# EDGAR Filing Document

**Accession Number:** 0001557794
**File Stem:** 0001193125-26-129270
**Filing Date:** 2026-3
**Character Count:** 3366
**Document Hash:** 26c2f50f88969f49d62c153558e28072
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-129270.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001193125-26-129270

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 10

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Alternative Investment Funds
- **CENTRAL INDEX KEY:** 0001557794

**ORGANIZATION NAME:**
- **EIN:** 300748288
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-185238
- **FILM NUMBER:** 26808179

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 212-583-5000

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Blackstone Investor Solutions Funds
- **DATE OF NAME CHANGE:** 20120907

## Series and Classes Contracts Data

### Blackstone Alternative Multi-Strategy Fund (Series ID: S000045538)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Class I        | C000141764 |
| Class D Shares | C000145025 |
| Class R Shares | C000145026 |
| Class Y Shares | C000145027 |

---

## Series and Classes Contracts Data

### Blackstone Alternative Multi-Strategy Fund (Series ID: S000045538)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000141764 | Class I        |  |
| C000145025 | Class D Shares |  |
| C000145026 | Class R Shares |  |
| C000145027 | Class Y Shares |  |

?xml version='1.0' encoding='ASCII'? Blackstone Alternative Multi-Strategy Fund

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#### Filed pursuant to Rule 497(e) File Nos. 333-185238 and 811-22743

#### BLACKSTONE ALTERNATIVE INVESTMENT FUNDS

#### Supplement dated March 27, 2026 to the

#### Blackstone Alternative Multi-Strategy Fund (the "Fund")

#### Prospectus, dated July 30, 2025, as supplemented

#### Removal of Sub-Adviser
Effective immediately, Engelhart CTP Commodity Trading US, LLC ("Engelhart") no longer serves as a sub-adviser to the Fund. The Fund's assets managed by Engelhart have been re-allocated by Blackstone Alternative Investment Advisors LLC ("BAIA"), the Fund's investment adviser, to the Fund's other sub-advisers or to BAIA to manage directly. Accordingly, all references to Engelhart in the Fund's Prospectus are removed.

#### Shareholders should retain this Supplement for future reference.

------

#### BLACKSTONE ALTERNATIVE INVESTMENT FUNDS

#### Supplement dated March 27, 2026 to the

#### Blackstone Alternative Multi-Strategy Fund (the "Fund")

#### Statement of Additional Information, dated July 30, 2025, as supplemented

#### Removal of Sub-Adviser
Effective immediately, Engelhart CTP Commodity Trading US, LLC ("Engelhart") no longer serves as a sub-adviser to the Fund. The Fund's assets managed by Engelhart have been re-allocated by Blackstone Alternative Investment Advisors LLC ("BAIA"), the Fund's investment adviser, to the Fund's other sub-advisers or to BAIA to manage directly. Accordingly, all references to Engelhart in the Fund's Statement of Additional Information are removed.

#### Shareholders should retain this Supplement for future reference.