security Description	Contracts		Value
COMMODITIES — 8.6%
California Carbon Allowance Vintage Specific 2017 (a),(c)		1,640,876		50,621,025
California Carbon Allowance Vintage Specific 2020 (a),(c)		7,943,124		245,045,375
California Carbon Allowance Vintage Specific 2022 (a),(c)		1,161,000		35,816,850
California Carbon Allowance Vintage Specific 2023 (a),(c)		525,000		16,238,250
California Carbon Allowance Vintage Specific 2024 (a),(c)		2,482,000		77,661,780
TOTAL COMMODITIES (COST $413,721,649)				425,383,280

	Strike		Expiration Date		Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
PURCHASED OPTIONS — 5.7%
Exchange-Traded Call Options — 3.2%
CRUDE OIL FUT OPT AUG22		110.00 USD		07/15/22		30		3,172,800	$	197,446	$	71,100	$	(126,346	)
CRUDE OIL FUT OPT AUG22		118.00 USD		07/15/22		60		6,345,600		179,491		42,600		(136,891	)
CRUDE OIL FUT OPT AUG22		119.00 USD		07/15/22		60		6,345,600		139,891		37,200		(102,691	)
CRUDE OIL FUT OPT AUG22		120.00 USD		07/15/22		90		9,518,400		90,137		47,700		(42,437	)
CRUDE OIL FUT OPT AUG22		140.00 USD		07/15/22		120		12,691,200		18,182		9,600		(8,582	)
CRUDE OIL FUT OPT DEC22		120.00 USD		11/16/22		86		8,218,160		721,671		351,740		(369,931	)
CRUDE OIL FUT OPT DEC22		98.00 USD		11/16/22		8,234		786,841,040		4,963,776		86,457,000		81,493,224
CRUDE OIL FUT OPT DEC22		80.00 USD		11/16/22		300		28,668,000		435,456		6,246,000		5,810,544
CRUDE OIL FUT OPT DEC22		150.00 USD		11/16/22		440		42,046,400		1,262,839		611,600		(651,239	)
CRUDE OIL FUT OPT DEC23		90.00 USD		11/15/23		509		509,000		2,310,424		6,535,560		4,225,136
CRUDE OIL FUT OPT JUN23		150.00 USD		05/17/23		429		37,588,980		1,137,502		1,063,920		(73,582	)

See Notes to Consolidated Schedule of Investments.

56

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

	Strike		Expiration Date		Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
CRUDE OIL FUT OPT OCT22		150.00 USD		09/15/22		587		58,858,490	$	1,198,942	$	363,940	$	(835,002	)
CRUDE OIL FUT OPT SEP22		120.00 USD		08/17/22		660		68,046,000		4,580,473		1,326,600		(3,253,873	)
G3 10312022 G3 C 0.25 SEP22 0.25 CALL		0.25 USD		09/27/22		621		6,210,000		335,611		428,490		92,879
NAT GAS EURO OPT APR23		5.00 USD		03/28/23		2		86,700		5,205		9,482		4,277
NAT GAS EURO OPT APR23		4.50 USD		03/28/23		164		7,109,400		567,368		1,040,088		472,720
NAT GAS EURO OPT APR23		3.50 USD		03/28/23		2		86,700		38,155		22,398		(15,757	)
NAT GAS EURO OPT APR23		6.00 USD		03/28/23		1		43,350		4,803		2,741		(2,062	)
NAT GAS EURO OPT APR23		8.00 USD		03/28/23		3		130,050		12,308		3,186		(9,122	)
NAT GAS EURO OPT APR24		3.50 USD		03/25/24		32		1,312,000		137,686		317,216		179,530
NAT GAS EURO OPT APR24		10.00 USD		03/25/24		76		3,116,000		56,853		39,900		(16,953	)
NAT GAS EURO OPT APR24		5.00 USD		03/25/24		1		41,000		4,403		4,593		190
NAT GAS EURO OPT APR25		5.00 USD		03/26/25		6		240,120		55,516		29,136		(26,380	)
NAT GAS EURO OPT AUG22		6.00 USD		07/26/22		160		1,600,000		165,227		300,480		135,253
NAT GAS EURO OPT AUG22		3.00 USD		07/26/22		75		4,068,000		82,700		1,817,400		1,734,700
NAT GAS EURO OPT AUG22		5.00 USD		07/26/22		140		1,400,000		132,614		861,280		728,666
NAT GAS EURO OPT AUG23		5.00 USD		07/26/23		2		87,920		5,205		11,242		6,037
NAT GAS EURO OPT AUG23		4.50 USD		07/26/23		164		7,209,440		567,368		1,190,148		622,780
NAT GAS EURO OPT AUG23		3.50 USD		07/26/23		2		87,920		38,155		24,068		(14,087	)
NAT GAS EURO OPT AUG23		8.00 USD		07/26/23		4		175,440		16,411		6,156		(10,255	)
NAT GAS EURO OPT AUG24		3.50 USD		07/26/24		32		1,345,920		137,685		312,352		174,667
NAT GAS EURO OPT AUG24		10.00 USD		07/26/24		76		3,196,560		56,853		24,852		(32,001	)
NAT GAS EURO OPT AUG24		5.00 USD		07/26/24		1		42,060		4,403		4,043		(360	)
NAT GAS EURO OPT AUG25		5.00 USD		07/28/25		6		245,580		55,516		27,696		(27,820	)
NAT GAS EURO OPT DEC22		10.00 USD		11/25/22		1		56,580		1,553		2,345		792
NAT GAS EURO OPT DEC23		6.00 USD		11/27/23		129		6,292,620		858,194		871,524		13,330
NAT GAS EURO OPT DEC25		5.00 USD		11/24/25		6		281,580		55,516		50,022		(5,494	)
NAT GAS EURO OPT FEB23		21.00 USD		01/26/23		750		41,715,000		5,514,503		1,028,250		(4,486,253	)
NAT GAS EURO OPT FEB23		7.50 USD		01/26/23		75		4,171,500		1,551,900		573,900		(978,000	)
NAT GAS EURO OPT FEB25		5.00 USD		01/28/25		6		288,480		55,516		54,720		(796	)
NAT GAS EURO OPT JAN23		5.50 USD		01/27/22		—		8,625,000		1,320,401		1,816,950		496,549
NAT GAS EURO OPT JAN23		6.00 USD		12/27/22		182		10,465,000		2,278,686		1,894,074		(384,612	)
NAT GAS EURO OPT JAN23		7.50 USD		12/27/22		75		4,312,500		1,551,900		519,225		(1,032,675	)
NAT GAS EURO OPT JAN25		5.00 USD		12/26/24		6		295,860		55,516		55,650		134
NAT GAS EURO OPT JUL23		5.00 USD		06/27/23		2		87,720		5,205		10,754		5,549
NAT GAS EURO OPT JUL23		3.50 USD		06/27/23		2		87,720		38,155		23,654		(14,501	)
NAT GAS EURO OPT JUL23		4.50 USD		06/27/23		164		7,193,040		567,368		1,149,640		582,272
NAT GAS EURO OPT JUL23		8.00 USD		06/27/23		4		175,440		16,411		5,592		(10,819	)
NAT GAS EURO OPT JUL24		3.50 USD		06/25/24		32		1,343,360		137,685		309,472		171,787
NAT GAS EURO OPT JUL24		10.00 USD		06/25/24		76		3,190,480		56,853		23,104		(33,749	)
NAT GAS EURO OPT JUL24		5.00 USD		06/25/24		1		41,980		4,403		3,952		(451	)
NAT GAS EURO OPT JUL25		5.00 USD		06/25/25		6		244,140		55,516		26,964		(28,552	)
NAT GAS EURO OPT JUN23		5.00 USD		05/25/23		2		86,440		5,205		9,766		4,561
NAT GAS EURO OPT JUN23		4.50 USD		05/25/23		164		7,088,080		567,368		1,058,948		491,580
NAT GAS EURO OPT JUN23		3.50 USD		05/25/23		2		86,440		38,155		22,416		(15,739	)
NAT GAS EURO OPT JUN23		8.00 USD		05/25/23		5		216,100		20,513		5,910		(14,603	)
NAT GAS EURO OPT JUN24		3.50 USD		05/28/24		32		1,299,520		137,685		296,128		158,443
NAT GAS EURO OPT JUN24		10.00 USD		05/28/24		76		3,138,800		56,853		21,508		(35,345	)
NAT GAS EURO OPT JUN24		5.00 USD		05/28/24		1		41,300		4,403		3,745		(658	)
NAT GAS EURO OPT JUN25		5.00 USD		05/27/25		6		240,840		55,516		26,022		(29,494	)
NAT GAS EURO OPT MAR23		7.50 USD		02/23/23		75		3,759,000		1,551,900		443,250		(1,108,650	)
NAT GAS EURO OPT MAR25		5.00 USD		02/25/25		6		270,180		55,516		47,130		(8,386	)
NAT GAS EURO OPT MAY23		5.00 USD		04/25/23		2		85,160		5,205		8,976		3,771
NAT GAS EURO OPT MAY23		4.50 USD		04/25/23		164		6,983,120		567,368		983,508		416,140
NAT GAS EURO OPT MAY23		3.50 USD		04/25/23		2		85,160		38,155		21,310		(16,845	)
NAT GAS EURO OPT MAY23		6.00 USD		04/25/23		1		42,580		4,803		2,610		(2,193	)
NAT GAS EURO OPT MAY23		8.00 USD		04/25/23		3		127,740		12,308		3,078		(9,230	)
NAT GAS EURO OPT MAY24		3.50 USD		04/25/24		32		1,299,520		137,685		288,448		150,763
NAT GAS EURO OPT MAY24		10.00 USD		04/25/24		76		3,086,360		56,853		23,256		(33,597	)
NAT GAS EURO OPT MAY24		5.00 USD		04/25/24		1		40,610		4,403		3,732		(671	)
NAT GAS EURO OPT MAY25		5.00 USD		04/25/25		6		237,360		55,516		25,650		(29,866	)
NAT GAS EURO OPT NOV22		10.00 USD		10/26/22		21		1,159,200		32,606		24,948		(7,658	)
NAT GAS EURO OPT NOV23		6.00 USD		10/26/23		129		5,952,060		858,194		673,767		(184,427	)

See Notes to Consolidated Schedule of Investments.

57

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

	Strike		Expiration Date		Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT NOV25		5.00 USD		10/28/25		6		259,380	$	55,516	$	37,608	$	(17,908	)
NAT GAS EURO OPT OCT22		6.00 USD		09/27/22		825		44,624,250		981,703		3,737,250		2,755,547
NAT GAS EURO OPT OCT22		3.00 USD		09/27/22		75		4,056,750		82,700		1,819,200		1,736,500
NAT GAS EURO OPT OCT23		5.00 USD		09/26/23		2		88,540		5,205		12,658		7,453
NAT GAS EURO OPT OCT23		4.50 USD		09/26/23		164		7,260,280		567,368		1,308,064		740,696
NAT GAS EURO OPT OCT23		3.50 USD		09/26/23		2		88,540		38,155		25,308		(12,847	)
NAT GAS EURO OPT OCT23		6.00 USD		09/26/23		129		5,710,830		858,194		528,642		(329,552	)
NAT GAS EURO OPT OCT23		8.00 USD		09/26/23		4		175,440		16,411		7,824		(8,587	)
NAT GAS EURO OPT OCT24		3.50 USD		09/25/24		32		1,357,120		137,686		327,904		190,218
NAT GAS EURO OPT OCT24		10.00 USD		09/25/24		76		3,223,160		56,853		33,896		(22,957	)
NAT GAS EURO OPT OCT24		5.00 USD		09/25/24		1		42,410		4,403		4,508		105
NAT GAS EURO OPT OCT25		5.00 USD		09/25/25		6		249,120		55,516		30,558		(24,958	)
NAT GAS EURO OPT SEP22		6.00 USD		08/26/22		160		8,627,200		165,227		519,520		354,293
NAT GAS EURO OPT SEP22		3.00 USD		08/26/22		75		4,044,000		82,700		1,799,100		1,716,400
NAT GAS EURO OPT SEP22		5.00 USD		08/26/22		183		1,830,000		323,649		1,335,717		1,012,068
NAT GAS EURO OPT SEP23		5.00 USD		08/28/23		2		87,640		5,205		11,636		6,431
NAT GAS EURO OPT SEP23		3.50 USD		08/28/23		2		87,640		38,155		24,220		(13,935	)
NAT GAS EURO OPT SEP23		6.00 USD		08/28/23		1		43,820		4,803		3,677		(1,126	)
NAT GAS EURO OPT SEP23		4.50 USD		08/28/23		164		7,186,480		567,368		1,219,176		651,808
NAT GAS EURO OPT SEP23		8.00 USD		08/28/23		3		131,460		12,308		5,058		(7,250	)
NAT GAS EURO OPT SEP24		3.50 USD		08/27/24		32		1,337,600		137,685		309,696		172,011
NAT GAS EURO OPT SEP24		10.00 USD		08/27/24		76		3,176,800		56,853		26,980		(29,873	)
NAT GAS EURO OPT SEP24		5.00 USD		08/27/24		1		41,800		4,403		4,079		(324	)
NAT GAS EURO OPT SEP25		5.00 USD		08/26/25		6		244,920		55,516		27,882		(27,634	)
NAT GAS STRIP DEC22		3.00 USD		12/22/22		410		12,300,000		1,350,375		20,612,340		19,261,965
PHE 01312023 PHE C10 DEC22 10 CALL		10.00 USD		12/27/22		300		750,000		367,662		296,325		(71,337	)
PHE 02282023 PHE C10 JAN23 10 CALL		10.00 USD		01/26/23		300		750,000		367,662		363,900		(3,762	)
PHE 03312023 PHE C10 FEB23 10 CALL		10.00 USD		02/23/23		300		750,000		367,662		292,725		(74,937	)
									$	44,874,709	$	156,780,856	$	111,906,147
Exchange-Traded Put Options — 0.4%
BRENT CRUDE FUT OPT OCT23		0.000 USD		10/26/23		215		215,000		2,558,558		2,005,950		(552,608	)
CRUDE OIL FUT OPT AUG22		101.00 USD		07/15/22		120		12,691,200		416,582		259,200		(157,382	)
CRUDE OIL FUT OPT AUG22		102.00 USD		07/15/22		120		12,691,200		629,222		300,000		(329,222	)
CRUDE OIL FUT OPT AUG22		105.00 USD		07/15/22		205		21,680,800		824,412		768,750		(55,662	)
CRUDE OIL FUT OPT AUG22		108.00 USD		07/15/22		150		15,864,000		581,628		802,500		220,872
CRUDE OIL FUT OPT AUG22		95.00 USD		07/15/22		165		17,450,400		208,731		138,600		(70,131	)
CRUDE OIL FUT OPT DEC22		40.00 USD		11/16/22		150		14,334,000		540,228		63,000		(477,228	)
CRUDE OIL FUT OPT OCT22		107.00 USD		09/15/22		30		3,008,100		353,746		387,000		33,254
G3 10312022 G3 P 0.75 SEP22 0.75 PUT		0.75 USD		09/27/22		1,073		10,730,000		297,776		300,440		2,664
NAT GAS EURO OPT APR23		2.00 USD		03/28/23		95		4,118,250		24,004		22,610		(1,394	)
NAT GAS EURO OPT APR24		2.75 USD		03/25/24		2		82,000		4,655		3,258		(1,397	)
NAT GAS EURO OPT APR24		3.00 USD		03/25/24		21		861,000		32,606		49,077		16,471
NAT GAS EURO OPT APR25		2.50 USD		03/26/25		21		840,420		35,756		33,516		(2,240	)
NAT GAS EURO OPT AUG22		4.00 USD		07/26/22		248		13,451,520		426,682		50,592		(376,090	)
NAT GAS EURO OPT AUG22		2.00 USD		07/26/22		312		16,922,880		101,693		312		(101,381	)
NAT GAS EURO OPT AUG22		2.50 USD		07/26/22		150		8,136,000		4,901		450		(4,451	)
NAT GAS EURO OPT AUG22		5.50 USD		07/26/22		64		3,471,360		220,971		272,384		51,413
NAT GAS EURO OPT AUG22		7.00 USD		07/26/22		98		5,315,520		355,512		1,596,910		1,241,398
NAT GAS EURO OPT AUG23		2.00 USD		07/26/23		95		4,176,200		24,004		31,350		7,346
NAT GAS EURO OPT AUG24		2.75 USD		07/26/24		2		84,120		4,655		2,110		(2,545	)
NAT GAS EURO OPT AUG24		3.00 USD		07/26/24		21		883,260		32,606		33,054		448
NAT GAS EURO OPT AUG25		2.50 USD		07/28/25		21		859,530		35,756		25,452		(10,304	)
NAT GAS EURO OPT DEC23		2.00 USD		11/27/23		21		1,024,380		25,309		6,258		(19,051	)
NAT GAS EURO OPT DEC24		2.75 USD		11/25/24		151		7,231,390		367,993		160,060		(207,933	)
NAT GAS EURO OPT DEC25		2.50 USD		11/24/25		21		985,530		35,756		20,139		(15,617	)
NAT GAS EURO OPT FEB23		5.00 USD		01/26/23		54		3,003,480		591,444		455,868		(135,576	)
NAT GAS EURO OPT FEB23		2.00 USD		01/26/23		21		1,168,020		25,309		2,478		(22,831	)
NAT GAS EURO OPT FEB24		2.75 USD		01/26/24		151		7,364,270		367,993		252,321		(115,672	)
NAT GAS EURO OPT FEB25		2.50 USD		01/28/25		21		1,009,680		35,756		22,386		(13,370	)
NAT GAS EURO OPT JAN23		2.00 USD		12/27/22		21		1,207,500		25,309		1,323		(23,986	)
NAT GAS EURO OPT JAN24		2.75 USD		12/26/23		151		7,571,140		367,993		207,776		(160,217	)

See Notes to Consolidated Schedule of Investments.

58

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

	Strike		Expiration Date		Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT JAN25		2.50 USD		12/26/24		21		1,035,510	$	35,756	$	17,220	$	(18,536	)
NAT GAS EURO OPT JUL23		2.00 USD		06/27/23		95		4,166,700		24,004		28,215		4,211
NAT GAS EURO OPT JUL24		2.75 USD		06/25/24		2		83,960		4,655		2,068		(2,587	)
NAT GAS EURO OPT JUL24		3.00 USD		06/25/24		21		881,580		32,606		32,508		(98	)
NAT GAS EURO OPT JUL25		2.50 USD		06/25/25		21		854,490		35,756		25,641		(10,115	)
NAT GAS EURO OPT JUN23		2.00 USD		05/25/23		95		4,105,900		24,004		26,125		2,121
NAT GAS EURO OPT JUN24		2.75 USD		05/28/24		2		82,600		4,655		2,230		(2,425	)
NAT GAS EURO OPT JUN24		3.00 USD		05/28/24		21		867,300		32,606		35,112		2,506
NAT GAS EURO OPT JUN25		2.50 USD		05/27/25		21		842,940		35,756		27,300		(8,456	)
NAT GAS EURO OPT MAR23		2.00 USD		02/23/23		21		1,052,520		25,309		3,276		(22,033	)
NAT GAS EURO OPT MAR23		3.75 USD		02/23/23		21		1,052,520		62,006		75,033		13,027
NAT GAS EURO OPT MAR24		2.75 USD		02/26/24		151		6,924,860		367,993		317,251		(50,742	)
NAT GAS EURO OPT MAR25		2.50 USD		02/25/25		21		945,630		35,756		29,442		(6,314	)
NAT GAS EURO OPT MAY23		2.00 USD		04/25/23		95		4,045,100		24,004		25,270		1,266
NAT GAS EURO OPT MAY24		2.75 USD		04/25/24		2		81,220		4,655		2,612		(2,043	)
NAT GAS EURO OPT MAY24		3.00 USD		04/25/24		21		852,810		32,606		40,656		8,050
NAT GAS EURO OPT MAY25		2.50 USD		04/25/25		21		830,760		35,756		30,240		(5,516	)
NAT GAS EURO OPT NOV23		2.00 USD		10/26/23		21		968,940		25,309		6,006		(19,303	)
NAT GAS EURO OPT NOV24		2.75 USD		10/28/24		151		6,669,670		367,993		175,009		(192,984	)
NAT GAS EURO OPT NOV25		2.50 USD		10/28/25		21		907,830		35,756		22,239		(13,517	)
NAT GAS EURO OPT OCT22		2.50 USD		09/27/22		536		5,360,000		188,311		83,080		(105,231	)
NAT GAS EURO OPT OCT22		5.00 USD		09/27/22		621		33,589,890		1,837,443		2,737,368		899,925
NAT GAS EURO OPT OCT22		4.00 USD		09/27/22		2		108,180		3,845		2,404		(1,441	)
NAT GAS EURO OPT OCT22		2.00 USD		09/27/22		312		16,876,080		101,693		24,648		(77,045	)
NAT GAS EURO OPT OCT22		5.50 USD		09/27/22		75		4,056,750		219,950		533,925		313,975
NAT GAS EURO OPT OCT22		7.00 USD		09/27/22		310		16,767,900		1,969,328		5,661,220		3,691,892
NAT GAS EURO OPT OCT23		2.00 USD		09/26/23		95		4,205,650		24,004		40,375		16,371
NAT GAS EURO OPT OCT23		2.50 USD		09/26/23		1,501		66,449,270		917,128		1,537,024		619,896
NAT GAS EURO OPT OCT24		2.75 USD		09/25/24		2		84,820		4,655		2,356		(2,299	)
NAT GAS EURO OPT OCT24		3.00 USD		09/25/24		21		890,610		32,606		36,288		3,682
NAT GAS EURO OPT OCT25		2.50 USD		09/25/25		21		871,920		35,756		26,691		(9,065	)
NAT GAS EURO OPT SEP22		4.00 USD		08/26/22		248		13,372,160		426,682		169,632		(257,050	)
NAT GAS EURO OPT SEP22		2.50 USD		08/26/22		150		1,500,000		31,901		9,300		(22,601	)
NAT GAS EURO OPT SEP22		2.00 USD		08/26/22		312		16,823,040		101,693		8,424		(93,269	)
NAT GAS EURO OPT SEP22		5.50 USD		08/26/22		75		4,044,000		138,950		448,650		309,700
NAT GAS EURO OPT SEP22		7.00 USD		08/26/22		87		4,691,040		315,607		1,519,194		1,203,587
NAT GAS EURO OPT SEP23		2.00 USD		08/28/23		95		4,162,900		24,004		36,290		12,286
NAT GAS EURO OPT SEP24		2.75 USD		08/27/24		2		83,600		4,655		2,286		(2,369	)
NAT GAS EURO OPT SEP24		3.00 USD		08/27/24		21		877,800		32,606		35,595		2,989
NAT GAS EURO OPT SEP25		2.50 USD		08/26/25		21		857,220		35,756		26,460		(9,296	)
NATURAL GAS FUTURE APR23		1.50 USD		03/28/23		76		3,294,600		16,640		4,560		(12,080	)
NATURAL GAS FUTURE AUG23		1.50 USD		07/26/23		76		3,340,960		16,641		7,524		(9,117	)
NATURAL GAS FUTURE DEC23		1.50 USD		11/27/23		76		3,707,280		16,640		4,864		(11,776	)
NATURAL GAS FUTURE FEB23		1.50 USD		01/26/23		76		4,227,120		16,640		1,672		(14,968	)
NATURAL GAS FUTURE JAN23		1.50 USD		12/27/22		76		4,370,000		16,640		760		(15,880	)
NATURAL GAS FUTURE JUL23		1.50 USD		06/27/23		76		3,333,360		16,641		6,536		(10,105	)
NATURAL GAS FUTURE JUN23		1.50 USD		05/25/23		76		3,284,720		16,640		5,852		(10,788	)
NATURAL GAS FUTURE MAR23		1.50 USD		02/23/23		76		3,809,120		16,640		2,280		(14,360	)
NATURAL GAS FUTURE MAY23		1.50 USD		04/25/23		76		3,236,080		16,640		5,396		(11,244	)
NATURAL GAS FUTURE NOV23		1.50 USD		10/26/23		76		3,506,640		16,640		4,332		(12,308	)
NATURAL GAS FUTURE OCT23		1.50 USD		09/26/23		76		3,364,520		16,641		10,488		(6,153	)
NATURAL GAS FUTURE SEP23		1.50 USD		08/28/23		76		3,330,320		16,641		9,120		(7,521	)
									$	17,450,744	$	22,203,171	$	4,752,427

See Notes to Consolidated Schedule of Investments.

59

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

	Counterparty	Strike		Expiration Date		Contracts		Notional Amount			Premium Paid			Market Value		Unrealized Appreciation (Depreciation)
OTC Call Options — 0.2%
Buy EUR Call USD Put JPY at 1	Goldman Sachs International		1.00 USD		05/01/24		1		1		$	996,830		$	2,019,370	$	1,022,540
Cap Call	Morgan Stanley Co., Inc		0.01 USD		11/06/22		50,464		504,640,000			996,664			322,268		(674,396	)
Cap Call	Morgan Stanley Co., Inc		0.00 USD		11/07/22		28,220,000		28,220,000			742,186			272,419		(469,767	)
Cap Call	Morgan Stanley Co., Inc		0.01 USD		05/05/23		37,350		373,500,000			494,888			406,084		(88,804	)
Cap Call	Morgan Stanley Co., Inc		0.00 USD		05/05/23		19,256,000		19,256,000			498,249			460,614		(37,635	)
Cap Call	Morgan Stanley Co., Inc		0.00 USD		10/20/25		64,430,000		64,430,000			1,375,000			1,512,899		137,899
LME Copper 3Mo Call	Morgan Stanley Co., Inc.		16,500.00 USD		12/04/24		7,500		7,500			2,430,000			858,047		(1,571,953	)
LME Nickel 3Mo Call	Morgan Stanley Co., Inc.		40,000.00 USD		12/04/24		1,260		1,260			2,431,800			2,351,588		(80,212	)
PUT CZK Call EUR Jul22	Goldman Sachs International		24.90 EUR		07/08/22		4,906,614		4,906,614			50,675			7,744		(42,931	)
Short EUR Call USD Put CNH 1	Goldman Sachs International		1.00 USD		04/19/23		1		(1	)		(252,864	)		709,768		962,632
											$	9,763,428		$	8,920,801	$	(842,627	)
OTC Put Options — 1.9%
BANK OF AMERICA N.A. PUT DEC 22	Bank of America International		4.03 USD		12/19/22		50,000,000		50,000,000		$	243,000		$	162,249	$	(80,751	)
BANK OF AMERICA N.A. PUT JAN 23	Bank of America International		4.04 USD		06/20/23		50,000,000		50,000,000			130,400			147,121		16,721
Forward Volatility Agreement Put	Goldman Sachs International		0.000 USD		01/08/24		29,050,000		29,050,000			5,345,200			5,057,847		(287,353	)
Forward Volatility Agreement Put	Morgan Stanley Co., Inc.		0.000 USD		01/06/27		24,402,000		24,402,000			5,283,277			5,269,319		(13,958	)
Forward Volatility Agreement Put	Goldman Sachs International		0.000 USD		01/11/27		24,070,000		24,070,000			5,259,295			5,162,149		(97,146	)
Forward Volatility Agreement Put	Goldman Sachs International		0.000 USD		01/19/27		53,286,000		53,286,000			10,622,133			10,241,298		(380,835	)
Forward Volatility Agreement Put	Morgan Stanley Co., Inc.		0.000 USD		01/19/27		24,485,000		24,485,000			5,312,000			5,271,266		(40,734	)
Forward Volatility Agreement Put	Morgan Stanley Co., Inc.		0.000 USD		04/19/27		56,280,000		56,280,000			10,462,452			9,952,432		(510,020	)
Forward Volatility Agreement Put	Goldman Sachs International		0.000 USD		04/22/27		71,400,000		71,400,000			10,474,380			9,462,464		(1,011,916	)
Forward Volatility Agreement Put	Morgan Stanley Co., Inc.		0.000 USD		05/13/27		152,720,000		152,720,000			20,769,920			20,118,441		(651,479	)
Forward Volatility Agreement Put	Morgan Stanley Co., Inc.		0.000 USD		01/06/28		23,240,000		23,240,000			5,258,561			5,225,486		(33,075	)
Forward Volatility Agreement Put	JPMorgan Chase Bank N.A.		0.000 USD		03/30/32		27,997,200		27,997,200			5,040,000			4,338,685		(701,315	)
Forward Volatility Agreement Put	Morgan Stanley Co., Inc.		0.000 USD		03/30/32		84,000,000		84,000,000			15,414,000			12,855,766		(2,558,234	)
GS Custom Basket Put Sep22	Goldman Sachs International		92.97 CNH		09/16/22		1,958,830		1,958,830			1,125,143			670,545		(454,598	)
											$	100,739,761		$	93,935,068	$	(6,804,693	)
Total Purchased Options Outstanding											$	172,828,642		$	281,839,896	$	109,011,254

See Notes to Consolidated Schedule of Investments.

60

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
REPURCHASE AGREEMENTS (p) — 4.5%
Barclays Capital, Inc., 0.00%, dated 06/07/2022, due On Demand (collateralized by Tencent Holdings Bond, 2.39% due 06/03/2030, market value $2,172,933) (q)		2,256,840	$	2,256,840
Barclays Capital, Inc., 0.30%, dated 05/27/2022, due On Demand (collateralized by Peru International Bond, 3.55% due 03/10/2051, market value $6,397,720) (q)		7,256,613		7,256,613
Barclays Capital, Inc., 0.55%, dated 05/27/2022, due On Demand (collateralized by Colombian International Bond, 7.38% due 09/18/2037, market value $4,874,002) (q)		5,716,851		5,716,851
Barclays Capital, Inc., 0.55%, dated 06/13/2022, due On Demand (collateralized by Nigerian International Bond, 7.63% due 11/21/2025, market value $1,098,995) (q)		1,159,238		1,159,238
Barclays Capital, Inc., 0.60%, dated 06/14/2022, due On Demand (collateralized by Bahrain International Bond, 7.38% due 05/14/2030, market value $3,546,477) (q)		3,748,188		3,748,188
Barclays Capital, Inc., 0.85%, dated 06/24/2022, due On Demand (collateralized by Turkey Government Bond, 7.38% due 02/05/2025, market value $4,626,314) (q)		5,035,820		5,035,820
Barclays Capital, Inc., 1.05%, dated 06/24/2022, due On Demand (collateralized by Nigerian International Bond, 7.63% due 11/21/2025, market value $2,768,165) (q)		2,880,374		2,880,374
Barclays Capital, Inc., 1.25%, dated 06/22/2022, due On Demand (collateralized by Colombian International Bond, 3.25% due 04/22/2032, market value $2,852,046) (q)		3,009,623		3,009,623
Barclays Capital, Inc., 1.25%, dated 06/23/2022, due On Demand (collateralized by Chile International Bond, 3.50% due 01/25/2050, market value $4,076,771) (q)		4,288,296		4,288,296
Barclays Capital, Inc., 1.25%, dated 06/24/2022, due On Demand (collateralized by Nigerian International Bond, 8.75% due 01/21/2031, market value $1,012,781) (q)		1,109,458		1,109,458
Barclays Capital, Inc., 1.30%, dated 06/23/2022, due On Demand (collateralized by Nigerian International Bond, 7.63% due 11/21/2025, market value $1,212,502) (q)		1,257,819		1,257,819
Barclays Capital, Inc., 1.30%, dated 06/23/2022, due On Demand (collateralized by Nigerian International Bond, 8.75% due 01/21/2031, market value $819,764) (q)		894,390		894,390
Barclays Capital, Inc., 1.35%, dated 06/23/2022, due On Demand (collateralized by Bahrain International Bond, 7.00% due 10/12/2028, market value $4,177,908) (q)		4,444,714		4,444,714
Barclays Capital, Inc., 1.40%, dated 06/22/2022, due On Demand (collateralized by Egypt International Bond, 7.90% due 02/21/2048, market value $399,000) (q)		472,543		472,543
Citigroup Global Markets Limited, 0.05%, dated 03/17/2022, due On Demand (collateralized by Petroleos Mexicanos Bond, 6.50% due 01/23/2029, market value $3,032,660) (q)		3,874,962		3,874,962
Citigroup Global Markets Limited, 0.10%, dated 03/17/2022, due On Demand (collateralized by Petroleos Mexicanos Bond, 6.50% due 01/23/2029, market value $1,819,433) (q)		2,331,701		2,331,701
Citigroup Global Markets Limited, 0.15%, dated 02/24/2022, due On Demand (collateralized by Colombian International Bond, 7.38% due 09/18/2037, market value $4,189,850) (q)		5,274,971		5,274,971
Citigroup Global Markets Limited, 0.15%, dated 03/16/2022, due On Demand (collateralized by Petroleos Mexicanos Bond, 6.50% due 01/23/2029, market value $1,515,923) (q)		1,936,402		1,936,402
Citigroup Global Markets Limited, 0.15%, dated 05/20/2022, due On Demand (collateralized by Nigerian International Bond, 7.63% due 11/21/2025, market value $700,400) (q)		758,668		758,668
Citigroup Global Markets Limited, 0.20%, dated 02/11/2022, due On Demand (collateralized by Colombian International Bond, 7.38% due 09/18/2037, market value $684,151) (q)		894,535		894,535
Citigroup Global Markets Limited, 0.25%, dated 03/‘02/2022, due On Demand (collateralized by Peru International Bond, 3.55% due 03/10/2051, market value $3,310,040) (q)		4,376,558		4,376,558
Citigroup Global Markets Limited, 0.25%, dated 03/03/2022, due On Demand (collateralized by Peru International Bond, 3.55% due 03/10/2051, market value $2,211,668) (q)		2,867,670		2,867,670
Citigroup Global Markets Limited, 0.35%, dated 05/19/2022, due On Demand (collateralized by Nigerian International Bond, 7.63% due 11/21/2025, market value $238,453) (q)		271,894		271,894
Citigroup Global Markets Limited, 0.65%, dated 05/30/2022, due On Demand (collateralized by Colombian International Bond, 3.25% due 04/22/2032, market value $9,581,489) (q)		11,150,334		11,150,334
JPMorgan Chase Bank, N.A., 0.00%, dated 04/29/2022, due Jul 19,2022 (collateralized by Petroleos Mexicanos Bond, 6.50% due 01/23/2029, market value $3,831,713) (q)		4,654,582		4,654,582
JPMorgan Chase Bank, N.A., 0.0000001%, dated 06/22/2022, due Jul 19,2022 (collateralized by Bahrain International Bond, 5.45% due 09/16/2032, market value $2,989,780) (q)		3,311,195		3,311,195
JPMorgan Chase Bank, N.A., 0.05%, dated 05/26/2022, due Jul 19,2022 (collateralized by Tencent Holdings Bond, 3.28% due 04/11/2024, market value $561,053) (q)		595,833		595,833
JPMorgan Chase Bank, N.A., 0.10%, dated 01/26/2022, due Jul 19,2022 (collateralized by Bahrain International Bond, 5.63% due 05/18/2034, market value $1,551,202) (q)		1,819,689		1,819,689
JPMorgan Chase Bank, N.A., 0.10%, dated 03/15/2022, due Jul 19,2022 (collateralized by Industrial and Commercial Bank of China Limited Bond, 3.20% Perpetual Maturity, market value $1,411,660) (q)		1,513,463		1,513,463
JPMorgan Chase Bank, N.A., 0.10%, dated 03/22/2022, due Jul 19,2022 (collateralized by Industrial and Commercial Bank of China Limited Bond, 3.20% Perpetual Maturity, market value $1,757,469) (q)		1,944,655		1,944,655
JPMorgan Chase Bank, N.A., 0.10%, dated 03/25/2022, due Jul 19,2022 (collateralized by Bank of China Bond, 3.60% Perpetual Maturity, market value $3,533,400) (q)		3,808,350		3,808,350
JPMorgan Chase Bank, N.A., 0.10%, dated 03/25/2022, due Jul 19,2022 (collateralized by Industrial and Commercial Bank of China Limited Bond, 3.20% Perpetual Maturity, market value $1,705,361) (q)		1,850,489		1,850,489
JPMorgan Chase Bank, N.A., 0.15%, dated 01/20/2022, due Jul 19,2022 (collateralized by Colombian International Bond, 6.13% due 01/18/2041, market value $2,819,196) (q)		3,787,706		3,787,706

See Notes to Consolidated Schedule of Investments.

61

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
JPMorgan Chase Bank, N.A., 0.15%, dated 01/21/2022, due Jul 19,2022 (collateralized by Colombian International Bond, 6.13% due 01/18/2041, market value $1,483,581) (q)		2,003,678	$	2,003,678
JPMorgan Chase Bank, N.A., 0.15%, dated 01/24/2022, due Jul 19,2022 (collateralized by Egypt International Bond, 3.88% due 02/16/2026, market value $1,312,488) (q)		1,745,159		1,745,159
JPMorgan Chase Bank, N.A., 0.15%, dated 03/23/2022, due Jul 19,2022 (collateralized by Industrial and Commercial Bank of China Limited Bond, 3.20% Perpetual Maturity, market value $1,748,942) (q)		1,901,957		1,901,957
JPMorgan Chase Bank, N.A., 0.20%, dated 03/24/2022, due Jul 19,2022 (collateralized by Alibaba Group Holding Limited, 3.40% due 12/06/2027, market value $340,122) (q)		370,448		370,448
JPMorgan Chase Bank, N.A., 0.22%, dated 05/27/2022, due Jul 19,2022 (collateralized by Egypt International Bond, 6.59% due 02/21/2028, market value $1,610,176) (q)		2,042,249		2,042,249
JPMorgan Chase Bank, N.A., 0.25%, dated 01/31/2022, due Jul 19,2022 (collateralized by Bahrain International Bond, 5.63% due 05/18/2034, market value $1,722,640) (q)		2,066,400		2,066,400
JPMorgan Chase Bank, N.A., 0.25%, dated 03/11/2022, due Jul 19,2022 (collateralized by Tencent Holdings Bond, 3.28% due 04/11/2024, market value $3,965,040) (q)		4,313,107		4,313,107
JPMorgan Chase Bank, N.A., 0.25%, dated 05/26/2022, due Jul 19,2022 (collateralized by Alibaba Group Holding Limited, 2.13% due 02/09/2031, market value $1,157,575) (q)		1,230,604		1,230,604
JPMorgan Chase Bank, N.A., 0.25%, dated 05/27/2022, due Jul 19,2022 (collateralized by Tencent Holdings Bond, 3.98% due 04/11/2029, market value $2,454,466) (q)		2,640,192		2,640,192
JPMorgan Chase Bank, N.A., 0.25%, dated 06/06/2022, due Jul 11,2022 (collateralized by Turkey Government Bond, 7.25% due 12/23/2023, market value $4,401,854) (q)		4,899,236		4,899,236
JPMorgan Chase Bank, N.A., 0.25%, dated 06/06/2022, due Jul 19,2022 (collateralized by Colombian International Bond, 7.38% due 09/18/2037, market value $374,852) (q)		452,790		452,790
JPMorgan Chase Bank, N.A., 0.25%, dated 06/24/2022, due Jul 19,2022 (collateralized by Petroleos Mexicanos Bond, 6.50% due 01/23/2029, market value $5,695,900) (q)		6,212,996		6,212,996
JPMorgan Chase Bank, N.A., 0.35%, dated 01/24/2022, due Jul 19,2022 (collateralized by Colombian International Bond, 6.13% due 01/18/2041, market value $1,519,594) (q)		2,040,987		2,040,987
JPMorgan Chase Bank, N.A., 0.35%, dated 01/25/2022, due Jul 19,2022 (collateralized by Ghana International Bond, 7.88% due 02/11/2035, market value $882,341) (q)		1,528,357		1,528,357
JPMorgan Chase Bank, N.A., 0.35%, dated 04/29/2022, due Jul 19,2022 (collateralized by Petroleos Mexicanos Bond, 6.50% due 01/23/2029, market value $2,942,339) (q)		3,563,508		3,563,508
JPMorgan Chase Bank, N.A., 0.35%, dated 05/26/2022, due Jul 19,2022 (collateralized by China Petroleum and Chemical Bond 3.13% due 04/24/2023, market value $3,712,074) (q)		3,920,596		3,920,596
JPMorgan Chase Bank, N.A., 0.35%, dated 05/27/2022, due Jul 19,2022 (collateralized by Egypt International Bond, 5.88% due 06/11/2025, market value $3,499,323) (q)		4,182,011		4,182,011
JPMorgan Chase Bank, N.A., 0.40%, dated 03/25/2022, due Jul 19,2022 (collateralized by Egypt International Bond, 5.25% due 10/06/2025, market value $2,755,698) (q)		3,420,385		3,420,385
JPMorgan Chase Bank, N.A., 0.45%, dated 02/22/2022, due Jul 19,2022 (collateralized by Alibaba Group Holding Limited, 3.40% due 12/06/2027, market value $7,958,464) (q)		8,988,944		8,988,944
JPMorgan Chase Bank, N.A., 0.45%, dated 02/28/2022, due Jul 19,2022 (collateralized by Alibaba Group Holding Limited, 3.40% due 12/06/2027, market value $1,731,181) (q)		1,946,779		1,946,779
JPMorgan Chase Bank, N.A., 0.45%, dated 03/11/2022, due Jul 19,2022 (collateralized by Alibaba Group Holding Limited, 3.40% due 12/06/2027, market value $1,837,230) (q)		2,014,353		2,014,353
JPMorgan Chase Bank, N.A., 0.50%, dated 01/26/2022, due Jul 19,2022 (collateralized by Bahrain International Bond, 5.25% due 01/25/2033, market value $1,993,948) (q)		2,329,235		2,329,235
JPMorgan Chase Bank, N.A., 0.50%, dated 02/04/2022, due Jul 19,2022 (collateralized by Bahrain International Bond, 5.25% due 01/25/2033, market value $1,499,507) (q)		1,803,617		1,803,617
JPMorgan Chase Bank, N.A., 0.50%, dated 03/11/2022, due Jul 19,2022 (collateralized by Tencent Holdings Bond, 1.81% due 01/26/2026, market value $1,715,649) (q)		1,857,414		1,857,414
JPMorgan Chase Bank, N.A., 0.50%, dated 05/25/2022, due Jul 19,2022 (collateralized by Chile International Bond, 3.50% due 01/25/2050, market value $3,819,347) (q)		4,283,271		4,283,271
JPMorgan Chase Bank, N.A., 0.50%, dated 05/26/2022, due Jul 19,2022 (collateralized by Chile International Bond, 3.50% due 01/25/2050, market value $7,638,693) (q)		8,587,542		8,587,542
JPMorgan Chase Bank, N.A., 0.50%, dated 05/27/2022, due Jul 19,2022 (collateralized by Dominican Republic International Bond, 4.50% due 01/30/2030, market value $4,383,911) (q)		5,089,292		5,089,292
JPMorgan Chase Bank, N.A., 0.65%, dated 06/13/2022, due Jul 19,2022 (collateralized by Dominican Republic International Bond, 4.88% due 09/23/2032, market value $1,972,837) (q)		2,298,073		2,298,073
JPMorgan Chase Bank, N.A., 0.75%, dated 01/24/2022, due Jul 19,2022 (collateralized by Egypt International Bond, 6.59% due 02/21/2028, market value $2,755,544) (q)		3,864,150		3,864,150
JPMorgan Chase Bank, N.A., 0.75%, dated 02/22/2022, due Jul 19,2022 (collateralized by Egypt International Bond, 6.59% due 02/21/2028, market value $850,700) (q)		1,147,839		1,147,839
JPMorgan Chase Bank, N.A., 1.00%, dated 01/14/2022, due Jul 19,2022 (collateralized by Egypt International Bond, 7.50% due 01/31/2027, market value $2,721,530) (q)		3,835,781		3,835,781
JPMorgan Chase Bank, N.A., 1.00%, dated 05/16/2022, due Jul 19,2022 (collateralized by Nigerian International Bond, 6.38% due 07/12/2023, market value $2,484,412) (q)		2,692,110		2,692,110
JPMorgan Chase Bank, N.A., 1.00%, dated 12/30/2021, due Jul 19,2022 (collateralized by Egypt International Bond, 7.50% due 01/31/2027, market value $2,993,683) (q)		4,353,267		4,353,267
JPMorgan Chase Bank, N.A., 1.25%, dated 02/22/2022, due Jul 19,2022 (collateralized by Alibaba Group Holding Limited, 2.13% due 02/09/2031, market value $678,835) (q)		778,428		778,428

See Notes to Consolidated Schedule of Investments.

62

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
JPMorgan Chase Bank, N.A., 1.25%, dated 06/13/2022, due Jul 19,2022 (collateralized by Indonesian International Bond, 2.15% due 07/28/2031, market value $2,080,638) (q)		2,220,800	$	2,220,800
JPMorgan Chase Bank, N.A., 1.40%, dated 06/22/2022, due Jul 19,2022 (collateralized by Egypt International Bond, 7.60% due 03/01/2029, market value $851,191) (q)		999,563		999,563
JPMorgan Chase Bank, N.A., 1.44%, dated 06/29/2022, due Jul 06,2022 (collateralized by US Treasury Notes, 1.25% due 12/31/2026, market value $8,470,257) (q)		8,508,278		8,508,278
JPMorgan Chase Bank, N.A., 1.45%, dated 06/29/2022, due Jul 06,2022 (collateralized by US Treasury Notes, 2.00% due 08/15/2051, market value $462,165) (q)		458,291		458,291
JPMorgan Chase Bank, N.A., 3.00%, dated 03/24/2022, due Jul 19,2022 (collateralized by Indonesian International Bond, 2.15% due 07/28/2031, market value $4,187,561) (q)		4,916,126		4,916,126
TOTAL REPURCHASE AGREEMENTS (COST $222,062,237)		222,062,237	$	222,062,237
TOTAL INVESTMENTS IN SECURITIES— 83.8% (COST $4,363,048,445)			$	4,139,381,283
TOTAL SECURITIES SOLD SHORT— (23.3)% (PROCEEDS $1,289,393,563)				(1,150,895,598	)
Other Assets (r) — 39.5%				1,949,219,260
Net Assets — 100.0%			$	4,937,704,945
SECURITIES SOLD SHORT — (23.3)%
COMMON STOCK — (8.8)%
Africa — (0.0)%
Industrial Services — (0.0)%
IHS Holding Ltd. (a)		2,300	$	(24,012	)
Materials — (0.0)%
AngloGold Ashanti Ltd., ADR		14,300		(211,497	)
Caledonia Mining Corp. plc		400		(4,380	)
Harmony Gold Mining Co., Ltd., ADR		100		(313	)
Sasol Ltd., ADR (a)		2,500		(57,650	)
				(273,840	)
Software & Technology Services — (0.0)%
Karooooo Ltd.		100		(2,185	)
Net 1 UEPS Technologies, Inc. (a)		700		(3,598	)
				(5,783	)
Total Africa				(303,635	)
Asia — (0.7)%
Banking — (0.1)%
HDFC Bank Ltd., ADR (a)		21,400		(1,176,144	)
ICICI Bank Ltd., ADR		25,400		(450,596	)
KB Financial Group, Inc., ADR		3,500		(130,200	)
Mitsubishi UFJ Financial Group, Inc., ADR		82,500		(440,550	)
Mizuho Financial Group, Inc., ADR		6,300		(14,112	)
Shinhan Financial Group Co. Ltd., ADR		2,000		(57,120	)
Sumitomo Mitsui Financial Group, Inc., ADR		50,300		(296,770	)
				(2,565,492	)
Consumer Discretionary Products — (0.0)%
China Automotive Systems, Inc. (a)		100		(270	)
Ezgo Technologies Ltd. (a)		900		(648	)
Honda Motor Co. Ltd., ADR		10,800		(260,820	)
indie Semiconductor, Inc., Class A (a)		3,100		(17,670	)
Tata Motors Ltd., ADR (a)		6,100		(157,807	)
Toyota Motor Corp., ADR		4,600		(709,182	)
XPeng, Inc., ADR (a)		3,700		(117,438	)
				(1,263,835	)
Consumer Discretionary Services — (0.1)%
China Liberal Education Holdings Ltd. (a)		4,700		(2,867	)

See Notes to Consolidated Schedule of Investments.

63

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
China Online Education Group, ADR (a)		1,500	$	(2,070	)
First High-School Education Group Co., Ltd. (a)		100		(80	)
GreenTree Hospitality Group Ltd., ADR		600		(2,496	)
Huazhu Group Ltd., ADR		28,400		(1,082,040	)
iHuman, Inc., ADR (a)		400		(944	)
Meten Holding Group Ltd. (a)		4,320		(6,048	)
NaaS Technology, Inc., ADR (a)		820		(4,904	)
OneSmart International Education Group Ltd., ADR (a)		1,000		(1,480	)
RYB Education, Inc., ADR (a)		400		(236	)
Skillful Craftsman Education Technology Ltd. (a)		2,900		(3,103	)
Tarena International, Inc., ADR (a)		433		(2,594	)
Yum China Holdings, Inc.		25,300		(1,227,050	)
				(2,335,912	)
Consumer Staple Products — (0.0)%
Farmmi, Inc. (a)		8,156		(8,564	)
RLX Technology, Inc., ADR (a)		4,500		(9,585	)
TDH Holdings, Inc. (a)		2,360		(4,484	)
Viomi Technology Co. Ltd., ADR (a)		1,500		(2,580	)
				(25,213	)
Financial Services — (0.0)%
360 Finance, Inc., ADR		6,500		(112,450	)
9F, Inc., ADR (a)		1,800		(1,584	)
Akso Health Group, ADR (a)		600		(612	)
ATIF Holdings Ltd. (a)		200		(384	)
Bit Digital, Inc. (a)		400		(524	)
CNFinance Holdings Ltd., ADR (a)		23		(59	)
Dunxin Financial Holdings Ltd., ADR (a)		500		(230	)
FinVolution Group, ADR		3,400		(16,150	)
Futu Holdings Ltd., ADR (a)		1,300		(67,873	)
Jianpu Technology, Inc., ADR (a)		2,300		(3,864	)
Jiayin Group, Inc., ADR (a)		900		(2,016	)
Lion Group Holding Ltd., ADR (a)		9,500		(8,075	)
Lufax Holding Ltd., ADR		30,900		(185,400	)
Nomura Holdings, Inc., ADR		4,800		(17,184	)
ORIX Corp., ADR		100		(8,416	)
Puhui Wealth Investment Management Co. Ltd. (a)		300		(193	)
Qudian, Inc., ADR (a)		22,600		(24,860	)
Senmiao Technology Ltd. (a)		40		(41	)
Sentage Holdings, Inc. (a)		400		(239	)
SOS Ltd., ADR (a)		100,300		(19,137	)
X Financial, ADR (a)		500		(1,340	)
				(470,631	)
Health Care — (0.0)%
111, Inc., ADR (a)		15,400		(31,724	)
Aesthetic Medical International Holdings Group Ltd., ADR (a)		400		(852	)
Aslan Pharmaceuticals Ltd., ADR (a)		200		(100	)
BeiGene Ltd., ADR (a)		4,100		(663,585	)
Bon Natural Life Ltd. (a)		600		(1,614	)
China SXT Pharmaceuticals Inc. (a)		771		(1,341	)
Connect Biopharma Holdings Ltd., ADR (a)		1,400		(1,218	)
Genetron Holdings Ltd., ADR (a)		200		(340	)
Gracell Biotechnologies, Inc., ADR (a)		2,500		(13,750	)
Hutchmed China Ltd., ADR (a)		1,100		(13,904	)
MEDIROM Healthcare Technologies, Inc., ADR (a)		100		(575	)
Qilian International Holding Group Ltd. (a)		300		(594	)
Shineco, Inc. (a)		100		(130	)
Zai Lab Ltd., ADR (a)		500		(17,340	)
				(747,067	)

See Notes to Consolidated Schedule of Investments.

64

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Industrial Products — (0.0)%
Asia Pacific Wire & Cable Corp., Ltd. (a)		440	$	(532	)
Code Chain New Continent Ltd. (a)		2,700		(1,650	)
Greenland Technologies Holding Corp. (a)		897		(3,633	)
				(5,815	)
Industrial Services — (0.0)%
BEST, Inc. (a)		9,960		(11,753	)
EHang Holdings Ltd., ADR (a)		7,800		(72,150	)
Euro Tech Holdings Co. Ltd.		450		(549	)
Full Truck Alliance Co. Ltd., ADR (a)		86,400		(782,784	)
MingZhu Logistics Holdings Ltd. (a)		1,600		(2,976	)
Pop Culture Group Co., Ltd., Class A (a)		4,505		(6,892	)
				(877,104	)
Insurance — (0.0)%
China Life Insurance Co. Ltd., ADR		7,000		(60,480	)
Huize Holding Ltd., ADR (a)		1,000		(1,240	)
Prudential plc, ADR		700		(17,577	)
TIAN RUIXIANG Holdings Ltd., Class A (a)		1,300		(936	)
Waterdrop, Inc., ADR (a)		2,500		(3,200	)
				(83,433	)
Materials — (0.0)%
CN Energy Group, Inc. (a)		500		(1,120	)
Ikonics Corp. (d)		100		0
Origin Agritech Ltd. (a)		2,100		(15,792	)
Tantech Holdings Ltd. (a)		100		(29	)
ZK International Group Co. Ltd. (a)		2,700		(2,781	)
				(19,722	)
Media — (0.1)%
Baidu, Inc., ADR (a)		1,300		(193,349	)
Baosheng Media Group Holding Ltd. (a)		2,437		(2,803	)
Bilibili, Inc., ADR (a)		35,700		(913,920	)
Blue Hat Interactive Entertainment Technology (a)		1,170		(3,334	)
Color Star Technology Co. Ltd. (a)		22,000		(2,915	)
Dada Nexus Ltd., ADR (a)		13,800		(111,918	)
DouYu International Holdings Ltd., ADR (a)		9,500		(11,400	)
Dragon Victory International Ltd. (a)		800		(840	)
GigaMedia Ltd. (a)		500		(785	)
Glory Star New Media Group Holdings Ltd. (a)		1,000		(870	)
Grab Holdings Ltd., Class A (a)		207,900		(525,987	)
iClick Interactive Asia Group Ltd., ADR (a)		2,700		(1,814	)
iQIYI, Inc., ADR (a)		23,400		(98,280	)
Kanzhun Ltd., ADR (a)		7,000		(183,960	)
MakeMyTrip Ltd. (a)		5,200		(133,536	)
NetEase, Inc., ADR		25,300		(2,362,008	)
Phoenix New Media Ltd., ADR (a)		416		(2,080	)
Pintec Technology Holdings, Ltd. (a)		400		(580	)
Sohu.com Ltd., ADR (a)		900		(14,913	)
The9 Ltd., ADR (a)		8,700		(14,616	)
Trip.com Group Ltd., ADR (a)		35,300		(968,985	)
Uxin Ltd., ADR (a)		33,500		(14,070	)
Zhihu, Inc., ADR (a)		5,900		(10,561	)
Zhongchao, Inc., Class A (a)		400		(504	)
				(5,574,028	)

See Notes to Consolidated Schedule of Investments.

65

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Oil & Gas — (0.0)%
Recon Technology Ltd., Class A (a)		11,200	$	(7,433	)
Real Estate — (0.0)%
Fangdd Network Group Ltd. (a)		1,440		(2,779	)
KE Holdings, Inc., ADR (a)		3,900		(70,005	)
				(72,784	)
Renewable Energy — (0.0)%
Daqo New Energy Corp., ADR (a)		10,700		(763,766	)
JinkoSolar Holding Co. Ltd., ADR (a)		11,500		(795,570	)
ReneSola Ltd., ADR (a)		15,300		(72,675	)
				(1,632,011	)
Retail & Wholesale - Discretionary — (0.3)%
Alibaba Group Holding Ltd., ADR (a)		49,100		(5,581,688	)
ATRenew, Inc., ADR (a)		8,000		(23,920	)
Boqii Holding Ltd. (a)		833		(1,608	)
Cango, Inc., ADR		5,000		(11,250	)
Coupang, Inc. (a)		212,500		(2,709,375	)
DingDong Cayman Ltd., ADR (a)		23,200		(128,296	)
E-Home Household Service Holdings Ltd. (a)		1,200		(348	)
ECMOHO Ltd., ADR (a)		300		(49	)
Future FinTech Group, Inc. (a)		13,700		(5,813	)
JD.com, Inc., ADR		101,700		(6,531,174	)
Jiuzi Holdings, Inc. (a)		5,403		(4,742	)
Jowell Global Ltd. (a)		1,400		(3,668	)
KBS Fashion Group Ltd. (a)		1,400		(1,764	)
LightInTheBox Holding Co. Ltd., ADR (a)		1,400		(1,344	)
MINISO Group Holding Ltd., ADR		2,800		(21,980	)
Moxian BVI, Inc. (a)		1,400		(1,400	)
Oriental Culture Holding Ltd. (a)		400		(1,204	)
Sea Ltd., ADR (a)		1,300		(86,918	)
TD Holdings, Inc. (a)		20,900		(5,265	)
Vipshop Holdings Ltd., ADR (a)		1,800		(17,802	)
Yatsen Holding Ltd., ADR (a)		2,000		(3,100	)
Yoshitsu Co., Ltd., ADR (a)		100		(169	)
Yunji, Inc., ADR (a)		700		(728	)
				(15,143,605	)
Retail & Wholesale - Staples — (0.0)%
Wunong Net Technology Co. Ltd. (a)		7,300		(4,305	)
Retail & Wholesale - Staples — (0.0)%
China Jo-Jo Drugstores Holdings, Inc. (a)		266		(585	)
Retail - Discretionary — (0.0)%
Kaixin Auto Holdings (a)		11,100		(11,433	)
Software & Technology Services — (0.0)%
17 Education & Technology Group, Inc., ADR (a)		1,625		(3,201	)
Aurora Mobile Ltd., ADR (a)		2,300		(2,438	)
Baozun, Inc., ADR (a)		500		(5,470	)
BIT Mining Ltd., ADR (a)		6,500		(4,031	)
BlueCity Holdings Ltd., ADR (a)		1,500		(2,220	)
Borqs Technologies, Inc. (a)		2,717		(4,537	)
Cellebrite DI Ltd. (a)		1,800		(9,180	)
China Xiangtai Food Co. Ltd. (a)		7,000		(3,016	)
Cloopen Group Holding Ltd., ADR (a)		9,800		(10,290	)
CLPS, Inc. (a)		600		(948	)
Datasea, Inc. (a)		2,300		(3,749	)
Diginex Ltd. (a)		7,516		(6,298	)
Gaotu Techedu, Inc., ADR (a)		47,700		(93,492	)
Infobird Co. Ltd. (a)		1,300		(616	)

See Notes to Consolidated Schedule of Investments.

66

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Kingsoft Cloud Holdings Ltd., ADR (a)		1,300	$	(5,785	)
Link Motion, Inc., ADR (a),(d)		11,000		0
Lizhi, Inc., ADR (a)		4,800		(5,568	)
Luokung Technology Corp. (a)		34,100		(13,637	)
Molecular Data, Inc. (a)		4,133		(2,319	)
OneConnect Financial Technology Co. Ltd., ADR (a)		12,300		(21,033	)
Powerbridge Technologies Co. Ltd. (a)		30,000		(19,350	)
Qutoutiao, Inc., ADR (a)		6,660		(6,394	)
Renren, Inc., ADR (a)		1,600		(46,272	)
Scienjoy Holding Corp. (a)		1,000		(3,270	)
Sify Technologies Ltd., ADR (a)		700		(1,365	)
Taoping, Inc. (a)		900		(954	)
TaskUS, Inc., Class A (a)		9,900		(166,914	)
TDCX, Inc., ADR (a)		5,600		(51,800	)
TELUS International CDA, Inc. (a)		1,700		(42,619	)
Tuya, Inc., ADR (a)		33,400		(87,508	)
WiMi Hologram Cloud, Inc., ADR (a)		18,900		(41,013	)
Wipro Ltd., ADR		14,166		(75,221	)
Xunlei Ltd., ADR (a)		1,100		(1,738	)
Youdao, Inc., ADR (a)		4,000		(19,680	)
				(761,926	)
Tech Hardware & Semiconductors — (0.1)%
Canaan, Inc., ADR (a)		63,100		(203,182	)
Canon, Inc., ADR		1,400		(31,794	)
Ebang International Holdings, Inc., A Shares (a)		23,700		(9,504	)
Himax Technologies, Inc., ADR		6,500		(48,620	)
Kulicke & Soffa Industries, Inc.		3,100		(132,711	)
SemiLEDs Corp. (a)		1,300		(3,289	)
Sony Group Corp., ADR		15,200		(1,242,904	)
UTime Ltd. (a)		800		(1,176	)
				(1,673,180	)
Telecommunications — (0.0)%
Chindata Group Holdings Ltd., ADR (a)		11,500		(89,240	)
GDS Holdings Ltd., ADR (a)		23,000		(767,970	)
PLDT, Inc., ADR		700		(21,294	)
SK Telecom Co., Ltd., ADR		2,300		(51,336	)
Telkom Indonesia Persero Tbk PT, ADR		3,100		(83,824	)
Ucloudlink Group, Inc., ADR (a)		700		(819	)
Vnet Group, Inc., ADR (a)		1,100		(6,644	)
				(1,021,127	)
Utilities — (0.0)%
Azure Power Global Ltd. (a)		2,800		(31,920	)
Korea Electric Power Corp., ADR (a)		3,100		(27,218	)
ReNew Energy Global plc (a)		14,100		(91,227	)
				(150,365	)
Total Asia				(34,447,006	)
Europe — (0.2)%
Banking — (0.1)%
Barclays plc, ADR		5,800		(44,080	)
Deutsche Bank AG		16,600		(145,084	)
HSBC Holdings plc, ADR		51,400		(1,679,238	)
ING Groep NV, ADR		2,600		(25,792	)
Lloyds Banking Group plc, ADR		5,700		(11,628	)
				(1,905,822	)

See Notes to Consolidated Schedule of Investments.

67

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Biotechnology & Pharmaceuticals — (0.0)%
Midatech Pharma plc, ADR (a)		400	$	(216	)
Consumer Discretionary Products — (0.0)%
On Holding AG, Class A (a)		10,600		(187,514	)
Sono Group NV (a)		400		(1,176	)
				(188,690	)
Consumer Discretionary Services — (0.0)%
Genius Sports Ltd. (a)		200		(450	)
Manchester United plc, Class A		6,600		(73,392	)
Membership Collective Group, Inc., A Shares (a)		5,100		(33,048	)
Sportradar Holding AG, A Shares (a)		2,400		(18,960	)
				(125,850	)
Consumer Staple Products — (0.0)%
Anheuser-Busch InBev NV, ADR		14,300		(771,485	)
British American Tobacco plc, ADR		100		(4,291	)
Unilever plc, ADR		3,600		(164,988	)
				(940,764	)
Financial Services — (0.0)%
AerCap Holdings NV (a)		3,500		(143,290	)
Argo Blockchain plc, ADR (a)		1,300		(4,888	)
UBS Group AG		200		(3,244	)
				(151,422	)
Health Care — (0.1)%
Abcam plc, ADR (a)		300		(4,338	)
AC Immune SA (a)		600		(2,166	)
Achilles Therapeutics plc, ADR (a)		1,000		(2,520	)
ADC Therapeutics SA (a)		3,700		(29,415	)
Alcon, Inc.		5,600		(391,384	)
Altamira Therapeutics Ltd. (a)		7,700		(3,737	)
Amryt Pharma plc, ADR (a)		700		(4,893	)
Aptorum Group Ltd., Class A (a)		2,600		(3,562	)
Artelo Biosciences, Inc. (a)		2,800		(887	)
Ascendis Pharma A/S, ADR (a)		5,200		(483,392	)
Autolus Therapeutics plc, ADR (a)		4,900		(13,867	)
BioNTech SE, ADR		26,200		(3,906,420	)
CRISPR Therapeutics AG (a)		200		(12,154	)
Evotec SE, ADR (a)		900		(10,782	)
Exscientia plc, ADR (a)		2,300		(25,047	)
Freeline Therapeutics Holdings plc, ADR (a)		100		(88	)
Galapagos NV, ADR (a)		1,200		(66,960	)
Genmab, ADR (a)		2,200		(71,478	)
GH Research plc (a)		700		(6,986	)
ICON plc (a)		1,800		(390,060	)
Immatics NV (a)		2,700		(23,517	)
Immunocore Holdings plc, ADR (a)		2,600		(97,006	)
InflaRx NV (a)		600		(870	)
Mereo Biopharma Group plc, ADR (a)		25,500		(28,560	)
Molecular Partners AG, ADR (a)		100		(673	)
NLS Pharmaceutics Ltd. (a)		1,600		(939	)
NuCana plc, ADR (a)		3,300		(2,392	)
ObsEva SA (a)		12,200		(19,642	)
Olink Holding AB, ADR (a)		4,000		(60,800	)
Orchard Therapeutics plc, ADR (a)		1,400		(818	)
ProQR Therapeutics NV (a)		200		(156	)
Trinity Biotech plc, ADR (a)		2,000		(2,450	)
uniQure NV (a)		6,500		(121,160	)
Vaccitech plc, ADR (a)		200		(890	)

See Notes to Consolidated Schedule of Investments.

68

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Verona Pharma plc, ADR (a)		100	$	(419	)
				(5,790,428	)
Industrial Products — (0.0)%
CNH Industrial NV		38,100		(441,579	)
Industrial Services — (0.0)%
Cimpress plc (a)		900		(35,010	)
FLEX LNG Ltd.		1,500		(41,085	)
Globus Maritime Ltd. (a)		800		(1,400	)
				(77,495	)
Materials — (0.0)%
CRH plc, ADR		3,000		(104,460	)
Orion Engineered Carbons SA		100		(1,553	)
				(106,013	)
Media — (0.0)%
Gambling.com Group Ltd. (a)		900		(7,083	)
Jumia Technologies AG, ADR (a)		16,700		(101,202	)
Liberty Global plc, Class A (a)		12,500		(263,125	)
Spark Networks SE, ADR (a)		1,200		(3,828	)
Trivago NV, ADR (a)		200		(298	)
WPP plc, ADR		1,200		(60,708	)
				(436,244	)
Oil & Gas — (0.0)%
Equinor ASA, ADR		14,100		(490,116	)
Renewable Energy — (0.0)%
FREYR Battery SA (a)		1,500		(10,260	)
Retail & Wholesale - Discretionary — (0.0)%
Cazoo Group Ltd. (a)		21,900		(15,768	)
Farfetch Ltd., Class A (a)		14,000		(100,240	)
MYT Netherlands Parent BV, ADR (a)		1,800		(17,784	)
				(133,792	)
Software & Technology Services — (0.0)%
Arqit Quantum, Inc. (a)		2,500		(15,775	)
Kaleyra, Inc. (a)		3,800		(7,752	)
Micro Focus International plc, ADR		600		(2,022	)
RELX plc, ADR		200		(5,388	)
Sophia Genetics SA (a)		300		(1,086	)
				(32,023	)
Tech Hardware & Semiconductors — (0.0)%
Nokia Oyj, ADR		600		(2,766	)
WISeKey International Holding Ltd., ADR (a)		1,300		(3,237	)
				(6,003	)
Transportation & Logistics — (0.0)%
Ryanair Holdings plc, ADR (a)		7,600		(511,100	)
Utilities — (0.0)%
Fusion Fuel Green plc, Class A (a)		400		(2,608	)
National Grid plc, ADR		4,100		(265,229	)
				(267,837	)
Total Europe				(11,615,654	)

See Notes to Consolidated Schedule of Investments.

69

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Middle East — (0.0)%
Consumer Discretionary Products — (0.0)%
Foresight Autonomous Holdings Ltd., ADR (a)		4,500	$	(2,793	)
REE Automotive Ltd., Class A (a)		200		(232	)
				(3,025	)
Consumer Discretionary Services — (0.0)%
Riskified Ltd., A Shares (a)		100		(444	)
Health Care — (0.0)%
Biondvax Pharmaceuticals Ltd., ADR (a)		800		(936	)
CAN Fite Biopharma Ltd., ADR (a)		2,500		(2,300	)
Collplant Biotechnologies Ltd. (a)		300		(2,442	)
Enlivex Therapeutics Ltd. (a)		800		(3,616	)
Gamida Cell Ltd. (a)		8,300		(14,691	)
InspireMD, Inc. (a)		273		(546	)
Nano-X Imaging Ltd. (a)		7,900		(89,270	)
Redhill Biopharma Ltd., ADR (a)		8,600		(7,482	)
ReWalk Robotics Ltd. (a)		8,400		(7,896	)
Vascular Biogenics Ltd. (a)		1,100		(1,771	)
				(130,950	)
Industrial Products — (0.0)%
Elbit Systems Ltd.		200		(45,868	)
Industrial Services — (0.0)%
Castor Maritime, Inc. (a)		35,860		(48,052	)
Materials — (0.0)%
Evogene Ltd. (a)		4,500		(3,465	)
Media — (0.0)%
Eros STX Global Corp. (a)		6,780		(16,272	)
Innovid Corp. (a)		800		(1,328	)
SimilarWeb Ltd. (a)		100		(825	)
Taboola.com Ltd. (a)		1,100		(2,783	)
				(21,208	)
Pharmaceuticals — (0.0)%
Quoin Pharmaceuticals Ltd., ADR (a)		100		(45	)
Renewable Energy — (0.0)%
Eco Wave Power Global AB, ADR (a)		300		(1,308	)
Retail & Wholesale - Discretionary — (0.0)%
D-MARKET Elektronik Hizmetler ve Ticaret AS, ADR (a)		16,800		(10,214	)
Software & Technology Services — (0.0)%
Cognyte Software Ltd. (a)		800		(3,400	)
G Medical Innovations Holdings Ltd. (a)		2,000		(1,210	)
Global-e Online Ltd. (a)		15,900		(320,703	)
MARIS - TECH Ltd. (a)		700		(777	)
Mawson Infrastructure Group, Inc. (a)		2,100		(2,289	)
My Size, Inc. (a)		1,100		(218	)
Safe-T Group Ltd., ADR (a)		1,000		(486	)
WalkMe Ltd. (a)		100		(1,013	)
Yalla Group Ltd., ADR (a)		9,200		(35,880	)
				(365,976	)
Tech Hardware & Semiconductors — (0.0)%
Ceragon Networks Ltd. (a)		600		(1,542	)
Gilat Satellite Networks Ltd. (a)		3,800		(22,952	)
SuperCom Ltd. (a)		10,100		(3,310	)

See Notes to Consolidated Schedule of Investments.

70

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Tower Semiconductor Ltd. (a)		100	$	(4,618	)
				(32,422	)
Total Middle East				(662,978	)
North America — (7.7)%
Banking — (0.5)%
Ameris Bancorp		2,499		(100,410	)
Bank of Montreal		7,700		(740,509	)
BankUnited, Inc.		300		(10,671	)
Blue Foundry Bancorp (a)		300		(3,597	)
BOK Financial Corp.		100		(7,558	)
Cadence Bank		3,300		(77,484	)
Canadian Imperial Bank of Commerce		1,400		(67,956	)
Carver Bancorp, Inc. (a)		700		(4,032	)
Comerica, Inc		6,800		(498,984	)
Commerce Bancshares, Inc.		3,430		(225,179	)
Credicorp Ltd.		1,400		(167,874	)
Eastern Bankshares, Inc.		1,800		(33,228	)
Fifth Third Bancorp		38,700		(1,300,320	)
Finwise Bancorp (a)		100		(933	)
First Citizens BancShares, Inc., Class A		600		(392,268	)
First Horizon National Corp.		101,600		(2,220,976	)
First Interstate BancSystem, Inc., Class A		900		(34,299	)
First Republic Bank		2,500		(360,500	)
Glacier Bancorp, Inc.		200		(9,484	)
Huntington Bancshares, Inc.		222,700		(2,679,081	)
Independent Bank Corp.		1,600		(127,088	)
M&T Bank Corp.		16,382		(2,611,127	)
Old National Bancorp		23,500		(347,565	)
Pacific Premier Bancorp, Inc.		1,320		(38,597	)
Park National Corp.		100		(12,125	)
Pinnacle Financial Partners, Inc.		500		(36,155	)
PNC Financial Services Group, Inc.		16,000		(2,524,320	)
Regions Financial Corp.		6,400		(120,000	)
Royal Bank of Canada		13,700		(1,326,434	)
Seacoast Banking Corp. of Florida		400		(13,216	)
ServisFirst Bancshares, Inc.		1,500		(118,380	)
Signature Bank		8,400		(1,505,364	)
South State Corp.		4,768		(367,851	)
Stock Yards Bancorp, Inc.		100		(5,982	)
SVB Financial Group (a)		1,800		(710,982	)
TFS Financial Corp.		2,700		(37,071	)
Toronto-Dominion Bank		3,300		(216,414	)
Truist Financial Corp.		81,400		(3,860,802	)
UMB Financial Corp.		300		(25,830	)
Umpqua Holdings Corp.		2,000		(33,540	)
United Community Banks, Inc.		2,000		(60,380	)
Valley National Bancorp		2,400		(24,984	)
Webster Financial Corp.		10,900		(459,435	)
Western Alliance Bancorp		9,400		(663,640	)
WSFS Financial Corp.		3,700		(148,333	)
				(24,330,958	)
Biotechnology & Pharmaceuticals — (0.0)%
Absci Corp. (a)		2,300		(7,636	)
Congent Biosciences, Inc. (d)		1,000		0
Ensysce Biosciences, Inc. (a)		4,200		(3,647	)
Oncolytics Biotech, Inc. (a)		3,300		(3,250	)
Xeris Biopharma Holdings, Inc. (a)		25,242		(38,873	)
				(53,406	)

See Notes to Consolidated Schedule of Investments.

71

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Chemicals — (0.0)%
Trinseo plc		4,200	$	(161,532	)
Consumer Discretionary Products — (0.5)%
Adient plc (a)		7,300		(216,299	)
American Axle & Manufacturing Holdings, Inc. (a)		300		(2,259	)
Arcimoto, Inc. (a)		2,400		(7,848	)
Aurora Innovation, Inc. (a)		43,900		(83,849	)
Axon Enterprise, Inc. (a)		1,500		(139,755	)
BorgWarner, Inc.		14,640		(488,537	)
BRP, Inc.		200		(12,302	)
Callaway Golf Co. (a)		12,800		(261,120	)
Camping World Holdings, Inc., Class A		800		(17,272	)
Carter’s, Inc.		6,700		(472,216	)
CBAK Energy Technology, Inc. (a)		17,500		(18,725	)
Century Communities, Inc.		900		(40,473	)
Comstock Holding Cos., Inc. (a)		100		(452	)
Cornerstone Building Brands, Inc. (a)		3,700		(90,613	)
Dana, Inc.		3,200		(45,024	)
Dorman Products, Inc. (a)		200		(21,942	)
DR Horton, Inc.		27,700		(1,833,463	)
Dream Finders Homes, Inc., Class A (a)		3,600		(38,304	)
ElectraMeccanica Vehicles Corp. (a)		28,900		(39,015	)
Fisker, Inc. (a)		200		(1,714	)
Fox Factory Holding Corp. (a)		1,500		(120,810	)
General Motors Co. (a)		95,600		(3,036,256	)
Gentex Corp.		14,900		(416,753	)
Gentherm, Inc. (a)		600		(37,446	)
Gildan Activewear, Inc.		700		(20,146	)
Goodyear Tire & Rubber Co. (a)		64,700		(692,937	)
Hanesbrands, Inc.		40,100		(412,629	)
Harley-Davidson, Inc.		2,400		(75,984	)
HNI Corp.		300		(10,407	)
Interface, Inc.		800		(10,032	)
JELD-WEN Holding, Inc. (a)		400		(5,836	)
LCI Industries		1,700		(190,196	)
Lear Corp.		3,300		(415,437	)
LGI Homes, Inc. (a)		3,500		(304,150	)
Lordstown Motors Corp., Class A (a)		47,500		(75,050	)
Lucid Group, Inc. (a)		188,900		(3,241,524	)
Magna International, Inc.		3,100		(170,190	)
MasterCraft Boat Holdings, Inc. (a)		600		(12,630	)
Mattel, Inc. (a)		400		(8,932	)
Microvast Holdings, Inc. (a)		10,800		(23,976	)
MillerKnoll, Inc.		5,700		(149,739	)
Mullen Automotive, Inc. (a)		181,400		(185,028	)
OneWater Marine, Inc., Class A (a)		100		(3,305	)
Peloton Interactive, Inc., Class A (a)		91,200		(837,216	)
PGT Innovations, Inc. (a)		100		(1,664	)
PLBY Group, Inc. (a)		300		(1,920	)
Polaris Industries, Inc.		5,000		(496,400	)
Proterra, Inc. (a)		8,200		(38,048	)
PulteGroup, Inc.		3,300		(130,779	)
Rivian Automotive, Inc., Class A (a)		185,500		(4,774,770	)
Romeo Power, Inc. (a)		11,300		(5,070	)
Scotts Miracle-Gro Co. (The)		3,900		(308,061	)
SES AI Corp. (a)		1,500		(5,895	)
Skechers USA., Inc., Class A (a)		8,000		(284,640	)
Solid Power, Inc. (a)		1,700		(9,146	)
Steelcase, Inc., Class A		300		(3,219	)
Stellantis NV		53,800		(664,968	)
Tempur Sealy International, Inc.		3,700		(79,069	)
Thor Industries, Inc.		6,800		(508,164	)

See Notes to Consolidated Schedule of Investments.

72

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Torrid Holdings, Inc. (a)		200	$	(864	)
Tupperware Brands Corp. (a)		11,600		(73,544	)
United Maritime Corp.		158		0
VF Corp.		800		(35,336	)
Vinco Ventures, Inc. (a)		49,800		(68,724	)
Vision Marine Technologies, Inc. (a)		200		(952	)
Visteon Corp. (a)		700		(72,506	)
Volcon, Inc. (a)		1,100		(2,024	)
Weber, Inc., Class A		2,600		(18,746	)
Winnebago Industries, Inc.		11,400		(553,584	)
Worksport Ltd. (a)		4,331		(8,359	)
XPEL, Inc. (a)		3,300		(151,569	)
YETI Holdings, Inc. (a)		300		(12,981	)
				(22,598,793	)
Consumer Discretionary Services — (0.2)%
Aaron’s Co., Inc. (The)		100		(1,455	)
AirSculpt Technologies, Inc. (a)		500		(2,965	)
American Public Education, Inc. (a)		300		(4,848	)
Aspen Group, Inc. (a)		500		(490	)
Bally’s Corp. (a)		10,500		(207,690	)
Bird Global, Inc., Class A (a)		1,700		(741	)
Bloomin’ Brands, Inc.		1,000		(16,620	)
Boyd Gaming Corp.		3,100		(154,225	)
Bright Horizons Family Solutions, Inc. (a)		100		(8,452	)
BurgerFi International, Inc. (a)		1,300		(4,199	)
Caesars Entertainment, Inc. (a)		62,476		(2,392,831	)
Carnival Corp. (a)		3,700		(32,005	)
Cheesecake Factory, Inc. (The)		400		(10,568	)
Chipotle Mexican Grill, Inc. (a)		300		(392,178	)
Darden Restaurants, Inc.		200		(22,624	)
Domino’s Pizza, Inc.		100		(38,971	)
Drive Shack, Inc. (a)		3,100		(4,247	)
Dutch Bros, Inc., Class A (a)		4,000		(126,600	)
EBET, Inc. (a)		300		(720	)
European Wax Center, Inc., Class A		3,400		(59,908	)
F45 Training Holdings, Inc. (a)		8,500		(33,405	)
First Watch Restaurant Group, Inc. (a)		1,500		(21,630	)
Hall of Fame Resort & Entertainment Co. (a)		16,592		(9,843	)
Hilton Grand Vacations, Inc. (a)		2,400		(85,752	)
Jack in the Box, Inc.		900		(50,454	)
Las Vegas Sands Corp. (a)		29,300		(984,187	)
Liberty Media Corp-Liberty Braves, Class C		600		(14,400	)
Life Time Group Holdings, Inc. (a)		9,000		(115,920	)
Live Nation Entertainment, Inc. (a),(c)		6,050		(499,609	)
Lottery.com, Inc. (a)		600		(672	)
Madison Square Garden Entertainment Corp. (a)		3,500		(184,170	)
Madison Square Garden Sports Corp. (a)		1,000		(151,000	)
Marriott International, Inc., Class A		400		(54,404	)
Marriott Vacations Worldwide Corp.		1,600		(185,920	)
OneSpaWorld Holdings Ltd. (a)		5,500		(39,435	)
Penn National Gaming, Inc. (a)		11,300		(343,746	)
Potbelly Corp. (a)		500		(2,825	)
Regis Corp. (a)		2,100		(2,268	)
Rent the Runway, Inc., Class A (a)		1,900		(5,833	)
Rent-A-Center, Inc.		200		(3,890	)
Royal Caribbean Cruises Ltd. (a)		29,600		(1,033,336	)
Six Flags Entertainment Corp. (a)		7,800		(169,260	)
Starbucks Corp.		300		(22,917	)
Super League Gaming, Inc. (a)		3,755		(3,830	)
Udemy, Inc. (a)		4,700		(47,987	)
				(7,549,030	)

See Notes to Consolidated Schedule of Investments.

73

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Consumer Staple Products — (0.2)%
22nd Century Group, Inc. (a)		800	$	(1,704	)
Alkaline Water Co., Inc. (The) (a)		21,400		(8,410	)
Beachbody Co., Inc. (The) (a)		24,100		(28,920	)
Benson Hill, Inc. (a)		14,200		(38,908	)
Blue Star Foods Corp. (a)		1,100		(1,353	)
Boston Beer Co., Inc., Class A (a)		700		(212,079	)
BRC, Inc. (a)		300		(2,448	)
Celsius Holdings, Inc. (a)		16,500		(1,076,790	)
Central Garden & Pet Co., Class A (a)		1,800		(72,018	)
Clever Leaves Holdings, Inc. (a)		9,400		(9,174	)
Constellation Brands, Inc., Class A		10,900		(2,540,354	)
Coty, Inc., Class A (a)		28,600		(229,086	)
Cronos Group, Inc. (a)		100		(282	)
Darling Ingredients, Inc. (a)		1,100		(65,780	)
DavidsTea, Inc. (a)		700		(1,211	)
Dole plc		9,900		(83,754	)
Eastside Distilling, Inc. (a)		1,400		(966	)
Energizer Holdings, Inc.		8,900		(252,315	)
Estee Lauder Cos., Inc. (The), Class A		3,000		(764,010	)
Farmer Bros Co. (a)		199		(933	)
Flora Growth Corp. (a)		19,100		(11,651	)
Fresh Vine Wine, Inc. (a)		200		(372	)
FSD Pharma, Inc., Class B (a)		2,400		(1,896	)
General Mills, Inc.		100		(7,545	)
Greenlane Holdings, Inc., Class A (a)		33,100		(6,501	)
Grove, Inc. (a)		1,500		(6,300	)
Helen of Troy Ltd. (a)		1,700		(276,097	)
Herbalife Nutrition Ltd. (a)		5,300		(108,385	)
High Tide, Inc. (a)		1,100		(2,178	)
IM Cannabis Corp. (a)		4,100		(2,617	)
J & J Snack Foods Corp.		200		(27,932	)
John B Sanfilippo & Son, Inc.		100		(7,249	)
Keurig Dr. Pepper, Inc.		2,000		(70,780	)
Krispy Kreme, Inc.		12,400		(168,640	)
Lamb Weston Holdings, Inc.		2,200		(157,212	)
Leafly Holdings, Inc. (a)		200		(900	)
Monster Beverage Corp. (a)		16,600		(1,538,820	)
National Beverage Corp.		100		(4,894	)
NewAge, Inc. (a)		26,600		(5,958	)
Nu Skin Enterprises, Inc.		2,000		(86,600	)
Nuzee, Inc. (a)		400		(404	)
Organigram Holdings, Inc. (a)		5,300		(4,861	)
Pilgrim’s Pride Corp. (a)		400		(12,492	)
Post Holdings, Inc. (a)		2,800		(230,580	)
Primo Water Corp.		5,000		(66,900	)
Reed’s, Inc. (a)		3,900		(608	)
Reynolds Consumer Products, Inc.		1,600		(43,632	)
RiceBran Technologies (a)		400		(268	)
S&W Seed Co. (a)		100		(101	)
Seneca Foods Corp., Class A (a)		100		(5,554	)
Simply Good Foods Co. (The) (a)		2,900		(109,533	)
Smart For Life, Inc. (a)		8,500		(4,546	)
Spectrum Brands Holdings, Inc.		5,700		(467,514	)
Splash Beverage Group, Inc. (a)		2,900		(8,671	)
Stryve Foods, Inc., Class A (a)		3,200		(2,819	)
Tattooed Chef, Inc. (a)		4,400		(27,720	)
Tilray, Inc., Class 2 (a)		189,100		(589,992	)
TreeHouse Foods, Inc. (a)		4,200		(175,644	)

See Notes to Consolidated Schedule of Investments.

74

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Tyson Foods, Inc., Class A		100	$	(8,606	)
Utz Brands, Inc.		8,100		(111,942	)
Very Good Food Co. Inc. (a)		2,200		(519	)
Village Farms International, Inc. (a)		8,900		(23,229	)
Vintage Wine Estates, Inc. (a)		500		(3,930	)
Vita Coco Co., Inc. (The) (a)		5,100		(49,929	)
Whole Earth Brands, Inc. (a)		2,100		(13,020	)
Zevia PBC, Class A (a)		1,900		(5,339	)
				(9,851,375	)
Distributors - Consumer Staples — (0.0)%
Kaival Brands Innovations Group, Inc. (a)		3,318		(5,242	)
Financial Services — (0.4)%
AG Mortgage Investment Trust, Inc.		2,500		(16,875	)
AGNC Investment Corp.		83,200		(921,024	)
Alliance Data Systems Corp.		7,600		(281,656	)
Ally Financial, Inc.		2,100		(70,371	)
Altisource Portfolio Solutions SA (a)		600		(6,444	)
Ameriprise Financial, Inc.		100		(23,768	)
Annaly Capital Management, Inc.		550,700		(3,254,637	)
Apollo Commercial Real Estate Finance, Inc.		300		(3,132	)
Apollo Global Management, Inc.		46,700		(2,264,016	)
Arbor Realty Trust, Inc.		3,700		(48,507	)
Ares Management Corp.		300		(17,058	)
ARMOUR Residential REIT, Inc.		39,200		(275,968	)
Artisan Partners Asset Management, Inc., Class A		1,000		(35,570	)
BitNile Holdings, Inc. (a)		94,800		(25,169	)
Blackstone Mortgage Trust, Inc., Class A		800		(22,136	)
Blue Owl Capital, Inc.		26,700		(267,801	)
Brookfield Asset Management, Inc., Class A		35,067		(1,559,430	)
Burford Capital Ltd.		400		(4,036	)
Cannae Holdings, Inc. (a)		5,700		(110,238	)
Chimera Investment Corp.		6,900		(60,858	)
Cohen & Co., Inc.		200		(2,152	)
Columbia Financial, Inc. (a)		600		(13,086	)
Credit Suisse Group AG, ADR (a)		100		(567	)
Cryptyde, Inc. (a)		5,170		(10,495	)
Cuentas, Inc. (a)		1,900		(1,190	)
Curo Group Holdings Corp.		200		(1,106	)
Discover Financial Services		9,200		(870,136	)
Doma Holdings, Inc. (a)		8,200		(8,446	)
Ecoark Holdings, Inc. (a)		200		(524	)
Entasis Therapeutics Holdings, Inc. (a)		200		(440	)
Evercore, Inc.		200		(18,722	)
Federal Agricultural Mortgage Corp., Class C		200		(19,530	)
Federated Investors, Inc.		2,200		(69,938	)
Finance Of America Cos., Inc., Class A (a)		6,900		(10,833	)
Franklin BSP Realty Trust, Inc.		400		(5,392	)
GCM Grosvenor, Inc., Class A		200		(1,370	)
Goldman Sachs Group, Inc.		100		(29,702	)
Greenpro Capital Corp. (a)		8,400		(1,799	)
Home Point Capital, Inc.		1,100		(4,312	)
Invesco Mortgage Capital, Inc.		12,520		(183,794	)
KKR & Co., Inc.		9,300		(430,497	)
loanDepot, Inc., Class A		10,400		(14,976	)
LPL Financial Holdings, Inc.		7,200		(1,328,256	)
MFA Financial, Inc.		1,025		(11,019	)
Moelis & Co., Class A		2,100		(82,635	)
Mogo, Inc. (a)		11,700		(10,056	)
Morgan Stanley		9,000		(684,540	)
Mr. Cooper Group, Inc. (a)		2,800		(102,872	)

See Notes to Consolidated Schedule of Investments.

75

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
MSP Recovery, Inc. (a)		200	$	(428	)
Navient Corp.		3,300		(46,167	)
Nelnet, Inc., Class A		700		(59,675	)
NerdWallet, Inc., Class A (a)		2,300		(18,239	)
New York Mortgage Trust, Inc.		8,100		(22,356	)
OMNIQ Corp. (a)		100		(550	)
OppFi, Inc. (a)		2,600		(8,554	)
Orchid Island Capital, Inc.		52,100		(148,485	)
P10, Inc., Class A		2,500		(27,800	)
Patria Investments Ltd., Class A		3,700		(48,914	)
PennyMac Financial Services, Inc.		7,300		(319,083	)
PennyMac Mortgage Investment Trust		25,700		(355,431	)
Perella Weinberg Partners		800		(4,664	)
Performant Financial Corp. (a)		800		(2,104	)
Ready Capital Corp.		2,300		(27,416	)
Redwood Trust, Inc.		1,100		(8,481	)
Reliance Global Group, Inc. (a)		900		(1,881	)
Robinhood Markets, Inc., Class A (a)		258,900		(2,128,158	)
SEI Investments Co.		2,400		(129,648	)
SLM Corp.		16,100		(256,634	)
SoFi Technologies, Inc. (a)		95,000		(500,650	)
Starwood Property Trust, Inc.		1,700		(35,513	)
StepStone Group, Inc., Class A		300		(7,809	)
Sunlight Financial Holdings, Inc. (a)		4,200		(12,390	)
Two Harbors Investment Corp.		19,400		(96,612	)
Upstart Holdings, Inc. (a)		31,000		(980,220	)
Urstadt Biddle Properties, Inc., Class A		100		(1,620	)
US Global Investors, Inc., Class A		1,100		(4,818	)
UWM Holdings Corp.		23,700		(83,898	)
Walker & Dunlop, Inc.		700		(67,438	)
Western Asset Mortgage Capital Corp.		2,300		(2,783	)
World Acceptance Corp. (a)		100		(11,224	)
				(18,606,722	)
Health Care — (0.5)%
10X Genomics, Inc., Class A (a)		3,600		(162,900	)
180 Life Sciences Corp. (a)		9,200		(7,803	)
2seventy bio, Inc. (a)		7,200		(95,040	)
9 Meters Biopharma, Inc. (a)		1,800		(469	)
Aadi Bioscience, Inc. (a)		600		(7,392	)
AbbVie, Inc.		2,100		(321,636	)
Abeona Therapeutics, Inc. (a)		10,700		(2,226	)
ABVC BioPharma, Inc. (a)		1,000		(1,060	)
Acadia Healthcare Co., Inc. (a)		100		(6,763	)
Acasti Pharma, Inc. (a)		3,325		(2,872	)
AcelRx Pharmaceuticals, Inc. (a)		4,100		(1,002	)
Acer Therapeutics, Inc. (a)		500		(630	)
Aclaris Therapeutics, Inc. (a)		200		(2,792	)
Acumen Pharmaceuticals, Inc. (a)		2,100		(9,870	)
Acurx Pharmaceuticals, Inc. (a)		300		(1,137	)
Acutus Medical, Inc. (a)		6,000		(6,720	)
Adagio Therapeutics, Inc. (a)		22,800		(74,784	)
Adamis Pharmaceuticals Corp. (a)		18,385		(9,211	)
AdaptHealth Corp. (a)		17,100		(308,484	)
Adaptimmune Therapeutics plc, ADR (a)		5,300		(9,010	)
Adial Pharmaceuticals, Inc. (a)		2,400		(3,216	)
Aditxt, Inc. (a)		11,000		(1,574	)
ADMA Biologics, Inc. (a)		36,300		(71,874	)
Aerovate Therapeutics, Inc. (a)		600		(9,378	)
Aeterna Zentaris, Inc. (a)		14,024		(2,761	)
Agenus, Inc. (a)		1,100		(2,134	)
AgeX Therapeutics, Inc. (a)		1,000		(576	)

See Notes to Consolidated Schedule of Investments.

76

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Agile Therapeutics, Inc. (a)		1,677	$	(1,954	)
Agilent Technologies, Inc.		964		(114,494	)
Agiliti, Inc. (a)		2,800		(57,428	)
agilon health, Inc. (a)		32,600		(711,658	)
Agios Pharmaceuticals, Inc. (a)		4,500		(99,765	)
AIkido Pharma, Inc. (a)		70		(412	)
Akebia Therapeutics, Inc. (a)		12,300		(4,343	)
Akouos, Inc. (a)		900		(4,221	)
Akoya Biosciences, Inc. (a)		900		(11,565	)
Allena Pharmaceuticals, Inc. (a)		40,900		(7,812	)
Alpha Pro Tech Ltd. (a)		2,800		(12,488	)
Alpha Teknova, Inc. (a)		600		(5,040	)
Alzamend Neuro, Inc. (a)		11,479		(9,922	)
American Well Corp., Class A (a)		1,500		(6,480	)
Amylyx Pharmaceuticals, Inc. (a)		12,500		(240,750	)
Apellis Pharmaceuticals, Inc. (a)		2,000		(90,440	)
Applied Genetic Technologies Corp. (a)		200		(154	)
Aptevo Therapeutics, Inc. (a)		1,900		(6,802	)
Apyx Medical Corp. (a)		3,600		(21,096	)
Arbutus Biopharma Corp. (a)		600		(1,626	)
Arcturus Therapeutics Holdings, Inc. (a)		1,400		(22,036	)
Ardelyx, Inc. (a)		48,200		(28,433	)
Aridis Pharmaceuticals, Inc. (a)		1,500		(1,650	)
Asensus Surgical, Inc. (a)		11,630		(4,630	)
Aspira Women’s Health, Inc. (a)		100		(59	)
Assertio Holdings, Inc. (a)		11,950		(35,253	)
Atara Biotherapeutics, Inc. (a)		3,200		(24,928	)
Athenex, Inc. (a)		18,000		(7,369	)
Athersys, Inc. (a)		4,300		(1,118	)
ATI Physical Therapy, Inc. (a)		9,400		(13,254	)
Atossa Therapeutics, Inc. (a)		1,500		(1,635	)
Atreca, Inc., Class A (a)		1,500		(2,685	)
Aura Biosciences, Inc. (a)		100		(1,417	)
Aurinia Pharmaceuticals, Inc. (a)		27,400		(275,370	)
Avalon GloboCare Corp. (a)		2,118		(1,006	)
Avantor, Inc. (a)		200		(6,220	)
Aveanna Healthcare Holdings, Inc. (a)		5,800		(13,108	)
AVEO Pharmaceuticals, Inc. (a)		2,500		(16,400	)
Avidity Biosciences, Inc. (a)		100		(1,453	)
Avinger, Inc. (a)		1,897		(2,770	)
Axsome Therapeutics, Inc. (a)		1,500		(57,450	)
Aytu BioPharma, Inc. (a)		7,824		(5,399	)
Baudax Bio, Inc. (a)		2,996		(2,532	)
Bausch Health Cos., Inc. (a)		3,700		(30,932	)
Bellerophon Therapeutics, Inc. (a)		100		(123	)
Bellicum Pharmaceuticals, Inc. (a)		770		(909	)
BELLUS Health, Inc. (a)		200		(1,848	)
Better Choice Co., Inc. (a)		600		(1,320	)
Beyondspring, Inc. (a)		1,100		(1,584	)
Bio-Path Holdings, Inc. (a)		700		(2,709	)
BioCardia, Inc. (a)		400		(592	)
Biocept, Inc. (a)		2,310		(2,171	)
Biolase, Inc. (a)		976		(4,470	)
Biomerica, Inc. (a)		600		(1,734	)
BioNano Genomics, Inc. (a)		94,200		(129,996	)
BioSig Technologies, Inc. (a)		4,500		(2,961	)
Biotricity, Inc. (a)		2,100		(3,717	)
Bioventus, Inc., Class A (a)		1,100		(7,502	)
BioVie, Inc. (a)		400		(580	)
Blueprint Medicines Corp. (a)		400		(20,204	)
Brainstorm Cell Therapeutics, Inc (a)		1,300		(3,588	)
BriaCell Therapeutics Corp. (a)		4,900		(28,273	)

See Notes to Consolidated Schedule of Investments.

77

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Brickell Biotech, Inc. (a)		45,300	$	(5,708	)
Bridgebio Pharma, Inc. (a)		200		(1,816	)
Bright Health Group, Inc. (a)		1,200		(2,184	)
Bruker Corp. (c)		357		(22,405	)
Butterfly Network, Inc. (a)		2,400		(7,368	)
Capricor Therapeutics, Inc. (a)		2,800		(9,772	)
Cardiol Therapeutics, Inc., Class A (a)		5,300		(6,996	)
CareMax, Inc. (a)		2,100		(7,623	)
Caribou Biosciences, Inc. (a)		800		(4,344	)
CASI Pharmaceuticals, Inc. (a)		730		(2,088	)
Catalent, Inc. (a)		8,600		(922,694	)
Catalyst Biosciences, Inc. (a)		11,900		(21,182	)
cbdMD, Inc. (a)		6,100		(2,685	)
CEL-SCI Corp. (a)		3,100		(13,950	)
Centene Corp. (a)		46,500		(3,934,365	)
Centessa Pharmaceuticals plc, ADR (a)		2,800		(13,636	)
Century Therapeutics, Inc. (a)		1,300		(10,920	)
Cerevel Therapeutics Holdings, Inc. (a)		1,500		(39,660	)
Certara, Inc. (a)		2,700		(57,942	)
Check Cap Ltd. (a)		14,100		(4,357	)
Chembio Diagnostics, Inc. (a)		5,240		(3,406	)
China Pharma Holdings, Inc. (a)		3,800		(815	)
CinCor Pharma, Inc. (a)		300		(5,652	)
Citius Pharmaceuticals, Inc. (a)		300		(276	)
Clarus Therapeutics Holdings, Inc. (a)		19,700		(7,527	)
ClearPoint Neuro, Inc. (a)		500		(6,525	)
Clene, Inc. (a)		2,100		(5,292	)
Clovis Oncology, Inc. (a)		50,300		(90,540	)
Co-Diagnostics, Inc. (a)		8,500		(47,685	)
Codex DNA, Inc. (a)		2,400		(4,320	)
Codiak Biosciences, Inc. (a)		1,500		(4,320	)
Cogent Biosciences, Inc. (a)		3,600		(32,472	)
Collegium Pharmaceutical, Inc. (a)		600		(10,632	)
Conformis, Inc. (a)		12,700		(4,493	)
Contra Aerpio Pharmaceuticals (d)		400		0
ContraFect Corp. (a)		1,700		(5,219	)
Corbus Pharmaceuticals Holdings, Inc. (a)		5,300		(1,337	)
Covetrus, Inc. (a)		200		(4,150	)
Cue Health, Inc. (a)		3,100		(9,920	)
Cytek Biosciences, Inc. (a)		400		(4,292	)
Danaher Corp. (c)		2,277		(577,265	)
Dare Bioscience, Inc. (a)		30,700		(37,761	)
DaVita, Inc. (a)		100		(7,996	)
Day One Biopharmaceuticals, Inc. (a)		500		(8,950	)
Design Therapeutics, Inc. (a)		2,600		(36,400	)
DICE Therapeutics, Inc. (a)		3,200		(49,664	)
Diffusion Pharmaceuticals, Inc. (a)		20		(132	)
DocGo, Inc. (a)		800		(5,712	)
Dyadic International, Inc. (a)		900		(2,745	)
Eagle Pharmaceuticals, Inc. (a)		1,200		(53,316	)
Eargo, Inc. (a)		8,800		(6,617	)
Edesa Biotech, Inc. (a)		1,200		(1,920	)
Edgewise Therapeutics, Inc. (a)		700		(5,572	)
Elanco Animal Health, Inc. (a)		1,800		(35,334	)
Eli Lilly & Co.		200		(64,846	)
Eliem Therapeutics, Inc. (a)		200		(604	)
Embecta Corp. (a)		4,300		(108,876	)
ENDRA Life Sciences, Inc. (a)		16,800		(3,918	)
Entrada Therapeutics, Inc. (a)		1,100		(13,398	)
Enveric Biosciences, Inc. (a)		19,975		(4,281	)
Enzo Biochem, Inc. (a)		400		(828	)
Epizyme, Inc. (a)		7,399		(10,877	)

See Notes to Consolidated Schedule of Investments.

78

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
EQRx, Inc. (a)		26,800	$	(125,692	)
Equillium, Inc. (a)		700		(1,428	)
Eton Pharmaceuticals, Inc. (a)		2,100		(5,502	)
Evofem Biosciences, Inc. (a)		13,366		(15,104	)
Evoke Pharm, Inc. (a)		1,008		(3,266	)
Exact Sciences Corp. (a)		1,600		(63,024	)
Exicure, Inc. (a)		650		(1,404	)
Eyenovia, Inc. (a)		200		(390	)
F-star Therapeutics, Inc. (a)		2,700		(16,902	)
Fennec Pharmaceuticals, Inc. (a)		700		(3,955	)
Finch Therapeutics Group, Inc. (a)		400		(1,136	)
First Wave BioPharma, Inc. (a)		6,080		(1,216	)
Fluidigm Corp. (a)		7,700		(12,320	)
Foghorn Therapeutics, Inc. (a)		700		(9,520	)
Fortress Biotech, Inc. (a)		4,300		(3,612	)
Frequency Therapeutics, Inc. (a)		200		(300	)
Fulgent Genetics, Inc. (a)		6,300		(343,539	)
Galectin Therapeutics, Inc. (a)		1,000		(1,310	)
GBS, Inc. (a)		3,800		(2,516	)
Gemini Therapeutics, Inc. (a)		2,700		(4,563	)
Genprex, Inc. (a)		3,700		(5,143	)
Geron Corp. (a)		26,700		(41,385	)
Ginkgo Bioworks Holdings, Inc. (a)		130,800		(311,304	)
Glaukos Corp. (a)		500		(22,710	)
GT Biopharma, Inc. (a)		1,700		(5,083	)
Guardion Health Sciences, Inc. (a)		23,300		(3,369	)
HCA Healthcare, Inc.		4,400		(739,464	)
HCW Biologics, Inc. (a)		300		(660	)
HeartBeam, Inc. (a)		500		(645	)
Hepion Pharmaceuticals, Inc. (a)		5,900		(3,378	)
Heron Therapeutics, Inc. (a)		22,100		(61,659	)
Hillstream Biopharma, Inc. (a)		400		(312	)
Histogen, Inc. (a)		545		(1,253	)
Homology Medicines, Inc. (a)		2,500		(4,925	)
Hookipa Pharma, Inc. (a)		10,300		(16,789	)
Horizon Therapeutics plc (a)		2,900		(231,304	)
HTG Molecular Diagnostics, Inc. (a)		4,133		(4,257	)
Humacyte, Inc. (a)		4,200		(13,482	)
Humanigen, Inc. (a)		24,000		(42,480	)
Hyperfine, Inc. (a)		600		(1,338	)
iBio, Inc. (a)		54,400		(14,362	)
Icosavax, Inc. (a)		1,600		(9,168	)
Idera Pharmaceuticals, Inc. (a)		2,400		(1,102	)
Ikena Oncology, Inc. (a)		1,800		(7,974	)
Imago Biosciences, Inc. (a)		1,200		(16,068	)
ImmunityBio, Inc. (a)		26,500		(98,580	)
ImmunoPrecise Antibodies Ltd. (a)		600		(2,316	)
IMV, Inc. (a)		2,100		(1,374	)
Inari Medical, Inc. (a)		400		(27,196	)
Indaptus Therapeutics, Inc. (a)		1,700		(4,437	)
Inhibikase Therapeutics, Inc. (a)		1,700		(1,262	)
Inmune Bio, Inc. (a)		3,000		(26,520	)
Innovage Holding Corp. (a)		2,800		(12,264	)
Inspire Medical Systems, Inc. (a)		1,500		(274,005	)
Instil Bio, Inc. (a)		3,700		(17,094	)
Insulet Corp. (a)		4,300		(937,142	)
INVO BioScience, Inc. (a)		500		(330	)
iRhythm Technologies, Inc. (a)		2,300		(248,469	)
IsoPlexis Corp. (a)		1,500		(3,240	)
IsoRay, Inc. (a)		100		(31	)
Iterum Therapeutics plc (a)		35,400		(7,087	)
Jaguar Health, Inc. (a)		29,566		(8,692	)

See Notes to Consolidated Schedule of Investments.

79

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Janux Therapeutics, Inc. (a)		1,100	$	(13,431	)
Jupiter Wellness, Inc. (a)		3,800		(2,754	)
Kala Pharmaceuticals, Inc. (a)		27,500		(8,250	)
KemPharm, Inc. (a)		1,000		(4,460	)
Keros Therapeutics, Inc. (a)		100		(2,763	)
Kiniksa Pharmaceuticals Ltd., Class A (a)		3,500		(33,915	)
Kinnate Biopharma, Inc. (a)		300		(3,783	)
Kiora Pharmaceuticals, Inc. (a)		100		(47	)
Krystal Biotech, Inc. (a)		1,600		(105,056	)
Laboratory Corp. of America Holdings		400		(93,744	)
Legend Biotech Corp., ADR (a)		3,700		(203,500	)
Lexaria Bioscience Corp. (a)		1,000		(2,980	)
Lexicon Pharmaceuticals, Inc. (a)		8,700		(16,182	)
LianBio, ADR (a)		3,600		(7,776	)
LifeStance Health Group, Inc. (a)		14,500		(80,620	)
Liminal BioSciences, Inc. (a)		1,400		(700	)
Lixte Biotechnology Holdings, Inc. (a)		800		(612	)
Longboard Pharmaceuticals, Inc. (a)		100		(309	)
Lucid Diagnostics, Inc. (a)		2,700		(6,102	)
Lucira Health, Inc. (a)		2,500		(4,650	)
Lyell Immunopharma, Inc. (a)		4,500		(29,340	)
Marpai, Inc., Class A (a)		1,500		(1,451	)
Matinas BioPharma Holdings, Inc. (a)		11,900		(9,401	)
MaxCyte, Inc. (a)		100		(473	)
MediciNova, Inc. (a)		900		(2,277	)
MEDNAX, Inc. (a)		1,100		(23,111	)
Metacrine, Inc. (a)		14,900		(7,449	)
Microbot Medical, Inc. (a)		400		(2,052	)
Milestone Scientific, Inc. (a)		3,100		(2,838	)
Minerva Neurosciences, Inc. (a)		337		(1,115	)
Moderna, Inc. (a)		23,800		(3,399,830	)
ModivCare, Inc. (a)		500		(42,250	)
Moleculin Biotech, Inc. (a)		1,500		(2,175	)
Monte Rosa Therapeutics, Inc. (a)		2,100		(20,307	)
Motus GI Holdings, Inc. (a)		12,600		(3,548	)
MyMD Pharmaceuticals, Inc. (a)		1,300		(2,821	)
Myovant Sciences Ltd. (a)		3,100		(38,533	)
Myriad Genetics, Inc. (a)		4,000		(72,680	)
Nabriva Therapeutics plc (a)		12,000		(2,184	)
NanoVibronix, Inc. (a)		5,600		(3,445	)
Nautilus Biotechnology, Inc. (a)		4,700		(12,643	)
Nemaura Medical, Inc. (a)		200		(516	)
Neovasc, Inc. (a)		216		(1,318	)
Neptune Wellness Solutions, Inc. (a)		720		(1,008	)
Neurobo Pharmaceuticals, Inc. (a)		2,600		(1,226	)
Neurobo Pharmaceuticals, Inc. (d)		92		(29	)
NeuroPace, Inc. (a)		600		(2,970	)
Novavax, Inc. (a)		29,600		(1,522,328	)
NRX Pharmaceuticals, Inc. (a)		2,100		(1,260	)
Nuvalent, Inc., Class A (a)		1,600		(21,696	)
Nymox Pharmaceutical Corp. (a)		1,700		(739	)
Oak Street Health, Inc. (a)		16,700		(274,548	)
Ocugen, Inc. (a)		81,900		(185,913	)
Omnicell, Inc. (a)		500		(56,875	)
Oncocyte Corp. (a)		8,700		(7,827	)
OpGen, Inc. (a)		4,900		(2,673	)
Optinose, Inc. (a)		2,800		(10,248	)
Option Care Health, Inc. (a)		1,500		(41,685	)
Oragenics, Inc. (a)		12,319		(4,270	)
OraSure Technologies, Inc. (a)		2,300		(6,233	)
Organon & Co.		16,300		(550,125	)
Orgenesis, Inc. (a)		700		(1,694	)

See Notes to Consolidated Schedule of Investments.

80

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
OrthoPediatrics Corp. (a)		1,000	$	(43,150	)
Ovid therapeutics, Inc. (a)		3,600		(7,740	)
Owens & Minor, Inc.		9,800		(308,210	)
Owlet, Inc. (a)		300		(510	)
Oyster Point Pharma, Inc. (a)		2,100		(9,093	)
Pacira BioSciences, Inc. (a)		100		(5,830	)
Palatin Technologies, Inc. (a)		18,800		(5,275	)
Panbela Therapeutics, Inc. (a)		100		(66	)
Paragon 28, Inc. (a)		2,200		(34,914	)
Pardes Biosciences, Inc. (a)		3,800		(11,666	)
Pasithea Therapeutics Corp. (a)		1,500		(1,515	)
Patterson Cos., Inc.		300		(9,090	)
PAVmed, Inc. (a)		1,400		(1,309	)
PDL BioPharma, Inc. (a),(d)		4,500		(11,115	)
PerkinElmer, Inc.		3,000		(426,660	)
Petros Pharmaceuticals, Inc. (a)		100		(82	)
PharmaCyte Biotech, Inc. (a)		7,500		(16,950	)
PhaseBio Pharmaceuticals, Inc. (a)		11,900		(7,139	)
Pieris Pharmaceuticals, Inc. (a)		100		(187	)
Pluristem Therapeutics, Inc. (a)		3,200		(3,936	)
PMV Pharmaceuticals, Inc. (a)		300		(4,275	)
Point Biopharma Global, Inc. (a)		900		(6,129	)
PolarityTE, Inc. (a)		916		(1,328	)
Poseida Therapeutics, Inc. (a)		2,200		(5,676	)
Predictive Oncology, Inc. (a)		4,700		(1,927	)
PROCEPT BioRobotics Corp. (a)		300		(9,807	)
Profound Medical Corp. (a)		400		(2,916	)
Progenity, Inc. (a)		67,400		(47,180	)
Protalix BioTherapeutics, Inc. (a)		6,700		(7,303	)
Provention Bio, Inc. (a)		100		(400	)
PTC Therapeutics, Inc. (a)		300		(12,018	)
Qualigen Therapeutics, Inc. (a)		8,700		(4,956	)
Quantum-Si, Inc. (a)		11,500		(26,680	)
QuidelOrtho Corp. (a)		4,256		(413,598	)
Rallybio Corp. (a)		200		(1,510	)
Rapid Micro Biosystems, Inc., Class A (a)		600		(2,580	)
Reata Pharmaceuticals, Inc., Class A (a)		100		(3,039	)
Recro Pharma, Inc. (a)		600		(477	)
Recursion Pharmaceuticals, Inc., Class A (a)		1,300		(10,582	)
Relay Therapeutics, Inc. (a)		600		(10,050	)
RenovoRx, Inc. (a)		100		(198	)
Repro-Med Systems, Inc. (a)		400		(1,012	)
ReShape Lifesciences, Inc. (a)		2,100		(1,211	)
ResMed, Inc.		1,100		(230,593	)
Retractable Technologies, Inc. (a)		3,400		(13,022	)
Reviva Pharmaceuticals Holdings, Inc. (a)		1,300		(1,430	)
Rhythm Pharmaceuticals, Inc. (a)		600		(2,490	)
Rockwell Medical, Inc. (a)		1,036		(1,336	)
SAB Biotherapeutics, Inc. (a)		1,800		(2,610	)
Sanara Medtech, Inc. (a)		100		(2,086	)
Scholar Rock Holding Corp. (a)		700		(3,843	)
SCYNEXIS, Inc. (a)		1,800		(3,348	)
Seagen, Inc. (a)		9,300		(1,645,542	)
Second Sight Medical Products, Inc. (a)		8,600		(17,458	)
Seer, Inc. (a)		3,000		(26,850	)
Select Medical Holdings Corp.		500		(11,810	)
SELLAS Life Sciences Group, Inc. (a)		2,467		(5,501	)
Senseonics Holdings, Inc. (a)		116,100		(119,583	)
Sesen Bio, Inc. (a)		44,068		(35,713	)
Shockwave Medical, Inc. (a)		1,600		(305,872	)
Silk Road Medical, Inc. (a)		200		(7,278	)
SmileDirectClub, Inc. (a)		35,700		(37,128	)

See Notes to Consolidated Schedule of Investments.

81

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Soligenix, Inc. (a)		2,900	$	(1,740	)
Sonendo, Inc. (a)		1,600		(2,752	)
Sorrento Therapeutics, Inc. (a)		79,100		(158,991	)
Sotera Health Co. (a)		7,400		(144,966	)
Spectrum Pharmaceuticals, Inc. (a)		900		(702	)
Spruce Biosciences, Inc. (a)		3,400		(5,916	)
Statera Biopharma, Inc. (a)		2,100		(598	)
STERIS plc		900		(185,535	)
Summit Therapeutics, Inc. (a)		400		(400	)
Sundial Growers, Inc. (a)		906,300		(295,544	)
Surgalign Holdings, Inc. (a)		140		(477	)
Surgery Partners, Inc. (a)		1,400		(40,488	)
Synaptogenix, Inc. (a)		1,300		(6,578	)
Synthetic Biologics, Inc. (a)		3,600		(768	)
Syros Pharmaceuticals, Inc. (a)		1,200		(1,155	)
T2 Biosystems, Inc. (a)		21,500		(3,472	)
Talaris Therapeutics, Inc. (a)		200		(902	)
Tango Therapeutics, Inc. (a)		2,200		(9,966	)
Taro Pharmaceutical Industries Ltd. (a)		100		(3,616	)
Tempest Therapeutics, Inc. (a)		900		(1,913	)
Tenax Therapeutics, Inc. (a)		800		(240	)
Tenaya Therapeutics, Inc. (a)		1,700		(9,571	)
Tenet Healthcare Corp. (a)		1,800		(94,608	)
TFF Pharmaceuticals, Inc. (a)		1,000		(5,650	)
TherapeuticsMD, Inc. (a)		3,330		(33,134	)
Theratechnologies, Inc. (a)		100		(227	)
ThermoGenesis Holdings, Inc. (a)		400		(110	)
Theseus Pharmaceuticals, Inc. (a)		500		(2,765	)
Thorne HealthTech, Inc. (a)		1,400		(6,776	)
Titan Medical, Inc. (a)		4,900		(2,487	)
Titan Pharmaceuticals, Inc. (a)		700		(391	)
Tivic Health Systems, Inc. (a)		1,300		(2,535	)
Tonix Pharmaceuticals Holding Corp. (a)		1,665		(2,631	)
TransMedics Group, Inc. (a)		400		(12,580	)
Treace Medical Concepts, Inc., Class C (a)		3,300		(47,322	)
Turning Point Therapeutics, Inc. (a)		400		(30,100	)
Tyra Biosciences, Inc. (a)		1,000		(7,150	)
Unicycive Therapeutics, Inc. (a)		1,000		(830	)
UnitedHealth Group, Inc.		600		(308,178	)
Universal Health Services, Inc., Class B		1,900		(191,349	)
UpHealth, Inc. (a)		9,100		(5,392	)
UroGen Pharma Ltd. (a)		900		(7,371	)
Vaccinex, Inc. (a)		2,700		(2,916	)
Vallon Pharmaceuticals, Inc. (a)		200		(128	)
Vaxart, Inc. (a)		19,500		(68,250	)
Ventyx Biosciences, Inc. (a)		400		(4,892	)
Veracyte, Inc. (a)		2,900		(57,710	)
Veru, Inc. (a)		1,600		(18,080	)
Vicarious Surgical, Inc. (a)		1,200		(3,528	)
Viemed Healthcare, Inc. (a)		1,100		(5,918	)
Vir Biotechnology, Inc. (a)		16,600		(422,802	)
Viracta Therapeutics, Inc. (a)		100		(388	)
Virpax Pharmaceuticals, Inc. (a)		2,600		(4,368	)
VistaGen Therapeutics, Inc. (a)		2,104		(1,852	)
Vivos Therapeutics, Inc. (a)		1,900		(2,451	)
VolitionRX Ltd. (a)		1,700		(3,485	)
Vor BioPharma, Inc. (a)		1,500		(7,455	)
Voyager Therapeutics, Inc. (a)		6,000		(35,460	)
vTv Therapeutics, Inc., Class A (a)		4,459		(3,344	)
Vyant Bio, Inc. (a)		2,600		(2,366	)
VYNE Therapeutics, Inc. (a)		9,600		(3,733	)
Waters Corp. (a)		1,013		(335,283	)

See Notes to Consolidated Schedule of Investments.

82

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
WaVe Life Sciences Ltd. (a)		4,000	$	(13,000	)
Werewolf Therapeutics, Inc. (a)		2,100		(8,589	)
X4 Pharmaceuticals, Inc. (a)		3,000		(2,895	)
Xtant Medical Holdings, Inc. (a)		1,100		(571	)
Y-mAbs Therapeutics, Inc. (a)		1,400		(21,182	)
Yumanity Therapeutics, Inc. (a)		4,000		(7,280	)
Zimvie, Inc. (a)		100		(1,601	)
Zivo Bioscience, Inc. (a)		200		(784	)
Zomedica Corp. (a)		279,900		(61,606	)
Zynex, Inc.		1,400		(11,172	)
				(27,197,569	)
Health Care Facilities & Services — (0.0)%
Cano Health, Inc. (a)		400		(1,752	)
Industrial Products — (0.6)%
Acuity Brands, Inc.		300		(46,212	)
Advanced Energy Industries, Inc.		1,900		(138,662	)
AeroVironment, Inc. (a)		1,000		(82,200	)
AerSale Corp. (a)		100		(1,451	)
AEye, Inc. (a)		11,800		(22,538	)
AgEagle Aerial Systems, Inc. (a)		30,000		(19,383	)
Agrify Corp. (a)		3,100		(6,107	)
Alpine 4 Holdings, Inc. (a)		4,066		(2,885	)
American Rebel Holdings, Inc. (a)		500		(399	)
AMMO, Inc. (a)		29,200		(112,420	)
Archer Aviation, Inc., Class A (a)		800		(2,464	)
Astec Industries, Inc.		600		(24,468	)
Astrotech Corp. (a)		3,900		(1,677	)
Atkore, Inc. (a)		2,600		(215,826	)
Berkshire Grey, Inc. (a)		4,600		(6,670	)
Blink Charging Co. (a)		8,100		(133,893	)
Blue Bird Corp. (a)		1,500		(13,815	)
Boeing Co. (a)		88,000		(12,031,360	)
Byrna Technologies, Inc. (a)		2,500		(21,475	)
Cadre Holdings, Inc.		100		(1,967	)
CAE, Inc. (a)		1,100		(27,082	)
CEA Industries, Inc. (a)		2,900		(3,654	)
Cemtrex, Inc. (a)		400		(116	)
ChargePoint Holdings, Inc. (a)		200		(2,738	)
Chart Industries, Inc. (a)		3,100		(518,878	)
CIRCOR International, Inc. (a)		100		(1,559	)
Deere & Co.		15,600		(4,671,732	)
Eastman Kodak Co. (a)		13,400		(62,176	)
Energous Corp. (a)		9,600		(9,600	)
Enovis Corp. (a)		100		(5,500	)
Evolv Technologies Holdings, Inc. (a)		3,600		(9,576	)
FARO Technologies, Inc. (a)		200		(6,166	)
FreightCar America, Inc. (a)		2,700		(9,828	)
Fuel Tech, Inc. (a)		2,500		(3,100	)
Generac Holdings, Inc. (a)		6,500		(1,368,770	)
GrafTech International Ltd.		500		(3,535	)
GreenPower Motor Co., Inc. (a)		2,600		(8,580	)
Grom Social Enterprises, Inc. (a)		4,400		(1,793	)
Hillenbrand, Inc.		1,200		(49,152	)
Hillman Solutions Corp. (a)		11,100		(95,904	)
Howmet Aerospace, Inc.		1,900		(59,755	)
Hydrofarm Holdings Group, Inc. (a)		2,800		(9,744	)
Hyzon Motors, Inc. (a)		25,000		(73,500	)
Ichor Holdings Ltd. (a)		200		(5,196	)
Ideal Power, Inc. (a)		700		(8,568	)
Ingersoll Rand, Inc.		44,152		(1,857,916	)

See Notes to Consolidated Schedule of Investments.

83

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Janus International Group, Inc. (a)		100	$	(903	)
John Bean Technologies Corp.		900		(99,378	)
Kelso Technologies, Inc. (a)		2,100		(660	)
L3Harris Technologies, Inc.		6,300		(1,522,710	)
Lion Electric Co. (The) (a)		2,200		(9,262	)
Mechanical Technology, Inc. (a)		1,900		(7,733	)
Meritor, Inc. (a)		5,900		(214,347	)
Mirion Technologies, Inc. (a)		19,700		(113,472	)
Momentus, Inc. (a)		11,900		(25,704	)
Nikola Corp. (a)		9,100		(43,316	)
Northrop Grumman Corp.		200		(95,714	)
Novanta, Inc. (a)		400		(48,508	)
Nuvve Holding Corp. (a)		1,900		(8,892	)
Polar Power, Inc. (a)		600		(1,626	)
Raytheon Technologies Corp.		35,200		(3,383,072	)
RBC Bearings, Inc. (a)		400		(73,980	)
Regal Beloit Corp.		1,700		(192,984	)
Research Frontiers, Inc. (a)		900		(1,566	)
Sensata Technologies Holding plc		2,000		(82,620	)
SmartRent, Inc. (a)		9,200		(41,584	)
Stanley Black & Decker, Inc.		4,700		(492,842	)
Sypris Solutions, Inc. (a)		900		(2,088	)
TAT Technologies Ltd. (a)		100		(577	)
Teledyne Technologies, Inc. (a)		1,100		(412,621	)
Terex Corp.		1,000		(27,370	)
Toro Co. (The)		200		(15,158	)
Toughbuilt Industries, Inc. (a)		1,627		(3,628	)
TransDigm Group, Inc. (a)		100		(53,667	)
Universal Security Instruments, Inc. (a)		600		(2,172	)
Urban-Gro, Inc. (a)		1,800		(8,712	)
Vertiv Holdings Co.		15,800		(129,876	)
Virgin Orbit Holdings, Inc. (a)		2,200		(8,426	)
VirTra, Inc. (a)		200		(984	)
Volta, Inc. (a)		400		(520	)
Vontier Corp.		5,400		(124,146	)
Welbilt, Inc. (a)		31,000		(738,110	)
Westinghouse Air Brake Technologies Corp.		300		(24,624	)
Wrap Technologies, Inc. (a)		2,300		(4,278	)
Xometry, Inc., Class A (a)		7,800		(264,654	)
Xos, Inc. (a)		1,600		(2,944	)
				(30,045,418	)
Industrial Services — (0.2)%
ADT, Inc.		1,200		(7,380	)
Alaska Air Group, Inc. (a)		8,900		(356,445	)
Alexco Resource Corp. (a)		3,400		(1,358	)
Alight, Inc., Class A (a)		23,100		(155,925	)
AMERCO		200		(95,646	)
AMN Healthcare Services, Inc. (a)		100		(10,971	)
API Group Corp. (a)		7,000		(104,790	)
Aramark		5,900		(180,717	)
Arcosa, Inc.		2,300		(106,789	)
Atlas Corp.		1,100		(11,781	)
BrightView Holdings, Inc. (a)		700		(8,400	)
Brink’s Co.		500		(30,355	)
Canadian Pacific Railway Ltd.		36,330		(2,537,287	)
Centrus Energy Corp., Class A (a)		1,300		(32,175	)
ClearSign Technologies Corp. (a)		200		(242	)
Core & Main, Inc., Class A (a)		4,900		(109,270	)
Custom Truck One Source, Inc. (a)		300		(1,680	)
Deluxe Corp.		400		(8,668	)
Denison Mines Corp. (a)		198,900		(193,530	)

See Notes to Consolidated Schedule of Investments.

84

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Expeditors International of Washington, Inc.		1,900	$	(185,174	)
FedEx Corp.		2,800		(634,788	)
GEE Group, Inc. (a)		10,100		(5,272	)
GFL Environmental ,Inc.		500		(12,900	)
H&R Block, Inc.		18,300		(646,356	)
Healthcare Services Group, Inc.		1,200		(20,892	)
INNOVATE Corp. (a)		42		(73	)
Iveda Solutions, Inc. (a)		300		(396	)
Kirby Corp. (a)		200		(12,168	)
Knight-Swift Transportation Holdings, Inc.		1,100		(50,919	)
Landstar System, Inc.		800		(116,336	)
Latham Group, Inc. (a)		11,600		(80,388	)
Li-Cycle Holdings Corp. (a)		1,800		(12,384	)
MasTec, Inc. (a)		300		(21,498	)
Matson, Inc.		3,400		(247,792	)
Montrose Environmental Group, Inc. (a)		1,000		(33,760	)
Nordic American Tankers Ltd.		100		(213	)
NV5 Global, Inc. (a)		300		(35,022	)
Old Dominion Freight Line, Inc.		600		(153,768	)
Orbital Energy Group, Inc. (a)		17,100		(10,770	)
Quanta Services, Inc.		11,500		(1,441,410	)
Resideo Technologies, Inc. (a)		1,400		(27,188	)
Robert Half International, Inc.		200		(14,978	)
Rollins, Inc.		3,000		(104,760	)
Schnitzer Steel Industries, Inc., Class A		300		(9,852	)
Seanergy Maritime Holdings		20,200		(16,457	)
Southwest Airlines Co. (a)		59,200		(2,138,304	)
Sovos Brands, Inc. (a)		4,300		(68,241	)
Sterling Check Corp. (a)		4,700		(76,657	)
Sun Country Airlines Holdings, Inc. (a)		3,400		(62,356	)
Team, Inc. (a)		3,700		(2,750	)
Terminix Global Holdings, Inc. (a)		900		(36,585	)
TFI International, Inc.		300		(24,084	)
TOMI Environmental Solutions, Inc. (a)		1,100		(783	)
TOP Ships, Inc. (a)		13,800		(5,233	)
TopBuild Corp. (a)		600		(100,296	)
TrueBlue, Inc. (a)		200		(3,580	)
United Rentals, Inc. (a)		100		(24,291	)
Vivint Smart Home, Inc. (a)		7,600		(26,448	)
WESCO International, Inc. (a)		3,400		(364,140	)
Wheels Up Experience, Inc. (a)		100		(195	)
Willdan Group, Inc. (a)		600		(16,548	)
ZipRecruiter, Inc., Class A (a)		200		(2,964	)
				(10,802,378	)
Insurance — (0.3)%
Aflac, Inc.		25,000		(1,383,250	)
Ambac Financial Group, Inc. (a)		1,000		(11,350	)
American Financial Group, Inc.		300		(41,643	)
American International Group, Inc.		30,800		(1,574,804	)
Arch Capital Group Ltd. (a)		1,100		(50,039	)
Arthur J Gallagher & Co.		4,500		(733,680	)
Assurant, Inc.		5,100		(881,535	)
Assured Guaranty Ltd.		200		(11,158	)
Atlantic American Corp.		200		(534	)
Berkshire Hathaway, Inc., Class B (a)		22,500		(6,142,950	)
Chubb Ltd.		5,000		(982,900	)
Cincinnati Financial Corp.		1,900		(226,062	)
Enstar Group Ltd. (a)		100		(21,398	)
GoHealth, Inc., Class A (a)		12,200		(7,294	)
Goosehead Insurance, Inc., Class A		500		(22,835	)
Hagerty, Inc., Class A (a)		1,500		(17,235	)

See Notes to Consolidated Schedule of Investments.

85

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
James River Group Holdings Ltd.		100	$	(2,478	)
Kemper Corp.		500		(23,950	)
Loews Corp.		3,000		(177,780	)
Manulife Financial Corp.		800		(13,864	)
Marsh & McLennan Cos., Inc.		400		(62,100	)
MetLife, Inc.		10,100		(634,179	)
MetroMile, Inc. (a)		1,400		(1,285	)
Principal Financial Group, Inc.		7,700		(514,283	)
ProAssurance Corp.		600		(14,178	)
Progressive Corp. (The)		500		(58,135	)
Prudential Financial, Inc.		14,900		(1,425,632	)
Ryan Specialty Group Holdings, Inc., Class A (a)		1,900		(74,461	)
Selective Insurance Group, Inc.		600		(52,164	)
Selectquote, Inc. (a)		11,200		(27,776	)
Sun Life Financial, Inc.		1,400		(64,134	)
Willis Towers Watson plc		1,400		(276,346	)
				(15,531,412	)
Leisure Products — (0.0)%
Twin Vee PowerCats Co. (a)		200		(538	)
Materials — (0.3)%
Advanced Drainage Systems, Inc.		6,100		(549,427	)
Agnico Eagle Mines Ltd.		39		(1,785	)
Almaden Minerals Ltd., Class B (a)		8,600		(1,923	)
American Resources Corp. (a)		19,300		(27,985	)
Americas Gold & Silver Corp. (a)		14,400		(9,913	)
Arconic Corp. (a)		3,900		(109,395	)
Ardagh Metal Packaging SA		18,900		(115,290	)
Avery Dennison Corp.		400		(64,748	)
Avient Corp.		1,700		(68,136	)
Avino Silver & Gold Mines Ltd. (a)		8,800		(4,762	)
Axalta Coating Systems Ltd. (a)		12,500		(276,375	)
Ball Corp.		3,600		(247,572	)
Berry Global Group, Inc. (a)		400		(21,856	)
Cabot Corp.		900		(57,411	)
Cameco Corp.		19,600		(411,992	)
Cleveland-Cliffs, Inc. (a)		65,900		(1,012,883	)
Commercial Metals Co.		1,500		(49,650	)
Constellium SE (a)		3,400		(44,914	)
Corteva, Inc.		9,600		(519,744	)
CPS Technologies Corp. (a)		2,400		(7,296	)
Crown Holdings, Inc.		4,200		(387,114	)
Danimer Scientific, Inc. (a)		18,000		(82,080	)
Diversey Holdings Ltd. (a)		10,800		(71,280	)
EMX Royalty Corp. (a)		1,900		(3,515	)
Encore Wire Corp.		2,500		(259,800	)
Energy Fuels, Inc. (a)		55,200		(271,032	)
Equinox Gold Corp. (a)		43,000		(190,920	)
Ferroglobe plc (a)		2,300		(13,662	)
First Majestic Silver Corp.		19,800		(142,164	)
FMC Corp.		5,200		(556,452	)
Freeport-McMoRan, Inc.		600		(17,556	)
Galiano Gold, Inc. (a)		6,300		(2,533	)
GCP Applied Technologies, Inc. (a)		11,900		(372,232	)
Gold Royalty Corp.		600		(1,350	)
Golden Minerals Co. (a)		4,700		(1,679	)
Great Panther Mining Ltd. (a)		17,700		(2,184	)
International Flavors & Fragrances, Inc.		7,500		(893,400	)
International Paper Co.		2,600		(108,758	)
International Tower Hill Mines Ltd. (a)		1,500		(765	)
IT Tech Packaging, Inc. (a)		300		(36	)

See Notes to Consolidated Schedule of Investments.

86

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Kaiser Aluminum Corp.		700	$	(55,363	)
Largo, Inc. (a)		200		(1,364	)
Lightwave Logic, Inc. (a)		2,400		(15,696	)
Louisiana-Pacific Corp.		6,500		(340,665	)
MAG Silver Corp. (a)		3,300		(40,161	)
Marrone Bio Innovations, Inc. (a)		200		(232	)
Meta Materials, Inc. (a)		97,850		(100,785	)
Metalla Royalty & Streaming Ltd. (a)		2,900		(14,007	)
NexGen Energy Ltd. (a)		8,900		(31,951	)
Northern Dynasty Minerals Ltd. (a)		19,300		(5,030	)
Nouveau Monde Graphite, Inc. (a)		1,100		(5,346	)
Nucor Corp.		20,800		(2,171,728	)
Olin Corp.		3,100		(143,468	)
Orla Mining Ltd. (a)		2,500		(6,875	)
Owens Corning		900		(66,879	)
Peabody Energy Corp. (a)		32,600		(695,358	)
Quaker Chemical Corp.		500		(74,760	)
Reliance Steel & Aluminum Co.		2,400		(407,664	)
Reto Eco-solutions, Inc. (a)		600		(486	)
Rogers Corp. (a)		2,400		(629,016	)
RPM International, Inc.		4,600		(362,112	)
Sierra Metals, Inc.		100		(80	)
SilverCrest Metals, Inc. (a)		18,900		(115,479	)
Simpson Manufacturing Co., Inc.		1,300		(130,793	)
SiNtx Technologies, Inc. (a)		1,600		(692	)
Solitario Zinc Corp. (a)		500		(285	)
Steel Dynamics, Inc.		9,000		(595,350	)
Trilogy Metals, Inc. (a)		200		(151	)
UFP Industries, Inc.		3,000		(204,420	)
United States Antimony Corp. (a)		10,200		(4,120	)
Ur-Energy, Inc. (a)		18,600		(19,716	)
Uranium Energy Corp. (a)		107,600		(331,408	)
Uranium Royalty Corp. (a)		1,700		(3,859	)
Valvoline, Inc.		500		(14,415	)
View, Inc. (a)		12,500		(20,250	)
WD-40 Co.		300		(60,408	)
West Fraser Timber Co. Ltd.		100		(7,673	)
Western Copper & Gold Corp. (a)		2,600		(3,484	)
Westlake Corp.		3,000		(294,060	)
Worthington Industries, Inc.		800		(35,280	)
				(13,992,438	)
Media — (0.6)%
Acuityads Holding, Inc. (a)		900		(2,079	)
Advantage Solutions, Inc. (a)		5,700		(21,660	)
Altice USA, Inc. (a)		1,500		(13,875	)
AMC Networks, Inc., Class A (a)		200		(5,824	)
AppLovin Corp., Class A (a)		7,800		(268,632	)
Arena Group Holdings Inc. (The) (a)		300		(2,700	)
Blade Air Mobility, Inc. (a)		800		(3,568	)
Boston Omaha Corp., Class A (a)		900		(18,585	)
Bumble, Inc., Class A (a)		1,700		(47,855	)
Chicken Soup For The Soul Entertainment, Inc. (a)		2,600		(19,266	)
Cinedigm Corp., Class A (a)		32,400		(15,941	)
CuriosityStream, Inc. (a)		200		(338	)
DISH Network Corp., Class A (a)		4,500		(80,685	)
Dolphin Entertainment, Inc. (a)		1,100		(3,476	)
Engine Gaming and Media, Inc. (a)		1,200		(972	)
Enthusiast Gaming Holdings, Inc. (a)		4,600		(9,154	)
Entravision Communications Corp., Class A		1,200		(5,472	)
EW Scripps Co., Class A (a)		4,000		(49,880	)
Expedia Group Inc. (a)		9,300		(881,919	)

See Notes to Consolidated Schedule of Investments.

87

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Focus Universal, Inc. (a)		1,300	$	(14,846	)
Fox Corp., Class A		27,400		(881,184	)
Gannett Co., Inc. (a)		3,800		(11,020	)
Gray Television, Inc.		15,200		(256,728	)
Groupon, Inc. (a)		10,800		(122,040	)
IAC / Inter Active Corp. (a)		6,800		(516,596	)
iHeartMedia, Inc., Class A (a)		5,000		(39,450	)
Inspirato, Inc. (a)		400		(1,852	)
Inuvo, Inc. (a)		9,500		(4,702	)
IZEA Worldwide, Inc. (a)		9,620		(8,639	)
Liberty Broadband Corp., Class C (a)		14,600		(1,688,344	)
Liberty Media Corp-Liberty Formula One, Class A		100		(5,797	)
Liberty TripAdvisor Holdings, Inc., Class A (a)		2,500		(1,891	)
Lions Gate Entertainment Corp., Class A (a)		2,700		(25,137	)
LiveOne, Inc. (a)		10,400		(8,906	)
Lyft, Inc., Class A (a)		13,423		(178,257	)
Match Group, Inc. (a)		26,200		(1,825,878	)
MediaAlpha, Inc., Class A (a)		2,300		(22,655	)
National CineMedia, Inc.		1,200		(1,099	)
Nerdy, Inc. (a)		4,300		(9,159	)
Nexstar Media Group, Inc., Class A		3,711		(604,448	)
NextPlay Technologies, Inc. (a)		10,800		(3,774	)
Opendoor Technologies, Inc. (a)		110,400		(519,984	)
Paltalk, Inc. (a)		3,000		(6,030	)
Playtika Holding Corp. (a)		8,500		(112,540	)
Recruiter.com Group, Inc. (a)		700		(714	)
Remark Holdings, Inc. (a)		30,500		(13,451	)
Reservoir Media, Inc. (a)		1,400		(9,128	)
ROBLOX Corp., Class A (a)		2,300		(75,578	)
RumbleON, Inc., Class B (a)		2,800		(41,188	)
Salem Media Group, Inc. (a)		1,700		(3,604	)
Scholastic Corp.		1,100		(39,567	)
SRAX, Inc. (a)		2,400		(7,968	)
Stagwell, Inc. (a)		3,300		(17,919	)
Stran & Co., Inc. (a)		4,900		(8,134	)
Take-Two Interactive Software, Inc. (a)		6,800		(833,204	)
Trade Desk, Inc. (The), Class A (a)		2,800		(117,292	)
Troika Media Group, Inc. (a)		4,600		(3,491	)
Twitter, Inc. (a)		18,800		(702,932	)
Uber Technologies, Inc. (a)		460,200		(9,415,692	)
ViacomCBS, Inc., Class B		124,000		(3,060,320	)
Walt Disney Co. (a)		70,000		(6,608,000	)
Warner Music Group Corp., Class A		100		(2,436	)
Zillow Group, Inc., Class A (a)		6,600		(209,946	)
ZW Data Action Technologies, Inc. (a)		3,500		(1,185	)
				(29,494,586	)
Medical Equipment & Devices — (0.0)%
PetVivo Holdings, Inc. (a)		900		(1,422	)
Metals & Mining — (0.0)%
Standard Lithium Ltd. (a)		3,700		(15,688	)
Oil & Gas — (0.5)%
Antero Midstream Corp.		100		(905	)
Archrock, Inc.		200		(1,654	)
Baker Hughes a GE Co.		5,300		(153,011	)
Barnwell Industries, Inc. (a)		300		(705	)
California Resources Corp.		6,400		(246,400	)
Callon Petroleum Co. (a)		7,600		(297,920	)
Camber Energy, Inc. (a)		134,800		(53,556	)
Cenovus Energy, Inc.		13,600		(258,536	)
ChampionX Corp.		1,400		(27,790	)

See Notes to Consolidated Schedule of Investments.

88

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Chesapeake Energy Corp.		19,792	$	(1,605,131	)
Chevron Corp.		4,920		(712,318	)
Civitas Resources, Inc.		800		(41,832	)
Continental Resources, Inc.		2,000		(130,700	)
Core Laboratories NV		200		(3,962	)
Coterra Energy, Inc.		45,900		(1,183,761	)
Crescent Energy, Inc., Class A		5,820		(72,634	)
Denbury, Inc. (a)		7,600		(455,924	)
Devon Energy Corp.		55,283		(3,046,646	)
Diamond Offshore Drilling, Inc. (a)		3,400		(20,026	)
Diamondback Energy, Inc.		500		(60,575	)
DMC Global, Inc. (a)		300		(5,409	)
DTE Midstream LLC		4,900		(240,198	)
Enbridge, Inc.		35,400		(1,496,004	)
EOG Resources, Inc.		6,900		(762,036	)
Equitrans Midstream Corp.		45,700		(290,652	)
Expro Group Holdings NV (a)		8,200		(94,464	)
Exxon Mobil Corp.		23,269		(1,992,757	)
EzFill Holdings, Inc. (a)		400		(320	)
Gulfport Energy Operating Corp. (a)		300		(23,853	)
Hess Corp.		7,200		(762,768	)
KLX Energy Services Holdings, Inc. (a)		4,400		(19,052	)
Laredo Petroleum, Inc. (a)		4,450		(306,783	)
Liberty Oilfield Services, Inc., Class A (a)		700		(8,932	)
Matador Resources Co.		600		(27,954	)
New Fortress Energy LLC		3,700		(146,409	)
Noble Corp. (a)		700		(17,745	)
Northern Oil and Gas, Inc.		190		(4,799	)
NOV, Inc.		1,200		(20,292	)
Oceaneering International, Inc. (a)		200		(2,136	)
ONEOK, Inc.		32,000		(1,776,000	)
Par Pacific Holdings, Inc. (a)		4,100		(63,919	)
PEDEVCO Corp. (a)		200		(230	)
Pembina Pipeline Corp.		800		(28,280	)
Pioneer Natural Resources Co.		6,800		(1,516,944	)
RPC, Inc. (a)		7,200		(49,752	)
Sino-Global Shipping America Ltd. (a)		5,601		(16,971	)
Superior Drilling Products, Inc. (a)		300		(297	)
TC Energy Corp.		13,200		(683,892	)
TransGlobe Energy Corp. (a)		100		(339	)
US Energy Corp.		100		(346	)
US Well Services, Inc. (a)		29,200		(27,425	)
Valaris Ltd. (a)		500		(21,120	)
Vertex Energy, Inc. (a)		1,400		(14,728	)
Whiting Petroleum Corp.		400		(27,212	)
Williams Cos., Inc.		132,300		(4,129,083	)
				(22,953,087	)
Pharmaceuticals — (0.0)%
Sunshine Biopharma, Inc. (a)		200		(216	)
Real Estate — (0.6)%
Acadia Realty Trust		5,800		(90,596	)
Alexander’s, Inc.		100		(22,216	)
Alexandria Real Estate Equities, Inc.		6,500		(942,695	)
Alset EHome International, Inc. (a)		700		(206	)
American Tower Corp.		1,100		(281,149	)
Americold Realty Trust		43,800		(1,315,752	)
Apple Hospitality REIT, Inc.		900		(13,203	)
Ashford Hospitality Trust, Inc. (a)		13,100		(78,338	)
Boston Properties, Inc.		11,700		(1,041,066	)
Brandywine Realty Trust		10,100		(97,364	)

See Notes to Consolidated Schedule of Investments.

89

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Brixmor Property Group, Inc.		1,100	$	(22,231	)
Broadstone Net Lease, Inc.		300		(6,153	)
CareTrust REIT, Inc.		700		(12,908	)
CBRE Group, Inc., Class A (a)		2,600		(191,386	)
Cedar Realty Trust, Inc.		16		(461	)
Corporate Office Properties Trust		3,300		(86,427	)
Cousins Properties, Inc.		698		(20,402	)
Cushman & Wakefield plc (a)		1,800		(27,432	)
DiamondRock Hospitality Co. (a)		17,300		(142,033	)
Douglas Elliman, Inc.		100		(479	)
Duke Realty Corp.		2,500		(137,375	)
Empire State Realty Trust, Inc.		26,600		(186,998	)
Equity Residential		9,200		(664,424	)
Essex Property Trust, Inc.		500		(130,755	)
Fathom Holdings, Inc. (a)		800		(6,272	)
Federal Realty OP LP		3,200		(306,368	)
Gaucho Group Holdings, Inc. (a)		1,000		(600	)
Host Hotels & Resorts, Inc.		177,800		(2,787,904	)
Howard Hughes Corp. (The) (a)		1,300		(88,465	)
Independence Realty Trust, Inc.		300		(6,219	)
InvenTrust Properties Corp.		4,500		(116,055	)
Iron Mountain, Inc.		3,600		(175,284	)
Jones Lang LaSalle, Inc. (a)		1,800		(314,748	)
Kilroy Realty Corp.		400		(20,932	)
Kimco Realty Corp.		68,600		(1,356,222	)
Kite Realty Group Trust		20,600		(356,174	)
Medical Properties Trust, Inc.		600		(9,162	)
Newmark Group, Inc., Class A		3,600		(34,812	)
Offerpad Solutions, Inc. (a)		10,900		(23,762	)
Orion Office REIT, Inc.		4,000		(43,840	)
Outfront Media, Inc.		6,700		(113,565	)
PotlatchDeltic Corp.		5,121		(226,297	)
Rayonier, Inc.		3,600		(134,568	)
Realty Income Corp.		26,400		(1,802,064	)
Regency Centers Corp.		13,100		(776,961	)
Ryman Hospitality Properties, Inc. (a)		3,000		(228,090	)
Sabra Health Care REIT, Inc.		100		(1,397	)
Saul Centers, Inc.		200		(9,422	)
Simon Property Group, Inc.		3,100		(294,252	)
SITE Centers Corp.		500		(6,735	)
SL Green Realty Corp.		8,251		(380,784	)
Sun Communities, Inc.		100		(15,936	)
Sunstone Hotel Investors, Inc. (a)		8,900		(88,288	)
Tanger Factory Outlet Centers, Inc.		1,800		(25,596	)
UDR, Inc.		1,100		(50,644	)
Ventas, Inc.		30,738		(1,580,855	)
Veris Residential, Inc. (a)		300		(3,972	)
VICI Properties, Inc.		275,173		(8,197,404	)
Vornado Realty Trust		24,700		(706,173	)
Washington Real Estate Investment Trust		7,700		(164,087	)
Welltower, Inc.		28,800		(2,371,680	)
Weyerhaeuser Co.		48,500		(1,606,320	)
WP Carey, Inc.		700		(58,002	)
Xenia Hotels & Resorts, Inc. (a)		1,500		(21,795	)
				(30,023,755	)
Renewable Energy — (0.1)%
Advent Technologies Holdings, Inc. (a)		14,800		(37,296	)
Ameresco, Inc., Class A (a)		3,800		(173,128	)
Archaea Energy, Inc. (a)		11,600		(180,148	)
Array Technologies, Inc. (a)		57,000		(627,570	)
Beam Global (a)		100		(1,552	)

See Notes to Consolidated Schedule of Investments.

90

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Broadwind, Inc. (a)		2,500	$	(4,100	)
Cleanspark, Inc. (a)		15,200		(59,584	)
Comstock Mining, Inc. (a)		5,300		(3,286	)
Eos Energy Enterprises, Inc. (a)		8,700		(10,527	)
ESS Tech, Inc. (a)		4,300		(12,083	)
First Solar, Inc. (a)		12,400		(844,812	)
Fluence Energy, Inc. (a)		20,700		(196,236	)
Flux Power Holdings, Inc. (a)		1,042		(2,501	)
Gevo, Inc. (a)		16,400		(38,540	)
Green Plains, Inc. (a)		11,000		(298,870	)
Heliogen, Inc. (a)		1,700		(3,587	)
iSun, Inc. (a)		2,800		(9,100	)
Maxeon Solar Technologies Ltd. (a)		4,100		(54,489	)
Montauk Renewables, Inc. (a)		800		(8,040	)
Plug Power, Inc. (a)		8,400		(139,188	)
Shoals Technologies Group, Inc., Class A (a)		25,300		(416,944	)
SolarEdge Technologies, Inc. (a)		4,100		(1,122,088	)
Stem, Inc. (a)		1,800		(12,888	)
Sunnova Energy International, Inc. (a)		8,200		(151,126	)
Sunrun, Inc. (a)		61,215		(1,429,982	)
Sunworks, Inc. (a)		12,500		(19,750	)
				(5,857,415	)
Retail & Wholesale - Discretionary — (0.3)%
1847 Goedeker, Inc. (a)		31,000		(37,820	)
1stdibs.com, Inc. (a)		1,900		(10,811	)
Abercrombie & Fitch Co., Class A (a)		1,600		(27,072	)
Academy Sports & Outdoors, Inc.		30,900		(1,098,186	)
ADDvantage Technologies Group, Inc. (a)		600		(750	)
Advance Auto Parts, Inc.		3,600		(623,124	)
aka Brands Holding Corp. (a)		3,600		(9,936	)
American Eagle Outfitters, Inc.		3,000		(33,540	)
Asbury Automotive Group, Inc. (a)		200		(33,868	)
Beacon Roofing Supply, Inc. (a)		4,100		(210,576	)
Best Buy Co., Inc.		11,400		(743,166	)
Builders FirstSource, Inc. (a)		28,500		(1,530,450	)
Burlington Stores, Inc. (a)		12,400		(1,689,252	)
CarLotz, Inc. (a)		15,600		(6,139	)
CarMax, Inc. (a)		1,600		(144,768	)
CarParts.com, Inc. (a)		5,200		(36,088	)
Carvana Co. (a)		21,400		(483,212	)
Cato Corp., Class A		700		(8,127	)
Children’s Place, Inc. (a)		500		(19,460	)
Dick’s Sporting Goods, Inc.		1,900		(143,203	)
Digital Brands Group, Inc. (a)		18,000		(3,508	)
Driven Brands Holdings, Inc. (a)		2,300		(63,342	)
Ever-Glory International Group, Inc. (a)		400		(548	)
EVgo, Inc. (a)		18,400		(110,584	)
Floor & Decor Holdings, Inc., Class A (a)		200		(12,592	)
Foot Locker, Inc.		300		(7,575	)
Freshpet, Inc. (a)		1,700		(88,213	)
Gap, Inc.		500		(4,120	)
GMS, Inc. (a)		700		(31,150	)
GrowGeneration Corp. (a)		3,500		(12,565	)
Hertz Global Holdings, Inc. (a)		73,500		(1,164,240	)
Hibbett, Inc.		100		(4,371	)
Hour Loop, Inc. (a)		2,700		(6,885	)
iMedia Brands, Inc. (a)		30		(36	)
iPower, Inc. (a)		1,600		(1,696	)
JOANN, Inc.		5,700		(44,175	)
KAR Auction Services, Inc. (a)		8,300		(122,591	)
Kohl’s Corp.		25,600		(913,664	)

See Notes to Consolidated Schedule of Investments.

91

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Leslie’s, Inc. (a)		3,100	$	(47,058	)
Lithia Motors, Inc., Class A		2,400		(659,544	)
LKQ Corp.		13,000		(638,170	)
LL Flooring Holdings, Inc. (a)		700		(6,559	)
LMP Automotive Holdings, Inc. (a)		600		(2,850	)
Lowe’s Cos., Inc.		6,400		(1,117,888	)
Lulu’s Fashion Lounge Holdings, Inc. (a)		900		(9,765	)
Lululemon Athletica, Inc. (a)		800		(218,088	)
MarineMax, Inc. (a)		2,400		(86,688	)
Mister Car Wash, Inc. (a)		4,600		(50,048	)
National Vision Holdings, Inc. (a)		500		(13,750	)
Newegg Commerce, Inc. (a)		17,900		(65,872	)
NovaBay Pharmaceuticals, Inc. (a)		9,400		(2,350	)
Overstock.com, Inc. (a)		10,600		(265,106	)
Patrick Industries, Inc.		200		(10,368	)
PetMed Express, Inc.		200		(3,980	)
Pool Corp.		3,700		(1,299,551	)
Ross Stores, Inc.		24,400		(1,713,612	)
Rover Group, Inc. (a)		10,600		(39,856	)
Sally Beauty Holdings, Inc. (a)		1,300		(15,496	)
Shift Technologies, Inc. (a)		12,300		(8,279	)
Signet Jewelers Ltd.		5,200		(277,992	)
Sleep Number Corp. (a)		4,500		(139,275	)
Sportsman’s Warehouse Holdings, Inc. (a)		6,900		(66,171	)
Takung Art Co., Ltd. (a)		9,300		(15,438	)
ThredUp, Inc., Class A (a)		4,300		(10,750	)
Tilly’s, Inc., Class A		1,000		(7,020	)
TJX Cos., Inc.		11,500		(642,275	)
Tuesday Morning Corp. (a)		3,700		(1,332	)
Victoria’s Secret & Co. (a)		5,000		(139,850	)
Vroom, Inc. (a)		9,200		(11,500	)
				(17,067,884	)
Retail & Wholesale - Staples — (0.2)%
Andersons, Inc. (The)		500		(16,495	)
Archer-Daniels-Midland Co.		25,100		(1,947,760	)
Big Lots, Inc.		8,900		(186,633	)
Blue Apron Holdings, Inc., Class A (a)		1,400		(5,096	)
Calavo Growers, Inc.		100		(4,172	)
Dollar General Corp.		1,000		(245,440	)
Dollar Tree, Inc. (a)		18,100		(2,820,885	)
Five Below, Inc. (a)		2,400		(272,232	)
HF Foods Group, Inc. (a)		1,100		(5,742	)
Sysco Corp.		21,400		(1,812,794	)
United Natural Foods, Inc. (a)		5,300		(208,820	)
				(7,526,069	)
Retail & Wholesale - Staples — (0.3)%
Bunge Ltd.		17,100		(1,550,799	)
Grocery Outlet Holding Corp. (a)		16,100		(686,343	)
Mission Produce, Inc. (a)		1,900		(27,075	)
Performance Food Group Co. (a)		29,500		(1,356,410	)
Target Corp.		4,200		(593,166	)
US Foods Holding Corp. (a)		1,100		(33,748	)
Walgreens Boots Alliance, Inc.		2,100		(79,590	)
Walmart, Inc.		96,600		(11,744,628	)
				(16,071,759	)
Retail - Discretionary — (0.0)%
Warby Parker, Inc., Class A (a)		1,900		(21,394	)

See Notes to Consolidated Schedule of Investments.

92

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Software — (0.0)%
Gitlab, Inc., Class A (a)		11,200	$	(595,168	)
Software & Technology Services — (0.3)%
1Life Healthcare, Inc. (a)		100		(784	)
Absolute Software Corp.		100		(865	)
Affirm Holdings, Inc. (a)		14,500		(261,870	)
Alfi, Inc. (a)		3,600		(4,176	)
Alignment Healthcare, Inc. (a)		3,800		(43,358	)
Alithya Group, Inc., Class A (a)		300		(723	)
Alkami Technology, Inc. (a)		600		(8,334	)
Amplitude, Inc., Class A (a)		900		(12,861	)
Asure Software, Inc. (a)		200		(1,140	)
Auddia, Inc. (a)		1,100		(962	)
AvePoint, Inc. (a)		5,000		(21,700	)
AvidXchange Holdings, Inc. (a)		11,600		(71,224	)
Backblaze, Inc., Class A (a)		100		(523	)
Bakkt Holdings, Inc. (a)		28,600		(60,060	)
Bill.com Holdings, Inc. (a)		10,200		(1,121,388	)
Black Knight, Inc. (a)		2,100		(137,319	)
Blackbaud, Inc. (a)		200		(11,614	)
Blend Labs, Inc., Class A (a)		26,100		(61,596	)
Block, Inc., Class A (a)		17,200		(1,057,112	)
BM Technologies, Inc. (a)		1,100		(6,479	)
Braze, Inc., Class A (a)		1,100		(39,853	)
BSQUARE Corp. (a)		1,400		(1,764	)
Cantaloupe, Inc. (a)		400		(2,240	)
CareCloud, Inc. (a)		1,200		(4,110	)
CCC Intelligent Solutions Holdings, Inc. (a)		10,800		(99,360	)
Cerberus Cyber Sentinel Corp. (a)		3,000		(10,800	)
Cipher Mining, Inc. (a)		7,500		(10,275	)
Clarivate plc (a)		75,300		(1,043,658	)
Clear Secure, Inc., Class A (a)		200		(4,000	)
Clearwater Analytics Holdings, Inc., Class A (a)		8,800		(105,952	)
Concentrix Corp.		2,800		(379,792	)
Consensus Cloud Solutions, Inc. (a)		400		(17,472	)
ContextLogic, Inc., Class A (a)		19,100		(30,560	)
Convey Health Solutions Holdings, Inc. (a)		2,100		(21,840	)
Couchbase, Inc. (a)		3,300		(54,186	)
Creatd, Inc. (a)		4,112		(3,038	)
CS Disco, Inc. (a)		4,900		(88,396	)
Cvent Holding Corp. (a)		100		(462	)
DarioHealth Corp. (a)		2,700		(16,578	)
DatChat, Inc. (a)		7,100		(7,668	)
Definitive Healthcare Corp. (a)		3,000		(68,790	)
DoubleVerify Holdings, Inc. (a)		100		(2,267	)
Doximity, Inc., Class A (a)		6,200		(215,884	)
DSS, Inc. (a)		9,500		(3,337	)
Duck Creek Technologies, Inc. (a)		200		(2,970	)
Dun & Bradstreet Holdings, Inc. (a)		23,200		(348,696	)
DXC Technology Co. (a)		6,100		(184,891	)
E2open Parent Holdings, Inc. (a)		21,600		(168,048	)
Elys Game Technology Corp. (a)		4,700		(3,455	)
Enfusion, Inc., Class A (a)		3,500		(35,735	)
EngageSmart, Inc. (a)		5,200		(83,616	)
Envestnet, Inc. (a)		400		(21,108	)
EPAM Systems, Inc. (a)		100		(29,478	)
EverCommerce, Inc. (a)		3,600		(32,544	)
Exela Technologies, Inc. (a)		167,900		(19,208	)
Expensify, Inc. (a)		900		(16,011	)
Fidelity National Information Services, Inc.		6,100		(559,187	)
Fiserv, Inc. (a)		26,400		(2,348,808	)
Five9, Inc. (a)		13,100		(1,193,934	)

See Notes to Consolidated Schedule of Investments.

93

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
ForgeRock, Inc., Class A (a)		8,000	$	(171,360	)
Freight Technologies, Inc. (a)		45		(72	)
Freshworks, Inc., Class A (a)		2,900		(38,135	)
Genius Brands International, Inc. (a)		93,500		(70,780	)
Glimpse Group, Inc. (The) (a)		3,100		(12,338	)
Global Payments, Inc.		11,600		(1,283,424	)
Globant SA (a)		100		(17,400	)
GreenBox POS (a)		7,400		(7,770	)
Greenidge Generation Holdings, Inc. (a)		4,800		(12,192	)
GTY Technology Holdings, Inc. (a)		800		(5,008	)
HashiCorp, Inc., Class A (a)		2,700		(79,488	)
Healthcare Triangle, Inc. (a)		321		(321	)
Hive Blockchain Technologies Ltd. (a)		980		(2,930	)
Informatica, Inc., Class A (a)		7,500		(155,775	)
Instructure Holdings, Inc. (a)		300		(6,810	)
Intapp, Inc. (a)		1,700		(24,888	)
Integral Ad Science Holding Corp. (a)		2,100		(20,853	)
Intrusion, Inc. (a)		1,500		(5,865	)
IronNet, Inc. (a)		24,300		(53,703	)
John Wiley & Sons, Inc., Class A		400		(19,104	)
Katapult Holdings, Inc. (a)		13,400		(14,338	)
Kyndryl Holdings, Inc. (a)		13,600		(133,008	)
Lightspeed Commerce, Inc. (a)		3,400		(75,820	)
LiveVox Holdings, Inc. (a)		2,900		(4,814	)
Mandiant, Inc. (a)		700		(15,151	)
ManTech International Corp., Class A		400		(38,180	)
Marathon Digital Holdings, Inc. (a)		40,300		(215,202	)
MarketWise, Inc. (a)		1,000		(3,600	)
Marygold Cos., Inc. (The) (a)		117		(164	)
Matterport, Inc. (a)		4,200		(15,372	)
MeridianLink, Inc. (a)		1,500		(25,050	)
Monday.com Ltd. (a)		800		(82,528	)
Multiplan Corp. (a)		10,900		(59,841	)
N-able, Inc. (a)		5,200		(46,800	)
NantHealth, Inc. (a)		1,800		(752	)
nCino, Inc. (a)		300		(9,276	)
Nielsen Holdings plc		20,900		(485,298	)
OLB Group, Inc. (The) (a)		400		(353	)
Open Text Corp.		600		(22,704	)
Outbrain, Inc. (a)		1,900		(9,557	)
Outset Medical, Inc. (a)		1,000		(14,860	)
Palantir Technologies, Inc., Class A (a)		25,400		(230,378	)
Paya Holdings, Inc. (a)		9,900		(65,043	)
Paycor HCM, Inc. (a)		7,000		(182,000	)
PowerSchool Holdings, Inc., Class A (a)		6,300		(75,915	)
Priority Technology Holdings, Inc. (a)		200		(660	)
Privia Health Group, Inc. (a)		1,200		(34,944	)
PTC, Inc. (a)		200		(21,268	)
PubMatic, Inc., Class A (a)		1,600		(25,424	)
Q2 Holdings, Inc. (a)		3,300		(127,281	)
Qualtrics International, Inc., Class A (a)		1,300		(16,263	)
Quantum Computing, Inc. (a)		4,200		(9,996	)
Repay Holdings Corp. (a)		6,100		(78,385	)
Riot Blockchain, Inc. (a)		51,400		(215,366	)
Salesforce, Inc. (a)		2,500		(412,600	)
Samsara, Inc., Class A (a)		9,500		(106,115	)
Seachange International, Inc. (a)		17,100		(10,325	)
ServiceNow, Inc. (a)		100		(47,552	)
Shapeways Holdings, Inc. (a)		1,300		(1,521	)
Sharecare, Inc. (a)		34,200		(54,036	)
Sharplink Gaming Ltd. (a)		1,800		(1,611	)
Shift4 Payments, Inc., Class A (a)		7,100		(234,726	)

See Notes to Consolidated Schedule of Investments.

94

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
ShiftPixy, Inc. (a)		8,000	$	(2,528	)
Signify Health, Inc., Class A (a)		500		(6,900	)
Skillsoft Corp. (a)		1,400		(4,928	)
Smith Micro Software, Inc. (a)		500		(1,235	)
Sphere 3D Corp. (a)		18,700		(10,019	)
Spire Global, Inc. (a)		600		(696	)
Sprinklr, Inc., Class A (a)		4,500		(45,495	)
Squarespace, Inc., Class A (a)		100		(2,092	)
Synchronoss Technologies, Inc. (a)		5,400		(6,210	)
Talkspace, Inc. (a)		3,700		(6,290	)
Thomson Reuters Corp.		2,200		(229,262	)
Thoughtworks Holding, Inc. (a)		8,100		(114,291	)
Toast, Inc., Class A (a)		20,200		(261,388	)
TRxADE HEALTH, Inc. (a)		730		(1,117	)
Unisys Corp. (a)		1,900		(22,857	)
Upland Software, Inc. (a)		200		(2,904	)
UserTesting, Inc. (a)		1,900		(9,538	)
Usio, Inc. (a)		300		(729	)
Verb Technology Co., Inc. (a)		30,700		(16,022	)
VerifyMe, Inc. (a)		400		(784	)
Veritone, Inc. (a)		2,000		(13,060	)
Vertex, Inc., Class A (a)		400		(4,532	)
Viant Technology, Inc., Class A (a)		1,800		(9,144	)
Vislink Technologies, Inc. (a)		8,000		(4,760	)
Weave Communications, Inc. (a)		1,000		(3,040	)
Wejo Group Ltd. (a)		100		(119	)
WM Technology, Inc. (a)		1,600		(5,264	)
Xperi Holding Corp.		3,300		(47,619	)
Zeta Global Holdings Corp., Class A (a)		700		(3,164	)
				(16,212,339	)
Tech Hardware & Semiconductors — (0.5)%
ACM Research, Inc., Class A (a)		2,200		(37,026	)
ADTRAN, Inc.		2,100		(36,813	)
Advanced Micro Devices, Inc. (a)		64,500		(4,932,315	)
Airspan Networks Holdings, Inc. (a)		1,100		(3,289	)
AmpliTech Group, Inc. (a)		1,724		(3,483	)
Arteris, Inc. (a)		1,000		(6,970	)
Azenta, Inc.		6,300		(454,230	)
Boxlight Corp., Class A (a)		12,812		(8,715	)
Ciena Corp. (a)		1,400		(63,980	)
Cohu, Inc. (a)		3,700		(102,675	)
CommScope Holding Co., Inc. (a)		7,800		(47,736	)
ComSovereign Holding Corp. (a)		21,000		(3,549	)
Corsair Gaming, Inc. (a)		12,800		(168,064	)
Credo Technology Group Holding Ltd. (a)		5,000		(58,400	)
Desktop Metal, Inc., Class A (a)		28,500		(62,700	)
Digital Ally, Inc. (a)		10,000		(7,910	)
Draganfly, Inc. (a)		7,600		(6,876	)
eMagin Corp. (a)		9,700		(6,305	)
Forward Industries, Inc. (a)		700		(1,036	)
GLOBALFOUNDRIES, Inc. (a)		17,700		(714,018	)
Hewlett Packard Enterprise Co.		21,700		(287,742	)
HP, Inc.		97,200		(3,186,216	)
II-VI, Inc. (a)		7,100		(361,745	)
Ipsidy, Inc. (a)		1,500		(2,910	)
Jabil, Inc.		600		(30,726	)
Koss Corp. (a)		1,900		(13,205	)
KULR Technology Group, Inc. (a)		7,500		(11,625	)
Lam Research Corp.		200		(85,230	)
LightPath Technologies, Inc., Class A (a)		1,300		(1,599	)
Marvell Technology, Inc.		33,270		(1,448,243	)

See Notes to Consolidated Schedule of Investments.

95

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Micron Technology, Inc.		130,900	$	(7,236,152	)
MicroVision, Inc. (a)		18,300		(70,272	)
MICT, Inc. (a)		15,900		(9,044	)
Minim, Inc. (a)		1,700		(684	)
Navitas Semiconductor Corp. (a)		1,500		(5,790	)
NCR Corp. (a)		5,800		(180,438	)
Neonode, Inc. (a)		100		(512	)
NeoPhotonics Corp. (a)		11,000		(173,030	)
NXT-ID, Inc. (a)		560		(610	)
ON Semiconductor Corp. (a)		45,300		(2,279,043	)
Ondas Holdings, Inc. (a)		9,600		(51,744	)
Plantronics, Inc. (a)		3,600		(142,848	)
Plexus Corp. (a)		100		(7,850	)
Red Cat Holdings, Inc. (a)		10,300		(21,012	)
Sight Sciences, Inc. (a)		300		(2,697	)
SigmaTron International, Inc. (a)		900		(6,354	)
Siyata Mobile, Inc. (a)		2,200		(2,398	)
SkyWater Technology, Inc. (a)		3,700		(22,274	)
SMART Global Holdings, Inc. (a)		400		(6,548	)
Snap One Holdings Corp. (a)		1,500		(13,755	)
Socket Mobile, Inc. (a)		400		(1,216	)
Sonim Technologies, Inc. (a)		7,260		(3,970	)
Sonos, Inc. (a)		1,600		(28,864	)
TD SYNNEX Corp.		4,400		(400,840	)
Trio-Tech International (a)		500		(2,165	)
Ubiquiti, Inc.		800		(198,568	)
Ultra Clean Holdings, Inc. (a)		100		(2,977	)
Vizio Holding Corp., Class A (a)		10,400		(70,928	)
Western Digital Corp. (a)		17,600		(789,008	)
Wolfspeed, Inc. (a)		4,200		(266,490	)
				(24,153,412	)
Technology Services — (0.0)%
Bitfarms Ltd. (a)		35,800		(40,096	)
Remitly Global, Inc. (a)		300		(2,298	)
				(42,394	)
Telecommunications — (0.2)%
AST SpaceMobile, Inc. (a)		1,400		(8,792	)
AT&T, Inc.		400		(8,384	)
ATN International, Inc.		100		(4,691	)
BlackSky Technology, Inc. (a)		4,200		(9,702	)
Consolidated Communications Holdings, Inc. (a)		100		(700	)
Cyxtera Technologies, Inc. (a)		100		(1,134	)
Frontier Communications Parent, Inc. (a)		10,700		(251,878	)
Globalstar, Inc. (a)		102,100		(125,583	)
IDT Corp., Class B (a)		2,100		(52,815	)
KORE Group Holdings, Inc. (a)		300		(921	)
Rogers Communications, Inc., Class B		900		(43,110	)
Shenandoah Telecommunications Co.		2,000		(44,400	)
T-Mobile US, Inc. (a)		53,332		(7,175,287	)
Telesat Corp. (a)		400		(4,468	)
Vonage Holdings Corp. (a)		1,900		(35,796	)
				(7,767,661	)
Transportation & Logistics — (0.1)%
Copa Holdings SA, Class A (a)		800		(50,696	)
Delta Air Lines, Inc. (a)		165,100		(4,782,947	)
Spirit Airlines, Inc. (a)		3,100		(73,904	)
				(4,907,547	)

See Notes to Consolidated Schedule of Investments.

96

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Utilities — (0.3)%
AES Corp.		3,400	$	(71,434	)
Algonquin Power & Utilities Corp.		33,200		(445,876	)
Alliant Energy Corp.		1,810		(106,084	)
Altus Power, Inc. (a)		2,000		(12,620	)
American Water Works Co., Inc.		1,100		(163,647	)
Atmos Energy Corp.		9,400		(1,053,740	)
Brookfield Infrastructure Corp., Class A		1,800		(76,500	)
Brookfield Renewable Corp., Class A		10,200		(363,222	)
California Water Service Group		2,400		(133,320	)
CenterPoint Energy, Inc.		500		(14,790	)
Clearway Energy, Inc., Class C		6,600		(229,944	)
Consolidated Edison, Inc. (c)		1,350		(128,385	)
Constellation Energy Corp.		3,300		(188,958	)
Edison International (c)		1,300		(82,212	)
Entergy Corp.		4,270		(480,973	)
Essential Utilities, Inc.		8,600		(394,310	)
Evergy, Inc.		4,680		(305,370	)
Eversource Energy		1,250		(105,587	)
Exelon Corp.		78,200		(3,544,024	)
FTC Solar, Inc. (a)		23,900		(86,518	)
Hawaiian Electric Industries, Inc. (c)		250		(10,225	)
Macquarie Infrastructure Holdings LLC		21,400		(83,674	)
NextEra Energy Partners LP		6,900		(511,704	)
NextEra Energy, Inc.		8,900		(689,394	)
NRG Energy, Inc.		52,600		(2,007,742	)
OGE Energy Corp.		1,500		(57,840	)
Ormat Technologies, Inc.		2,100		(164,535	)
PG&E Corp. (a)		50,700		(505,986	)
Pinnacle West Capital Corp.		950		(69,464	)
PNM Resources, Inc.		360		(17,201	)
Portland General Electric Co.		1,100		(53,163	)
PPL Corp. (c)		4,000		(108,520	)
Sempra Energy		1,200		(180,324	)
South Jersey Industries, Inc.		300		(10,242	)
Southern Co.		1,800		(128,358	)
Southwest Gas Corp.		4,100		(357,028	)
Stronghold Digital Mining, Inc., Class A (a)		7,600		(12,616	)
UGI Corp.		19,500		(752,895	)
Via Renewables, Inc.		300		(2,298	)
WEC Energy Group, Inc. (c)		1,250		(125,800	)
Xcel Energy, Inc. (c)		1,700		(120,292	)
				(13,956,815	)
Waste & Environmental Services & Equipment — (0.0)%
Aqua Metals, Inc. (a)		3,300		(2,672	)
Lightbridge Corp. (a)		1,590		(7,409	)
Stericycle, Inc. (a)		2,000		(87,700	)
				(97,781	)
Total North America				(377,494,955	)
Oceania — (0.0)%
Consumer Discretionary Products — (0.0)%
Naked Brand Group Ltd. (a)		99,186		(149,771	)
Health Care — (0.0)%
Alterity Therapeutics Ltd., ADR (a)		1,700		(1,039	)
Benitec Biopharma, Inc. (a)		3,100		(3,596	)
Immutep Ltd., ADR (a)		2,900		(5,887	)
Mesoblast Ltd., ADR (a)		100		(222	)
Opthea Ltd., ADR (a)		100	$	(630	)
				(11,374	)

See Notes to Consolidated Schedule of Investments.

97

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Materials — (0.0)%
Snow Lake Resources Ltd. (a)		2,200	$	(5,280	)
Oil & Gas — (0.0)%
Woodside Energy Group Ltd.		300		(6,468	)
Software & Technology Services — (0.0)%
Advanced Human Imaging Ltd. (a)		1,000		(580	)
Total Oceania				(173,473	)
South America — (0.2)%
Banking — (0.1)%
Banco Bradesco SA, ADR		196,600		(640,916	)
Banco Santander Chile, ADR		200		(3,258	)
Itau Unibanco Holding SA, ADR		198,500		(849,580	)
NU Holdings Ltd., A Shares (a)		116,100		(434,214	)
				(1,927,968	)
Consumer Discretionary Services — (0.0)%
Afya Ltd., Class A (a)		1,700		(16,915	)
Consumer Staple Products — (0.0)%
Adecoagro SA		200		(1,692	)
Ambev SA, ADR		108,900		(273,339	)
BRF SA, ADR (a)		43,400		(111,104	)
				(386,135	)
Financial Services — (0.0)%
Vinci Partners Investments Ltd., Class A		1,000		(10,700	)
XP, Inc., Class A (a)		43,281		(777,327	)
				(788,027	)
Industrial Services — (0.0)%
Azul SA, ADR (a)		10,900		(77,390	)
Corporacion America Airports SA (a)		1,300		(7,254	)
				(84,644	)
Materials — (0.0)%
Suzano SA, ADR		2,700		(25,596	)
Media — (0.0)%
Despegar.com Corp. (a)		800		(6,480	)
Oil & Gas — (0.0)%
Cosan SA, ADR		3,100		(43,090	)
Ecopetrol SA, ADR		6,100		(66,246	)
Transportadora de Gas del Sur SA, ADR (a)		1,400		(7,196	)
Ultrapar Participacoes SA, ADR		1,000		(2,350	)
				(118,882	)
Retail & Wholesale - Discretionary — (0.1)%
MercadoLibre, Inc. (a)		6,400		(4,075,968	)
Sendas Distribuidora SA, ADR		1,800		(24,462	)
				(4,100,430	)
Software & Technology Services — (0.0)%
Arco Platform Ltd., Class A (a)		3,300		(49,269	)
CI&T, Inc., A Shares (a)		2,000		(20,180	)
Dlocal Ltd. (a)		25,700		(674,625	)
Vasta Platform Ltd. (a)		600		(2,862	)
VTEX, Class A (a)		1,800		(5,544	)
Zenvia, Inc., Class A (a)		1,600		(3,376	)
				(755,856	)

See Notes to Consolidated Schedule of Investments.

98

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares			Value
Telecommunications — (0.0)%
Telefonica Brasil SA, ADR		23,300		$	(211,098	)
TIM SA, ADR		4,300			(52,245	)
					(263,343	)
Transportation & Logistics — (0.0)%
Gol Linhas Aereas Inteligentes SA, ADR		20,523			(69,984	)
Utilities — (0.0)%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		28,400			(226,916	)
Cia Energetica de Minas Gerais, ADR		3,470			(7,009	)
Cia Paranaense de Energia, ADR		13,800			(87,768	)
Enel Chile SA, ADR		2,700			(2,997	)
Pampa Energia SA, ADR (a)		600			(12,288	)
					(336,978	)
Total South America					(8,881,238	)
TOTAL COMMON STOCK (PROCEEDS $542,995,062)					(433,578,939	)
Security Description	Principal Amount			Value
CORPORATE BONDS & NOTES — (1.1)%
Alibaba Group Holding Ltd., 2.13%, 02/09/31 (c)		2,221,000			(1,836,409	)
Alibaba Group Holding Ltd., 3.40%, 12/06/27 (c)		12,421,000			(11,866,997	)
Bank of China Ltd., 5 year CMT + 2.45%, 3.60%, 12/31/99 (c),(e)		3,600,000			(3,533,400	)
Industrial & Commercial Bank of China Ltd., H15T5Y + 2.37%, 3.20%, 12/31/99 (c),(e)		6,991,000			(6,623,432	)
Petroleos Mexicanos, 6.50%, 01/23/29 (c)		19,870,000			(16,168,219	)
Sinopec Capital 2013 Ltd., 3.13%, 04/24/23 (c)		3,712,000			(3,712,074	)
Tencent Holdings Ltd., MTN, 1.81%, 01/26/26 (c)		1,856,000			(1,715,649	)
Tencent Holdings Ltd., MTN, 2.39%, 06/03/30 (c)		2,596,000			(2,172,933	)
Tencent Holdings Ltd., MTN, 3.28%, 04/11/24 (c)		4,566,000			(4,526,093	)
Tencent Holdings Ltd., MTN, 3.98%, 04/11/29 (c)		2,591,000			(2,454,466	)
TOTAL CORPORATE BONDS & NOTES (PROCEEDS $59,368,527)					(54,609,672	)
Security Description	Shares			Value
EXCHANGE-TRADED FUNDS — (0.4)%
Energy Select Sector SPDR Fund (c)		27,245			(1,948,290	)
Invesco QQQ Trust Series 1		1,600			(448,448	)
SPDR S&P 500 ETF Trust		31,380			(11,838,105	)
Utilities Select Sector SPDR Fund (c)		65,400			(4,586,502	)
TOTAL EXCHANGE-TRADED FUNDS (PROCEEDS $18,944,417)					(18,821,345	)
MORTGAGE-BACKED SECURITIES — (10.3)%
North America — (10.3)%
Federal National Mortgage Association,
2.00%, 08/11/52 (i)		(11,000,000	)		(9,548,946	)
2.50%, 07/14/52 - 08/11/52 (i)		(219,000,000	)		(196,862,182	)
3.00%, 08/11/52 (i)		(29,000,000	)		(26,997,202	)
3.50%, 08/11/52 (i)		(90,000,000	)		(86,494,950	)
4.00%, 04/25/52 - 07/14/52 (i)		(45,000,000	)		(44,363,637	)
5.00%, 08/11/52 (i)		(6,000,000	)		(6,107,580	)

See Notes to Consolidated Schedule of Investments.

99

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Security Description	Shares		Value
Government National Mortgage Association
2.00%, 08/18/2052 (i)		158,000,000	$	(140,434,824	)
Total North America				(510,809,321	)
TOTAL MORTGAGE-BACKED SECURITIES (PROCEEDS $512,333,516)				(510,809,321	)
Security Description	Principal Amount		Value
SOVEREIGN DEBT — (2.5)%
Bahrain Government International Bond, 5.45%, 09/16/32 (c)		3,569,000		(2,989,780	)
Bahrain Government International Bond, 5.63%, 09/30/31 (c)		2,000,000		(1,722,640	)
Bahrain Government International Bond, 7.00%, 10/12/28 (c)		4,217,000		(4,177,908	)
Bahrain Government International Bond, 7.38%, 05/14/30 (c)		3,598,000		(3,546,477	)
Bahrain Government International Bond, MTN, 5.25%, 01/25/33 (c)		4,317,000		(3,493,455	)
Bahrain Government International Bond, MTN, 5.63%, 05/18/34 (c)		1,895,000		(1,551,201	)
Chile Government International Bond, 3.50%, 01/25/50 (c)		20,337,000		(15,534,810	)
Colombia Government International Bond, 3.25%, 04/22/32 (c)		17,207,000		(12,433,535	)
Colombia Government International Bond, 6.13%, 01/18/41 (c)		7,437,000		(5,822,372	)
Colombia Government International Bond, 7.38%, 09/18/37 (c)		10,964,000		(10,122,856	)
Dominican Republic International Bond, 4.50%, 01/30/30 (c)		5,476,000		(4,383,911	)
Dominican Republic International Bond, 4.88%, 09/23/32 (c)		2,564,000		(1,972,837	)
Egypt Government International Bond, 5.25%, 10/06/25 (c)		3,371,000		(2,755,698	)
Egypt Government International Bond, 5.88%, 06/11/25 (c)		4,137,000		(3,499,323	)
Egypt Government International Bond, 6.59%, 02/21/28 (c)		7,205,000		(5,216,420	)
Egypt Government International Bond, 7.50%, 01/31/27 (c)		7,350,000		(5,715,213	)
Egypt Government International Bond, 7.90%, 02/21/48		700,000		(399,000	)
Egypt Government International Bond, MTN, 3.88%, 02/16/26 (c)		1,800,000		(1,312,488	)
Egypt Government International Bond, MTN, 7.60%, 03/01/29		1,170,000		(851,191	)
Indonesia Government International Bond, 2.15%, 07/28/31 (c)		7,631,000		(6,268,199	)
Nigeria Government International Bond, 6.38%, 07/12/23 (c)		2,539,000		(2,484,411	)
Nigeria Government International Bond, 7.63%, 11/21/25 (c)		6,840,000		(6,018,516	)
Nigeria Government International Bond, 8.75%, 01/21/31		2,459,000		(1,832,545	)
Peruvian Government International Bond, 3.55%, 03/10/51 (c)		13,574,000		(10,128,604	)
Republic of Ghana, 7.88%, 02/11/35 (c)		1,900,000		(882,341	)
Turkey Government International Bond, 7.25%, 12/23/23 (c)		4,515,000		(4,401,854	)
Turkey Government International Bond, 7.38%, 02/05/25 (c)		4,993,000		(4,626,314	)
TOTAL SOVEREIGN DEBT (PROCEEDS $146,113,593)				(124,143,899	)
Security Description	Shares		Value
U.S. TREASURY OBLIGATIONS — (0.2)%
North America — (0.2)%
U.S. Treasury Bonds, 2.00%, 08/15/2051 (c)		598,000		(462,165	)
U.S. Treasury Notes, 1.25%, 12/31/2028 (c)		9,164,000		(8,470,257	)
Total North America				(8,932,422	)
TOTAL U.S. TREASURY OBLIGATIONS (PROCEEDS $9,638,448)				(8,932,422	)
WARRANTS — (0.0)%
North America — (0.0)%
Galectin Therapeutics, Inc. (d)		1,340		—
Salarius Pharmaceuticals, Inc. (a),(d)		1,000		—
Total North America				—
TOTAL WARRANTS (PROCEEDS $0)				—
TOTAL SECURITIES SOLD SHORT— (23.3)% (PROCEEDS $1,289,393,563)			$	(1,150,895,598	)

See Notes to Consolidated Schedule of Investments.

100

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

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

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

(d) Security is valued using significant unobservable inputs.

(e) Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and spread in their description above. Rate presented is as of June 30, 2022.

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

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

(h) Represents a step-up bond. Coupon rate increases in increments to maturity. Rate presented is as of June 30, 2022. Maturity date presented is the ultimate maturity.

(i) When issued or delayed delivery security included.

(j) All or a portion of the security represents an unsettled loan commitment at June 30, 2022 where the rate will be determined at time of settlement.

(k) Non-interest bearing bond.

(l) 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.

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

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

(o) Security is restricted per Rule 12-12.8 of Regulation S-X. First acquisition dates of Aeolus Property Catastrophe Keystone PF Fund LP, PIMCO ILS Fund SP II, Atreides Co., Asgard Fixed Income Risk Premia Fund, Rokos Global Macro Fund Ltd., Class S and Centiva Offshore Fund LLP, are 1/2/2019, 12/30/2019, 7/1/2021, 8/2/2021, 9/1/2021 and 6/1/2022.

(p) Repurchase agreements may additionally have cash collateral held to meet collateral requirements of 102%.

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

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

Options Written Contracts Outstanding at June 30, 2022

	Strike	Expiration Date	Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
Exchange-Traded Call Options Written
CALIFCARBALLWVIN DEC22	45.00 USD	12/15/22		300		(300,000	)	$	(439,834	)	$	(108,000	)	$	331,834
CALIFCARBALLWVIN DEC22	40.00 USD	12/15/22		100		(100,000	)		(205,284	)		(71,000	)		134,284
CALIFCARBALLWVIN DEC22	35.00 USD	12/15/22		500		(500,000	)		(1,849,668	)		(780,000	)		1,069,668
CALIFCARBALLWVIN DEC22	50.00 USD	12/15/22		455		(455,000	)		(510,853	)		(91,000	)		419,853
CRUDE OIL FUT OPT AUG22	125.00 USD	07/15/22		60		(6,345,600	)		(87,691	)		(16,800	)		70,891
CRUDE OIL FUT OPT AUG22	126.00 USD	07/15/22		60		(6,345,600	)		(70,291	)		(15,000	)		55,291
CRUDE OIL FUT OPT AUG22	130.00 USD	07/15/22		240		(25,382,400	)		(77,165	)		(40,800	)		36,365
CRUDE OIL FUT OPT DEC22	95.00 USD	11/16/22		87		(8,313,720	)		(191,532	)		(1,032,690	)		(841,158	)
CRUDE OIL FUT OPT DEC22	100.00 USD	11/16/22		8,534		(815,509,040	)		(4,478,282	)		(82,438,440	)		(77,960,158	)
CRUDE OIL FUT OPT DEC22	145.00 USD	11/16/22		86		(8,218,160	)		(394,871	)		(140,180	)		254,691
CRUDE OIL FUT OPT DEC23	100.00 USD	11/15/23		509		(509,000	)		(1,548,704	)		(4,728,610	)		(3,179,906	)
CRUDE OIL FUT OPT JUN23	200.00 USD	05/17/23		429		(37,588,980	)		(408,202	)		(377,520	)		30,682
CRUDE OIL FUT OPT SEP22	125.00 USD	08/17/22		660		(68,046,000	)		(3,516,403	)		(897,600	)		2,618,803
G3 10312022 G3 C 0.1 SEP22 0.1 CALL	0.10 USD	09/27/22		622		(6,220,000	)		(69,102	)		(136,840	)		(67,738	)
NAT GAS EURO OPT APR23	10.00 USD	03/28/23		11		(476,850	)		(20,799	)		(5,104	)		15,695
NAT GAS EURO OPT APR23	7.00 USD	03/28/23		2		(86,700	)		(9,625	)		(3,334	)		6,291
NAT GAS EURO OPT AUG22	2.50 USD	07/26/22		150		(8,136,000	)		(427,900	)		(4,381,500	)		(3,953,600	)
NAT GAS EURO OPT AUG22	4.00 USD	07/26/22		107		(5,803,680	)		(140,706	)		(1,543,796	)		(1,403,090	)
NAT GAS EURO OPT AUG22	7.00 USD	07/26/22		96		(960,000	)		(50,631	)		(52,992	)		(2,361	)
NAT GAS EURO OPT AUG22	5.50 USD	07/26/22		75		(4,068,000	)		(266,305	)		(262,275	)		4,030
NAT GAS EURO OPT AUG23	10.00 USD	07/26/23		12		(527,520	)		(22,872	)		(9,120	)		13,752
NAT GAS EURO OPT AUG23	7.00 USD	07/26/23		1		(43,960	)		(4,813	)		(2,262	)		2,551
NAT GAS EURO OPT FEB23	10.00 USD	01/26/23		74		(4,115,880	)		(747,598	)		(359,048	)		388,550
NAT GAS EURO OPT FEB23	22.00 USD	01/26/23		750		(41,715,000	)		(5,177,003	)		(953,250	)		4,223,753
NAT GAS EURO OPT JAN23	7.00 USD	12/27/22		182		(10,465,000	)		(1,872,936	)		(1,433,432	)		439,504
NAT GAS EURO OPT JAN23	10.00 USD	12/27/22		63		(3,622,500	)		(636,468	)		(248,913	)		387,555

See Notes to Consolidated Schedule of Investments.

101

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

	Strike	Expiration Date	Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT JUL23	10.00 USD	06/27/23		11		(482,460	)	$	(20,799	)	$	(7,359	)	$	13,440
NAT GAS EURO OPT JUL23	7.00 USD	06/27/23		2		(87,720	)		(9,625	)		(4,178	)		5,447
NAT GAS EURO OPT JUN23	10.00 USD	05/25/23		12		(518,640	)		(22,872	)		(6,516	)		16,356
NAT GAS EURO OPT JUN23	7.00 USD	05/25/23		1		(43,220	)		(4,813	)		(1,810	)		3,003
NAT GAS EURO OPT JUN23	6.00 USD	05/25/23		1		(43,220	)		(8,103	)		(2,894	)		5,209
NAT GAS EURO OPT MAR23	10.00 USD	02/23/23		74		(3,708,880	)		(747,598	)		(288,822	)		458,776
NAT GAS EURO OPT MAY23	7.00 USD	04/25/23		2		(85,160	)		(9,625	)		(3,208	)		6,417
NAT GAS EURO OPT MAY23	10.00 USD	04/25/23		11		(468,380	)		(20,799	)		(5,027	)		15,772
NAT GAS EURO OPT OCT22	2.50 USD	09/27/22		150		(8,113,500	)		(427,901	)		(4,365,150	)		(3,937,249	)
NAT GAS EURO OPT OCT22	7.00 USD	09/27/22		311		(16,821,990	)		(158,180	)		(756,041	)		(597,861	)
NAT GAS EURO OPT OCT22	5.00 USD	09/27/22		610		(6,100,000	)		(1,625,499	)		(5,170,970	)		(3,545,471	)
NAT GAS EURO OPT OCT22	5.50 USD	09/27/22		75		(4,056,750	)		(266,305	)		(465,975	)		(199,670	)
NAT GAS EURO OPT OCT22	15.00 USD	09/27/22		1		(54,090	)		(3,003	)		(152	)		2,851
NAT GAS EURO OPT OCT23	7.00 USD	09/26/23		1		(44,270	)		(4,813	)		(2,773	)		2,040
NAT GAS EURO OPT OCT23	10.00 USD	09/26/23		12		(526,320	)		(22,872	)		(12,516	)		10,356
NAT GAS EURO OPT SEP22	2.50 USD	08/26/22		150		(8,088,000	)		(427,901	)		(4,335,300	)		(3,907,399	)
NAT GAS EURO OPT SEP22	4.00 USD	08/26/22		107		(1,070,000	)		(140,706	)		(1,558,455	)		(1,417,749	)
NAT GAS EURO OPT SEP22	7.00 USD	08/26/22		96		(960,000	)		(48,256	)		(136,992	)		(88,736	)
NAT GAS EURO OPT SEP22	5.50 USD	08/26/22		75		(4,044,000	)		(266,305	)		(367,875	)		(101,570	)
NAT GAS EURO OPT SEP23	10.00 USD	08/28/23		11		(482,020	)		(20,799	)		(9,504	)		11,295
NAT GAS EURO OPT SEP23	7.00 USD	08/28/23		2		(87,640	)		(9,625	)		(4,870	)		4,755
NAT GAS STRIP DEC22	3.50 USD	12/22/22		410		(70,725,000	)		(378,000	)		(14,809,200	)		(14,431,200	)
PHE 01312023 PHE C7.5 DEC22 7.5 CALL	7.50 USD	12/27/22		300		(750,000	)		(510,162	)		(519,225	)		(9,063	)
PHE 02282023 PHE C7.5 JAN23 7.5 CALL	7.50 USD	01/26/23		300		(750,000	)		(510,162	)		(573,900	)		(63,738	)
PHE 03312023 PHE C7.5 FEB23 7.5 CALL	7.50 USD	02/23/23		300		(750,000	)		(510,162	)		(443,250	)		66,912
								$	(29,400,423	)	$	(133,981,468	)	$	(104,581,045	)
Exchange-Traded Put Options Written
BRENT CRUDE FUT OPT OCT23	0.000 USD	10/26/23		429		(429,000	)	$	(3,341,794	)	$	(2,737,020	)	$	604,774
CRUDE OIL FUT OPT AUG22	100.00 USD	07/15/22		561		(59,331,360	)		(1,120,003	)		(1,043,460	)		76,543
CRUDE OIL FUT OPT AUG22	85.00 USD	07/15/22		79		(8,355,040	)		(28,560	)		(15,800	)		12,760
CRUDE OIL FUT OPT AUG22	92.00 USD	07/15/22		120		(12,691,200	)		(158,583	)		(63,600	)		94,983
CRUDE OIL FUT OPT DEC22	50.00 USD	11/16/22		150		(14,334,000	)		(945,228	)		(130,500	)		814,728
CRUDE OIL FUT OPT OCT22	97.00 USD	09/15/22		30		(3,008,100	)		(201,646	)		(223,500	)		(21,854	)
NAT GAS EURO OPT APR23	1.50 USD	03/28/23		21		(910,350	)		(4,256	)		(1,260	)		2,996
NAT GAS EURO OPT APR23	3.00 USD	03/28/23		32		(1,387,200	)		(64,086	)		(49,024	)		15,062
NAT GAS EURO OPT APR23	4.00 USD	03/28/23		14		(606,900	)		(34,337	)		(72,716	)		(38,379	)
NAT GAS EURO OPT APR23	4.50 USD	03/28/23		164		(7,109,400	)		(685,738	)		(1,304,948	)		(619,210	)
NAT GAS EURO OPT AUG22	2.20 USD	07/26/22		75		(4,068,000	)		(29,450	)		(75	)		29,375
NAT GAS EURO OPT AUG22	3.00 USD	07/26/22		75		(4,068,000	)		(37,700	)		(1,425	)		36,275
NAT GAS EURO OPT AUG22	3.50 USD	07/26/22		1		(54,240	)		(843	)		(64	)		779
NAT GAS EURO OPT AUG22	5.00 USD	07/26/22		139		(7,539,360	)		(49,021	)		(266,463	)		(217,442	)
NAT GAS EURO OPT AUG22	6.00 USD	07/26/22		160		(8,678,400	)		(893,927	)		(1,220,960	)		(327,033	)
NAT GAS EURO OPT AUG23	1.50 USD	07/26/23		21		(923,160	)		(4,256	)		(2,079	)		2,177
NAT GAS EURO OPT AUG23	3.00 USD	07/26/23		32		(1,406,720	)		(64,085	)		(57,664	)		6,421
NAT GAS EURO OPT AUG23	4.00 USD	07/26/23		14		(615,440	)		(36,437	)		(77,644	)		(41,207	)
NAT GAS EURO OPT AUG23	4.50 USD	07/26/23		164		(7,209,440	)		(685,738	)		(1,355,296	)		(669,558	)
NAT GAS EURO OPT DEC22	2.20 USD	11/25/22		75		(3,658,500	)		(29,450	)		(4,050	)		25,400
NAT GAS EURO OPT DEC22	3.00 USD	11/25/22		64		(3,621,120	)		(99,371	)		(26,432	)		72,939
NAT GAS EURO OPT DEC23	1.50 USD	11/27/23		21		(1,024,380	)		(4,256	)		(1,344	)		2,912
NAT GAS EURO OPT DEC24	3.00 USD	11/25/24		151		(7,231,390	)		(526,543	)		(230,124	)		296,419
NAT GAS EURO OPT FEB23	1.50 USD	01/26/23		21		(1,168,020	)		(4,256	)		(462	)		3,794
NAT GAS EURO OPT FEB23	3.00 USD	01/26/23		64		(3,559,680	)		(99,371	)		(63,744	)		35,627
NAT GAS EURO OPT FEB24	3.00 USD	01/26/24		151		(7,364,270	)		(526,543	)		(343,374	)		183,169
NAT GAS EURO OPT JAN23	1.50 USD	12/27/22		21		(1,207,500	)		(4,256	)		(210	)		4,046
NAT GAS EURO OPT JAN23	3.00 USD	12/27/22		64		(3,680,000	)		(99,371	)		(40,960	)		58,411
NAT GAS EURO OPT JAN23	5.00 USD	12/27/22		32		(1,840,000	)		(275,286	)		(217,824	)		57,462
NAT GAS EURO OPT JAN23	5.50 USD	12/27/22		150		(8,625,000	)		(971,651	)		(1,446,750	)		(475,099	)
NAT GAS EURO OPT JAN23	7.00 USD	12/27/22		1		(57,500	)		(12,303	)		(20,219	)		(7,916	)
NAT GAS EURO OPT JAN24	3.00 USD	12/26/23		151		(7,571,140	)		(526,543	)		(283,427	)		243,116
NAT GAS EURO OPT JUL23	1.50 USD	06/27/23		21		(921,060	)		(4,256	)		(1,806	)		2,450
NAT GAS EURO OPT JUL23	3.00 USD	06/27/23		32		(1,403,520	)		(64,086	)		(54,400	)		9,686

See Notes to Consolidated Schedule of Investments.

102

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

	Strike	Expiration Date		Contracts		Notional Amount			Premium Received			Market Value			Unrealized Appreciation (Depreciation)
NAT GAS EURO OPT JUL23	4.00 USD		06/27/23		14		(614,040	)	$	(35,987	)	$	(75,558	)	$	(39,571	)
NAT GAS EURO OPT JUL23	4.50 USD		06/27/23		164		(7,193,040	)		(685,738	)		(1,331,024	)		(645,286	)
NAT GAS EURO OPT JUN23	1.50 USD		05/25/23		21		(907,620	)		(4,256	)		(1,617	)		2,639
NAT GAS EURO OPT JUN23	3.00 USD		05/25/23		32		(1,383,040	)		(64,086	)		(53,120	)		10,966
NAT GAS EURO OPT JUN23	4.00 USD		05/25/23		14		(605,080	)		(36,437	)		(75,754	)		(39,317	)
NAT GAS EURO OPT JUN23	4.50 USD		05/25/23		164		(7,088,080	)		(685,738	)		(1,342,996	)		(657,258	)
NAT GAS EURO OPT MAR23	1.50 USD		02/23/23		21		(1,052,520	)		(4,256	)		(630	)		3,626
NAT GAS EURO OPT MAR23	3.00 USD		02/23/23		64		(3,207,680	)		(126,571	)		(83,840	)		42,731
NAT GAS EURO OPT MAR23	5.75 USD		02/23/23		21		(1,052,520	)		(305,081	)		(333,837	)		(28,756	)
NAT GAS EURO OPT MAR23	6.00 USD		02/23/23		42		(2,105,040	)		(600,712	)		(749,154	)		(148,442	)
NAT GAS EURO OPT MAR24	3.00 USD		02/26/24		151		(6,924,860	)		(526,543	)		(429,142	)		97,401
NAT GAS EURO OPT MAY23	1.50 USD		04/25/23		21		(894,180	)		(4,256	)		(1,491	)		2,765
NAT GAS EURO OPT MAY23	3.00 USD		04/25/23		32		(1,362,560	)		(64,086	)		(53,376	)		10,710
NAT GAS EURO OPT MAY23	4.00 USD		04/25/23		14		(596,120	)		(35,987	)		(77,168	)		(41,181	)
NAT GAS EURO OPT MAY23	4.50 USD		04/25/23		164		(6,983,120	)		(685,738	)		(1,370,876	)		(685,138	)
NAT GAS EURO OPT NOV22	2.20 USD		10/26/22		75		(4,140,000	)		(29,450	)		(1,875	)		27,575
NAT GAS EURO OPT NOV22	3.00 USD		10/26/22		64		(3,532,800	)		(99,371	)		(14,656	)		84,715
NAT GAS EURO OPT NOV23	1.50 USD		10/26/23		21		(968,940	)		(4,256	)		(1,197	)		3,059
NAT GAS EURO OPT NOV24	3.00 USD		10/28/24		151		(6,669,670	)		(526,543	)		(255,039	)		271,504
NAT GAS EURO OPT OCT22	2.20 USD		09/27/22		75		(750,000	)		(29,450	)		(7,950	)		21,500
NAT GAS EURO OPT OCT22	3.50 USD		09/27/22		1		(54,090	)		(843	)		(571	)		272
NAT GAS EURO OPT OCT22	6.00 USD		09/27/22		829		(44,840,610	)		(2,973,439	)		(8,630,719	)		(5,657,280	)
NAT GAS EURO OPT OCT23	1.50 USD		09/26/23		21		(929,670	)		(4,256	)		(2,898	)		1,358
NAT GAS EURO OPT OCT23	3.00 USD		09/26/23		782		(34,619,140	)		(1,026,688	)		(1,632,816	)		(606,128	)
NAT GAS EURO OPT OCT23	4.00 USD		09/26/23		14		(593,740	)		(34,337	)		(83,440	)		(49,103	)
NAT GAS EURO OPT OCT23	4.50 USD		09/26/23		164		(7,260,280	)		(685,738	)		(1,423,192	)		(737,454	)
NAT GAS EURO OPT SEP22	2.20 USD		08/26/22		75		(4,044,000	)		(29,450	)		(2,850	)		26,600
NAT GAS EURO OPT SEP22	3.50 USD		08/26/22		1		(53,920	)		(843	)		(279	)		564
NAT GAS EURO OPT SEP22	3.00 USD		08/26/22		75		(4,044,000	)		(37,700	)		(10,050	)		27,650
NAT GAS EURO OPT SEP22	5.00 USD		08/26/22		182		(9,813,440	)		(182,486	)		(616,980	)		(434,494	)
NAT GAS EURO OPT SEP22	6.00 USD		08/26/22		160		(8,627,200	)		(524,927	)		(1,489,600	)		(964,673	)
NAT GAS EURO OPT SEP23	1.50 USD		08/28/23		21		(920,220	)		(4,256	)		(2,520	)		1,736
NAT GAS EURO OPT SEP23	3.00 USD		08/28/23		32		(1,402,240	)		(64,086	)		(63,168	)		918
NAT GAS EURO OPT SEP23	4.00 USD		08/28/23		14		(613,480	)		(34,337	)		(81,606	)		(47,269	)
NAT GAS EURO OPT SEP23	4.50 USD		08/28/23		164		(7,186,480	)		(685,738	)		(1,405,808	)		(720,070	)
NATURAL GAS FUTURE DEC23	2.00 USD		11/27/23		76		(3,707,280	)		(82,136	)		(22,648	)		59,488
NATURAL GAS FUTURE FEB23	2.00 USD		01/26/23		76		(4,227,120	)		(82,135	)		(8,968	)		73,167
NATURAL GAS FUTURE JAN23	2.00 USD		12/27/22		76		(4,370,000	)		(82,135	)		(4,788	)		77,347
NATURAL GAS FUTURE MAR23	2.00 USD		02/23/23		76		(3,809,120	)		(82,135	)		(11,856	)		70,279
NATURAL GAS FUTURE NOV23	2.00 USD		10/26/23		76		(3,506,640	)		(82,135	)		(21,736	)		60,399
									$	(22,887,572	)	$	(33,135,417	)	$	(10,247,845	)

	Counterparty		Strike		Expiration Date	Contracts		Notional Amount		Premium Paid		Market Value		Unrealized Appreciation (Depreciation)
OTC Call Options Written
Cap Call		Goldman Sachs International		0.00 USD	11/07/22		28,220,000		(28,220,000)	$	(241,281)	$	(63,563)	$	177,718
Cap Call		Goldman Sachs International		0.01 USD	10/20/25		64,430,000		(64,430,000)		(375,000)		(381,579)		(6,579)
PUT CZK Call EUR Jul22		Bank of America International		25.60 EUR	07/08/22		4,906,614		(4,906,614)		(18,059)		(1,306)		16,753
										$	(634,340)	$	(446,448)	$	187,892
OTC Put Options Written
GS Custom Basket Put Sep22		Goldman Sachs International		83.18 CNH	09/16/22		1,958,830		(1,958,830)	$	(330,032)	$	(187,249)	$	142,783
Total Options Written Outstanding										$	(53,252,367)	$	(167,750,582)	$	(114,498,215)

See Notes to Consolidated Schedule of Investments.

103

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

At June 30, 2022, 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. , 2022 PIK DIP Delayed Draw Term Loan C, 13.73%, 08/08/22	$	1,714,165	$	1,725,599	$	11,434
Latam Airlines Group S.A. , 2022 PIK DIP Delayed Draw Term Loan C, 13.73%, 08/08/22		1,626,576		1,637,425		10,849
Total Unfunded Loan Commitment	$	3,340,741	$	3,363,024	$	22,283

Reverse Repurchase Agreements Outstanding at June 30, 2022

Counterparty	Interest Rate	Trade Date	Maturity Date		Face Value		Face Value Including Accrued Interest
Barclays Capital Inc.	1.00%	05/31/22		On Demand(a)	$	4,287,782	$	4,291,355
JPMorgan Chase Bank, N.A.	0.45%	01/25/22		07/19/22		2,394,797		2,396,886
JPMorgan Chase Bank, N.A.	0.45%	03/30/22		07/19/22		3,553,069		3,557,155
JPMorgan Chase Bank, N.A.	0.50%	02/22/22		07/19/22		1,859,105		1,860,758
JPMorgan Chase Bank, N.A.	0.50%	02/22/22		07/19/22		1,280,611		1,281,749
JPMorgan Chase Bank, N.A.	0.50%	03/07/22		07/19/22		1,027,792		1,028,613
JPMorgan Chase Bank, N.A.	0.55%	02/01/22		07/19/22		4,285,734		4,291,055
JPMorgan Chase Bank, N.A.	0.55%	02/03/22		07/19/22		6,235,464		6,243,102
JPMorgan Chase Bank, N.A.	0.80%	06/14/22		07/19/22		972,693		973,039
JPMorgan Chase Bank, N.A.	0.85%	05/17/22		07/19/22		319,713		320,045
JPMorgan Chase Bank, N.A.	0.97%	06/13/22		07/19/22		2,439,351		2,440,468
JPMorgan Chase Bank, N.A.	1.00%	06/08/22		07/19/22		13,013,133		13,021,086
JPMorgan Chase Bank, N.A.	1.50%	06/29/22		07/06/22		1,944,521		1,944,683
JPMorgan Chase Bank, N.A.	1.55%	06/29/22		07/06/22		1,588,808		1,588,945
JPMorgan Chase Bank, N.A.	1.55%	06/29/22		07/06/22		4,725,342		4,725,749
JPMorgan Chase Bank, N.A.	1.58%	06/29/22		07/06/22		475,581		475,623
JPMorgan Chase Bank, N.A.	1.58%	06/29/22		07/06/22		1,822,682		1,822,842
JPMorgan Chase Bank, N.A.	1.75%	06/24/22		07/19/22		4,231,297		4,232,120
Total Reverse Repurchase Agreements Outstanding					$	56,457,475	$	56,495,273

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

Futures Contracts Outstanding at June 30, 2022

Description	Contracts		Exchange		Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Long Futures
3 Month Eurodollar		552		ICE		136,272,297 EUR		12/19/22	$	161,912
3 Month Eurodollar		159		ICE		38,948,789 EUR		03/13/23		208,541
3 Month Eurodollar		66		ICE		16,100,637 EUR		06/19/23		115,917
3 Month Eurodollar		73		ICE		17,921,827 EUR		09/18/23		(14,687	)
90 Day Eurodollar		493		CME		119,271,617 USD		12/19/22		(569,542	)
90 Day Eurodollar		7		CME		1,688,380 USD		09/18/23		4,833
90 Day Eurodollar		3		CME		725,658 USD		03/18/24		1,992
90 Day Eurodollar		3		CME		728,058 USD		12/16/24		680
90 Day Eurodollar		2		CME		485,055 USD		12/14/26		(355	)
Aluminum		14		LME		1,006,216 USD		09/21/22		(150,378	)
Aluminum		2		LME		128,108 USD		12/19/22		(5,708	)
Amsterdam Index		6		Euronext		794,591 EUR		07/15/22		(4,010	)
ANR-SENG		62		ICE		1,604 USD		07/05/22		(829	)
Argus WTI Houston		120		ICE		240,000 USD		08/26/22		(85,200	)
Australian 10-Year Bond		148		SFE		17,579,036 AUD		09/15/22		12,022

See Notes to Consolidated Schedule of Investments.

104

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Australian dollar Currency	51	CME		3,560,117 USD		09/19/22	$	(35,507	)
Brent Crude	25	ICE		2,811,001 USD		07/29/22		(85,251	)
Brent Crude	301	ICE		909,101 USD		08/25/22		(228,841	)
Brent Crude	64	ICE		6,798,170 USD		08/31/22		(40,410	)
Brent Crude	10	ICE		1,024,734 USD		09/30/22		3,466
Brent Crude	11	ICE		1,112,452 USD		10/31/22		(6,072	)
Brent Crude	9	ICE		917,142 USD		11/30/22		(29,742	)
Brent Crude	8	ICE		779,977 USD		12/29/22		(4,377	)
Brent Crude	1	NYMEX		83,882 USD		10/31/23		4,878
Brent Crude	4	ICE		360,004 USD		10/31/23		(4,964	)
British Pound Currency	21	CME		1,638,509 USD		09/19/22		(37,391	)
CAC40 Index	16	Euronext		937,828 EUR		07/15/22		8,816
Canadian 10- Year Bonds	70	CDE		8,542,939 CAD		09/20/22		105,936
Canadian Dollar Currency	51	CME		4,005,465 USD		09/20/22		(42,765	)
CBOE Volatility Index	62	CFE		1,787,966 USD		08/17/22		21,033
CBOE Volatility Index	390	CFE		11,482,911 USD		12/21/22		(247,830	)
Chicago CG Basis	60	ICE		19,448 USD		11/02/22		6,323
Cocoa	3,083	ICE		75,931,668 USD		09/15/22		(3,789,468	)
Coffee ‘C’	172	ICE		14,520,418 USD		12/19/22		124,307
Copper	400	COMEX		37,681,797 USD		09/28/22		(581,797	)
Corn	10	CBOT		339,747 USD		03/14/23		(26,622	)
Cotton No.2	180	ICE		8,962,053 USD		12/07/22		(66,453	)
DAX Index	2	Eurex		675,870 EUR		09/16/22		(39,110	)
Dominion Sp	90	ICE		356,171 USD		09/02/22		80,546
Dominion SP	31	ICE		96,902 USD		10/04/22		17,798
Euro BOBL	16	Eurex		1,973,829 EUR		09/08/22		13,845
Euro Stoxx 50	18	Eurex		621,861 EUR		09/16/22		(2,600	)
Euro-Bund	166	Eurex		24,020,676 EUR		09/08/22		709,257
Euro-Schatz	81	Eurex		8,768,521 EUR		09/08/22		75,687
FTSE 100 Index	14	ICE		994,019 GBP		09/16/22		3,556
FTSE Taiwan Index	13	SGX		689,148 USD		07/28/22		(29,788	)
FTSE/MIB Index	6	IDEM		669,078 EUR		09/16/22		(34,412	)
Gasoline RBOB	8	NYMEX		1,331,554 USD		07/29/22		(143,357	)
Gasoline RBOB	6	NYMEX		880,722 USD		08/31/22		(23,443	)
Gasoline RBOB	58	NYMEX		6,338,617 USD		05/31/23		360,871
Globex Natural Gas	34	NYMEX		3,046,458 USD		07/26/22		(1,202,298	)
Globex Natural Gas	228	NYMEX		13,789,992 USD		09/27/22		(1,457,472	)
Globex Natural Gas	43	NYMEX		2,785,874 USD		01/26/23		(394,214	)
Gold 100 OZ	7	COMEX		1,300,477 USD		08/29/22		(35,367	)
Henry Hub	50	NYMEX		1,083,794 USD		07/26/22		(405,794	)
Henry Hub	942	ICE		9,804,505 USD		07/27/22		2,969,015
Henry Hub	39	NYMEX		845,359 USD		08/26/22		(319,639	)
Henry Hub	2,232	ICE		33,571,289 USD		08/29/22		(3,483,929	)
Henry Hub	146	NYMEX		3,377,078 USD		09/27/22		(1,402,793	)
Henry Hub	150	ICE		1,449,261 USD		10/27/22		620,739
Henry Hub	259	ICE		2,431,267 USD		11/28/22		1,232,288
Henry Hub	467	ICE		5,094,269 USD		12/28/22		1,618,856
Henry Hub	280	ICE		4,401,896 USD		01/27/23		(508,496	)
Henry Hub	217	ICE		3,271,061 USD		02/24/23		(552,051	)
Henry Hub	713	ICE		6,190,572 USD		12/29/25		2,463,465
Henry Hub	644	ICE		5,591,484 USD		01/28/26		1,999,666
Henry Hub	713	ICE		6,190,572 USD		02/25/26		1,732,640
Henry Hub	690	ICE		5,990,876 USD		03/27/26		745,249
Henry Hub	713	ICE		6,190,572 USD		04/28/26		714,833
Henry Hub	690	ICE		5,990,876 USD		05/27/26		812,524
Henry Hub	713	ICE		6,190,572 USD		06/26/26		953,688
Henry Hub	713	ICE		6,190,572 USD		07/29/26		987,555
Henry Hub	690	ICE		5,990,876 USD		08/27/26		948,799
Henry Hub	713	ICE		6,190,572 USD		09/28/26		1,089,158
Henry Hub	690	ICE		5,990,876 USD		10/28/26		1,367,974
Henry Hub	713	ICE		6,190,572 USD		11/25/26		2,044,578
Henry Hub	31	ICE		352,652 USD		12/29/26		17,798

See Notes to Consolidated Schedule of Investments.

105

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Henry Hub	28	ICE		318,525 USD		01/27/27	$	5,926
Henry Hub	31	ICE		352,652 USD		02/24/27		(14,365	)
Henry Hub	30	ICE		341,276 USD		03/29/27		(54,401	)
Henry Hub	31	ICE		352,652 USD		04/28/27		(58,152	)
Henry Hub	30	ICE		341,276 USD		05/26/27		(51,026	)
Henry Hub	31	ICE		352,652 USD		06/28/27		(49,007	)
Henry Hub	31	ICE		352,652 USD		07/28/27		(48,697	)
Henry Hub	30	ICE		341,276 USD		08/27/27		(47,651	)
Henry Hub	31	ICE		352,652 USD		09/28/27		(45,675	)
Henry Hub	30	ICE		341,276 USD		10/27/27		(30,251	)
Henry Hub	31	ICE		352,652 USD		11/26/27		(3,360	)
HHD 06292022	1	ICE		21,038 USD		07/04/22		(4,676	)
HHD 06302022	1	ICE		21,038 USD		07/01/22		(4,376	)
ICE 3 Month Sonia	408	ICE		98,657,364 GBP		06/20/23		294,388
ICE 3 Month Sonia	22	ICE		5,305,038 GBP		09/19/23		38,481
KOSPI 200 Index	8	KRX FM		693,732,000 KRW		09/08/22		(60,715	)
Lean Hogs	106	CME		3,974,237 USD		10/14/22		(214,417	)
Live Cattle	287	CME		15,279,269 USD		08/31/22		(59,659	)
Low Sulphar Gasoil	11	ICE		1,416,229 USD		08/11/22		(179,829	)
Low Sulphar Gasoil	61	ICE		7,513,745 USD		09/12/22		(791,545	)
Low Sulphar Gasoil	28	ICE		3,288,345 USD		11/10/22		(328,745	)
MSCI Emerging Market	39	ICE		1,955,006 USD		09/16/22		259
MSCI Singapore Index	20	SGX		578,268 SGD		07/28/22		(12,357	)
Natural Gas	31	ICE		14,698 USD		07/05/22		(1,771	)
Natural Gas	90	ICE		2,891 USD		07/05/22		287,404
Natural Gas	53	NYMEX		3,540,877 USD		08/29/22		(683,117	)
Natural Gas	242	NYMEX		19,387,709 USD		09/28/22		(6,297,929	)
Natural Gas	135	NYMEX		10,356,279 USD		10/27/22		(2,904,279	)
Natural Gas	60	ICE		223,823 USD		11/01/22		(23,678	)
Natural Gas	90	NYMEX		7,115,779 USD		11/28/22		(2,023,579	)
Natural Gas	62	ICE		231,283 USD		12/01/22		(13,617	)
Natural Gas	169	NYMEX		4,749,191 USD		12/28/22		4,968,309
Natural Gas	62	ICE		231,283 USD		01/03/23		(13,617	)
Natural Gas	7	NYMEX		556,663 USD		01/27/23		(167,323	)
Natural Gas	56	ICE		208,901 USD		02/01/23		15,001
Natural Gas	99	NYMEX		5,895,366 USD		02/24/23		(933,486	)
Natural Gas	62	ICE		231,283 USD		03/01/23		56,133
Natural Gas	149	NYMEX		8,569,166 USD		03/29/23		(2,110,016	)
Natural Gas	9	NYMEX		452,057 USD		03/29/23		(61,907	)
Natural Gas	31	NYMEX		1,500,763 USD		04/26/23		(180,783	)
Natural Gas	6	NYMEX		285,451 USD		04/26/23		(29,971	)
Natural Gas	31	NYMEX		1,500,763 USD		05/26/23		(160,943	)
Natural Gas	5	NYMEX		241,509 USD		05/26/23		(25,409	)
Natural Gas	20	ICE		655,281 EUR		05/30/23		702,015
Natural Gas	31	NYMEX		1,500,763 USD		06/28/23		(141,103	)
Natural Gas	71	NYMEX		3,438,216 USD		07/27/23		(317,056	)
Natural Gas	31	NYMEX		1,500,763 USD		08/29/23		(142,343	)
Natural Gas	320	NYMEX		12,642,026 USD		09/27/23		1,524,374
Natural Gas	25	NYMEX		1,120,044 USD		10/27/23		33,456
Natural Gas	12	NYMEX		380,301 USD		11/28/23		205,059
Natural Gas	60	NYMEX		2,693,856 USD		12/27/23		314,544
Natural Gas	288	NYMEX		12,511,695 USD		12/27/23		1,928,625
Natural Gas	14	NYMEX		374,525 USD		01/29/24		308,255
Natural Gas	181	NYMEX		8,552,511 USD		01/29/24		274,859
Natural Gas	288	NYMEX		15,914,095 USD		02/27/24		(2,706,415	)
Natural Gas	192	NYMEX		9,230,130 USD		03/26/24		(1,358,130	)
Natural Gas	35	NYMEX		1,203,562 USD		04/26/24		217,788
Natural Gas	171	NYMEX		8,339,274 USD		04/26/24		(1,394,964	)
Natural Gas	34	NYMEX		1,176,810 USD		05/29/24		227,390
Natural Gas	171	NYMEX		8,339,274 USD		05/29/24		(1,276,974	)
Natural Gas	35	NYMEX		1,203,562 USD		06/26/24		265,738
Natural Gas	171	NYMEX		8,339,274 USD		06/26/24		(1,160,694	)

See Notes to Consolidated Schedule of Investments.

106

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Natural Gas	35	NYMEX		1,203,562 USD		07/29/24	$	268,538
Natural Gas	171	NYMEX		8,339,274 USD		07/29/24		(1,147,014	)
Natural Gas	34	NYMEX		1,176,810 USD		08/28/24		244,390
Natural Gas	171	NYMEX		8,339,274 USD		08/28/24		(1,191,474	)
Natural Gas	26	NYMEX		857,946 USD		09/26/24		244,714
Natural Gas	150	NYMEX		7,555,908 USD		09/26/24		(1,194,408	)
Natural Gas	15	NYMEX		401,277 USD		10/29/24		261,273
Natural Gas	168	NYMEX		8,079,289 USD		10/29/24		(658,729	)
Natural Gas	16	NYMEX		428,028 USD		11/26/24		338,212
Natural Gas	168	NYMEX		8,079,289 USD		11/26/24		(33,769	)
Natural Gas	32	NYMEX		971,555 USD		12/27/24		606,365
Natural Gas	51	NYMEX		2,273,410 USD		12/27/24		241,400
Natural Gas	32	NYMEX		971,555 USD		01/29/25		567,005
Natural Gas	51	NYMEX		2,273,410 USD		01/29/25		178,670
Natural Gas	32	NYMEX		971,555 USD		02/26/25		469,405
Natural Gas	51	NYMEX		2,273,410 USD		02/26/25		23,120
Natural Gas	28	NYMEX		919,648 USD		03/27/25		200,912
Natural Gas	41	NYMEX		1,868,473 USD		03/27/25		(227,653	)
Natural Gas	28	NYMEX		919,648 USD		04/28/25		188,032
Natural Gas	41	NYMEX		1,868,473 USD		04/28/25		(246,513	)
Natural Gas	28	NYMEX		919,648 USD		05/28/25		204,272
Natural Gas	41	NYMEX		1,868,473 USD		05/28/25		(222,733	)
Natural Gas	28	NYMEX		919,648 USD		06/26/25		219,672
Natural Gas	41	NYMEX		1,868,473 USD		06/26/25		(200,183	)
Natural Gas	28	NYMEX		919,648 USD		07/29/25		226,392
Natural Gas	41	NYMEX		1,868,473 USD		07/29/25		(190,343	)
Natural Gas	28	NYMEX		919,648 USD		08/27/25		223,312
Natural Gas	41	NYMEX		1,868,473 USD		08/27/25		(194,853	)
Natural Gas	28	NYMEX		919,648 USD		09/26/25		242,912
Natural Gas	41	NYMEX		1,868,473 USD		09/26/25		(166,153	)
Natural Gas	32	NYMEX		971,555 USD		10/29/25		411,805
Natural Gas	51	NYMEX		2,273,410 USD		10/29/25		(68,680	)
Natural Gas	32	NYMEX		971,555 USD		11/25/25		530,205
Natural Gas	51	NYMEX		2,273,410 USD		11/25/25		120,020
Natural Gas	61	NYMEX		2,281,955 USD		12/29/26		633,845
Natural Gas	61	NYMEX		2,281,955 USD		01/27/27		545,395
Natural Gas	61	NYMEX		2,281,955 USD		02/24/27		380,695
Natural Gas	61	NYMEX		2,281,955 USD		03/29/27		51,295
Natural Gas	61	NYMEX		2,281,955 USD		04/28/27		36,045
Natural Gas	61	NYMEX		2,281,955 USD		05/26/27		78,745
Natural Gas	61	NYMEX		2,281,955 USD		06/28/27		108,025
Natural Gas	61	NYMEX		2,281,955 USD		07/28/27		110,465
Natural Gas	61	NYMEX		2,281,955 USD		08/27/27		106,195
Natural Gas	61	NYMEX		2,281,955 USD		09/28/27		134,255
Natural Gas	61	NYMEX		2,281,955 USD		10/27/27		247,715
Natural Gas	61	NYMEX		2,281,955 USD		11/26/27		467,315
New Zealand Dollar Currency	196	CME		12,501,272 USD		09/19/22		(266,952	)
Nickel	9	LME		1,429,847 USD		09/21/22		(203,993	)
NMS 0629202	1	ICE		20,368 USD		07/04/22		(4,268	)
NMS 0630202	1	ICE		20,368 USD		07/01/22		(4,056	)
Nwp Rockies	31	ICE		36,398 USD		07/05/22		6,754
NY Harbor ULSD	8	NYMEX		1,412,330 USD		07/29/22		(125,282	)
NY Harbor ULSD	30	NYMEX		5,230,024 USD		08/31/22		(486,250	)
NY Harbor ULSD	394	CBOT		16,097,873 USD		12/14/22		(859,529	)
OMXS30 Index	26	Nasdaq OMX		5,074,711 SEK		07/15/22		(20,666	)
PG+E CG Basis	30	ICE		81,750 USD		09/02/22		17,437
PG+E CG Basis	120	ICE		309,855 USD		11/02/22		27,645
PG+E CG Basis	155	ICE		416,311 USD		12/02/22		93,252
PG+E CG Basis	155	ICE		416,311 USD		01/04/23		75,814
PG+E CG Basis	140	ICE		376,023 USD		02/02/23		62,352
PG+E CG Basis	124	ICE		320,183 USD		03/02/23		(51,258	)
PGE CG Index	31	ICE		5,452 USD		08/02/22		68,677

See Notes to Consolidated Schedule of Investments.

107

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Description	Contracts		Exchange		Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
S+P/TSX 60 IX FUT Sep22		10		CDE		2,418,855 CAD		09/15/22	$	(103,989	)
S+P500 EMINI FUT Sep22		93		CME		18,152,904 USD		09/16/22		(531,729	)
Silver		3		COMEX		319,427 USD		09/28/22		(14,147	)
Socal-Border Natural Gas Basis		31		ICE		60,477 USD		07/05/22		(10,683	)
Soyabean		140		CBOT		10,329,210 USD		11/14/22		(123,210	)
Soybean		343		CBOT		13,791,249 USD		01/13/23		131,121
SPI 200		29		SFE		4,721,650 AUD		09/15/22		(25,833	)
Sugar 11		169		ICE		3,626,063 USD		02/28/23		(73,278	)
Swiss Market Index		18		Eurex		1,938,497 CHF		09/16/22		(15,542	)
Topix		53		OSE		1,040,994,776 JPY		09/08/22		(365,786	)
U.S. Treasury 10-Year Note		1,934		CBOT		230,674,792 USD		09/21/22		(1,435,354	)
U.S. Treasury Ultra Bond		3		CBOT		458,332 USD		09/21/22		4,700
VSTOXX		227		Eurex		665,304 EUR		08/17/22		(2,582	)
VSTOXX		102		Eurex		305,792 EUR		09/21/22		(11,005	)
Waha Gas Basis		60		ICE		7,928 USD		07/05/22		211,672
Waha Gas Basis		31		ICE		97,623 USD		12/02/22		26,517
Waha Gas Basis		31		ICE		97,623 USD		01/04/23		32,135
Waha Gas Basis		28		ICE		88,176 USD		02/02/23		28,325
Waha Gas Basis		31		ICE		97,623 USD		03/02/23		(56,796	)
Wheat		157		CBOT		8,650,252 USD		12/14/22		(1,581,327	)
WTI Crude		39		NYMEX		4,539,118 USD		07/20/22		(414,478	)
WTI Crude		51		NYMEX		5,421,109 USD		08/22/22		(163,009	)
WTI Crude		20		NYMEX		2,046,292 USD		09/20/22		(40,892	)
WTI Crude		10		NYMEX		978,804 USD		10/20/22		(1,304	)
WTI Crude		98		NYMEX		10,106,185 USD		11/21/22		(741,305	)
WTI Crude		7		NYMEX		692,457 USD		12/20/22		(36,767	)
WTI Crude		1		NYMEX		92,502 USD		05/22/23		(4,882	)
Zinc		9		LME		828,045 USD		09/21/22		(116,877	)
									$	(10,190,442	)
Short Futures
3 Month Eurodollar		933		ICE		232,044,074 EUR		09/19/22	$	7,308
3 Month Eurodollar		76		ICE		18,536,890 EUR		12/18/23		(106,011	)
3 Month Eurodollar		173		ICE		42,455,409 EUR		03/18/24		28,461
3 Month Eurodollar		326		ICE		79,980,147 EUR		06/17/24		17,210
90 Day Eurodollar		519		CME		126,296,080 USD		09/19/22		704,568
90 Day Eurodollar		24		CME		5,869,487 USD		12/19/22		90,887
90 Day Eurodollar		119		CME		28,598,079 USD		03/13/23		(74,971	)
90 Day Eurodollar		184		CME		44,200,161 USD		06/19/23		(219,739	)
90 Day Eurodollar		240		CME		58,113,870 USD		12/18/23		(29,130	)
90 Day Eurodollar		72		CME		17,371,079 USD		03/18/24		(92,521	)
90 Day Eurodollar		184		CME		44,616,627 USD		06/17/24		(53,973	)
90 Day Eurodollar		2		CME		490,845 USD		09/16/24		5,070
90 Day Eurodollar		8		CME		1,958,154 USD		03/17/25		14,554
90 Day Eurodollar		8		CME		1,948,292 USD		06/16/25		4,992
90 Day Eurodollar		5		CME		1,214,387 USD		09/15/25		199
90 Day Eurodollar		2		CME		484,895 USD		12/15/25		(555	)
90 Day Eurodollar		8		CME		1,957,704 USD		03/16/26		16,704
90 Day Eurodollar		3		CME		727,442 USD		06/15/26		(133	)
90 Day Eurodollar		1		CME		242,947 USD		09/14/26		497
Aluminum		6		LME		371,302 USD		09/21/22		4,515
Aluminum		2		LME		181,742 USD		12/19/22		59,342
Australian dollar Currency		24		CME		1,678,294 USD		09/19/22		19,654
Brent Crude		62		ICE		6,717,490 USD		07/29/22		(42,370	)
Brent Crude		301		ICE		872,819 USD		08/25/22		234,699
Brent Crude		89		NYMEX		8,652,022 USD		10/31/22		(299,598	)
Brent Crude		1		ICE		70,839 USD		10/31/22		(29,741	)
British Pound Currency		25		CME		1,948,587 USD		09/19/22		42,493
California Carbon Allowance Vintage Specific 2022		2,831		ICE		86,406,035 USD		12/23/22		(2,175,955	)
California Carbon Allowance Vintage Specific 2023		1,720		ICE		48,442,084 USD		03/28/23		(6,202,316	)
California Carbon Allowance Vintage Specific 2023		870		ICE		29,946,225 USD		12/22/23		983,925

See Notes to Consolidated Schedule of Investments.

108

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Canadian Dollar Currency	18	CME		1,388,575 USD		09/20/22	$	(10,025	)
CBOE Volatility Index	59	CFE		1,728,286 USD		07/20/22		43,110
CBOE Volatility Index	3	CFE		88,294 USD		09/21/22		(294	)
CBOE Volatility Index	125	CFE		3,622,638 USD		10/19/22		(99,736	)
CBOE Volatility Index	83	CFE		2,422,085 USD		11/16/22		(27,893	)
Cocoa	3,407	ICE		85,309,684 USD		12/14/22		4,223,084
Coffee ‘C’	164	ICE		13,874,688 USD		09/20/22		(276,462	)
Copper	401	COMEX		37,853,494 USD		12/28/22		545,456
Corn	10	CBOT		333,241 USD		12/14/22		23,366
Cotton No.2	212	ICE		10,066,471 USD		03/09/23		19,791
DAX Index	6	Eurex		1,994,918 EUR		09/16/22		83,069
DJIA mini E-CBOT	5	CBOT		767,359 USD		09/16/22		(2,166	)
Dominion Sp	120	ICE		1,418 USD		07/05/22		339,772
E-mini Russell 2000	621	CME		58,603,633 USD		09/16/22		5,570,233
Eastern Gas-South Natural Gas Index	1	ICE		18,667 USD		07/01/22		3,254
Eastern Gas-South Natural Gas Index	1	ICE		18,667 USD		07/04/22		4,104
Euro BTP	4	Eurex		487,218 EUR		09/08/22		(5,514	)
Euro FX	160	CME		21,359,729 USD		09/19/22		283,729
Euro OAT	5	Eurex		697,714 EUR		09/08/22		5,307
Euro Stoxx 50	52	Eurex		1,812,510 EUR		09/16/22		24,301
Euro-Bund	18	Eurex		2,644,940 EUR		09/08/22		(34,687	)
Euro-BUXL 30- Year Bonds	6	Eurex		941,157 EUR		09/08/22		(42,131	)
Gasoline RBOB	6	NYMEX		917,868 USD		07/29/22		26,720
Globex Natural Gas	52	NYMEX		4,081,911 USD		08/26/22		1,278,071
Globex Natural Gas	14	NYMEX		578,176 USD		10/26/22		(194,624	)
Globex Natural Gas	3	NYMEX		263,995 USD		11/25/22		94,255
Globex Natural Gas	93	NYMEX		6,200,240 USD		12/27/22		852,740
Globex Natural Gas	32	NYMEX		2,035,145 USD		02/23/23		431,305
Globex Natural Gas	9	NYMEX		412,185 USD		03/28/23		22,035
Globex Natural Gas	9	NYMEX		412,185 USD		04/25/23		28,965
Globex Natural Gas	9	NYMEX		412,185 USD		05/25/23		23,205
Globex Natural Gas	9	NYMEX		412,185 USD		06/27/23		17,445
Globex Natural Gas	9	NYMEX		412,185 USD		07/26/23		16,545
Globex Natural Gas	9	NYMEX		412,185 USD		08/28/23		17,805
Globex Natural Gas	64	NYMEX		2,931,090 USD		09/26/23		97,810
Globex Natural Gas	49	NYMEX		2,351,916 USD		10/26/23		91,056
Globex Natural Gas	49	NYMEX		2,351,916 USD		11/27/23		(38,304	)
Globex Natural Gas	11	NYMEX		384,981 USD		12/26/23		(166,559	)
Globex Natural Gas	11	NYMEX		384,981 USD		01/26/24		(151,489	)
Globex Natural Gas	11	NYMEX		384,981 USD		02/26/24		(119,479	)
Globex Natural Gas	20	NYMEX		779,966 USD		03/25/24		(40,034	)
Globex Natural Gas	20	NYMEX		779,966 USD		04/25/24		(32,234	)
Globex Natural Gas	20	NYMEX		779,966 USD		05/28/24		(46,034	)
Globex Natural Gas	20	NYMEX		779,966 USD		06/25/24		(59,634	)
Globex Natural Gas	20	NYMEX		779,966 USD		07/26/24		(61,234	)
Globex Natural Gas	20	NYMEX		779,966 USD		08/27/24		(56,034	)
Globex Natural Gas	20	NYMEX		779,966 USD		09/25/24		(68,234	)
Globex Natural Gas	11	NYMEX		384,981 USD		10/28/24		(100,889	)
Globex Natural Gas	11	NYMEX		384,981 USD		11/25/24		(141,809	)
Globex Natural Gas	26	NYMEX		1,008,155 USD		12/26/24		(273,905	)
Globex Natural Gas	26	NYMEX		1,008,155 USD		01/28/25		(241,925	)
Globex Natural Gas	26	NYMEX		1,008,155 USD		02/25/25		(162,625	)
Globex Natural Gas	26	NYMEX		1,008,155 USD		03/26/25		(32,365	)
Globex Natural Gas	26	NYMEX		1,008,155 USD		04/25/25		(20,405	)
Globex Natural Gas	26	NYMEX		1,008,155 USD		05/27/25		(35,485	)
Globex Natural Gas	26	NYMEX		1,008,155 USD		06/25/25		(49,785	)
Globex Natural Gas	26	NYMEX		1,008,155 USD		07/28/25		(56,025	)
Globex Natural Gas	26	NYMEX		1,008,155 USD		08/26/25		(53,165	)
Globex Natural Gas	26	NYMEX		1,008,155 USD		09/25/25		(71,365	)
Globex Natural Gas	26	NYMEX		1,008,155 USD		10/28/25		(115,825	)
Globex Natural Gas	26	NYMEX		1,008,155 USD		11/24/25		(212,025	)
Gold 100 OZ	2	COMEX		364,286 USD		08/29/22		2,826

See Notes to Consolidated Schedule of Investments.

109

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Henry Hub	270	ICE		6,649 USD		07/05/22	$	814,354
Henry Hub	909	ICE		14,440,223 USD		09/28/22		2,148,270
Henry Hub	21	NYMEX		166,934 USD		10/26/22		(122,866	)
Henry Hub	21	NYMEX		166,934 USD		11/25/22		(130,111	)
Henry Hub	153	NYMEX		1,746,045 USD		12/27/22		(453,330	)
Henry Hub	98	NYMEX		752,559 USD		01/26/23		(610,131	)
Henry Hub	254	NYMEX		2,862,786 USD		02/23/23		(319,834	)
Henry Hub	87	NYMEX		1,212,324 USD		03/28/23		269,461
Henry Hub	381	ICE		4,719,267 USD		03/29/23		590,179
Henry Hub	87	NYMEX		1,212,324 USD		04/25/23		286,209
Henry Hub	357	ICE		4,417,038 USD		04/26/23		616,773
Henry Hub	87	NYMEX		1,212,324 USD		05/25/23		272,289
Henry Hub	351	ICE		4,341,293 USD		05/26/23		548,738
Henry Hub	87	NYMEX		1,212,324 USD		06/27/23		258,369
Henry Hub	357	ICE		4,417,038 USD		06/28/23		502,533
Henry Hub	87	NYMEX		1,212,324 USD		07/26/23		256,194
Henry Hub	357	ICE		4,417,038 USD		07/27/23		493,608
Henry Hub	87	NYMEX		1,212,324 USD		08/28/23		259,239
Henry Hub	351	ICE		4,341,293 USD		08/29/23		496,088
Henry Hub	87	NYMEX		1,212,324 USD		09/26/23		249,451
Henry Hub	1,043	ICE		10,346,808 USD		09/27/23		(1,196,594	)
Henry Hub	86	NYMEX		537,769 USD		10/26/23		(454,241	)
Henry Hub	86	NYMEX		537,769 USD		11/27/23		(511,001	)
Henry Hub	441	ICE		5,567,239 USD		12/27/23		39,304
Henry Hub	1,093	ICE		12,029,049 USD		01/29/24		(1,297,353	)
Henry Hub	1,127	ICE		12,336,261 USD		02/27/24		(584,794	)
Henry Hub	170	NYMEX		1,109,124 USD		03/25/24		(633,376	)
Henry Hub	656	ICE		8,162,426 USD		03/26/24		1,438,426
Henry Hub	170	NYMEX		1,109,124 USD		04/25/24		(616,801	)
Henry Hub	681	ICE		8,401,819 USD		04/26/24		1,487,967
Henry Hub	170	NYMEX		1,109,124 USD		05/28/24		(646,126	)
Henry Hub	656	ICE		8,162,426 USD		05/29/24		1,389,226
Henry Hub	170	NYMEX		1,109,124 USD		06/25/24		(675,026	)
Henry Hub	681	ICE		8,401,819 USD		06/26/24		1,254,724
Henry Hub	170	NYMEX		1,109,124 USD		07/26/24		(678,426	)
Henry Hub	681	ICE		8,401,819 USD		07/29/24		1,241,104
Henry Hub	170	NYMEX		1,109,124 USD		08/27/24		(667,376	)
Henry Hub	656	ICE		8,162,426 USD		08/28/24		1,307,226
Henry Hub	170	NYMEX		1,109,124 USD		09/25/24		(693,301	)
Henry Hub	681	ICE		8,401,819 USD		09/26/24		1,181,517
Henry Hub	1,170	ICE		12,574,861 USD		10/29/24		(344,864	)
Henry Hub	1,189	ICE		12,741,540 USD		11/26/24		(1,493,762	)
Henry Hub	6	NYMEX		59,695 USD		12/26/24		(14,270	)
Henry Hub	155	ICE		1,724,472 USD		12/27/24		(186,291	)
Henry Hub	6	NYMEX		59,695 USD		01/28/25		(12,425	)
Henry Hub	140	ICE		1,557,588 USD		01/29/25		(125,212	)
Henry Hub	6	NYMEX		59,695 USD		02/25/25		(7,850	)
Henry Hub	155	ICE		1,724,472 USD		02/26/25		(20,441	)
Henry Hub	6	NYMEX		59,695 USD		03/26/25		(335	)
Henry Hub	150	ICE		1,668,844 USD		03/27/25		168,094
Henry Hub	6	NYMEX		59,695 USD		04/25/25		355
Henry Hub	155	ICE		1,724,472 USD		04/28/25		191,522
Henry Hub	6	NYMEX		59,695 USD		05/27/25		(515	)
Henry Hub	150	ICE		1,668,844 USD		05/28/25		163,594
Henry Hub	6	NYMEX		59,695 USD		06/25/25		(1,340	)
Henry Hub	155	ICE		1,724,472 USD		06/26/25		147,734
Henry Hub	6	NYMEX		59,695 USD		07/28/25		(1,700	)
Henry Hub	155	ICE		1,724,472 USD		07/29/25		138,434
Henry Hub	6	NYMEX		59,695 USD		08/26/25		(1,535	)
Henry Hub	150	ICE		1,668,844 USD		08/27/25		138,094
Henry Hub	6	NYMEX		59,695 USD		09/25/25		(2,585	)
Henry Hub	155	ICE		1,724,472 USD		09/26/25		115,572

See Notes to Consolidated Schedule of Investments.

110

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Henry Hub	6	NYMEX		59,695 USD		10/28/25	$	(5,150	)
Henry Hub	150	ICE		1,668,844 USD		10/29/25		47,719
Henry Hub	6	NYMEX		59,695 USD		11/24/25		(10,700	)
Henry Hub	155	ICE		1,724,472 USD		11/25/25		(94,066	)
ICE 3 Month Sonia	440	ICE		106,469,516 GBP		03/14/23		(447,947	)
ICE 3 Month Sonia	134	ICE		32,395,742 GBP		12/19/23		(169,762	)
ICE 3 Month Sonia	237	ICE		57,226,990 GBP		03/19/24		(439,503	)
ICE 3 Month Sonia	6	ICE		1,451,078 GBP		06/18/24		(9,522	)
ICE 3 Month Sonia	257	ICE		62,203,734 GBP		09/17/24		(410,493	)
Japan 10- Year Bonds	11	OSE		1,608,580,000 JPY		09/12/22		(192,585	)
japan Yen Currency	39	CME		3,641,117 USD		09/19/22		26,061
Lean Hogs	91	CME		3,923,014 USD		08/12/22		206,574
Live Cattle	374	CME		20,859,521 USD		10/31/22		98,781
Long Gilt	15	ICE		1,741,896 GBP		09/28/22		39,192
Low Sulphar Gasoil	56	ICE		7,063,480 USD		08/11/22		769,080
Low Sulphar Gasoil	11	ICE		1,307,887 USD		10/12/22		116,862
Malin Basis	62	ICE		22,529 USD		07/05/22		21,646
Malin Index	90	ICE		5,359 USD		07/05/22		(346,834	)
Malin Index	62	ICE		6,921 USD		08/02/22		(137,462	)
Mexican Peso Currency	4	CME		97,234 USD		09/19/22		(686	)
NASDAQ 100 E-Mini	11	CME		2,650,002 USD		09/16/22		113,512
Natural Gas	329	NYMEX		22,463,227 USD		07/27/22		4,618,267
Natural Gas	24	NYMEX		862,279 USD		07/27/22		(439,481	)
Natural Gas	21	NYMEX		155,400 USD		07/27/22		(129,360	)
Natural Gas	10	ICE		993,572 EUR		07/28/22		(85,526	)
Natural Gas	163	NYMEX		11,178,091 USD		08/29/22		2,389,132
Natural Gas	345	NYMEX		26,522,257 USD		08/29/22		7,919,857
Natural Gas	21	NYMEX		155,400 USD		08/29/22		(127,680	)
Natural Gas	45	NYMEX		1,616,773 USD		09/28/22		(817,277	)
Natural Gas	21	NYMEX		155,400 USD		09/28/22		(128,572	)
Natural Gas	21	NYMEX		155,400 USD		10/27/22		(134,400	)
Natural Gas	178	NYMEX		7,428,894 USD		10/27/22		(2,396,706	)
Natural Gas	6	NYMEX		434,289 USD		10/27/22		103,089
Natural Gas	157	NYMEX		5,612,430 USD		11/28/22		(3,270,630	)
Natural Gas	21	NYMEX		155,400 USD		11/28/22		(141,645	)
Natural Gas	6	NYMEX		424,539 USD		11/28/22		85,059
Natural Gas	1	NYMEX		6,769 USD		12/28/22		(7,606	)
Natural Gas	397	NYMEX		29,415,066 USD		12/28/22		6,587,566
Natural Gas	32	NYMEX		1,132,095 USD		01/27/23		(647,745	)
Natural Gas	4	NYMEX		27,101 USD		01/27/23		(28,519	)
Natural Gas	66	NYMEX		2,739,136 USD		02/24/23		(568,784	)
Natural Gas	1	NYMEX		6,769 USD		02/24/23		(5,761	)
Natural Gas	2	NYMEX		13,546 USD		03/29/23		(8,129	)
Natural Gas	181	NYMEX		7,583,720 USD		03/29/23		(262,630	)
Natural Gas	1	NYMEX		6,769 USD		04/26/23		(3,876	)
Natural Gas	58	NYMEX		2,663,247 USD		04/26/23		193,607
Natural Gas	2	NYMEX		13,546 USD		05/26/23		(8,064	)
Natural Gas	70	NYMEX		3,247,866 USD		05/26/23		222,466
Natural Gas	1	NYMEX		6,769 USD		06/28/23		(4,196	)
Natural Gas	42	NYMEX		2,428,826 USD		06/28/23		586,706
Natural Gas	87	NYMEX		5,132,850 USD		07/27/23		1,308,330
Natural Gas	1	NYMEX		6,769 USD		07/27/23		(4,221	)
Natural Gas	5	NYMEX		201,491 USD		07/27/23		(18,309	)
Natural Gas	2	NYMEX		13,546 USD		08/29/23		(8,364	)
Natural Gas	91	NYMEX		3,895,899 USD		08/29/23		(91,721	)
Natural Gas	1	NYMEX		6,778 USD		09/27/23		(4,290	)
Natural Gas	183	NYMEX		10,741,785 USD		09/27/23		2,640,375
Natural Gas	2	NYMEX		13,555 USD		10/27/23		(9,515	)
Natural Gas	19	NYMEX		570,517 USD		10/27/23		(306,143	)
Natural Gas	1	NYMEX		6,778 USD		11/28/23		(5,417	)
Natural Gas	19	NYMEX		570,517 USD		11/28/23		(356,303	)
Natural Gas	11	NYMEX		451,291 USD		02/27/24		(53,169	)

See Notes to Consolidated Schedule of Investments.

111

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Natural Gas	16	NYMEX		629,902 USD		03/26/24	$	(26,098	)
Natural Gas	141	NYMEX		5,123,357 USD		12/29/25		(1,722,193	)
Natural Gas	28	NYMEX		1,249,950 USD		12/29/25		(109,450	)
Natural Gas	53	ICE		592,631 USD		01/27/26		(32,106	)
Natural Gas	141	NYMEX		5,123,357 USD		01/28/26		(1,524,793	)
Natural Gas	28	NYMEX		1,249,550 USD		01/28/26		(70,650	)
Natural Gas	53	ICE		592,631 USD		02/24/26		3,669
Natural Gas	141	NYMEX		5,123,357 USD		02/25/26		(1,144,093	)
Natural Gas	28	NYMEX		1,249,550 USD		02/25/26		4,950
Natural Gas	141	NYMEX		5,123,357 USD		03/27/26		(382,693	)
Natural Gas	28	NYMEX		1,249,950 USD		03/27/26		156,550
Natural Gas	53	ICE		592,631 USD		03/29/26		75,219
Natural Gas	141	NYMEX		5,123,357 USD		04/28/26		(338,983	)
Natural Gas	53	ICE		592,631 USD		04/28/26		79,326
Natural Gas	28	NYMEX		1,249,550 USD		04/28/26		164,830
Natural Gas	53	ICE		592,631 USD		05/26/26		70,051
Natural Gas	141	NYMEX		5,123,357 USD		05/27/26		(437,683	)
Natural Gas	28	NYMEX		1,249,950 USD		05/27/26		145,630
Natural Gas	141	NYMEX		5,123,357 USD		06/26/26		(527,923	)
Natural Gas	28	NYMEX		1,249,550 USD		06/26/26		127,310
Natural Gas	53	ICE		592,631 USD		06/28/26		61,571
Natural Gas	53	ICE		592,631 USD		07/28/26		59,054
Natural Gas	141	NYMEX		5,123,357 USD		07/29/26		(554,713	)
Natural Gas	28	NYMEX		1,249,550 USD		07/29/26		121,990
Natural Gas	141	NYMEX		5,123,357 USD		08/27/26		(549,073	)
Natural Gas	53	ICE		592,631 USD		08/27/26		59,584
Natural Gas	28	NYMEX		1,249,950 USD		08/27/26		123,510
Natural Gas	141	NYMEX		5,123,357 USD		09/28/26		(635,083	)
Natural Gas	53	ICE		592,631 USD		09/28/26		51,501
Natural Gas	28	NYMEX		1,249,550 USD		09/28/26		106,030
Natural Gas	53	ICE		592,631 USD		10/27/26		27,386
Natural Gas	141	NYMEX		5,123,357 USD		10/28/26		(891,703	)
Natural Gas	28	NYMEX		1,249,550 USD		10/28/26		55,070
Natural Gas	141	NYMEX		5,123,357 USD		11/25/26		(1,390,843	)
Natural Gas	28	NYMEX		1,249,550 USD		11/25/26		(44,050	)
Natural Gas	53	ICE		592,631 USD		11/26/26		(19,519	)
Natural Gas	53	ICE		592,631 USD		12/29/26		(40,719	)
Nickel	3	LME		440,719 USD		09/21/22		32,101
Nwp Rockies	30	ICE		49,849 USD		11/02/22		37,099
Nwp Rockies	31	ICE		51,510 USD		12/02/22		(21,340	)
Nwp Rockies	31	ICE		51,510 USD		01/04/23		(46,333	)
Nwp Rockies	28	ICE		46,526 USD		02/02/23		(38,349	)
Nwp Rockies	31	ICE		51,510 USD		03/02/23		42,598
NY Harbor ULSD	23	NYMEX		4,091,796 USD		07/29/22		391,533
NY Harbor ULSD	59	NYMEX		6,796,823 USD		05/31/23		(981,867	)
Palladium	2	NYMEX		377,896 USD		09/28/22		(5,324	)
PGE CG Basis	31	ICE		73,598 USD		10/04/22		(31,608	)
Platinum	20	NYMEX		904,977 USD		10/27/22		9,677
S+P MID 400 EMINI FUT Sep22	4	CME		921,994 USD		09/16/22		14,794
S+P500 EMINI FUT Sep22	7	CME		1,364,896 USD		09/16/22		38,571
Silver	12	COMEX		1,260,602 USD		09/28/22		39,482
Soyabean	287	CBOT		11,520,354 USD		12/14/22		(151,936	)
Soybean	156	CBOT		11,093,560 USD		01/13/23		(311,990	)
Soybean Oil	462	CBOT		18,804,664 USD		01/13/23		1,000,108
Sugar 11	166	ICE		3,486,493 USD		09/30/22		46,973
Swiss Franc Currency	12	CME		1,543,556 USD		09/19/22		(37,969	)
U.S. Treasury 10-Year Note	289	CBOT		33,737,590 USD		09/21/22		(517,942	)
U.S. Treasury 2-Year Note	43	CBOT		9,033,697 USD		09/30/22		3,025
U.S. Treasury 5-Year Note	316	CBOT		35,729,609 USD		09/30/22		258,609
U.S. Treasury Long Bond	49	CBOT		6,842,484 USD		09/21/22		49,859
VSTOXX	35	Eurex		96,097 EUR		07/20/22		(6,579	)
Waha Gas	31	ICE		98,065 USD		07/05/22		(25,990	)

See Notes to Consolidated Schedule of Investments.

112

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Description	Contracts	Exchange	Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Waha Gas	155	ICE		609,673 USD		10/04/22	$	(107,861	)
Waha Gas Basis	180	ICE		797,093 USD		11/02/22		217,718
Wheat	149	CBOT		8,090,245 USD		09/14/22		1,504,445
WTI Crude	60	NYMEX		6,526,590 USD		07/20/22		180,990
Zinc	3	LME		258,251 USD		09/21/22		21,195
							$	18,347,545
Total Futures Contracts Outstanding							$	8,157,103

Forward Foreign Currency Exchange Contracts Outstanding at June 30, 2022

Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL		500,000	USD		101,517	State Street Bank and Trust Company		07/05/22	$	(5,977	)
CLP		90,000,000	USD		101,294	State Street Bank and Trust Company		09/21/22		(4,784	)
CNH		243,874,750	USD		36,500,000	Goldman Sachs & Co.		04/26/23		(7,252	)
CNY		61,282,000	USD		9,185,842	State Street Bank and Trust Company		09/19/22		(29,259	)
COP		2,000,000,000	USD		496,508	State Street Bank and Trust Company		09/19/22		(20,732	)
CZK		14,300,000	USD		599,185	State Street Bank and Trust Company		09/19/22		638
EUR		1,197,394	USD		1,253,430	JPMorgan Chase Bank, N.A.		07/15/22		2,178
GBP		1,339,000	USD		1,643,598	State Street Bank and Trust Company		09/21/22		(11,194	)
HKD		4,950,000	USD		632,689	State Street Bank and Trust Company		09/19/22		(436	)
HUF		285,000,000	USD		774,899	State Street Bank and Trust Company		09/19/22		(30,750	)
IDR		75,300,000,000	USD		5,199,475	State Street Bank and Trust Company		09/19/22		(150,301	)
ILS		350,000	USD		101,940	State Street Bank and Trust Company		09/19/22		(1,155	)
INR		70,800,000	USD		895,195	State Street Bank and Trust Company		09/19/22		(3,830	)
KRW		2,724,100,000	USD		2,161,043	State Street Bank and Trust Company		09/19/22		(55,394	)
MXN		5,300,000	USD		265,498	State Street Bank and Trust Company		09/19/22		(5,582	)
MXN		239,165	USD		11,543	Citibank N.A.		09/21/22		181
NOK		22,286,666	USD		2,366,516	State Street Bank and Trust Company		09/19/22		(99,940	)
PEN		770,000	USD		201,034	State Street Bank and Trust Company		09/19/22		(1,444	)
PHP		319,700,000	USD		5,964,749	State Street Bank and Trust Company		09/19/22		(156,610	)
PLN		13,800,000	USD		3,175,432	State Street Bank and Trust Company		09/19/22		(127,562	)
SEK		41,990,727	USD		4,213,201	State Street Bank and Trust Company		09/19/22		(95,148	)
SGD		3,100,000	USD		2,242,450	State Street Bank and Trust Company		09/19/22		(10,035	)
ZAR		1,600,000	USD		99,509	State Street Bank and Trust Company		09/19/22		(1,915	)
USD		14,424,241	AUD		20,932,000	State Street Bank and Trust Company		08/16/22		(28,915	)
USD		9,050,377	AUD		12,567,419	State Street Bank and Trust Company		09/19/22		370,407
USD		97,280	BRL		500,000	State Street Bank and Trust Company		07/05/22		1,741
USD		94,744	BRL		500,000	State Street Bank and Trust Company		08/02/22		19
USD		3,662,415	CHF		3,535,000	State Street Bank and Trust Company		09/19/22		(60,642	)
USD		322,568	CLP		282,000,000	State Street Bank and Trust Company		09/21/22		20,169
USD		78,500,000	CNH		518,597,650	Goldman Sachs & Co.		04/26/23		898,472
USD		2,439,462	CNY		16,400,000	State Street Bank and Trust Company		09/19/22		(10,980	)
USD		1,484,314	COP		5,725,000,000	State Street Bank and Trust Company		09/19/22		122,404
USD		1,666,350	CZK		39,100,000	State Street Bank and Trust Company		09/19/22		26,273
USD		481,967	EUR		458,470	JPMorgan Chase Bank, N.A.		07/15/22		1,207
USD		632,263	EUR		598,924	Morgan Stanley Capital Services, Inc.		07/15/22		4,220
USD		148,372	EUR		140,000	Goldman Sachs International		07/15/22		1,566
USD		172,152	EUR		158,000	Citibank N.A.		08/01/22		6,283
USD		3,512,501	EUR		3,226,000	State Street Bank and Trust Company		07/25/22		127,406
USD		203,168	EUR		191,000	Citibank N.A.		08/19/22		2,392
USD		22,038,129	GBP		18,033,000	State Street Bank and Trust Company		09/21/22		53,713
USD		1,261,680	GBP		1,000,000	Citibank N.A.		09/01/22		43,063
USD		79,118	HKD		619,000	State Street Bank and Trust Company		09/19/22		54
USD		1,367,362	HUF		513,000,000	State Street Bank and Trust Company		09/19/22		27,894
USD		398,732	IDR		6,000,000,000	State Street Bank and Trust Company		09/19/22		(3,593	)
USD		1,695,120	ILS		5,735,000	State Street Bank and Trust Company		09/19/22		43,685
USD		893,459	INR		70,300,000	State Street Bank and Trust Company		09/19/22		8,389
USD		1,887,084	MXN		39,437,216	Citibank N.A.		09/21/22		(46,202	)
USD		398,408	MXN		8,000,000	State Street Bank and Trust Company		09/19/22		6,082
USD		1,467,498	NOK		14,500,000	State Street Bank and Trust Company		09/19/22		(7,167	)

See Notes to Consolidated Schedule of Investments.

113

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD		238,417	PEN		900,000	State Street Bank and Trust Company		09/19/22	$	5,129
USD		505,720	PHP		28,000,000	State Street Bank and Trust Company		09/19/22		(2,969	)
USD		287,565	PLN		1,300,000	State Street Bank and Trust Company		09/19/22		447
USD		991,149	SEK		10,100,000	State Street Bank and Trust Company		09/19/22		637
USD		2,923,010	SGD		4,022,500	State Street Bank and Trust Company		09/19/22		26,271
USD		1,361,300	THB		47,100,000	State Street Bank and Trust Company		09/19/22		24,227
USD		79,723	TRY		1,600,000	State Street Bank and Trust Company		09/19/22		(10,075	)
USD		5,420,000	TRY		87,321,620	Morgan Stanley Capital Services, Inc.		08/08/22		315,641
USD		5,420,000	TRY		89,099,380	Morgan Stanley Capital Services, Inc.		08/09/22		216,358
USD		9,949,613	TWD		290,600,000	State Street Bank and Trust Company		09/19/22		144,616
USD		1,887,084	ZAR		30,451,301	Citibank N.A.		09/21/22		29,998
USD		1,416,228	ZAR		22,200,000	State Street Bank and Trust Company		09/19/22		62,100
USD		15,137,949	ZAR		236,568,294	Standard Chartered Bank		09/21/22		710,732
Total Forward Foreign Currency Exchange Contracts Outstanding									$	2,314,749

Centrally Cleared Credit Default Swaps on Index (Sell Protection) — Outstanding at June 30, 2022

Reference Obligation	Financing Fee			Payment Frequency		Maturity Date	Counterparty	Rating(1)		Notional Amount(2)		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.37		1.00%			3M	06/20/27	Merrill Lynch, Pierce, Fenner & Smith, Inc.		NR		1,850,000  USD	$	(185,227	)	$	(122,470	)	$	(62,757	)
CDX.NA.HY.34		5.00%			3M	06/20/25	Merrill Lynch, Pierce, Fenner & Smith, Inc.		NR		364  USD		—			9			(9	)
CDX.NA.HY.38		5.00%			3M	06/20/27	Merrill Lynch, Pierce, Fenner & Smith, Inc.		NR		1,113,750  USD		(33,829	)		63,929			(97,758	)
CDX.NA.IG.38		1.00%			3M	06/20/27	Merrill Lynch, Pierce, Fenner & Smith, Inc.		NR		42,500,000  USD		(24,434	)		387,549			(411,983	)
iTraxx Europe Crossover Series 37		5.00%			3M	06/20/27	Merrill Lynch, Pierce, Fenner & Smith, Inc.		NR		1,700,000  EUR		(55,370	)		100,176			(155,546	)
iTraxx Europe Main Series 37		(1.00%	)		3M	06/20/27	Merrill Lynch, Pierce, Fenner & Smith, Inc.		NR		37,700,000  EUR		(349,207	)		201,690			(550,897	)
Total Centrally Cleared Credit Default Swaps on Index (Sell Protection)												$	(648,067	)	$	630,883		$	(1,278,950	)

OTC Credit Default Swaps on Single-Name Issuer (Buy Protection) — Outstanding at June 30, 2022

Reference Obligation	Financing Fee		Payment Frequency	Maturity Date		Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Republic of China		(1.00)%	3M		6/20/2027	Citigroup Global Markets, Inc.		8,550,000  USD	$	(55,740	)	$	(71,302	)	$	15,562
Republic of China		1.00%	3M		6/20/2023	Citigroup Global Markets, Inc.		13,600,000  USD		(94,121	)		(128,116	)		33,995
Republic of China		(1.00)%	3M		6/20/2023	Citigroup Global Markets, Inc.		7,000,000  USD		(48,445	)		(66,404	)		17,959
Republic of Hungary		(1.00)%	3M		6/20/2027	Goldman Sachs International		8,400,000  USD		247,919			189,742			58,177
Republic of South Africa		(1.00)%	3M		6/20/2027	Goldman Sachs International		20,500,000  USD		1,893,502			1,628,174			265,328
Republic of Turkey		(1.00)%	3M		6/20/2027	Morgan Stanley Capital Services LLC		1,578,000  USD		424,866			387,399			37,467
Republic of Turkey		1.00%	3M		6/20/2027	Morgan Stanley Capital Services LLC		1,588,000  USD		427,558			384,215			43,343

See Notes to Consolidated Schedule of Investments.

114

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Obligation	Financing Fee		Payment Frequency	Maturity Date		Counterparty	Notional Amount		Market Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Republic of Turkey		(1.00)%	3M		6/20/2027	Goldman Sachs International		2,650,000  USD	$	713,494	$	649,011	$	64,483
Republic of Turkey		(1.00)%	3M		6/20/2027	Goldman Sachs International		1,300,000  USD		350,017		265,424		84,593
Total OTC Credit Default Swaps on Single-Name Issuer (Buy Protection)									$	3,859,050	$	3,238,143	$	620,907

OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) — Outstanding at June 30, 2022

Reference Obligation	Financing Fee		Payment Frequency	Maturity Date	Counterparty	Rating(1)	Notional Amount(2)		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Petroleos Mexicanos		1.00%	3M	12/20/2026	Morgan Stanley & Co. LLC	NR		14,682,000  USD	$	(2,866,466	)	$	(2,039	)	$	(2,864,427	)
Republic of Argentina		(5.00)%	3M	12/20/2026	Morgan Stanley & Co. LLC	NR		3,774,000  USD		(2,645,731	)		(1,896,435	)		(749,296	)
Republic of Oman		(1.00)%	3M	12/20/2026	Morgan Stanley Capital Services LLC	NR		4,058,000  USD		(259,586	)		(285,733	)		26,147
Republic of Oman		(1.00)%	3M	12/20/2026	Morgan Stanley Capital Services LLC	NR		3,490,000  USD		(223,252	)		(237,235	)		13,983
Republic of Oman		(1.00)%	3M	12/20/2026	JPMorgan Chase Bank, N.A.	NR		2,642,000  USD		(169,006	)		(181,699	)		12,693
Republic of Turkey		1.00%	3M	6/20/2027	Morgan Stanley & Co. LLC	NR		7,549,000  USD		(2,032,518	)		(11,324	)		(2,021,194	)
Republic of Ukraine		(1.00)%	3M	12/20/2026	Morgan Stanley & Co. LLC	NR		4,058,000  USD		(3,164,362	)		(551,897	)		(2,612,465	)
Republic of Ukraine		(5.00)%	3M	12/20/2026	Morgan Stanley & Co. LLC	NR		6,088,000  USD		(4,589,241	)		(33,822	)		(4,555,419	)
Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection)									$	(15,950,162	)	$	(3,200,184	)	$	(12,749,978	)

OTC Credit Default Swaps on Index (Buy Protection) — Outstanding at June 30, 2022

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	J.P. Morgan Securities LLC		7,363,000  USD	$	1,283,525	$	71,578	$	1,211,947
CMBX.NA.BBB-.10		3.00%	1M	11/17/2059	Morgan Stanley Capital Services LLC		5,645,000  USD		984,042		453,501		530,541
CMBX.NA.BBB-.10		3.00%	1M	11/17/2059	Morgan Stanley Capital Services LLC		1,102,000  USD		192,102		374,805		(182,703	)
CMBX.NA.BBB-.8		3.00%	1M	10/17/2057	Morgan Stanley Capital Services LLC		69,000  USD		11,916		14,170		(2,254	)
CMBX.NA.BBB-.8		2.00%	1M	10/17/2057	Goldman Sachs Bank USA		38,000  USD		423		351		72
CMBX.NA.BBB-.8		2.00%	1M	10/17/2057	Goldman Sachs Bank USA		38,000  USD		423		427		(4	)
CMBX.NA.BBB-.9		3.00%	1M	9/17/2058	Credit Suisse International		10,000  USD		1,714		593		1,121
CMBX.NA.BBB-.9		3.00%	1M	9/17/2058	Goldman Sachs International		177,000  USD		30,342		5,121		25,221
Total OTC Credit Default Swaps on Index (Buy Protection)								$	2,504,487	$	920,546	$	1,583,941

See Notes to Consolidated Schedule of Investments.

115

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

OTC Credit Default Swaps on Index (Sell Protection) — Outstanding at June 30, 2022

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	$	(191,056	)	$	(30,005	)	$	(161,051	)
CMBX.NA.BBB-.10		(3.00%	)	1M	11/17/59	Goldman Sachs International	BBB-		18,066,000  USD		(3,149,282	)		(682,643	)		(2,466,639	)
CMBX.NA.BBB-.11		3.00%		1M	11/19/54	J.P. Morgan Securities LLC	BBB-		7,500,000  USD		(1,208,198	)		(620,026	)		(588,172	)
CMBX.NA.BBB-.8		2.00%		1M	10/17/57	Goldman Sachs Bank USA	NR		246,000  USD		(2,737	)		(941	)		(1,796	)
CMBX.NA.BBB-.8		(2.00%	)	1M	10/17/57	Goldman Sachs Bank USA	BBB-		100,000  USD		(1,113	)		(1,537	)		424
CMBX.NA.BBB-.8		2.00%		1M	10/17/57	Goldman Sachs Bank USA	BBB-		132,000  USD		(1,469	)		(1,374	)		(95	)
CMBX.NA.BBB-.8		2.00%		1M	10/17/57	Goldman Sachs International	BBB-		398,000  USD		(4,428	)		(5,212	)		784
CMBX.NA.BBB-.8		3.00%		1M	10/17/57	Credit Suisse International	BBB-		286,000  USD		(49,393	)		(20,492	)		(28,901	)
CMBX.NA.BBB-.8		(3.00%	)	1M	10/17/57	Goldman Sachs International	BBB-		1,294,000  USD		(223,478	)		(72,380	)		(151,098	)
CMBX.NA.BBB-.8		(3.00%	)	1M	10/17/57	Goldman Sachs International	BBB-		232,000  USD		(40,067	)		(5,855	)		(34,212	)
CMBX.NA.BBB-.8		(3.00%	)	1M	10/17/57	J.P. Morgan Securities LLC	BBB-		2,160,000  USD		(373,039	)		(114,149	)		(258,890	)
CMBX.NA.BBB-.9		(3.00%	)	1M	09/17/58	J.P. Morgan Securities LLC	BBB-		187,000  USD		(32,056	)		(962	)		(31,094	)
Total OTC Credit Default Swaps on Index (Sell Protection)										$	(5,276,316	)	$	(1,555,576	)	$	(3,720,740	)

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

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

OTC Total Return Swaps Outstanding at June 30, 2022

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Buys
360 Security Technology, Inc.		06/26/24		M	1.97%	JPMorgan Chase Bank, N.A.		71,658  USD	$	1,269
360 Security Technology, Inc.		01/26/24		M	1.97%	Credit Suisse International		35,794  USD		605
A O Smith Corp.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		152,524  USD		1,290
AbbVie, Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		659,577  USD		20,760
Academy of Environment Planning and Design Co., Ltd. Nanjing University		06/20/24		M	1.97%	JPMorgan Chase Bank, N.A.		18,626  USD		(117	)
Academy of Environment Planning and Design Co., Ltd. Nanjing University		01/26/24		M	1.97%	Credit Suisse International		5,871  USD		(5	)
Accelink Technologies Co., Ltd.		06/26/24		M	1.97%	JPMorgan Chase Bank, N.A.		5,068  USD		184
Accelink Technologies Co., Ltd.		01/26/24		M	1.97%	Credit Suisse International		2,788  USD		101
Accenture PLC		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		27,990  USD		(503	)
Activision Blizzard, Inc.		01/22/24		M	2.07%	JPMorgan Chase Bank, N.A.		11,584,012  USD		275,701
ADAMA Ltd.		05/06/24		M	1.97%	JPMorgan Chase Bank, N.A.		268,457  USD		542
ADAMA Ltd.		01/26/24		M	1.97%	Credit Suisse International		125,617  USD		290

See Notes to Consolidated Schedule of Investments.

116

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Advance Auto Parts, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		32,972  USD	$	261
AECC Aero-Engine Control Co., Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		14,759  USD		(67	)
AECC Aero-Engine Control Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,322  USD		172
Affiliated Managers Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		3,764  USD		(33	)
AGNC Investment Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,136  USD		37
Alamos Gold, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		319,108  USD		(14,327	)
Alaska Air Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		29,977  USD		(340	)
Albemarle Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,017,833  USD		(34,582	)
Alcon, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		36,567  USD		1,314
Alight, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		26,241  USD		286
Align Technology, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		23,722  USD		655
Alleghany Corp.		03/25/24	M	2.07%	JPMorgan Chase Bank, N.A.		864,704  USD		3,387
Allegiant Travel Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		357,255  USD		788
Allegion plc		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,582,635  USD		62,525
Alliant Energy Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		33,519  USD		2,058
Allmed Medical Products Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		531,762  USD		332
Allmed Medical Products Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		227,184  USD		358
Allscripts Healthcare Solutions, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,586,898  USD		(38,112	)
Allwin Telecommunication Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		80,773  USD		21,953
Allwin Telecommunication Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		33,595  USD		9,149
Ally Financial, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		966,751  USD		9,027
Alnylam Pharmaceuticals, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,472,942  USD		72,484
Alpha Metallurgical Resources, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		470,015  USD		(47,244	)
Amedisys, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		157,527  USD		(11,725	)
American Eagle Outfitters, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		19,945  USD		(984	)
American International Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		608,795  USD		1,033
Ameriprise Financial, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,574,012  USD		(26,715	)
AMETEK, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,678,874  USD		38,816
Amlogic Shanghai Co., Ltd.		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		378,299  USD		26,045
Amlogic Shanghai Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		177,945  USD		12,157
Amphenol Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,372,239  USD		(44	)
An Hui Wenergy Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		100,820  USD		(5,038	)
An Hui Wenergy Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		42,208  USD		(2,095	)
An Hui Wenergy Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		617,978  USD		(29,935	)
An Hui Wenergy Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		275,392  USD		(13,198	)
Analog Devices, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		29,225  USD		(445	)
Anfu CE Link Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		241,419  USD		10,443
Anfu CE Link Ltd.		01/26/24	M	1.97%	Credit Suisse International		111,848  USD		4,875
Anhui Anke Biotechnology Group Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,661  USD		(53	)

See Notes to Consolidated Schedule of Investments.

117

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Anhui Anke Biotechnology Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,611  USD	$	(23	)
Anhui Coreach Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		20,182  USD		(248	)
Anhui Coreach Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		8,377  USD		(96	)
Anhui Guangxin Agrochemical Co., Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		368,641  USD		5,274
Anhui Guangxin Agrochemical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		158,203  USD		2,178
Anhui Gujing Distillery Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		226,842  USD		15,572
Anhui Gujing Distillery Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		131,357  USD		9,802
Anhui Hengyuan Coal Industry and Electricity Power Co., Ltd.		05/21/24	M	1.97%	JPMorgan Chase Bank, N.A.		80,040  USD		6,580
Anhui Hengyuan Coal Industry and Electricity Power Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		42,186  USD		3,485
Anhui Huilong Agricultural Means of Production Co., Ltd.		05/21/24	M	1.97%	JPMorgan Chase Bank, N.A.		116,594  USD		1,030
Anhui Huilong Agricultural Means of Production Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		62,920  USD		524
Anhui Jinhe Industrial Co., Ltd.		03/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		432,524  USD		41,276
Anhui Jinhe Industrial Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		229,375  USD		20,852
Anhui Korrun Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,714  USD		141
Anhui Korrun Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		12,972  USD		379
Anhui Kouzi Distillery Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		14,203  USD		681
Anhui Kouzi Distillery Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,514  USD		366
Anhui Sinonet & Xonglong Science & Technology Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		637,879  USD		7,925
Anhui Sinonet & Xonglong Science & Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		285,762  USD		3,614
Anhui Wanwei Updated High-Tech Material Industry Co., Ltd.		03/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		577,891  USD		7,398
Anhui Wanwei Updated High-Tech Material Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		300,753  USD		7,461
Anhui Xinbo Aluminum Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,629  USD		(123	)
Anhui Xinbo Aluminum Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		815  USD		(62	)
Anhui Xinhua Media Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		484,879  USD		(18,609	)
Anhui Xinhua Media Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		209,503  USD		(8,057	)
Anhui Yingjia Distillery Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		635,782  USD		56,069
Anhui Yingjia Distillery Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		306,971  USD		25,818

See Notes to Consolidated Schedule of Investments.

118

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Anhui Zhongding Sealing Parts Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,192  USD	$	(838	)
Anhui Zhongding Sealing Parts Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,888  USD		(438	)
Anji Microelectronics Technology Shanghai Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		36,776  USD		1,392
Anji Microelectronics Technology Shanghai Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		24,520  USD		925
Anjoy Foods Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,454  USD		53
Anker Innovations Technology Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		153,747  USD		3,773
Anker Innovations Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		65,767  USD		1,600
ANSYS, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		564,546  USD		(6,044	)
Antero Resources Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		21,694  USD		(2,538	)
Antong Holdings Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		29,705  USD		(831	)
Antong Holdings Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		14,730  USD		(407	)
Aoshikang Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		192,672  USD		(246	)
Aoshikang Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		79,110  USD		(154	)
Apellis Pharmaceuticals, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		6,373  USD		94
Apeloa Pharmaceutical Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,414  USD		219
Apeloa Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,509  USD		116
Appian Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		173,404  USD		13,242
Applied Materials, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		347,751  USD		(15,310	)
AppLovin Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		14,822  USD		(254	)
Aptargroup, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		880,935  USD		54,560
Arch Resources, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		917,116  USD		(118,102	)
Arcsoft Corp., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,001  USD		718
Arcsoft Corp., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,387  USD		444
Arista Networks, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,058,590  USD		(1,015	)
Armstrong World Industries, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		100,140  USD		456
Arrow Electronics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		446  USD		2
Arrowhead Pharmaceuticals, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		53,563  USD		8,090
Asana, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		74,694  USD		(2,106	)
ASGN, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		496,394  USD		52,687
Asia - Potash International Investment Guangzhou Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,742  USD		24
Asia - Potash International Investment Guangzhou Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,687  USD		20
Aspen Technology, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		47,265  USD		(2,263	)
Associated Banc-Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,887,983  USD		(25,847	)
Assurant, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,987,309  USD		5,997
Astro-century Education & Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		39,053  USD		341
Astro-century Education & Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		16,252  USD		142

See Notes to Consolidated Schedule of Investments.

119

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Asymchem Laboratories Tianjin Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		566,246  USD	$	12,030
Asymchem Laboratories Tianjin Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		287,641  USD		5,922
Atkore, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,004,063  USD		(26,039	)
Autel Intelligent Technology Corp., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		39,441  USD		(2,068	)
Autel Intelligent Technology Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		16,604  USD		(868	)
Autobio Diagnostics Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,778  USD		255
Autobio Diagnostics Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,955  USD		135
Autodesk, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		9,512  USD		290
AutoNation, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		6,466  USD		16
AutoZone, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,129,859  USD		65,052
Avalara, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		16,965  USD		(516	)
AvalonBay Communities, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		28,989  USD		(823	)
Avary Holding Shenzhen Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		125,727  USD		6,046
Avary Holding Shenzhen Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		62,887  USD		3,000
Avast PLC		08/15/23	M	1.74%	JPMorgan Chase Bank, N.A.		664,714  GBP		15,309
Avcon Information Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		24,000  USD		489
Avcon Information Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		26,321  USD		527
AVIC Electromechanical Systems Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		129,725  USD		891
AVIC Electromechanical Systems Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		64,695  USD		428
AVICOPTER PLC		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,791  USD		(339	)
AVICOPTER PLC		01/26/24	M	1.97%	Credit Suisse International		4,897  USD		(170	)
Avnet, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		143,127  USD		2,279
Axon Enterprise, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		8,360  USD		864
Bafang Electric Suzhou Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,168  USD		(358	)
Bafang Electric Suzhou Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,171  USD		(360	)
Baiyang Investment Group, Inc.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		43,196  USD		(493	)
Baiyang Investment Group, Inc.		01/26/24	M	1.97%	Credit Suisse International		17,989  USD		(189	)
Baker Hughes Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		242,155  USD		1,046
Bank of Chengdu Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		252  USD		(4	)
Bank of Chengdu Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		504  USD		(8	)
Bank of Hangzhou Co., Ltd.		05/21/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,034  USD		126
Bank of Hangzhou Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		15,605  USD		283
Bank of Qingdao Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,530  USD		12
Bank of Qingdao Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,370  USD		9
Bank of Suzhou Co., Ltd.		05/21/24	M	1.97%	JPMorgan Chase Bank, N.A.		607,083  USD		3,983
Bank of Suzhou Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		265,066  USD		1,831
Bank of Zhengzhou Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,898  USD		(53	)

See Notes to Consolidated Schedule of Investments.

120

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Bank of Zhengzhou Co., Ltd.		01/26/24	M	0.00%	Credit Suisse International		5,185  USD	$	(2	)
BankUnited, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		98,163  USD		(1,484	)
Baotou Dongbao Bio-Tech Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		25,492  USD		1,768
Baotou Dongbao Bio-Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,453  USD		944
BBMG Corp.		01/26/24	M	1.97%	Credit Suisse International		31,088  USD		153
BBMG Corp.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		74,074  USD		366
Beacon Roofing Supply, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		189,119  USD		3,378
BECE Legend Group Co., Ltd.		02/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		67,533  USD		(808	)
BECE Legend Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		99,099  USD		(1,208	)
Beijing Airport High-Tech Park Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		39,957  USD		(254	)
Beijing Airport High-Tech Park Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		16,697  USD		(120	)
Beijing Baolande Software Corp.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		19,751  USD		(276	)
Beijing Baolande Software Corp.		01/26/24	M	1.97%	Credit Suisse International		9,833  USD		(95	)
Beijing Bei Mo Gao Ke Friction Material Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		193,415  USD		(7,025	)
Beijing Bei Mo Gao Ke Friction Material Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		96,305  USD		(3,547	)
Beijing Capital Development Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,474  USD		74
Beijing Capital Development Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,312  USD		35
Beijing Certificate Authority Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,145  USD		(104	)
Beijing Certificate Authority Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		13,137  USD		(253	)
Beijing Compass Technology Development Co., Ltd.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		740,782  USD		(34,821	)
Beijing Compass Technology Development Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		391,067  USD		(17,013	)
Beijing E-Hualu Information Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,982  USD		(43	)
Beijing E-Hualu Information Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,616  USD		(17	)
Beijing Easpring Material Technology Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		427,003  USD		(7,306	)
Beijing Easpring Material Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		188,348  USD		(3,466	)
Beijing Enlight Media Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,558  USD		364
Beijing Enlight Media Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,902  USD		200
Beijing Funshine Culture Media Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		262,398  USD		12,193
Beijing Funshine Culture Media Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		125,667  USD		4,855

See Notes to Consolidated Schedule of Investments.

121

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Beijing Gehua CATV Network Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,748  USD	$	(155	)
Beijing Gehua CATV Network Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,585  USD		(79	)
Beijing Hanbang Technology Corp.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		49,270  USD		796
Beijing Hanbang Technology Corp.		01/26/24	M	1.97%	Credit Suisse International		20,516  USD		339
Beijing Haohua Energy Resource Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		10,094  USD		(93	)
Beijing Haohua Energy Resource Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		22,373  USD		(217	)
Beijing Hezong Science & Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		633,006  USD		(23,038	)
Beijing Hezong Science & Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		286,391  USD		(10,450	)
Beijing Huafeng Test & Control Technology Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		542,698  USD		10,991
Beijing Huafeng Test & Control Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		271,121  USD		5,723
Beijing Hualian Department Store Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		153,813  USD		8,166
Beijing Hualian Department Store Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		64,789  USD		3,466
Beijing Huayuanyitong Thermal Technology Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,968  USD		(110	)
Beijing Huayuanyitong Thermal Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,336  USD		(117	)
Beijing Interact Technology Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		142,886  USD		2,087
Beijing Interact Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		59,750  USD		872
Beijing Jetsen Technology Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		192,281  USD		17,143
Beijing Jetsen Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		130,369  USD		11,192
Beijing Jingneng Power Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		235,763  USD		(5,068	)
Beijing Jingneng Power Co., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		544,277  USD		(11,724	)
Beijing Join-Cheer Software Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		80,639  USD		2,592
Beijing Join-Cheer Software Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		33,614  USD		1,142
Beijing Lier High-temperature Materials Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		24,074  USD		563
Beijing Lier High-temperature Materials Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		26,356  USD		629
Beijing LongRuan Technologies, Inc.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,672  USD		(194	)
Beijing LongRuan Technologies, Inc.		01/26/24	M	1.97%	Credit Suisse International		5,015  USD		(581	)

See Notes to Consolidated Schedule of Investments.

122

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Beijing Sanju Environmental Protection and New Material Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,934  USD	$	(38	)
Beijing Sanju Environmental Protection and New Material Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,120  USD		(21	)
Beijing Sanlian Hope Shin-Gosen Technical Service Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		273  USD		5
Beijing Sanlian Hope Shin-Gosen Technical Service Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		546  USD		10
Beijing SDL Technology Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		49,569  USD		313
Beijing SDL Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		20,751  USD		147
Beijing SPC Environment Protection Tech Co., Ltd.		04/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		51,057  USD		149
Beijing SPC Environment Protection Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		26,890  USD		102
Beijing Tianyishangjia New Material Corp., Ltd.		05/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		249,254  USD		(1,137	)
Beijing Tianyishangjia New Material Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		117,750  USD		(355	)
Beijing Transtrue Technology, Inc.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		12,656  USD		(81	)
Beijing Transtrue Technology, Inc.		01/26/24	M	1.00%	Credit Suisse International		5,293  USD		(32	)
Beijing UniStrong Science & Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		74,403  USD		(1,454	)
Beijing UniStrong Science & Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		33,774  USD		(688	)
Beijing United Information Technology Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		22,237  USD		263
Beijing United Information Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,652  USD		135
Beijing Wantai Biological Pharmacy Enterprise Co., Ltd.		06/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		730,697  USD		30,225
Beijing Wantai Biological Pharmacy Enterprise Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		368,777  USD		16,231
Beijing Yanjing Brewery Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,085  USD		583
Beijing Yanjing Brewery Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,745  USD		306
Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		26,659  USD		(573	)
Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		38,038  USD		88

See Notes to Consolidated Schedule of Investments.

123

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Beijing Yuanlong Yato Culture Dissemination Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		260,965  USD	$	12,348
Beijing Yuanlong Yato Culture Dissemination Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		112,309  USD		5,320
Beijing Zhong Ke San Huan High-Tech Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		574  USD		268
Beijing Zhong Ke San Huan High-Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,529  USD		715
Beijing Zhongkehaixun Digital S&T Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		39,853  USD		(473	)
Beijing Zhongkehaixun Digital S&T Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		16,783  USD		(187	)
BeijingHualian Hypermarket Co., Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,654  USD		487
BeijingHualian Hypermarket Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,985  USD		532
Bestore Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		80,567  USD		4,113
Bestore Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		33,350  USD		1,719
Betta Pharmaceuticals Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,249  USD		(350	)
Betta Pharmaceuticals Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,609  USD		(160	)
Biem.L.Fdlkk Garment Co., Ltd.		04/10/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,014  USD		138
Biem.L.Fdlkk Garment Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		15,123  USD		311
Bio-Rad Laboratories, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		266,525  USD		11,170
Bio-Techne Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,545,087  USD		133,053
Biogen, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,631,228  USD		(36,825	)
Biohaven Pharmaceutical Holding Co., Ltd.		05/14/24	M	2.07%	JPMorgan Chase Bank, N.A.		10,030,375  USD		49,114
BioMarin Pharmaceutical, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		354,000  USD		(642	)
Black Knight, Inc.		05/13/24	M	2.07%	JPMorgan Chase Bank, N.A.		15,204,538  USD		604,410
BlackBerry Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		8,796  USD		200
Blackline, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		285,984  USD		(6,463	)
Blue Owl Capital, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		19,426  USD		(249	)
Bluestar Adisseo Co.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		2,740  USD		(21	)
Bluestar Adisseo Co.		01/26/24	M	1.00%	Credit Suisse International		1,442  USD		(11	)
BOC International China Co., Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		725,839  USD		(24,909	)
BOC International China Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		302,962  USD		(10,113	)
Bohai Leasing Co., Ltd.		05/28/24	M	1.97%	JPMorgan Chase Bank, N.A.		155,592  USD		(1,682	)
Bohai Leasing Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		73,048  USD		(761	)
Boise Cascade Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		62,957  USD		400
Boot Barn Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		85,525  USD		(6,416	)
Boston Properties, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,517,918  USD		(40,537	)
Brewin Dolphin Holdings PLC		04/03/24	M	1.74%	JPMorgan Chase Bank, N.A.		3,541,479  GBP		25,409
Bright Dairy & Food Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		365,792  USD		14,752
Bright Dairy & Food Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		160,925  USD		6,612
Bright Dairy & Food Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		254,939  USD		10,517

See Notes to Consolidated Schedule of Investments.

124

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Bright Dairy & Food Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		107,772  USD	$	4,485
Brightgene Bio Medical Technology Co., Ltd.		07/03/24	M	0.72%	JPMorgan Chase Bank, N.A.		23,200  USD		(112	)
Brightgene Bio Medical Technology Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		9,433  USD		(53	)
Bristol-Myers Squibb Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		905,015  USD		(1,343	)
Brixmor Property Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		967,760  USD		25,926
Bros Eastern Co., Ltd.		04/19/23	M	1.97%	JPMorgan Chase Bank, N.A.		153,121  USD		1,534
Bros Eastern Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		79,273  USD		582
Brother Enterprises Holding Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		474,712  USD		(2,044	)
Brother Enterprises Holding Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		199,558  USD		(831	)
Brunswick Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		96,597  USD		1,212
Btg Hotels Group Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		5,183  USD		4
Bumble, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		171,713  USD		(9,344	)
By-health Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		15,567  USD		280
By-health Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		8,260  USD		149
C&S Paper Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,159  USD		(52	)
C&S Paper Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,766  USD		(25	)
Cadence Bank		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,474,756  USD		(26,402	)
California Resources Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		16,930  USD		(336	)
Calix, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		532,063  USD		(2,791	)
Callaway Golf Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		180,239  USD		(4,228	)
Cambricon Technologies Corp., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,860  USD		(195	)
Cambricon Technologies Corp., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,930  USD		(64	)
CanSino Biologics, Inc.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		12,308  USD		(413	)
CanSino Biologics, Inc.		01/26/24	M	1.97%	Credit Suisse International		6,156  USD		(208	)
Capri Holdings Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		5,474  USD		(471	)
Cargurus, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		46,281  USD		(3,773	)
Carrier Global Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		585,747  USD		(6,379	)
Carter’s, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,230,660  USD		(10,651	)
Casey’s General Stores, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,442,512  USD		(39,068	)
CBRE Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		583  USD		6
CDW Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		40,594  USD		56
Celanese Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,319,885  USD		(11,004	)
Cenovus Energy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		200,579  USD		(10,783	)
CH Robinson Worldwide, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		15,593  USD		18
Chang Jiang Shipping Group Phoenix Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,677  USD		(176	)
Chang Jiang Shipping Group Phoenix Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		4,016  USD		(74	)
Changchun High & New Technology Industry Group, Inc.		01/26/24	M	1.97%	Credit Suisse International		3,179  USD		307
Change Healthcare, Inc.		01/19/23	M	2.07%	JPMorgan Chase Bank, N.A.		8,596,268  USD		(11,169	)
Change Healthcare, Inc.		01/10/23	M	1.57%	Goldman Sachs International		8,546,094  USD		(11,104	)
Changjiang & Jinggong Steel Building Group Co., Ltd.		07/02/24	M	0.72%	JPMorgan Chase Bank, N.A.		225,800  USD		3,947

See Notes to Consolidated Schedule of Investments.

125

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Changjiang & Jinggong Steel Building Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		92,262  USD	$	1,666
Changjiang Publishing & Media Co., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		104,995  USD		758
Changjiang Publishing & Media Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		51,080  USD		349
ChangYuan Technology Group Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		135,107  USD		(247	)
ChangYuan Technology Group Ltd.		01/26/24	M	1.97%	Credit Suisse International		55,271  USD		(111	)
Changzhou Shenli Electrical Machine, Inc., Co.		07/01/24	M	1.97%	JPMorgan Chase Bank, N.A.		19,580  USD		(518	)
Changzhou Shenli Electrical Machine, Inc., Co.		01/26/24	M	1.97%	Credit Suisse International		21,122  USD		(494	)
Changzhou Xingyu Automotive Lighting Systems Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,486  USD		69
ChargePoint Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		56,537  USD		(2,899	)
Charles River Laboratories International, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		115,622  USD		(2,004	)
Chemed Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,118,464  USD		14,644
Chen Ke Ming Food Manufacturing Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		279,067  USD		4,576
Chen Ke Ming Food Manufacturing Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		140,155  USD		2,345
Chengdu CORPRO Technology Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		465,385  USD		(5,985	)
Chengdu CORPRO Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		213,183  USD		(2,291	)
Chengdu Kanghong Pharmaceutical Group Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		254,237  USD		2,414
Chengdu Kanghong Pharmaceutical Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		107,430  USD		1,033
Chengdu Wintrue Holding Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		469  USD		9
Chengdu Wintrue Holding Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,171  USD		24
Chengdu Xingrong Environment Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,535  USD		(47	)
Chengdu Xingrong Environment Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,461  USD		(26	)
Chenguang Biotech Group Co., Ltd.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		323,817  USD		(9,826	)
Chenguang Biotech Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		168,217  USD		(5,407	)
Chengxin Lithium Group Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,579,049  USD		16,921
Chengxin Lithium Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		776,727  USD		11,191
Chimin Health Management Co., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,978  USD		27
Chimin Health Management Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		15,004  USD		48

See Notes to Consolidated Schedule of Investments.

126

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
China Baoan Group Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		82,362  USD	$	(4,779	)
China Baoan Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		40,964  USD		(2,274	)
China CITIC Bank Corp., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		157,899  USD		(164	)
China CITIC Bank Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		66,818  USD		(49	)
China Coal Energy Co., Ltd.		04/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		446,013  USD		707
China Coal Energy Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		240,830  USD		1,835
China Construction Bank		01/26/24	M	1.97%	Credit Suisse International		57,981  USD		769
China Construction Bank Corp.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		117,556  USD		1,575
China Development Bank		11/21/22	M	6.69%	Morgan Stanley & Co. LLC		33,159,951  CNY		(1,141	)
China Galaxy Securities Co., Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		264,481  USD		154
China Galaxy Securities Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		135,906  USD		22
China Grand Automotive Services Group Co., Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,934  USD		(410	)
China Grand Automotive Services Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,192  USD		(215	)
China IRS 7 Day Interbank Repo Fixing Rate		09/13/31	3M	0.00%	Morgan Stanley Capital Services LLC		160,692,515  CNY		(161,573	)
China IRS 7 Day Interbank Repo Fixing Rate		09/13/31	3M	0.00%	Morgan Stanley Capital Services LLC		270,831,258  CNY		(228,674	)
China Jushi Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		211,299  USD		7,682
China Jushi Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		83,069  USD		3,014
China Merchants Energy Shipping Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		12,274  USD		288
China Merchants Energy Shipping Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,052,045  USD		(14,276	)
China Merchants Energy Shipping Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		476,968  USD		(6,294	)
China Merchants Port Group Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		38,767  USD		150
China Merchants Port Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		16,011  USD		68
China Merchants Property Operation & Service Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		18,864  USD		1,269
China Merchants Property Operation & Service Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,063  USD	$	674
China Merchants Securities Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		70,390  USD		(862	)
China Merchants Securities Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		34,870  USD		(429	)
China National Medicines Corp., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,611  USD		(11	)
China National Medicines Corp., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,231  USD		(30	)
China National Medicines Corp., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		400  USD		—
China National Medicines Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		800  USD		—

See Notes to Consolidated Schedule of Investments.

127

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
China Oilfield Services Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		78,956  USD	$	1,779
China Oilfield Services Ltd.		01/26/24	M	1.97%	Credit Suisse International		32,013  USD		703
China Pacific Insurance Group Co., Ltd.		04/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		345,097  USD		773
China Pacific Insurance Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		151,926  USD		271
China Railway Group Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		127,926  USD		(1,628	)
China Railway Group Ltd.		01/26/24	M	1.97%	Credit Suisse International		60,839  USD		(763	)
China Railway Hi-tech Industry Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,560  USD		16
China Railway Hi-tech Industry Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,957  USD		11
China Reform Health Management and Services Group Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		51,181  USD		(2,487	)
China Reform Health Management and Services Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		27,292  USD		(1,402	)
China Resources Microelectronics Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,005  USD		55
China Resources Microelectronics Ltd.		01/26/24	M	1.97%	Credit Suisse International		17,432  USD		216
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		17,283  USD		866
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		20,172  USD		1,338
China Shenhua Energy Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		466  USD		31
China Shenhua Energy Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		931  USD		64
China Southern Airlines Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,192  USD		487
China Southern Airlines Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,686  USD		538
China XD Electric Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		21,378  USD		(684	)
China XD Electric Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		9,529  USD		(301	)
China Zhenhua Group Science & Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		12,540  USD		(353	)
China Zhenhua Group Science & Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		35,391  USD		(862	)
China Zheshang Bank Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		104,539  USD		(490	)
China Zheshang Bank Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		49,800  USD		(206	)
Chinalin Securities Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		2,995  USD		(33	)
Chinalin Securities Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,608  USD		(13	)

See Notes to Consolidated Schedule of Investments.

128

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Choice Hotels International, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		209,967  USD	$	(6,577	)
Chongqing Department Store Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		61,333  USD		1,821
Chongqing Department Store Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		32,536  USD		974
Chongqing Fuling Zhacai Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		15,188  USD		282
Chongqing Fuling Zhacai Group Co., Ltd.		01/26/24	M	0.00%	Credit Suisse International		8,108  USD		143
Chongqing Zaisheng Technology Corp., Ltd.		04/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		16,188  USD		58
Chongqing Zaisheng Technology Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		17,845  USD		130
Chongqing Zhifei Biological Products Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		217,208  USD		1,684
Chongqing Zhifei Biological Products Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		90,502  USD		703
Chongqing Zongshen Power Machinery Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,070  USD		131
Chongqing Zongshen Power Machinery Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,535  USD		365
Chongyi Zhangyuan Tungsten Industry Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		25,784  USD		46
Chongyi Zhangyuan Tungsten Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,829  USD		34
Chow Tai Seng Jewellery Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		52,520  USD		4,317
Chow Tai Seng Jewellery Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		27,655  USD		2,272
Chubb Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		33,153  USD		462
Cincinnati Financial Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		238,162  USD		6,818
Cineplex, Inc.		12/20/23	M	2.07%	Goldman Sachs International		130,325  CAD		(4,476	)
Cineplex, Inc.		03/06/24	M	2.62%	JPMorgan Chase Bank, N.A.		108,700  CAD		(3,733	)
Cintas Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,434  USD		60
Cirrus Logic, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		28,848  USD		240
CITIC Securities Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		130,793  USD		572
CITIC Securities Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		65,688  USD		318
Ciwen Media Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		46,638  USD		1,302
Ciwen Media Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		48,275  USD		1,190
Cloud Live Technology Group Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,541  USD		952
Cloud Live Technology Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,996  USD		381
CMC Materials, Inc.		12/19/23	M	2.07%	JPMorgan Chase Bank, N.A.		14,722,757  USD		10,132
CME Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		108,200  USD		(1,960	)
CMST Development Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		23,736  USD		234
CMST Development Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		11,944  USD		126
CNOOC Energy Technology & Services Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,064  USD		(60	)

See Notes to Consolidated Schedule of Investments.

129

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
CNOOC Energy Technology & Services Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,021  USD	$	(56	)
CNPC Capital Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		201,311  USD		(793	)
CNPC Capital Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		89,116  USD		(379	)
CNSIG Inner Mongolia Chemical Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,641  USD		580
Co.lumbia Sportswear Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		519,905  USD		(11,544	)
COFCO Biotechnology Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		3,883  USD		(102	)
COFCO Biotechnology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,348  USD		(190	)
Coherent, Inc.		01/23/23	M	2.07%	JPMorgan Chase Bank, N.A.		20,137,248  USD		201,693
Columbia Banking System, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		56,681  USD		1,192
Commerce Bancshares, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		618,223  USD		3,220
Commodity Index Swap - MSCY2HGP		05/25/22	M	0.00%	Morgan Stanley Capital Services LLC		—		(751,334	)
Commodity Index Swap - MSCY2LAP		05/25/22	M	0.00%	Morgan Stanley Capital Services LLC		—		(796,356	)
Conagra Brands, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		3,262,168  USD		191,655
CONMED Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		417,040  USD		29,393
Constellation Energy Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		89,812  USD		(1,517	)
Copart, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		54,583  USD		(145	)
COSCO SHIPPING Development Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,490  USD		(65	)
COSCO SHIPPING Development Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,475  USD		(38	)
Cosco Shipping Holdings Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		208  USD		—
Cosco Shipping Holdings Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		831  USD		—
COSCO Shipping Specialized Carriers Co., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		464,650  USD		(2,110	)
COSCO Shipping Specialized Carriers Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		200,860 USD		(841	)
Coterra Energy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,509  USD		(162	)
Coupang, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		9,999  USD		316
Cousins Properties, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,983,879  USD		(14,625	)
Cracker Barrel Old Country Store, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		282,374  USD		(10,531	)
Create Technology & Science Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,746  USD		(136	)
Create Technology & Science Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,604  USD		(57	)
CRISPR Therapeutics AG		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,242,962  USD		(34,186	)
Crown Castle International Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		112,246  USD		1,074
CSPC Innovation Pharmaceutical Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		574,034  USD		17,183
CSPC Innovation Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		262,515  USD		7,844
CSX Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,704,099  USD		(12,852	)

See Notes to Consolidated Schedule of Investments.

130

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
CTS International Logistics Corp., Ltd.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		311,385  USD	$	(6,483	)
CTS International Logistics Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		145,480  USD		(3,143	)
Cullen/Frost Bankers, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,000,850  USD		(14,170	)
Curtiss-Wright Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		332,831  USD		1,677
Cybrid Technologies, Inc.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		68,797  USD		(824	)
Cybrid Technologies, Inc.		01/26/24	M	1.97%	Credit Suisse International		39,449  USD		(494	)
Cytokinetics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		57,042  USD		(9,226	)
Dafeng Industrial Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,622  USD		41
Dalian Bio-Chem Co., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,930  USD		(110	)
Dalian Bio-Chem Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,603  USD		(190	)
Dalian Haosen Equipment Manufacturing Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		21,156  USD		(74	)
Dalian Haosen Equipment Manufacturing Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		23,596  USD		236
Dalian Huarui Heavy Industry Group Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,015  USD		(315	)
Dalian Huarui Heavy Industry Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		14,001  USD		(879	)
Danaher Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		7,316  USD		290
Datang International Power Generation Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,365  USD		(81	)
Datang International Power Generation Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,294  USD		(43	)
DBG Technology Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		140,245  USD		1,965
DBG Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		68,695  USD		927
Deere & Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		26,342  USD		(2,384	)
DENTSPLY SIRONA, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,115,100  USD		17,433
Deppon Logistics Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		2,785  USD		23
Deppon Logistics Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,593  USD		12
Devon Energy Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		66,192  USD		(5,957	)
DHC Software Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		10,027  USD		74
DHC Software Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,243  USD		44
Diamondback Energy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		617,086  USD		(51,921	)
Dianguang Explosion-Proof Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		32,179  USD		(943	)
Dianguang Explosion-Proof Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,482  USD		(404	)
Dick’s Sporting Goods, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		9,480  USD		(360	)

See Notes to Consolidated Schedule of Investments.

131

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Digital China Group Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		526,267  USD	$	1,393
Digital China Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		227,413  USD		626
DigitalOcean Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		12,837  USD		(181	)
Dillard’s, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		506,873  USD		(98,157	)
Dingli Communications Corp., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		43,019  USD		342
Dingli Communications Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		17,955  USD		147
Diodes, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		511,204  USD		(5,363	)
Do-Fluoride New Materials Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		36,276  USD		1,717
Do-Fluoride New Materials Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		78,822  USD		3,738
Dolby Laboratories, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		66,548  USD		(1,857	)
Dollar General Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		193,566  USD		5,241
Dollar Tree, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,265,583  USD		(4,289	)
Dominion Energy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		238,014  USD		4,129
Donaldson Co., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		45,266  USD		33
Dongfang Electric Corp., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,306  USD		(282	)
Dongfang Electric Corp., Ltd.		01/26/24	M	1.00%	Credit Suisse International		7,023  USD		(143	)
Dongguan Aohai Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		84,587  USD		4,750
Dongguan Aohai Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		51,798  USD		2,959
Douglas Emmett, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,585,554  USD		19,008
Dover Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		892,074  USD		15,764
Drilling Co. of 1972 (The)		11/14/23	M	0.18%	JPMorgan Chase Bank, N.A.		5,953,452  DKK		(160,809	)
DT Midstream, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		296,469  USD		(1,957	)
Duke Realty Corp.		06/17/24	M	2.07%	JPMorgan Chase Bank, N.A.		19,662,297  USD		882,354
Dun & Bradstreet Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		301,811  USD		8,889
Duolingo, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		200,917  USD		(15,749	)
Dynatrace, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		294,744  USD		(4,821	)
Earth-Panda Advanced Magnetic Material Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		86,008  USD		2,152
Earth-Panda Advanced Magnetic Material Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		39,302  USD		1,000
East West Bancorp, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,520,995  USD		17,810
Eastern Air Logistics Co., Ltd.		07/03/24	M	0.00%	JPMorgan Chase Bank, N.A.		2,343  USD		23
Eastern Air Logistics Co., Ltd.		01/26/24	M	0.00%	Credit Suisse International		1,172  USD		11
EastGroup Properties, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		831,999  USD		(18,526	)
Edison International		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		76,616  USD		3,762
EGing Photovoltaic Technology Co., Ltd.		03/27/24	M	1.97%	JPMorgan Chase Bank, N.A.		53,706  USD		(240	)
EGing Photovoltaic Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		39,272  USD		(167	)
EIT Environmental Development Group Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		150,011  USD		(2,720	)

See Notes to Consolidated Schedule of Investments.

132

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
EIT Environmental Development Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		78,111  USD	$	(1,426	)
EmbedWay Technologies Shanghai Corp.		07/02/24	M	0.72%	JPMorgan Chase Bank, N.A.		13,794  USD		(84	)
EmbedWay Technologies Shanghai Corp.		01/26/24	M	0.72%	Credit Suisse International		5,736  USD		(38	)
EMIS Group PLC		06/20/24	M	1.74%	JPMorgan Chase Bank, N.A.		9,262,553  GBP		(37,100	)
Encore Wire Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		147,168  USD		(4,798	)
Enerplus Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,687,782  USD		(201,141	)
Enn Natural Gas Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,416  USD		138
Enn Natural Gas Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,953  USD		156
Enovis Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		204,379  USD		(2,584	)
Enphase Energy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		202,610  USD		830
Entegris, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		6,512  USD		(248	)
Envestnet, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,152,650  USD		(13,767	)
Envista Holdings Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		473,290  USD		32,779
EQT Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		20,645  USD		(1,346	)
Equifax, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		41,913  USD		492
Esab Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		211,621  USD		2,885
Essex Property Trust, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,603,819  USD		53,384
Euronet Worldwide, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		170,446  USD		(5,781	)
Europcar Mobility Group		08/02/24	M	0.78%	JPMorgan Chase Bank, N.A.		13  EUR		6,658,101
Eve Energy Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		265,665  USD		(6,414	)
Eve Energy Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		125,672  USD		(3,329	)
Evercore, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		33,479  USD		(154	)
Eversource Energy		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,443,724  USD		11,103
Evoqua Water Technologies Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,578,566  USD		68,391
Exact Sciences Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		16,471  USD		585
Expeditors International of Washington, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,162,781  USD		(1,058	)
Exponent, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		235,251  USD		18,212
Eyebright Medical Technology Beijing Co., Ltd.		04/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,463  USD		398
F5, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,130,898  USD		(4,713	)
FactSet Research Systems, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		33,580  USD		647
Fate Therapeutics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		465,607  USD		53,410
Federal Realty Investment Trust		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,067,110  USD		(8,891	)
FedEx Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		145,576  USD		(1,842	)
Fibocom Wireless, Inc.		02/21/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,115  USD		(201	)
Fibocom Wireless, Inc.		01/26/24	M	1.97%	Credit Suisse International		9,731  USD		(234	)
Fidelity National Financial, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		976,710  USD		24,832
Financial Street Holdings Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		123,343  USD		4,025
Financial Street Holdings Co., Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		237,259  USD		7,699
First American Financial Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,145,897  USD		65,601
First Horizon Corp.		03/01/24	M	2.07%	JPMorgan Chase Bank, N.A.		11,563,861  USD		193,627
First Industrial Realty Trust, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,695,087  USD		(7,030	)
First Tractor Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		187,743  USD		(869	)
First Tractor Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		84,005  USD		(408	)
Five Below, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,457,401  USD		(76,164	)
Five9, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		102,521  USD		3,202
Flagstar Bancorp, Inc.		04/28/23	M	2.07%	JPMorgan Chase Bank, N.A.		52,372  USD		2,966
Fluor Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		502,236  USD		(9,911	)

See Notes to Consolidated Schedule of Investments.

133

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Fortis, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		21,985  USD	$	374
Fortive Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,575,572  USD		(10,625	)
Fortune Brands Home & Security, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		760,987  USD		13,501
Fortune Ng Fung Food Hebei Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		58,654  USD		(2,833	)
Fortune Ng Fung Food Hebei Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		24,404  USD		(1,172	)
Foryou Corp.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		406,568  USD		(25,505	)
Foryou Corp.		01/26/24	M	1.00%	Credit Suisse International		168,384  USD		(10,680	)
Fox Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		171,244  USD		(3,819	)
Foxconn Industrial Internet Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		206,785  USD		6,646
Foxconn Industrial Internet Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		83,651  USD		2,633
FS KKR Capital Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		602,221  USD		19,530
Fuda Alloy Materials Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,720  USD		(134	)
Fuda Alloy Materials Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,246  USD		(144	)
Fujian Haixia Environmental Protection Group Co., Ltd.		04/10/24	M	1.97%	JPMorgan Chase Bank, N.A.		20,312  USD		2,152
Fujian Haixia Environmental Protection Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		22,403  USD		2,351
Fujian Star-net Communication Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,428  USD		13
Fujian Star-net Communication Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,051  USD		7
Fujian Sunner Development Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		171,960  USD		(4,636	)
Fujian Sunner Development Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		70,464  USD		(1,988	)
Fujian Tianma Science & Technology Group Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		292  USD		14
Fujian Tianma Science & Technology Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		876  USD		42
Fujian Wanchen Biotechnology Co., Ltd.		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		17,897  USD		(321	)
Fujian Wanchen Biotechnology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,474  USD		(134	)
Fujian Yuanli Active Carbon Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,619  USD		218
Fujian Yuanli Active Carbon Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		12,284  USD		615
Fuyao Glass Industry Group Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		125,419  USD		(6,127	)
Fuyao Glass Industry Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		62,434  USD		(3,101	)
Ganfeng Lithium Co., Ltd.		05/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		593,394  USD		50,781
Ganfeng Lithium Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		293,082  USD		24,563

See Notes to Consolidated Schedule of Investments.

134

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Gansu Guofang Industry & Trade Group Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		151,091  USD	$	2,909
Gansu Guofang Industry & Trade Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		63,173  USD		1,220
Gansu Jingyuan Coal Industry and Electricity Power Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		356,100  USD		583
Gansu Jingyuan Coal Industry and Electricity Power Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		723,275  USD		1,293
GCP Applied Technologies, Inc.		12/08/23	M	2.07%	JPMorgan Chase Bank, N.A.		11,198,262  USD		90,221
Geovis Technology Co., Ltd.		06/12/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,885  USD		189
Geovis Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,879  USD		194
Geron Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,470  USD		80
Geron Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,075  USD		91
Getein Biotech, Inc.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		660,917  USD		(1,680	)
Getein Biotech, Inc.		01/26/24	M	1.97%	Credit Suisse International		327,007  USD		(495	)
GFL Environmental, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		143,495  USD		(1,053	)
Giant Network Group Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		178,733  USD		9,481
Giant Network Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		73,256  USD		3,834
Giantec Semiconductor, Inc.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		111,051  USD		333
Giantec Semiconductor, Inc.		01/26/24	M	1.97%	Credit Suisse International		54,018  USD		83
Gifore Agricultural Science & Technology Service Co., Ltd.		06/04/24	M	1.97%	JPMorgan Chase Bank, N.A.		10,325  USD		(286	)
Gifore Agricultural Science & Technology Service Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		11,331  USD		(308	)
Gildan Activewear, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		176,090  USD		2,404
Gitlab, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		9,609  USD		169
Global-e Online Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		6,231  USD		123
Global-e Online Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,052  USD		(27	)
GLOBALFOUNDRIES, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,033,802  USD		(107,273	)
Globant SA		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		42,030  USD		(1,314	)
Globus Medical, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		21,267  USD		(46	)
GoerTek, Inc.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,397  USD		(385	)
GoerTek, Inc.		01/26/24	M	1.97%	Credit Suisse International		7,853  USD		(827	)
Golar LNG Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		128,342  USD		(3,831	)
Golden Ocean Group Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		330,191  USD		1
Goldman Sachs Fusion Swap		03/24/22	M	0.00%	Goldman Sachs International		218,488,351  USD		143,789
Gotion High-tech Co., Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		340,639  USD		(9,588	)
Gotion High-tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		148,636  USD		(4,226	)
Graco, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,966,521  USD		45,636
Grandjoy Holdings Group Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		3,556  USD		29
Grandjoy Holdings Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,895  USD		17
GRG Banking Equipment Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,175  USD		(5	)

See Notes to Consolidated Schedule of Investments.

135

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
GRG Banking Equipment Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,297  USD	$	(4	)
GS Equity Index Swap - ABGSCAC2		06/24/22	M	0.00%	Goldman Sachs International		—  USD		(5,613	)
GS Equity Index Swap - GSC1000N		09/21/22	M	1.51%	Goldman Sachs International		15,751,183  USD		540,680
GS Equity Index Swap - GSCBBXC3		03/24/22	M	0.00%	Goldman Sachs International		23,908,246  USD		(1,862,276	)
GS Equity Index Swap - GSCBBXE2		06/24/22	M	1.00%	Goldman Sachs International		20,757,060  USD		(1,388,640	)
GS Equity Index Swap - GSFXID96		06/24/22	M	1.00%	Goldman Sachs International		74,763,920  USD		326,480
GS Equity Index Swap - GSIS242E		06/24/22	M	0.00%	Goldman Sachs International		—  USD		(602,539	)
GS Equity Index Swap - GSISGID6		06/24/22	M	1.00%	Goldman Sachs International		12,523,728  USD		(345,318	)
GS Equity Index Swap - GSISMES4		06/24/22	M	1.00%	Goldman Sachs International		16,656,588  USD		211,404
GS Equity Index Swap - GSISMNQ4		06/24/22	M	1.00%	Goldman Sachs International		16,324,070  USD		324,657
GS Equity Index Swap - GSVIKY4E		03/24/22	M	1.00%	Goldman Sachs International		25,708,426  USD		97,520
GSP Automotive Group Wenzhou Co., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		81,899  USD		(1,756	)
GSP Automotive Group Wenzhou Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		34,357  USD		(729	)
Guangdong Brandmax Marketing Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		54,768  USD		(852	)
Guangdong Brandmax Marketing Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		22,913  USD		(349	)
Guangdong Chant Group, Inc.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		52,620  USD		263
Guangdong Chant Group, Inc.		01/26/24	M	1.97%	Credit Suisse International		21,947  USD		112
Guangdong Chaohua Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,114  USD		(59	)
Guangdong Chaohua Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,522  USD		(56	)
Guangdong Chj Industry Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		34,202  USD		355
Guangdong Chj Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		14,302  USD		165
Guangdong Create Century Intelligent Equipment Group Corp., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,432  USD		470
Guangdong Create Century Intelligent Equipment Group Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		8,233  USD		528
Guangdong Dcenti Auto-Parts Stock Ltd Co.		11/03/22	M	0.45%	JPMorgan Chase Bank, N.A.		32,112  USD		(803	)
Guangdong Dcenti Auto-Parts Stock Ltd Co.		01/26/24	M	1.97%	Credit Suisse International		13,416  USD		(334	)
Guangdong Ellington Electronics Technology Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		12,803  USD		(92	)
Guangdong Ellington Electronics Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,346  USD		(34	)
GuangDong GenSho Logistics Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		118,707  USD		(416	)

See Notes to Consolidated Schedule of Investments.

136

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
GuangDong GenSho Logistics Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		49,391  USD	$	10
Guangdong Guanghua Sci-Tech Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		50,890  USD		1,508
Guangdong Guanghua Sci-Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		21,398  USD		633
Guangdong Guoli Sci&Tech Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		21,643  USD		267
Guangdong Guoli Sci&Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		9,010  USD		108
Guangdong HEC Technology Holding Co., Ltd.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		25,815  USD		372
Guangdong HEC Technology Holding Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,627  USD		206
Guangdong Hoshion Industrial Aluminium Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,699  USD		(56	)
Guangdong Hoshion Industrial Aluminium Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,246  USD		(139	)
Guangdong Hybribio Biotech Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,383  USD		130
Guangdong Hybribio Biotech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,683  USD		301
Guangdong Jia Yuan Technology Shares Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		349,997  USD		(86	)
Guangdong Jia Yuan Technology Shares Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		142,032  USD		(39	)
Guangdong Leadyo IC Testing Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,385  USD		258
Guangdong Leadyo IC Testing Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,280  USD		304
Guangdong Orient Zirconic Ind Sci & Tech Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		207,770  USD		1,192
Guangdong Orient Zirconic Ind Sci & Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		118,352  USD		2,367
GuangDong Rifeng Electric Cable Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,123  USD		3,550
GuangDong Rifeng Electric Cable Co., Ltd.		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		14,232  USD		8,244
Guangdong SACA Precision Manufacturing Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		23,935  USD		1,568
Guangdong SACA Precision Manufacturing Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		26,057  USD		1,934
Guangdong Shenglu Telecommunication Tech Co., Ltd.		06/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		142,882  USD		8,776
Guangdong Shenglu Telecommunication Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		64,364  USD		3,856
Guangdong Shunna Electric Co., Ltd.		06/12/24	M	1.97%	JPMorgan Chase Bank, N.A.		203,247  USD		3,731

See Notes to Consolidated Schedule of Investments.

137

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Guangdong Shunna Electric Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		85,021  USD	$	1,577
Guangdong Tecsun Science & Technology Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,559  USD		(8	)
Guangdong Tecsun Science & Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,464  USD		(17	)
Guangdong Tianan New Material Co., Ltd.		07/01/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,578  USD		(44	)
Guangdong Tianan New Material Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,792  USD		(46	)
Guangdong Vanward New Electric Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,846  USD		(213	)
Guangdong Vanward New Electric Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,752  USD		(89	)
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,400  USD		(144	)
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,702  USD		(74	)
Guanghui Energy Co., Ltd.		11/08/23	M	1.97%	JPMorgan Chase Bank, N.A.		415,136  USD		22,357
Guanghui Energy Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		216,026  USD		10,541
Guanglian Aviation Industry Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		66,316  USD		292
Guanglian Aviation Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		32,427  USD		278
Guangshen Railway Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,290  USD		(47	)
Guangshen Railway Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		2,788  USD		(20	)
Guangxi Guiguan Electric Power Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		10,415  USD		(226	)
Guangxi Guiguan Electric Power Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,487  USD		(119	)
Guangzhou Automobile Group Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		386,718  USD		(34,306	)
Guangzhou Automobile Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		175,418  USD		(15,604	)
Guangzhou Haige Co.mmunications Group Inc., Co.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		12,098  USD		(149	)
Guangzhou Haige Co.mmunications Group Inc., Co.		01/26/24	M	1.00%	Credit Suisse International		6,324  USD		(78	)
Guangzhou Hangxin Aviation Technology Co., Ltd.		04/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,378  USD		15
Guangzhou Hangxin Aviation Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,880  USD		18
Guangzhou Hi-Target Navigation Tech Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		37,524  USD		(423	)
Guangzhou Hi-Target Navigation Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		15,609  USD		(140	)

See Notes to Consolidated Schedule of Investments.

138

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Guangzhou Kingmed Diagnostics Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		18,987  USD	$	743
Guangzhou Shiyuan Electronic Technology Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		336,941  USD		(2,776	)
Guangzhou Shiyuan Electronic Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		170,483  USD		(1,712	)
Guangzhou Tinci Materials Technology Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,302  USD		333
Guangzhou Tinci Materials Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,316  USD		808
Guangzhou Wondfo Biotech Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		913,670  USD		5,250
Guangzhou Wondfo Biotech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		460,278  USD		3,117
Guangzhou Yuexiu Financial Holdings Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		46,551  USD		285
Guangzhou Yuexiu Financial Holdings Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		23,065  USD		143
Guidewire Software, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,098,368  USD		(21,237	)
Guilin Sanjin Pharmaceutical Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		347,555  USD		1,051
Guilin Sanjin Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		154,198  USD		543
Guizhou Panjiang Refined Coal Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		432,356  USD		(3,439	)
Guizhou Panjiang Refined Coal Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		217,573  USD		(1,805	)
Guizhou Xinbang Pharmaceutical Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,722  USD		265
Guizhou Xinbang Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,960  USD		137
GuoChuang Software Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		47,303  USD		(761	)
GuoChuang Software Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		31,306  USD		(598	)
Guolian Securities Co., Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		519,747  USD		33,789
Guolian Securities Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		214,278  USD		14,102
Guoyuan Securities Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		35,200  USD		(357	)
Guoyuan Securities Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		16,051  USD		(162	)
GXO Logistics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		483,109  USD		(15,187	)
Hainan Haide Capital Management Co., Ltd.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		256,574  USD		(5,755	)
Hainan Haide Capital Management Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		111,019  USD		(2,390	)
Hainan Haiyao Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		83,056  USD		367
Hainan Haiyao Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		36,216  USD		171
Hainan Mining Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,844  USD		(123	)

See Notes to Consolidated Schedule of Investments.

139

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hainan Mining Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,988  USD	$	(64	)
Hainan Poly Pharm Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,393  USD		858
Hainan Poly Pharm Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		11,411  USD		2,241
Haining China Leather Market Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		281,256  USD		13,065
Haining China Leather Market Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		121,816  USD		5,568
Haisco Pharmaceutical Group Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,656  USD		29
Haisco Pharmaceutical Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,893  USD		32
Haixin Foods Co., Ltd.		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		167,491  USD		6,126
Haixin Foods Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		69,949  USD		2,651
Hancock Whitney Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		576,898  USD		(2,736	)
Hand Enterprise Solutions Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		695,712  USD		(6,062	)
Hand Enterprise Solutions Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		311,876  USD		(2,449	)
Hang Zhou Great Star Industrial Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		628,517  USD		(13,866	)
Hang Zhou Great Star Industrial Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		274,908  USD		(6,139	)
Hangzhou Advance Gearbox Group Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,542  USD		(100	)
Hangzhou Advance Gearbox Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,571  USD		(44	)
Hangzhou Alltest Biotech Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		21,788  USD		13
Hangzhou Alltest Biotech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,265  USD		2
Hangzhou Binjiang Real Estate Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,544  USD		1,079
Hangzhou Binjiang Real Estate Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,447  USD		559
Hangzhou Cable Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		34,129  USD		(911	)
Hangzhou Cable Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		14,273  USD		(379	)
Hangzhou Century Co., Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		79,084  USD		74
Hangzhou Century Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		33,097  USD		32
Hangzhou Chang Chuan Technology Co., Ltd.		04/10/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,795  USD		322
Hangzhou Chang Chuan Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		15,591  USD		596
Hangzhou Dptech Technologies Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		16,185  USD		1,185
Hangzhou Dptech Technologies Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		8,098  USD		587
Hangzhou Iron & Steel Co.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,974  USD		(79	)
Hangzhou Iron & Steel Co.		01/26/24	M	1.00%	Credit Suisse International		2,642  USD		(41	)
Hangzhou Jiebai Group Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,775  USD		195
Hangzhou Jiebai Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,076  USD		107

See Notes to Consolidated Schedule of Investments.

140

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hangzhou Silan Microelectronics Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		687  USD	$	90
Hangzhou Weiguang Electronic Co., Ltd.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		82,468  USD		469
Hangzhou Weiguang Electronic Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		65,086  USD		15
Hangzhou Zhongya Machinery Co., Ltd.		01/30/23	M	0.23%	JPMorgan Chase Bank, N.A.		15,774  USD		28
Hangzhou Zhongya Machinery Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		6,610  USD		4
Harbin Air Conditioning Co., Ltd.		07/01/24	M	1.97%	JPMorgan Chase Bank, N.A.		25,443  USD		(426	)
Harbin Air Conditioning Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,690  USD		(182	)
Harbin Electric Corp Jiamusi Electric Machine Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		235,041  USD		4,472
Harbin Electric Corp Jiamusi Electric Machine Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		102,279  USD		1,979
Healthcare Co., Ltd.		04/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		444,326  USD		(2,737	)
Healthcare Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		193,682  USD		(980	)
HealthEquity, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,283,618  USD		(100,387	)
Hebei Jianxin Chemical Co., Ltd.		05/21/24	M	1.97%	JPMorgan Chase Bank, N.A.		57,044  USD		(330	)
Hebei Jianxin Chemical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		23,692  USD		(133	)
Hefei Department Store Group Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		97,587  USD		2,451
Hefei Department Store Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		40,656  USD		1,032
Hefei Gocom Information Technology Co., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,993  USD		(205	)
Hefei Gocom Information Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,304  USD		(543	)
Hefei Meiya Optoelectronic Technology, Inc.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,485  USD		(44	)
Hefei Meiya Optoelectronic Technology, Inc.		01/26/24	M	1.00%	Credit Suisse International		2,910  USD		4
Hefei Metalforming Intelligent Manufacturing Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		263,921  USD		673
Hefei Metalforming Intelligent Manufacturing Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		109,107  USD		134
Helen of Troy Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		508,177  USD		35,734
Henan Huanghe Whirlwind Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		14,153  USD		(605	)
Henan Huanghe Whirlwind Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		15,640  USD		(660	)
Henan Lantian Gas Co., Ltd.		04/10/24	M	1.97%	JPMorgan Chase Bank, N.A.		17,700  USD		(572	)
Henan Lantian Gas Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,332  USD		(180	)
Henan Mingtai Al Industrial Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,716  USD		1,083

See Notes to Consolidated Schedule of Investments.

141

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Henan Mingtai Al Industrial Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		31,281  USD	$	2,849
Henan Qing Shui Yuan Technology Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,461  USD		247
Henan Qing Shui Yuan Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		12,348  USD		688
Henan Shijia Photons Technology Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		508,092  USD		27,653
Henan Shijia Photons Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		249,816  USD		13,800
Henan Shuanghui Investment & Development Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		17,796  USD		149
Henan Shuanghui Investment & Development Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		9,539  USD		90
Henan Thinker Automatic Equipment Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,916  USD		164
Henan Thinker Automatic Equipment Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,073  USD		449
Henan Tong-DA Cable Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		101,828  USD		(1,303	)
Henan Tong-DA Cable Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		54,052  USD		(634	)
Henan Yicheng New Energy Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		516,640  USD		7,684
Henan Yicheng New Energy Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		222,473  USD		3,469
Hengtong Optic-electric Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		20,085  USD		(537	)
Hengtong Optic-electric Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		10,485  USD		(276	)
Henry Schein, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		952,370  USD		(7,777	)
Herc Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,286,880  USD		9,837
Hercules Capital, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		434,261  USD		3,570
Hewlett Packard Enterprise Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		142,216  USD		(1,196	)
Hexing Electrical Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		91,431  USD		(33	)
Hexing Electrical Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		37,306  USD		(20	)
HF Sinclair Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		62,359  USD		(2,657	)
Hichain Logistics Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		10,726  USD		254
Hichain Logistics Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		11,959  USD		288
Highwoods Properties, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,517,069  USD		33,505
Hilltop Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		270,635  USD		(4,675	)
Hisense Visual Technology Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,062  USD		(153	)
Hisense Visual Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,816  USD		(82	)
HLA Group Corp Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,480  USD		(662	)
HLA Group Corp Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,399  USD		(348	)
Hologic, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		297,374  USD		(3,957	)
Hongfa Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		46,559  USD		703
Hongfa Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		22,467  USD		(6,213	)
Horizon Therapeutics Plc		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		604,088  USD		(20,564	)
Hormel Foods Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		174,810  USD		138

See Notes to Consolidated Schedule of Investments.

142

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Host Hotels & Resorts, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		118,766  USD	$	(2,624	)
Hostess Brands, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		84,641  USD		2,214
Houlihan Lokey, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		22,791  USD		178
Howmet Aerospace, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		8,833  USD		(59	)
Huaan Securities Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		385,405  USD		383
Huaan Securities Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		158,876  USD		238
Huadian Power International Corp., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,174  USD		(75	)
Huadian Power International Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,848  USD		(34	)
Huadong Medicine Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		109,141  USD		5,541
Huadong Medicine Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		54,628  USD		2,713
Huafa Industrial Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,463  USD		583
Huafa Industrial Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		4,444  USD		306
Huafu Fashion Co., Ltd.		06/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		58,528  USD		140
Huafu Fashion Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		28,998  USD		82
Huagong Tech Co., Ltd.		03/27/24	M	1.97%	JPMorgan Chase Bank, N.A.		324  USD		22
Huagong Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		647  USD		45
Huaibei Mining Holdings Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		33,372  USD		776
Huaibei Mining Holdings Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		46,099  USD		228
Huaihe Energy Group Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		535,610  USD		(15,550	)
Huaihe Energy Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		232,024  USD		(6,913	)
Huakai Yibai Technology Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		24,685  USD		928
Huakai Yibai Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,300  USD		391
Huapont Life Sciences Co., Ltd.		04/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		434,144  USD		7,051
Huapont Life Sciences Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		190,775  USD		3,274
Huasi Holding Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,106  USD		384
Huasi Holding Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,449  USD		162
Huayu Automotive Systems Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		209,180  USD		(16,090	)
Huayu Automotive Systems Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		85,265  USD		(6,586	)
Hubei Chutian Smart Communication Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		10,048  USD		14
Hubei Chutian Smart Communication Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,874  USD		10
Hubei Donper Electromechanical Group Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		313,456  USD		(2,180	)
Hubei Donper Electromechanical Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		133,082  USD		(878	)
Hubei Energy Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		286,240  USD		(3,271	)

See Notes to Consolidated Schedule of Investments.

143

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Hubei Energy Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		117,088  USD	$	(1,366	)
Hubei Jumpcan Pharmaceutical Co.,Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		433,793  USD		(4,949	)
Hubei Jumpcan Pharmaceutical Co.,Ltd.		01/26/24	M	1.97%	Credit Suisse International		194,876  USD		(2,140	)
Hubei Three Gorges Tourism Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,445  USD		174
Hubei Three Gorges Tourism Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,914  USD		176
Hubei Xingfa Chemicals Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		106,626  USD		11,000
Hubei Xingfa Chemicals Group Co.,Ltd		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		202,535  USD		20,888
HubSpot, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		174,025  USD		(851	)
Hudson Pacific Properties, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,826,967  USD		(169,509	)
Humanwell Healthcare Group Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		962,413  USD		(8,560	)
Humanwell Healthcare Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		434,058  USD		(4,566	)
Hunan Boyun New Materials Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		46,412  USD		(1,558	)
Hunan Boyun New Materials Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		19,284  USD		(645	)
Hunan Gold Corp., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		142,408  USD		1,401
Hunan Gold Corp., Ltd.		01/26/24	M	1.00%	Credit Suisse International		75,808  USD		540
Hunan Hansen Pharmaceutical Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		78,851  USD		(359	)
Hunan Hansen Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		32,899  USD		(141	)
Hunan Kaimeite Gases Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		513  USD		28
Hunan Kaimeite Gases Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,283  USD		69
Hunan Xiangjia Animal Husbandry Co., Ltd.		04/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		246,355  USD		(10,137	)
Hunan Xiangjia Animal Husbandry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		107,820  USD		(4,308	)
Hunan Yussen Energy Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		147,133  USD		(1,924	)
Hunan Yussen Energy Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		62,874  USD		(792	)
Huntsman Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		99,146  USD		(715	)
ICON PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		562,318  USD		24,289
ICU Medical, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,104,708  USD		21,842
IDEX Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		56,630  USD		(688	)
Illinois Tool Works, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,577,875  USD		17,359
Independence Realty Trust, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		821,450  USD		(10,513	)
Infore Environment Technology Group Co., Ltd.		06/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		375,664  USD		13,230
Infore Environment Technology Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		164,940  USD		5,886

See Notes to Consolidated Schedule of Investments.

144

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Inner Mongolia Dazhong Mining Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		1,852  USD	$	5
Inner Mongolia Dazhong Mining Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,011  USD		2
Inner Mongolia Dian Tou Energy Corp., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		12,920  USD		(85	)
Inner Mongolia Dian Tou Energy Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		17,406  USD		(79	)
Inner Mongolia ERDOS Resources Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		763  USD		(8	)
Inner Mongolia ERDOS Resources Co., Ltd.		01/26/24	M	1.86%	Credit Suisse International		980  USD		(9	)
Inner Mongolia MengDian HuaNeng Thermal Power Corp., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		799,019  USD		(49,641	)
Inner Mongolia MengDian HuaNeng Thermal Power Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		342,455  USD		(21,090	)
Inner Mongolia Yili Industrial Group Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		209,868  USD		2,503
Inner Mongolia Yili Industrial Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		85,142  USD		970
Insight Enterprises, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,715,813  USD		(20,425	)
Insigma Technology Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		206,442  USD		(38	)
Insigma Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		85,342  USD		(4	)
Intco Medical Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,381  USD		(47	)
Intco Medical Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,578  USD		(32	)
Intellia Therapeutics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		19,838  USD		3,247
International Flavors & Fragrances, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,177,011  USD		14
Interpublic Group of Cos., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,518,858  USD		26,868
Intertrust NV		12/08/23	M	0.08%	JPMorgan Chase Bank, N.A.		11,024,294  EUR		146,704
Intra-Cellular Therapies, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		74,542  USD		2,402
InvesCo Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		16,129  USD		(419	)
Inzone Group Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		39,301  USD		10
Inzone Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		18,431  USD		(8	)
IPG Photonics Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		493,218  USD		(18,897	)
iRhythm Technologies, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		327,999  USD		(11,147	)
ITT, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		65,227  USD		668
J M Smucker Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,687,193  USD		5,227
J.P. Morgan Equity Index Swap - JPBXC5NY		03/24/22	M	0.00%	JPMorgan Chase Bank, N.A.		16,250,879  USD		475,937
J.P. Morgan Equity Index Swap - JPEICRHY		06/21/22	M	0.00%	JPMorgan Chase Bank, N.A.		—  USD		(5,745,090	)
JA Solar Technology Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,515  USD		135
JA Solar Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,379  USD		214
Jabil, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		20,723  USD		(239	)
Jack Technology Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		394,354  USD		(2,251	)

See Notes to Consolidated Schedule of Investments.

145

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Jack Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		185,449  USD	$	(949	)
Jacobs Engineering Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,107,758  USD		71,123
JCET Group Co., Ltd.		05/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		369  USD		35
JCET Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,105  USD		105
Jiajia Food Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,381  USD		152
Jiajia Food Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,414  USD		64
Jiajiayue Group Co., Ltd.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		14,020  USD		445
Jiajiayue Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		15,258  USD		484
Jiangsu Aoyang Health Industry Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		47,172  USD		3,211
Jiangsu Aoyang Health Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		19,751  USD		1,355
Jiangsu Azure Corp.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		127,170  USD		(1,660	)
Jiangsu Azure Corp.		01/26/24	M	1.00%	Credit Suisse International		65,644  USD		(809	)
Jiangsu Baoli International Investment Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		19,790  USD		212
Jiangsu Baoli International Investment Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		8,229  USD		95
Jiangsu Broadcasting Cable Information Network Corp., Ltd.		06/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		208,765  USD		(6,765	)
Jiangsu Broadcasting Cable Information Network Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		97,222  USD		(3,138	)
Jiangsu Changhai Composite Materials Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,313  USD		74
Jiangsu Changhai Composite Materials Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,175  USD		162
Jiangsu Changqing Agrochemical Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		21,153  USD		(259	)
Jiangsu Changqing Agrochemical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		8,800  USD		(103	)
Jiangsu Changshu Rural Commercial Bank Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		14,397  USD		554
Jiangsu Changshu Rural Commercial Bank Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,584  USD		291
Jiangsu Cnano Technology Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		195,997  USD		1,476
Jiangsu Cnano Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		80,309  USD		706
Jiangsu Dingsheng New Energy Materials Co., Ltd.		04/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		329,371  USD		(6,280	)
Jiangsu Dingsheng New Energy Materials Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		150,018  USD		(3,499	)
Jiangsu Fasten Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,152  USD		(94	)
Jiangsu Fasten Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,185  USD		(56	)
Jiangsu Financial Leasing Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,792  USD		177
Jiangsu Financial Leasing Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,778  USD		54

See Notes to Consolidated Schedule of Investments.

146

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Jiangsu Flag Chemical Industry Co., Ltd.		04/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		15,733  USD	$	2,372
Jiangsu Flag Chemical Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		16,872  USD		2,440
Jiangsu GoodWe Power Supply Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,298  USD		1,054
Jiangsu GoodWe Power Supply Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		8,300  USD		1,052
Jiangsu Guotai International Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		528,544  USD		(29,960	)
Jiangsu Guotai International Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		229,131  USD		(13,145	)
Jiangsu Huahong Technology Stock Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		267,113  USD		(6,680	)
Jiangsu Huahong Technology Stock Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		128,615  USD		(3,125	)
Jiangsu Jiangyin Rural Commercial Bank Co., Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		39,518  USD		2,572
Jiangsu Jiangyin Rural Commercial Bank Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		16,519  USD		1,076
Jiangsu King’s Luck Brewery JSC Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,983  USD		112
Jiangsu King’s Luck Brewery JSC Ltd.		01/26/24	M	1.97%	Credit Suisse International		14,945  USD		292
Jiangsu Lettall Electronic Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		16,381  USD		(34	)
Jiangsu Lettall Electronic Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		6,874  USD		(4	)
Jiangsu Lianyungang Port Co., Ltd.		04/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		64,099  USD		(518	)
Jiangsu Lianyungang Port Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		43,183  USD		(104	)
Jiangsu Lopal Tech Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		12,976  USD		(285	)
Jiangsu Lopal Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		34,432  USD		(771	)
Jiangsu Nanfang Medical Co., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		33,221  USD		131
Jiangsu Nanfang Medical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,863  USD		56
Jiangsu Nata Opto-electronic Material Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		971  USD		104
Jiangsu Nata Opto-electronic Material Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,940  USD		210
Jiangsu Pacific Quartz Co., Ltd.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,702  USD		279
Jiangsu Pacific Quartz Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,106  USD		837
Jiangsu Phoenix Property Investment Co., Ltd.		06/12/24	M	1.97%	JPMorgan Chase Bank, N.A.		219,571  USD		(4,196	)
Jiangsu Phoenix Property Investment Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		92,123  USD		(1,745	)

See Notes to Consolidated Schedule of Investments.

147

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Jiangsu Sainty Corp Ltd.		01/26/24	M	1.97%	Credit Suisse International		25,989  USD	$	(27	)
Jiangsu Sainty Corp Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		62,213  USD		(96	)
Jiangsu Sanfame Polyester Material Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		440,721  USD		15,286
Jiangsu Sanfame Polyester Material Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		221,774  USD		7,304
Jiangsu Tongrun Equipment Technology Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		54,842  USD		1,254
Jiangsu Tongrun Equipment Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		23,084  USD		431
Jiangsu Xinri E-Vehicle Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		199,554  USD		(6,913	)
Jiangsu Xinri E-Vehicle Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		83,149  USD		(2,901	)
Jiangsu Xiuqiang Glasswork Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		46,952  USD		(681	)
Jiangsu Xiuqiang Glasswork Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		47,179  USD		(543	)
Jiangsu Yangnong Chemical Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		30,306  USD		(442	)
Jiangsu Yangnong Chemical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		44,072  USD		(271	)
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		41,510  USD		(1,645	)
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		78,625  USD		(3,112	)
Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		381,821  USD		11,869
Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		176,766  USD		5,539
Jiangsu Zhongnan Construction Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,136  USD		10
Jiangsu Zhongnan Construction Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,184  USD		3
Jiangsu Zhongtian Technology Co., Ltd.		11/08/23	M	1.97%	JPMorgan Chase Bank, N.A.		816,166  USD		37,288
Jiangsu Zhongtian Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		386,766  USD		14,550
Jiangxi Ganyue Expressway Co., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		379,425  USD		1,044
Jiangxi Ganyue Expressway Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		162,631  USD		495
Jiangxi Guoguang Commercial Chains Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		106,226  USD		1,926
Jiangxi Guoguang Commercial Chains Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		41,431  USD		748
Jiangxi Hongcheng Environment Co., Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		22,643  USD		77
Jiangxi Hongcheng Environment Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		49,674  USD		213

See Notes to Consolidated Schedule of Investments.

148

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Jiangxi Hungpai New Material Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		82,203  USD	$	3,683
Jiangxi Hungpai New Material Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		62,004  USD		2,967
JiangXi Sanxin Medtec Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		867  USD		24
JiangXi Sanxin Medtec Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,735  USD		47
Jiangxi Special Electric Motor Co., Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		124,932  USD		(1,870	)
Jiangxi Special Electric Motor Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		61,879  USD		(909	)
Jiangxi Tianli Technology, Inc.		06/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		61,792  USD		(1,300	)
Jiangxi Tianli Technology, Inc.		01/26/24	M	1.97%	Credit Suisse International		25,809  USD		(550	)
Jiangyin Electrical Alloy Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		9,292  USD		(73	)
Jiangyin Electrical Alloy Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,937  USD		(30	)
Jiawei Renewable Energy Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		16,527  USD		(100	)
Jiawei Renewable Energy Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		18,044  USD		(106	)
Jihua Group Corp., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,692  USD		97
Jihua Group Corp., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,007  USD		50
Jilin Chemical Fibre		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,927  USD		(231	)
Jilin Chemical Fibre		01/26/24	M	1.97%	Credit Suisse International		8,661  USD		(252	)
Jilin OLED Material Tech Co., Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,403  USD		(139	)
Jilin OLED Material Tech Co., Ltd.		01/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,701  USD		1,796
Jinduicheng Molybdenum Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		537,372  USD		(2,559	)
Jinduicheng Molybdenum Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		276,066  USD		(1,133	)
Jinhui Liquor Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,576  USD		(37	)
Jinhui Liquor Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,031  USD		(16	)
Jinke Properties Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,481  USD		123
Jinke Properties Group Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		3,951  USD		65
Jinko Power Technology Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,944  USD		(248	)
Jinko Power Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,679  USD		(129	)
Jinlihua Electric Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,562  USD		(100	)
Jinlihua Electric Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,161  USD		(122	)
Jinyu Bio-Technology Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,270  USD		(18	)
Jinyu Bio-Technology Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		3,842  USD		(11	)
Jinzai Food Group Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		45,486  USD		1,843
Jinzai Food Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		31,913  USD		925
Jizhong Energy Resources Co., Ltd.		05/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		53,008  USD		(1,635	)
Jizhong Energy Resources Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		27,926  USD		(847	)
JL Mag Rare-Earth Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,084  USD		314

See Notes to Consolidated Schedule of Investments.

149

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
JL Mag Rare-Earth Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		9,214  USD	$	681
Joincare Pharmaceutical Group Industry Co., Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		257,674  USD		4,664
Joincare Pharmaceutical Group Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		122,576  USD		2,136
Joinn Laboratories China Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,310  USD		289
Joinn Laboratories China Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		6,653  USD		147
Jointo Energy Investment Co., Ltd. Hebei		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		142,255  USD		(3,507	)
Jointo Energy Investment Co., Ltd. Hebei		01/26/24	M	1.97%	Credit Suisse International		64,279  USD		(1,556	)
Jolywood Suzhou Sunwatt Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		497  USD		11
Jolywood Suzhou Sunwatt Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,002  USD		14
Joyvio Food Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		40,127  USD		2,091
Joyvio Food Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		69,086  USD		2,908
Juneyao Airlines Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,455  USD		457
Juneyao Airlines Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		6,195  USD		523
Kaishan Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,311  USD		(65	)
Kaishan Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,269  USD		(35	)
Kangda New Materials Group Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		17,744  USD		617
Kangda New Materials Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		19,464  USD		693
Karuna Therapeutics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		406,212  USD		60,104
KBC Corp., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		26,732  USD		(318	)
KBC Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		26,764  USD		(350	)
Keboda Technology Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		1,907  USD		(68	)
Keboda Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		954  USD		(34	)
Keda Industrial Group Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		713,874  USD		(2,575	)
Keda Industrial Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		331,018  USD		1,045
Keshun Waterproof Technologies Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		184,829  USD		20,128
Keshun Waterproof Technologies Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		76,916  USD		8,729
Keurig Dr Pepper, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,653,560  USD		9,841
Kilroy Realty Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,943,392  USD		42,113
Kimco Realty Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,681,235  USD		66,295
KingClean Electric Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		46,068  USD		1,797
Kingclean Electric Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		23,199  USD		922
Kingfa Sci & Tech Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,761  USD		469
Kingfa Sci & Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,149  USD		251
Kingnet Network Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		490,577  USD		(5,537	)
Kingnet Network Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		219,079  USD		(2,358	)

See Notes to Consolidated Schedule of Investments.

150

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Kingsemi Co., Ltd.		04/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		282,611  USD	$	6,883
Kingsemi Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		169,560  USD		8,017
Kite Realty Group Trust		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,598,582  USD		(32,800	)
KLA Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		22,905  USD		(570	)
Konfoong Materials International Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,796  USD		27
Konfoong Materials International Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,691  USD		43
Kontoor Brands, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		287,418  USD		5,471
Kornit Digital Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		74,300  USD		(8,935	)
Kulicke & Soffa Industries, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		404,762  USD		(17,374	)
Kunlun Tech Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		388,017  USD		7,348
Kunlun Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		165,686  USD		3,055
Kunming Chuan Jin Nuo Chemical Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,763  USD		787
Kunming Chuan Jin Nuo Chemical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		12,281  USD		2,056
Kunshan Kinglai Hygienic Materials Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,376  USD		(57	)
Kunshan Kinglai Hygienic Materials Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		12,269  USD		(111	)
Kyndryl Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		35,383  USD		2,231
Lamar Advertising Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		894,250  USD		(14,286	)
Lanzhou Great Wall Electrical Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,514  USD		(567	)
Lanzhou Great Wall Electrical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,654  USD		(227	)
Lanzhou Lishang Guochao Industrial Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,729  USD		(7	)
Lanzhou Lishang Guochao Industrial Group Co., Ltd.		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,914  USD		(13	)
Lanzhou Lishang Guochao Industrial Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,367  USD		(22	)
Leaguer Shenzhen Microelectronics Corp.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		88,782  USD		2,273
Leaguer Shenzhen Microelectronics Corp.		01/26/24	M	1.97%	Credit Suisse International		48,228  USD		1,317
Lecron Industrial Development Group Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		351,063  USD		5,185
Lecron Industrial Development Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		144,708  USD		2,329
Ledman Optoelectronic Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		294,978  USD		4,003
Ledman Optoelectronic Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		138,243  USD		1,954
Leidos Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		116,421  USD		1,914
Lets Holdings Group Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		99,002  USD		2,367
Lets Holdings Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		41,480  USD		976
Leyard Optoelectronic Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,819  USD		759
Leyard Optoelectronic Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,163  USD		399

See Notes to Consolidated Schedule of Investments.

151

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
LHC Group, Inc.		04/02/24	M	2.07%	JPMorgan Chase Bank, N.A.		18,027,540  USD	$	152,924
Lianhe Chemical Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,601  USD		(42	)
Lianhe Chemical Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,424  USD		(22	)
Liao Ning Oxiranchem, Inc.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		12,358  USD		(103	)
Liao Ning Oxiranchem, Inc.		01/26/24	M	1.97%	Credit Suisse International		32,995  USD		(257	)
Liaoning Cheng Da Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,240  USD		(133	)
Liaoning Cheng Da Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,955  USD		(74	)
Liaoning Energy Industry Co, Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		330,072  USD		(7,613	)
Liaoning Energy Industry Co, Ltd.		01/26/24	M	1.97%	Credit Suisse International		135,646  USD		(3,074	)
Liaoning Fu-An Heavy Industry Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,310  USD		240
Liaoning Fu-An Heavy Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,059  USD		284
Liberty Media Corp-Liberty SiriusXM		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,161,451  USD		22,999
Lier Chemical Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		93,058  USD		(382	)
Lier Chemical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		58,653  USD		(82	)
LifeWorks, Inc.		06/19/24	M	2.62%	JPMorgan Chase Bank, N.A.		14,996,759  CAD		(89,851	)
Lincoln Electric Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		357,694  USD		(2,417	)
Linde plc		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		876,621  USD		(33,008	)
Lionhead Technology Development Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		18,797  USD		162
Lionhead Technology Development Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,870  USD		78
Livzon Pharmaceutical Group, Inc.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		191,063  USD		4,205
Livzon Pharmaceutical Group, Inc.		01/26/24	M	1.97%	Credit Suisse International		95,542  USD		2,362
Loews Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,295,579  USD		(15,432	)
Loncin Motor Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		548,066  USD		(37,229	)
Loncin Motor Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		235,587  USD		(15,909	)
Longyan Zhuoyue New Energy Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,653  USD		(151	)
Longyan Zhuoyue New Energy Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		35,194  USD		(687	)
Lontrue Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		26,177  USD		107
Lontrue Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,986  USD		40
Lootom Telcovideo Network Wuxi Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		91,897  USD		1,042
Lootom Telcovideo Network Wuxi Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		38,324  USD		439
Lotus Health Group Co.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		22,985  USD		46
Lotus Health Group Co.		01/26/24	M	1.97%	Credit Suisse International		9,595  USD		28
Louisiana-Pacific Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		139,532  USD		(1,169	)
Lu Thai Textile Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		488,946  USD		(6,071	)
Lu Thai Textile Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		206,345  USD		(2,557	)
Lucky Harvest Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		63,870  USD		(2,333	)
Lucky Harvest Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		26,773  USD		(982	)
Luenmei Quantum Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,763  USD		48

See Notes to Consolidated Schedule of Investments.

152

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Luenmei Quantum Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,552  USD	$	22
Lumentum Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		975,744  USD		9,302
Luxshare Precision Industry Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		337,877  USD		13,939
Luxshare Precision Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		156,052  USD		6,480
Luyin Investment Group Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		73,170  USD		1,233
Luyin Investment Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		30,587  USD		496
Luzhou Laojiao Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		424,519  USD		17,421
Luzhou Laojiao Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		176,835  USD		7,307
LXP Industrial Trust		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		24,918  USD		(323	)
M-Grass Ecology And Environment Group Co., Ltd.		04/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,896  USD		48
M-Grass Ecology And Environment Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,395  USD		142
Maccura Biotechnology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,096  USD		25
Maccura Biotechnology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,354  USD		13
Magna International, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		31,247  USD		(1,162	)
Malion New Materials Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		75,029  USD		(818	)
Malion New Materials Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		31,396  USD		(325	)
Mandiant, Inc.		03/12/24	M	2.07%	JPMorgan Chase Bank, N.A.		12,863,524  USD		83,067
ManpowerGroup, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		830,159  USD		(17,157	)
Marqeta, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		25,329  USD		(3,976	)
Marsh & McLennan Cos., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		636,580  USD		(987	)
Marssenger Kitchenware Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		45,486  USD		1,989
Marssenger Kitchenware Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		24,110  USD		1,024
Martin Marietta Materials, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		12,707  USD		(139	)
Mastercard, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		18,409  USD		(111	)
Maximus, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,245,338  USD		48,431
MaxLinear, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		924,768  USD		(11,114	)
McCormick & Co., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,757,637  USD		(60,918	)
MDC Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		644,197  USD		89,983
Medical Properties Trust, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		423,058  USD		17,603
Medicalsystem Biotechnology Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		104,570  USD		974
Medicalsystem Biotechnology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		43,624  USD		444
Medtronic PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,186,948  USD		(1,710	)
Meggit PLC		05/27/24	M	1.74%	JPMorgan Chase Bank, N.A.		10,135,895  GBP		307,739
MeiG Smart Technology Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		22,002  USD		507
MeiG Smart Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		24,010  USD		559
Meihua Holdings Group Co., Ltd.		11/03/23	M	1.97%	JPMorgan Chase Bank, N.A.		145,417  USD		12,300

See Notes to Consolidated Schedule of Investments.

153

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Meihua Holdings Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		113,891  USD	$	8,609
Merck & Co, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,057,867  USD		(11,236	)
Merit Interactive Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		138,000  USD		(810	)
Merit Interactive Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		69,301  USD		(618	)
Merit Medical Systems, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		63,120  USD		376
Meritor, Inc.		02/26/24	M	2.07%	JPMorgan Chase Bank, N.A.		12,428,616  USD		79,185
Metallurgical Corp. of China Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		215,251  USD		1,516
Metallurgical Corp. of China Ltd.		01/26/24	M	1.00%	Credit Suisse International		87,412  USD		580
Mettler-Toledo International, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,843,495  USD		85,290
Middleby Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		13,146  USD		17
Ming Yang Smart Energy Group Ltd.		08/22/23	M	1.97%	JPMorgan Chase Bank, N.A.		1,201,777  USD		132,188
Ming Yang Smart Energy Group Ltd.		01/26/24	M	1.97%	Credit Suisse International		571,694  USD		61,964
Minmetals Capital Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		14,470  USD		(225	)
Minmetals Capital Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,196  USD		(111	)
Minsheng Holdings Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		66,636  USD		(1,079	)
Minsheng Holdings Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		27,890  USD		(430	)
Miracle Automation Engineering Co., Ltd.		04/10/24	M	1.97%	JPMorgan Chase Bank, N.A.		163,943  USD		(5,039	)
Miracle Automation Engineering Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		146,310  USD		(4,263	)
Mirati Therapeutics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		389,673  USD		56,943
MLS Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,148  USD		(18	)
MLS Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		3,225  USD		(14	)
Monster Beverage Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		224,288  USD		1,251
Montage Technology Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		191,483  USD		11,225
Montage Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		131,872  USD		7,490
Moody’s Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,997,884  USD		33,188
MP Materials Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		44,715  USD		(2,562	)
MS Alpha Swap		12/27/23	M	0.00%	Morgan Stanley Capital Services LLC		51,632,240  USD		(307,404	)
MS Alpha Swap		08/18/22	M	1.00%	Morgan Stanley Capital Services LLC		160,512,300  USD		385,011
MS Alpha Swap		08/18/22	M	1.00%	Morgan Stanley Capital Services LLC		242,683,135  USD		(6,901,874	)
MS Equity Index Swap - MS22COM3		03/24/22	M	0.00%	Morgan Stanley Capital Services LLC		22,688,805  USD		(1,698,221	)
MSC Industrial Direct Co., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		707,372  USD		6,925
Murphy USA, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		228,135  USD		311
MYS Group Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		58,374  USD		68
MYS Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		26,333  USD		54
Nanfang Zhongjin Environment Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		54,510  USD		(1,189	)
Nanfang Zhongjin Environment Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		22,720  USD		(496	)
Nanfeng Ventilator Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		27,304  USD		(15	)
Nanfeng Ventilator Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		22,436  USD		544
Nanhua Futures Co., Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		335,828  USD		493

See Notes to Consolidated Schedule of Investments.

154

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Nanhua Futures Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		146,635  USD	$	170
Nanjing Baose Co., Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		64,044  USD		(533)
Nanjing Baose Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		26,719  USD		(231)
Nanjing Canatal Data-Centre Environmental Tech Co., Ltd.		07/01/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,745  USD		(19)
Nanjing Canatal Data-Centre Environmental Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,919  USD		(20)
Nanjing Julong Science & Technology Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,544  USD		(73)
Nanjing Port Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		20,691  USD		(81)
Nanjing Port Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,028  USD		(91)
NanJing Public Utilities Development Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		30,815  USD		(198)
NanJing Public Utilities Development Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		15,982  USD		8
Nanjing Quanxin Cable Technology Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		35,091  USD		(98)
Nanjing Quanxin Cable Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		14,627  USD		(21)
Nanjing Securities Co., Ltd.		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		87,978  USD		(894)
Nanjing Securities Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		44,107  USD		(503)
Nanjing Textiles Import & Export Corp Ltd.		06/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		55,461  USD		2,814
Nanjing Textiles Import & Export Corp Ltd.		01/26/24	M	1.97%	Credit Suisse International		23,151  USD		1,212
Nanjing Yunhai Special Metals Co., Ltd.		02/21/24	M	1.97%	JPMorgan Chase Bank, N.A.		730  USD		19
Nanjing Yunhai Special Metals Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,475  USD		145
Nantong Acetic Acid Chemical Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		152,499  USD		13,057
Nantong Acetic Acid Chemical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		65,523  USD		5,562
Nantong Jiangshan Agrochemical & Chemical LLC		04/10/24	M	1.97%	JPMorgan Chase Bank, N.A.		272,462  USD		(5,749)
Nantong Jiangshan Agrochemical & Chemical LLC		01/26/24	M	1.97%	Credit Suisse International		134,735  USD		(2,285)
Nantong Haixing Electronics Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		54,060  USD		(2,309)
Nantong Haixing Electronics Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		55,036  USD		(1,450)
Nanxing Machinery Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		67,948  USD		(5,752)
Nanxing Machinery Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		28,481  USD		(2,421)
Nasdaq, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		764,739  USD		(14,700)
National Fuel Gas Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		332,106  USD		(5,026)
National Instruments Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		594,791  USD		(10,071)
National Storage Affiliates Trust		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		302,808  USD		22,898
NavInfo Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,085  USD		40
NavInfo Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,605  USD		97
NetApp, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		64,583  USD		(517)
Neusoft Corp.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,015  USD		35
Neusoft Corp.		01/26/24	M	0.72%	Credit Suisse International		3,771  USD		12

See Notes to Consolidated Schedule of Investments.

155

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
New China Life Insurance Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		295,699  USD	$	(765)
New China Life Insurance Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		125,291  USD		(269)
New Fortress Energy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		369,560  USD		(2,984)
New Hope Liuhe Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		470  USD		(13)
New Hope Liuhe Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		470  USD		(13)
New Huadu Supercenter Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		97,448  USD		6,552
New Huadu Supercenter Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		40,772  USD		2,747
New Universal Science and Technology Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		44,662  USD		(662)
New Universal Science and Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		18,708  USD		(241)
Neway Valve Suzhou Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		13,716  USD		(273)
Neway Valve Suzhou Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,771  USD		(117)
Newell Brands, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		28,362  USD		1,131
Newland Digital Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,731  USD		(35)
Newland Digital Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,162  USD		(18)
Newmont Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		30,434  USD		(2,569)
News Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,361,168  USD		10,994
Nikola Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		15,731  USD		(2,617)
Ninestar Corp.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		406,916  USD		(9,173)
Ninestar Corp.		01/26/24	M	1.97%	Credit Suisse International		178,519  USD		(4,087)
Ningbo Boway Alloy Material Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		80,622  USD		(3,945)
Ningbo Boway Alloy Material Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		61,788  USD		(2,033)
Ningbo Donly Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		107,996  USD		(3,194)
Ningbo Donly Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		45,165  USD		(1,306)
Ningbo Fuda Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		76,681  USD		1,902
Ningbo Fuda Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		32,042  USD		808
Ningbo GQY Video & Telecom JSC Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		19,686  USD		(280)
Ningbo GQY Video & Telecom JSC Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		8,247  USD		(120)
Ningbo Haitian Precision Machinery Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		20,442  USD		(431)
Ningbo Haitian Precision Machinery Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		11,896  USD		(197)
Ningbo Huaxiang Electronic Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,891  USD		(387)
Ningbo Huaxiang Electronic Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,077  USD		(205)
Ningbo Joyson Electronic Corp.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		19,644  USD		(636)
Ningbo Joyson Electronic Corp.		01/26/24	M	1.00%	Credit Suisse International		15,026  USD		(476)
Ningbo Menovo Pharmaceutical Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		98,735  USD		684

See Notes to Consolidated Schedule of Investments.

156

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Ningbo Menovo Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		42,377  USD	$	381
Ningbo Ronbay New Energy Technology Co., Ltd.		12/15/23	M	1.97%	JPMorgan Chase Bank, N.A.		647,118  USD		18,035
Ningbo Ronbay New Energy Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		292,927  USD		8,713
Ningbo Sanxing Medical Electric Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		56,602  USD		7,276
Ningbo Sanxing Medical Electric Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		28,098  USD		3,642
Ningbo Solartron Technology Co., Ltd.		07/01/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,973  USD		(65)
Ningbo Solartron Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,524  USD		(71)
Ningbo Zhenyu Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,256  USD		(1,070)
Ningbo Zhenyu Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		9,192  USD		(1,004)
Noble Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		303,643  USD		(25,579)
Nordson Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,068,143  USD		19,972
North Copper ShanXi Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		12,746  USD		(512)
North Copper ShanXi Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		34,302  USD		(1,363)
North Industries Group Red Arrow Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		21,951  USD		692
North Industries Group Red Arrow Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		22,106  USD		972
Northeast Pharmaceutical Group Co., Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		547,324  USD		8,567
Northeast Pharmaceutical Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		236,882  USD		3,763
Northeast Securities Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,987  USD		9
Northeast Securities Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,655  USD		—
Northern Oil and Gas, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		205,024  USD		(37,096)
Novocure Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		50,651  USD		9,258
nVent Electric PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		3,494  USD		(48)
NXP Semiconductors NV		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		195,417  USD		(5,347)
Oasis Petroleum, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		51,134  USD		(6,489)
Old National BanCorp		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		79,729  USD		(780)
Old Republic International Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		42,431  USD		1,841
Olin Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		979,680  USD		(20,527)
Ollie’s Bargain Outlet Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		34,903  USD		(710)
Omnicom Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,611,697  USD		(17,808)
Optics Technology Holding Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		261  USD		(15)
Optics Technology Holding Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		261  USD		(15)
ORG Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,795  USD		(114)
ORG Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,554  USD		(59)
Orinko Advanced Plastics Co., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		379,101  USD		5,402

See Notes to Consolidated Schedule of Investments.

157

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Orinko Advanced Plastics Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		160,656  USD	$	2,547
Ovctek China, Inc.		01/26/24	M	1.97%	Credit Suisse International		795  USD		59
Owens & Minor, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		569,069  USD		15,398
Owens Corning		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		680,913  USD		(13,461)
Owl Rock Capital Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		319,009  USD		(9,008)
PACCAR, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		51,891  USD		(593)
Packaging Corp of America		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,137,893  USD		(27,818)
PacWest Bancorp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,772,975  USD		6,687
Pagerduty, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		531,005  USD		7,167
Paike New Materials Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,059  USD		43
Pangang Group Vanadium Titanium & Resources Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		504,459  USD		25,383
Pangang Group Vanadium Titanium & Resources Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		260,610  USD		13,734
Patterson Cos, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		401,932  USD		20,450
Patterson-UTI Energy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		57,974  USD		(2,262)
PCI Technology Group Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,369  USD		97
PCI Technology Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,327  USD		51
Pengdu Agriculture & Animal Husbandry Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,873  USD		(226)
Pengdu Agriculture & Animal Husbandry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,173  USD		(122)
Pengxin International Mining Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		265,610  USD		(4,507)
Pengxin International Mining Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		114,622  USD		(1,899)
Penumbra, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		23,863  USD		(1,076)
People’s Insurance Co. Group of China Ltd.		04/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		560,445  USD		(14,861)
People’s Insurance Co. Group of China Ltd.		01/26/24	M	1.97%	Credit Suisse International		240,246  USD		(6,305)
Perfect World Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		136,669  USD		3,718
Perfect World Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		73,156  USD		1,975
Perficient, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		128,972  USD		2,695
PerkinElmer, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		309,842  USD		(2,931)
Petco Health & Wellness Co., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		12,510  USD		(969)
PhiChem Corp.		01/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		366,733  USD		8,773
PhiChem Corp.		01/26/24	M	1.97%	Credit Suisse International		219,879  USD		6,184
Ping An Bank Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		868  USD		27
Ping An Bank Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,735  USD		55
Ping An Insurance Group Co. of China Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		131,470  USD		(348)
Ping An Insurance Group Co. of China Ltd.		01/26/24	M	1.00%	Credit Suisse International		65,039  USD		(176)
Pingdingshan Tianan Co.al Mining Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		153,198  USD		10,021
Pingdingshan Tianan Co.al Mining Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		87,516  USD		5,056
Pinnacle Financial Partners, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		194,206  USD		3,055
Plantronics, Inc.		03/31/32	M	1.57%	Goldman Sachs International		11,517,534  USD		17,442

See Notes to Consolidated Schedule of Investments.

158

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Pnm Resources, Inc.		10/25/22	M	2.07%	JPMorgan Chase Bank, N.A.		16,111,874  USD	$	1,037,276
POCO Holding Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,723  USD		185
POCO Holding Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		8,166  USD		557
Polaris Bay Group Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,326  USD		21
Polaris Bay Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,917  USD		9
Poly Plastic Masterbatch Suzhou Co., Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,759  USD		(134)
Poly Plastic Masterbatch Suzhou Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,318  USD		(150)
Portland General Electric Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		50,769  USD		122
Porton Pharma Solutions Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		575,501  USD		26,815
Porton Pharma Solutions Ltd.		01/26/24	M	1.97%	Credit Suisse International		257,466  USD		12,819
Porton Pharma Solutions Ltd.		01/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		495,843  USD		24,921
Porton Pharma Solutions Ltd.		01/26/24	M	1.97%	Credit Suisse International		233,974  USD		11,846
Postal Savings Bank of China Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		341,174  USD		8,186
Postal Savings Bank of China Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		151,404  USD		3,751
PotlatchDeltic Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,328,800  USD		(49,170)
Power Integrations, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		346,954  USD		4,092
Procore Technologies, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		43,395  USD		(1,864)
Profit Cultural & Creative Group Corp.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		194,615  USD		6,244
Profit Cultural & Creative Group Corp.		01/26/24	M	1.97%	Credit Suisse International		83,445  USD		2,750
Proya Cosmetics Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,588  USD		268
Proya Cosmetics Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		17,853  USD		406
Public Service Enterprise Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,121,323  USD		128,598
Public Storage		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		922,468  USD		(4,156)
Puyang Huicheng Electronic Material Co., Ltd.		01/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,172  USD		40
Puyang Huicheng Electronic Material Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		9,390  USD		88
Qianjiang Yongan Pharmaceutical Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		144,627  USD		(158)
Qianjiang Yongan Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		88,486  USD		220
Qingdao East Steel Tower Stock Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		676,230  USD		9,531
Qingdao East Steel Tower Stock Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		302,917  USD		4,435
Qingdao Gaoce Technology Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,520  USD		(109)
Qingdao Gaoce Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,044  USD		(222)
Qingdao Hiron Co., Ltd		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		1,084  USD		8
Qingdao Hiron Co., Ltd		01/26/24	M	1.97%	Credit Suisse International		1,080  USD		12

See Notes to Consolidated Schedule of Investments.

159

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Qingdao Huicheng Environmental Technology Group Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		806  USD	$	(3)
Qingdao Huicheng Environmental Technology Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,007  USD		(3)
Qingdao Port International Co., Ltd.		05/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		102,314  USD		(2,217)
Qingdao Port International Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		46,003  USD		(980)
Qingdao Rural Commercial Bank Corp.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,212  USD		(37)
Qingdao Rural Commercial Bank Corp.		01/26/24	M	1.00%	Credit Suisse International		4,866  USD		(5)
Qingdao Sentury Tire Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		439,442  USD		(22,585)
Qingdao Sentury Tire Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		185,359  USD		(9,694)
Qinhuangdao Port Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		110,149  USD		(1,926)
Qinhuangdao Port Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		53,234  USD		(898)
Qorvo, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		6,353  USD		(128)
QuakeSafe Technologies Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		356,974  USD		42
QuakeSafe Technologies Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		213,443  USD		(166)
Qualtrics International, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		10,698  USD		436
Quectel Wireless Solutions Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,753  USD		(158)
Quectel Wireless Solutions Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,509  USD		(1,516)
Quidel Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		635,328  USD		2,076
Ralph Lauren Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		8,202  USD		(223)
Rambus, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		600,364  USD		(772)
Range Resources Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		6,057  USD		(488)
Rastar Group		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,428  USD		101
Rastar Group		01/26/24	M	1.97%	Credit Suisse International		3,094  USD		43
Raytron Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,307  USD		(187)
Raytron Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,645  USD		(85)
RBC Bearings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,343,950  USD		50,203
RCXTMSS3 SWAP		06/24/22	M	1.00%	Goldman Sachs International		18,052,797  USD		339,049
Red Star Macalline Group Corp., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		418,274  USD		35,454
Red Star Macalline Group Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		181,213  USD		15,679
Regal Rexnord Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		162,248  USD		3,946
Regeneron Pharmaceuticals, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		797,685  USD		(7,344)
Reliance Steel & Aluminum Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		69,208  USD		(75)
Repsol S.A		05/27/24	M	0.58%	Morgan Stanley Capital Services LLC		407,656  EUR		(1,305)
Retail Opportunity Investments Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		50,105  USD		(856)

See Notes to Consolidated Schedule of Investments.

160

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Rexford Industrial Realty, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,688,039  USD	$	21,628
Rianlon Corp.		01/26/24	M	1.97%	Credit Suisse International		671  USD		(12)
Risen Energy Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		652,711  USD		(4,711)
Risen Energy Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		289,890  USD		(2,474)
RiseSun Real Estate Development Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,637  USD		25
RiseSun Real Estate Development Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,469  USD		21
Rising Nonferrous Metals Share Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,310  USD		(744)
Rising Nonferrous Metals Share Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,155  USD		(372)
Riyue Heavy Industry Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		14,503  USD		(464)
Riyue Heavy Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,967  USD		(343)
Rizhao Port Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		463,429  USD		(7,086)
Rizhao Port Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		209,140  USD		(3,016)
Robert Half International, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,843,161  USD		(152,588)
ROBLOX Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		158,959  USD		17,269
Rogers Corp.		11/06/23	M	2.07%	JPMorgan Chase Bank, N.A.		13,747,413  USD		154,888
Rongan Property Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		572,962  USD		(18,506)
Rongan Property Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		245,854  USD		(7,483)
Rongfeng Holding Group Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		23,341  USD		668
Rongfeng Holding Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		9,667  USD		280
Ronglian Group Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,645  USD		33
Ronglian Group Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,141  USD		38
Rongsheng Petrochemical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		81,795  USD		48
Rongsheng Petrochemical Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		209,678  USD		(242)
Rongyu Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,797  USD		(25)
Rongyu Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,157  USD		(10)
Roper Technologies, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,631,583  USD		78,479
Ross Stores, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,952,095  USD		(95,565)
Royal Gold, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		95,176  USD		(782)
Ruida Futures Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		137,845  USD		3,633
Ruida Futures Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		57,750  USD		1,536
Sailun Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		21,307  USD		(1,609)
Sailun Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		11,100  USD		(830)
Salesforce, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		353,846  USD		(3,797)
Sanderson Farms, Inc.		08/11/23	M	2.07%	JPMorgan Chase Bank, N.A.		20,898,695  USD		271,093
Sanquan Food Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		544,241  USD		11,623
Sanquan Food Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		285,431  USD		4,894
Sansure Biotech, Inc.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,246  USD		(53)
Sansure Biotech, Inc.		01/26/24	M	1.00%	Credit Suisse International		3,571  USD		(32)
Seagen, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		734,642  USD		17,176
Sealand Securities Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,882  USD		(67)
Sealand Securities Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,183  USD		(32)
Seazen Holdings Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		336,634  USD		7,913
Seazen Holdings Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		146,590  USD		3,461
Secure Income REIT Plc		05/15/24	M	1.74%	JPMorgan Chase Bank, N.A.		346,464  GBP		13,873

See Notes to Consolidated Schedule of Investments.

161

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Sempra Energy		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		900,862  USD	$	22,697
Semtech Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		404,213  USD		(514)
SF Diamond Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,268  USD		(115)
SF Diamond Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,897  USD		(312)
SF Holding Co., Ltd.		06/04/24	M	1.97%	JPMorgan Chase Bank, N.A.		315,546  USD		39,608
SF Holding Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		138,194  USD		16,873
Sg Micro Corp.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		128,922  USD		2,951
Sg Micro Corp.		01/26/24	M	1.97%	Credit Suisse International		66,457  USD		2,878
Sgis Songshan Co., Ltd.		07/03/24	M	0.72%	JPMorgan Chase Bank, N.A.		2,814  USD		(43)
Sgis Songshan Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		1,485  USD		(21)
Shaanxi Baoguang Vacuum Electronic Apparatus Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		23,656  USD		(1,546)
Shaanxi Baoguang Vacuum Electronic Apparatus Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		9,823  USD		(636)
Shaanxi Coal Industry Co., Ltd.		04/10/24	M	1.97%	JPMorgan Chase Bank, N.A.		885  USD		65
Shaanxi Coal Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,768  USD		131
Shaanxi International Trust Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		132,371  USD		(2,758)
Shaanxi International Trust Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		57,150  USD		(1,176)
ShaanXi Provincial Natural Gas Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		62,700  USD		55
ShaanXi Provincial Natural Gas Co., Ltd.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		67,791  USD		80
Shaanxi Xinghua Chemistry Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		48,785  USD		(251)
Shaanxi Xinghua Chemistry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		32,947  USD		(50)
Shan Xi Hua Yang Group New Energy Co., Ltd.		04/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,183  USD		329
Shan Xi Hua Yang Group New Energy Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,351  USD		270
Shan Xi Hua Yang New Materials Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		10,715  USD		(174)
Shan Xi Hua Yang New Materials Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,508  USD		(66)
Shandong Bailong Chuangyuan Bio-Tech Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		16,394  USD		1,181
Shandong Bailong Chuangyuan Bio-Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		35,875  USD		2,414
Shandong Cynda Chemical Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		277,271  USD		1,341
Shandong Cynda Chemical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		126,484  USD		621
Shandong Dawn Polymer Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,620  USD		682
Shandong Dawn Polymer Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		873  USD		228
Shandong Gold Phoenix Group Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		82,014  USD		976
Shandong Gold Phoenix Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		34,315  USD		425
Shandong Hi-speed Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		2,282  USD		(8)
Shandong Hi-speed Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,259  USD		(5)

See Notes to Consolidated Schedule of Investments.

162

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shandong Hongchuang Aluminum Industry Holding Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		113,498  USD	$	12,822
Shandong Hongchuang Aluminum Industry Holding Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		47,503  USD		5,322
Shandong Huifa Foodstuff Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		29,851  USD		935
Shandong Huifa Foodstuff Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		12,525  USD		367
Shandong Jincheng Pharmaceutical Group Co., Ltd.		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		536,830  USD		(17,312)
Shandong Jincheng Pharmaceutical Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		248,365  USD		(7,997)
Shandong Longertek Technology Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		10,507  USD		(96)
Shandong Longertek Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,354  USD		(37)
Shandong Rike Chemical Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		18,861  USD		101
Shandong Rike Chemical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		18,716  USD		246
Shandong Ruyi Woolen Garment Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,883  USD		(195)
Shandong Ruyi Woolen Garment Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,169  USD		(80)
Shandong Sacred Sun Power Sources Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		12,412  USD		528
Shandong Sacred Sun Power Sources Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,822  USD		203
Shandong Sino-Agri United Biotechnology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		56,600  USD		(353)
Shandong Sino-Agri United Biotechnology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		23,710  USD		(140)
Shandong Sinocera Functional Material Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		20,491  USD		(101)
Shandong Sun Paper Industry JSC Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,934  USD		225
Shandong Sun Paper Industry JSC Ltd.		01/26/24	M	1.00%	Credit Suisse International		7,241  USD		114
ShanDong Swan Cotton Industrial Machinery Stock Co., Ltd.		11/03/22	M	0.45%	JPMorgan Chase Bank, N.A.		38,038  USD		(404)
ShanDong Swan Cotton Industrial Machinery Stock Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		15,874  USD		(178)
Shandong Taihe Water Treatment Technologies Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		78,431  USD		9,024
Shandong Taihe Water Treatment Technologies Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		39,002  USD		4,532

See Notes to Consolidated Schedule of Investments.

163

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shandong WIT Dyne Health Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,764  USD	$	178
Shandong WIT Dyne Health Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,123  USD		467
Shandong Yanggu Huatai Chemical Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		482  USD		(2)
Shandong Yanggu Huatai Chemical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		964  USD		(2)
Shandong Donghong Pipe Industry Co.,Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,411  USD		(214)
Shandong Donghong Pipe Industry Co.,Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,287  USD		(88)
Shanghai 2345 Network Holding Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,151  USD		24
Shanghai 2345 Network Holding Group Co., Ltd.		01/26/24	M	0.00%	Credit Suisse International		4,810  USD		30
Shanghai Ace Investment & Development Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,685  USD		20
Shanghai Ace Investment & Development Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		721  USD		10
Shanghai AJ Group Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,947  USD		(38)
Shanghai AJ Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,470  USD		(16)
Shanghai Chuangli Group Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		32,365  USD		(847)
Shanghai Chuangli Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,502  USD		(347)
Shanghai Flyco Electrical Appliance Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,847  USD		864
Shanghai Flyco Electrical Appliance Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		34,235  USD		1,975
Shanghai Foreign Service Holding Group Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		130,276  USD		7,965
Shanghai Foreign Service Holding Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		69,756  USD		4,456
Shanghai Friendess Electronic Technology Corp., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,015  USD		559
Shanghai Friendess Electronic Technology Corp., Ltd.		01/26/24	M	0.72%	Credit Suisse International		6,023  USD		551
Shanghai Fudan Microelectronics Group Co., Ltd.		04/10/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,836  USD		1,007
Shanghai Fudan Microelectronics Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		11,275  USD		2,359
Shanghai Fullhan Microelectronics Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,065  USD		202
Shanghai Guao Electronic Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		41,024  USD		(589)
Shanghai Guao Electronic Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		17,117  USD		(236)

See Notes to Consolidated Schedule of Investments.

164

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shanghai Haoyuan Chemexpress Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,026  USD	$	219
Shanghai Haoyuan Chemexpress Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,026  USD		219
Shanghai Industrial Development Co., Ltd.		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		224,085  USD		(2,172)
Shanghai Industrial Development Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		94,857  USD		(952)
Shanghai International Port Group Co., Ltd.		04/10/24	M	1.97%	JPMorgan Chase Bank, N.A.		32,441  USD		43
Shanghai International Port Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		23,912  USD		38
Shanghai Jahwa United Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,997  USD		1,498
Shanghai Jahwa United Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,990  USD		758
Shanghai Jahwa United Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,125  USD		152
Shanghai Jahwa United Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,059  USD		689
Shanghai Jinqiao Export Processing Zone Development Co., Ltd.		03/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		90,662  USD		489
Shanghai Jinqiao Export Processing Zone Development Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		75,544  USD		381
Shanghai Kinetic Medical Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		275,803  USD		6,140
Shanghai Kinetic Medical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		112,304  USD		2,570
Shanghai Milkground Food Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		624  USD		75
Shanghai Morn Electric Equipment Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,703  USD		789
Shanghai Morn Electric Equipment Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		9,862  USD		2,231
Shanghai Nar Industrial Co., Ltd.		06/12/24	M	1.97%	JPMorgan Chase Bank, N.A.		178,769  USD		1,618
Shanghai Nar Industrial Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		74,703  USD		674
Shanghai Pret Composites Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		300,811  USD		(5,990)
Shanghai Pret Composites Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		130,632  USD		(2,797)
Shanghai Putailai New Energy Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,218  USD		43
Shanghai Sanyou Medical Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,426  USD		161
Shanghai Sanyou Medical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,850  USD		325
Shanghai Shibei Hi-Tech Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		164,985  USD		(2,198)
Shanghai Shibei Hi-Tech Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		67,425  USD		(862)
Shanghai Shimao Co., Ltd.		07/03/24	M	0.00%	JPMorgan Chase Bank, N.A.		2,351  USD		8
Shanghai Shimao Co., Ltd.		01/26/24	M	0.00%	Credit Suisse International		1,242  USD		4
Shanghai Sunglow Packaging Technology Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		34,437  USD		464

See Notes to Consolidated Schedule of Investments.

165

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shanghai Sunglow Packaging Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		11,038  USD	$	205
Shanghai Titan Scientific Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,162  USD		115
Shanghai Titan Scientific Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,163  USD		115
Shanghai Trendzone Construction Decoration Group Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,364  USD		(209)
Shanghai Trendzone Construction Decoration Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,508  USD		(91)
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		278,809  USD		1,549
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		114,360  USD		627
Shanghai Xintonglian Packaging Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		26,253  USD		751
Shanghai Xintonglian Packaging Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		11,008  USD		312
Shanghai Xuerong Bio-Technology Co., Ltd.		06/12/24	M	1.97%	JPMorgan Chase Bank, N.A.		40,446  USD		(11)
Shanghai Xuerong Bio-Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		16,916  USD		(1)
Shanghai Yaohua Pilkington Glass Group Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		40,865  USD		(551)
Shanghai Yaohua Pilkington Glass Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		17,062  USD		(225)
Shanghai Zhongzhou Special Alloy Materials Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		41,030  USD		948
Shanghai Zhongzhou Special Alloy Materials Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		15,702  USD		221
Shannon Semiconductor Technology Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,617  USD		500
Shannon Semiconductor Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		12,216  USD		1,329
Shantou Dongfeng Printing Co., Ltd.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,220  USD		5
Shantou Dongfeng Printing Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,687  USD		13
Shantou Wanshun New Material Group Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		240,876  USD		(3,641)
Shantou Wanshun New Material Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		106,895  USD		(1,505)
Shantui Construction Machinery Co., Ltd.		05/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,812  USD		315
Shantui Construction Machinery Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		12,894  USD		855
Shanxi Blue Flame Holding Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		59,465  USD		926

See Notes to Consolidated Schedule of Investments.

166

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shanxi Blue Flame Holding Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		26,271  USD	$	422
Shanxi Coal International Energy Group Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		529  USD		52
Shanxi Coal International Energy Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,323  USD		130
Shanxi Coking Coal Energy Group Co., Ltd.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		19,392  USD		210
Shanxi Coking Coal Energy Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,482  USD		119
Shanxi Guoxin Energy Corp., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		239,849  USD		(5,025)
Shanxi Guoxin Energy Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		106,288  USD		(2,234)
Shanxi Lu’an Environmental EnergyDev. Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,750  USD		43
Shanxi Lu’an Environmental EnergyDev. Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		6,308  USD		25
Shanxi Taigang Stainless Steel Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,017  USD		(224)
Shanxi Taigang Stainless Steel Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,757  USD		(116)
Shanxi Xinghuacun Fen Wine Factory Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		571,057  USD		25,725
Shanxi Xinghuacun Fen Wine Factory Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		291,494  USD		14,175
Shaw Communications, Inc.		09/13/31	M	2.62%	JPMorgan Chase Bank, N.A.		23,103,428  CAD		491,010
Shenergy Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		10,125  USD		(198)
Shenergy Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,366  USD		(105)
Shengda Resources Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		12,798  USD		(497)
Shengda Resources Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		34,374  USD		(1,305)
Shenghe Resources Holding Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		598,169  USD		39,558
Shenghe Resources Holding Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		277,564  USD		19,187
Shengyi Electronics Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		116,041  USD		3,434
Shengyi Electronics Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		58,043  USD		1,715
Shennan Circuits Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		126,588  USD		(602)
Shennan Circuits Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		63,304  USD		(310)
Shenzhen Absen Optoelectronic Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		334,314  USD		20,954
Shenzhen Absen Optoelectronic Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		145,130  USD		9,146
Shenzhen Aisidi Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,103  USD		(102)
Shenzhen Aisidi Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,694  USD		(55)
Shenzhen Anche Technologies Co., Ltd.		11/03/22	M	0.45%	JPMorgan Chase Bank, N.A.		95,533  USD		848
Shenzhen Anche Technologies Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		39,922  USD		331
Shenzhen AV-Display Co., Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,430  USD		707

See Notes to Consolidated Schedule of Investments.

167

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shenzhen AV-Display Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		30,278  USD	$	1,932
Shenzhen Bingchuan Network Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		334,030  USD		(9,125)
Shenzhen Bingchuan Network Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		144,267  USD		(4,012)
Shenzhen Capchem Technology Co., Ltd.		02/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		857,771  USD		28,289
Shenzhen Capchem Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		402,080  USD		14,833
Shenzhen Changhong Technology Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		500,029  USD		72,253
Shenzhen Changhong Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		219,047  USD		31,944
Shenzhen Comix Group Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		44,336  USD		2,988
Shenzhen Comix Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		19,011  USD		1,299
Shenzhen Comix Group Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		153,718  USD		9,846
Shenzhen Comix Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		65,574  USD		4,229
Shenzhen Dynanonic Co., Ltd.		06/12/24	M	1.97%	JPMorgan Chase Bank, N.A.		218,710  USD		1,067
Shenzhen Dynanonic Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		138,600  USD		592
Shenzhen Energy Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,560  USD		154
Shenzhen Energy Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,516  USD		81
Shenzhen Fastprint Circuit Tech Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		185,172  USD		9,780
Shenzhen Fastprint Circuit Tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		96,437  USD		5,248
Shenzhen Fluence Technology PLC		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		43,630  USD		193
Shenzhen Fluence Technology PLC		01/26/24	M	1.97%	Credit Suisse International		18,142  USD		160
Shenzhen Gongjin Electronics Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,632  USD		(90)
Shenzhen Gongjin Electronics Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,366  USD		(39)
Shenzhen Hepalink Pharmaceutical Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,630  USD		97
Shenzhen Hepalink Pharmaceutical Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,318  USD		45
Shenzhen Hifuture Information Technology Co., Ltd.		06/04/24	M	1.97%	JPMorgan Chase Bank, N.A.		91,669  USD		13,149
Shenzhen Hifuture Information Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		37,983  USD		5,467
Shenzhen Huaqiang Industry Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		2,797  USD		49
Shenzhen Huaqiang Industry Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,493  USD		25
Shenzhen Hymson Laser Intelligent Equipments Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,720  USD		(376)

See Notes to Consolidated Schedule of Investments.

168

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shenzhen Hymson Laser Intelligent Equipments Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		14,167  USD	$	(1,135)
Shenzhen Jinjia Group Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		188,044  USD		(364)
Shenzhen Jinjia Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		93,569  USD		(209)
Shenzhen Kaifa Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,205  USD		(32)
Shenzhen Kaifa Technology Co., Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,888  USD		(64)
Shenzhen Kangtai Biological Products Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		151,938  USD		10,174
Shenzhen Kangtai Biological Products Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		115,906  USD		6,656
Shenzhen Kedali Industry Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		413,978  USD		(14,952)
Shenzhen Kedali Industry Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		172,457  USD		(6,196)
Shenzhen Kingdom Sci-Tech Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,783  USD		24
Shenzhen Kingdom Sci-Tech Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,468  USD		13
Shenzhen Kinwong Electronic Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,368  USD		(186)
Shenzhen Kinwong Electronic Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,181  USD		(90)
Shenzhen Kstar Science And Technology Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,661  USD		367
Shenzhen Kstar Science And Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,051  USD		1,120
Shenzhen Lifotronic Technology Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,362  USD		(1)
Shenzhen Lifotronic Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,658  USD		—
Shenzhen Magic Design & Decoration Engineering Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		756  USD		(7)
Shenzhen Magic Design & Decoration Engineering Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		906  USD		(7)
Shenzhen MTC Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,309  USD		(114)
Shenzhen MTC Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,325  USD		(55)
Shenzhen New Industries Biomedical Engineering Co., Ltd.		04/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		462,589  USD		15,795
Shenzhen New Industries Biomedical Engineering Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		238,825  USD		8,265
Shenzhen Riland Industry Group Co., Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		32,524  USD		72
Shenzhen Riland Industry Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,603  USD		29
Shenzhen Salubris Pharmaceuticals Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		10,545  USD		369

See Notes to Consolidated Schedule of Investments.

169

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shenzhen Salubris Pharmaceuticals Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,670  USD	$	207
Shenzhen SC New Energy Technology Corp.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		413,553  USD		6,883
Shenzhen SC New Energy Technology Corp.		01/26/24	M	1.00%	Credit Suisse International		179,955  USD		2,901
Shenzhen Sea Star Technology Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		18,337  USD		(42)
Shenzhen Sea Star Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		7,695  USD		(16)
Shenzhen Senior Technology Material Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		274,459  USD		(4,799)
Shenzhen Senior Technology Material Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		153,528  USD		(1,480)
Shenzhen Strongteam Decoration Engineering Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		24,891  USD		139
Shenzhen Strongteam Decoration Engineering Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		11,267  USD		63
Shenzhen Sunlord Electronics Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		12,337  USD		282
Shenzhen Sunlord Electronics Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		6,358  USD		155
Shenzhen Suntak Circuit Technology Co., Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		202,036  USD		14,771
Shenzhen Suntak Circuit Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		93,870  USD		6,976
Shenzhen Sunxing Light Alloys Materials Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		82,234  USD		(693)
Shenzhen Sunxing Light Alloys Materials Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		36,550  USD		(261)
Shenzhen Tagen Group Co., Ltd.		05/28/24	M	1.97%	JPMorgan Chase Bank, N.A.		282,585  USD		7,865
Shenzhen Tagen Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		135,068  USD		3,570
Shenzhen Transsion Holdings Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		458,815  USD		7,709
Shenzhen Transsion Holdings Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		199,284  USD		3,320
Shenzhen United Winners Laser Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,016  USD		(1)
Shenzhen YHLO Biotech Co., Ltd.		06/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		46,832  USD		418
Shenzhen YHLO Biotech Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		19,662  USD		88
Shenzhen Yinghe Technology Co., Ltd.		03/27/24	M	1.97%	JPMorgan Chase Bank, N.A.		499,959  USD		20,518
Shenzhen Yinghe Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		260,226  USD		10,960
Shenzhen YUTO Packaging Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,802  USD		143

See Notes to Consolidated Schedule of Investments.

170

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Shenzhen YUTO Packaging Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,899  USD	$	73
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		573,844  USD		(2,612	)
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		251,517  USD		(1,011	)
Sherwin-Williams Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,188,485  USD		(47,233	)
Shockwave Medical, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		452,532  USD		62,289
Shopify, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		22,912  USD		(1,138	)
Shuangliang Eco-Energy Systems Co., Ltd.		03/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		85,914  USD		3,693
Shuangliang Eco-Energy Systems Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		57,940  USD		2,973
Shuifa Energas Gas Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,116  USD		(111	)
Shuifa Energas Gas Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,584  USD		(121	)
Shunfa Hengye Corp.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		544,218  USD		30,092
Shunfa Hengye Corp.		01/26/24	M	1.97%	Credit Suisse International		232,765  USD		12,966
Shunya International Martech Beijing Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,057  USD		506
Shunya International Martech Beijing Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,577  USD		1,355
Shutterstock, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		274,834  USD		21,344
SI-TECH Information Technology Co., Ltd.		06/25/24	M	1.97%	JPMorgan Chase Bank, N.A.		275  USD		(4	)
SI-TECH Information Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		275  USD		(3	)
Sichuan Changhong Electric Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,771  USD		(200	)
Sichuan Changhong Electric Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		4,107  USD		(106	)
Sichuan Dawn Precision Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		25,103  USD		(306	)
Sichuan Dawn Precision Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,456  USD		(124	)
Sichuan Furong Technology Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		10,988  USD		(101	)
Sichuan Furong Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,560  USD		(41	)
Sichuan Hebang Biotechnology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		18,318  USD		391
Sichuan Hebang Biotechnology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		9,660  USD		203
Sichuan Hexie Shuangma Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		414,257  USD		13,753
Sichuan Hexie Shuangma Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		176,187  USD		5,798
Sichuan Huati Lighting Technology Co., Ltd.		07/01/24	M	1.97%	JPMorgan Chase Bank, N.A.		17,399  USD		(536	)
Sichuan Huati Lighting Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		19,240  USD		(576	)
Sichuan Kelun Pharmaceutical Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		78,753  USD		(1,655	)

See Notes to Consolidated Schedule of Investments.

171

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Sichuan Kelun Pharmaceutical Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		41,670  USD	$	(886	)
Sichuan Kexin Mechanical and Electrical Equipment Co., Ltd.		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		104,828  USD		(733	)
Sichuan Kexin Mechanical and Electrical Equipment Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		43,774  USD		(301	)
Sichuan Road & Bridge Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,895  USD		(8	)
Sichuan Road & Bridge Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,262  USD		(15	)
Sichuan Tianyi Comheart Telecom Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		255,899  USD		2,769
Sichuan Tianyi Comheart Telecom Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		131,179  USD		1,206
Sichuan Yahua Industrial Group Co., Ltd.		02/28/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,262,260  USD		15,588
Sichuan Yahua Industrial Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		593,141  USD		7,740
Siemens Gamesa Renewable Energy SA		05/27/24	M	0.08%	JPMorgan Chase Bank, N.A.		17,494,383  EUR		56,473
Sijin Intelligent Forming Machinery Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		63,030  USD		160
Sijin Intelligent Forming Machinery Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		30,092  USD		104
Silicon Laboratories, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		105,198  USD		(2,417	)
Sino Medical Sciences Technology, Inc.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		122,724  USD		(637	)
Sino Medical Sciences Technology, Inc.		01/26/24	M	1.97%	Credit Suisse International		51,371  USD		(256	)
Sinofibers Technology Co., Ltd.		04/30/24	M	1.97%	JPMorgan Chase Bank, N.A.		21,880  USD		1,160
Sinofibers Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,935  USD		585
Sinolink Securities Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		14,319  USD		(69	)
Sinolink Securities Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		7,569  USD		(40	)
Sinoma International Engineering Co.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,978  USD		(161	)
Sinoma International Engineering Co.		01/26/24	M	1.97%	Credit Suisse International		4,136  USD		(83	)
Sinomine Resource Group Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		559,916  USD		32,739
Sinomine Resource Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		244,284  USD		14,415
Sinotrans Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,349  USD		(2	)
Sinotrans Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,318  USD		1
SiteOne Landscape Supply, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		992,959  USD		50,363
SiTime Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		236,170  USD		(11,025	)
Skyworth Digital Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		269,945  USD		3,439
Skyworth Digital Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		122,468  USD		1,511
Snap-on, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		13,433  USD		(35	)
Snowsky Salt Industry Group Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		524,496  USD		122,548

See Notes to Consolidated Schedule of Investments.

172

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Snowsky Salt Industry Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		255,915  USD	$	59,909
SolarEdge Technologies, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		160,518  USD		(5,341	)
Songcheng Performance Development Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		16,268  USD		929
Songcheng Performance Development Co., Ltd.		01/26/24	M	0.00%	Credit Suisse International		8,442  USD		500
Sonoco Products Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,525,973  USD		142,448
SooChow Securities Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		145,538  USD		1,151
SooChow Securities Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		77,998  USD		678
Southern Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		10,536  USD		18
Southwest Gas Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		526,238  USD		1,467
Spearhead Integrated Marketing Communication Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,940  USD		76
Spearhead Integrated Marketing Communication Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,418  USD		85
Spectrum Brands Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		433,822  USD		14,089
SPIC Industry-Finance Holdings Co., Ltd.		06/12/24	M	1.97%	JPMorgan Chase Bank, N.A.		80,390  USD		(3,009	)
SPIC Industry-Finance Holdings Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		36,402  USD		(1,340	)
SPIC Yuanda Environmental-Protection Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		181,867  USD		2,952
SPIC Yuanda Environmental-Protection Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		90,577  USD		1,519
Spirit Airlines, Inc.		02/09/24	M	2.07%	JPMorgan Chase Bank, N.A.		3,502,121  USD		132,645
Spirit Realty Capital, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		647,759  USD		1,415
Spotify Technology SA		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		380,825  USD		(33,748	)
Sprout Social, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		27,156  USD		(444	)
Square Technology Group Co., Ltd.		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		64,808  USD		302
Square Technology Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		27,050  USD		122
SS&C Technologies Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,110,257  USD		28,031
STAG Industrial, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		996,406  USD		1,204
Star Bulk Carriers Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		48,502  USD		(371	)
StarPower Semiconductor Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,316  USD		448
State Grid Information & Communication Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,517  USD		(106	)
State Grid Information &Telecommunication Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,820  USD		(199	)
State Grid Yingda Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,462  USD		(104	)
State Grid Yingda Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,383  USD		(49	)
State Street Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		90,931  USD		(4,621	)
Stellantis NV		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		250,471  USD		(19,784	)

See Notes to Consolidated Schedule of Investments.

173

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Stericycle, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		156,073  USD	$	10,688
STERIS PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,961,600  USD		90,624
Steven Madden Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,158,982  USD		(36,367	)
Stifel Financial Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		3,116  USD		(35	)
STO Express Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		821,068  USD		52,860
STO Express Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		367,073  USD		23,951
Stryker Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		632,029  USD		(29	)
Success Electronics Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,352  USD		807
Success Electronics Ltd.		01/26/24	M	1.97%	Credit Suisse International		9,778  USD		1,596
Suli Co., Ltd.		05/21/24	M	1.97%	JPMorgan Chase Bank, N.A.		122,967  USD		(1,644	)
Suli Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		51,461  USD		(668	)
Summit Materials, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		60,154  USD		51
Sun Life Financial, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		492,778  USD		3,344
Suning Universal Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,865  USD		148
Suning Universal Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,013  USD		76
Sunny Loan Top Co., Ltd.		07/01/24	M	1.97%	JPMorgan Chase Bank, N.A.		45,559  USD		(410	)
Sunny Loan Top Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		19,005  USD		(151	)
Sunresin New Materials Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		861  USD		50
Sunrise Group Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		331,166  USD		23,563
Sunrise Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		148,203  USD		10,601
Sunshine Global Circuits Co., Ltd.		05/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		205,912  USD		7,550
Sunshine Global Circuits Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		96,816  USD		3,693
Sunstone Development Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,477  USD		28
Sunstone Development Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		6,020  USD		36
Suofeiya Home Collection Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,946  USD		378
Suofeiya Home Collection Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		6,377  USD		196
Suzhou Anjie Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		128,022  USD		(4,042	)
Suzhou Anjie Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		63,673  USD		(2,050	)
Suzhou Chunxing Precision Mechanical Co., Ltd.		05/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		426,164  USD		95,010
Suzhou Chunxing Precision Mechanical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		185,432  USD		41,413
Suzhou Dongshan Precision Manufacturing Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		23,336  USD		(1,071	)
Suzhou Dongshan Precision Manufacturing Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		12,210  USD		(564	)
Suzhou Gold Mantis Construction Decoration Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		448,689  USD		(8,098	)
Suzhou Gold Mantis Construction Decoration Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		197,320  USD		(3,432	)

See Notes to Consolidated Schedule of Investments.

174

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Suzhou Hengmingda Electronic Technology Co., Ltd.		05/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		175,061  USD	$	(819	)
Suzhou Hengmingda Electronic Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		81,924  USD		(291	)
Suzhou Jin Hong Shun Auto Parts Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		16,798  USD		(366	)
Suzhou Jin Hong Shun Auto Parts Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,198  USD		(155	)
Suzhou Secote Precision Electronic Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,585  USD		518
Suzhou Secote Precision Electronic Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		12,622  USD		1,411
Suzhou Shijia Science & Technology, Inc.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		30,548  USD		287
Suzhou Shijia Science & Technology, Inc.		01/26/24	M	1.97%	Credit Suisse International		12,652  USD		216
Suzhou SLAC Precision Equipment Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		656,543  USD		(11,419	)
Suzhou SLAC Precision Equipment Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		299,469  USD		(5,465	)
Suzhou TA&A Ultra Clean Technology Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,214,100  USD		92,794
Suzhou TA&A Ultra Clean Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		560,539  USD		45,254
Suzhou TFC Optical Communication Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,097  USD		(223	)
Suzhou TFC Optical Communication Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,926  USD		(96	)
Suzhou UIGreen Micro&Nano Technologies Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,813  USD		(22	)
Suzhou UIGreen Micro&Nano Technologies Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,822  USD		(31	)
Suzhou Xingye Materials Technology Co., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		17,256  USD		(388	)
Suzhou Xingye Materials Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		18,971  USD		(534	)
SVB Financial Group		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		582,592  USD		(22,496	)
Swancor Advanced Materials Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		79,741  USD		3,089
Swancor Advanced Materials Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		40,940  USD		1,484
Swedish Match AB		05/15/24	M	0.90%	JPMorgan Chase Bank, N.A.		178,081,737  SEK		578,260
Synaptics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		740,307  USD		(23,035	)
Synovus Financial Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,299,779  USD		12,008
Tangrenshen Group Co., Ltd.		07/03/24	M	0.72%	JPMorgan Chase Bank, N.A.		196,671  USD		1,641
Tangrenshen Group Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		82,264  USD		748
Tangshan Sanyou Chemical Industries Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,557  USD		(94	)
Tangshan Sanyou Chemical Industries Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,444  USD		(40	)

See Notes to Consolidated Schedule of Investments.

175

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Tangshan Sunfar Silicon Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		789  USD	$	(51	)
Targa Resources Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,448,792  USD		(48,874	)
Tasly Pharmaceutical Group Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,788  USD		(37	)
Tasly Pharmaceutical Group Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		3,474  USD		(20	)
Tatwah Smartech Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,588  USD		1,781
Tatwah Smartech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		14,902  USD		1,956
TBEA Co., Ltd.		04/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		12,254  USD		839
TBEA Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		32,598  USD		2,180
TD SYNNEX Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		197,464  USD		(8,340	)
TE Connectivity Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,657,885  USD		(79,762	)
Tech-Bank Food Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		179,020  USD		868
Tech-Bank Food Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		75,659  USD		331
Teck Resources Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		7,887  USD		(1,529	)
Teladoc Health, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		119,959  USD		6,472
Teledyne Technologies, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		612,249  USD		11,184
Tellhow Sci-Tech Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		16,122  USD		(612	)
Tellhow Sci-Tech Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		6,793  USD		(258	)
TELUS Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,152,070  USD		2,346
Tenable Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		40,215  USD		(981	)
Teradyne, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		198,203  USD		(3,969	)
Terex Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,274,845  USD		(48,395	)
Terminix Global Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		129,919  USD		(1,181	)
Terminix Global Holdings, Inc.		12/18/23	M	2.07%	JPMorgan Chase Bank, N.A.		4,544,975  USD		152,539
Terreno Realty Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,664,059  USD		(11,757	)
TES Touch Embedded Solutions Xiamen Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		47,454  USD		19,659
TES Touch Embedded Solutions Xiamen Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		19,920  USD		8,320
Thalys Medical Technology Group, Inc.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		131,053  USD		(4,576	)
Thalys Medical Technology Group, Inc.		01/26/24	M	1.97%	Credit Suisse International		54,742  USD		(1,895	)
Tian Di Science & Technology Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		579,911  USD		(25,848	)
Tian Di Science & Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		253,852  USD		(11,150	)
Tianfeng Securities Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		15,829  USD		(153	)
Tianfeng Securities Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		8,346  USD		(81	)
Tianjin 712 Communication & Broadcasting Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,164  USD		(106	)
Tianjin 712 Communication & Broadcasting Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,818  USD		(53	)
Tianjin Guangyu Development Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,497  USD		(258	)

See Notes to Consolidated Schedule of Investments.

176

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Tianjin Guangyu Development Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,853  USD	$	(136	)
Tianjin Jingwei Huikai Optoelectronic Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,457  USD		(74	)
Tianjin Jingwei Huikai Optoelectronic Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,325  USD		(178	)
Tianjin Pengling Group Co., Ltd.		04/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		213,861  USD		7,330
Tianjin Pengling Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		104,540  USD		4,257
Tianjin You Fa Steel Pipe Group Stock Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		57,264  USD		(200	)
Tianjin You Fa Steel Pipe Group Stock Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		23,479  USD		(83	)
Tianjin Zhonghuan Semiconductor Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		697  USD		183
Tianma Microelectronics Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,678  USD		(40	)
Tianma Microelectronics Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,635  USD		(19	)
Tianneng Battery Group Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		3,097  USD		2
Tianneng Battery Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,160  USD		(93	)
Tianqi Lithium Corp.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		119,886  USD		8,749
Tianqi Lithium Corp.		01/26/24	M	1.97%	Credit Suisse International		59,042  USD		4,344
Tianshui Zhongxing Bio-technology Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		67,666  USD		(133	)
Tianshui Zhongxing Bio-technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		28,365  USD		(51	)
Tibet Mineral Development Co.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		331,850  USD		(7,423	)
Tibet Mineral Development Co.		01/26/24	M	1.97%	Credit Suisse International		137,563  USD		(3,049	)
Tibet Weixinkang Medicine Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,080  USD		(25	)
Tibet Weixinkang Medicine Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		462  USD		(11	)
Tinavi Medical Technologies Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,609  USD		(30	)
Tinavi Medical Technologies Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,040  USD		(31	)
Toast, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		16,647  USD		(1,352	)
Tofflon Science & Technology Group Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		482  USD		25
Tofflon Science & Technology Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,397  USD		72
Toly Bread Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,894  USD		287
Toly Bread Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,070  USD		144
Tonghua Dongbao Pharmaceutical Co., Ltd.		03/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		392,123  USD		4,993
Tonghua Dongbao Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		177,706  USD		2,085
Tongling Nonferrous Metals Group Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		17,846  USD		(412	)

See Notes to Consolidated Schedule of Investments.

177

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Tongling Nonferrous Metals Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		9,967  USD	$	(227	)
Tongwei Co., Ltd.		05/28/24	M	1.97%	JPMorgan Chase Bank, N.A.		715,813  USD		54,088
Tongwei Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		332,458  USD		25,220
Top Energy Co., Ltd. Shanxi		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		417,861  USD		(632	)
Top Energy Co., Ltd. Shanxi		01/26/24	M	1.97%	Credit Suisse International		172,545  USD		(231	)
Top Resource Conservation & Environment Corp.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		382,324  USD		13,691
Top Resource Conservation & Environment Corp.		01/26/24	M	1.97%	Credit Suisse International		171,944  USD		6,237
Topsec Technologies Group, Inc.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		44,863  USD		17
Topsec Technologies Group, Inc.		01/26/24	M	1.97%	Credit Suisse International		22,566  USD		26
Toyou Feiji Electronics Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		54,716  USD		1,065
Toyou Feiji Electronics Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		33,935  USD		671
Tradeweb Markets, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		68,689  USD		(3,305	)
Transfar Zhilian Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,288  USD		12
Transfar Zhilian Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,557  USD		128
Transunion		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		829,229  USD		(9,732	)
Tri Pointe Homes, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		96,084  USD		8,831
Trimble, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,669,786  USD		(54,660	)
Trina Solar Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		478,143  USD		(14,181	)
Trina Solar Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		231,235  USD		(7,051	)
TriNet Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,172,252  USD		147,965
Turning Point Therapeutics, Inc.		06/05/24	M	2.07%	JPMorgan Chase Bank, N.A.		9,274,172  USD		83,316
Tus Environmental Science And Technology Development Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		13,943  USD		90
Tus Environmental Science And Technology Development Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,802  USD		48
Tyler Technologies, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		230,904  USD		15,131
UCloud Technology Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		239,470  USD		(6,792	)
UCloud Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		107,371  USD		(3,187	)
UE Furniture Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		14,803  USD		(25	)
UE Furniture Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		15,609  USD		(284	)
UFP Industries, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,062,891  USD		37,570
UiPath, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		122,436  USD		(6,802	)
Ulta Beauty, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		885,581  USD		(34,826	)
Ultra Electronics Holdings PLC		08/18/23	M	1.74%	JPMorgan Chase Bank, N.A.		9,357,663  GBP		1,272,992
Umpqua Holdings Corp.		10/16/23	M	2.07%	JPMorgan Chase Bank, N.A.		3,018,665  USD		75,651
Unilumin Group Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		528,354  USD		23,981
Unilumin Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		227,232  USD		10,414
Unisplendour Corp., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,791  USD		136
Unisplendour Corp., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,246  USD		375
United Therapeutics Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		619,281  USD		452
Universal Health Services, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,548,307  USD		(57,094	)

See Notes to Consolidated Schedule of Investments.

178

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Universal Scientific Industrial Shanghai Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		177,609  USD	$	5,798
Universal Scientific Industrial Shanghai Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		79,572  USD		2,800
Uroica Precision Information Engineering Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,911  USD		(26	)
Uroica Precision Information Engineering Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,595  USD		(25	)
Valaris Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		211,001  USD		(12,135	)
Valero Energy Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		67,786  USD		(5,931	)
Valiant Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		611  USD		13
Valiant Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,220  USD		26
Valley National BanCorp		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,088,013  USD		(20,499	)
Valmont Industries, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		134,344  USD		1,333
Vats Liquor Chain Store Management Joint Stock Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		595  USD		60
Vats Liquor Chain Store Management JSC Ltd.		04/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		595  USD		60
Vatti Corp., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		25,831  USD		(271	)
Vatti Corp., Ltd.		01/26/24	M	1.00%	Credit Suisse International		10,807  USD		(114	)
Veeva Systems, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		3,523  USD		240
Veken Technology Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		14,886  USD		(100	)
Veken Technology Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,245  USD		(38	)
Venustech Group, Inc.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,627  USD		(100	)
Venustech Group, Inc.		01/26/24	M	1.97%	Credit Suisse International		5,117  USD		(56	)
Verint Systems, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		118,020  USD		(626	)
Verisilicon Microelectronics Shanghai Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		218,474  USD		8,812
Verisilicon Microelectronics Shanghai Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		111,969  USD		4,626
Vermilion Energy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,856  USD		(188	)
Vertex Pharmaceuticals, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,392,276  USD		19,774
Vertiv Holdings Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		12,511  USD		(2,153	)
Viatris, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		19,144  USD		(235	)
Viavi Solutions, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,018,178  USD		(8,858	)
Vifor Pharma AG		03/06/24	M	0.29%	JPMorgan Chase Bank, N.A.		13,500,106  CHF		(152,149	)
Virtu Financial, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		89,856  USD		(945	)
VMware, Inc.		05/30/24	M	2.07%	JPMorgan Chase Bank, N.A.		17,642,369  USD		(483,249	)
Vonage Holdings Corp.		11/27/23	M	2.07%	JPMorgan Chase Bank, N.A.		7,496,391  USD		925,315
Vornado Realty Trust		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,287,501  USD		14,574
Vtron Group Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		388,474  USD		6,976
Vtron Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		171,368  USD		3,123
Vulcan Materials Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		462,292  USD		(8,425	)
Walmart, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		74,504  USD		(1,313	)
Wanda Film Holding Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		10,536  USD		271
Wanda Film Holding Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,566  USD		143
Wangfujing Group Co., Ltd.		07/02/24	M	0.72%	JPMorgan Chase Bank, N.A.		99,291  USD		3,553
Wangfujing Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		52,822  USD		1,899
Wangsu Science & Technology Co., Ltd.		04/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		990,955  USD		(752	)

See Notes to Consolidated Schedule of Investments.

179

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Wangsu Science & Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		449,891  USD	$	(148	)
Wanxiang Qianchao Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		216,380  USD		1,013
Wanxiang Qianchao Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		494,163  USD		2,147
Warner Bros Discovery, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		22,717  USD		(1,003	)
Waste Co.nnections, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,602,406  USD		87,540
Waste Management, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		201,204  USD		5,166
Wasu Media Holding Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,188  USD		50
Wasu Media Holding Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,712  USD		26
Webster Financial Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,235,531  USD		(51,369	)
Wei Long Grape Wine Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		91,144  USD		8,478
Wei Long Grape Wine Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		38,137  USD		3,551
Weichai Power Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		128,437  USD		(1,955	)
Weichai Power Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		63,747  USD		(971	)
Weifu High-Technology Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,125  USD		(223	)
Weifu High-Technology Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		3,860  USD		(122	)
Weihai Guangwei Composites Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,232  USD		(41	)
Weihai Guangwei Composites Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		7,060  USD		(25	)
Welbilt, Inc.		04/25/23	M	2.07%	JPMorgan Chase Bank, N.A.		14,638,251  USD		30,804
Well Lead Medical Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,153  USD		30
Well Lead Medical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,541  USD		62
Wencan Group Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		26,327  USD		(2,306	)
Wencan Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		58,297  USD		(5,196	)
Wenzhou Yihua Connector Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		39,595  USD		(2,045	)
Wenzhou Yihua Connector Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		16,673  USD		(862	)
Werner Enterprises, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		368,735  USD		(100	)
West Pharmaceutical Services, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,248,847  USD		59,508
West Shanghai Automotive Service Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		14,415  USD		(354	)
West Shanghai Automotive Service Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,980  USD		(143	)
Western Alliance Bancorp		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		88,092  USD		793
Western Superconducting Technologies Co.,Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		20,080  USD		(798	)
Western Superconducting Technologies Co.,Ltd.		01/26/24	M	0.72%	Credit Suisse International		8,609  USD		(345	)
Westlake Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,700,015  USD		(15,835	)
Westone Information Industry, Inc.		01/26/24	M	1.97%	Credit Suisse International		634  USD		7
Westrock Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,329,940  USD		(10,001	)
Weyerhaeuser Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,260,841  USD		(30,242	)
WG Tech JiangXi Co., Ltd.		07/02/24	M	0.72%	JPMorgan Chase Bank, N.A.		2,134  USD		17

See Notes to Consolidated Schedule of Investments.

180

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
WG Tech JiangXi Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,369  USD	$	22
Williams-Sonoma, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		4,085  USD		(313	)
Willis Towers Watson PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		269,970  USD		(1,125	)
Wintime Energy Co., Ltd.		12/11/23	M	1.97%	JPMorgan Chase Bank, N.A.		94,763  USD		(4,103	)
Wintime Energy Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		43,155  USD		(1,756	)
Wintrust Financial Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		88,401  USD		(476	)
Wiscom System Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		41,200  USD		(960	)
Wiscom System Co., Ltd.		01/26/24	M	0.00%	Credit Suisse International		17,200  USD		(411	)
Wix.com Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		135,737  USD		3,557
Wolong Electric Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		10,104  USD		(626	)
Wolong Electric Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,275  USD		(321	)
Wonders Information Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,833  USD		63
Wonders Information Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,198  USD		32
Woodward, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,427,035  USD		36,436
Workiva, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,189,692  USD		38,646
World Wrestling Entertainment, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		6,030  USD		219
Wuchan Zhongda Group Co.,Ltd.		06/04/24	M	1.97%	JPMorgan Chase Bank, N.A.		79,123  USD		805
Wuchan Zhongda Group Co.,Ltd.		01/26/24	M	1.97%	Credit Suisse International		39,574  USD		428
Wuhan Fingu Electronic Technology Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		317,190  USD		42,994
Wuhan Fingu Electronic Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		149,262  USD		20,162
Wuhan Guide Infrared Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		36,902  USD		(374	)
Wuhan Guide Infrared Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		14,961  USD		(158	)
Wuhan Tianyu Information Industry Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,295  USD		(181	)
Wuhan Tianyu Information Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		9,212  USD		(197	)
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		657,553  USD		(41,676	)
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		302,030  USD		(19,145	)
Wuhu Token Science Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		209,229  USD		2,587
Wuhu Token Science Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		85,451  USD		1,005
WUS Printed Circuit Kunshan Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,051  USD		(93	)
WUS Printed Circuit Kunshan Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		24,931  USD		(236	)
WuXi AppTec Co., Ltd.		06/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		342,169  USD		24,436
WuXi AppTec Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		191,358  USD		12,139
Wuxi Autowell Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,784  USD		192

See Notes to Consolidated Schedule of Investments.

181

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Wuxi Autowell Technology Co., Ltd.		04/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		8,214  USD	$	200
Wuxi Autowell Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		23,350  USD		576
Wuxi Paike New Materials Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,123  USD		81
Wuxi Shangji Automation Co., Ltd.		05/21/24	M	1.97%	JPMorgan Chase Bank, N.A.		12,567  USD		2,346
Wuxi Shangji Automation Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		33,380  USD		6,233
Wuxi Taiji Industry Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,867  USD		(150	)
Wuxi Taiji Industry Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,163  USD		(84	)
Wyndham Hotels & Resorts, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,807,732  USD		(10,618	)
XDC Industries Shenzhen Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,759  USD		179
XDC Industries Shenzhen Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,004  USD		495
Xi An Global Printing Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,186  USD		(12	)
Xi’An Global Printing Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,356  USD		(14	)
Xi’an Manareco New Materials Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		14,127  USD		(602	)
Xi’an Manareco New Materials Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		33,640  USD		(33	)
Xi’An Shaangu Power Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		272,162  USD		9,487
Xi’An Shaangu Power Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		118,653  USD		4,245
Xi’an Triangle Defense Co., Ltd.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		372,779  USD		522
Xi’an Triangle Defense Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		166,526  USD		344
Xiamen Bank Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		59,513  USD		(40	)
Xiamen Bank Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		24,679  USD		(17	)
Xiamen C & D, Inc.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		12,616  USD		1,246
Xiamen C & D, Inc.		01/26/24	M	1.00%	Credit Suisse International		6,580  USD		644
Xiamen Faratronic Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		17,183  USD		1,206
Xiamen Faratronic Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		8,568  USD		626
Xiamen Hongxin Electronics Technology Group, Inc.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,490  USD		65
Xiamen Hongxin Electronics Technology Group, Inc.		01/26/24	M	1.97%	Credit Suisse International		6,002  USD		74
Xiamen Port Development Co. Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,312  USD		(94	)
Xiamen Port Development Co. Ltd.		01/26/24	M	1.97%	Credit Suisse International		14,620  USD		(104	)
Xiamen Solex High-Tech Industries Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		35,383  USD		(320	)
Xiamen Solex High-Tech Industries Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		26,863  USD		(810	)
Xiamen Tungsten Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,661  USD		(419	)

See Notes to Consolidated Schedule of Investments.

182

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Xiamen Tungsten Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		6,990  USD	$	(207	)
Xiamen Xiangyu Co., Ltd.		06/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		386  USD		8
Xiamen Xiangyu Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		771  USD		17
Xiamen Yanjan New Material Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		10,938  USD		9
Xiamen Yanjan New Material Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,645  USD		7
Xinfengming Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,117  USD		89
Xinfengming Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,231  USD		45
Xining Special Steel Co., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		41,306  USD		(685	)
Xining Special Steel Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		17,250  USD		(280	)
Xinjiang Hongtong Natural Gas Co., Ltd.		04/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		74,555  USD		(1,474	)
Xinjiang Hongtong Natural Gas Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		60,259  USD		(1,388	)
Xinjiang Joinworld Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		330,408  USD		1,898
Xinjiang Winka Times Department Store Co., Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		131,287  USD		1,053
Xinjiang Winka Times Department Store Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		56,239  USD		599
Xinjiang Xuefeng Sci-Tech Group Co., Ltd.		07/01/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,927  USD		916
Xinjiang Xuefeng Sci-Tech Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		13,058  USD		1,002
Xinlun New Materials Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,502  USD		(583	)
Xinlun New Materials Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		12,624  USD		(621	)
Xinxing Ductile Iron Pipes Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		459,407  USD		539
Xinxing Ductile Iron Pipes Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		201,978  USD		130
Xinyu Iron & Steel Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,022  USD		(171	)
Xinyu Iron & Steel Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,704  USD		(90	)
Xiongan Kerong Environment Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,775  USD		86
Xiongan Kerong Environment Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		12,893  USD		222
Xylem, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		495,982  USD		10,546
YaGuang Technology Group Co., Ltd.		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,853  USD		39
YaGuang Technology Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		15,126  USD		63
Yamana Gold, Inc.		06/04/24	M	2.07%	JPMorgan Chase Bank, N.A.		14,192,096  USD		(1,252,244	)
Yangling Metron New Material, Inc.		06/04/24	M	1.97%	JPMorgan Chase Bank, N.A.		215,076  USD		(7,384	)
Yangling Metron New Material, Inc.		01/26/24	M	1.97%	Credit Suisse International		93,179  USD		(3,179	)

See Notes to Consolidated Schedule of Investments.

183

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Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Yangtze Optical Fibre and Cable Joint Stock Ltd Co.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		2,687  USD	$	84
Yangtze Optical Fibre and Cable Joint Stock Ltd Co.		01/26/24	M	1.00%	Credit Suisse International		1,345  USD		41
Yantai Changyu Pioneer Wine Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		2,614  USD		51
Yantai Changyu Pioneer Wine Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,308  USD		25
Yantai Eddie Precision Machinery Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,971  USD		(71	)
Yantai Eddie Precision Machinery Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		2,490  USD		(40	)
Yantai Jereh Oilfield Services Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		24,821  USD		(139	)
Yantai Jereh Oilfield Services Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		17,539  USD		(81	)
Yantai North Andre Juice Co., Ltd.		07/03/24	M	0.72%	JPMorgan Chase Bank, N.A.		16,418  USD		1,020
Yantai North Andre Juice Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		6,673  USD		411
Yantai Zhenghai Bio-tech Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		824  USD		13
Yantai Zhenghai Bio-tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,647  USD		27
Yanzhou Coal Mining Co., Ltd.		03/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		25,056  USD		2,403
Yanzhou Coal Mining Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		59,719  USD		5,744
Yes Optoelectronics Group Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		11,645  USD		(126	)
Yes Optoelectronics Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,809  USD		(55	)
YETI Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		11,325  USD		55
Yifan Pharmaceutical Co., Ltd.		04/10/24	M	1.97%	JPMorgan Chase Bank, N.A.		401,820  USD		9,793
Yifan Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		183,811  USD		4,558
Yindu Kitchen Equipment Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,198  USD		9
Yindu Kitchen Equipment Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,708  USD		22
Yintai Gold Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,914  USD		(419	)
Yintai Gold Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,336  USD		(225	)
Yonghui Superstores Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		320,867  USD		14,728
Yonghui Superstores Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		152,753  USD		7,149
Yonghui Superstores Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		228,910  USD		7,522
Yonghui Superstores Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		101,370  USD		3,355
YongXing Special Materials Technology Co., Ltd.		05/16/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,322,223  USD		132,961
YongXing Special Materials Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		604,207  USD		61,995
Youngor Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,056  USD		17

See Notes to Consolidated Schedule of Investments.

184

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Youngor Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,925  USD	$	8
Youngy Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		645,976  USD		(19,172	)
Youngy Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		295,678  USD		(8,680	)
YTO Express Group Co., Ltd.		01/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,004,889  USD		17,002
YTO Express Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		467,967  USD		8,518
Yuanli Chemical Group Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		936  USD		(58	)
Yuanli Chemical Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,434  USD		(150	)
Yunda Holding Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		745,966  USD		54,065
Yunda Holding Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		341,512  USD		24,953
Yunding Technology Co., Ltd.		04/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		19,519  USD		(376	)
Yunding Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		21,409  USD		(401	)
Yunnan Bowin Technology Industry Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		39,135  USD		291
Yunnan Bowin Technology Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		16,441  USD		129
Yunnan Chihong Zinc&Germanium Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,661  USD		(481	)
Yunnan Chihong Zinc&Germanium Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,159  USD		(259	)
Yunnan Copper Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		876,154  USD		(11,594	)
Yunnan Copper Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		401,899  USD		(5,122	)
Yunnan Tin Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		1,051,059  USD		28,896
Yunnan Tin Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		519,173  USD		13,415
Yunnan Wenshan Electric Power Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		5,501  USD		(12	)
Yunnan Wenshan Electric Power Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,973  USD		(27	)
Yunnan Yuntianhua Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		115,293  USD		6,031
Yunnan Yuntianhua Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		50,066  USD		2,602
Zangge Mining Co., Ltd.		06/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		258,891  USD		5,838
Zangge Mining Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		118,153  USD		2,894
Zangge Mining Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		410,796  USD		8,932
Zangge Mining Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		179,088  USD		3,958
Zebra Technologies Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		72,050  USD		(2,972	)
Zhefu Holding Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,566  USD		(267	)
Zhefu Holding Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		4,005  USD		(141	)
Zhejiang Anglikang Pharmaceutical Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,973  USD		(70	)
Zhejiang Anglikang Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		4,530  USD		(70	)
Zhejiang Bangjie Holding Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		27,010  USD		(50	)
Zhejiang Bangjie Holding Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		11,276  USD		(19	)
Zhejiang Cfmoto Power Co., Ltd.		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,165  USD		(370	)

See Notes to Consolidated Schedule of Investments.

185

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zhejiang Cfmoto Power Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		3,582  USD	$	(184	)
Zhejiang Chint Electrics Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		123,470  USD		(3,211	)
Zhejiang Chint Electrics Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		61,407  USD		(1,544	)
Zhejiang Crystal-Optech Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,806  USD		134
Zhejiang Crystal-Optech Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		6,254  USD		77
Zhejiang Dafeng Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,317  USD		15
Zhejiang Dongri		06/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		118,519  USD		1,886
Zhejiang Dongri		01/26/24	M	1.97%	Credit Suisse International		49,610  USD		796
Zhejiang Garden Bio-Chemical High-tech Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		138,546  USD		5,771
Zhejiang Garden Bio-Chemical High-tech Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		84,066  USD		3,744
Zhejiang Great Shengda Packaging Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		84,744  USD		2,270
Zhejiang Great Shengda Packaging Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		35,507  USD		969
Zhejiang Haers Vacuum Containers Co., Ltd.		07/02/24	M	1.97%	JPMorgan Chase Bank, N.A.		14,784  USD		269
Zhejiang Haers Vacuum Containers Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		6,206  USD		113
Zhejiang Hailiang Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		9,921  USD		(259	)
Zhejiang Hailiang Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,321  USD		(145	)
Zhejiang HangKe Technology, Inc., Co.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		541,784  USD		(24,782	)
Zhejiang HangKe Technology, Inc., Co.		01/26/24	M	1.97%	Credit Suisse International		238,324  USD		(10,174	)
Zhejiang Hisoar Pharmaceutical Co., Ltd.		04/23/24	M	1.97%	JPMorgan Chase Bank, N.A.		615,940  USD		(13,552	)
Zhejiang Hisoar Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		272,243  USD		(5,780	)
Zhejiang Huahai Pharmaceutical Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		218,896  USD		13,723
Zhejiang Huahai Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		109,488  USD		6,821
Zhejiang Huatie Emergency Equipment Science and Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		10,490  USD		701
Zhejiang Huatie Emergency Equipment Science and Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		11,498  USD		765
Zhejiang Huayou Cobalt Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,337  USD		92
Zhejiang International Group Co., Ltd.		05/29/24	M	1.97%	JPMorgan Chase Bank, N.A.		7,836  USD		(4	)
Zhejiang International Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		8,631  USD		(10	)

See Notes to Consolidated Schedule of Investments.

186

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zhejiang Jiahua Energy Chemical Industry Co., Ltd.		06/18/24	M	1.97%	JPMorgan Chase Bank, N.A.		142,337  USD	$	99
Zhejiang Jiahua Energy Chemical Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		98,149  USD		(1	)
Zhejiang Jianye Chemical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		254,677  USD		1,832
Zhejiang Jianye Chemical Co., Ltd.		05/08/24	M	1.97%	JPMorgan Chase Bank, N.A.		568,053  USD		4,257
Zhejiang Jiecang Linear Motion Technology Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		131,423  USD		(6,727	)
Zhejiang Jiecang Linear Motion Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		57,285  USD		(2,918	)
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd.		06/11/24	M	1.97%	JPMorgan Chase Bank, N.A.		6,083  USD		(25	)
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		7,092  USD		(24	)
Zhejiang Jiuzhou Pharmaceutical Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		17,757  USD		779
Zhejiang Jiuzhou Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		9,602  USD		437
Zhejiang Jolly Pharmaceutical Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		742  USD		1
Zhejiang Jolly Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,638  USD		(5	)
Zhejiang Juhua Co., Ltd.		06/24/24	M	1.97%	JPMorgan Chase Bank, N.A.		610,280  USD		21,654
Zhejiang Juhua Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		266,579  USD		9,217
Zhejiang Medicine Co., Ltd.		05/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		11,417  USD		2
Zhejiang Medicine Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		17,018  USD		110
Zhejiang Meida Industrial Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		861  USD		15
Zhejiang Meida Industrial Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		1,937  USD		36
Zhejiang Ming Jewelry Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,445  USD		522
Zhejiang Ming Jewelry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,599  USD		221
Zhejiang Narada Power Source Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		199,931  USD		(3,320	)
Zhejiang Narada Power Source Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		81,161  USD		(1,417	)
Zhejiang Orient Financial Holdings Group Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,875  USD		37
Zhejiang Orient Financial Holdings Group Co., Ltd.		01/26/24	M	0.72%	Credit Suisse International		2,554  USD		22
Zhejiang Qianjiang Biochem		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		152,247  USD		(1,734	)
Zhejiang Qianjiang Biochem		01/26/24	M	1.97%	Credit Suisse International		69,891  USD		(747	)

See Notes to Consolidated Schedule of Investments.

187

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zhejiang Qianjiang Motorcycle Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		18,425  USD	$	(2,162	)
Zhejiang Qianjiang Motorcycle Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		20,580  USD		(2,481	)
Zhejiang Sanhua Intelligent Controls Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		84,894  USD		2,132
Zhejiang Sanmei Chemical Industry Co., Ltd.		04/17/24	M	1.97%	JPMorgan Chase Bank, N.A.		410,250  USD		4,551
Zhejiang Sanmei Chemical Industry Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		197,292  USD		2,131
Zhejiang Semir Garment Co Ltd.		07/03/24	M	0.72%	JPMorgan Chase Bank, N.A.		3,363  USD		(3	)
Zhejiang Semir Garment Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		1,771  USD		(3	)
Zhejiang Shapuaisi Pharmaceutical Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		24,418  USD		(46	)
Zhejiang Shapuaisi Pharmaceutical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		10,074  USD		(24	)
Zhejiang Sunflower Great Health LLC		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		3,700  USD		(23	)
Zhejiang Sunflower Great Health LLC		01/26/24	M	1.00%	Credit Suisse International		4,050  USD		(23	)
Zhejiang Sunriver Culture Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		5,097  USD		448
Zhejiang Sunriver Culture Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,661  USD		490
Zhejiang Supcon Technology Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		15,328  USD		(112	)
Zhejiang Supcon Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		8,761  USD		(66	)
Zhejiang Taitan Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		69,353  USD		1,361
Zhejiang Taitan Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		26,788  USD		569
Zhejiang Talent Television & Film Co., Ltd.		06/05/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,722  USD		224
Zhejiang Talent Television & Film Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		2,939  USD		243
Zhejiang Tiantie Industry Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		857  USD		58
Zhejiang Tiantie Industry Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		857  USD		58
Zhejiang Wanfeng Auto Wheel Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		417,930  USD		(11,628	)
Zhejiang Wanfeng Auto Wheel Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		181,974  USD		(5,094	)
Zhejiang Wanma Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		55,648  USD		(628	)
Zhejiang Wanma Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		29,315  USD		(345	)
Zhejiang Weiming Environment Protection Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		22,511  USD		(79	)
Zhejiang Weiming Environment Protection Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		39,886  USD		(181	)

See Notes to Consolidated Schedule of Investments.

188

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zhejiang Weixing New Building Materials Co., Ltd.		07/03/24	M	1.97%	JPMorgan Chase Bank, N.A.		10,077  USD	$	696
Zhejiang Weixing New Building Materials Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		5,356  USD		389
Zhejiang Windey Co., Ltd.		06/13/24	M	1.97%	JPMorgan Chase Bank, N.A.		170,224  USD		14,848
Zhejiang Windey Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		73,759  USD		6,427
Zhejiang Xinan Chemical Industrial Group Co., Ltd.		06/26/24	M	1.97%	JPMorgan Chase Bank, N.A.		403,295  USD		(327	)
Zhejiang Xinan Chemical Industrial Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		165,127  USD		(189	)
Zhejiang Xinhua Chemical Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		238,007  USD		2,015
Zhejiang Xinhua Chemical Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		136,486  USD		1,540
Zhejiang Yasha Decoration Co., Ltd.		05/20/24	M	1.97%	JPMorgan Chase Bank, N.A.		428,328  USD		1,701
Zhejiang Yasha Decoration Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		186,642  USD		757
Zhejiang Zhaolong Interconnect Technology Co., Ltd.		07/03/24	M	1.00%	JPMorgan Chase Bank, N.A.		14,921  USD		(105	)
Zhejiang Zhaolong Interconnect Technology Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		6,209  USD		(45	)
Zhengzhou Coal Mining Machinery Group Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		4,137  USD		598
Zhengzhou Coal Mining Machinery Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		11,387  USD		1,313
Zhenjiang Dongfang Electric Heating Technology Co., Ltd.		05/06/24	M	1.97%	JPMorgan Chase Bank, N.A.		2,402  USD		341
Zhenjiang Dongfang Electric Heating Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,282  USD		751
Zhewen Interactive Group Co., Ltd.		07/02/24	M	1.00%	JPMorgan Chase Bank, N.A.		17,054  USD		153
Zhewen Interactive Group Co., Ltd.		01/26/24	M	1.00%	Credit Suisse International		18,679  USD		185
Zhiyang Innovation Technology Co., Ltd.		05/22/24	M	1.97%	JPMorgan Chase Bank, N.A.		13,664  USD		49
Zhiyang Innovation Technology Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		5,490  USD		97
Zhongbai Holdings Group Co., Ltd.		05/14/24	M	1.97%	JPMorgan Chase Bank, N.A.		197,861  USD		3,722
Zhongbai Holdings Group Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		82,946  USD		1,618
Zhongji Innolight Co., Ltd.		01/26/24	M	1.97%	Credit Suisse International		515,284  USD		(9,248	)
ZhongMan Petroleum and Natural Gas Group Corp.,Ltd.		05/15/24	M	1.97%	JPMorgan Chase Bank, N.A.		16,250  USD		342
ZhongMan Petroleum and Natural Gas Group Corp.,Ltd.		01/26/24	M	1.97%	Credit Suisse International		17,724  USD		405

See Notes to Consolidated Schedule of Investments.

189

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency		Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Zhongmin Energy Co., Ltd.		04/03/24		M	1.97%	JPMorgan Chase Bank, N.A.		4,877  USD	$	(81	)
Zhongmin Energy Co., Ltd.		01/26/24		M	1.97%	Credit Suisse International		13,215  USD		(214	)
Zhongshan Broad Ocean Motor Co., Ltd.		07/03/24		M	1.97%	JPMorgan Chase Bank, N.A.		8,631  USD		(376	)
Zhongshan Broad Ocean Motor Co., Ltd.		01/26/24		M	1.00%	Credit Suisse International		4,509  USD		(198	)
Zhongtai Securities Co., Ltd.		07/03/24		M	1.00%	JPMorgan Chase Bank, N.A.		231,579  USD		(1,884	)
Zhongtai Securities Co., Ltd.		01/26/24		M	1.00%	Credit Suisse International		94,827  USD		(777	)
ZhongYeDa Electric Co., Ltd.		07/02/24		M	1.97%	JPMorgan Chase Bank, N.A.		39,343  USD		(927	)
ZhongYeDa Electric Co., Ltd.		01/26/24		M	1.97%	Credit Suisse International		17,727  USD		(419	)
Zhuhai Enpower Electric Co., Ltd.		01/26/24		M	1.97%	Credit Suisse International		1,529  USD		110
Zhuzhou Kibing Group Co., Ltd.		07/03/24		M	1.97%	JPMorgan Chase Bank, N.A.		14,198  USD		467
Zhuzhou Kibing Group Co., Ltd.		01/26/24		M	1.00%	Credit Suisse International		7,370  USD		248
ZIM Integrated Shipping Services Ltd.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		21,428  USD		(80	)
Zions Bancorp NA		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		730,541  USD		(27,917	)
Zoom Video Communications, Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		1,453,595  USD		(74,711	)
Zoominfo Technologies, Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		65,516  USD		(2,327	)
Zurn Water Solutions Corp.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		138,523  USD		102
ZYF Lopsking Material Technology Co., Ltd.		06/03/24		M	1.97%	JPMorgan Chase Bank, N.A.		202,563  USD		2,630
ZYF Lopsking Material Technology Co., Ltd.		01/26/24		M	1.97%	Credit Suisse International		103,374  USD		1,368
Total Buys									$	(2,226,768	)
Sells
Abbott Laboratories		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		3,365  USD		(3	)
Abiomed, Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		387,525  USD		12,052
ABM Industries, Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		923,562  USD		(22,777	)
Acadia Healthcare Co., Ltd.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		1,535,340  USD		(13,590	)
Acuity Brands, Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		683,878  USD		4,870
Adient PLC		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		115,782  USD		11,899
Advanced Drainage Systems, Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		874,006  USD		(1,564	)
AECOM		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		61,402  USD		(1,144	)
Aerojet Rocketdyne Holdings, Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		8,738  USD		(73	)
AeroVironment, Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		1,977  USD		4
Affirm Holdings, Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		39,150  USD		2,344
AGCO Corp.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		645,128  USD		20,061
agilon health, Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		281,153  USD		(28,200	)
Agree Realty Corp.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		1,938,328  USD		(75,613	)
Akamai Technologies, Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		1,065,953  USD		(7,996	)
Albertsons Cos., Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		12,573  USD		977
Alexandria Real Estate Equities, Inc.		05/23/23		M	1.58%	Morgan Stanley Capital Services LLC		2,710,387  USD		13,409

See Notes to Consolidated Schedule of Investments.

190

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Algonquin Power & Utilities Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		6,392   USD	$	(121	)
Alkermes PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,053,216  USD		(81,515	)
Allegheny Technologies, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		981,625  USD		7,979
Allison Transmission Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,183,308  USD		(4,690	)
Allstate Corp. (The)		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,714,758  USD		4,664
Ambarella, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		68,698  USD		2,779
Amcor PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,168  USD		12
Amdocs Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,389,166  USD		(85,724	)
AMERCO		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		4,650  USD		(133	)
Ameren Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,146,675  USD		(11,379	)
American Electric Power Co., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		14,624  USD		(918	)
American Financial Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		916,613  USD		(18,550	)
American Water Works Co., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,839,676  USD		(117,394	)
Americold Realty Trust, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		393,404  USD		(11,114	)
AmerisourceBergen Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,322,839  USD		79,249
Amicus Therapeutics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		230,975  USD		(20,105	)
AMN Healthcare Services, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		726,345  USD		(20,890	)
Annaly Capital Management, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		176,429  USD		1,186
Apartment Income REIT Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,287  USD		(2	)
Apple Hospitality REIT, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		8,960  USD		246
Aptiv PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		472,204  USD		35,049
Archer-Daniels-Midland Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		285,296  USD		(4,850	)
Arconic Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		94,888  USD		(1,857	)
Arthur J Gallagher & Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,177,188  USD		855
Asbury Automotive Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		68,394  USD		320
Ashland Global Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,306,617  USD		(56,013	)
Assured Guaranty Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		13,970  USD		(312	)
Atmos Energy Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		113,956  USD		(1,394	)
Autoliv, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,017,254  USD		52,275
Automatic Data Processing, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		393,915  USD		14,372
Avangrid, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,300,895  USD		(57,431	)
Avantor, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,622,201  USD		(68,395	)
Avery Dennison Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		811,296  USD		21,856
Axalta Coating Systems Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,896,201  USD		96,845
Axis Capital Holdings Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		409,767  USD		(8,931	)
Axonics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		555,870  USD		(77,701	)
Azek Co., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		44,836  USD		2,617
Azenta, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		8,132  USD		(87	)
Ball Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,217  USD		48
Bank of New York Mellon Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		381  USD		5
BCE, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		17,446  USD		(259	)
Beam Therapeutics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		9,593  USD		341

See Notes to Consolidated Schedule of Investments.

191

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Bentley Systems, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,676,868  USD	$	(77,443	)
Berkshire Hathaway, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		223,667  USD		(1,029	)
Best Buy Co., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		20,436  USD		1,531
Bill.com Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		18,162  USD		462
BJ’s Wholesale Club Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		980,980  USD		29,540
Black Hills Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		8,496  USD		55
Blueprint Medicines Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		852,136  USD		2,710
Booz Allen Hamilton Holding Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,590,741  USD		(185,480	)
BorgWarner, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		7,535  USD		528
Boston Beer Co., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		3,023  USD		(7	)
Boston Scientific Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		189  USD		2
Boyd Gaming Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		23,992  USD		510
Bright Horizons Family Solutions, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		501,219  USD		(15,789	)
Brighthouse Financial, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		848,637  USD		13,839
Broadcom, Inc.		05/30/24	M	1.27%	JPMorgan Chase Bank, N.A.		8,308,679  USD		296,214
Broadridge Financial Solutions, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		463,379  USD		11,495
Brookfield Renewable Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		18,444  USD		104
Brown & Brown, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		391,744  USD		(2,926	)
Brown-Forman Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,613,168  USD		(35,512	)
Bruker Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,135,933  USD		(26,382	)
Builders Firstsource, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		648,377  USD		432
Bunge Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		93,056  USD		734
Burlington, Stores, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		20,607  USD		2,488
BWX Technologies, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		197,788  USD		(6,375	)
Cable One, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		354,382  USD		(18,232	)
Cabot Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		72,962  USD		(971	)
Caci International, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		660,871  USD		(41,606	)
Cactus, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		578,352  USD		17,834
Cadence Design Systems, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,818,859  USD		30,201
Cal-Maine Foods, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		26,734  USD		(837	)
Camden Property Trust		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		466,105  USD		(8,341	)
Campbell Soup Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		187,179  USD		1,850
Canada Goose Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		376  USD		16
Canadian National Railway Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,864,667  USD		(49,685	)
Canadian Pacific Railway Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		758,860  USD		1,515
Carlyle Group, Inc. (The)		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,225,179  USD		58,179
Catalent, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,971,410  USD		(94,294	)
Caterpillar, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,676,897  USD		112,406
Cboe Global Markets, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		25,229  USD		(805	)
Centene Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		739,580  USD		(27,579	)
Centerpoint Energy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		14,756  USD		(270	)
Ceridian HCM Holding, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		904,469  USD		72,707
CF Industries Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,041,762  USD		57,410
ChampionX Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		476,144  USD		39,186
Chart Industries, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		457,679  USD		(14,500	)
Check Point Software Technologies Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		17,306  USD		(230	)
Chemours Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		3,633  USD		(49	)

See Notes to Consolidated Schedule of Investments.

192

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Chipotle Mexican Grill, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		17,657  USD	$	(644	)
Church & Dwight Co., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,175,445  USD		(160,607	)
Churchill Downs, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		495,018  USD		(33,414	)
Ciena Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		284,426  USD		(7,277	)
Citizens Financial Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		15,806  USD		210
Civitas Resources, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		30,534  USD		5,017
Clarivate PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		65,042  USD		(3,773	)
Clean Harbors, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		81,740  USD		207
Cleveland-Cliffs, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		4,475  USD		371
CMS Energy Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		47,668  USD		(730	)
CNH Industrial NV		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,179,288  USD		105,555
CNX Resources Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		630,757  USD		44,189
Co.lgate-Palmolive Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,470  USD		(14	)
Coca-Cola Europacific Partners PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,503,946  USD		3,489
Cognex Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		25,988  USD		348
Coinbase Global, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,233,965  USD		224,728
Columbia Banking System, Inc.		10/16/23	M	1.27%	JPMorgan Chase Bank, N.A.		3,016,534  USD		(63,427	)
Comcast Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,218  USD		2
Comerica, Inc.		05/23/23	M	1.00%	Morgan Stanley Capital Services LLC		182,727  USD		6,762
Commercial Metals Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		403,181  USD		34,844
Confluent, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		7,973  USD		(743	)
Consolidated Edison, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,935  USD		(13	)
Cooper Cos., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		423,652  USD		13,152
Copa Holdings SA		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		35,475  USD		(646	)
Corteva, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		345,926  USD		(3,872	)
CoStar Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		872,347  USD		5,644
Credicorp Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,074,072  USD		56,275
Crescent Point Energy Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		310,437  USD		46,677
Crown Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		450,649  USD		12,841
CubeSmart		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,743,657  USD		(29,607	)
CVB Financial Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,209,385  USD		5,860
CVS Health Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		4,827  USD		(84	)
Dana, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		47,125  USD		525
Darling Ingredients, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		230,371  USD		17,543
Deckers Outdoor Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,008,090  USD		30,355
Dell Technologies, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		866,497  USD		53,155
Denbury, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		126,925  USD		9,705
Dexcom, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,286,004  USD		(132,047	)
DiamondRock Hospitality Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,294,655  USD		24,765
Discover Financial Services		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		173,926  USD		6,331
Dlocal Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		43,430  USD		(775	)
Doximity, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		218,653  USD		34,490
DR. Horton, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		519,790  USD		4,766
DTE Energy Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		369,956  USD		(7,252	)
Duke Energy Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		28,473  USD		(2,296	)
DXC Technology Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,640,674  USD		19,786
Dycom Industries, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		308,634  USD		(9,190	)
Eagle Materials, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,228,024  USD		(2,644	)
Eastman Chemical Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		226,016  USD		5,811
eBay, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		29,645  USD		435
Elanco Animal Health, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		41,486  USD		597
Element Solutions, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		292  USD		8
EMCOR Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		100,965  USD		1,917

See Notes to Consolidated Schedule of Investments.

193

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Emerson Electric Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		516,638   USD	$	16,570
EnLink Midstream LLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		453  USD		20
Entegris, Inc.		12/19/23	M	1.27%	JPMorgan Chase Bank, N.A.		3,451,551  USD		131,186
Entergy Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		151,190  USD		(762	)
EPR Properties		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		70,715  USD		(2,496	)
Equitable Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		485,456  USD		11,581
Equity LifeStyle Properties, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,315,797  USD		(17,214	)
Equity Residential		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		160,782  USD		(1,207	)
Essential Utilities, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		839,951  USD		(37,801	)
Estee Lauder Cos., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		797,732  USD		37,288
Euronav NV		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		180,915  USD		6,976
Everest Re Group Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		206,166  USD		1,842
Evergy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		200,372  USD		(3,664	)
Exelixis, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		12,365  USD		(939	)
ExlService Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,475,963  USD		(119,697	)
eXp World Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		636  USD		12
Expedia Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,205,807  USD		48,218
Extra Space Storage, Inc.		05/23/23	M	0.33%	Morgan Stanley Capital Services LLC		897,758  USD		(20,380	)
Fastenal Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,536  USD		(12	)
Federated Hermes, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,675,704  USD		(75,829	)
Ferguson PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,156  USD		53
First BanCorp		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,147,233  USD		36,147
First Citizens BancShares, Class A		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		364,348  USD		5,423
First Interstate BancSystem, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,901,666  USD		(33,445	)
First Republic Bank		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,367,362  USD		21,399
FleetCor Technologies, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		425,658  USD		11,952
Flex Acquisition Company, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		13,560  USD		435
Flowers Foods, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,409,371  USD		(74,866	)
Flowserve Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		81,779  USD		698
FMC Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		499,606  USD		8,645
FNB Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		12,430  USD		93
Foot Locker, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		956,661  USD		131,390
Fortinet, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		683,473  USD		(4,597	)
Fox Factory Holding Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		193,583  USD		6,247
Franco-Nevada Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		8,846  USD		556
Franklin Resources, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		133,438  USD		6,235
Freeport-McMoRan, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		237,657  USD		(110	)
Frontier Group Holdings, Inc.		02/09/24	M	0.94%	JPMorgan Chase Bank, N.A.		2,639,131  USD		33,372
FTI Consulting, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,009,612  USD		(138,886	)
Gaming and Leisure Properties, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,139,183  USD		(26,923	)
Gartner, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		3,004  USD		102
General Dynamics Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		95,700  USD		1,669
Genpact Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,046,023  USD		(10,223	)
Gentex Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		449,680  USD		2,440
Gilead Sciences, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		28,319  USD		(608	)
Global Payments, Inc.		05/23/23	M	1.00%	Morgan Stanley Capital Services LLC		57,990  USD		458
Globe Life, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		386,224  USD		4,629
Gold Fields Ltd.		06/04/24	M	1.01%	JPMorgan Chase Bank, N.A.		14,066,343  USD		827,432
Grand Canyon Education, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		650,390  USD		10,840
Graphic Packaging Holding Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,795,532  USD		(84,830	)
Grocery Outlet Holding Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		499,293  USD		(12,608	)

See Notes to Consolidated Schedule of Investments.

194

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Group 1 Automotive, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		259,525   USD	$	5,335
Guardant Health, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		320,107  USD		(17,579	)
H&R Block, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		232,979  USD		(10,693	)
Halozyme Therapeutics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,204,742  USD		46,354
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		138,891  USD		(5,809	)
Hanover Insurance Group, Inc.		05/23/23	M	1.00%	Morgan Stanley Capital Services LLC		104,331  USD		(3,017	)
Harley-Davidson, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,726  USD		(15	)
Harmony Biosciences Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		737,607  USD		(42,664	)
Hasbro, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		52,857  USD		372
Hayward Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		28,704  USD		(695	)
Healthpeak Properties, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		416,070  USD		(11,549	)
HEICO Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		104,606  USD		628
Helmerich & Payne, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		207,252  USD		(11,105	)
Hess Corp.		05/23/23	M	1.00%	Morgan Stanley Capital Services LLC		10,348  USD		496
Hexcel Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		557,018  USD		(24,146	)
Hilton Grand Vacations, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		217,188  USD		10,525
HP, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		18,105  USD		797
Hubbell, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		10,644  USD		465
Humana, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		13,918  USD		(592	)
Huntington Bancshares, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,606  USD		19
Huntington Bancshares, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		562,253  USD		(1,030	)
Hyatt Hotels Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		6,239  USD		326
IDACORP, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		83,364  USD		(1,160	)
II-VI, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		317,398  USD		31,008
II-VI, Inc.		03/29/23	M	1.27%	JPMorgan Chase Bank, N.A.		3,673,783  USD		134,389
Illumina, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		14,842  USD		(91	)
Inari Medical, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		924,381  USD		2,777
Ingersoll Rand, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		995,062  USD		22,046
Ingredion, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		19,351  USD		309
Inspire Medical Systems, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		106,928  USD		(4,318	)
Installed Building Products, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		835,541  USD		(38,803	)
Insulet Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		495,614  USD		18,979
Integra LifeSciences Holdings Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		23,520  USD		666
Intercontinental Exchange, Inc.		05/13/24	M	1.27%	JPMorgan Chase Bank, N.A.		2,661,014  USD		(6,524	)
Invitation Homes, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		6,398  USD		(291	)
Ionis Pharmaceuticals, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		169,280  USD		1,765
IQVIA Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		841,763  USD		(35,311	)
J2 Global, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		12,140  USD		66
Jackson Financial, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,984,001  USD		141,862
Janus Henderson Group plc		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,029,533  USD		9,974
Jazz Pharmaceuticals PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		85,395  USD		(98	)
JB Hunt Transport Services, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		7,302  USD		58
JBG SMITH Properties		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		97,446  USD		4,328

See Notes to Consolidated Schedule of Investments.

195

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
John Bean Technologies Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		418,219  USD	$	(5,904	)
Juniper Networks, Inc.		05/23/23	M	0.33%	Morgan Stanley Capital Services LLC		1,782  USD		15
KB Home		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		16,069  USD		(1,490	)
KBR, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		77,951  USD		(1,408	)
Kellogg Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		68,277  USD		290
Kennametal, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		188,553  USD		5,733
KeyCorp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		25,702  USD		425
Keysight Technologies, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		498,644  USD		(4,784	)
Kimberly-Clark Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		24,539  USD		(1,816	)
Kinsale Capital Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		13,593  USD		(185	)
Kirby Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		620,366  USD		(4,035	)
Kroger Co. (The)		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		746,957  USD		16,513
L3Harris Technologies, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		194,992  USD		(4,411	)
Laboratory Corp. of America Holdings		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		7,404  USD		139
Lamb weston holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,568,364  USD		(113,459	)
Landstar System, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		338,252  USD		(2,758	)
Lantheus Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		231,001  USD		(16,744	)
Lattice Semiconductor Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		432,665  USD		12,412
LCI Industries		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		32,333  USD		(1,790	)
Lear Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		543,442  USD		10,927
Leggett & Platt, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		815,037  USD		1,647
LGI Homes, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		459,492  USD		(9,768	)
Liberty Energy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		917,564  USD		67,301
Liberty Global PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,827,043  USD		69,430
Liberty Media Corp-Liberty Formula One		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,204,328  USD		(26,799	)
Life Storage, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		33,872  USD		(519	)
Lightspeed Co.mmerce, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		177,549  USD		(159	)
Lincoln National Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		6,581  USD		267
Lithia Motors, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		8,568  USD		323
Littelfuse, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		49,603  USD		827
LKQ Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		74,521  USD		(2,059	)
LME Nickel Future Dec24 Swap		05/06/22	M	0.00%	Morgan Stanley Capital Services LLC		—  USD		3,264,576
Lockheed Martin Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		19,272  USD		(506	)
LPL Financial Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,007,202  USD		37,760
LXI REIT Plc		05/15/24	M	0.33%	JPMorgan Chase Bank, N.A.		280,473  GBP		(12,424	)
Lyft, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,288,055  USD		122,045
MACOM Technology Solutions Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,230  USD		(15	)
Macy’s, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,581,335  USD		186,193
Magnolia Oil & Gas Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		28,948  USD		4,348
Manhattan Associates, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		53,311  USD		2,428
Markel Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		28,266  USD		(185	)
Marriott International, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		869,460  USD		8,381
Marriott Vacations Worldwide Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		645,670  USD		25,511
Masco Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,169,890  USD		(35,866	)
Masimo Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		303,430  USD		(8,741	)

See Notes to Consolidated Schedule of Investments.

196

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
MasTec, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		185,057  USD	$	4,976
Matador Resources Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		3,111  USD		409
Matson, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		280,492  USD		560
Mattel, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		58,561  USD		1,106
MDU Resources Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,086,078  USD		(49,857	)
Medifast, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		148,587  USD		6,165
Medpace Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		74,620  USD		(4,256	)
Mercury Systems, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		897,804  USD		(80,269	)
Meritage Homes Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		43,967  USD		1,554
Methanex Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		25,910  USD		1,404
MetLife, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		20,572  USD		(86	)
MGIC Investment Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		34,268  USD		(1,554	)
Microchip Technology, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		402,432  USD		13,296
MKS Instruments, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		4,149  USD		44
Moelis & Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		511,725  USD		(3,642	)
Mondelez International, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,161  USD		(12	)
Monolithic Power Systems, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		142,480  USD		11,139
Mosaic Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		33,424  USD		2,819
Motorola Solutions, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		323,774  USD		(6,975	)
Murphy Oil Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		202,175  USD		23,601
Natera, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		133,658  USD		(2,326	)
National Retail Properties, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		821,071  USD		(32,393	)
National Vision Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,466,311  USD		29,326
Neuricrine Biosciences, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		10,364  USD		(456	)
New Jersey Resources Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		38,741  USD		445
New Relic, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		11,331  USD		(982	)
New York Community Bancorp, Inc.		04/28/23	M	1.27%	JPMorgan Chase Bank, N.A.		47,526  USD		(2,579	)
New York Times Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		185,740  USD		7,598
NextEra Energy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		30,335  USD		(339	)
NiSource, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,161,817  USD		(20,407	)
Noble Corp.		11/14/23	M	0.50%	JPMorgan Chase Bank, N.A.		814,117  USD		168,377
Northern Trust Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		182,557  USD		3,297
NortonLifeLock, Inc.		08/15/23	M	1.27%	JPMorgan Chase Bank, N.A.		75,955  USD		413
NOV, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		174,203  USD		1,805
NRG Energy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		58,341  USD		(1,204	)
Nu Skin Enterprises, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		146,342  USD		3,626
Nucor Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		323,982  USD		22,655
Nutrien Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		155,230  USD		8,920
NuVasive, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		7,494  USD		71
NVR, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		535,570  USD		(8,993	)
O’Reilly Automotive, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		768,633  USD		(38,757	)
Occidental Petroleum Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		265,377  USD		(13,714	)
OGE Energy Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,011,574  USD		(21,564	)
Old Dominion Freight Line, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,874,779  USD		(42,708	)
Omnicell, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,623,895  USD		(33,215	)
ONEOK, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		390,565  USD		12,332
Open Text Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		105,587  USD		(2,106	)
Option Care Health, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		631,416  USD		(1,056	)
Oshkosh Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		81,972  USD		2,542
Pacira BioSciences, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		95,347  USD		(9,535	)
Paramount Global		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		18,204  USD		(59	)

See Notes to Consolidated Schedule of Investments.

197

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Park Hotels & Resorts, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		454,954  USD	$	21,406
Parker-Hannifin Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,086,059  USD		24,599
Paychex, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		387,387  USD		30,632
Paycom Software, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		196,997  USD		14,078
Paylocity Holding Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		109,745  USD		5,616
PDC Energy, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		392,614  USD		21,414
Pebblebrook Hotel Trust		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		30,310  USD		1,627
Pegasystems, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		126,268  USD		(2,039	)
Pembina Pipeline Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		538,286  USD		8,177
PennyMac Financial Services, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		51,320  USD		(1,963	)
Penske Automative Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		644,478  USD		14,977
Pentair PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		949,938  USD		(25,947	)
Performance Food Group Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		81,998  USD		(7,387	)
Perrigo Co. PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		949,924  USD		(32,641	)
PG&E Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		47,020  USD		94
Phillips Edison & Co., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		289,586  USD		4,532
Physicians Realty Trust		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,503,092  USD		(58,090	)
Pilgrim’s Pride Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		88,831  USD		(2,798	)
Pinnacle West Capital Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		73,910  USD		(233	)
PNC Financial Services Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		27,229  USD		(223	)
Polaris, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		137,307  USD		2,485
Pool Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		344,392  USD		8,616
Popular, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		11,834  USD		217
PPG Industries, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		106,239  USD		5,392
Principal Financial Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,845,213  USD		37,676
Progressive Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,470,772  USD		7,165
Progyny, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		3,791  USD		(334	)
Prologis, Inc.		06/17/24	M	1.27%	JPMorgan Chase Bank, N.A.		19,437,156  USD		(915,117	)
Prologis, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,673,787  USD		55,393
Prosperity Bancshares, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		808,420  USD		1,536
PTC, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,375,787  USD		(2,592	)
PulteGroup, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		618,504  USD		(18,627	)
Pure Storage, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		31,933  USD		(25	)
PVH Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		9,564  USD		574
Q2 Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		50,349  USD		(1,258	)
Qualys, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,197,478  USD		72,813
Quanta Services, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		245,352  USD		(11,470	)
Quest Diagnostics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,965,928  USD		(15,474	)
R1 RCM, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		88,813  USD		(4,124	)
Radian Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		675,602  USD		4,476
Raymond James Financial, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		494,785  USD		3,298
Rayonier, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		677,853  USD		(8,818	)
Realty Income Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,176,940  USD		(50,033	)
Regency Centers Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		105,741  USD		3,669
Regions Financial Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		683,689  USD		12,177
Reinsurance Group of America, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,306,109  USD		(41,553	)
RenaissanceRe Holdings Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,682,230  USD		(68,957	)
Rentokil Initial PLC		12/18/23	M	0.84%	JPMorgan Chase Bank, N.A.		2,627,083   GBP		(180,828	)
Replimune Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		7,137  USD		153
ResMed, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		738,494  USD		(29,381	)

See Notes to Consolidated Schedule of Investments.

198

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
RingCentral, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		45,915   USD	$	(283	)
Ritchie Bros Auctioneers, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,318  USD		(89	)
Rollins, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,221,033  USD		(80,540	)
Royalty Pharma PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,923,525  USD		(56,896	)
RPM International, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		108,325  USD		3,392
Sabra Health Care REIT, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,838,101  USD		(4,836	)
Saia, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		366,174  USD		11,042
Science Applications International Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		363,266  USD		(16,396	)
Scotts Miracle-Group Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		83,236  USD		2,192
SEI Investments Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		42,649  USD		837
Selective Insurance Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,333,979  USD		(43,586	)
Sensata Technologies Holding PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		493,462  USD		12,572
SentinelOne, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		115,697  USD		1,614
Service Corp International		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		404,586  USD		(16,354	)
Signature Bank		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,543,104  USD		23,053
Signet Jewelers Ltd.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		66,327  USD		8,590
Silvergate Capital Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		206,444  USD		30,276
Simply Good Foods Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		586,087  USD		43,747
Site Centers Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		76,195  USD		2,043
Skyline Champion Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		214,228  USD		(11,444	)
SM Energy Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		20,139  USD		3,113
Smartsheet, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		104,182  USD		(228	)
Southern Copper, Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		118,562  USD		4,895
SouthState Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		15,317  USD		(36	)
Spire, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		496,257  USD		(17,119	)
Sprouts Farmers Market, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		442,711  USD		11,081
SSR Mining, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		871  USD		103
STAAR Surgical Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		140,873  USD		3,694
Stanley Black & Decker, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		840,934  USD		37,392
Steel Dynamics, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,586,686  USD		102,743
STORE Capital Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		671,054  USD		(7,495	)
Sun Communities, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		164,525  USD		2,296
Sunstone Hotel Investors, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		572,560  USD		4,580
Synchrony Financial		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		458,579  USD		25,110
Syneos Health, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		383,399  USD		3,782
Sysco Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		106,743  USD		1,872
T Rowe Price Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		732,799  USD		42,618
Tandem Diabetes Care, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		251,348  USD		(6,780	)
Tapestry, Inc.		05/23/23	M	0.33%	Morgan Stanley Capital Services LLC		2,135,741  USD		108,358
Taylor Morrison Home Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		530,360  USD		(5,472	)
TC Energy Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		330,480  USD		11,434
TechnipFMC PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,857,078  USD		66,514
Teleflex, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		7,890  USD		268
TELUS Corp.		06/19/24	M	1.15%	JPMorgan Chase Bank, N.A.		7,127,050  CAD		24,993
Tetra Tech, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,523,716  USD		1,047
Texas Capital Bancshares, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		412,594  USD		(1,894	)
Texas Roadhouse, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		17,608  USD		(546	)
TFI International, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		87,613  USD		(4,789	)
Thomson Reuters Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,976,347  USD		(84,406	)
Thor Industries, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		29,480  USD		(711	)

See Notes to Consolidated Schedule of Investments.

199

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Reference Instrument	Termination Date		Payment Frequency	Financing Rate	Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Timken Co. (The)		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		290,579  USD	$	7,717
TJX Cos., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		204,262  USD		5,827
TopBuild Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		862,783  USD		14,279
Toro Co. (The)		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		16,296  USD		(302	)
Trane Technologies PLC		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		36,334  USD		(289	)
Travelers Cos., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		554,209  USD		(1,383	)
Trex Co, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		50,879  USD		4,078
UBS Group AG		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		804,197  USD		26,302
UDR, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		195,898  USD		4,371
UGI Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,339,880  USD		(3,131	)
Ultragenyx Pharmaceutical, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		66,292  USD		(1,601	)
Under Armour, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		48,971  USD		2,981
Union Pacific Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		48,178  USD		(876	)
United Bankshares, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,698,395  USD		(5,831	)
United Rentals, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,931,885  USD		(45,645	)
United States Steel Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		961,262  USD		82,884
Univar Solutions, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		3,116  USD		182
Unum Group		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		7,621  USD		(34	)
Urban Edge Properties		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		30,840  USD		2,066
US Food Holdings Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		16,268  USD		(1,251	)
Vail Resorts, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		19,424  USD		454
Varonis Systems, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		4,975  USD		782
VICI Properties, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,662,019  USD		6,240
Vir Biotechnology, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		239,792  USD		(7,394	)
Visteon Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		380,477  USD		8,003
Voya Financial, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		211,966  USD		3,730
W. R. Berkley Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		2,596,806  USD		(11,545	)
Walt Disney Co.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		33,398  USD		(397	)
Waters Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		188,335  USD		(324	)
Watsco, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		304,766  USD		4,092
WEC Energy Group, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,611,806  USD		(25,707	)
WESCO International, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		89,783  USD		3,139
Westinghouse Air Brake Technologies Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		296,652  USD		9,126
WEX, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,171,696  USD		20,864
Whirlpool Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		68,400  USD		(827	)
Williams Cos., Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		14,506  USD		150
WillScot Mobile Mini Holdings Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		282,741  USD		(1,713	)
Wolfspeed, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		9,828  USD		(134	)
Workday, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		44,352  USD		(314	)
WW Grainger, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		389,775  USD		(27,051	)
Xerox Holdings Corp.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		27,100  USD		1,885
Yum China Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,807,460  USD		(63,671	)
Zimmer Biomet Holdings, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		40,146  USD		223
Zoetis, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		1,461,612  USD		14,126
Zscaler, Inc.		05/23/23	M	1.58%	Morgan Stanley Capital Services LLC		16,077  USD		79
Total Sells								$	3,634,858
Total OTC Total Return Swaps Outstanding								$	1,408,090

See Notes to Consolidated Schedule of Investments.

200

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

Centrally Cleared Interest Rate Swaps Outstanding at June 30, 2022

The Fund Pays/Receives Floating Rate

Floating Rate Index

Fixed Rate

Pay/ Receive Payment Freqency

Maturity Date

Counterparty

Notional Amount

Market Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Pays

3-Month USD LIBOR

0.98%

3M/6M

03/25/2030

Morgan Stanley & Co. LLC

3,000,000  USD

$

(255,974

)

$

—

$

(255,974

)

Pays

1-Year USD SOFR

1.31%

1Y/1Y

04/12/2024

Merrill Lynch, Pierce, Fenner & Smith, Inc.

10,900,000  USD

315,793

—

315,793

Pays

1-Year USD SOFR

1.59%

1Y/1Y

06/6/2024

Merrill Lynch, Pierce, Fenner & Smith, Inc.

1,000,000  USD

25,752

—

25,752

Pays

1-Year USD SOFR

1.62%

1Y/1Y

06/7/2027

Merrill Lynch, Pierce, Fenner & Smith, Inc.

1,000,000  USD

52,058

—

52,058

Pays

1-Year USD SOFR

1.66%

1Y/1Y

01/10/2058

Morgan Stanley & Co. LLC

3,735,000  USD

510,816

—

510,816

Pays

1-Year USD SOFR

1.69%

1Y/1Y

01/10/2057

Morgan Stanley & Co. LLC

2,490,000  USD

357,890

—

357,890

Pays

1-Year USD SOFR

1.69%

1Y/1Y

01/15/2057

Morgan Stanley & Co. LLC

9,130,000  USD

1,311,538

—

1,311,538

Pays

1-Year USD SOFR

1.70%

1Y/1Y

06/7/2032

Merrill Lynch, Pierce, Fenner & Smith, Inc.

1,000,000  USD

92,569

—

92,569

Pays

1-Year USD SOFR

1.73%

1Y/1Y

01/22/2057

Morgan Stanley & Co. LLC

3,901,000  USD

534,864

—

534,864

Pays

1-Year USD SOFR

1.73%

1Y/1Y

04/12/2027

Merrill Lynch, Pierce, Fenner & Smith, Inc.

4,600,000  USD

210,005

—

210,005

Pays

1-Year USD SOFR

1.74%

1Y/1Y

01/12/2057

Morgan Stanley & Co. LLC

9,545,000  USD

1,290,861

—

1,290,861

Pays

1-Year USD SOFR

1.80%

1Y/1Y

03/30/2062

Morgan Stanley & Co. LLC

16,464,000  USD

1,073,677

—

1,073,677

Pays

1-Year USD SOFR

1.83%

1Y/1Y

03/30/2062

Morgan Stanley & Co. LLC

6,157,200  USD

379,426

—

379,426

Pays

1-Year USD SOFR

1.92%

1Y/1Y

04/12/2032

Merrill Lynch, Pierce, Fenner & Smith, Inc.

1,100,000  USD

79,548

—

79,548

Pays

1-Year USD SOFR

2.21%

1Y/1Y

07/6/2032

Merrill Lynch, Pierce, Fenner & Smith, Inc.

1,000,000  USD

49,036

—

49,036

See Notes to Consolidated Schedule of Investments.

201

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Freqency	Maturity Date		Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Pays	1-Year USD SOFR OIS		2.22%	1Y/1Y		03/25/2037	Morgan Stanley & Co. LLC		2,000,000   USD	$	149,090		$	—		$	149,090
Pays	1-Year USD SOFR		2.27%	1Y/1Y		04/26/2057	Morgan Stanley & Co. LLC		16,800,000  USD		613,045			—			613,045
Pays	1-Year USD Federal Fund OIS		2.33%	1Y/1Y		04/23/2057	Morgan Stanley & Co. LLC		8,400,000  USD		197,310			—			197,310
Pays	3-Month USD SOFR		2.41%	6M/3M		05/28/2057	Morgan Stanley & Co. LLC		20,750,000  USD		167,073			—			167,073
Pays	3-Month CNY-CNREPOFIX		2.60%	3M/3M		09/21/2027	Morgan Stanley & Co. LLC		111,764,752  CNY		37,533			—			37,533
Pays	1-Year USD SOFR		2.73%	1Y/1Y		05/13/2031	Merrill Lynch, Pierce, Fenner & Smith, Inc.		14,300,000  USD		(362	)		—			(362	)
Pays	1-Year USD SOFR		3.08%	1Y/1Y		05/15/2024	Merrill Lynch, Pierce, Fenner & Smith, Inc.		6,200,000  USD		(4,076	)		—			(4,076	)
Pays	1-Year USD SOFR		3.12%	1Y/1Y		06/16/2037	Morgan Stanley & Co. LLC		2,300,000  USD		(76,710	)		(801	)		(75,909	)
Receives	3-Month USD LIBOR		0.66%	6M/3M		03/12/2035	Morgan Stanley & Co. LLC		1,500,000  USD		387,273			—			387,273
Receives	3-Month USD LIBOR		0.69%	6M/3M		12/29/2027	Morgan Stanley & Co. LLC		3,000,000  USD		356,315			—			356,315
Receives	3-Month USD LIBOR		0.71%	6M/3M		01/22/2026	Morgan Stanley & Co. LLC		20,000,000  USD		1,573,939			—			1,573,939
Receives	3-Month USD LIBOR		0.80%	6M/3M		01/13/2026	Morgan Stanley & Co. LLC		80,000  USD		6,039			—			6,039
Receives	3-Month USD LIBOR		0.95%	6M/3M		01/13/2027	Morgan Stanley & Co. LLC		940,000  USD		82,902			—			82,902
Receives	3-Month USD LIBOR		1.10%	6M/3M		03/25/2030	Morgan Stanley & Co. LLC		750,000  USD		99,900			2,034			97,866
Receives	3-Month USD LIBOR		1.24%	6M/3M		04/19/2028	Morgan Stanley & Co. LLC		700,000  USD		66,374			—			66,374
Receives	3-Month USD LIBOR		1.32%	6M/3M		02/26/2027	Morgan Stanley & Co. LLC		5,000,000  USD		368,528			—			368,528
Receives	3-Month USD LIBOR		1.46%	6M/3M		02/14/2024	Morgan Stanley & Co. LLC		10,000,000  USD		279,955			—			279,955
Receives	3-Month USD LIBOR		1.49%	6M/3M		08/28/2029	Morgan Stanley & Co. LLC		3,140,000  USD		307,735			—			307,735
Receives	3-Month USD LIBOR		1.56%	6M/3M		09/28/2026	Morgan Stanley & Co. LLC		1,800,000  USD		106,045			6,114			99,931

See Notes to Consolidated Schedule of Investments.

202

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

The Fund Pays/Receives Floating Rate

Floating Rate Index

Fixed Rate

Pay/ Receive Payment Freqency

Maturity Date

Counterparty

Notional Amount

Market Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Receives

3-Month USD LIBOR

1.58%

6M/3M

05/21/2025

Morgan Stanley & Co. LLC

10,000,000 USD

$

411,344

$

—

$

411,344

Receives

3-Month USD LIBOR

1.61%

6M/3M

03/23/2027

Morgan Stanley & Co. LLC

7,000,000  USD

436,995

—

436,995

Receives

3-Month USD LIBOR

1.62%

6M/3M

03/24/2027

Morgan Stanley & Co. LLC

7,000,000  USD

435,770

—

435,770

Receives

3-Month USD LIBOR

1.62%

6M/3M

07/27/2026

Morgan Stanley & Co. LLC

1,900,000  USD

102,239

4,658

97,581

Receives

3-Month USD LIBOR

1.66%

6M/3M

06/17/2025

Morgan Stanley & Co. LLC

10,000,000  USD

402,916

—

402,916

Receives

3-Month USD LIBOR

1.81%

6M/3M

02/1/2024

Morgan Stanley & Co. LLC

2,500,000  USD

55,765

—

55,765

Receives

3-Month USD LIBOR

1.86%

6M/3M

12/21/2023

Morgan Stanley & Co. LLC

8,000,000  USD

163,737

—

163,737

Receives

3-Month USD LIBOR

1.88%

6M/3M

01/25/2027

Morgan Stanley & Co. LLC

1,500,000  USD

73,097

—

73,097

Receives

3-Month USD LIBOR

1.90%

6M/3M

08/28/2029

Morgan Stanley & Co. LLC

1,650,000  USD

118,190

—

118,190

Receives

3-Month USD LIBOR

2.05%

6M/3M

11/29/2024

Morgan Stanley & Co. LLC

5,000,000  USD

127,002

—

127,002

Receives

3-Month USD LIBOR

2.22%

6M/3M

09/30/2024

Morgan Stanley & Co. LLC

2,000,000  USD

43,167

—

43,167

Receives

3-Month USD LIBOR

2.27%

6M/3M

01/26/2026

Morgan Stanley & Co. LLC

2,000,000  USD

52,506

—

52,506

Receives

3-Month USD LIBOR

2.30%

6M/3M

01/27/2025

Morgan Stanley & Co. LLC

900,000  USD

18,397

4,800

13,597

Receives

3-Month USD LIBOR

2.35%

6M/3M

11/8/2024

Morgan Stanley & Co. LLC

4,000,000  USD

73,215

—

73,215

Receives

3-Month USD LIBOR

2.37%

6M/3M

11/1/2024

Morgan Stanley & Co. LLC

2,000,000  USD

35,916

—

35,916

Receives

3-Month USD LIBOR

2.38%

6M/3M

10/5/2023

Morgan Stanley & Co. LLC

3,000,000  USD

34,467

—

34,467

Receives

3-Month USD LIBOR

2.39%

6M/3M

11/16/2028

Morgan Stanley & Co. LLC

4,000,000  USD

144,768

—

144,768

Receives

3-Month USD LIBOR

2.40%

6M/3M

01/25/2027

Morgan Stanley & Co. LLC

2,900,000  USD

77,800

24,111

53,689

Receives

3-Month USD LIBOR

2.42%

6M/3M

09/23/2024

Morgan Stanley & Co. LLC

2,000,000  USD

33,949

—

33,949

Receives

3-Month USD LIBOR

2.42%

6M/3M

10/24/2024

Morgan Stanley & Co. LLC

2,000,000  USD

33,490

—

33,490

See Notes to Consolidated Schedule of Investments.

203

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

The Fund Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Freqency	Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Receives	3-Month USD LIBOR		2.43%	6M/3M	10/13/2026	Morgan Stanley & Co. LLC		3,000,000  USD	$	72,455		$	—		$	72,455
Receives	3-Month USD LIBOR		2.45%	6M/3M	10/18/2024	Morgan Stanley & Co. LLC		4,000,000  USD		65,061			—			65,061
Receives	3-Month USD LIBOR		2.58%	6M/3M	08/5/2025	Morgan Stanley & Co. LLC		7,000,000  USD		101,106			—			101,106
Receives	1-Year USD SOFR		2.67%	1Y/1Y	05/15/2028	Merrill Lynch, Pierce, Fenner & Smith, Inc.		34,200,000  USD		(21,399	)		—			(21,399	)
Receives	3-Month USD LIBOR		2.67%	6M/3M	09/13/2028	Morgan Stanley & Co. LLC		2,500,000  USD		47,995			—			47,995
Receives	3-Month USD LIBOR		2.72%	6M/3M	09/8/2028	Morgan Stanley & Co. LLC		1,000,000  USD		16,762			—			16,762
Receives	3-Month USD LIBOR		2.72%	6M/3M	08/8/2028	Morgan Stanley & Co. LLC		3,000,000  USD		49,658			—			49,658
Receives	1-Year USD LIBOR		2.81%	1Y/1Y	05/11/2032	Morgan Stanley & Co. LLC		1,000,000  USD		14,303			(349	)		14,652
Receives	3-Month USD LIBOR		2.83%	6M/3M	07/30/2029	Morgan Stanley & Co. LLC		3,000,000  USD		34,618			—			34,618
Receives	3-Month USD LIBOR		3.21%	6M/3M	05/25/2033	Morgan Stanley & Co. LLC		2,000,000  USD		(27,020	)		(1,053	)		(25,967	)
Receives	6-Month PLN WIBOR		7.17%	1Y/6M	09/21/2027	Morgan Stanley Capital Services LLC		44,183,404  USD		(130,812	)		—			(130,812	)
Receives	1-Year BRL-CDI		11.94%	1Y/1Y	01/4/2027	Morgan Stanley & Co. LLC		11,116,713  BRL		(52,460	)		—			(52,460	)
Total Centrally Cleared Interest Rate Swaps Outstanding									$	13,790,764		$	39,514		$	13,751,250

Abbreviation Legend:
M	Monthly
1Y	Yearly
28D	28 Days
3M	Quarterly
6M	Semi-Annually
ADR	American Depository Receipt
BADLARPP	BADLAR Private Banks
CBOT	Chicago Board of Trade
CDE	Montreal Exchange
CFE	CBOE Futures Exchange
CME	Chicago Mercantile Exchange
COMEX	Commodities Exchange Center
Eurex	Eurex Exchange
EURIBOR	Euro Interbank Offered Rate
Euronext	Euronext Paris
ICE	Ice Futures Europe
IDEM	Italian Derivatives Exchange Market
ISE	Istanbul Stock Exchange
KRX FM	Korea Exchange (Futures Market)

See Notes to Consolidated Schedule of Investments.

204

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments ^ (Continued)

June 30, 2022 (Unaudited)

LIBOR	London Interbank Offered Rate
LME	London Metal Exchange
MTN	Medium Term Note
MYX	Bursa Malaysia
Nasdaq-OMX	NASDAQ OMX Stockholm
NYMEX	New York Mercantile Exchange
OSE	Osaka Exchange
OTC	Over the Counter
PIK	Payment in Kind
REG S	Regulation-S
REIT	Real Estate Investment Trust
SFE	ASX Trade24
SGX	Singapore Exchange
T	At Maturity
TFEX	Thailand Futures Exchange
Currency Legend:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Renminbi
CNY	Chinese Yuan
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwanese Dollar
USD	United States Dollar
ZAR	South African Rand

See Notes to Consolidated Schedule of Investments.

205

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments

For the Period Ended June 30, 2022 (Unaudited)

1. Organization

Blackstone Alternative Investment Funds (the “Trust”) is a Massachusetts business trust authorized to issue an unlimited number of shares of beneficial interest, which may be divided into different series and classes. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). During the period ended June 30, 2022, the Trust consisted of a single series, Blackstone Alternative Multi-Strategy Fund (the “Fund”). The Fund commenced operations offering Class I Shares on June 16, 2014. The Fund also offers Class D Shares, Class Y Shares and Class R Shares. Class D Shares and Class Y Shares commenced operations on November 17, 2014 and January 28, 2015, respectively. As of June 30, 2022, 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 responsibility to oversee each Sub-Adviser (subject to the ultimate oversight of the Board). The Investment Adviser also is responsible for recommending the hiring, termination, and replacement of Sub-Advisers.

The Fund’s assets may be invested in three wholly-owned and controlled subsidiaries of the Fund (collectively, the “Subsidiaries”), each of which has the same investment objective as the Fund. One of the Fund’s Subsidiaries, Blackstone Alternative Multi-Strategy Sub Fund II Ltd. (the “Cayman Subsidiary”), is a Cayman Islands exempted company. Both of the other Subsidiaries, Blackstone Alternative Multi-Strategy Sub Fund III L.L.C. (the “Domestic Subsidiary III”) and Blackstone Alternative Multi-Strategy Sub Fund IV L.L.C. (the “Domestic Subsidiary IV”), are Delaware limited liability companies. The Cayman Subsidiary invests, directly or indirectly through the use of derivatives, in securities and commodity interests. The Domestic Subsidiary III and the Domestic Subsidiary IV invest, directly or indirectly through the use of derivatives, almost entirely in securities (with only de minimis exposure to commodity interests). The Consolidated 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 is prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and is stated in U.S. dollars, except as otherwise noted. The preparation of the Consolidated Schedule of Investments in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expenses during the period. Actual results could differ from these estimates and these differences could be material.

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

206

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2022 (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 market value if market quotations are readily available, and otherwise at fair value. The Board has established procedures for determining the fair value of securities, including securities sold short, derivative financial instruments and other investments (together, the “investments”) (the “Valuation Procedures”). The Board has delegated to the Investment Adviser day-to-day responsibility for implementing the Valuation Procedures. The Investment Adviser’s management has formed the Fair Value Committee (the “FVC”), to which the Board has delegated responsibility for providing oversight of the valuation and pricing function of the Fund for all investments. Pursuant to the Valuation Procedures, if market quotations are not readily available (or are otherwise not reliable for a particular investment), the fair value will be determined by the FVC in good faith, and such determinations will be reported to the Board. Due to the inherent uncertainty, estimates of fair value may differ from the values that would have been used had a ready market for these investments existed and the differences could be material.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, or broker-dealer quotations), including where events occur after the close of the relevant market, but prior to the close of the NYSE, that materially affect the value of the Fund’s investments. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the FVC and the Investment Adviser the responsibility for monitoring significant events that may materially affect the values of the Fund’s investments and for determining whether the value of the applicable investments should be re-evaluated in light of such significant events. There were no instances of such determination made during the period ended June 30, 2022.

Fair Value Measurements

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

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

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

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

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

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

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

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

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

Level 3 investments are valued by broker quotes, fair value models, or pricing services that may employ valuation techniques with unobservable inputs. At June 30, 2022, the total fair value of Level 3 investments was $78,512,509. The appropriateness of fair values for these securities are monitored on an ongoing basis, including through back testing, 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 June 30, 2022, certain foreign equity securities were classified as Level 2 since a Fair Value Factor was applied to the prices of these securities.

Short-Term Investments

The Fund considers short-term, highly liquid investments with original maturities of 90 days or less when acquired to be short-term investments. At June 30, 2022, 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.

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

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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 Business Day, the Investment Adviser shall estimate fair value in good faith and in a manner consistent with the valuation procedures.

Securities and Other Investments

Bank Debt

The Fund may invest in bank debt including, for example, corporate loans, trade claims, loan participations, direct debt, revolvers, bank loans, and bridge loans. The Fund invests in loans through novations, assignments, and participation interests. In a novation, the Fund typically assumes all of the rights of a lending institution, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When the Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If the Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third-party and the Fund typically will have a contractual relationship only with the third-party loan investor, not with the borrower. As a result, the Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, the Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third-party. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. Certain types of bank debt may have an associated partially funded or unfunded commitment. The unfunded commitments may or may not be funded by the Fund. At June 30, 2022, the Fund had an outstanding commitment of $3,340,741 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.

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.

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Commodities

The Fund is permitted to invest in California Carbon Allowances (“CCAs”) or futures on CCAs, which are generally treated as commodity interests. CCA and other allowances (collectively, “Allowances”) are valued according to their vintage based on market price or the number of Allowances delivered during the valuation month. ICE futures U.S., Inc. (ICE) will serve as the primary pricing source. When early vintage Allowances no longer have readily observable market prices from ICE, they will be valued using prices for later vintage Allowances. ICE lists widely-traded futures contracts for the Allowance market. These contracts result in the delivery of an Allowance at expiry. The ICE CCA contracts permits delivery of Allowances issued by California or any linked program (at this time Quebec and Ontario). Trading in these futures contracts are subject to ICE’s market rules. ICE lists separate CCAs by vintage (e.g. 2017 Vintage, 2018 Vintage and 2019 Vintage). The most traded ICE CCA contracts allow delivery of the indicated vintage or an earlier vintage; 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 June 30, 2022, the face value of open reverse repurchase agreements for the Fund was $56,457,475.

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 June 30, 2022, there were no securities on loan.

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

When-Issued and Delayed-Delivery Transactions

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

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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.

Options Contracts

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

Options trading involve certain additional risks. Specific market movements of the option and the instruments underlying the option cannot be predicted. No assurance can be given that a liquid secondary market will exist for any particular option or at any particular time. The Fund might not be able to enter into a closing transaction for the option as a result of an illiquid market for the option. To

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

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

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

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

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

Swap Agreements

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

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

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Interest rate swaps can be purchased or sold with an upfront premium. An upfront payment received by the Fund is recorded as a liability and an upfront payment made by the Fund is recorded as an asset. Interest rate swaps are marked-to-market daily and any change is recorded as an unrealized gain or loss on swaps. Daily fluctuations in the value of centrally cleared interest rate swaps are recorded as a receivable or payable for variation margin. Payments, including upfront premiums, received or made are recorded as realized gains or losses at the closing of the contract.

Total Return Swaps: The Fund may enter into total return 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.

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For the Period Ended June 30, 2022 (Unaudited)

5. Fair Value Measurements

The following table presents information about the classification of the Fund’s investments measured at fair value within the fair value hierarchy as of June 30, 2022:

Assets:	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stock	$	1,020,745,844	$	4,231,389	$	805,897	$	1,025,783,130
Preferred Stock		—		—		9,527,345		9,527,345
Asset-Backed Securities		—		85,837,611		—		85,837,611
Convertible Bonds		—		4,083,498		—		4,083,498
Bank Debt		—		112,523,718		67,719,170		180,242,888
Corporate Bonds & Notes		—		349,986,165		125,350		350,111,515
Sovereign Debt		—		270,324,686		—		270,324,686
Mortgage-Backed Securities		—		685,864,514		—		685,864,514
U.S. Government Sponsored Agency Securities		—		5,259,040		—		5,259,040
U.S Treasury Notes		—		134,241,635		—		134,241,635
Municipals		—		275,838		—		275,838
Exchange-Traded Funds		38,685,945		—		—		38,685,945
Warrants		2,921,854		243,757		243,536		3,409,147
Rights		195,842		—		102,355		298,197
Commodities		—		425,383,280		—		425,383,280
Repurchase Agreements		—		222,062,237		—		222,062,237
Purchased Options		178,984,026		102,855,870		—		281,839,896
Subtotal	$	1,241,533,511	$	2,403,173,238	$	78,523,653	$	3,723,230,402
Investments Valued at NAV								416,150,881
Total Investments in Securities	$	1,241,533,511	$	2,403,173,238	$	78,523,653	$	4,139,381,283
Other Financial Instruments:
Unfunded Loan Commitment(a)		—		22,283		—		22,283
Futures Contracts		114,071,036		—		—		114,071,036
Forward Foreign Currency Exchange Contracts		—		3,304,592		—		3,304,592
OTC Credit Default Swaps		—		6,561,843		—		6,561,843
OTC Total Return Swaps		—		34,939,709		—		34,939,709
Centrally Cleared Interest Rate Swaps		—		14,359,578		—		14,359,578
Total Assets and Other Financial Instruments	$	1,355,604,547	$	2,462,361,243	$	78,523,653	$	4,312,640,324
Liabilities:	Level 1		Level 2		Level 3		Total
Securities Sold Short:
Common Stock	$	433,567,795	$	—	$	11,144	$	433,578,939
Corporate Bonds & Notes		—		54,609,672		—		54,609,672
Exchange-Traded Funds		18,821,345		—		—		18,821,345
Mortgage-Backed Securities		—		510,809,321		—		510,809,321
Sovereign Debt		—		124,143,899		—		124,143,899
U.S Treasury Note		—		8,932,422		—		8,932,422
Warrants		—		—		—		—
Total Securities Sold Short		452,389,140		698,495,314		11,144		1,150,895,598
Other Financial Instruments:
Options Written		167,116,885		633,697		—		167,750,582
Reverse Repurchase Agreements		—		56,495,273		—		56,495,273
Futures Contracts		105,913,933		—		—		105,913,933
Forward Foreign Currency Exchange Contracts		—		989,843		—		989,843
Centrally Cleared Credit Default Swaps		—		648,067		—		648,067
OTC Credit Default Swaps		—		21,424,784		—		21,424,784
OTC Total Return Swaps		—		33,531,619		—		33,531,619
Centrally Cleared Interest Rate Swaps		—		568,814		—		568,814
Total Liabilities and Other Financial Instruments	$	725,419,958	$	812,787,411	$	11,144	$	1,538,218,513

^(a)  Represents unrealized appreciation (depreciation).

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

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

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

214

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2022 (Unaudited)

Investments in     Investee Funds by          Strategy	Unfunded     Commitment     $	Non-Redeemable Investments (A)		Other Restricted Investments (B)		Investments Subject to No Restrictions	Total $
		Amount     $	Redemption     Restriction     Commencement     Date	Amount     $	Redemption Restriction Term	Amount $
Event - Driven (1)	41,453,252	1,759,283	N/A	67,209,628	Semi-Annual	—	68,968,911
Macro Strategies(2)	N/A	N/A	N/A	86,901,011	90 days	—	86,901,011
Macro Strategies(2)	N/A	N/A	N/A	185,550,959	6 days	—	185,550,959
Macro Strategies(2)	N/A	N/A	N/A	74,730,000	2 years	—	74,730,000

⁽¹⁾  The Event-Driven strategy generally includes Investee Funds that seek returns by investing in strategies including catalyst events, share class arbitrage, share buybacks, post re-organization equity, recapitalizations, spin-offs and stub trades.

⁽²⁾  The Macro Strategies strategy generally includes Investee Funds with a focus on opportunistic and strategic allocations across asset classes including but not limited to bonds, rates, currencies and commodities.

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

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

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

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

Assets: Investments	Common Stocks			Preferred Stocks			Bank Debt			Corporate Bonds & Notes			Warrants			Rights		Common Stocks Sold Short			Warrants Sold Short		Unfunded Loan Commitment			Total
Balance as of March 31, 2022	$	805,897		$	9,655,872		$	92,116,920		$	126,440		$	262,811		$	—	$	(11,144	)	$	—	$	71,259		$	103,028,055
Transfers In		—			—			26,625,054			—			—			—		—			—		—			26,625,054
Transfers Out		—			—			(48,075,469	)		—			—			—		—			—		—			(48,075,469	)
Purchases		—			—			1,163,670			—			—			102,355		12,690			—		—			1,278,715
Sales		(479	)		—			(2,403,455	)		—			—			—		(6,905	)		—		—			(2,410,839	)
Amortization		—			—			1,137,720			—			—			—		—			—		—			1,137,720
Net realized gain (loss)		479			—			720,267			—			—			—		(1,285	)		—		—			719,461
Net change in unrealized appreciation (depreciation)		—			(128,527	)		(3,565,537	)		(1,090	)		(19,275	)		—		(4,500	)		—		(71,259	)		(3,790,188	)
Balance as of June 30, 2022	$	805,897		$	9,527,345		$	67,719,170		$	125,350		$	243,536		$	102,355	$	(11,144	)	$	—	$	—		$	78,512,509
Net change in unrealized appreciation (depreciation) related to investments still held as of June 30, 2022	$	—		$	—		$	(3,376,529	)	$	(1,090	)	$	(19,275	)	$	—	$	(4,500	)	$	—	$	(71,259	)	$	(3,472,653	)

215

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Notes to Consolidated Schedule of Investments (Continued)

For the Period Ended June 30, 2022 (Unaudited)

The following table summarizes the quantitative inputs and assumptions used for investments classified within Level 3 of the fair value hierarchy as of June 30, 2022.

Assets	Valuation Technique		Unobservable Inputs		Fair Value at June 30, 2022		Range of Inputs (Weighted Average)
Investments in Securities:
Bank Debt		Broker-dealer Quotations		Indicative Bid	$	42,686,520		N/A
		Comparable Company Multiples		EBITDA Multiples		14,259,341		8.5x(a)
						8,164,555		10.0x(a)
		Distribution Analysis		Expected Distribution Proceeds		2,608,754		N/A
Common Stock		Broker-dealer Quotations		Indicative Bid		794,753		N/A
Corporate Bonds & Notes		Broker-dealer Quotations		Indicative Bid		125,350		N/A
Preferred Stock		Broker-dealer Quotations		Indicative Bid		7,969,708		N/A
		Comparable Company Multiples		EBITDA Multiples		1,557,638		9.13x to 9.16x(a)
Rights		Broker-dealer Quotations		Indicative Bid		102,355		N/A
Warrants		Distribution Analysis		Expected Distribution Proceeds		243,536		N/A
		Broker-dealer Quotations		Indicative Bid		—		N/A
Total Investments in Securities					$	78,512,509

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

216